HomeMy WebLinkAboutDevelopment Surety AgreementADA COUNTY RECORDER Christopher D. Rich AMOUNT .00
BOISE IDAHO 04/10/13 12:03 PM
DEPUTY Vicky Bailey III I III III II III I II II I IIIIIII I III' I III
RECORDED-REQUEST Of
Meridian City i 13E~333~ i
City of Meridian
DEVELOPMENT SURETY AGREEMENT
THIS DEVELOPMENT SURETY AGREEMENTis made and entered into this 19t''day
of March, 2013by and between the CITY OF MERIDIAN, a Municipal
Corporation,hereinafter referred to as CITY, and CENTER POINT SQUARE, LLC
hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER has petitioned the CITY to accept a subdivision plat known
as Bienville Square Subdivision No. 2, located in the City of Meridian; and
WHEREAS, the Meridian Unified Development Code, Section MCC 11-SC-1 through
11-SC-4and 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 such work is 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 Meridian City Code.
NOW, THEREFORE, 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 as
shown on the "Approved for Construction" plans dated the 26th day of March,
2013, and bind themselves to use such materials and to so construct all of the
improvements according to CITY standards as defined by the applicable
Ordinances, and Standards and Specifications of the CITY.
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 of said public improvements shall be completed
on or before the 13th day ofMarch, 2014and that the DEVELOPER will correct,
repair and maintain all such 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 acceptance of such improvements. The
DEVELOPER agree that in case they shall abandon the work, fail to make
satisfactory progress on the work, or fail to complete the work by the date
specified, the CITY may cause the work to be completed by another person under
contract, by its own forces, or both. 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 work, or from any other related cause.
4. Upon execution of this Agreement, the DEVELOPER shall deliver to CITY
performance surety (Irrevocable Letter of Credit, Corporate Surety Bond or Cash
Deposit) for the purpose of assuring DEVELOPER'S full and faithful completion
of the public improvements within said Subdivision. The amount of the
performance surety shall be the sum of $232,000. The amount of such surety
assurances is based upon 125% of an itemized contractor's bid for the completion
the required infrastructure improvements and 110% of all other required
improvements. CITY'S acceptance of such assurance shall not be construed as a
limitation on the amount which maybe spent on completion of required
improvements.
5. At such time as all required public improvements within the Subdivision 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, the DEVELOPER will submit to the CITY
a Warranty Surety in a form approved by the CITY in the sum of $7,747.30 to
provide for correction of any defective materials or workmanship in such 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 initial itemized contractor's bid for the completion the
required improvements.
6. The CITY agrees to accept the completed required subdivision improvements
upon certification by the City Engineer:
1. That all required subdivision public improvements have been constructed
in accordance with the City Public Works Construction Code;
2. That the DEVELOPER has fulfilled the requirements of the City
Development Code; and
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.
IN WITNESS WHEREOF, the parties shall cause this Compliance Agreement to be
executed by their duly authorized officers the day and year first above written.
SQUARE, LLC:
By: ~ : I C> ! C~ ~C-
Kim Kinney, Registered
STATE OF IDAHO, )
. ss.
County of Ada, )
On this da of . ; . I
Y 20 t 3 ,before me, the
undersigned, a Notary Public in and for the State of Idaho, personally appeared Kim
Kinney, known or identified to me to be the Registered AgentofCENTER POINT
SQUARE, LLC,who executed this instrument on behalf of said Limited Liability
Company, and acknowledged to me that such Limited Liability Companyexecuted the
same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year first above written.
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Notary Public for Idaho
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CITY OF MERIDIAN:
By:
Tammy de Wee ayor
STATE OF IDAHO,
County of Ada, )
. ss.
On this S~ day of 20 13 ,before me, the
undersigned, a Notary Public in and fo ~ the State of Idaho, personally appeared Tammy
de Weerd, known or identified to me to be the Mayor of the City of Meridian, Idaho and
who subscribed their names to 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 year first above written.
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