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ARDEN HILLS CITY COUNCIL—FEBRUARY 23, 2015 6 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 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. That 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. 8. That the proposed project may require permits, including, but not limited to, MPCANPDES, Rice Creek Watershed District, Minnesota Department of Health, MPCASanitary Sewer Extension, Ramsey County and City Right of Way, and City Grading and Erosion Control permits. Copies of all issued permits shall be provided to the City prior to the issuance of any development permits. 9. That the final plans shall be subject to approval by the Building Official and Fire Marshal prior to the issuance of a building permit. 10. 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 or other development permits. 11. That 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. 12. That the final plans shall be revised to meet the standards as outlined by the Assistant City Engineer in the memo dated 2-19-15. 13. That the final Lighting and Photometric Plan shall be reviewed and approved by the City prior to the issuance of a building permit. 14. That the applicant shall conform to all other City regulations. Mayor Pro-Tem McClung thanked City Planner Streff for his report and asked if the Council had any questions of staff. Councilmember Holden asked if all landscaping requirements were being met. City Planner Streff stated that this was the case.