Laserfiche WebLink
site improvements are completed in the event that the developer defaults <br />on the Development Agreement. <br /> <br /> 2. Lexington Station shall submit a cash escrow in the amount of 25 percent <br />of the estimated costs of Phase I site improvements including grading, <br />utilities, and paving, prior to the issuance of a grading and erosion control <br />permit. The escrow will be used for City costs related to review, approval, <br />and inspection of site improvements or any costs incurred by the City in <br />the event of a developer default. <br /> <br /> 3. Lexington Station shall submit a financial surety in the amount of 125 <br /> percent of the estimated costs of Phase I landscaping prior to the issuance <br /> of a grading and erosion control permit. The financial surety shall be in <br />the form of a letter of credit issued by a FDIC-insured Minnesota bank. <br />The purpose of the letter of credit is to ensure that landscaping is <br />completed in the event that the developer defaults on the Development <br />Agreement. The City will hold the letter of credit for two years after the <br />installation of landscaping. The letter of credit should not expire during <br />the two-year period. <br /> <br /> 4. Lexington Station shall submit a cash escrow in the amount of 25 percent <br />of the estimated costs of Phase I landscaping prior to the issuance of a <br />grading and erosion control permit. The escrow will be held by the City <br />for two years after installation of landscaping and used for City costs <br />related to review, approval, and inspection of landscaping, or developer <br />default. <br /> <br /> 5. Lexington Station shall submit a cash escrow in the amount of $7,350.00 <br />for grading and erosion control prior to the issuance of a grading and <br />erosion control permit. The escrow will be used for City costs related to <br />review, approval, and inspection of grading and erosion control, or <br />developer default. <br /> <br /> <br />6.Final grading, drainage, utility, and site plans shall be subject to approval <br /> by the Public Works Director, City Engineer, and City Planner prior to the <br /> issuance of a grading and erosion control permit. <br /> <br /> <br />7.The plans shall be subject to Fire Marshall and Ramsey County Sheriff <br /> approval prior to the issuance of a building permit. <br /> <br /> <br />8.A lighting and photometric plan shall be reviewed and approved by the <br /> City and the Ramsey County Sheriff prior to issuance of a building permit. <br /> <br /> <br />9.Upon completion of grading and utility work on the site, a grading as-built <br /> and utility as-built shall be provided to the City for review. <br /> <br />168952 <br />