With respect to all applications from major subdivisions and site plan approvals, the municipal agency shall condition any such approval upon the execution of a developer's agreement between the municipal agency, the applicant and the City of Englewood specifying, in part, off-site, on-tract or off-tract improvements, public improvements, bonding requirements, escrow requirements, other conditions imposed by the municipal agency and such other terms and conditions as the City and the municipal agency deem appropriate. The municipal agency may waive the requirement of a developer's agreement in appropriate circumstances, subject to the consent of the City Council. Unless so waived, no certificate of occupancy or building permit shall be issued respecting any application for development requiring major subdivision or site plan approval unless the applicant has entered into a developer's agreement of a form specified herein.