“That’s a wrap” is a common idiom to say something is finished. This is, of course, the end of the song. Donald switches it up to play on the words as Acid Rap is the name of the tape the track comes off of.

The phrase “that’s a wrap” is (perhaps stereo-typically) thought to be used often by film directors, making it fitting for ‘Bino to say, as he’s an actor, writer, rapper. Also, should you replace “wrap” with it’s homophone, “rap”, this is quite literally a rap.
The second half of the line is a clever little double entendre in itself: “you had your chance” meaning you had an opportunity to stop them before they killed the track, and “you had your Chance”, meaning earlier in the song you heard from Chance the Rapper and now Childish Gambino, too!
The lyrics are listed and in some places explained twice.
I pretty clearly hear “rivers” rather than “ribbons”.
Loc’s could also refer to the energy-drink-turned-alcoholic “4 Loko”, which Rocky has previously endorsed. This makes sense as once who is extremely drunk would have trouble seeing straight.
I believe the correct lyric is “on his swollen glans”.
The “glans” is the name of the “sensitive, bulbous structure at the distal end of the human penis”. Here a source (wikipedia page) for the sake of thoroughness, but be aware there are pictures of penises… Source
Cascade is a brand of dish detergent, hence “cleaning plates”.
It is a Batman reference. As seen in the clip below, it is something said by the Joker. The Batman movies and the Devil happen to be, arguably, the two primary topics in Captain Murphy’s The Killing Joke.
http://www.youtube.com/watch?v=8gfMXEmCew4
The break in the song for conversation has someone surprised by the presence of someone in a room of the house they are robbing. Despite their two months of preparation, someone was in the house when they were robbing it, and although this person couldn’t stop them, they most certainly were the ones to call the cops showing up in a couple lines.
This song is all fucked up. :/
You left out the surface level interpretation of simply the fact that fruit trees and grass are planted to make a city more aesthetically pleasing.
While performing his hit “Blow Up” live, Jermaine almost always grabs his chain and holds the bottom above his neck, giving it the appearance of a noose, while he says the line “funny how money, chains, and whips make me feel free.”