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systems, and driveway openings, prior to the issuance of a building permit. The escrow will <br />be used for City costs related to review, approval, and inspection of site improvements or <br />any costs incurred by the City in the event of a developer default. <br />7. That the Developer shall submit a financial surety in the amount of 125 percent of the <br />estimated costs of landscaping prior to the issuance of a building permit. The financial <br />surety shall be in the form of a letter of credit issued by a FDIC-insured Minnesota bank. <br />The purpose of the letter of credit is to ensure that landscaping is completed in the event <br />that the developer defaults on the Development Agreement. The City will hold the letter of <br />credit for two years after the installation of landscaping. The letter of credit should not <br />expire during the two-year period. <br />8. That the Developer shall submit a cash escrow in the amount of 25 percent of the estimated <br />costs of landscaping prior to the issuance of a building permit. The escrow will be held by <br />the City for two years after installation of landscaping and used for City costs related to <br />review, approval, and inspection of landscaping, or developer default. <br />9. That the proposed project may require permits, including, but not limited to, MPCA- <br />NPDES, Rice Creek Watershed District, Minnesota Department of Health, MPCA- Sanitary <br />Sewer Extension, Ramsey County and City Right of Way, and City Grading and Erosion <br />Control permits. Copies of all issued permits shall be provided to the City prior to the <br />issuance of any building permits. <br />10. That the final plans shall be subject to approval by the Fire Marshal prior to the issuance of <br />a building permit. <br />11. That the final grading, drainage, and utility plans shall be subject to approval by the City <br />Engineer prior to the commencement of any construction on the site. <br />12. That upon completion of grading and utility work on the site, a grading as-built and utility <br />as-built shall be provided to the City for review. <br />13. Sanitary sewer and water shall be accepted by the City and ready for hookup prior to the <br />issuance of any building permits. To allow construction of model home prior to final <br />testing and acceptance of sewer and water, at sole right of developer and on the condition of <br />occupancy permit prior to full utility services. <br />14. That the application shall be required to meet the requirements as outlined in the memo <br />from the City Engineer dated 2/19/15. <br />15. That all landscaping materials shall be put in place as the approved grading plan is <br />completed with the exception of the required three front yard trees, which shall be the <br />responsibility of the applicant to install at the time each house is constructed. <br /> <br />3 <br />181229v1