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400753 DEVELOPMENT AGREEMENT l - 1Tm hr is agreement is entered into this day of - , 1993, by and between McCoy Brothers (hereinafter referred to as "Developer") and the city of Moscow, a municipal corporation of the State of Idaho (hereinafter referred to as the "City") , for purposes of improving real property within the city of Moscow; WITNESSETH: WHEREAS, The City of Moscow ordinances and regulations require the installation of public improvements, including sanitary sewer improvements adjacent to property which is being built upon; and, WHEREAS, the parties mutually desire to ensure that such improvements are constructed; NOW THEREFORE, and in consideration of the following mutual promises, Developer and the City hereby agree and covenant as follows: I. PROPERTY AFFECTED: The property which is the subject of this agreement is described as follows: Lots 14-19, Block 8, Re-plat of Moore's Addition to the City of Moscow. II. PUBLIC IMPROVEMENTS: The Developer hereby agrees to complete improvements described as follows: 1) Install curbing for the length of said development along the east side of Jefferson Street; 2) Relocate an existing catch basin to match the new curb line. The Developer agrees to pay all the costs of these improvements. III. CITY'S COVENANT: The City shall issue building permits subsequent to construction and inspection of said improvements described in Section II of this agreement or when security in the amount of $3,350.00 has been deposited with the city in accordance with Section 4 of this agreement. It is further agreed that the security must be effective for a minimum period of two hundred and seventy (270) days from the date of the issuance of the building permit. DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- 400753 IV. SECURITY FOR IMPROVEMENT: The City agrees that upon receipt of security described in paragraphs III and v of this agreement, it will issue building permits (upon payment of permit fees) . It is further agreed that the security shall be utilized as follows: A. If Developer fails to complete construction of all public improvements described in Section II within 180 days of the issuance of the building permits, the city may attach the security described in section IV and cause such improvements to be made. Any costs associated with the construction of such improvements in excess of the security shall be borne by the Developer. Any addi tiona! construction services shall be let by bid and subject to the laws of the state of Idaho. V. FORM OF SECURITY: Security shall be in the form of a construction bond, irrevocable letter of credit from a certified bank or other financial institution, or such other form of security acceptable by the City Attorney prior to the issuance of building permits by the city. VI. TERM: This agreement shall remain in effect until all improvements as described herein are completed and accepted by the City, and in no event shall the time period to construct the improvements described in section II exceed 180 days, unless said time period is extended by the City. If said time period is extended by the City, Developer shall undertake at its sole expense to extend for a like period the security for improvements. VII. COVENANTS TO RUN WITH LAND: This agreement shall run with the land and the benefits and burdens herein described shall be binding on the parties heirs, assigns and successors in interest. IN WITNESS WHEREOF, the Developer has executed this agreement to be effective the date first above written. DEVELOPER: McCoy Brother DEVELOPMENT AGREEMENT CITY OF MOSCOW: ATTEST: lerk /fJLLu:tv 7 - -2 I ---PAGE BREAK--- ACKNOWLEDGMENT State of Idaho ) ) ss County of Latah ) 400753 On this ,?(3ft( day of Cz/r,z!.,-nk-L--- I 1993 before me, a Notary Public in and for said State, appeared , .zk known to me to be the person named above and n cknowl othat he executed the foregoing agreement. ACKNOWLEDGMENT State of Idaho ) ) ss County of Latah ) Notary Public and:fp the State of Idaho On this day of f0roer'A-6.c- , 1993, before me, a Notary Public 1n and for said State, appeared Paul c. Agidius and Elaine Russell, known to me to be the Mayor and City Clerk of the City of Moscow and acknowledged that he executed the foregoing agreement. fqr the : ' DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- P.O. Box 9203 83843-1703 November 3, 1993 McCoy Brothers P.O. Box 8448 Moscow, Idaho 83 843 Re: Development Dear McCoy Brothers: Phone [PHONE REDACTED] Fax [PHONE REDACTED] You have approached the City of Moscow regarding your intended development at the Adams and Jefferson location, in the same block wherein you constructed other apartments. Because you desire to pour the foundations of these additional buildings immediately, prior to the onset of cold weather, this does not leave us enough time to negotiate a development agreement to guarantee the construction of public improvements relating to your development. You have therefore requested, prior to the completion of such an agreement, the issuance of a foundation permit to allow for the pouring of the foundations at this time. Provided that your development meets all standards as defined by Dale Pernula, Moscow Community Development Director, and your plans meet the _applicable standards of the building codes, the City of Moscow will issue a foundation permit for such development, subject to the following conditions: I. You agree that you will execute a development agreement for the construction of public improvements and will provide the necessary security before the City will issue further building permits for the development; and 2. You shall not construct any improvements to the development other than such foundations without obtaining the proper permits from the City; and 3. You shall hold the City harmless from, and shall indemnify the City for claims for damages of any nature whatsoever claimed by you or anyone else resulting from the City's non-issuance of further permits for such development. ---PAGE BREAK--- McCoy Brothers November 3, 1993 Page 2 4. Your decision to proceed with this development without first executing a development agreement and obtaining building permits is made at your own risk and you agree that the City has made no representations or promises inducing you to proceed without such agreement and building permit. Please sign below if you desire to proceed in conformance with this letter. McCoy Brothers