HomeMy WebLinkAboutEntrada Farms sub No. 1ADA COUNTY RECORDER Phil McGrane 2019-089656
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 09/20/2019 12:14 PM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Entrata Farms Subdivision No. 1
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this jLday of
41AAwal , 20_ft by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and FIG VILLAGE AT PARKSIDE, LLC., hereinafter referred
to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on May 28, 2019, of the
construction plans ("Construction Plans"), for the development known as Entrata Farms
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 1I -
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 — Entrata Farms 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 May
28, 2020, 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 $1,447,991.60 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:
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 — Entrata Farms Subdivision No. 1— 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.
STATE OF UTAH
ss.
County of Utah
FIG VILLAGE AT PARKSIDE LLC.:
Mike Miller, Manager
On this �4 1 day of A ca g Lks + 20C9, before me, the undersigned, a Notary
Public in and for the State of Utah, personally appeared Mike Miller, known or identified to me to be the
Manager of FIG VILLAGE AT PARKSIDE LLC., who executed this instrument on behalf of said
Corporation, and acknowledged 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.
SEAL
Notary Public for Utah
My co sion Expires. " t ' Z c
®V_�
KAREN WEEKS
IVOTARY PUBLIC ® STATE OF UTAH
'won Expires AugMY ust 1, 21323
COMMISSION NUMBER lal169
DEVELOPMENT SURETY AGREEMENT — Entrata Farms Subdivision No. 1— Page 4
STATE OF IDAHO
ss.
County of Ada
CITY OF MERIDIAN:
BTaY
eerd, Mayor
On this day of—� 20 �, before me, the undersigned, a Notary
Public in and for the State of Idaho, per'sonally 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_,- ,,.
_....w
Notary' blic for Idaho n"
I VP 1VI commission Ex ii es:
()T.4
COMMISSION: ;
#20182077
OF V
:•`I'1q.�t'UBL1G %p�'
••ease*•
DEVELOPMENT SURETY AGREEMENT — Entrata Farms Subdivision No. 1— Page 5
Exhibit A
Dale Compiled:
7/17/2019
SURETY BREAKDOWN
Letter ofCredit/Bond
No.:E.
IDA-=—
FOR Entrata Farms Subdivision No.
1
Issued By:
Expiration Date:
communiryoeveiopment
oeparfinenl
Check No.:
1
Sanitary Sewer (internal)
< 162,000.00
125%
$ is 202,500.00
$
202,500.00
s
s
Public Works
2
Sanitary Sewer (Offsite)
125%
$
$ `
-
Public Works
`3
Water (Internal)
355,000.00
125%
$ ` 443,750.00
$.`
443,750.00
Public Works
4
Water (Offsite)
125%
$
$
Public Works
5
Lift Station
125%
$
Public Works
6
Street Lights
:110%
$
$ '
Building
' 7
Landscaping
528,961.00
:110%
$ ` 581,857.10
$
581,857.10
Planning -
8
Pathways
49,275.00-110%
$ 54,202.50
$,:.
54,202.50
Planning
9
Fencing
50,620.00
'110%
$ 55,682.00
$.::
55,682.00
Planning
10
Pressurized Irrigation
35,000.00
:110%
$ 38,500.00
$.':
38,500.00
Public Works
` 11
Gravity: Irrigation
65,000.00
110%
$ 6: 71,500.00
$
71,500.00
Public Works
12
Other. <.
110%
$':.
$ `.
13
Other. -
110%
$ ':.
$;'.
_
14
Other. :
110%
$ ;'
$
15
Other.(.
'.110%
$`:
Is
'16Other.'
'110% Is
1 $f'.
TOTAL:
1,245,856.00
$1,447,991.60 $
$ 1,447,991.60
WARRANTY SURETY
(20% OF LINE ITEMS 1-5) $
103,400.00
BALANCE TO REMAIN:
$ 1,447,991.60