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3. The Developer shall obtain a building permit within one year of the Final PUD approval or the approval shall expire, unless extended by the City Council prior to the approval’s expiration date. Extension requests must be submitted in writing to the City at least 45 days prior to the expiration date. 4. A Development Agreement shall be prepared by the City Attorney and subject to City Council approval. The agreement shall be executed prior to the issuance of any development permits. 5. Prior to the issuance of a building permit, the Arden Plaza 2nd Addition Final Plat shall be recorded with Ramsey County. 6. Prior to the issuance of a building permit, a copy of any necessary supplemental declaration between Hemisphere Restaurant Partners and Arden Plaza, LLC addressing site operation issues, such as driveway maintenance, shared parking, and drainage, shall be provided to the City. 7. The Developer shall submit a financial surety in the amount of 125 percent of the estimated costs of site improvements including grading, utilities, and paving, prior to the issuance of any development permits. 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. 8. The Developer shall submit a cash escrow in the amount of 25 percent of the estimated costs of site improvements including grading, utilities, and paving, prior to the issuance of any development permits. 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. 9. The Developer shall submit a financial surety in the amount of 125 percent of the estimated costs of landscaping prior to the issuance of any development permits. 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. 10. The Developer shall submit a cash escrow in the amount of 25 percent of the estimated costs of landscaping prior to the issuance of any development permits. 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. 11. Final construction plans shall be subject to approval by the Building Official and Fire Marshall prior to the issuance of a building permit. 12. The Developer shall provide the City with a copy of the Rice Creek Watershed District permit for the project prior to the issuance of any development permits. 13. Final grading, drainage, utility, and site plans shall be subject to approval by the City Engineer and City Planner prior to the issuance of a Grading and Erosion Control Permit or other development permits. 14. The Developer shall obtain a right-of-way permit from Ramsey County for the sidewalk construction along Lexington Avenue. City of Arden Hills City Council Meeting for August 31, 2015 P:\Planning\Planning Cases\2015\PC 15-016 - Arden Plaza - Final PUD Phase III\Memos_Reports_15-016 Page 7 of 8