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11. <br />12. <br />13. <br />14. <br />15. <br />Developer shall provide to the City a financial guarantee of 150% of the <br />improvement costs prior to commencement of construction for each Phase. <br />At no time during any Phase will the flnancial guarantee be reduced to to less <br />than $100,000. This amount shall not be released until all improvements and <br />obligation covered by the financial guarantee have been completed, including <br />delivery of record plan sets to the City. <br />Upon the final approval and execution of this resolution and the Planned Unit <br />Development No. 4 Agreement, the City Council shall fonnally approve an ordinance <br />amending the official zoning map of the City to rezone the portions of the Property <br />north of Kelley Parkway to RPUD Residential Planned Unit Development, and <br />amending the Orono Zoning Code by adding language establishing Planned Unit <br />Development No. 4 (PUD-4) to include all portions of the property. <br />Upon approval of this Resolution the City Council shall direct the Mayor and Clerk <br />to execute other documents required by this PUD rezoning, including but not limited <br />to the “Planned Unit Development No. 4 Agreement”, all subject to approval by the <br />City Attorney. <br />Minor changes in the location, placement and height of structures maybe authorized <br />by the Development Review Committee if required by engineering or other <br />circumstances not foreseen at the time the final plan was approved and filed with the <br />Zoning Administrator. <br />Changes in uses: Changes to the approved final development plan deemed by the <br />Planning Director to be significant maybe madeonly after a public hearing cwducted <br />by the Council. Any changes shall be recorded as amendments to the recorded copy <br />of the final development plan. <br />Ifsubstantial development of Phase 1 has not occurred within one year after approval <br />of PUD No. 4 as set forth in the Planned Unit Development No. 4 Agreement, the <br />City Council may declare the approvals granted within this resolution and within said <br />Agreement as null and void. Approvals for any future Phases for which substantial <br />development has not occurred within four (4) years after the date of approval of PUD <br />No. 4 as set forth in the Planned Unit Development No. 4 Agreement, may be <br />declared by the City Council as null and void. <br />Page 14 of 17 <br />T! <br />inriitiuiMirtri