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tablished by this chapter. The decision of the Planning and Zoning Commission with regard thereto, together with its recommendations, shall be included in its report to the City Council. If the Planning and Zoning Commission dis- approves the application, the Commission shall prepare in writing a finding of fact for such disapproval. h. The developer shall submit Eleven (11) revised copies of the plans if the Planning and Zoning Comnission recommends any changes. i. After the City Council receives the report of the Planning and Zoning Commission, the Council shall act to approve or disapprove the building design and site plan. If the City Council shall disapprove said application for building design and site plan approval, grounds for any such disapproval shall be set forth in writing finding of fact and reported to the applicant. j. All engineering considerations presented in the preliminary review and data furnished by the applicant, the City Engineer's report and any such re- ports introduced' at any time during the proceedings shall be resolved prior to approval of the application by the City Council. k. If the application is approved by the City Council, the City Admini- strator, following the City Council's action upon the application, shall pre- pare a development contract to be entered into by the applicant with and for the City. The development contract shall include a performance agreement, as to approved site improvements, in an amount to be determined by the City, that the subject property will be constructed, developed and maintained in conformance with the plans, specifications and standards. Acceptable finan- cial instruments include cash escrow, certificate of deposit, letter of credit from a financial institution, and performance bond. A detailed cost break- down of site improvements is required. A copy of the contract shall.be kept on file as part of the permanent record of the applicant and a copy shall be