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ARDEN HILLS CITY COUNCIL – MAY 22, 2017 5 2. The Developer shall obtain the required development permits within one year of the approval date or the approval shall expire, unless extended by the City Council 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. A Master PUD and Final PUD 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. 4. 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. 5. 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. 6. 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. 7. 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. 8. 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. 9. 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. 10. The Developer shall provide “No Parking” signs for the area designated for fire truck turn around on the northeast side of the building. Councilmember Holden asked if there would be exterior lighting for the new parking area. Senior Planner Bachler clarified there would be lighting for the new parking area. Mayor Grant requested further information on the stacked stone veneer. Senior Planner Bachler referred this question to the architect. Mark Hansen, Mohagen Hansen, explained he has been working with Health Partners on this project. He reported the stacked cultured stone was roughly two to three inches in depth and