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ARDEN HILLS CITY COUNCIL—AUGUST 31, 2015 7 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. 15. Prior the issuance of a Certificate of Occupancy for the Phase III building, the six-foot wide concrete sidewalk along Lexington Avenue shall be constructed in its entirety as shown on the PUD Master Site Plan. 16. All mechanical equipment, whether ground-mounted or roof-mounted, shall be screened from ground-level view of public streets. Wood screening shall not be permitted. Councilmember Holden asked if the arborvitae were included in the landscaping plan. Associate Planner Bachler commented that the applicant had provided an additional 13 arborvitae on the Landscape Plan after the Planning Commission meeting. He indicated where the arborvitae would be planted on the site. Councilmember Woodburn questioned where the HVAC unit would be located. Associate Planner Bachler stated that the applicant was still determining the best location for an HVAC unit. He noted that this equipment would be required to be screened from ground-level view of public streets. Mayor Grant inquired how many handicap parking spaces would be striped outside the restaurant.