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ARDEN HILLS CITY COUNCIL —APRIL 24, 2017 6 4. A PUD Amendment and Phase 2 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. 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 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. 6. 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. 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 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. 8. 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. 9. 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. 10. Final grading, drainage, utility, and site plans shall be subject to approval by the City Engineer, Building Official, City Planner, and Fire Marshall prior to the issuance of a Grading and Erosion Control Permit or other development permits. 11. The Developer shall obtain a Right -of -Way Permit from the City for any construction work required for the development within the Red Fox Road right-of-way. 12. All roof -mounted mechanical equipment shall be screened from ground -level view of public streets. Wood screening shall not be permitted. 13. The Rock Face CMU -2 building material shall have a color consistent with the Brick building material, as shown on Sheet A3.1. 14. The Developer shall provide the City with a copy of the Shared Parking Agreement that provides for shared parking between 3833 Lexington Avenue and 1120 Red Fox Road prior to the issuance of a building permit for Phase 2. 15. The PUD Amendment and Phase 2 Development Agreement shall address the Developer's responsibility for the cost of the eastbound right -turn lane at the Red Fox Road and Lexington Avenue intersection scheduled to be constructed as part of the Ramsey County improvement project for Lexington Avenue in 2020. 16. Wall signage for the Phase 2 building shall be limited to no more than 40 square feet for the ten central tenant bays and no more than 60 square feet for the two end tenant bays at the north and south sides of the building.