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<br />City of Arden Hills <br />City Council Meeting for January 9, 2017 <br /> <br />Page 15 of 17 <br />improvements stabilized in the event that the Developer defaults on the Master PUD <br />Agreement and Phase I Development Contract. <br />8. The Developer shall submit a cash escrow for site improvements, including grading, <br />utilities, and paving, in the amount of $20,000 prior to the issuance of any <br />development permits. The escrow will be used for City costs related to review, <br />approval, and inspection of site improvements or any costs incurred by the City in the <br />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 <br />replenish the account in accordance with the terms of the Agreement, the City has the <br />right to withhold the issuance of a Certificate of Occupancy until the deficiency is <br />paid. Upon completion of the project, payment of all outstanding bills and satisfaction <br />of this Agreement, the City shall refund the remainder of the account to the <br />Developer. <br />9. 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 any development permits. The <br />financial surety shall be in the form of a letter of credit issued by a FDIC -insured <br />Minnesota bank. The letter of credit shall automatically renew for successive one- <br />year terms unless at least sixty (60) days prior to the next annual renewal date, the <br />issuing bank delivers notice to the City that it intends to modify the terms of, or <br />cancel, the letter of credit. A partial reduction in the letter of credit may be granted by <br />the City in the event that landscaping improvements are installed over successive <br />growing seasons. The purpose of the letter of credit is to ensure that landscaping is <br />completed in the event that the developer defaults on the Development Agreement. <br />10. The Developer shall submit a cash escrow for landscaping improvements in the <br />amount of $15,000 prior to the issuance of any development permits. The escrow will <br />be held by the City for two years after installation of landscaping and used for City <br />costs related to review, approval, and inspection of landscaping, or developer default. <br />11. The Developer shall make a cash payment of $13,767 as fee-in-lieu of tree <br />replacement for Phase 1. <br />12. The proposed project may require permits, including, but not limited to, MPCA- <br />NPDES, Rice Creek Watershed District, Minnesota Department of Health, Ramsey <br />County and City Right of Way, and City Grading and Erosion Control permits. <br />Copies of all issued permits shall be provided to the City prior to the issuance of any <br />development permits. <br />13. The final plans for Phase 1 shall be subject to approval by the City Engineer, Building <br />Official, and Fire Marshal prior to the issuance of a grading and erosion control <br />permit. <br />14. Final grading, drainage, utility, and site plans shall be subject to approval by the <br />Public Works Director, City Engineer, and City Planner prior to the issuance of a <br />grading and erosion control permit or other development permits. <br />15. Upon completion of grading and utility work on the site, a grading as -built and utility <br />as-built shall be provided to the City for review.