HomeMy WebLinkAboutMeridian Auto Ranch DevelopmentADA COUNTY RECORDER Christopher D. Rich 2015-079536
BOISE IDAHO Pgs=6 DAWN TRIVOLIS 08/27/201510:30 AM
MERIDIAN CITY NO FEE
III II I I II 1111111111111111111111111111111111111111
00138774201600796360060068
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Meridian Auto Ranch
T S DEVELOPMENT SURETY AGREEMENT is made and entered into this I' - ay of
U 20 15 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hercinhher referred to as CITY, and LB Industries, Inc., hereinafter referred to as APPLICANT.
WITNESSETH:
WHEREAS, APPLICANT received approval from the CITY on March 31, 2015, for the
development known as Meridian Auto Ranch ("Development') located in the City of Meridian,
which Site Plans include improvements for non -life, non -safety and non -health improvements
("Required Development Improvements") (The Required Development Improvements may be
referred herein as "Improvements"); and
WHEREAS, APPLICANT has petitioned the CITY to accept the development and execute the
certificate of occupancy prior to the installation of the Improvements; 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 APPLICANT 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 development 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 APPLICANT; and
WHEREAS, the CITY is agreeable to acceptance of said development upon the execution of this
Agreement and compliance by the APPLICANT with the provisions of the Unified Development
Code of the City of Meridian, and the provisions of the International Building Code together
with the Local Amendments thereto as adopted by 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 APPLICANT agrees to install all of the Required Improvements and bind themselves
to use such materials and to so construct all of the Improvements in compliance with all
applicable City ordinances and State Codes and in a manner acceptable to the CITY
(hereinafter "City's Requirements").
2. The APPLICANT agrees that all said Improvements shall be completed on or before
February 29, 2016. If Improvements are not completed by said date, APPLICANT must
DEVELOPMENT SURETY AGREEMENT — Meridian Auto Ranch — Page 1
submit a written request to the CITY requesting up to a 180 day extension to complete
Improvements. The APPLICANT 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 APPLICANT hereby grants a
License for such purposes. The APPLICANT 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 APPLICANT'S failure to complete the Improvements, which
expense shall not be limited by any surety.
3. Upon execution of this Agreement, the APPLICANT shall deliver to CITY a
performance surety (Irrevocable Letter of Credit, Corporate Surety Bond or Cash
Deposit) ("Performance Surety") for the purpose of assuring APPLICANT'S full and
faithful completion of the required Improvements. The amount of the Performance
Surety for the Improvements shall be the sum of $18,821.55 as set forth on Exhibit "A"
attached hereto and incorporated herein. The amount of such Performance Surety is
based upon 110% of an itemized contractor's bid for the completion of all Required
Development Improvements. 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.
4. At such time as all Required Improvements have been completed in accordance with the
CITY'S requirements, the APPLICANT shall notify the CITY of the readiness for final
inspection. Upon certification by the CITY that all requirements have been met and
CITY formally accepts such Improvements in writing, the following shall occur:
A. The APPLICANT shall submit a written request to the CITY to release the
Performance Surety, including:
i. A statement from the APPLICANT that the required Improvements are
complete and have been constructed in accordance with the City's
Requirements, and
ii. A final accounting of the finished costs of the Required Improvements,
substantiated by billing invoicing from the contractor(s) performing the
work.
5. The CITY agrees to deem the Improvements complete, for the purposes of this
Agreement, upon the formal acceptance of the Improvements by the Ada County
Highway District.
6. 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 —Meridian Auto Ranch — Page 2
DEVELOPMENT SURETY AGREEMENT — Meridian Auto Ranch — 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.
STATE OF IDAI-10
ss.
County of Ada
On this I cr)— day of 20]J<, before me, the undersigned, a Notary
Public in and for the State of Idaho, pe onally appeared Jon Barnes, lmown or identified to me to be the
President of LB Industries, who executed this instrument on behalf of said Corporation, and
aclmowledged to me that such Corporation executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
+a••.••••..
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' Notary Public for Idaho
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DEVELOPMENT SURETY AGREEMENT—Meridian Auto Ranch— Page 4
STATE OF IDAHO
ss.
County of Ada
CITY OF MERIDIAN:
B
T my de ' erd, a or
On this /91"— day of * 201,5, before me, the undersigned, a Notary
Public in and for the State of Idaho, pers nally appeared 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.
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Nota be for Idaho
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DEVELOPMENT SURETY AGREEMENT — Meridian Auto Ranch — Page 5
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