HomeMy WebLinkAboutNew Oaks, LLP Development Surety Agreement The Oaks South Subdivision Lift StationADA COUNTY RECORDER Christopher D. Rich 2015-023702
BOISE IDAHO Pgs=6 VICTORIA BAILEY
MERIDIAN CITY 03/25/201517;50
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00078898201600237020060061
City of Meridian
DEVELOPMENT SURETY AGREEMENT
The Oaks South Subdivision - Sanitary Sewer Lift Station
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this Qday of
/ 2hlc�n� r I 20� by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter refe err d to as CITY, and NEW OAKS, LLP, hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on December 5, 2014, of the
construction plans ("Construction Plans"), for the Sanitary Sewer Lift Station serving the
development known as The Oaks South Subdivision ("Subdivision") located in the City of
Meridian, which Construction Plans include improvements for public life, safety and health
("Required Public Sanitary Sewer Lift Station"); and
WHEREAS, DEVELOPER has petitioned the CITY to accept separate phased Subdivision Plats
and execute those final plats prior to the installation of the Required Public Sanitary Sewer Lift
Station; and
WHEREAS, the Unified Development Code of the City of Meridian, Section 11-5C-1 through
11-5C-4 and applicable ordinances and laws of the CITY require that the DEVELOPER execute
and file with the CITY an agreement providing for, among other things, the period within which
all required improvements shall be made within said Subdivision and that if the improvements
are not completed within the period specified, the CITY may complete the same and recover the
full cost and expense thereof from the DEVELOPER; and
WHEREAS, the CITY is agreeable to acceptance and filing of said Subdivision Plats upon the
execution of this Agreement and compliance by the DEVELOPER with the provisions of the
Unified Development Code of the City of Meridian.
NOW, THEREFORE, in consideration of foregoing mutual promises, covenants and agreements
of the parties, it is hereby agreed as follows:
1. The DEVELOPER agrees to install the Required Public Sanitary Sewer Lift Station, and
bind themselves to use such materials and to so construct all of the improvements in
compliance with Construction Plans and all applicable City ordinances and State Codes
and in a manner acceptable to the CITY (hereinafter "City's Requirements").
2. The DEVELOPER agrees to restore at no cost to the CITY any monument erected or
used as a survey marker or boundary of any tract, plat or parcel of land which monument
DEVELOPMENT SURETY AGREEMENT — THE OAKS SOUTH SUBDIVISION - LIFT STATION
Page 1
is broken down, damaged, obliterated, removed or destroyed, whether willfully or not, by
the DEVELOPER, or the agents, employees or contractors of the DEVELOPER.
3. The DEVELOPER agrees that all said improvements shall be completed on or before
December 5, 2015, and that the DEVELOPER will correct, repair and maintain all such
Required Public Sanitary Sewer Lift Station from any defects, omissions or irregularities
in the construction, materials or work thereof for a period of two (2) calendar years from
the date of written acceptance of such improvements. The DEVELOPER agrees that if
they abandon the improvements, fail to make satisfactory progress on the improvements,
or fail to complete the improvements by the date specified, the CITY may cause the
improvements to be completed by another person under contract, by its own forces, or
both and that DEVELOPER hereby grants a License for such purposes. The
DEVELOPER shall be jointly and severably liable to the CITY for any and all loss and
damage from such abandonment or failure, either from the greater expense of so
completing or repairing faulty or damaged improvements, or from any other cause related
to DEVELOPERS failure to complete the improvements, which expense shall not be
limited by any surety.
4. Upon execution of this Agreement, the DEVELOPER shall deliver to CITY a
performance surety (Irrevocable Letter of Credit, Corporate Surety Bond or Cash
Deposit) ("Performance Surety") for the purpose of assuring DEVELOPER'S full and
faithful completion of the Required Public Sanitary Sewer Lift Station as shown on the
Construction Plans. The amount of the Performance Surety for the improvements shall
be the sum of $1,701,634.11 as set forth on Exhibit "A" attached hereto and incorporated
herein. The amount of such Performance Surety is based upon 125% of an itemized
contractor's bid for the completion the Required Public Sanitary Sewer Lift Station.
CITY'S acceptance of such assurance shall not be construed as a limitation on the
amount which may be spent on completion of the improvements.
5. At such time as all Required Public Sanitary Sewer Lift Station have been completed in
accordance with the CITY'S requirements, the DEVELOPER shall notify the CITY of
the readiness for final inspection. Upon certification by the City Engineer that all
requirements of the CITY have been met and CITY formally accepts such improvements
in writing, the following shall occur:
A. The DEVELOPER shall submit a written request to the CITY to release the
Performance Surety, including:
i. A statement from the DEVELOPER that the Required Public Sanitary
Sewer Lift Station improvements are complete and have been constructed
in accordance with the City's Requirements, and
ii. Two (2) hard copy sets, and one electronic copy of as -built plans.
iii. A final accounting of the finished costs of the Required Public Sanitary
Sewer Lift Station, substantiated by billing invoicing from the
contractor(s) performing the work.
DEVELOPMENT SURETY AGREEMENT - THE OAKS SOUTH SUBDIVISION - LIFT STATION
Page 2
B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sum of $272,261.11 to provide for
correction of any defective materials or workmanship in such Required Public
Sanitary Sewer Lift Station for a period of two (2) years after final acceptance, as
defined in the City Public Works Construction Code. The amount of such surety
assurances is based upon 20% of the contractor's itemized bid for the completion
of the Required Public Sanitary Sewer Lift Station. At the expiration of the two
year period, DEVELOPER shall submit a written request to the CITY to release
the Warranty Surety, along with a statement from the DEVELOPER that the
Required Public Sanitary Sewer Lift Station continue to meet City's
Requirements at the end of the two year warranty period. After receiving such
request the CITY shall conduct an inspection of the Required Public Sanitary
Sewer Lift Station to determine if any defects are present. If there are no defects,
CITY shall release/return the Warranty Surety to DEVELOPER.
6. The CITY agrees to accept the Required Public Sanitary Sewer Lift Station upon
certification by the City Engineer
A. That the Required Public Sanitary Sewer Lift Station have been constructed in
accordance with the City's Requirements.
Such certification is not intended to relieve DEVELOPER or any contractor or
material supplier of their responsibility for any defects in materials or workmanship
of such improvements.
7. In construing this Agreement, it is understood that either party may be more than one
person and if the context so requires, the singular pronoun shall be taken to mean and
include the plural, the masculine, and neuter, and that generally all grammatical changes
shall be made, assumed and implied to make the provisions hereof apply equally to a
single or several individuals.
DEVELOPMENT SURETY AGREEMENT — THE OAKS SOUTH SUBDIVISION - LIFT STATION
Page 3
IN WITNESS WHEREOF, the parties shall cause this Development Surety Agreement to be
executed by their duly authorized officers the day and year first above written.
NEW OAKS, LLP:
Thomas M. Coleman Jr.
President of Coleman Communities, Inc.
Manager of Coleman Homes, LLC
Manager of New Oaks LLC
STATE OF IDAHO
ss.
County of Ada )
On this day of 20`before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appe d Thomas M. Coleman Jr., known or identified to
me to be the President of Coleman Communities, Iffe., Manger of Coleman Homes, LLC, Manager of
New Oaks, LLC, who executed this instrument on behalf of said Limited Liability Corporation, and
acknowledged to me that such Limited Liability Corporation executed the same.
IN WITNESS
year first above written.
have hereunto set my hand and affixed my official seal the day and
NotarN Public for Idaho /1'/
My commission Expires:
DEVELOPMENT SURETY AGREEMENT — THE OAKS SOUTH SUBDIVISION - LIFT STATION
Page 4
STATE OF IDAHO
ss.
County of Ada
CITY OF MERIDIAN: _
By:
mmy de _ er ,-Mayor
On this qday of f —J
On before me, the undersigned, a Notary
Public in and for the State of Idaho, personally apfeared Tammy de Weerd, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed her name to the within instrument and
acknowledged to me that the City of Meridian executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
SEAL
Notary Public for Idaho �L
My commission Expires:
DEVELOPMENT SURETY AGREEMENT — THE OAKS SOUTH SUBDIVISION - LIFT STATION
Page 5
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