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7 <br /> OR <br /> A letter of credit or escrow agreement or other security shall be submitted to <br /> secure the required landscape installation and preservation. An estimate of the <br /> cost for required preservation, new plantings, and their installation must be <br /> provided. The financial guarantee shall reflect 110 percent of the estimate and <br /> must be issued by an accredited financial institution licensed to do business in <br /> North Carolina. <br /> 2. The landscaping shall be maintained by the owner/applicant (Homer Davis) until <br /> such time as it is accepted for maintenance by a homeowners association, or by <br /> private property owners through deed restrictions. <br /> 3. Provisions for the protection of existing trees as shown on the approved <br /> landscape plan shall be included in a document describing development <br /> restrictions and requirements to be prepared by Planning Staff and recorded <br /> concurrently with the Final Plat. <br /> 4. Trees may not be removed within the required Land Use Buffers for the <br /> installation of septic systems. <br /> D. Drainage <br /> 1. Drainage easements shall be located on the Final Plat as required following <br /> review and approval of the Erosion Control Plan. <br /> 2. Drainage culverts shall be sized and located as required by NCDOT and <br /> approved by the Orange County Erosion Control Officer. <br /> E. Parkland <br /> 1. The proposed six-lot subdivision is located within the Cheeks District Park <br /> Service Area. As per the decision of the Board of County Commissioners, cash <br /> in the amount of$2,730 ($455/lot) shall be paid to Orange County as payment in- <br /> lieu-of parkland dedication. <br /> 2. The developer is reserving 20,370 square feet of open space easement on Lot 6, <br /> to be identified on the Final Plat as "(20,370 sq. ft.) Open Space Easement." <br /> This easement area shall be designed with common ownership among the six (6) <br /> property owners. Appropriate legal documents shall also provide for the six (6) <br /> property owners to share maintenance responsibilities for the open space area <br /> which documents shall be submitted along with the Final Plat for legal review and <br /> approval by the County Attorney. <br /> 3. The "Conservation Area[s]" shown on the Preliminary Plan shall be shown on the <br /> Final Plat. Each of the Conservation Areas will be subject to a conservation <br /> easement(s) prohibiting structures in the easement area and otherwise <br /> preserving the natural condition of the easement area in favor of all six lots in the <br /> subdivision. The conservation easement(s) shall be assignable to Orange <br /> County or a Land Conservancy that is tax-qualified under State and federal law <br /> and permitted by its charter to hold conservation easements in perpetuity. At the <br />