HomeMy WebLinkAboutFirenze Plaza (Albertsons Eagle and Amity Rd) ADA COUNTY RECORDER Phil McGrane 2022-030909
BOISE IDAHO Pgs=9 BONNIE OBERBILLIG 03/29/2022 08:44 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Firenze Plaza (Albertsons Eagle and Amity)
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this , day of
Art , 20 2Z by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and ABS ID-0 LLC, hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS,DEVELOPER received approval from the CITY on July 07,2021,of the construction
plans ("Construction Plans"), for the development known as Firenze Plaza (Albertsons Eagle
and Amity) ("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-5C-I 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 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:
I. 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").
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—Firenze Plaza(Albertsons Eagle and Amity)—Page I
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
December 31 , 2022 , 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 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 Construction Plans . The amount
of the Performance Surety for the Improvements shall be the sum of $ 1 , 529 , 341 . 70 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 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 .
iii . A final accounting of the finished costs of the Required Public
Improvements, substantiated by billing invoicing from the contractor(s)
performing the work .
DEVELOPMENT SURETY AGREEMENT — Firenze Plaza (Albertsons Eagle and Amity) — Page 2
B . The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved
by the CITY in the estimated sum of $ 128 , 786 . 00 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 . If 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 either party may be more than one
if the context so requires , the singular pronoun shall be taken to mean and
person 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 SURETY AGREEMENT — Firenze Plaza (Albertsons Eagle and Amity) — 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 .
BS D - O L4cePr
By :
Bradley R . Beckstront
µM
STATE OF IDAHO )
ss .
County of Ada )
On this 29 day of 104rc4� 202Z , before me , the undersigned , a Notary
Public in and for the State of Idaho , personally appeared Bradley R . Beckstrom , known or identified to me
to be the Vice President of ABS ID -O 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 seal the day and
year first above written .
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DEVELOPMENT SURETY AGREEMENT — Firenze Plaza (Albertsons Eagle and Amity) — Page 4
CITY OF MERIDIAN:
Dated: March 28, 2022 By:
Bruce Freck eton
Director of Community Development
DEVELOPMENT SURETY AGREEMENT—Firenze Plaza(Albertsons Eagle and Amity)—Page 5
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CERTIFICATE
The undersigned , Carol L . Wood , an Authorized Signatory of
Albertson's LLC , a Delaware limited liability company, and its consolidated
subsidiaries, (the " Company") , hereby certifies as follows ;
1 . That ABS ID - O LLC, a Delaware limited liability company , is an
indirect, Nvholly- owned subsidiary of Albertson 's LLC ,
2 . That Bradley R . Beckstrom is authorized to sign documents for
Albertson ' s LLC and its subsidiary entities .
3 . That the undersigned has the power and authority to execute this
Certificate on behal the Company, and that she so executed this
Certificate this 42 '" 'clay of( t44mt4e20176
Albertson's LLC, a Delaware limited
liability company
0Mt' A N N °°° . pro B c
Y
G Carol L, Wood `
° SEAL Authorized Signatory
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For r i ren! Z e.
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State of Delaware
Secretary of State
Division of Corporations
Delivered 01 : 27 PM 0310112013
FILED 12 : 20 PM 0310112013
SRV 130262145 — 5296233 FILE
CERTIFICATE OF FORMATION
OF
ABS ID%O LLC
FIRST: The name of the limited liability company is ABS ID•O LLC.
SECOND : The address of its registered office in the State of Delaware Centerville Road, Suite 400, County of New Castle, City of Wilmington , i as 27 ! t
n the State of
Delaware 19808 . The name of its registered agent at such address is Corporation Service
Company.
IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Formation this 1st day of March, 2013 .
y J
Name : J ii M . Wise
Title: A t rized Person
DOC is - 19KI217s I
Defaware
PAGE 1
die First State
I , JEFFREY W . BULLOCK, SECRETARY OF STATE OF THE STATE OF
DELAWARE , DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT
COPY OF THE CERTIFICATE OF FORMATION OF "ABS ID - O LLC " , FILED IN
THIS OFFICE ON THE FIRST DAY OF MARCH , A . D . 2013 , AT 12 : 20
O ' CLOCK P . M .
A1tY p�,s
4
5296233 8100 Jeffrey w. Bullock, secretary of state
Ao AUTHEN C TION : 0252272
130262145 �FiAwM DATE : 03 - 01 - 13
You may verily this certificate online
at core . delaware . gov/authver . shtmi