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of the Developer, and other public comments; and, subject to conditions, recommended approval of the Preliminary & Final Plat, Rezoning, and Comprehensive Plan Amendment. 4. CITY COUNCIL REVIEW. On the 30th day of March, 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 Preliminary & Final Plat, Rezoning, and Comprehensive Plan Amendment, all subject to the terms and conditions contained herein. 5. 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. Preliminary & Final Plat, Rezoning, and Comprehensive Plan Amendment: 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 execution of the Final Plat shall be contingent upon the Metropolitan Council’s approval of the Comprehensive Plan Amendment. 3. That the development agreement shall be prepared by the City Attorney and subject to City Council approval. The development agreement shall be executed prior to execution of the Final Plat. 4. That the Developer shall submit a park dedication, subject to the approval of the City Council, equal to six percent ($51,360) of the total land area, which is currently under a purchase agreement for $856,000. The City shall use the park dedication to expand the City’s parks, trails, and recreation system. 5. That the Developer shall submit a financial surety in the amount of 125 percent of the estimated costs of site improvements including grading, utilities, retaining walls, stormwater filtration systems, and driveway openings, 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 Development Agreement. 6. That the Developer shall submit a cash escrow in the amount of 25 percent of the estimated costs of site improvements including grading, utilities, retaining walls, stormwater filtration 2 181229v1