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DEVELOPMENT AGREEMENT BETWEEN CREACO INVESTMENTS, LLC AND THE CITY OF MOSCOW, IDAHO (SOUTHFORK SHOPS) 517893 THIS DEV LOPMENT AGREEMENT (hereinafter "Agreement") is entered into this 21 SJ day of 2007 by and between Creaco Investments, LLC, 457 West Palouse River Drive, scow, Idaho, 83843 (hereinafter "DEVELOPER"), being Developer of real property as described herein, and the City of Moscow, Idaho, a Municipal Corporation of the State ofldaho, 206 East Third Street, Moscow, Idaho, 83843 (hereinafter "CITY"); W I T N ESS E T H : WHEREAS, DEVELOPER desires to develop property to be known as Southfork Shops in the City of Moscow, Latah County, Idaho; and WHEREAS, DEVELOPER desires to own and maintain his own two inch diameter water service line extending from CITY's existing six inch diameter main at the northeasterly corner of DEVELOPER's property to CITY water meters located at each of DEVELOPER's individual shop spaces (approximately eleven [!!]locations); and WHEREAS, DEVELOPER enters into this Agreement of DEVELOPER's own free will and accord, without coercion and without inducement and at DEVELOPER's request; and WHEREAS, DEVELOPER has read this A greement, has understood it, and has had the opportunity to avail itself of legal and other counsel prior to entering into this Agreement and prior to signing it; NOW, THEREFORE, DEVELOPER and CITY hereby agree as follows: l. PROPERTY A FFECTED: This Agreement affects property to be known as Southfork Shops within the City of Moscow, Latah County, Idaho, located at 457 West Palouse River Drive and more particularly described as follows and as shown on Exhibit "A " attached hereto and made part of this Agreement, the same as if fully copied and transcribed: The land situated in the City of Moscow, Latah County, State of Idaho and is described as follows: Beginning at the Northwest corner of Lot I of A llen Tracts of Section 1 9, Township 39 North, Range 5, W.B.M.; thence South 72.5 feet, more or less, on the West boundary line of Lot I to a point; thence Southeast along the boundary line of Lot 1 , 70 feet, more or less, to the middle of the creek intersecting the said West line; thence Northeasterly along the center line of the creek to its intersection of the North line of the Lot I; thence West on the North line of Lot I, 1 72 feet, more or less, to the POINT OF BEGINNING. DEVELOPMENT AGREEMENT • CREACO; SOUTHFORK SHOPS PAGE 1 OF4 2007-31 ---PAGE BREAK--- 517893 A LSO, beginning at a point which is S. 87 degrees 08' W. 990.55 feet from the Northeast comer of Section 19, Township 39 North, Range 5, W.B.M.; thence S. 87 degrees 08' W. 157.45 feet along the section line; thence South 554 feet; thence N. 87 degrees 08' E. 157.45 feet to the TRUE POINT OF BEGINNING; thence North 100 feet; then N. 87 degrees 16' 27" E. 97.58 feet; thence S. 42 degrees 58' W. 143 feet to the TRUE POINT OF BEGINNING. A LSO Beginning at a point which is S. 87 degrees 08' W. 990.55 feet from the Northeast comer of Section 19, Township 39 North, Range 5, W.B.M.; thence S. 87 degrees 08' W. 157.45 feet along the section line; thence South 454 feet to the TRUE POINT OF BEGINNING; thence continue South 100 feet; thence N. 87 degrees 08' E. 157.45 feet; thence North 100 feet; thence S. 87 degrees 08' W. 157.45 feet to the TRUE POINT OF BEGINNING. A LSO Lot 2 of A llen Tracts to the City of Moscow, as shown by the recorded plat thereof. EXCEPTING THEREFROM Beginning at a point 171.3 feet North and 33.9 feet West of the Southeast comer of said Lot 2 of said A llen Tracts and running thence S. 89 degrees 47' W. 50.5 feet; thence S. 01 degrees 43' W. 26.6 feet; thence South 30 degrees 50' W. 23.63 feet; thence S. 89 degrees 42' W. 208.7 feet to a point on the West Boundary line of said Lot 2; thence North a distance of 448.7 feet on said West boundary line of Lot 2 to the Northwest corner of said Lot 2; thence in a Northeasterly direction on the North boundary line of said Lot 2 to a point 29.3 feet West of the Northeast corner of said Lot 2; thence S. 00 degrees 37' W. 454.3 feet to the POINT OF BEGINNING. II. IMPROVEMENTS: DEVELOPER agrees to install, own, and forever maintain, at DEVELOPER's expense, a two inch diameter water service line extending from CITY's existing six inch ( diameter main at the northeasterly corner of DEVELOPER's property to CITY water meters located at each of DEVELOPER's individual shop spaces (approximately eleven [l l ]locations), all in accordance with City Standards and adopted codes. III. CITY'S COVENANT: CITY shall own and maintain only the water meters located near the shop buildings on said property and shall not own or maintain the two inch diameter service line to said meters, as shown in Exhibit" A IV. DEVELOPER'S COVENA NT: A . DEVELOPER shall furnish, install, own and maintain at DEVELOPER's expense, a two inch diameter water service line extending from CITY's existing six inch diameter main at the northeasterly comer of DEVELOPER's property to CITY water meters located at each of DEVELOPER's individual shop spaces (approximately eleven [ll]locations), all in accordance with City Standards and adopted codes and as shown in Exhibit DEVELOPMENT AGREEMENT - CREACO; SOUTHFORK SHOPS PAGE20F4 ---PAGE BREAK--- 517893 B. DEVELOPER agrees that if the two inch diameter service line develops a leak or is otherwise in need of repair or replacement, CITY will tum off the water supply at the point where the two inch service line connects to CITY's main and no water will be furnished said development of Southfork Shops until the two inch line has been satisfactorily repaired. C. DEVELOPER shall notifY all purchasers and/or users of the individual shop spaces within Southfork Shops, and all subsequent Associations or owners, of DEVELOPER's obligation as set out herein of the Southfork Shops development to own and maintain the two inch diameter water service line to said South fork Shops development's water meters and that it is not and shall not he CITY's responsibility to maintain the two inch service line. V. FAILURE TO COMPLY: DEVELOPER agrees that if DEVELOPER does not maintain the two inch diameter service line in operable condition that CITY has the right to tum off the two inch service line at its connection to CITY's main without notice to DEVELOPER and that such two inch service line shall remain off until such two inch service line has been repaired to the satisfaction of CITY. VI. BINDING ON HEIRS, ASSIGNS AND PURCHASER: This Agreement shall be binding upon the heirs, assignees of the parties, and subsequent purchasers and teasers of and/or within the property described herein. VII. VENUE AND ATTORNEY 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 Second Judicial District of the State of Idaho in and for the County of Latah. VIII. MODIFICATION: DEVELOPER and CITY agree that the provisions of this Agreement may he modified only upon request of DEVELOPER and acceptance of such modification by the Moscow City Council or by a subsequent development agreement between the parties. IX. COVENANTS TO RUN WITH LAND: This Agreement shall run with the land affected hereby, as shall all covenants contained herein, and shall be to the benefit of CITY, its successors and assigns. This Agreement shall he recorded with the Latah County Recorder. X. NOTICES: Any notice required or called for by this Agreement shall he deemed served upon the party to whom it is sent when delivered by certified United States mail to the following addressed: DEVELOPMENT AGREEMENT • CREACO; SOU1HFORK SHOPS PAGE30F4 ---PAGE BREAK--- DEVELOPER: Creaco Investments, LLC 457 West Palouse River Drive P 0 Box 9321 CITY: Moscow, ID 83843 Nancy Chaney, Mayor City of Moscow P O Box 9203 Moscow, ID 83843 Phone: (208) 883-7000 FAX: (208) 883-7018 XL : DEVELOPER has read and understood this Agreement and the contents thereof and has had the opportunity to avail itself of legal and of other counsel before entering into this Agreement and before signing it, and hereby enters into it voluntarily, willingly, and without inducement. rN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. DEVELOPER: CITY : dint Townsend, Sole Owner STATE OF IDAHO ) ) ss: COUNTY OF LATAH ) Stephanie Kalasz, City Clerk On this 'f!-4 day of lt..t.ud- , 2007, before me, the undersigned, a Notary in and for said State, personally appeared nt Townsend known to me to be the person whose name IS to the foregoing and acknowledged to me he executed the same for and in behalf of Creaco Investments, LLC. ---PAGE BREAK--- Scale: 1" = 1000' EXHIBIT Creaco Investments, L.L.C. and City of Moscow Development Agreement City Water Main 517893 TTHJ';[ - ·sTOF: _;;rM1!c,? I i;)itrE & iiR: ;17 /J.'JJ lhtc. SUSAN PETERSEN lATAH COUNTY RECORDER LEGEND FEES 1/ BY ,..;l()lux'f