Z - WSA - Gem Prep Meridian NorthCity of Meridian
WARRANTY SURETY AGREEMENT
Gem Prep Meridian North
THIS WARRANTY SURETY AGREEMENT is made and entered into this iliffday of
+ , 207-t by and between the CITY OF MERIDIAN, a Municipal Corporation,
herein fter referred to as CITY, and GEM INNOVATION SCHOOLS, hereinafter referred to as
DEVELOPER.
WITNESSETH:
WHEREAS, DEVELOPER received approval from the CITY on August 11, 2021, of the
construction plans ("Construction Plans"), for the development known as Gem Prep Meridian
North ("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-13calth 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 I I -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 #i•ocn any defects, omissions or irregularities in the construction, materials
or work thereof for a period of two (2) calendar years frorn the date of written acceptance
of such Improvements,
WARRANTY SURETY AGREEMENT —Gem Prep Meridian North — Page 1
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:
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 $31,800.00 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, 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.
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. Stich
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 —Gem Prep Meridian North — Page 2
STATE OF IDAHO
ss.
County of Latah )
By; �" 01i
Joh'N eite, Manager
On this ��day of _20� before me, the undersigned, a Notary
Public in and for the State of Idaho, persddh l ly appeared Josh Femreite, known or identified to me to be the
Manager, who executed this instrument on behalf of said Corporation, and acknowledged to ine that such
(Corporation) executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed nay official seal the day and
year first above written.
SEAL
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WARRANTY SURETY ACREEMENT—Genr Prep Meridian Nortli — Page 3
STATE OF IDAHO
ss.
CITY OF MERIDIAN:
i
By:
XoAert PSim son, Mayor
County of Ada I )
On this i U6 day of ���5� 20al, before rne, the undersigned, a Notary
Public in and for the State of Idaho, personally appeared Robert E. Simison, known or identified to me to
be the Mayor of the City of Meridian, Idaho and who subscribed his name to the within instrument and
acknowledged to ine that the City of Meridian executed the same.
1N WITNESS WHEREOF, 1 have hereunto set my hand and affixed my official seal the day and
year first above written.
SEAL
09064000
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COMMISSION
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any ublic for Idaho
mission Expires:
WARRANTY SURETY AGREEMENT —Gem Prep Meridian North — Page 4
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