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DEVELOPMENT AGREEMENT Deerfield Addition Subdivision This agreement is entered into this lw day of I 1991, by and between Conrad c. Smith, Max c. Stockwell, and Stanley c. Stockwell (referred to as DEVELOPERS) being developers of real property included in this agreement and the city of Moscow, a Municipal Corporation of Idaho, (referred to as CITY) ; WITNESSETH: WHEREAS, DEVELOPERS own property within the City of Moscow described as Deerfield Addition to the City of Moscow; and WHEREAS, the CITY desires to ensure that all public improvements are properly installed by DEVELOPERS; NOW THEREFORE, DEVELOPERS and the CITY hereby agree as follows: I. II. III. IV. PROPERTY AFFECTED: This agreement affects real property known as Deerfield Addition to the city of Moscow, Latah County, Idaho and additional public rights-of-way connecting this property to existing City streets. This property is described in the plat identified as 'Appendix A' which is attached to and incorporated into this agreement. PHASING OF DEVELOPMENT: DEVELOPERS may phase the development of the subdivision in two phases, which are described in Appendix A. Construction of public improvements in Phase I shall be completed within ninety (90) calendar days of issuance of the first building permit in Phase I. Construction of public improvements in Phase II shall be completed within ninety (90} calendar days of issuance of the first building permit in Phase II. PUBLIC IMPROVEMENT AND GRADING: The DEVELOPERS hereby agree to install, at their expense, in and to Deerfield Addition all curbs, sidewalks, street, sanitary sewer, storm sewer, house drains, water lines, and all necessary street and lot grading in accordance with the approved plans and to city standards during and under the terms of this agreement. In consideration of the mutual promises made herein, the City agrees as follows: ---PAGE BREAK--- A. To pay for the acquisition of right-of-way from Burlington Northern Railroad and for the upgrade of the railroad crossing to City standards. B. To pay for the cost of overs1z1ng White Avenue above City residential street standards. C. That DEVELOPERS will not be required as part of the subdivision improvements, to construct White Avenue west of Northwood street to Styner Avenue. D. That DEVELOPERS are not required to construct improvements in Eastwood Avenue. V. In Consideration the mutual promises contained herein, the Developers agree as follows: A. DEVELOPERS shall construct Styner Avenue to City standards, excluding sidewalk, from DEVELOPER'S subdivision west boundary to the existing paved section of styner Avenue. The agreement with the property owner of Block 1, Paradise Hills Addition will be activated which will require that owner to construct the curb and other improvements adjacent to their property as described in their agreement with the City. This construction shall be deemed a part of Phase I. B. The DEVELOPERS shall construct the water main to City standards in the portion of Styner Avenue described in Section A of this agreement except for that portion that is the responsibility of the property owner of Block 1, Paradise Hills Addition as described in their agreement with the City. This construction shall be deemed a part of Phase I. C. DEVELOPERS shall acquire a 20 foot wide utility easement for the sanitary sewer from the west line of Block 3 to its 'tie-in' to the existing City system, a distance of approximately 200 feet. This shall be deemed a part of Phase I. D. DEVELOPERS shall construct White Avenue from Northwood street to State Highway 8 and to acquire and dedicate to public use a permanent street right-of-way for White DEVELOPMENT AGREEMENT; Page 2 ---PAGE BREAK--- VI. VII. Avenue from the east boundary of the subdivision to the railroad right-of-way. This right-of-way must be acquired by the DEVELOPERS within eight years, at which time if the right-of-way has not been secured, the Council may consider vacation of block 2, lots 6-14, block 3, and block 4 of Deerfield Addition. This construction shall be deemed part of Phase II. E. DEVELOPERS shall secure a necessary 20 foot wide utility easement to connect water line from subdivision to Travois Way and construct the water main to city standards. This shall be deemed a part of Phase II. F. DEVELOPERS shall secure a necessary 20 foot wide utility easement from the railroad to construct a storm drainage pipe, or ditch, from White Avenue, immediately south of the railroad track crossing, west, along the railroad right-of-way approximately 150 feet. This construction shall be deemed a part of Phase II. This agreement shall remain in effect until all improvements are constructed and accepted by the CITY in Deerfield Addition to Moscow; this time period shall not exceed ten (10} years. PERMITS: A. The parties agree that no building permits will be issued for Phase I of Deerfield Addition until all public improvements and lot grading have been constructed in Phase I of this subdivision, or until adequate security has been provided to ensure proper construction of the public improvements in Phase I. B. The parties agree that no building permits will be issued for Phase II of Deerfield Addition until all public improvements and lot grading have been constructed in Phase II of this subdivision, or until adequate security has been provided to ensure proper construction of the public improvements in Phase II, including White Avenue from the subdivision to Highway 8. DEVELOPMENT AGREEMENT; Page 3 ---PAGE BREAK--- VIII. IX. X. c. If the DEVELOPERS provide adequate security and fail to complete all public improvements in the phase for which the security is provided within ninety (90) calendar days of issuance of the first building permit, the parties agree that building permits will cease to be issued until the improvements are complete, and the CITY may utilize the security specified in paragraph VIII to complete work on improvements. D. The parties agree that no building permits will be issued for Phase II of the subdivision until all public improvements are complete in that phase or until security has been provided in accordance with this development agreement. SECURITY FOR IMPROVEMENTS: The CITY agrees that upon receipt of the security described in paragraph IX it will issue building permits (upon payment of permit fees) for properties within Phase I of the development. If the DEVELOPER fails to complete construction of all of the improvements within ninety (90) calendar days of the issuance of the first building permit, the CITY may attach the security and cause the improvements to be made. Any engineering or construction costs in excess of the security shall be born by the Developers. FORM OF SECURITY: The DEVELOPER agrees to provide security in the amount of $311, 8 60 for Phase I, and for Phase II, an amount determined by the City Engineer sufficient to pay all costs and expenses of Phase II, in the form of a construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by the City Attorney and the City Council prior to the issuance of building permits by the CITY. The security must be effective for a minimum period of one year. If this security is in the form of a letter of credit or bond, the secured improvements shall be constructed at least ninety (90) days prior to the expiration date of the security. If not completed at that time, the CITY may claim the security and utilize it to complete the improvements. The amount of the security may, from time to time, be reduced to an amount deemed by the City Engineer satisfactory to complete all development. PARKLAND DEDICATION: The DEVELOPERS and CITY hereby agree that Block 3, Lot 1, partially DEVELOPMENT AGREEMENT; Page 4 ---PAGE BREAK--- XI. XII. XIII. XIV. satisfies the parkland dedication requirement. The remainder of the requirement shall be paid as a fee in lieu of dedication as follows: A. Phase I - to satisfy the parkland dedication requirement related to Phase I, a fee of $1,097.95 shall be paid by the DEVELOPERS to the CITY prior to issuance of any building permits in Phase I. B. Phase II - to satisfy the parkland dedication requirement related to Phase II, a fee of 808.82 shall be paid by the DEVELOPERS to the CITY prior to issuance of any building permits in Phase II. This amount shall increase by six percent ( per year until the fee has been paid, to cover the inflationary land costs. AS-BUILT DRAWINGS: The DEVELOPERS agree to furnish, prior to acceptance of the improvements by the CITY, one set of accurate, complete, reproducible as-built drawings for all of the water, storm sewer, sanitary sewer, curb, house drains, sidewalk, and street improvements constructed in each phase of the subdivision. FAILURE TO COMPLY: If the DEVELOPERS fail to comply with the terms of this agreement, the CITY, after ten (10) days written notice, may seek specific performance of the agreement, may attach the security to complete the improvements. The DEVELOPERS agree to pay all expenses incurred by the CITY in enforcing the agreement. BINDING ON HEIRS, ASSIGNEES, AND PURCHASERS: This agreement shall be binding upon the heirs, assignees, and purchasers of the properties. VENUE AND ATTORNEY'S FEES: The parties agree that should any provision of this agreement be litigated in the future, venue for such litigation shall be with the District Court of the State of Idaho in and for the County of Latah. The prevailing party in such action shall award its reasonable costs and attorney's fees. XV. NOTICES: Any notice required by this agreement shall be deemed served when delivered by and or by certified or registered mail to the other party at the following address: DEVELOPMENT AGREEMENT; Page 5 ---PAGE BREAK--- Developers: City: City of Moscow P. O. Box 9203 Moscow, ID 83843 IN WITNESS WHEREAS, the parties have executed this agreement to be effective the date first above written. DEVELOPERS: CITY OF MOSCOW: ATTEST: DEVELOPMENT AGREEMENT; Page 6 ---PAGE BREAK--- I ! N 9 o Jo . Jo . E "i 146 . .15. . Z uriL 1 rr / / s oo 19. . E'\s£11E'Nr b [ I