A finding of concurrency for a development permit that requires one or more transportation facilities to be provided by the applicant shall be conditioned upon an appropriate financial commitment by the applicant which is binding upon subsequent owners, heirs, executors, successors or assigns, and upon the completion of such transportation facilities in a timely manner, prior to the issuance of the certificate of occupancy or prior to occupancy, unless stated otherwise in writing by the city. Such financial commitment shall be subject to the approval of the city attorney, including performance bond, escrowed funds, or other similar instrument.