Z - Recorded Development Surety AgreementCITY OF MERIDIAN, IDAHO NO FEE
City of Meridian
DEVELOPMENT SURETY AGREEMENT
Modern Craftsman at Black Cat
THIS DEVELOPMENT SURETY AGREEMENT immade and entered into thisah
Vyday of
20A\ by and between the CITY OF &1EQ|D|/\N.0 Municipal Corporation.
horcinufle, n:/crnz| to as CITY. and BLACK (/\T /\PTS, LLC.. hereinafter referred to as
DEVELOPER.
WHEREAS. DEVELOPED r#c*oJ approval frmn \he CITY on April 22, 2021, of the
construction plans ("Construction Plans"), for the developilient known as Modern Craftsman at
Black Cat (''Subd(vioiou P|ui^) located in the City o[Meridian, which Construction Plans include
improvements for public life. sm@ty and health (-8cquinrd Public !nnpnuvenoents) and
improvements 6or non-|iKc. non-sa/c\Y and nnn-bcu|ih innpoorcnncnis (--Required Development
|mprovuncn<s`)(The Required Public |mprovcmcmoond Required Development /nnpn`vcmcnt»
mayhcco||ectiv«|}referred herein usand
WHEREAS. DEVELOPER has petitioned the CITY to acccp1 lhc Subdivision Plat and czcculc
the final plat prior 10the installation nfthe improvements: and
WHEREAS. tile Unified Development Code oF1hcCity ofMeridian. Section ll-5C-|through }l-
5C-4 and applicable ordinances and laws of tile CITY require that the DEVELOPER execute and
fl|c with the CITY an m-rcenneut providing for, among other Uhinus. the period within which all
required improvements shall be mndc 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 arid expense thereof hnnothe DEVELOPER, and
VVHCKE/\S, the C|TY is agreeable to acceptance arid filing, of said Subdivision Plat upon the
execution of' this /\i4reemenc and compliance by the DEVELOPER xith tbc provisions of tile
[niUcdDcrdopmrntCode oftbeCity ofMoridiun.
N0\\V. TH[KC[ORF. in consideration of foregoing Mutual prmnixcs covenants and agrccmenn
of the parties. it is hereby a0reed as follows:
'I lie DEVELOPER uqreex to install all of the Required Public |mpvovenncnts and bind
thcmso|vcu/nuse ouchmaterials and iouoConstruct all o[\be(mprovemcnt in compliance
with Construction Plans and all applicable City ordinances and State Codes arid in a rnanner
[)EVE LOPNIFNTSFRETY AGREEVILA'F—Modern Craftsman at Black Cat —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 destroved. whether willfully or not, by the
DEVELOPER, or the agents, employees or contractors of the DEVELOPER.
The DEVELOPER agrees that all said Improvements shall be completed on or before July
01, 2022, 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 farces. 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") far the purpose of assuring DEVELOPER'S full and faithful
completion ofthe required improvements as shown on the Construction Plans. The amount
of the Performance Surety, for the Improvements shall be the sum of $1.595 260.23 as set
forth on Exhibit "A" attached hereto and incorporated herein. The amount of such
Performance Surety is based upon 125% ofan 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 ofthe 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 ofthe CITY
have been met and CITY l-ornnally accepts such Improvements in writing, the follo«ing
shall occur:
A. Vfhe 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 . and
ii. Tvo (2) hard copy sets. and one electronic copy ofas-built plans.
DEVELOPMENT SURETY AGREEMENT — Modern Craftsman at Black Cat — 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 $75,020.00 to provide for correction of any
defective materials or workmanship in such Required Public Improvements for a
period of t% o (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. alone with a
statement from the DEVELOPER that the Required Public Improvements continue
to meet City-s Requirements at the end of the tvvo 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 chances
shall be made, assumed and implied to make the provisions hereof apply equally to a single
or several individuals.
DEVELOPI`IE T SURETY AGREENJUN T —Modern Craftsman at Black Cat — 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.
BLACK CAT APTS, LLC.:
By:A41-
Matt Riggo &r
STATE OF tDAX39
County of
On this /ZO day of &ic�p st 20,E 1, before me. the Undersigned. a Notary
Public in and for the State of Idaho_ pers&ally appeared Matt Riggs, known or identified to me to be the
Partner of Black Cat Apartments. I I-C.. who executed this instrument on behalf of said Limited Liability
Company, and acknowledged to me that such Limited Liability Company executed the same.
IN WITNESS WHLRLOF. I have hereunto set my hand and affixed my official seal the day and
year first above written.
SEA[,
MgLj3sA JOY
NOTARY PUBLIC
STATE OF COLORADO
NOTARY 1 20194031189
My COMMSSION EXPIRES AAU0qq"UAST 15. 2OW2
MY
,
6/1
NotaryPu fo I 11 'yo
My Coll 6,
In io E 'Pires:
DEVELOPMENT St 1 RETY AGREEMENT— Modern Craftsman at Black Cat —Page 4
STA f'E OF IDAHO
ss.
County' of Ada
CITY OF MFRIDIAN:
By: � Robert E. - imi, on. —Mayor
.1.
On this day of T-
20A before me, the undersi-ned. i 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
acknm� ]edged to me that the City of Meridian executed the same.
IN WITNESS WHERE01". I hwe hereunto set any hand and affixed my official seal the day and
year first above written.
SEAL
We •
ION
MING77
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C)l
otar\ Pub is for Idaho vires..
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DEVELOPMENT SURETY AGREEMENT— Modern Craftsman at Black Cat— Page 5
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