PZ - Development Agreement FIFTH ADDENDUM TO DEVELOPMENT AGREEMENT
(DRAFT—1/8/24)
PARTIES: 1.City of Meridian
2. Hosac Frank Ventures LLC, Developer
3. HV-55 LLC,Owner
THIS FIFTH ADDENDUM TO DEVELOPMENT AGREEMENT("Fifth Addendum") is dated this_day of , 2024,
by and between City of Meridian, a municipal corporation of the State of Idaho("City")whose address is 33 E.
Broadway Avenue, Meridian, Idaho 83642, HV-55 LLC,an Idaho limited liability company("Owner")whose address is
3676 N. Harbor Lane#100, Boise, Idaho 83703,and Hosac Frank Ventures LLC,an Idaho limited liability company
("Developer")whose address is 3676 N. Harbor Lane#110, Boise, Idaho 83703,and
RECITALS
A. WHEREAS,the original Development Agreement ("Development Agreement")was recorded on a portion of the
property on 8/20/04 in the real property records of Ada County as Instrument No. 104107406,
B. WHEREAS,the Addendum to Development Agreement("15t Addendum")was recorded on a portion of the
property on 3/29/07 as Instrument No. 107044347,
C. WHEREAS,the Second Addendum to Development Agreement("2"d Addendum")was recorded on a portion of
the property on 2/21/13 as Instrument No. 113019368,
D. WHEREAS,the Third Addendum to Development Agreement("3rd Addendum")was recorded on a portion of the
property on 5/8/14 as Instrument No. 114034779,
E. WHEREAS,the Fourth Addendum to Development Agreement("4t"Addendum")was recorded on a portion of
the property on 5/29/14 as Instrument No. 114041278,
F. WHEREAS,City,Owner and Developer now desire to amend the Development Agreement with this Fifth
Addendum,which terms have been approved by the Meridian City Council in accordance with Idaho Code
Section 67-6511.
NOW,THEREFORE, in consideration of the covenants and conditions set forth herein,the parties agree as follows.
1. Owner and Developer shall be bound by the terms of the Development Agreement and the subsequent
addendums listed above, except as specifically to Section 4 and Section 6,amended as follows:
4. USES PERMITTED BY THIS AGREEMENT:
4.3 The construction and development of a self-storage facility on Parcel No. R0945580275(2755 N.
Eagle Road)with combined building footprints of up to 36,000 square feet and a combined gross
building area over multiple stories of up to 135,000 square feet.
6. CONDITIONS GOVERNING DEVELOPMENT OF SUBJECT PROPERTY:
6.1 Owner/Developer shall develop the Property in accordance with the following special conditions:
6.1.6 The maximum square footage for the footprint of a single building within the C-G portion of the
project shall not exceed 32,500 square feet. The maximum square footage for the combined
footprints of all buildings within the C-G portion of the project shall not exceed 75,000 square feet.
6.1.10 The elevations for the proposed buildings on Parcel No. R0945580275(2755 N. Eagle Road)shall
comply with the elevations in the CUP approved concurrently with this 5th Addendum. Elevation
requirements for all other commercial/office buildings in the C-G portion of the project shall remain
unchanged.
2. Owner and Developer agree to abide by all ordinances of the City of Meridian that are consistent with the terms
of the Development Agreement, its subsequent addendums,and this 5t'Addendum.
FIFTH ADDENDUM TO DEVELOPMENT AGREEMENT—1
3. If any provision of this 5th Addendum is held not valid by a court of competent jurisdiction,such provision shall
be deemed to be excised from this 5th Addendum and the invalidity thereof shall not affect any of the other
provisions contained herein.
4. This 5th Addendum sets forth all promises, inducements,agreements,conditions,and understandings between
Owner, Developer and City relative to the subject matter herein, and there are no promises,agreements,
conditions or understandings,either oral or written,express or implied, between Owner, Developer and City,
other than as are stated herein. Except as herein otherwise provided, no subsequent alteration,amendment,
change or addition to this 5th Addendum shall be binding upon the parties hereto unless reduced to writing and
signed by them or their successors in interest or their assigns,and pursuant,with respect to City,to a duly
adopted ordinance or resolution of City.
a Except as herein provided, no condition governing the uses and/or conditions governing development
of the subject Project Site herein provided for can be modified or amended without the approval if the
City Council after the City has conducted public hearing(s)in accordance with the notice provisions
provided for a zoning designation and/or amendment in force at the time of the proposed amendment.
5. This 5th Addendum shall be effective as of the date herein above written.
6. Except as amended by this 5th Addendum,all terms of the Development Agreement and its subsequent
addendums shall remain in full force and effect.
ACKNOWLEDGMENTS
IN WITNESS WHEREOF,the parties have herein executed this agreement and made it effective as hereinabove provided.
OWNER:
HV-55 LLC
By: Hosac Ventures LLC, Manager
By: Kenneth W. Hosac, its Manager
DEVELOPER:
Hosac Frank Ventures, LLC
By: Kenneth W. Hosac, Manager
CITY OF MERIDIAN
By: Mayor Robert Simison
ATTEST
By: Chris Johnson,City Clerk
FIFTH ADDENDUM TO DEVELOPMENT AGREEMENT-2