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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. 8. 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. 9. 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. 10. That the proposed project may require permits, including, but not limited to, MPCA- NPDES, Rice Creek Watershed District, Minnesota Department of Health, MPCA- Sanitary 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. 11. That the final plans shall be subject to approval by the Fire Marshal prior to the issuance of a building permit. 12. That the final grading, drainage, street construction and utility plans shall be subject to approval by the City Engineer prior to the issuance of any development permits. 13. 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. 14. The applicant shall complete grading activity and install the first lift of bituminous surfacing prior to the issuance of any building permits. 15. Sanitary sewer and water are shall be accepted by the City and ready for hookup prior to the issuance of any building permits. 16. That Outlot A shall be dedicated to Ramsey County and shown on the Final Plat. 17. That a copy of the home owners’ association (HOA) documents shall be kept on file with the City. The maintenance agreement for Outlots B & C shall be submitted to the City and approved by the City Attorney. All HOA documents shall be submitted and approved by the City prior to the issuance of any building permits. 18. That a maintenance agreement for the retaining wall along the eastern property line of Lots 6, 7 & 8 shall be submitted to the City and approved by the City Attorney. This agreement shall be recorded against Lots 6, 7 & 8. 19. That the street design for Valentine Court shall be constructed to the standards outlined by the City Engineer in the memo dated 12/29/14. 20. That all landscaping materials shall be put in place as the approved grading plan is completed with the exception of the required three front yard trees, which shall be the responsibility of the applicant to install at the time each house is constructed. 21. The applicant shall conform to all other City regulations. City of Arden Hills Planning Commission Meeting for January 7, 2014 P:\Planning\Planning Cases\2014\PC 14-034 - Valentine Cove - Plat and PUD\Memos_Reports_14-034 Page 12 of 14