The Oaks South Subdivision No. 6 Warranty Surety AgreementADA COUNTY RECORDER Christopher D. Rich 2017-118419
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 12/12/2017 10:20 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
The Oaks South Subdivision No. 6
THIS WARRANTY SURETY AGREEMENT is made and entered into this J
qday of
20 -LI by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafte7rreferred to as CITY, and Toll ID 1, LLC, hereinafter referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on May 5, 2017 of the
construction plans ("Construction Plans"), for the development known as The Oaks South
Subdivision No. 6 ("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
Development Improvements") (The Required Public Improvements and Required Development
Improvements may be collectively referred herein as "Improvements"); and
WHEREAS, DEVELOPER has posted performance surety with CITY to guarantee the
completion of the Improvements; and,
WHEREAS, DEVELOPER has completed the installation of the Improvements; and
WHEREAS, the Unified Development Code of the City of Meridian Section 11-5C-3 requires
that the DEVELOPER execute and file 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 and release of the
performance surety 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:
1. 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 years from the date of written acceptance
of such Improvements.
2. Upon execution of this Agreement, the DEVELOPER shall notify the CITY of the
readiness for final inspection. Upon certification by the City Engineer that all
WARRANTY SURETY AGREEMENT — The Oaks South Subdivision No. 6 — Page 1
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.
B. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sum of $28,325.00 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, 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 and release the
performance surety upon certification by the City Engineer that all Required Public
Iraprovements 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.
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 hereof apply equally to a
single or several individuals.
WARRANTY SURETY AGREEMENT — The Oaks South Subdivision No. 6 — Page 2
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.
Toll ID 1, LLC:
By:
Thomas Coleman, Division President
STATE OF IDAHO
Ss.
County of Ada
On this'L66( day of 00VM6W 20 1 before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Thomas Coleman, known or identified to me to
be the Division President of Toll ID 1, LLC, who executed this instrument on behalf of said LLC, and
acknowledged to me that such LLC 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
OF
Expires: 3 — 2-4(& — -,70
WARRANTY SURETY AGREEMENT'— The Oaks South Subdivision No. 6 — Page 3
CITY OF MERIDIAN:
By. -"o
c -Tammy de rd, Mayor
STATE OF IDAHO
ss.
County of Ada
On this day of T)ppih Anst- 20 before me, the undersigned, a Notary
Public in and for the State of Idaho, personally apFeared Tammy de Weerd, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed her name 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.
SEAL
lAout
Notary Public f Idaho
My commission xpires:
WARRANTY SURETY AGREEMENT -- The Oaks South Subdivision No. 6 — Page 4
Exhibit A
rI
SURETY BREAKDOWN
FOR
The Oaks South Subdivision No. b
Sanitary Sewer(internal)
Date Compiled: October 31, 2017'
Letter of Credit/Bond. No.:
Issued By:
Expiration Date:
Check No.:
$6,070.00 125;% $ !. 70,087.50;; $ 70,087.50 $
,:
cammun yoevetopme�t
Dep.i—l.
Public Works
i2
Sanitary Bawer (Offsite)
126% $
$
Public Works
3
Water (internal)
85,556,00 425% $
106,943.75': $ 106,943.75 $
Public Warks
5
Water (Offsite)
125:! $
- $
Public Works
6
Reclaimed Water
121. % $
- $ :
Public Works
7
Street Lights
116°A $
- $ -
Building
8
Landscaping
110% $
- $ 'i
Planning
9
Pathways
110% $
$
Planning
'x.10
Fencing
110% $
- $ -
Planning
11
Pressurized Irrigation
110% $
$
Public Works
12
Gravity Irrigation
1106% $
- $ -
Public Works
i13
Other-
110% $
$
14
Other.'.
110% $
$
15
Other.
110% $
- $ '. -
18
011ier.
110A $
$ -
'17
Oilier
t10% $
$
TOTAL:
141,825:00 $ 177,031.25 $ 177,031.25 $ -
WARRANTY SURETY (20% OF LINE ITEMS 1-5) $ 28,325.00
BALANCE TO REMAIN: $'