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City of Arden Hills Planning Commission Meeting for November 9, 2016 Page 15 of 18 prior to the approval’s expiration date. Extension requests must be submitted in writing to the City at least 45 days prior to the expiration date. 3. The Final PUD application for Phase 2 of the redevelopment shall be submitted no later than December 31, 2018, or at least forty-five (45) days prior to such date, an extension of time to apply for the Phase 2 Final PUD shall be requested. 4. A Master PUD Agreement and Phase 1 Development Contract shall be prepared by the City Attorney and subject to City Council approval. The Master PUD Agreement and Phase 1 Development Contract shall be executed prior to the issuance of any development permits for Phase 1. 5. The applicant shall file the Final Plat with Ramsey County within 180 days of the approval from the City. 6. The applicant shall provide a construction phasing plan that includes plans for fire access throughout construction, subject to the approval of the Fire Marshall and Public Works Director prior to the issuance of any development permits. 7. The Developer shall submit a financial surety in the amount of $200,000 for site improvements, including grading, utilities, and paving, prior to the issuance of any development permits. Upon completion of required Developer improvements, and 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 Minnesota 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 Master PUD Agreement and Phase I Development Contract. 8. 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. 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 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