HomeMy WebLinkAboutTimberline Subdivision No. 1ADA COUNTY RECORDER Christopher D. Rich 2018-114121
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 12/03/2018 10:37 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Timberline Subdivision No. 1
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this day of
%�, 20,1Y by and between the CITY OF MERIDIAN, a Municipal Corporation,
herein fter referred to as CITY, and BAILEY INVESTMENTS, LLC, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on August 9, 2018, of the
construction plans ("Construction Plans"), for the development known as Timberline
Subdivision No. 1 ("Subdivision Plat") 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 petitioned the CITY to accept the Subdivision Plat and execute
the final plat prior to the installation of the Improvements; and
WHEREAS, the Unified Development Code of the City of Meridian, Section 11-5C-1 through
I1 -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 Plat 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 all of the Required Public Improvements 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").
DEVELOPMENT SURETY AGREEMENT — Timberline Subdivision No. 1— Page 1
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
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
August 9, 2019, and that the DEVELOPER will 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. 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 Improvements as shown on the Construction Plans.
The amount of the Performance Surety for the Improvements shall be the sum of
$154,214.00 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 Improvements, and 110% of all other 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.
5. At such time as all Required Public Improvements 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 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.
DEVELOPMENT SURETY AGREEMENT — Timberline Subdivision No. 1— Page 2
IN WITNESS WIIEREOF, the parties shall cause this Development Surety Agreement to be
executed by their duly authorized officers the day and year first above written.
BAILEY INVESTMENTS, LLC:
By: IAJ 44�
Mark A. Bailey, anager
STATE OF IDAHO
ss.
County of Ada )
On this !day of 2Q�, before me, the undersigned, a Notary
Public in and for the State of Idaho, per nally appeared Mark A. Bailey, known or identified to me to be
the Manager of BAILEY INVESTMENTS, LLC, who executed this instrument on behalf of said LLC,
and acknowledged to me that such LLC executed the same.
, I have hereunto set my hand and affixed my official seal the day and
pU8 L�G,.•� ...
•,�RT0400090•OP,�•`'r Notary Public for Idaho
My commission Expires:
DEVELOPMENT SURETY AGREEMENT — Timberline Subdivision No. 1— Page 4
CITY OF MERIDIAN:
�r
amrny de � erd, Mayor
STATE OF IDAHO )
ss.
County of Ada
On this day of �V �� 2& 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
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Notary Public f4 Idaho
�� O�AR��•: My commissio xpires:
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DEVELOPMENT SURETY AGREEMENT — Timberline Subdivision No. 1— Page 5
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