Brickyard Subdivision No. 1 & 2ADA COUNTY RECORDER Christopher D. Rich 2018-007222
BOISE IDAHO Pgs=6 LISA BATT 01/25/2018 09:49 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Brickyard Subdivision No.1 & 2
THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this t( day of
A$C7- , 20-11 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereinafter referred to as CITY, and FIG VILLAGE AT CENTRE POINT, LLC, hereinafter
referred to as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on October 30, 2017, of the
construction plans ("Construction Plans"), for the development known as Brickyard
Subdivision No. 1 & 2 ("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 petitioned the CITY to accept the Subdivision Plat and execute
the final plat prior to the installation of the Improvements; and
WHEREAS, the Unified Development Code of the City of Meridian, Section 11-5C-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 within said Subdivision and that if the Improvements
are 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
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 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 "City's Requirements").
DEVELOPMENT SURETY AGREEMENT — Brickyard Subdivision No.1 & 2 — 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
October 30, 2018, 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 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, 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 of the .required Improvements as shown on the Construction Plans.
The amount of the Performance Surety for the Improvements .shall be the sum of
$997,562.32 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.
DEVELOPMENT SURETY AGREEMENT — Brickyard Subdivision No. i & 2 — 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. The DEVELOPER shall submit to the CITY a Warranty Surety in a form
approved by the CITY in the estimated sum of $89,800.00 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
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 — Brickyard Subdivision No. i & 2 — 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.
STATE OF UTAH
ss.
County of Salt Lake
FIG VILLAGE AT
James
POINT, LLC:
On this / S day of JAN (jAIZY 20_!g_, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared James Doolin, known or identified to me to be
the Manager of FIG VILLAGE AT CENTRE POINT, LLC, who executed this instrnunent 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.
RN'
g
EVIN
03 CS C) N 1'nPE
- - WS'
NES7, `a
3T-,ATEOF' T .
Notary fr h
My commission Expires: 06 f z-7' 20"16
DEVELOPMENT SURETY AGREEMENT — Brickyard Subdivision No.1 & 2 — Page 4
STATE OF IDAHO )
ss.
County of Ada )
On thisday of jaarel
206 , before me, the undersigned, a Notary
Public in and for the State of Idaho, personally Tanury 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
�-'NEAM A "I
Notary Public Ar Idaho
My commission Expires:7 ' - 2 24
DEVELOPMENT SURETY AGREEMENT — Brickyard Subdivision No. l & 2 — Page 5
9
c
X
A