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services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost <br />of the Required Improvements, which equates to Sixty Eight Thousand Five Hundred Dollars <br />and no cents ($68,500.00) (5% x $1,370,000.00). Upon completion of the Required <br />Improvements to the satisfaction of the City, any surplus balance remaining in the City's <br />escrow account shall be refunded to the DEVELOPER. <br /> <br />11. Required Improvement Maintenance Financial Guarantee: In addition to the financial <br /> guarantee for Required Improvements required by Item #9 of this Permit, the DEVELOPER <br /> shall also post a Required Improvement maintenance guarantee with the CITY. Said <br /> maintenance guarantee shall be deposited with the CITY at the time the Required <br /> Improvements are accepted by the CITY and prior to release by the CITY of the financial <br /> guarantee required by Item #9 of this Permit. The amount of the maintenance guarantee shall <br /> be Ten Thousand Dollars and no cents ($10,000) or five percent (5%) of the cost of the <br /> Required Improvements (excluding plantings), (5% x $1,255,000.00), whichever is greater. <br /> Said maintenance guarantee shall be held by the CITY for a one (1) year period from the date <br /> of its deposit. This financial guarantee is for the purpose of ensuring that the Required <br /> Improvements, with the exception of the plantings which is addressed in Item #15 of this <br /> Permit, have been constructed and installed in accordance with City standards and may be <br /> called upon at the CITY'S discretion during said one (1) year period if the CITY determines <br /> it necessary to repair and/or replace any of the Required Improvements. Said financial <br /> guarantee shall be in the form of a letter of credit, approved as to form by the CITY. The <br /> ~naintenance guarantee shall be in the amount of Sixty Two Thousand Eight Hundred Dollars <br /> and no cents ($62,800.00). <br /> <br />12. Stormwater Management Fee. The City has enacted a Stormwater Management Fee and the <br /> current rate is $3,741.00 per acre. Prior to the release of the Plat for recording, payment of <br /> storm water charges must be paid. The amount of Stormwater Management Fee due on the <br /> 9.5 acre Plat is Thirty Five Thousand Five Hundred Forty Dollars and no cents ($35,540.00). <br /> <br /> SECTION II <br />PERMITS AND OCCUPANCY <br /> <br />13. Requirements for Building Permits. No building permit for the Subject Property shall be <br /> issued until: (a) a Class 5 driving surface is installed to within 300 feet of the building(s); (b) <br /> a certificate of survey or approved site plan has been supplied to the City Building Official; <br /> (c) all of the financial guarantees required by the CITY have been satisfied; (d) the CITY has <br /> been provided with a copy of the Lower Rum River Water Management Permit; (e) this <br /> Development Permit and the Development Contract is executed; (f) the Plat of Town Center <br /> 3rd Addition has been recorded at Anoka County Recorders Office; (g) compliance with City <br /> Staff Review Letters concerning the development. Notwithstanding the above, a footings and <br /> foundation permit for the grocery store will be released to the DEVELOPER prior to the Plat <br /> being recorded provided the remaining requirements of this section are met. The CITY <br /> <br />Ramsey Town Center 3rd Addition <br />RAMDANCE, LLC <br /> Development Permit <br /> Page 5 of 10 <br /> <br /> <br />