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DEVELOPMENT AGREEMENT THIS AGREEMENT is entered into the 6th day of MAY , 1991 by and between James Swift, hereinafter referred to the DEVELOPER and the City of Moscow, a Municipal Corporation of the state of Idaho, hereinafter referred to as the CITY, for purposes of improving property within the city of Moscow. WITNESSETH: WHEREAS, the city of Moscow ordinances and regulations require the installation of public improvements, including curb and street improvements adjacent to property which is being built upon; and, WHEREAS1 the parties mutually desire to see such improvements constructed at a reasonable, but not excessive, cost to the DEVELOPER; NOW THEREFORE and in consideration of mutual promises contained herein the CITY and the DEVELOPER agree as follows: 1. PROPERTY. The property which is the subject of this agreement is: lots 4 and 5, block 4, McGregor's Second Addition to the City of Moscow. 2. IMPROVEMENT. The improvements to be constructed pursuant to this agreement include 75 feet of curb, base rock and paving of one-half of Adams ---PAGE BREAK--- Street adjacent to the property described in paragraph 1. 3o CITY RESPONSIBILITY. In consideration of the payment of Two Thousand, Four Hundred and Fifty six and Twenty-Five Cents 456.25) by the DEVELOPER to the CITY, the CITY promises to do the following: a. The CITY will deposit the aforementioned consideration into a dedicated fund for street improvements. b. The CITY shall utilize the above indicated consideration to construct curb and street improvements described above in accordance with City code requirements. c. The CITY will construct said improvements within ten years of the date of this agreement at a time when it is economically feasible to construct this and other related improvements on Adams street. d. The CITY will not require the DEVELOPER to participate in an LID for the construction of the above indicated improvements, nor shall the DEVELOPER be required to pay any additional sum should the improvements cost more than the consideration specified. ---PAGE BREAK--- IN WITNESS WHEREOF, the Parties cause this agreement to be executed to be effective the day and year first set forth above. This agreement was approved by the Moscow City Council at their regular meeting on the 6th day of M_ay , 1991. ATTEST: 1, . Elaine Russer.r, City Clerk Paul c. AgidiS, MaYOr