A. The development agreement shall be approved by the adoption of an ordinance. Upon the adoption of the ordinance, the city shall enter into the development agreement by the execution thereof by the mayor or city manager.

B. No ordinance shall be finally adopted until it has been executed by the applicant and all other parties to the agreement. If the applicant has not executed the agreement or agreement as modified by the council and returned the executed agreement to the city clerk within sixty days following council approval, the approval shall be deemed withdrawn, and the council shall not finally adopt such ordinance, nor shall the city manager execute the agreement.

C. Such sixty-day time period may be extended upon approval of the council. (Ord. 1650 § 3 (Exh. B), 2018)