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DEVELOPMENT AGREEMENT THIS AGREEMENT is entered into this 7th day of February 1994, by and between Eisinger Construction (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 curbing and water line improvements adjacent to property which is being built upon; and WHEREAS, the parties mutually desire to ensure that such improvements are constructed; NOW, THEREFORE, for 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: Lot A, Lot 6, Block 2, Nelson Addition to the City of Moscow. II. PUBLIC IMPROVEMENTS: The Developer hereby agrees to complete improvements described as follows: I) Install concrete curbing for the length of said development along the south side of N elson A venue; 2) Install a 6-inch diameter watermain for the length of said development in Nelson Avenue. 3) Grade Nelson Avenue to design elevation and furnish and install a 6-inch thick crushed basalt base 36 feet in width (along the length of the lot). The Developer agrees to pay all the costs of these improvements. All construction shall be in accordance with City standards. The Developer agrees to furnish approved engineered design drawings for these improvements. DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- 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$9,430.00 has been deposited with the City in accordance with Section IV 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. IV. SECURITY FOR IMPROVEMENT: The City agrees that upon receipt of security described in Sections III and IV 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 additional 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 fmancial 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, their heirs, assigns and successors in interest. DEVELOPMENT AGREEMENT PAGE2 ---PAGE BREAK--- IN WITNESS WHEREOF, the Developer has executed this Agreement to be effective the date first above written. DEVELOPER: CITY OF MOSCOW: EISINGER CONSTRUCTION efisinger ATTEST: STATE OF IDAHO ) Elaine Russell, City Clerk ACKNOWLEDGMENT ) ss COUNTY OF LATAH ) . ' ) \ Ji day of ?J1a , 1994, before me, a Notary Public in and 0µco····;r<1P¶·tate, appeared Jeff Eisinger, kno¸ to me to be the person named above and j' 0 ¹WitWged that he executed the foregomg Agreement. o