No improvements, buildings, facilities, commercial establishments or service concerns of any character may be constructed upon, or may occupy or use, any portion of a commercial district until a performance bond, or a performance escrow sufficient to insure to the City either the completion of all such improvements or, alternatively, to pay the estimated expenses of restoring the ground to its pre-existing condition if such improvements are undertaken but not completed, in an amount as determined by the Plan Commission and approved by the City Attorney and the Mayor and the Board of Aldermen, is posted and filed with the City Administrator. If any parcel of land is to be developed in sections, all improvements including parking facilities, necessary to the proper operation and functioning of the entire parcel even though such improvements may be located outside the section under development, must be constructed, installed or planted at the time of the development of the first section; provided, that on showing of hardship, this requirement may be waived by the Board of Aldermen. Within twenty-four (24) months of the date of approval of the final development plan by the Board of Aldermen, construction shall commence, or the permit shall be void. Any transfer of ownership or lease of the property shall include in the transfer or lease agreement a provision that the purchaser or lessee agrees to be bound by the conditions herein set forth and the approved development plan for the property.
There shall be adequate legal provisions to insure that the development plan approved will be actually constructed and completed and that any common areas will be properly protected and maintained, and in order to effectuate this Subsection it may be required as a condition of approval of the development plan that deed restrictions or a trust indenture be executed and recorded.