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ARDEN HILLS PLANNING COMMISSION – March 4, 2015 7 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 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. 7. 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. 8. 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. 9. 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 building permits. 10. That the final plans shall be subject to approval by the Fire Marshal prior to the issuance of a building permit. 11. That the final grading, drainage, and utility plans shall be subject to approval by the City Engineer prior to the commencement of any construction on the site. 12. 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. 13. Sanitary sewer and water shall be accepted by the City and ready for hookup prior to the issuance of any building permits. 14. That the application shall be required to meet the requirements as outlined in the memo from the City Engineer dated 2/19/15. 15. 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.