Rackham MDA H-2019-0005DEVELOPMENT AGREEMENT
PARTIES: - '1.. City of Meridian
2. Idaho Central Credit Union, Owner
3. BVA Development; LLC, Developer
THIS DEVELO MENT AGREEMENT (this "Agreement"), is made and
entered into this iday of_ 20 `, by and between City of Meridian, a
municipal corporation of the Stat of Idaho, hereinafter called "CITY" whose address is 33 E.
Broadway Avenue, Meridian Idaho; and Idaho Central Credit Union, an Idaho chartered credit
union, hereinafter called "OWNER", and BVA Development, LLC, an Idaho limited liability
company, hereinafter called "DEVELOPER".
I. CITALS
1.1. WHEREAS, Owner is the sole owner, in law and/or equity, of a certain tract
of land in the County of Ada, State of Idaho, described in Exhibit "A",
which is attached hereto and by this reference incorporated herein as if set
forth in full,hereinafter referred to as the "Property"; and
1.2. WHEREAS, Developer has entered into a purchase agreement with Owner,
whereby Developer will acquire the portion of the Property that Owner does
not require for the improvements it contemplates hereunder, and Developer
will undertake the development of the project on the Property and the
development of Owner's improvements; and
1.3. WHEREAS, when the Property was originally annexed as part of a larger
parcel; the City determined in its original 1995 Findings of Fact and
Conclusions of Law ("1995 Findings"), "That it has been the experience of
the City that development agreements are difficult to enter into prior to the
annexation ordinance being passed;, that it is 'concluded that the
development agreement shall be entered into prior to the preliminary pkat
being approved"; and
1.4. WHEREAS, the Property was annexed into the City in 1995 pursuant to the
1995 Findings and was at that time zoned C -G General Retail and Service
Commercial, however, no preliminary plat for the Property was ever
submitted and no development agreement was ever executed; and
1.5. WHEREAS, the Owner and Developer desire to develop a mixed use
corporate campus with various office, healthcare, commercial, retail,
DEVELOPMENT AGREEMENT Rackham H-2019-0005— Page 1
Meridian City Council Meeting Agenda May 7, 2019 Page 252 of 537
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IN WITNESS WHEREOF, the parties have herein executed this Agreement and
made it effective as of the date last executed below.
OWNER:
IDAHO CENTRAL CREDIT UNION,
an Idaho chartered credit union
By: ,K4� �--�—
Kent Or n, CEO
Date: /2 % C
CITY:
CITY OF MERIDIAN,
a munic' -eI • n
By:
�► J oe n,
Date: rj --1 -1 Q
DEVELOPER:
BVA DEVELOPMENT, LLC,
an Idaho limited liability company,
By its Executive Manager:
BV Manageme Services, Inc.,
By:
Cortne i g rd, Pre ►dent
Date:
council Free ider -
O,,QORATE4*TTEST:
DEVELOPMENT AGREEMENT Rackham H-2019-0005 — Page 10
STATE OF IDAHO )
) ss.
County ofAda 3641V DC. _ )
On this day of40im,
► , 20,1q before me, the undersigned, a Notary Public in and for said
State, personally appeared Kenknown or identified to me to be the Chief Executive Officer of Idaho Central
Credit Union, chartered credit union that executed the within and foregoing instrument, or the person who executed
the instrument on behalf of said chartered credit union, and acknowledged to me that such chartered credit union
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this
certificate first above written. n 'lei
Angelia M. Palmer Idding
a►y Public fo Idaho
Notary Public at � ozState of Idaho commission expires:
STATE OF IDAHO )
ss.
County of Ada )
On this C9 day of "c..j , 2019, before me, the undersigned, a Notary Public in and for said
State, personally appeared Cortney Liddiard, known or identified to me to be the President of BV Management
Services, Inc., the Executive Manager of BVA Development, LLC, the limited liability company that executed the
within and foregoing instru ��tlllit'�the person who executed the instrument on behalf of said limited liability
company, and acknowled�t�►�1�}l limited liability company executed the same.
\\'0 p........��
IN WITNESS W -into set my hand and affixed my official seal the day and year in this
certificate first abo-%ewrWet.
2 MY COMMISSION :
• EXPIRES 6-V'2020 :
• �� Notary P lic fo Idaho !
• ••d'/ 046
�` Residing at c� Q
1 a1r • S SOF
' g a
�ei� •••••••• ��� My commis ' n expires: ��, . C-7 Z r—b
STATE OF IDAHO //10aiii�1�N
) ss.
County of Ada )
., �y� 3'6e �br�Ohl COun6I �5fcev'
On this { day of , 2019, before in undersigned, a Notary Public in and for said rlS
State, personally appeared 'Fainmy-� and-, known or identified to me to be the�v4�r}+ewand City nt�r
Clerk of the City of Meridian, who executed the instrument or the person that executed the instrument on behalf of
said City, and acknowledged to me that said City executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this
certificate first above written.
CHARLENE WAY Notary Public for d hon
Residing at ! a' „ I,t�.�o
COMMISSION #67390 My commission expires: 3 -aS
NOTARY PUBLIC
STATE OF IDAHO
MY COMMISSION EXPIRES 3/28/22
DEVELOPMENT AGREEMENT Rackham H-2019-0005 — Page 11
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