Castlecreek SubdivisionADA COUNTY RECORDER Phil McGrane 2020-005512
BOISE IDAHO Pgs=5 BONNIE OBERBILLIG 01/15/2020 09:44 AM
CITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
WARRANTY SURETY AGREEMENT
Castlecreek Subdivision
THIS WARRANTY SURETY AGREEMENT is made and entered into this V day of
uV 4 , 20,2_0 by and between the CITY OF MERIDIAN, a Municipal Corporation,
hereina er referred to as CITY, and NORTHWEST VENTURES, LLC., hereinafter referred to
as DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on September 60', 2018, of the
construction plans ("Construction Plans"), for the development known as Castlecreek
Subdivision ("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:
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.
WARRANTY SURETY AGREEMENT —Castlecreek Subdivision — Page I
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
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 $17,194.06 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
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.
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 —Castlecreek Subdivision — 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.
Northwest Ventures, LLC:
iivis Siffoud emb
STATE OF IDAHO )
SS.
County of Ada )
On this day of \,AanWriA 202,Q, before me, the undersigned, a Notary
Public in and for the State of Idaho, personally ap eared Travis Stroud, known or identified to me to be
the Member, 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.
WARRANTY SURETY AGREEMENT —Castlecreek Subdivision — Page 3
CITY OF MERIDIAN:
STATE OF IDAHO )
ss.
County of Ada )
E2
On this , day of )C t - 20,E . before Robert Simison, known or
identified to me to be the Mayor of the City of Mr n Idaho and who subscribed his 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
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WARRANTY SURETY AGREEMENT—Castlecreek Subdivision — Page 4
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