212 Partial Release of Provisions on Development Agmts
RECETV ED
FEB - 2 1999
CITY OF MERIDIAN
BY: e. tf(1u~frel!-
C t91-vn-ci"t /'I1Li~~
A RESOLUTION OF THE CITY COUNCIL SETTING FORTH CERTAIN FINDINGS
AND PROVIDING FOR THE AMENDMENT AND AS A PARTIAL RELEASE OF THE
PROVISION IN OF ANY AND ALL "DEVELOPMENT AGREEMENT(S)" ENTERED
INTO BY THE CITY AS PART AND PARCEL OF AN APPLICATION FORANNEXATION
AND ZONING AND/OR ZONING AMENDMENT APPLICATION APPROVAL
WHEREIN SUCH "DEVELOPMENT AGREEMENT(S)" IT IS PROVIDED THAT THE
DEVELOPERS AGREE TO AND GRANT A SECURITY INTEREST IN THE LAND
WHICH IS SUBJECT TO THE AGREEMENT AND PROVIDING THAT THE MAYOR
AND CITY CLERI( MAY EXECUTE AND RECORD THE APPROPRIATE RELEASE OF
SAID PROVISION.
RESOLUTION NO. 2/2.
NOW, THEREFORE, BASED UPON THE ABOVE AND FORGOING IT IS
HEREBY RESOLVED AND THIS DOES RESOLVE THAT:
SECTION 1. FINDINGS.
1. WHEREAS, there were certain "Development Agreements" entered into by the
City as part and parcel of an application for annexation and zoning and/or zoning amendment
application approval wherein in such "Development Agreement(s)" it is provided that the
Developers agree to and grant a security interest in the land which is subject to the agreement;
and
2. WHEREAS, it has been cumbersome to administer said provision and it is found
that the provision may be released and the City's interests otherwise protected in said agreements;
and
3. WHEREAS, it is administratively more efficient to provide for a grant of authority
to the Mayor and City ClerIc. to execute on behalf of the City the necessary partial releases of said
provision of the affected "Development Agreement( s)" so that each individual partial release does
not have to be brought baclc. before the City Council for approval; and
4. WHEREAS, it is found that this resolution does not affect any of the specific terms
of development required by the "Development Agreement(s)" that are the subject of this
resolution and said "Development Agreement(s)" will not be materially different and therefore
a public hearing on this matter is not required.
SECTION 2: The Mayor and City Clerk. are hereby authorized upon request of a real party in
interest to the "Development Agreement( s)" on behalf of the City of Meridian to execute and
record the appropriate partial release of those provisions of any uDevelopment Agreement(s)"
providing that the Developers agree to and grant a security interest in the land which is subject
to the agreement and to release any claim of the City to on the following herein quoted
RESOLUTION FOR PARTIAL RELEASE
OF THE PROVISIONS OF ANY AND ALL DEVELOPMENT AGREEMENTS - 1
(
provisions:
That Developers agrees to, and does hereby, grant a security interest in the land which is
the subject of this Agreement, . . . 1, foreclose this Agreement as a mortgage in accordance
with the mortgage foreclosure laws of the State of Idaho; provided further that upon
request of the DEVELOPER, the CITI will execute and deliver a partial release of the lien
created herein against all or any portion of the subject land, upon completion of that
portion of the total improvements installed which relates to the percentage of
improvements that have been installed as compared to the total amount of improvements.
The CITI further agrees that, upon request of DEVELOPER, the CITI will, by written
agreement, subordinate the lien created hereby, to any mortgage, deed of trust, or other
security device required to secure the payment of any loan or advance made to
DEVELOPER for the sole purpose of financing the construction of improvements upon
the land which is the subject of this Agreement; provided, however, that the financing
entity shall first warrant and represent in writing that it understands that the
contemplated loan or advances will be used solely for the construction of improvements
upon the land and that it will tak.e reasonable precautions usual and customary to the
financing and lending industry to ensure that the loan proceeds or advances will not be
used for any other purpose.
SECTION 3. All other terms and conditions of the Developement Agreement are hereby
affirmed.
Il PASSED BY THE CITI COUNCIL OF THE CITI OF MERIDIAN, IDAHO, this
/6 - dayof fi6r~'Y ,1999.
APPROVED BY THE MAYOR OF THE CITI OF MERIDIAN, IDAHO, this
16#1.. day of Fe6raaJ;j , 1999.
ArrEST:
IPortions not quoted are not released.
RESOLUTION FOR PARTIAL RELEASE
OF THE PROVISIONS OF ANY AND ALL DEVELOPMENT AGREEMENTS - 2