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ARDEN HILLS PLANNING COMMISSION JUNE 19, 2013 13 8. requested by the applicant and/or conditions have been placed on an approval that would mitigate the nonconformity. 9. The application is not anticipated to create a negative impact on the immediate area or the community as a whole. Community Development Intern Bachler stated based on the submitted plans and findings of fact, Staff recommends approval of Planning Case 13-003 for a Master PUD, a Final PUD for Phase I, and a Preliminary Plat at 3833 Lexington Avenue. Staff recommends the following twenty-four conditions be included with the approval: 1. The project shall be completed in accordance with the submitted plans as amended by the conditions of approval. Any significant changes to these plans, as determined by the City Planner, shall require review and approval by the Planning Commission and City Council. 2. The applicant shall obtain a building permit within one year of the Final PUD approval for Phase I or the approval shall expire unless extended by the City Council prior to the requests must be submitted in writing to the City at least 45 days prior to the expiration date. 3. The applicant shall apply for a Final PUD of Phase II within five years and Phase III within ten years of the Master PUD approval or the approval shall expire unless extended by the writing to the City at least 45 days prior to the expiration date. 4. The applicant shall submit a financial surety in the amount of 125 percent of the estimated costs of Phase I site improvements including grading, utilities, and paving, prior to the issuance of a grading and erosion control permit. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank, and be in a form acceptable to the City. The purpose of the letter of credit is to ensure that site improvements are completed in the event that the developer defaults on the Development Agreement. 5. The applicant shall submit a cash escrow in the amount of 25 percent of the estimated costs of Phase I site improvements including grading, utilities, and paving, prior to the issuance of a grading and erosion control permit. The escrow will be used for City costs related to review, approval, and inspection of site improvements or any costs incurred by the City in the event of a developer default. 6. The applicant shall submit a financial surety in the amount of 125 percent of the estimated costs of Phase I landscaping prior to the issuance of a grading and erosion control permit. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank. The purpose of the letter of credit is to ensure that landscaping is completed in the event that the developer defaults on the Development Agreement. The City will hold the letter of credit for two years after the installation of landscaping. The letter of credit should not expire during the two-year period. 7. The applicant shall submit a cash escrow in the amount of 25 percent of the estimated costs of Phase I landscaping prior to the issuance of a grading and erosion control permit. The escrow will be held by the City for two years after installation of landscaping and used for City costs related to review, approval, and inspection of landscaping, or developer default. 8. The applicant shall submit a cash escrow in the amount of $7,350.00 for grading and erosion control prior to the issuance of a grading and erosion control permit. The escrow will be used for City costs related to review, approval, and inspection of grading and erosion control, or developer default.