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ARDEN HILLS CITY COUNCIL— OCTOBER 27, 2014 13 expiration date. Extension requests must be submitted in writing to the City at least 45 days prior to the expiration date. 5. The Developer shall submit a financial surety in the amount of 125 percent of the estimated costs of site improvements including grading, utilities, and paving, prior to the issuance of a building 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 PUD Development Agreement. 6. The Developer shall submit a cash escrow in the amount of 25 percent of the estimated costs of site improvements including grading, utilities, and paving, prior to the issuance of a building 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. 7. The Developer shall submit a financial surety in the amount of 125 percent of the estimated costs of landscaping prior to the issuance of a building 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. 8. The Developer shall submit a cash escrow in the amount of 25 percent of the estimated costs of landscaping prior to the issuance of a building 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. 9. The Developer shall provide the City with all necessary permits, including, but not limited to Rice Creek Watershed District and NPDES, prior to the issuance of the City Grading and Erosion Control Permit. 10. The final plans shall be subject to approval by the Fire Marshall prior to the issuance of a building permit. 11. The final grading, drainage, and utility plans shall be subject to approval by the City Engineer prior to the issuance of any City permits. 12. A lighting and security plan shall be reviewed and approved by the City and the Ramsey County Sheriff's Department prior to issuance of a building permit. 13. 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. 14. The Developer shall complete certain road improvements on Sandeen Road prior to the issuance of a Certificate of Occupancy for Phase II. These road improvements shall be defined as a one and one-half inch (1-1/2") bituminous mill and overlay between Lake Johanna Boulevard and the northern access driveway to the property. The Developer shall construct the Sandeen Road improvements at Developer's cost and in accordance with plans and specifications approved by the City. 15. The plans and specifications for the sidewalk improvements within the County Road D right-of-way shall be subject to approval by the City. A right-of-way permit shall be obtained for all work completed within the Ramsey County right-of-way. 16. If the Developer elects to undertake the construction of the County Road D Improvements as outlined in the Contract for Private Development, the Developer must provide written notice to the City of its intent to exercise this option, which notice must be delivered