HomeMy WebLinkAboutVolterra South Commercial SubdivisionADA COUNTY RECORDER Phil McGrane 2021-151342
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 10/19/2021 10:45 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Volterra South Commercial Subdivision
tti
THIS DIVELOPMENT SURETY AGREEMENT is made and entered into this i day of
ec fc 6-,E , 202 / by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and BRIDGETOWER INVESTMENTS, LLC, hereinafter
referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on November 16, 2017, of the
construction plans ("Construction Plans"), for the development known as Volterra South
Commercial Subdivision ("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 I I -SC-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
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 — Volterra South Commercial Subdivision — 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
November 16, 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 fi-om 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
$72,819.58 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 [ 10% 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— Volterra south Commercinl Subdivision — 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.
BRIDGETOWER INVESTM NTS, LLC:
By:
Mike H. McCollum, anager
STATE OF IDAHO
Ss.
County of Ada
On this q�day of Sj XAA -- 20 20 before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Mike H. McCollum, known or identified to me
to be the Manager of BRIDGETOWER INVESTMENTS, LLC, 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 seal the day and
year first above written.
SEAL
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FAY COMMlSSiON FIRES I &2026
DEVELOPMENT SURE'rY AGREEMENT- Volterra South Commercial Subdivision - Page 4
STATE OF IDAHO
�xf
CITY OF MERIDIAN:
By: L Y�"� ``°"--
Rob . Si t, ayor
County of Ada )
On this A _day of 20a\, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Robert E. Simonson, 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
••••••••• 1&isscion
liefor Ida o ( ��
*4 j�7 •• Expires:
T
COMMISSION
1120182077 ;
% 0*00 pC VON'ofte
••
DEVELOPMENT SURETY AGREEMENT — Volterra South Commercial Subdivision — Page 5
Exhibit A
1
SURETY BREAKDOWN
FOR
Volterra South Commercial Subdivision
Sanitary Se1wr (Intemag 16.673.00
Date Compiled: 1112012017
Lager of Credit/Bond No.:
lasuod By:
EzptrafionDate:
Check No.:
125% $ 20,841.26
$ 20,8 11.26
1 }^
`�- ,€ \`"„' )IAN
eo�r.wnHoo�emom��r --
oopwmooi .
Y
Pubiic Works
2
Sanitary Sower (OBsile)
126%
$
$
Public Works
3
Wafer(Inlemel)
17.444.00
125%
$ 21,805.00
$ 21.805.00
Public Works
5
Watar(Oflsiio)
125%
$
$
Public Works
8
ReUaimad Waler
125%
$
$
Public Works
7
Sheet Lights
110%
$
_
ll
Building
8
Landscaping
24,710.30
110%
$ 27,101.33
$ 27,161.33
Planning
9
Pathways
110%
$
$
Planning
10
Fencing
110%
$
$
Planning
11
Pressurized Irrigation
2,720.00
110%
$ 2,992.00
S 2,992.00
Public Works
12
Grovily in19allon _
110%
It
$
Public Works
13
Other.
it0%
S
S
14
Othec
110%
$
$
16
10ther.
110%
$
$
16
Olhor.
110%
S
$
17
Olhef.
110%
Is
$
TOTAL:
61,647.30 $ 72,819.68 $ - $
WARRANTY SURETY (20%OF LINE ITEMS 1-5) S
BALANCE TO REMAIN: $
72,810.68
6,023.40
72,819.58