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3. Impravement Secu�rztX. Prior to the issuance of any development ar <br />buiiding permits, Developer shall deposit security with the City <br />Administrator in an atr�ount equal to one hundred tweniy-five percent <br />(125%) af the City Engineer's estimated cost of constructing the <br />Developer's secured improvemenis. The security may be in the form of a <br />cash escrow fund, a performance bond, ar a Ietter of credit. The farm of <br />security shall be approved by the City Attorney. <br />4. Reduction of Improvement SecuritX. Upan completio� o� the required <br />Developer improvemenis for the Property, and acceptance by the City, the <br />City sha11 reduce the amount of security for the combined improvements <br />provided that, in na case shall the toial remaining �ecurity be equal to less <br />than 125% oi the estimated cost of the incomplete Developer <br />impravements. <br />C. Inspection/En ineerin F�ees. In addition to filing and application fees, the <br />Developer agrees to escrow engineering overhead and inspection fees. Developer <br />agrees to provide a cash escrow with the City for engineering overhead and <br />inspection fees in an amount equal to five percent (S%) of the estimated cost for <br />Developer constr�cted improvements. City Engineering costs and inspection fees <br />inc�rred by the City shall be charged against the escrow account. Any balance <br />remain�ng in the escrow account plus accrued interest on such balance shall be <br />returned to the Developer at the completion of the project. <br />D. Park Dedication. The applicant shall construct an east-west boardwalk <br />connection from Keithsan Drive to the north-south trail, east of the development, <br />subject to the approval of the Director af Public Works. The cost of the <br />construction of the traii shall be deducted from a cash payment require�nent of <br />$133,248. <br />E. Uiili Com an Im rov�ments. The utility improvements include underground <br />gas, electric and telephane services as installed by the apprapriate utility company <br />at the direction of t�e Developer. Developer shall arrange for the installation of <br />underground gas, electric and telephone s�rvices prior to the issuance of building <br />pe�its. <br />F. A�ency Permits. The proposed project rnay require permits, including, but not <br />liinited to MPCA-NPDES, Rice Creek Watershed District, Mixu�esota Department <br />of Health, MPCA-Sanitary Sewer Extension, Ramsey County and City Right-of- <br />vvay, and City Erosion and Sediment Control Permits. Copies of all isst�ed <br />permits shall be provided to the City priar to the issuance of Certif cates of <br />Occupancy for an.y building. <br />G. Building Lot.Plans. The applicant shall subrriit a developrnent plan, subject to the <br />approval of City Staff, prior to the issuance of an� biulding permits. The <br />development plan shall pravide as-built grading informaiion together wiih the <br />style and minimum elevations for the house on each lot. <br />4 <br />