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DEVELOPMENT AGREEMENT BETWEEN GREEN ACRES DEVELOPMENT, LLC AND THE CITY OF MOSCOW, IDAHO GREEN ACRES ADDITION 516605 TillS DEVELOPMENT AGREEMENT for the Green Acres Addition (a Planned Unit Development) between Green Acres Development, L.L.C. d the City of Moscow, Idaho (hereinafter "Agreement") is entered into this D day of 2007, by and between Green Acres Development, L.L.C., 1200 Nottingham Place, scow, Idaho (hereinafter referred to as "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 referred to as "CITY"); WI T N E S S E T H: WHEREAS, DEVELOPER desires to develop property to be known as Green Acres Addition in the City of Moscow, Latah County, Idaho. WHEREAS, DEVELOPER understands that improvements required herein are standards required pursuant to Moscow City Code Title 5, Chapter 1 and are authorized by Idaho Code Section 67-6513 and Section 67-6518; and WHEREAS, DEVELOPER and CITY believe that, without the public improvements required herein, CITY would not be able to otherwise provide for mitigation of the effects of the subdivision development on the ability of CITY to deliver services without compromising quality of such service delivery to current City residents, or without imposing substantial additional costs upon current City residents to accommodate the proposed subdivision; and WHEREAS, CITY desires to ensure that public improvements consisting of street, curbs, sidewalks, paving, culdesac, water mains, frre hydrants, water services, sanitary sewer mains and stubs, storm drain mains and stubs, street lighting, franchise utilities, private streets and alleys for the purpose of providing access from public streets to individual lots, are constructed; and WHEREAS, DEVELOPER understands that a waiver of public improvements is available pursuant to the Moscow City Code, but DEVELOPER specifically does not wish to request such a waiver and wishes to enter into this Agreement; and WHEREAS, DEVELOPER enters into this Development 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 Agreement, 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; DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGElOF7 2007-24 ---PAGE BREAK--- NOW, THEREFORE, DEVELOPER and CITY hereby agree as follows: I. PROPERTY AFFECTED: 516605 This Agreement affects property to be known as Green Acres Addition (a Planned Unit Development) within the City of Moscow, Latah County, Idaho, more particularly described as follows: The North half of Lot 37 in the NE1/4SWI/4 of Section 16, Township 39 North, Range 5 West, B.M. together with that portion of vacated street/alley which attaches by operation of law. The above described parcel being more particularly described as follows: Commencing at the West Quarter Comer of said Section 16, thence southerly along the west line of said Section 16, S 0°57'06" W, 79.59 feet, thence departing said west line, S 89°44'27" E, 1999.43 feet, to a point on the south line of Southgate 2nd Addition, being the True Point of Beginning; Thence continuing, S 89°44'27" E, 659.18 feet, along the south line of Southgate 2nd Addition, to the Northwest comer of Ridgeview Estates; Thence S 0°40'47" W, 350.00 feet along the west line of Ridgeview Estates,; Thence N 89°44'27" W, 658.94 feet, along the south line of said North half of Lot 37 of the Plat of Sec. 16, T.39N. R.SW. B.M; Thence N 0°38'24" E, 350.00 feet, along the west line of said Lot 37, to the True Point of Beginning. IT. PUBLIC IMPROVEMENTS: DEVELOPER agrees to install, at DEVELOPER's expense, public improvements required by Moscow City Code Sections 5-1-4 and 5-1-5 consisting of street, curbs, sidewalks, paving, culdesac, water mains, fire hydrants, water services, sanitary sewer mains and stubs, storm drain mains and stubs, street lighting, franchise utilities, private streets and alleys for the purpose of providing access from public streets to individual lots; all in accordance with City Standards duly adopted by Resolution of the City Council and in accordance with approved engineering plans. !Il. TERM: This Agreement shall remain in full force and effect in accordance with all of its terms and conditions as follows: A. Until all public improvements have been completed and accepted by CITY; and B. Until the warranty period for public improvements has expired; and C. Until all development fees, as required and assessed by CITY, have been paid in full. DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGE 20F7 ---PAGE BREAK--- IV. CITY'S COVENANT: 516605 CITY shall issue building permits to DEVELOPER's property only after the following has occurred: A. Payment of all applicable developmental fees required and assessed by CITY; and B. CITY has determined that the construction of all required public improvements is complete or after adequate security, as described in Moscow City Code Sections 5-1-10 and as described in Sections VI, VII and VIII herein, has been provided to ensure construction, maintenance and warranty repairs of the required public improvements; and C. Compliance with applicable CITY permit issuance requirements and policies. V. DEVELOPER'S COVENANT: A. DEVELOPER agrees to construct, at DEVELOPER's expense street, curbs, sidewalks, paving, culdesac, water mains, fire hydrants, water services, sanitary sewer mains and stubs, storm drain mains and stubs, street lighting, franchise utilities, private streets and alleys for the purpose of providing access from public streets tu individual lots, all in accordance with CITY approved engineering design plans, to CITY standards, during and under the terms of this Agreement; and B. DEVELOPER agrees to furnish to CITY, at DEVELOPER's expense, engineering design plans (for the required public improvements) prepared by an Idaho Licensed Professional Engineer. Such plans shall be approved by the Moscow City Engineer prior to beginning any public improvements construction; and C. DEVELOPER agrees that DEVELOPER shall construct street, curbs, sidewalks, paving, culdesac, water mains, fire hydrants, water services, sanitary sewer mains and stubs, storm drain mains and stubs, street lighting, franchise utilities, private streets and alleys for the purpose of providing access from public streets to individual lots, within six ( 6) months from the date of the issuance of the building permit in the development; and D. If DEVELOPER fails to complete installation of the required public improvements within six months from the date of the issuance of the first building permit, to City standards and as per the approved plans, CITY shall revoke occupancy of the entire development and shall revoke any applicable permit issued to DEVELOPER by CITY. VI. SECURITY FOR IMPROVEMENTS: In lieu of DEVELOPER's construction and installation of all public improvements required herein and CITY'S acceptance of such for ownership and maintenance, CITY agrees that, upon receipt of the adequate security described in Moscow City Code Section 5-1-10, it will issue building permits (upon payment of all CITY development fees and satisfaction of Moscow City Code requirements) for DEVELOPER's development. If DEVELOPER fails to complete installation of the public improvements as required by CITY within six ( 6) months from the date of the issuance of the building permit in the development, CITY may attach the security and cause the improvements to be made or CITY may cause improvements to be made and attach a lien on the property in the amount of CITY expense incurred as a result of DEVELOPER's failure to comply with this Agreement. Any engineering or construction costs in excess of the DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGE30F7 ---PAGE BREAK--- 516605 security shall be borne by DEVELOPER. Any additional construction services shall be performed subject to the laws of the State of Idaho relative to public works contracting and bidding. VII. FORM OF SECURITY: DEVELOPER agrees to provide security for the public improvements in the amount to be determined by the City Engineer. This security shall be in the form of cash, construction bond, irrevocable letter of credit from a certified bank or financial institution, or such otber form of security acceptable to CITY. Such security shall be provided to CITY prior to the issuance of building permits by CITY. The security must be effective for a minimum period of one year from the date of the issuance of the first building permit in the development. If this security is in the form of an irrevocable 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 the public improvements identified and described in Section II are not completed within six months from the issuance of the first building permit in the development, CITY may claim the security and complete the said improvements. The amount of the security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions warrant. If for any reason the security for such improvements shall be withdrawn by DEVELOPER or the security or financial institution, or the value or terms thereof shall be compromised in any way, CITY shall inunediately cease issuing building permits and shall revoke any building permits and/or occupancy permits issued pursuant to the terms contained herein, and further, DEVELOPER shall hold CITY harmless for any and all causes of action or damages alleged to have been sustained because of the revocation of such building permits. If any building permits and/or occupancy permits are revoked pursuant to this section, such building permits and/or occupancy permits shall be re-issued upon receipt by CITY of new or additional security as required herein. VIII. WARRANTY A. All required public improvements, once constructed and accepted by CITY for ownership and maintenance, shall remain free of defects in materials and workmanship for a period of one year following the date of CITY's written acceptance of such required public improvements warranty period). B. DEVELOPER shall be responsible for correcting any and all deficiencies which occur within the one year warranty period. C. For the one year warranty period, a warranty Security in the amount of fifteen percent ( 15%) of the estimated value of the required public improvements, as determined by the City Engineer, shall be furnished to CITY prior to issuance of any building permit in the development and such warranty Security shall be in effect for a minimum period of two years from the date of the date of the issuance of the first building permit. D. If DEVELOPER fails to correct all deficiencies within a reasonable amount of the time, CITY may claim the warranty security and correct the deficiencies. E. The warranty security may be in any form allowed under Section VII of this Agreement. DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGE40F7 ---PAGE BREAK--- IX PARKLANDDEDICATION: 516605 Private open spaces in this development shall meet parkland dedication requirements of City Code Section 5-l-5.F. DEVELOPER agrees to develop the required open space prior to occupying the development and agrees that maintenance and preservation of the open space areas shall remain in perpetuity. X. STREET TREES: Prior to occupying this development DEVELOPER shall furnish and plant trees along Bristol Road right-of-way in accordance with CITY's street tree ordinance. XI. PHASING ALLOWED CITY may allow this development to occur in phases as specifically approved in writing by both the City Engineer and the Community Development Director. No building permit shall be issued for any phase of this development until after all public improvements related to each preceding phase of this development are completed, installed, and accepted by the City in accordance with this Agreement. Phasing shall be clearly shown on engineering design drawings. XII. CONSTRUCTION DRAWINGS: DEVELOPER agrees to furnish, prior to acceptance by CITY of the public improvements as required herein, one ( 1) set of accurate, complete, mylar fmal construction drawings for the public improvements described herein, unless such requirement is waived by the City Engineer. XIII. FAILURE TO COMPLY: DEVELOPER agrees to pay all expenses incurred by CITY in enforcing this Agreement. XIV. BINDING ON HEIRS, ASSIGNS AND PURCHASER: This Agreement shall be binding upon the heirs, assignees of the parties, and subsequent purchasers of and/or within the property described herein. XV. OCCUPANCY: DEVELOPER agrees that no person shall be allowed to occupy any part of the development for any purpose until the described public improvements are completed and accepted by CITY for maintenance or as otherwise provided for by a subsequent development agreement between the parties. XVI. 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. DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGE50F7 ---PAGE BREAK--- 516605 XVII. MODIFICATION: DEVELOPER and CITY agree that the provisions of this Agreement may be modified only upon request of DEVELOPER accompanied by a complete set of development plans, and acceptance of such modification by the Moscow City Council or by a subsequent development agreement between the parties. XVIII. 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 be recorded with the Latah County Recorder. XIX. NOTICES: Any notice required or called for by this Agreement shall be deemed served upon the party to whom it is sent when delivered by certified or registered United States mail to the following addressed: DEVELOPER: Green Acres Development, LLC 1200 Nottingham Place Moscow, ID 83843 CITY: Nancy Chaney, Mayor City of Moscow P O Box 9203 Moscow, ID 83843 Phone: (208) 883-7000 FAX: (208) 883-7018 XX. UNDERSTANDING: 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. IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. DEVELOPER: CITY: Green Acres Development, LLC City of Moscow, Idaho DEVEWPMENT AGREEMENT GREEN ACRES 2007 ---PAGE BREAK--- STATE OF IDAHO ) ) ss: County of cc.Lac..tah ) 516605 NO. AT THE REQUEST OF· f/tp' oe f7 DATE & HOIJR:dl$" L" .;;op ·OZ o·ttr-' SUSAN PETERSEN lATAH COUNTY RECORDER I IP <;Va/pr On this _d:Q_ day , 2007, before me, the undersigned, a Notary in and for said State, personally ap chaE . Beebe known to me to be the person whose name ts to the foregoing and acknowledged o me that he executed the same for and m behalf of DEVELOPER as its duly authorized agent. STATE OF IDAHO ) ) ss: County of c;.La:.:;;tah On this day of , 2007, before me, the undersigned, a Notary in and for said State, personally appeared Larry D. Germer known to me to be the person whose name is subscribed to the foregoing and acknowledged to me that he executed the same for and in behalf of DEVELOPER as its duly authorized agent. IN WTINESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year herein above written. DEVELOPMENT AGREEMENT GREEN ACRES 2007 PAGE70F7