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4 <br />179018 <br />4. The Developer shall obtain a building permit for Phase II by June 30, 2015, or the approval <br />shall expire unless extended by the City Council prior to the approval’s expiration date. <br />Extension requests must be submitted in writing to the City at least 45 days prior to the <br />expiration date. <br /> <br />5. The Developer shall submit a financial surety in the amount of $200,000 for site and public <br />roadway improvements, including grading, utilities, and paving, prior to the issuance of a <br />building permit. Upon completion of required Developer and public roadway <br />improvements, and acceptance by the City, the City may reduce the amount of security for <br />the improvements still to be completed. The financial surety shall be in the form of a letter <br />of credit issued by a FDIC -insured Minnesota bank, and be in a form acceptable to the <br />City. The purpose of the letter of credit is to ensure that the public roadway improvements <br />are completed and private site improvements stabilized in the event that the Developer <br />defaults on the PUD Development Agreement. <br /> <br />6. The Developer shall submit a cash escrow for site and public roadway improvements, <br />including grading, utilities, and paving, in the amount of $20,000 prior to the issuance of a <br />building permit. The escrow will be used for City costs related to review, approval, and <br />inspection of site and public roadway improvements or any costs incurred by the City in <br />the event of a developer default. If at any time during the course of construction on the <br />project the amount in the account is reduced to below $5,000, the Developer shall <br />replenish the account to not less than $20,000. In the event there is a failure to replenish <br />the account in accordance with the terms of the Agreement, the City has the right to <br />withhold the issuance of a Certificate of Occupancy until the deficiency is paid. Upon <br />completion of the project, payment of all outstanding bills and satisfaction of this <br />Agreement, the City shall refund the remainder of the account to the Developer. <br /> <br />7. 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 <br />bank. The letter of credit shall automatically renew for successive one-year terms unless at <br />least sixty (60) days prior to the next annual renewal date, the issuing bank delivers notice <br />to the City that it intends to modify the terms of, or cancel, the letter of credit. A partial <br />reduction in the letter of credit may be granted by the City in the event that landscaping <br />improvements are installed over successive growing seasons. The purpose of the letter of <br />credit is to ensure that landscaping is completed in the event that the developer defaults on <br />the Development Agreement. <br /> <br />8. The Developer shall submit a cash escrow for landscaping improvements in the amount of <br />$15,000 prior to the issuance of a building permit. The escrow will be held by the City for <br />two years after installation of landscaping and used for City costs related to review, <br />approval, and inspection of landscaping, or developer default. <br /> <br />9. The Developer shall provide the City with all necessary permits, including, but not limited <br />to Rice Creek Watershed District and NPDES, prior to the issuance of the City Grading <br />and Erosion Control Permit.