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180304 3. CITY COUNCIL REVIEW. On the 23rd day of February, 2015, the City Council reviewed the application, the reports and recommendations of the City’s staff and consultants, the reports and requests of the Developer, and the recommendations of the City Planning Commission, and has approved the PUD Master Plan, Final Plan and the Conditional Use Permit, all subject to the terms and conditions contained herein. 4. TERMS AND CONDITIONS. In consideration of the City’s development approvals, in compliance with the City’s development regulations, and in consideration of the undertakings expressed herein, the parties agree: A. PUD – Master Plan/Final Plan. 1. That 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. That the applicant shall obtain a building permit within one year of the PUD approval or the approval shall expire unless extended by the City Council prior to the approval’s expiration date. Extension requests must be submitted in writing to the City at least 45 days prior to the expiration date. 3. That the development agreement and conditional use permit (CUP) shall be prepared by the City Attorney and subject to City Council approval. The development agreement and CUP shall be executed prior to the issuance of a grading and erosion control permit. 4. That 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. 5. That 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. 6. That 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