Commissioners on Monday approved a development agreement for the project to complete the city’s sale of the property at Broad Street and Lake Boulevard to developer the Rienks Group. Among other things, the development agreement with the city gives Reinks four months after closing to obtain permits, six months to begin construction, and 18 months to complete major exterior improvements. It also requires the developer to demonstrate its financial ability to complete the project as often as quarterly, includes guarantees for completion of the parking garage, gives the city the ability to repurchase the site if construction doesn’t begin within the stated timeline, and requires that at least 57 of the parking spaces be public.