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AGENDA ITEM – 8A City of Arden Hills City Council Meeting for July 25, 2016 P:\Planning\Planning Cases\2016\PC 16-016 - Land O'Lakes - Final PUD Phase 2\Memos_Reports_16-016 Page 11 of 13 acceptance by the City, the City may reduce the amount of security for the improvements still to be completed. The financial surety shall be in the form of a letter of credit issued by a FDIC-insured bank, and be in a form acceptable to the City. The purpose of the letter of credit is to ensure that private site improvements stabilized in the event that the Developer defaults on the Final PUD - Phase 2 Development Contract. 6. The Developer shall submit a cash escrow for site improvements, including grading, utilities, and paving, in the amount of $20,000 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. If at any time during the course of construction on the project the amount in the account is reduced to below $5,000, the Developer shall replenish the account to not less than $20,000. In the event there is a failure to replenish the account in accordance with the terms of the Agreement, the City has the right to withhold the issuance of a Certificate of Occupancy until the deficiency is paid. Upon completion of the project, payment of all outstanding bills and satisfaction of this Agreement, the City shall refund the remainder of the account to the Developer. 7. 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 bank. The letter of credit shall automatically renew for successive one-year terms unless at least sixty (60) days prior to the next annual renewal date, the issuing bank delivers notice to the City that it intends to modify the terms of, or cancel, the letter of credit. A partial reduction in the letter of credit may be granted by the City in the event that landscaping improvements are installed over successive growing seasons. The purpose of the letter of credit is to ensure that landscaping is completed in the event that the developer defaults on the Final PUD - Phase 2 Development Contract. 8. The Developer shall submit a cash escrow for landscaping improvements in the amount of $15,000 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. 9. That the proposed project may require permits, including, but not limited to, MPCA- NPDES, Rice Creek Watershed District, Minnesota Department of Health, 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 development permits. 10. That the final plans for Phase 2 shall be subject to approval by the City Engineer, Building Official, and Fire Marshal prior to the issuance of a grading and erosion control permit.