The URL can be used to link to this page

Home My WebLink AboutTM Crossing Building No. 3ADA COUNTY RECORDER Christopher D. Rich 2018-064234 BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 07/11/2018 11:25 AM CITY OF MERIDIAN, IDAHO NO FEE City of Meridian WARRANTY SURETY AGREEMENT TM Crossing Building #3 TI WARRANTY SURETY AGREEMENT is made and entered into this day of Lkat , 20 1 ov by and between the CITY OF MERIDIAN, a Municipal Corporation, hereinafter referred to as CITY, and SBG TEN MILE OFFICE NO. 3, LLC, hereinafter referred to as DEVELOPER. WITNESSETH: WHEREAS, DEVELOPER received approval from the CITY on May 16, 2017, of the construction plans ("Construction Plans"), for the development known as TM Crossing Building #3 ("Project") located in the City of Meridian, which Construction Plans include improvements for public life, safety and health ("Required Public Improvements") and improvements for non -life, non -safety and non -health improvements ("Required Development Improvements") (The Required Public Improvements and Required Development Improvements may be collectively referred herein as "Improvements"); and WHEREAS, DEVELOPER has posted performance surety with CITY to guarantee the completion of the Improvements; and, WHEREAS, DEVELOPER has completed the installation of the Improvements; and WHEREAS, the Unified Development Code of the City of Meridian Section 11-5C-3 requires that the DEVELOPER execute and file with the CITY an agreement providing for, among other things, a warranty surety in the amount of twenty percent of the cost of improvements for a period of two years; and WHEREAS, the CITY is agreeable to acceptance of the improvements and release of the performance surety 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 correct, repair and maintain all such Required Public Improvements 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. WARRANTY SURETY AGREEMENT —TM Crossing Building #3— Page I 2. Upon execution of this Agreement, 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 Improvements are complete and have been constructed in accordance with the City's Requirements. B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved by the CITY in the estimated sum of $3,278.32 to provide for correction of any defective materials or workmanship in such Required Public Improvements 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, as set forth on Exhibit "A" attached hereto and incorporated herein, for the completion of the Required Public Improvements. 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 Improvements 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 Improvements to determine if any defects are present. If there are no defects, CITY shall release/return the Warranty Surety to DEVELOPER. 3. The CITY agrees to accept the Required Public Improvements and release the performance surety upon certification by the City Engineer that all Required Public Improvements 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. 4. 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. WARRANTY SURETY AGREEMENT —TM Crossing Building #3— Page 2 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. SBG TEN MILE OFFICE NO. 3, LLC an Idaho limited liability company By: Blake R. Alder, Manager By: hristian K. Gardner, Manager - STATE OF IDAHO ss. County of Ada ) On this t day of .J (041" 20 ", before me, the undersigned, a Notary Public in and for the State of Idaho, personally appeared Blake R. Alder, known or identified to me to be the Manager of SBG Ten Mile Office No. 3, LLC, who executed this instrument on behalf of said LLC, and acknowledged to me that such LLC executed the sarne. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. _Ak° } s cP SEAL J!R P l Hf, a o ry Public for Idaho My commission Expires: STATE OF 14°7,444 ) ss. County of ) On this day of jt Cil A,"& 20 t , before me, the undersigned, a Notary Public in said State, personally appeared Christian K. Gardner, known or identified to me to be the Manager of SBG Ten Mile Office No. 3, LLC, who executed this instrument on behalf of said LLC, and acknowledged to me that such LLC 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 Pub c for-ldahe 47o-4ogh NIA T rmnission Expires: ,:. Y PUBUC • TA OF UTAH mt74. E . 1 0/16/2020 ,..' �mmissi 691238 WARRANTY SURETY AGREEMENT —TM Crossing Building #3— Page 3 STATE OF IDAHO ss. County of Ada CITY OF MERIDIAN: By:Tammyeerd, Mayor On this 7-1 day of 1N11 1 20 , before me, the undersigned, a Notary Public in and for the State of Idaho, personally 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. SEAL Ado, ®s®4044•® •, ®• Ge�•®, % V Notary Public f • Idaho {pT,�.,d®® My commission xpires:� ® ;W 4 • °• OF ID�'�:•° '4.046066 WARRANTY SURETY AGREEMENT —TM Crossing Building #3— Page 4 Exhibit A BREAKDOWN FOR TM Crossing Building #3 Date Compiled: May 29, 2018 Letter di Bond No.: Issued By: Expiration Date: Check No.: LSURETY E IDTTAN commwdry oeveiopmem Department 1 Sanitary Sewer (Internal) 125% $ - $ a - ` Public Works 22 Sanitary Sewer (Offsite) 125% $ $ - Public. Works 3 Water(Internal) 16,391.60 125.% $ '. 20,489.50.. $ 20,489.50 $ - Public Works 15 Water (Offsite) 125% $ $ - Public Works 6 Reclaimed Water `' 125% $ $ Public Works 7 Street Lights 110% $ $ - Building 8 Landscaping 110% $ $ Planning '9 Pathways 110% $ $ ::: - Planning 10 Fencing - 110% $ - $ Planning I11 Pressurized Irrigation 110% $ $ Public Works 12 Gravity Irrigation 110% $ - $ - Public Works 1.13 Other. 110% $ - $ - '14 Other. 110°% $ - $ 15 Other. 110% $ - $ : - 16 Other.': 110% $ -17 10ther. I 1 110% 1 $ - 1 1$ - TOTAL: 16,391.60 $ 20,489.50 $ 20,489.50 $ WARRANTY SURETY (20% OF LINE ITEMS 1-5) $ BALANCE TO REMAIN: $ - 3,278.32