HomeMy WebLinkAboutThe Oaks North Subdivision No. 7ADA COUNTY RECORDER Phil McGrane 2021-071114
BOISE IDAHO Pgs=6 NIKOLA OLSON 05/04/2021 11:44 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
The Oaks North Subdivision No. 7
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this ,Uday of
_ yj 2DII by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and TOLL SOUTHWEST, LLC., hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on August 19, 2020, of the
construction plans ("Construction Plans"), for the development known as The Oaks North
Subdivision No. 7 ("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-Iife, 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
WHERI=AS, the Unified Development Code of the City of Meridian, Section 11-5C-1 through 1I-
5C-4 and applicable ordinances and laws of the ary 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 — The Oaks North Subdivision No. 7— Page I
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 DEN HI..OPER.
3. The DEVELOPER agrees that all said Improvements shall be completed on or before
August 19, 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 C1'I'Y may cause the
Improvements to be completed by another persona under contract, by its own farces, 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)
("Perfar7nance 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 stain of S748,251.66 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 tram 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 — The 0aks North Subdivision No. 7— Page 2
iii. A final accounting of the finished costs of the Required Public
Improvements, substantiated by billing invoicing from the contractor(s)
performing the work.
B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved
by the CITY in the estimated sum of $54,906.09 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 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, Il'there are no defects, CITY
shall release/return the. Warranty Surety to DEVELOPER.
6. The CITY agrees to accept the Required Public Improvements upon certification by the
City Engineer
A. 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.
7. In construing this Agreement, it is understood that eitlier 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 hake the provisions hereof apply equally to a single
or several individuals.
DEVELOPMENT SURETY AGREEMENT The Oates [forth Subd€€vision No. 7— 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.
County of Ada
TOLL SOUTHWEST, LLC.:
B y: g�i
Susan Stanley, Division Presiden
On this 30""-'day of �l 20,94 , before me, the undersigned, a Notary
Public in and for the State of Idaho, pers nally appeared Susan Stanley, known or identified to me to be the
Division President of `POLL SOUTH WEST, LLC., who executed this instrument on behalf of said Limited
Liabilily Company, and acknowledged to me dial such Limited Liability Company executed the same.
IN WITNFSS WHEREOF, I have hcreunlo set my hand and affixed my official seal the day and
year first above written.
SEAL �T~
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DEVELOPMENT SURETY AGREEMENT — The 0ahs North Subdivision No. 7— Page 4
611 "-V a
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County of Ada
WISININUM71118U. W
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By: Nk
Robert . Simi on, Mayor
On this
-2eD day of 20L 31L, before me, the undersigned, a Notary
%.� _bACIV
Public in and for the State of Idaho, persoq6lly appeared Robert E. Simison, 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 same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official sea] the day and
year first above written.
SEAL
4NoLary bEic for Idaho
or
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DEVELOPMENT SURETY AGREEMENT The Oaks North Subdivision No. 7— Page 5
Exhibit A
Date Compiled:
412012021
SURETY BREAKDOWN FOR
Letter o1 Credit/Bond No_
IDIAN',
Issued By
relay Ready
The Oaks North Subdivision No. 7
E>fpiraNan Data:
r�aa�rmrw^a
Check No_
Contingency
Date Signed
ftem
1
Description Eldl
Sanitary Sewer (Internal)
Amount
140,00IS2
%
125%
Surety Parttal
5 175,001.90
:. S
Unffni5ttgd
175,001A0
Responsible Corim"ants,
For Sign -Off
Public Works
2
Sanitary Sewer (Ofisite)
125%
5 -
. 5
-_
Public Works
3
Water (Intemal)
134,02841
125%
$ 167 538,14,
S
167536.14
Public Works
4
Water (Otisits} ....
125%
5.....
...... .....
$
-
_-
Public Works
5
LihSte tion
1259'e
$
Pu m Works
6
Street Lights
34 M,00
110%
$ 38,423.00 _
S
38 423.00 i
Building
7
Landscaping ........ ......... ....
72,772.75
110%
5 80,050,03
S
80,050.03
Planning
8
Pathways- Detached Sidewalks
72,181.00
110%
S 79,399,10..,.
''...5
79,399,10; ..
Planning
9
Penang
91 145,70
110%
$ 100„260,27
$
100 260,27
Planning
10
Pressurized Irrigation
82,363,62
110%
S 90.599.98 '.;
',. $
90,599.98
Public Works ...
11
Gravity Imgation _.. .__
110%
$ - ......
5
_.-
Public Works w.
12
6 Meandering Sidewalk (treason Lateral.
15,437.,50
110%
S 16,981,25 :
S
16,901,25
13
OUaer u
110%
S -
'...... 5
.
14
Other.
110%
S
5
l
18
. - ....
Uthar.
110%
__.....�.Ww._..
S -
'.. S
TOTAL;
642,861A0
$ 748,251.66 $
S
748,261,66
WARRANTY SURETY (20% OF LINE ITEMS 1-6) $
$4,806.09
BALANCE TO REMAIN: S
748,261.66