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ARDEN HILLS CITY COUNCIL—JULY 8, 2013 7 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 rp 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. 9. The City shall review and approve the Final Plat. The applicant shall file the Final Plat with Ramsey County prior to issuance of a Certificate of Occupancy. 10. Prior to the issuance of a grading and erosion control permit, the applicant shall provide an easement on the south side of Red Fox Road for the purpose of placing a public sidewalk and future right turn lane, as reflected on the Plans, subject to the approval of the City Engineer. 11. Final grading, drainage, utility, and site plans shall be subject to approval by the Public Works Director, City Engineer, and City Planner prior to the issuance of a grading and erosion control permit. 12. The plans shall be subject to Fire Marshall and Ramsey County Sheriff approval prior to the issuance of a building permit. 13. A lighting and photometric plan shall be reviewed and approved by the City and the Ramsey County Sheriff prior to issuance of a building permit. 14. Upon completion of grading and utility work on the site, a grading as-built and utility as- built shall be provided to the City for review. 15. The applicant shall consult with the County and the City of Shoreview regarding sidewalk placement to ensure that the sidewalk placement will align with the Lexington Avenue and Red Fox Road intersection changes planned for the future. 16. Prior to the approval of any Final PUD for future development phases, the City shall evaluate the existing parking lot circulation and may require alterations if deemed warranted by the City Engineer.