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<br />215189v1A <br />the form of a letter of credit issued by a FDIC-insured bank, and be in a <br />form acceptable to the City. The purpose of the letter of credit is to ensure <br />that site improvements are completed in the event that the developer <br />defaults on the development agreement <br /> <br />2. The Developer shall submit a cash escrow for site improvements, <br />including grading, utilities, and paving, in the amount of $20,000 or 25 <br />percent of the total estimated costs of the site improvements, whichever <br />amount is less prior to the issuance of any development permits. The <br />escrow will be used for City costs related to review, approval, and <br />inspection of site improvements or any costs incurred by the City in the <br />event of a developer default. <br /> <br />3. The Developer shall submit a financial surety in the amount of 125 percent <br />of the estimated costs of landscaping prior to the issuance of a building <br />permit. The financial surety shall be in the form of a letter of credit issued <br />by a FDIC-insured bank. The purpose of the letter of credit is to ensure <br />that landscaping is completed in the event that the developer defaults on <br />the development agreement. The City will hold the letter of credit for two <br />years after the installation of landscaping. The letter of credit should not <br />expire during the two-year period. <br /> <br />4. The Developer shall submit a cash escrow for landscaping improvements <br />in the amount of $15,000 or 25 percent of the estimated costs of <br />landscaping, whichever amount is less, prior to the issuance of a building <br />permit. The escrow will be held by the City for two years after installation <br />of landscaping and used for City costs related to review, approval, and <br />inspection of landscaping, or developer default. <br /> <br />C. Lexington Avenue Access. The County is planning roadway improvements to <br />Lexington Avenue and the County and City have entered into a Cooperative <br />Agreement, dated December 1 2020, to share expenses for those roadway <br />improvements. Those planned improvements include the construction of a <br />signalized intersection aligned with Target Road to the east. The City has entered <br />into an Agreement with Ramsey County dated May 3, 2021 that would allow the <br />City or another party acting on its behalf to construct the planned improvements. <br />Should the County fail to cause the planned improvements, which includes which <br />includes the access work for the Project to be fully funded by January 1, 2022 <br />and/or fails to award a contract for the improvement by February 1, 2022 the <br />Developer will undertake to construct the improvement, all at Developer’s cost <br />with a completion date no later than October 31, 2022. All plans and <br />specifications must be reviewed and approved by the City and must be consistent <br />with any permits or other approvals from Ramsey County or other approving <br />agencies, and consistent with Exhibit A, KDP ROW Work, attached hereto. <br />Should the Trigger Events outlined in Exhibit A occur, the City agrees that KDP, <br />at KDP’s cost, shall perform the KDP ROW Work and complete same by the