HomeMy WebLinkAboutPrecision Storage - Performance Surety AgreementADA COUNTY RECORDER Phil McGrane 2021-154087
BOISE IDAHO Pgs=5 HEATHER LUTHER 10/25/2021 11:23 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
PERFORMANCE SURETY AGREEMENT
Precision Storage
THIS PERFORMANCE SURETY AGREEMENT is made and entered into this 12 day of
ux-Tu , 202,1 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and EPIC DEVELOPMENT IDAHO, LLC., hereinafter referred
to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER has applied for Performance Surety from the CITY on April 28, 2021,
for the Development known as Precision Storage ("Development") located in the City of
Meridian, which Development Plans include ("Required Development Improvements") may be
referred herein as "Improvements"); and
WHEREAS, DEVELOPER has petitioned the CITY to accept the Improvements 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 Development and that if the Improvements are
not completed within the specified period listed below, 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 Development 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 improvements and bind themselves
to use such materials and to so construct or develop all of the improvements in compliance
with Development Plans and all applicable City ordinances 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
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 April
28, 2022. The DEVELOPER agrees that if they abandon the Improvements, fail to make
PERFORMANCE SURETY AGREEMENT — Precision Storage — Page I
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 Development Plans. The
amount of the Performance Surety for the Improvements shall be the sum of $23,320.00 as
set forth on Exhibit "A" attached hereto and incorporated herein. The amount of such
Performance Surety is based upon 110% of the itemized contractor bids for all Required
Development Improvements, listed on Surety Breakdown Exhibit "A". The 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 Development Improvements have been completed in accordance with
the CITY'S requirements, the DEVELOPER shall notify the CITY of the readiness for
final inspection. Upon approval by the Planning Department, that all requirements of the
CITY have been met, the following shall occur:
A. The DEVELOPER shall submit a written request to the CITY Planning Department
to release the Performance Surety, including:
i. A statement from the DEVELOPER that the required Improvements are
complete and have been constructed or developed in accordance with the
City's requirements.
Planning approval 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.
6. In 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.
PERFORMANCE SURETY AGREEMENT — Precision Storage — Page 2
IN WITNESS WHEREOF, the parties shall cause this Performance Surety Agreement to be
executed by their duly authorized officers the day and year first above written.
STATE OF IDAHO
ss.
County of Ada
EPIC DEVELOPMENT IDAHO, LLC:
Jar n 1,44starf- Member
On this '1, day of (} t )aR 20�, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Jarron Langston, known or identified to me to be
the Member of Epic Development Idaho, LLC, a limited liability company.
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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....H .. fi,�� Notary Public for Idaho
�.`54N up. l�iy'G�j,'% My Commission Expires:
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PERFORMANCE SURETY AGREEMENT — Precision Storage — Page 3
CITY OF MERIDIAN:
Dated:%�. ZZ . 2 D 2 By:
T
Development Setvices Manager
Community Development Department
PERFORMANCE SURETY AGREEMENT — Precision Storage — Page 4
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