HomeMy WebLinkAboutWood Rose Apartments ADA COUNTY RECORDER Trent Tripple 2024-059534
BOISE IDAHO Pgs=10 VICTORIA BAILEY 10/22/2024 12:13 PM
CITY OF MERIDIAN, IDAHO NO FEE
ADA COUNTY RECORDER Trent Tripple 2024-058691
BOISE IDAHO Pgs=7 VICTORIA BAILEY 10/1812024 09:12 AM
CITY OF MERIDIAN,IDAHO NO FEE
Re-Record to fix Notary Signatures Omitting Pages 7&8 and replacing with pages 5&&
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Wood Rose Apartments
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this 17 day of
October , 20 24 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and THE HOUSING COMPANY, an Idaho non-profit
corporation,hereinafter referred to as HOUSING COMPANY, and WRIGHT BROTHERS, THE
BUILDING COMPANY, EAGLE LLC, an Idaho limited company, hereinafter referred to as
WRIGHT BROTHERS. HOUSING COMPANY and WRIGHT BROTHERS are hereinafter
collectively referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on August 22, 2023, of the
construction plans ("Construction Plans"), for the development known as Wood Rose
Apartments, 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-hcalth improvements ("Required Development Improvements") (The
Required Public Improvements and Required Development Improvements may be collectively
referred herein as"Improvements"); and
WHEREAS, DEVELOPER intends to request certificate(s) of occupancy for the Development
prior to the final acceptance of the Improvements; and
WHEREAS,the Unified Development Code of the City ofMeridian,Section 1 1-5C-1 through 11-
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 for the said Development and'that if the Improvements are
not completed within the period specified,the CITY may complete the same and recoverthe full
cost and expense thereof from the DEVELOPER; and
WHEREAS, the CITY is agreeable to processing Developer's request for certiticate(s) of
occupancy for the 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, TI IEREFORE, 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 Public Improvements and bind
themselves to use such materials and to so construct all of the Improvements incompliance
With Construction Plans and all applicable City ordinances and State Codes and in a manner
acceptable to the CITY (hereinafter"City's Requirements"). _
DEVELOPM ENT SURETY AGREEMENT—Wood Rose Apartments Page
Re-Record to correct Notary Signatures Omitting Pages 7&8 and replacing with pages 5&6.
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Wood Rose Apartments
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this 17 day of
_October , 20 24_by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and THE HOUSING COMPANY, an Idaho non-profit
corporation, hereinafter referred to as HOUSING COMPANY,and WRIGHT BROTHERS, THE,
BUILDING COMPANY, EAGLE LLC, an Idaho limited company, hereinafter referred to as
WRIGHT BROTHERS. HOUSING COMPANY and WRIGHT BROTHERS are hereinafter
collectively referred to as DEVELOPER.
WI'fNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on August 22, 2023, of the
construction plans ("Construction Plans"), for the development known as Wood Rose
Apartments, located in the City of Meridian, which Construction Plans include improvements
for public life, salety and health ("Required Public Improvements") and improvements for non-
life, non-satety and non-health improvements ("Required Development Improvements") (The
Required Public Improvements and Required Development Improvements may be collectively
referred herein as"hnprovements");and
WHEREAS, DEVELOPER intends to request certificate(s) of occupancy for the Development
prior to the final acceptance of the Improvements; and
WHEREAS,the Unified Development Code ol'the City of Meridian, Section I I-5C-I through 11-
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 for the said Development and that if the Improvements are
not completed within the period specified, the CITY may complete the same and recover the fill
cost and expense thereof from the DEVELOPER; and
WIIEREAS, the CITY is agreeable to processing Developer's request for certificate(s) of
occupancy for the 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
ofthe parties, it is hereby agreed as lollows:
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"C'ity's Requirements").
DEVEI.01'ijN7ENl'StIRETI' AGRI.EMENI'—Wood Rose Aparthnents—Page I
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
September 30, 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 anotherperson 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, HOUSING COMPANY or WRIGHT BROTHERS, on
behalfof HOUSINGCOMPANY,shall deliver to CITY a performance surety(Irrevocable
Letter of Credit,Corporate Surety Bond or Cash Deposit) ("Performance Surety") for the
purpose of assuring either party 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$452,061.90 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.
DEVF LOPM ENT SURETY AGREE M ENT—Wood Rose Apartments—Page 2
iii. A final accounting of the finished costs of the Required Public
Improvements, substantiated by billing invoicing from the contractor(s)
performing the work.
B. HOUSING COMPANY or WRIGHT BROTHERS, on behalf of HOUSING
COMPANY, shall submit to the CITY a Warranty Surety in a form approved by
the CITY in the estimated sum of $31,303.00 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 ofthe 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
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.
DEVELOPMENT SURETY AGREEMENT—Wood Rose Apartments— 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.
THE HOUSING COMPANY,
an Idaho non-profit corporation
/ k"0'- -C
By:_ /tom
Name: Erin Anderson
Its: Director
STATE OF IDAHO )
SS.
County of Ada )
On this_ _day of October 2r�2�, before me, the undersigned, a Notary Public in and for
said State, personally appeared ERIN ANDERSON,known or identified to me to be the Director of The
Housing Company, an Idaho non-profit corporation, and acknowledged to me that such non-profit
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.
SEAL
s* d Signature: t
Notary Public far
Residing at: �iL5 l,J_ y"r, tLL- Fa so�-r a
• My Commission Expires: t g><Z H
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DEVELOPMENT SURETY AGREEMENT—Wood Rose Apartments—Page 4
Page 5Page
WRIGHT BROTHERS,THE BUILDING COMPANY,EAGLE LLC
an Idaho limited liability company
i
By:
4117: Zach gins
Its: Manager
STATE OF IDAHO )
ss.
County of Ada )
On this_ _day of October 2-_,before me,the undersigned, a Notary Public in and for
said State,personally appeared ZACH HIGOINS,known or identified to me to be the Manager of Wright
Brothers,The Building Company,Eagle LLC,an Idaho 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.
• •.•••••.� a •• Signature:
o +'d`�' sA�p� '•o Notary Public for �1
NOTA1jy'� �, Residing at:
• ""•ei • My Commission Expires: L
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Page 6
DEVELOPMENT SURETY AGREEMENT—Wood Rose Apartments—Page 5
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.
THE HOUSING COMPANY,
an Idaho non-profit corporation
By: _
Name: Erin Anders
Its: Director
STATE OF IDAHO )
ss.
County of Ada )
On this 4-(day of October,2024 before for said State,personally
appeared ERIN ANDERSON known or identi irector of The Housing Company,
an Idaho non-profit corporation,and acknowle t she executed said instrument on
behalf of said non-profit corporation and ack that such non-profit corporation
executed the same.
IN WITNESS WHEREOF, to set my han my official seal the day and
year first above written.
SEAL
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i`�.+•''�� Y pl� �y� Notary Public for_ l`e�_�
.•' OTAJ��''+��' •'• Residing at: .�Io� 1.1 LP
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Page 7
DEVELOPMENT SURETY AGREEMENT—Wood Rose Apartments—Page 4
WRIGHT BROTHERS,THE BUILDING COMPANY,EAGLE LL
an Idaho limited liability company
By:
Na Zach Higgi
Its: Manager
STATE OF IDAHO
County of Ada )
On this IQ day of October, 2 tary P d State,personally
appeared ZACH HIGGINS known t of Wright Brothers,The
Building Company,Eagle LLC,an Ida d acknowledged to me that he
executed said instrument on behalf of s ny and acknowledged to me that
such limited liability company executed t
IN WITNESS WHEREOF, I axed my official seal the day and
year first above written.
S rsr AA
°° oroosyo tt`•pi
�OTAR}•� ary Public for
o �r�
pt1BL esiding at:_ _
t
My Msioi xpires:A4 f. �,J-D
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Page 8
DEVELOPMENT SURETY AGREEMENT—Wood Rose Apartments—Page 5
CITY OF MERIDIAN:
Dated: 17 October 2024 By: C. C4" 1161&a®
Caleb Hood
Deputy Director of Community Development
DEVELOPMENT SURETY ACREEIM ENT—Wood Rose Apartments—Page 6
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