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This thisd DEVELOPMENT AGREEMENT Lots 1 through 14, Block 1, Moser Estates Addition to the City of Moscow Development Agreement (11Agreement11) is entered into day of y , 1990, by and between MOSER LAND TRUST ( 11DEVELOPER11) 1 being owner and developer of real property which is affected by this Agreement, and the City of Moscow, a Municipal Corporation of Idaho ( 11CITY11) ; RECITALS: A. DEVELOPER owns real property within the CITY described as Lots 1 through 14, Block 1, Moser Estates Addition to the city of Moscow, Latah County, State of Idaho (11Property 11) . B. The CITY desires to ensure that lawfully imposed fees are paid and that all public improvements are properly installed on the Property by DEVELOPER; c. DEVELOPER desires to proceed with improvements to the Property to develop a subdivision for sale. NOW THEREFORE, DEVELOPER and the CITY hereby agree as follows: I. PROPERTY AFFECTED: This agreement affects the Property which is legally described as Lots 1 through 14, Block 1, Moser Estates Addition to the City of Moscow, Latah county, Idaho. The Property is as described on the plat identified as Exhibit A, which is attached to and incorporated into this Agreement. II. PUBLIC IMPROVEMENTS AND GRADING: DEVELOPER agrees to install, at its expense, all curbs, sidewalk, street, sanitary sewer, storm sewer, water lines, and all necessary street and lot grading on the Property in accordance with approved plans in and to CITY standards during and under the terms of this Agreement. DEVELOPMENT AGREEMENT 1 ---PAGE BREAK--- III. TERM: This Agreement shall remain in effect until all public improvements are constructed and accepted by the City for the Property for a period not to exceed five years, except with respect to the dedication of real estate for parkland purposes and the construction of emergency access road, which terms of this Agreement shall remain in effect for a period not to exceed fifty (50) years. IV. PERMITS: The parties agree that no building permits will be issued for the Property until all public improvements and lot grading have been constructed, or until adequate security has been given to the CITY, as provided below, to ensure proper construction of said public improvements. Until either of such events has occurred, DEVELOPER will notify any purchasers of lots of this restriction against issuance of a building permit. If DEVELOPER provides such adequate security and fails to complete all of the improvements within one hundred twenty (120) calendar days of issuance of the first building permit, the parties agree that building permits will cease to be issued until such improvements are complete. V. SECURITY FOR IMPROVEMENTS: CITY agrees that upon receipt of the security described in Paragraph VI it will issue building permits (upon payment of proper permit and utility connection fees) for lots within the Property. If DEVELOPER fails to complete construction of all of the improvements within one hundred twenty (120) calendar days of issuance of the first building permit, the CITY may attach such security and cause the improvements to be made. VI. FORM OF SECURITY. DEVELOPER agrees to provide security in the amount of Two Hundred and Thirty Two Thousand Dollars ($232, 000.00) for the Property 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 must be constructed at least ninety (90) days prior to the expiration date on the security. If not completed at that time, the CITY may claim the security and complete the improvements. The amount of the security may, DEVELOPMENT AGREEMENT 2 ---PAGE BREAK--- from time to time, be reduced to a reasonable amount as deemed satisfactory by the CITY Engineer. VII. PARKLAND DEDICATION. A. DEVELOPER agrees to dedicate one acre of land to CITY within that certain parcel of land owned by DEVELOPER as described on EXHIBIT B attached hereto and incorporated herein by this reference, the exact location of which will be agreed upon by DEVELOPER and CITY at the time the CITY requires a legally binding and written dedication of said parkland, provided, however, that it is the express intent of the parties that said one acre site be approximately square and located adjacent to the southeasterly corner of the parcel of land described on Exhibit B and adjacent to real property currently owned by Deeston. It is further agreed that said dedication will satisfy all of the CITY's requirements regarding DEVELOPER's obligations under the CITY's Park Development Fund relating to all property owned by DEVELOPER within the City of Moscow, being a parcel of land described on Exhibit B attached hereto containing 20.71 acres, not excepting the parcel containing 5. 05 acres. B. DEVELOPER hereby grants to CITY a first right to purchase not more than three additional acres contiguous to the parkland dedicated above provided, however, that this first right to purchase shall remain in effect until said parcel of land is platted by DEVELOPER or until this Agreement terminates, whichever first occurs. CITY may elect to initiate the exercise of this right upon notice to DEVELOPER at any time during the term hereof. C. CITY shall pay DEVELOPER as the purchase price for any property purchased pursuant to its first right as granted herein a cash sum equal to its then current fair market value exclusive of improvements (both public and private) . In the event the parties cannot agree on a purchase price, each party shall retain an M.A. I. appraiser to determine fair market value in accordance with the standards set forth above and the average of the two appraisals shall be considered the purchase price hereunder unless said appraisals differ by more than twenty-five percent (25%) , in which event, a third M.A.I. appraiser shall be selected by both parties, or their appraisers if the parties cannot agree, and the average of the fair market value obtained by the third appraiser and the other appraiser whose value is closest to DEVELOPMENT AGREEMENT 3 ---PAGE BREAK--- the third appraiser shall constitute the purchase price. CITY shall pay for all appraisal costs incurred in this process. DEVELOPER shall deliver marketable title to the property to CITY by warranty deed upon payment of the purchase price. D. In the event DEVELOPER develops residential real property currently outside CITY limits contiguous to the parkland described in paragraph VII A and B, DEVELOPER will, in good faith, consider dedication of a portion of said outlying real property contiguous to the parkland to CITY upon payment of just compensation or in lieu of paying parkland fees, as applicable. E. DEVELOPER hereby grants CITY for five years an option to purchase for parkland not more than three additional acres contiguous to the properties described in paragraph VII A and B above for a purchase price of $7,500.00 per acre payable in cash at the time the CITY exercises its option hereunder. DEVELOPER shall deliver marketable title to the property to CITY by warranty deed upon payment of the purchase price. F. CITY agrees to pay one-half (1/2) the cost of public improvements, including water lines, sanitary sewer, storm sewer, street, curb, gutter and sidewalks over and upon any streets contiguous to parkland it acquires as a result of this Agreement. G. CITY agrees that DEVELOPER shall have the right to farm without charges any parkland acquired by CITY until such time as CITY develops the same for parkland. VIII. EMERGENCY ACCESS ROAD: DEVELOPER agrees that if adjacent real property currently owned by Deeston to the south or Janson to the west is developed, then DEVELOPER, to provide emergency vehicle access through Moser Street, will construct a gravelled all-weather road approximately twenty {20} feet wide to the dedicated or platted public right of way in such development along the dedicated extension of Moser Street. IX. AS-BUILT DRAWINGS: DEVELOPER agrees to furnish, prior to acceptance of the improvements by CITY, one set of accurate, complete, reproducible as built drawings for all of the water, storm sewer, sanitary sewer, curb, sidewalk, and street improvements constructed on the Property. X. FAILURE TO COMPLY: If either party fails to comply with any term of this Agreement, the other DEVELOPMENT AGREEMENT 4 ---PAGE BREAK--- party, after ten (20) days written notice, may seek specific performance of the Agreement, may attach the security to complete the improvements or take any other action available at law or in equity. XI. BINDING ON HEIRS, ASSIGNS AND PURCHASERS: This agreement shall be binding upon the heirs, successors, assignees and purchasers of the parties. IN WITNESS WHEREOF, the parties have executed this agreement to be effective the date first above written. ATTEST: DEVELOPMENT AGREEMENT 5 DEVELOPER: MOSER LAND TRUST BG_LMWd.m/ Durward J. M r' Trustee FOR THE CITY: ---PAGE BREAK--- STATE OF IDAHO ) ) ss. County of Latah ) On this 3rJA. day of , 1990, before me, the undersigned, a Notary Public in » d for said State, personally appeared DURWARD J. MOSER, known or identified to me to be a trustee of Moser Land Trust whose name is subscribed to the foregoing instrument and acknowledged to me that the Moser Land Trust executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal on the date last above written. STATE OF IDAHO ) ) ss. county of Latah ) on this-.:&- czt.,day ofb: 1990, before me, the undersigned, a Notary Public in and for said State, personally appeared PAUL AGIDIUS, known to me to be the Mayor of the City of Moscow, and ELAINE RUSSELL, known to me to the City Clerk of the City of Moscow, who executed the instrument on behalf of said City of Moscow, and acknowledged to me that the City of Moscow executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and notarial seal on the date last above written. DEVELOPMENT AGREEMENT 6 puCc :z;zte of Idaho, residing at Moscow. My commission expires: Y?h 3 ---PAGE BREAK--- EXHIBIT A PLAT ---PAGE BREAK--- EXHHIT Situate in the Co6;:y of Latah, State of Idaho, to-wit: A parcel of land located in the NEl/4 SWl/4 of Section 9, T39N, RSW BM, and being more particularly described as follows: Beginning at dhe west quarter corner of said Section 9, said point being a brass cap monument located at the intersection of M1;.. View Road and D Street, thence S 89 degrees 121 0811 E, 1545.25 feet along the centerline of D Street and of said Section 9, thence S 00 degrees 361 28" W, 485.48 feet to the True Point of Beginning. Thence S 89 degrees 12' 08'' E, 52.38 feet; Thence S 00 degrees 47' 52" w, 4.29 feet; Thence S 89 degrees 121 08" E, 831.25 feet; Thence N 00 degrees 471 52" E, 4.29 feet ; Thence S 89 degrees 12' 08" E, 220.57 feet; Thence S 00 degrees 431 51" w, 820.97 feet; Thence N 89 degrees 301 2411 w, 1094.81 feet; Thence N 00 degrees 041 44" E, 826.74 feet to the True Point of Beginning. Said parcel contains 20.71 acres. EXCEPTING: A parcel of land located in the NEl/4 SWl/4 of Section 9, T39N, RSW BM, and being more particularly described as follo,.•s: !:7(;i!"8-:i:og at t.ht: west quarter corner of said Section 9, located at the intersection of Ht. View Road and D Street, feet along the centerline of D Street and of said Section 9, feet to the True Point of Beginning of this description. Thence S 89 degrees 12' 08'ď. E, 52.38 feet; Thence s oo degrees 47' 521' w, 4.29 feet; Thence s 89 degrees 12' 08" E, 596.06 feet; Thence s 00 degrees 47' 52" 310.71 feet; Thence s 75 degrees 031 4511 202.86 feet; Thence N 82 degrees 49' 15" w, 451.98 feet; said point be1ng a brass cap monument thence S 89 degrees, 12' 08" E, 1545.25 Thence S 00 degrees 361 28" W, 485.48 Thence N 0 degrees 041 44" E, 319.68 feet to the True Point of Beginning. Said parcel contains 5.05 acres. ---PAGE BREAK--- .t I _j I \ Moser Estate 50' Moser Estates Second Addition to the City of Moscow, County of Latah, ID Owner: Moser Estate Moscow, ID 83843 ENCINHRI ' • LANDSCAPE ARCHITECTS P 0. BOX 6728 MOSCOW, 10 8)841 12081 861·JS10 999-06-91 N 1" =50' Q