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Home My WebLink AboutThe Landing Subdivision No. 13 ADA COUNTY RECORDER Phil McGrane 2022-087607 BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 10/20/2022 09:12 AM CITY OF MERIDIAN, IDAHO NO FEE City of Meridian DEVELOPMENT SURETY AGREEMENT The Landing Subdivision No. 13 THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this Iday of 20 -by and between the CITY OF MERIDIAN, a Municipal Corporation, hereinafter referred to as CITY, and STETSON HOMES INC., hereinafter referred to as DEVELOPER. WITNESSETH: WHEREAS, DEVELOPER received approval from the CITY on October 29, 2021, of the construction plans ("Construction Plans"), for the development known as The Landing Subdivision No. 13("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 11-5C-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: 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—The Landing Subdivision No. 13—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 October 29 , 2023 , 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 $ 31 , 043 . 10 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 . S . 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 — The Landing Subdivision No . 13— Page 2 7 � � 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 . STETSON HOMES INC . By . ~ ustin Ray - Vice Pre nt STATE OF IDAHO ) ss . County of Ada ) On this day of v hne► 20 ZZ;before me , the undersigned , a Notary Public in and for the State of Idaho , personally appeared Rustin Ray, known or identified to me to be the Vice President of STETSON HOMES INC . , who executed this instrument on behalf of said Corporation, and acknowledged to me that such Corporation executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written . QFAI C / Lori Kennedy-Dickson 28580 ;otarfftbll�c for Idaho NOTARY PUBLIC STATE OF IDAHO My Commission Expires : Nt'v D Lb:4 W COMMISSION EXPIRES 06/02/2026 DEVELOPMENT SURETY AGREEMENT — The Landing Subdivision No . 13— Page 4 CITY OF MERIDIAN: Dated: October 19, 2022 By: Bruce Freckleton Community Development Director DEVELOPMENT SURETY AGREEMENT—The Landing Subdivision No. 13—Page 5 150 /5 Exhibit A SURETY BREAKDOWN E IDIAN =-- FOR PER - The Landing Subdivision No . 13 CommunityDeveiopment Department Contin • • . • DescriptionItem . . Responsible Off/ Person IL Sign Off 1 Sanitary Sewer ( Internal) $64,880610 125% $81 , 100 13 $0 00 2 Water (Internal) $28 , 248 . 00 125°n' ESWwO43 . 310 00 $0 00 3 Landscaping - $28 , 221 ,00 110%S 10 $310043 . 10 4 Fencing $ 10 , 565 .49 110% $11 ,622 04 $0 00 5 Pressurized Irrigation $321143.00 110 % $35 . 357 30 $0 00 6 Gravity Irrigation $29,530. 00 110% $32, 483 00 $0 00 7 Street Lights $3, 865. 00 110% $4 , 251 50 $0 00 TOTAL : $ 197,452 .59 $2315167 .07 $0.00 $ 319043. 10 WARRANTY SURETY: $ 18 ,625.62 BALANCE REMAINING : $ 31 ,043 . 10 Comments :