HomeMy WebLinkAboutWatts Meridian Medical Partners Subdivision ADA COUNTY RECORDER Trent Tripple 2024-041603
BOISE IDAHO Pgs=7 VICTORIA BAILEY 07/30/2024 10:11 AM
CITY OF MERIDIAN, IDAHO NO FEE
iMeridian
DEVELOPMENT SURETY AGREEMENT
Watts Meridian isPartners Subdivision
ISYe'
E LOP S AGREEMENT is made d enter into this day of
20 b d between the OF a Municipal Corporation
er ref to CITY, IC P S,LLC,a U Limited
ity Company,hereinafter a to DEVELOPER.
SSE
WHEREAS,DEVELOPER receivedapproval the CITY on July 17,20 ,ofthe construction
plansC'Construction Plane),for the development known as Watts Meridian Medical Partnen- __ion {"Subdivision Plat" located in the City of Meridian, which Construction Plans
include improvements for public life,safety and health C'Required Public rovern te) and
improvements for non-life, non-safety d non-health improvements ("Required velop t
Improvements') e Required Public Improvements and Required Development Improvements .
may be collectively referred herein as"Improvements');and
WHEREAS, DEVELOPER has petitionedthe CITY to accept the Subdivision Plat and execute
the final plat prior to the installation of the prov tints;and
WHEREAS,the Unified elo ent Code ofthe City ofMeridian,Section 11-5C-1 through l l
5C4 and applicable ordinances d laws ofthe CITY require that the DEVELOPER execute and
le with e CITY an agreement providing for, among other things,the period within which all
requiredprov ents 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 fWl
cost and ex.pense the f from the DEVELOPER;
WHEREAS, the CITY is agreeable to acceptance and ding 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 ofthe improvements in mpli ce
with Construction Plans and all applicable City ordinances and State Codes and in a manner
acceptable to the C (hereinafter"Ci '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®Watts MerlillanMedical Partners Subdivision P-Poe 1
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 July
179 2025 , 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
complete the
Improvements, or from any other cause related to DEVELOPERS failure to
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 ofthe required Improvements as shown on the Construction Plans . The amount
of the Performance Surety for the Improvements shall be the sum of $221 ,656.70 as set
forth on Exhibit "A" attached hereto and incorporated herein . The amount of such
Performance Surety ' s 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
H . 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 contractors)
performing the work.
DEVELOPMENT SURETY AGREEMENT — Watts Meridian Medkal Partners Subdivhlon — Page 2 - -
i
B . The DEVELOPER shall submit to the CITY a Warranty Surety in a form approved
by the CITY in the estimated sum . of $ 15 ,208 .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
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.
I _ -
I
DEVELOPMENT SURETY AGREEMENT — Watts Meridian Medical Partners Subdiviska -- Page 3 -
IN WITNESS WHEREOF, the parties shall cause this Development Surety Agreement to be
executed by their duly authorized .offcers the day and year first above written .
MERIDIAN M�I I �L, ERS , LLC :
L ' i A Utah e abili parry
By**
Adam J. atts -- ager
STATE OF UTAH )
ss.
- County of ) -
On this day of 24_ before me, the undersigned, a
Notary Public in and for the State of Utah, personally appeared Adam J. Watts, known or identified to me
to be the- Manager of Meridian Medical Partners, LLC, a Utah Limited Liability Company, 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. It
� Lo�
- SEAL ,;. A/
_ Notary Public for Utah
My Commission Expires :
DEVELOPMENT SURETY AGREEMENT — Watts Meridian Medical Partners Subdivision- Page 4- _- - - -
Description of Attached Document
Title of Type of Document CITY OF MERIDIAN -DEVELOPMENT SURETY AGREEMENT-WATTS MERIDIAN MEDICAL PARTNERS SUBDIVISION
Document Date 7/ 18/2024 Number of Pages 5
Corporate Acknowledgment
State of UTAH
County of SALT LAKE
- i
On this 18 day of JULY , 2024
_ y personally appeared before me
date month year -
ADAM J . WATTS , whose identity is personally known.-to me : or _ -
name of document signer
( proven on the basis of satisfactory evidence ) and who by me duly sworn/affirmed - did say - -
that(�ishe is the MANAGER of
title of office
MERIDIAN - MEDICAL PARTNERS , LLC and that said
name of corporation -
document was signed by rim /her in behalf of said * Corporation by Authority of its Bylaws, -or ( Resolution of its Board of Directors ) , and said ADAM J . WATTS
name of document signer
acknowledged to me that said * Corporation executed the same .
Witness my hand and official seal
Notary Signature
Av
too' JANAE PENROD g' • ( notary seal ) .
WTAAYPUSUC * STATE OFHVI
COMMISSION NO , 7116676
ose COMM , EXR 0311112025
AFCU Form 0305 REV12/21
I
i
CITY OF MERIDIAN:
Dated: 18 July 2024 By:
Caleb Hood
Deputy Director of Community Development
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