HomeMy WebLinkAboutAdler Industrial Project Green (Tesla) ADA COUNTY RECORDER Trent Tripple 2024-033004
BOISE IDAHO Pgs=5 MATT BUNK 06/20/2024 08:41 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
Adler Industrial Project Green (Tesla)
THIS WARRANTY SURETY AGREEMENT is made and entered into this 18 day of
_reinafter June , 2024 by and between the CITY OF MERIDIAN,a Municipal Corporation,
hc referred to as CITY, and ADLER AB OWNER XXI, L.LC hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on ,tune 04, 2024, of the
construction plans ("Construction Plans"), for the development known as Adler Industrial
Project Green (Testa) ("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 Developmcnt
Improvements") (The Required Public Improvements and Required Development Improvements
may be collectively referred herein as"Improvements"); and
WHEREAS,DEVELOPER has completed the installation of the Improvements; and
WHEREAS,the Unified Development Code of the City of Meridian Section I I-5C-3 requires that
the DEVELOPER execute and rile 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 upon the execution of this
Warranty Surety 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 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 gears from the date of written acceptance
ol'such Improvements.
2. Upon execution of this Agreement, the DEVELOPER shall notify the CITY of the
readiness for final inspection. Upon certifteation by tite City Engineer that all requirements
WARRAN'TV StJRE'rY AGREEMENT-Adler industrial pro,iect Green('resin)—page i
of the CITY have been met and CITY formally accepts such Improvements in writing , the
following shall occur :
A . The DEVEI . ONER shall submit to the CI "I' Y a Warranty Surety in a form approved
by the CITY in the estimated sum of $29 , 094 . 40 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 , as set forth on Exhibit " A " attached 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 .
3 . The CITY agrees to accept the Required Public Improvements 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 contractoror material supplier of their responsibility for any
defects in materials or workmanship of such Improvements .
4 . 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 hereofapply equallyto a single
or several individuals .
WARRANTY SURETY AGREEMENT — Adler Industrial Project Green (Testa ) •— Page 2
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IN WITNESS WHEREOF, the parties shall cause this Warranty Surety"Agreementto be executed
by their duly authorized officers the day and year fist above written.
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33
ADLER AB OWNER XXI, LLC:
. I
By:
Michael Adler--President
STATE OF 1DAHO•
. ss.
County of Ada ) ,(
On this �i~ day of `) 1,L-11--Q 202 , before me, the undersigned, a Notary
Public in and for the State of Idaho)'personally appeared Michael Adler, known or identified to me to be
the President of ADLER AB OWNER XXI, LLC,who executed this instrument on behalf ol'said Limited
Liability Company, and aciciiowledged 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.
SEAL —�
JANA LYNNE JONES Notary Pet lic for Idaho (�
Notary Public.State of Idaho My Commission Expires:
Commission Number 20233981
My Commission Expires Sep 25, 2029
WARRANTY SURT;CY ACRE,GMENT Adler•Industrl:il Project Creen(Testa)—Nge 3
CITY OF MERIDIAN:
Dated: 18 June 2024 By: C Cam" 11ea-1-
Caleb Hood
Deputy Director of Community Development
WARRANTY SURETY AGREEMENT—Adler Industrial Project Green(Tesla)—Page 4
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