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ARDEN HILLS CITY COUNCIL—MARCH 30, 2015 6 Comprehensive Plan Amendment Findings: 14. The applicant is proposing to amend the City's Comprehensive Plan to re-designate the land use classifications at 1941 & 1901 County Road E2 to Very Low Density Residential in order to permit a density of 1.5 to 3 units per net acre. 15. The development will built at approximately 1.54 units per acre. 16. The proposed land use designation of Very Low Density Residential would be compatible with the adjacent land uses. 17. The proposed redevelopment is a permitted use in the R-2 Residential District. 18. The proposed CPA would advance the City's goal to promote the development properties that are in keeping with the character of existing and established neighborhoods within the City. 19. The City staff has been in contact with the staff at the Metropolitan Council regarding the proposed development and they have indicated their support for the proposed CPA. City Planner Streff explained the findings of fact for the Preliminary& Final Plat, Rezoning, and Comprehensive Plan Amendment support approval. However, if the City Council chooses to deny the application, the Findings of Fact would need to be amended to reflect the reasons for the denial. The Planning Commission reviewed Planning Case 15-004 and unanimously recommends approval (7-0) of the Preliminary & Final Plat, Rezoning, and Comprehensive Plan Amendment for the Valentine Bluff redevelopment project located at 1941 & 1901 County Road E2, based on the findings of fact and the submitted plans as presented in the March 30, 2015, Report to the City Council, as amended by the following nineteen (19) conditions: 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 systems, and driveway openings, prior to the issuance of a building