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3. TIME FOR PERFORMANCE. The Developer shall obtain a building permit by March 9, 2016 or the City’s approval shall expire unless extended by approval from the City Council. An extension request must be submitted in writing to the City at least forty-five (45) days prior to the expiration date. 4. FINANCIAL SECURITY. The applicant 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 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. The letter of credit shall be released upon the issuance of a Certificate of Occupancy. Pursuant to and consistent with the policy adopted by the Council, when the applicant applies for a grading and erosion control permit it will be required to submit a cash escrow in the amount of $3,675 per acre of area measured by the size of the area to be disturbed for this project rather than by the size of the parcel, to be drawn upon to reimburse the City for hourly charges to the City by the Ramsey County Conservation District arising from its oversight of the grading and erosion-control- related operations on the site. Those funds remaining in the escrow after the Conservation District submits its final bill shall be returned within thirty (30) days of the City’s receipt of that invoice. The applicant shall submit a financial surety in the amount of 200 percent of the estimated costs of 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 (2) years after the installation of landscaping. The letter of credit should not expire during the two-year period. 4 180498v2