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2 211828v2 Recorder within 60 days of the City Council’s approval of the Final Plat and provide the City with a recorded copy. 3. CITY COUNCIL REVIEW. On the 22nd day of June, 2020, the City Council reviewed the application at a public hearing, the reports and recommendations of the City’s staff and consultants, the reports and requests of the Developer, and has approved the Preliminary and Variance, and, all subject to the terms and conditions contained herein. 4. TERMS AND CONDITIONS. In consideration of the City’s development approvals, in compliance with the City’s development regulations, and in consideration of the undertakings expressed herein, the parties agree: A. Preliminary and Final Plat, and Variance: 1. The project shall be completed in accordance with the submitted plans as amended by the conditions of approval. Any significant changes to these plans, as determined by the City Planner, shall require review and approval by the Planning Commission and City Council. 2. The applicant shall submit a park dedication fee in the amount of $26,000, subject to the approval of the City Council. The park dedication fee shall be submitted prior to the execution of the Final Plat. 3. Preliminary Plat approval shall expire six months from the date of the City Council approval unless the Final Plat has been approved by the City Council and recorded with Ramsey County or a time extension granted by the City Council. 4. A Letter of Credit in the amount of 125 percent of the cost of materials and installation for the required replacement tree plantings shall be provided prior to the issuance of any development permits. The Letter of Cred shall be valid for two full years from the date of installation of the replacements trees. 5. Prior to the issuance of a Grading and Erosion Control permit the Applicant shall work with the City to locate the additional eighty-seven (87) caliper inches of replacement trees on the site or on the adjacent properties to the north and south of subject property. If the replacement tree plantings cannot be reasonably accommodated on the site, the City can work with the applicant to find off-site locations for the plantings or require that a fee in lieu of the plantings be provided. 6. The applicant shall provide the City with a copy of the approved Rice Creek Watershed District Permit prior to the issuance of any development permits. 7. Signage depicting the conservation easement boundaries shall be shown on grading plan, final location and sign design is subject to the approval of the Public Works Director.