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Home My WebLink AboutSouthridge Subdivision No.4ADA COUNTY RECORDER Phil McGrane 2021-071437 BOISEIDAHO Pgs=5 NIKOLA OLSON 05/04/2021 03:26 PM CITY OF MERIDIAN, IDAHO NO FEE City of Meridian WARRANTY SURETY AGREEMENT Southridge Subdivision No. 4 J_ THIS WARRANTY SURETY AGREEMENT is made and entered into this 7L_(jay of 20c-A b� and between the CITY OF MERIDIAN, a Municipal Corporation, 14-ki4dik 11 litz, re-1=17 to as DEVELOPEIZ., WITNESSETH: WHEREAS, DEVELOPER received approval from the CITY on June 10, 2020, of the construction plans ("Construction Plans"), for the development known as Southridge Subdivision No. 4 ("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 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: 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 —Southridge Subdivision No. 4 — Page 1 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 $16,362.66 to provide for correction of any defective materials or workmanship in such Required Public Improvements for a period of hvo (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 itemiaed bid, as set forth on Exhibit "A" attaches] 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. 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. fit 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----Southridge Subdivision No. 4 — 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. a-FEWANIZVONVU01 M L-A NVIEWN-WERM on this day of k 0<41 , before me, the undersigned, a Notary Public in and for the State of Idaho, personally appeared Cory Barton, known or identified to me to be the President, 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 sea] the day and year first above written. SEAL My COA#MISSIO �EXPIRES 6-5 /V -2022 OF I'D N N U mbl�� 11/1111111100 Notary Public for Idaho My commission Expires: WARRANTY SURETY AGREEMENT —Southridge Subdivision No. 4 — Page 3 B y: q_ U� L IkXert E im n, Mayor ss. County of Ada On this day of 20o-1 before me, the undersigned, a Notary Public in and for the State of Idaho, personally 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 any official sea] the day and year first above written. SEAL 4Notar Public for 13aho commission Expires:--Qlaa� 0�-1 T A* COMMISSION" #20182077 OFF *001=009 WARRANTY SURETY AGREEMENT —Southridge Subdivision No. 4 — Page 4 AMIMM 1 Date Compiled: sa&2021 Letter ofCredd/BondNo. : .-^-.,, IDIAN;— SURETY BREAKDOWN For Southridge Subdivision No.4 (Warranty Issued By Expiration Date:�m„ Kelly Ready Surety Only) Check No.: Signed Kom ri 1 Sanitary Swmr (internal) 47,414,00 ,: 125% .S 59,267.50 S 59,267,50 S - Date • x . « p Public Works completed 2 Sanitary Sewer (i3lYsita) 125% S - '.. S - hG Puc Wwka 3 Water yniemai) 34,399.30 125% _ $ 42,999.13 S 42,99913 $ (0.00) — ._ Public Works Completed 4 Water (Oflslte) 125% 6 - S ...- Public Works .... 5 Lit Station - 125% is - Public Works i �....�W.....�.......,,�._ .m.._...,�...._.........�,.... 6 Street I.igMs d ._ 110% : $ • ' S - Building _....-......---..... _._.-...._. ._._....... ........._ .._.... 7 Landscaping _ 114% ._........ ....... S - ,.... S LL _... Planning __.. _.... a Pathways 110% S S Planning a Fencing 110% S 5 Planning 10 °Pressunxad Irrigation 110% $ - S - PaeiaBic Worts _ 9 i Graity Irrigation 110% 5 - S - Public Woks 32 OOther, 110% S S 13 Other 110% S - S - 14 Dyer. 110% S - I S 15 10hher: 110% S S Is 10ther, 110% S - S - TOTAL: 81,813.30 S 102,266.63 $ 102,266.63 S (0.00) WARRANTY SURETY (20% OF LINE ITEMS 1-6) $ 16,362.66 BALANCE TO REMAIN: $ (0.00)