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<br />9,8/7 <br /> <br />(ii) <br /> <br />A performance bond, or other security conforming to that required <br /> <br />under subdivision improvement agreements entered into by the <br /> <br />City, in an amount equal to the estimated cost of construction of the <br /> <br />dwelling units as reasonably determined by the Director, securing <br /> <br />performance of the construction of said dwelling units in accor- <br /> <br />dance with the housing development plan as approved by the Di- <br /> <br />rector and the agreement described in D., below. <br /> <br />E. Aqreement. The housing development plan shall be included in an <br /> <br />agreement entered into between the Developer and the City (in a form approved <br /> <br />by the City Council and attached as an exhibit to the use permit) for the con- <br /> <br />struction of the dwelling units required under this ordinance. Upon approval of <br /> <br />the housing development plan and submittal of the performance security de- <br /> <br />scribed in C., above, the City Manager is hereby authorized and directed to exe- <br /> <br />cute said agreement for and on behalf of the City. <br /> <br />F. Construction. The Developer shall commence, and diligently pursue to <br /> <br />completion, construction of the dwelling units in accordance with the schedule in <br /> <br />the housing plan approved by the Director. Failure to comply with said schedule <br /> <br />shall be deemed a material breach of the above-described agreement. <br /> <br />Ord-118 <br />tlshlshIRC/Council/Ord <br />DES:rg <br />08/24/00 <br /> <br />9 <br /> <br />. "-r-"-"'--"""'" <br />