HomeMy WebLinkAboutEdington Commons Subdivision No. 1ADA COUNTY RECORDER Phil McGrane 2021-026045
BOISE IDAHO Pgs=6 BONNIE OBERBILLIG 02/18/2021 08:18 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Edington Commons Subdivision No. I
TH1_11 IS DEVELOPMENT SURETY AGREEMENT is made and entered into this 0�day of
, 20Rk by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter refl--n-ed to as CITY, and G20, LLC., hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on December 16, 2020, of the
construction plans ("Construction Plans"), for the development known as Edington Commons
Subdivision No. I ('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- I through I I -
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
WFIEREAS, 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 ord finances 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 is
DEVELOPMENT SURETY AGREEMENT — Edington Commons Subdivision No. 1 -- Page 1
broken down, damaged, obliterated, removed or destroyed, whether willfulIy 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 16, 2021, 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 CITE' 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 dainage 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 (hTe,-vocable. 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 $733,275,27 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 laid for the completion
the Required Public Improvements, and 110% of all other Required Development
Improvem cnts. CITY' S acceptance of such assurance shall not be construed as a limitation
oil the amount which may be spent on completion of the Improvements.
5. At such time as all Required Pub] is 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 sots, and one electronic copy of as -built plans.
iii. A final accounting of the. Enished costs of the Required Public
Improvements, substantiated by billing invoicing from the contractor(s)
performing the. work.
DEVELOPMENT SURETY AGREEMENT — Edhigton Commons Subdivision No. I -- Page 2
B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved
by the C1'I'Y in the estimated stun of S48,760.92 to provide for correction of any
defective materials or Nvorlu-nanship 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 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 Iinpro•vements continuC
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 releaselreturn the Warranty Surety to DEVELOPER.
6. The CITY agrees to accept the Required Public Improvements upon ceitification by the
City Engineer
A. That all Required Public Improvements have been constructed in accordance with
the City's Requirements.
Such cerlitication is not intended to relieve DEVELOPER or any contractor or material
supplier of their responsibility for any defects in materials or worlu-nanship of such
Improvements.
7. In construing this Agreement, it is understood that either party may be more than one
person and if die 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 SURT.TY AGREEMENT — Ldington Cnmmns Subdivision No. 1--- 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 IDAHO
: ss.
lMllll[llllllMl
Jim Conger,
County of Ada
On this /0 day of 20-;1, before me, the undersigned, a Notary
Public in and for the State of Idalio, personally geared Jim Conger, known or identified to me to be the
Authorized Agent of G20 LLC, who executed this instrument on behalf of said Limited Liability Company,
and acknowledged to me that such Limited Liability Company executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seat the day and
year first above written.
SEAL
Notary Public for Idaho
'Dires:
My commission Expires 5
DEVELOPMENT SURETY AGREEMENT — Edington Commons Subdivision No. I — Page 4
M
County of Ada
CITY OF MERIDIAN:
im
On this 1-1111- day of -e 20
-L-L— Robert
'WEbefore me, the undersigned, a Notary
Public in and for the State of Idaho, personally nally ap eared R E. Sirnison, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed his name to the within instrument and
acknowledged to me that the City of Meridian executed the sarne.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seat the day and
year first above written.
It,
ao C�-
?btary P iblic for IdaKo V_Cey mission
My mission Expires:AC4 �AW
DEVELOPMENT SURETY AGREEMENT- Edington Commons Subdivision No. I - Page 5
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