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<br /> <br />City of Arden Hills <br />City Council Meeting for October 26, 2015 <br />P:\Planning\Planning Cases\2015\PC 15-016 - Arden Plaza - Final PUD Phase III\Memos_Reports_15-016 <br /> <br />Page 2 of 2 <br />cost of site improvements. The purpose of this escrow was to cover costs incurred by the City <br />related to the review and inspection of the site improvements. The Community Development <br />Department and Public Works Department discussed revising this condition in the PUD <br />Agreement to more closely match the site improvements security recently required for the <br />Johanna Shores Brownstone Apartment project being completed by Presb yterian Homes. <br /> <br />The revised condition would require Hemisphere Restaurant Partners to provide an initial deposit <br />of $20,000 for the site improvements escrow with the requirement that if the balance drops <br />below $5,000 the account be replenished to $20,000. The City is able to withhold the final <br />Certificate of Occupancy if the account is not replenished as required. The initial required <br />deposit is expected to cover all costs associated with construction observation. The City Attorney <br />and Hemisphere Restaurant Partners have reviewed and approved the revisions to the original <br />condition. <br /> <br /> <br />Attachments <br /> <br />A. Arden Plaza Planned Unit Development Agreement – Fourth Amendment