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Home My WebLink AboutLatecomers Agreement Stor-Mor and Treasure Valley Baptista , 98005226 LATE COMERS AGREEMENT .~,~ ,~-, ,,~rpRCtR E ~ ~..~ ,-, ., ~., . ~ ~ ~ ~ v. ~~~~yU Isrt`fMFRO I ~C~IJ,r,I 1 ~~ ~'t. '98 JAN 22 ~'i1 i 3 !/ F E E _~s~-~? ~~I This Agreement made and entered into this ~ ~ day o 1~% ~ ~ ~~'~'" 1997, by and between STOR-MOR SYSTEMS, INC. /TREASURE VALLEY BAPTIST CHURCH, hereafter referred to as "DEVELOPER", and the CITY OF MERIDIAN, hereafter referred to as "CITY" WITNESSETH: WHEREAS, the-City limits extend north and south of Overland Road, and east and west of Teare Avenue, but prior to this Agreement and construction referred to herein, a portion of such area was not provided water service by the City; and WI-~REAS, the Developer extended a water main north in Teare Avenue, from an existing water main near the intersection of Teaze Avenue and Overland Road, which water main extension will be able to provide service east and west of Teaze Avenue to the land shown in Exhibit "A" which is attached hereto and by this reference incorporated as if set forth in full; that the Total Service Area is approximately 16.25 acres, of which the Developer's Area is approximately 6.54 acres or 40.25% of the Total Service Area as shown in Exhibit "C" which is attached hereto and by this reference incorporated as if set forth in full. WI~REAS, the water main constructed by the Developer will benefit other land than just the land being developed by Developer; and WHEREAS, the total cost of constructing the water main was born by Developer; that portion of the cost which will benefit land other than Developer's is $18,571.20; whereas with a Late 1 Stor-Mor, TVBC.H2QAGREEMENT.doc Comer's Area of 9.71 acres and with an unpaid balance of $18,571.20 there could be a Late Comers Fee of $1,912.58 plus interest, per acre, and/or portion thereof, that the water main will benefit land owned by the Developer and the benefit to the Developer's land has been reflected in this Agreement; and WHEREAS, Section 5-124B of the Water Ordinance provides that the City may enter into water main extension and reimbursement agreements and that section further provides that water users who subsequently connect to the extended water mains shall be charged a ten (10) inch diameter water main equivalency fee; said- fees are in addition to the connection and user charges normally assessed a user due to the fact the user has not contributed to the cost of the extended main; the above fee is hereafter referred to as "Late Comer Fee"; the above ordinance section provides that the late comers fee maybe used to reimburse the person or persons so extending the water mains. WHEREAS, pursuant to 5-124A, the City is required to charge a Water Construction Equivalency Fee to any person or property owner who has not otherwise paid for, or contributed proportionately toward the costs and expenses of constructing a water line, whether that construction has been performed by the City, a local improvement district or a private entity, or combination thereof, and who subsequently desires to connect to the City water system, shall be required to pay an additional connection charge which shall be known and referred to as the "Water Construction Equivalency Fee". NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 1. The above recitals are contractual and are incorporated herein as if set forth in full. 2. That the Developer has engineered, planned, and constructed the water main described in Exhibit "B, and which will benefit the land shown in Exhibit "A". 3. The Developer has contributed $18,571.20 in construction costs for that portion and 2 Stor-Mor, TVBC.H2O-AGREEMENT.doc size of the above main, which represents land that could be served that is not included in Developers land 4. That for all development of the land described in Exhibit "A", except the land owned by the Developer, the City will charge the sum of $1,912.58 plus interest, per acre, and/or portion thereof as shown in Table III of Exhibit "C"; such users shall hereafter be referred to as "LATE COMERS"; that the charge is the water construction equivalency fee authorized in 5-124B and established by this Agreement, which fee shall herein be referred to as "LATE COMERS FEE"; the fee is in addition to any other water charges for connection to the water system; the computation of the Late Comers Fee is shown on Exhibit "C" attached hereto and by this reference incorporated herein. S. That all the late comer fees assessed above in paragraph 4. shall be set aside and deposited to a special account to be designated the "STOR-MOR SYSTEMS, INC. /TREASURE VALLEY BAPTIST CHURCH REIMBURSEMENT ACCOUNT" and shall be distributed monthly to the Developer. 6. That the late comer fees which go into the "STOR-MOR SYSTEMS, INC. / TREASURE VALLEY BAPTIST CHURCH REIMBURSEMENT' ACCOUNT" shall reflect interest which the Devebper would have earned on the funds expended for the total cost of construction had they been invested in U.S. Government Securities with a ten year Constant Maturity Rate of 5.87% as published by the Federal Reserve for the week ending December 12, 1997; the late comer fees for years 1 through 10 are shown in Table III of Exhibit "C"; 7. That the late comer fees shall be collected by the City from all users subsequently connecting to the main in Exhibit "B" for parcels of land described in Exhibit "A", except the land owned by the Developer. 3 StorvMm, TVBC.H2O-AGREEMENT.doc 8. That the City shall charge the "STOR-NIOR SYSTEMS, INC. /TREASURE VALLEY BAPTIST CHURCH REIMBURSEMENT ACCOUNT" the 10% administrative chazge as authorized under 5-124B. 9. That the City shall have prepared on an annual basis an audit of all funds collected pursuant to this Agreement, which audit shall coincide with the general audit of the City; that the cost of this audit shall be paid by the City as part of its administrative costs. 10. It is agreed that the water main referenced in Exhibit "B" is the property of the City and shall henceforth be maintained by the-City at its sole cost and expense. 11. -The term of this Agreement shall be until Developer has been reimbursed the sum of $18,571.20 plus interest, as determined in Pazagraph 6, less the 10% administrative fee, or, if this is not achieved, for a period often (IO) yeass. If the Developer has not been reimbursed the principal sum plus interest less administrative fees after ten (10) years from the ,date of this Agreement, the Agreement may be extended by mutual Agreement of the City and the Developer, at such time as the City ordinance allows for extension of a ten year time frame. If the City does not amend this ordinance, then this agreement shall have a ten yeaz life span. 12. This Agreement shall be binding on the assigns and successors of the parties hereto. ~J DATED this ~~ day of ~~~ ~C~~'d-) , 1997. 4 Stor-Mor, TVBC.FI2QAGREEMENT.doc CITY OF MERIDIAN ..~'~~~`,~~ y'~~s ERT D. CORRIE, MAYOR °~'~ ~_ s~ w JR., C Y LERK ~ c¢' ~ LLIAM Cr. BERG, '., a~9- fie' ~~pproved By City, Counc i 1 on 1 / 6 / 9 8 STOR-MOR SYSTEMS, INC. GREG .BROWN, PRESIDENT P ITH A. BROWN, SECRETARY TREASURE VALLEY BAPIST CHURCH. Secretary Stor-Mor, TVBC.H2O-AGREEMENC.dce STATE OF IDAHO,) County of Ada, ss. 1 Q~ On tday of J0.K~. ~, 199, before me, the undersigned, a Notary Public in and for said State, personally appeared ROBERT D. CORRIE and WILLIAM G. BERG, ~R., known to me to be the Mayor and City Clerk of the CITY OF MERIDIAN, Idaho, and who executed the within instrument, and acknowledged to me that the City of Meridian executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and yeaz first above written. L . ~ ~~., ~-~ ,~~' ~~ o~~~y SEAL: e'~ ~ ~ ~~= :~ .'c'UgO,~ ~M1' ;'''mil ~~~q, T STATE OF IDAHO,) County of Ada, . ss. NO ARY UBLIC R IDAHO RE GAT .~' ' MY COMMISSION EXPIRES ~ On this ,/~ ~y of , 1997, before me, the undersigned, a Notary Public in and for said State, personally appeared GREGORY H. BROWN and JUDITH A. BROWNICnown to me to be the President and Secretary of STOR-MOR SYSTEMS, INC., and who executed the within instrument on behalf of said corporation, and acknowledged to me that said corporation executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and yeaz first above written. . ~„ ,~~ 1 wp ~_ ~ ,~ 17 '~ ~ 3.. ~- SEAL NOTARY PUBLIC , ~ ~°' ' ., , ~ ~ f. `~ RESIDING AT ~ ` MY COMMISS N EXPIRES ~; ~ ~. ~; ,~ ~~, ,, ,,~ 6 Stor-Mor, TVBC.}{2QAGREEMII9T.doc STATE OF IDAHO,) County of Ada, ss. On this ~ 1 day of , 1997, be re me, zhe undersigned, a Notary Public in and fo • said State, personally appeared ,and Q fl.v) ,known to me to be the President and the Secretary of TREASURE VALLEY~BAPTIST CHURCH, and who executed the within instrument on behalf of said CI~~ ,and acknowledged to me that said (+~,~,,,_~, executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and yeaz first above written. ~1y~'~,~`~y _ sLe. \'i~V Sri/ :~ ~-~L NOT PUBLIC FOR IDAHO ~~~ -' ~~' ~ RESIDING AT ~ ~_ ~ ` ` MY COMIVIISSION E IRES ~l -~~ sy e •y •i' ~~~/rI ~ ~~ PF'r ~, 7 Stor-Mor, TVBC.H2QAGREEMENT.doc EXHIBIT A z y C=7 00 A N ~ N ~ r N ~ ~ N ~ ~ i-' r r ~ ~ ~ ~ ~ ,~, ~,, ~ w w w w ~ ~ ~ ~ u' to w v, ~ lT1 lT1 N ~ O TEARE AVENUE C cn .. Y Z O O z ~ °~ ~ ~ ~ ~ ~ a, ~ ~ ~ ~ N N OD N ~ ~P ~ C W ~ ~ 00 w N O~ N ~ O O z STOR-NIOR, TREASURE VALLEY BAPTIST LATECOMERS AGREEMENT ~' . EXHIBIT B ~, z z ~. y ~ ~ ~~ w ~. W W ~, W ~, ~ W W ~, ~, N 'p ~ O .~~~~~~....~..~~~~.TES`~~~~~i~-Y~~u~h~~~~~~~~~~~~~~~~~~~~..~~~.. ~~.~~~~.~~~~~~~~ z °° ~' ~ N ~ ~ ~ W ~ ~ ~ ~ ~ ~ N ~ ~ r N ~ ~ ~ ~ ~ 00 ~P W ~ ~ O O C r a z v z 0 a v Z STOR-NIOR, TREASURE VALLEY BAPTIST LATECOMERS AGREEMENT ~. "EXHIBIT C" STOR-MOR, TREASURE VALLEY BAPTIST LATECOMERS AGREEMENT FEE COMPUTATIONS AREA DETERMINATION: DEVELOPER'S AREA PARCEL NTJMBER ZONE ACREAGE % OF TOTAL S1118438650 (STOR-MOR) C-G 2.00 12.31 S1118438600 (TVBC) L-O 4.54 27.94 TOTALS 6.54 40.25 "fable 1 LATE COMER 'S AREA PARCEL NTTMBER ZONE ACREAGE % OF TOTAL S 1118336350 C-G 1.00 6.15 S 1118438574 C-G 1.69 10.40 S 1118438552 C-G 2.63 16.18 88461250135 L-O 1.52 9.36 88461250120 L-O 2.87 17.66 TOTALS 9.71 59.75 Table II (Developer's Area Total + Late Comer's Area Total =Total Service Area) 6.54 Acres + 9.71 Acres = 16.25 Acres Page 1 of 2 C:\OFFICE\WPWIN~STDFORMS\STOR-MORH2O r.. DEVELOPER'S CONTRIBUTION: $31,081.50 Verified from Billings PORTION OF DEVELOPER'S CONTRIBUTION ELIGIBLE FOR REIMBURSEMENT (Developer's Contribution -Developer's Percentage of Total Area =Eligible Reimbursement) $31,081.50 - 40.25% ($31,081.50) _ $18,571.20 LATE COMER FORMULA: (Eligible Reimbursement /Late Comer's Service Area =Late Comer Fee) $18,571.2019.71 Acres = $1,912.58 per Acre CONTRIBUTION BREAKDOWN %: STOR-MOR SYSTEMS, INC 50% or $956.29 TREASURE VALLEY BAPTIST CHURCH 50% or 9 6.29 $1,912.58 per Acre REIMBURSEMENT SCHEDULE: The Developer paid the costs of installing the water line. The Latecomer Fee paid by each parcel, or portion therof, who connects to the subject water line will be paid to Stor-Mor Systems, Inc., and Treasure Valley Baptist Church per the above agreement. The fees assessed to each latecomer shall be adjusted annually on October 1st. At an annual percentage rate of 5.87%. The latecomer fees shall be as follows: Ett'ective Date Latecomer Fee per acre October 1, 1997 $1,912.58 October 1, 1998 $2,024.85 October 1, 1999 $2,143.71 October 1, 2000 $2,269.55 October 1, 2001 $2,402.77 October 1, 2002 $2,543.81 October 1, 2003 $2,693.13 October 1, 2004 $2,851.22 October 1, 2005 $3,018.59 October 1 2006 $3 195.78 Table )II Page 2 of 2 C: \OFFICE\ WP W IN\S TDFORMS\STOR-MOR H2O ~ ,~ '?'~'"~t,~r ~ ky i~,~~ cn~v or R!~!Ilwl'~ Ig~`Z.~ -~.- - ~. vl ~Y1G~1~17 ~~ ~a, ~ IDAHO j tiF c~ NT~R ~~`TREASURh VAI~'Y SINCE 1903 MAYOR Tammy de Weerd CITY COUNCIL MEMBERS Keith Bird Joseph W. Borton Charles M. Rountree Shaun Wardle CITY DEPARTMENTS City Attorney/HR 703 Main Street 898-5506 (City Attorney) 898-5503 (HR) Fax 884-8723 Fire 540 E. Franklin Road 888-1234/fax 895-0390 Parks & Recreation 11 1N. Bower Street 888-3579 /fax 898-5501 Planning 660 E. Watertower Lane Suite 202 884-5533/fax 888-6844 Police 1401 E. Watertower Lane 888-6678/fax 846-7366 Public Works 660 E. Watertower Lane suite 200 898-5500/fax 895-9551 - Building 660 E. Watertower Lane Suite 150 887-2211/fax 887-1297 - Wastewater 3401. N. Ten Mile Road 888-2191/fax 884-0744 - Water 2235 N.W. 8th Street 888-5242 /fax 884-1159 ADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT .00 BOISE IDAHO 03/09/06 02;08 PM DEPUTY Neava Haney III IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII III RECORDED-REQUEST OF Meridian Ciry 10603~~20 RELEASE OF AGREEMENT LATECOMERS AGREEMENT Agreement between CITY OF MERIDIAN STOR-MOR SYSTEMS, INC./TREASURE VALLEY BAPTIST CHURCH The agreement entered imo December 17, 1997 by and between the CITY of MERIDIAN, a municipal corporation of the State of Idaho, and Stor-Mor Systems, Inc./Treasure Valley Baptist Church has been satisfied by thes~ity'of ~;, Meridian. We request you release the agreement recorded U22J199~1at#~'~r-~Iot~r ':;,, instrument number #98005226. ,.~' ~° ~~;~° f t ~R. - STATE OF IDAHO ) S3 County of Ada } ~p -+~1 r~-trrrr;stltt~lt~, On this lD+~ day of ~fY1QYC~ , 2006, before me, a Notary Public, personally appeared William G. Berg, Jr., know or identified to me to be the City Clerk, respectively, of the City of Meridian, who executed the instrument or the person that executed the instrument of behalf of said City, and acknowledged to me that such City executed the same. ~~~~~~~ G~••~~ •~AR~•!~'': ~ `. • .E,. ~,~ • . ~ • ~ , • ~ i ~ • `~ ~ a. • ~, 1G,~,Z,,,. ~~~. ~~•~ ~~/ ~- ,- William G. Berg, Jr. - ity Viler `~ ~~ Notary Public for Idaho Residing at: ~j~~ ~~ ~ I b Commission expires: ~ i(~11=1 ~ CITY FALL 33 EAST IDAHO AVENUE MERIDIAN, IDAHO 83642 (208) 888-4433 CITY CLERK -FAX 888-4218 FINANCE & UTILITY BILLING -FAX 587-4813 MAYOR'S OFFICE -FAX 884-8119 Printed on recycled paper