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4 <br />192567v3 <br />6. Developer shall obtain approval from the Lake Johanna Fire Marshal that <br />there is adequate space for the Lake Johanna fire trucks to maneuver in the proposed parking lot, <br />and provide a copy of said approval to the City prior to the issuance of any permits. <br />7. The Developer shall conform to all City regulations, zoning codes and <br />design standards. <br /> B. Security. The Developer shall submit a financial surety in the amount of 125 <br />percent of the estimated costs of landscaping prior to the issuance of any development permits. <br />The financial surety shall be in the form of a letter of credit issued by a FDIC-insured bank. The <br />letter of credit shall automatically renew for successive one-year terms unless at least sixty (60) <br />days prior to the next annual renewal date, the issuing bank delivers notice to the City that it <br />intends to modify the terms of, or cancel, the letter of credit. A partial reduction in the letter of <br />credit may be granted by the City in the event that landscaping improvements are installed over <br />successive 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 this Agreement. <br /> C. Escrow. The Developer shall submit a cash escrow for landscaping <br />improvements in the amount of Ten Thousand and no/100ths ($10,000.00) Dollars prior to the <br />issuance of any development permits. The escrow will be held by the City for two (2) years after <br />installation of landscaping and used for City costs related to review, approval, and inspection of <br />landscaping, or Developer default. <br /> D. Required Permits. The Developer shall obtain all necessary permits, including, <br />but not limited to, MPCA-NPDES, Rice Creek Watershed District, Minnesota Department of <br />Health, Ramsey County and City Right of Way, and City grading and erosion control permits.