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DEVELOPMENT AGREEMENT PHASE VISTA ADDITION TO THE CITY OF MOSCOW 402351 THIS AGREEMENT March , 1994, by (hereinafter referred Moscow, a municipal (hereinafter referred is entered into this & day of and between Vista Developing, Inc. to as "Developer") and the City of corporation of the State of Idaho to as "City"); WITNESSETH: WHEREAS, Developer owns property within the corporate limits of the City of Moscow, described as Phase Vista Addition to the City of Moscow; and WHEREAS, the City desires to ensure that all public improvements are properly installed by Developer; NOW THEREFORE, Developer and the City hereby agree and covenant as follows: I. PROPERTY AFFECTED: This Agreement affects real property known as Phase Vista Addition to the City of Moscow, Latah County, Idaho. This property is located as shown in "Exhibit A" which is attached and incorporated by this reference into this Agreement. II. PUBLIC IMPROVEMENTS: The Developer hereby agrees to construct four hundred sixty (460) lineal feet of sidewalk as shown in "Exhibit in accordance with the approved plans and to City standards during and under the terms of this Agreement. III. CITY'S COVENANT: The City shall issue building permits for the construction of private improvements to be located on said premises (upon payment of permit fees, public utility inspection fees of seventy-five percent (75%) of estimated construction costs and satisfaction of City code requirements), only after all public improvements have been constructed as required herein, and said public improvements have been inspected and accepted by the City Engineer in writing, or after adequate security as described in paragraphs VI and VII has been provided to ensure proper construction of the required public improvements. IV. DEVELOPER'S COVENANT: follows: The Developer agrees as A. Developer shall construct four hundred sixty (460) lineal feet of sidewalk as shown in "Exhibit DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- 402951 in accordance with the approved plans and to City standards during and under the terms of this Agreement. It is further agreed that Developer shall provide security for such improvements in accordance with this Agreement as required below. B. If the Developer fails to complete all public improvements within one hundred twenty (120) calendar days from the issuance of the first building permit, the City may utilize the security specified in paragraphs VI and VII to complete work on the improvements. v. TERM: This Agreement shall remain in effect until all improvements are constructed and have been accepted by the City for maintenance. VI . SECURITY FOR IMPROVEMENT: The City agrees that upon receipt of the security described in paragraph VII, the city will issue building permits (upon payment of permit fees) for Lot 9, Block 6; Lots 15, 16 and 17, Block 5, and Lots 6, 7, 8, 9 and 10, Block 7 of the Vista Addition to the City of Moscow. If the Developer fails to complete construction of the public improvements within one hundred twenty (120) days after issuance of the first building permit as described in paragraph IV of this Agreement, the City may attach the security and cause the public improvements to be made. Any engineering or construction costs 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 relative to the letting of such bids. VII. FORM OF SECURITY: A. The Developer agrees to provide security in the amount of Eight Thousand Five Hundred Dollars ( 500.00) for public improvements as identified and described in paragraph IV.A. above. The. security shall be in the form of a construction bond issued by a surety which is licensed to do business in the State of Idaho, an irrevocable letter of credit from a certified bank or financial institution which is acceptable to the City, or such other form of security acceptable to the City prior to issuance of the first building permit by the City. The security required must be effective for one hundred eighty (180) days from the issuance of the building permit. If this security is in the form of an irrevocable letter of credit or bond, the secured improvements shall be constructed at least sixty (60) says prior to the expiration date of the security. If not completed at that time, the City may claim the security and utilize it to complete the improvements. DEVELOPMENT AGREEMENT PAGE 2 ---PAGE BREAK--- 402351 The amount of 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 the Developer or the surety or financial institution, or the value or terms thereof shall be compromised in any way, the City shall immediately revoke the building permits issued subject to the terms contained herein, and further, the Developer shal l hold the City harmless for, and shall indemnify and defend the City against, any and all causes of action and damages al leged to have been sustained by any party because of the revocation of such building permit. If the building permit is revoked pursuant to this section, it shal l be reissued upon the receipt by the City of new or additional security as required herein. VIII. FAILURE TO COMPLY. If the Developer fails to comply with the terms of this Agreement, the City, after five days written notice to Devel oper, may seek performance of this Agreement and may attach the security to compl ete the improvements. The Developer agrees to pay all expenses incurred by the City in enforcing this Agreement. IX. AS-BUILT INFORMATION: The Developer agrees to furnish, prior to acceptance by the City of the public improvements as required herein, one set of accurate, complete, "marked-up" as-built drawings of all improvements. X. BINDING ON HEIRS, ASSIGNEES AND PURCHASERS: This Agreement shall be binding upon the heirs, assignees and purchasers of the property described herein. XI. VENUE AND ATTORNEY'S FEES: The parties agree that should any provision of this Agreement be l itigated in the future, venue for such litigation shal l be with the District Court for the State of Idaho in and for the County of Latah. The prevail ing party in such action shal l be awarded its reasonable costs and attorney's fees incurred in such litigation. XII. MODIFICATION: Developer and City agree that the provisions of this Agreement may be modified only upon written request of the Developer accompanied by a complete set of development plans, and acceptance of such modification by the City Council. COVENANTS TO RUN WITH THE LAND: This Agreement shall run with the land affected hereby, as shall the covenants contained herein, and shal l be to the benefit of the City DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- • ' 402951. and its successors and assigns. This Development Agreement shall be recorded with the Latah County Recorder. XI. NOTICES: Any notice required or called for by this Agreement shall be deemed served upon the party to whom it is send when delivered by certified or registered United States Mail to the following address: Developer: City: Vista Developing, Inc. Rt. 1, Box 67 Pullman, WA 99163 Mayor City of Moscow P.O. Box 9203 Moscow, ID 83843 IN WITNESS WHEREOF, the Developer has executed this Agreement to be effective the date first above written. DEVELOPER: VISTA DEVELOPING, INC. CITY OF MOSCOW Fred H. Wexler, President c / p Peggy Ann Wexler, Sec.-Treas. £!2A ATJ EST: , £ Elaine Russell, City Clerk ACKNOWLEDGMENT STATE OF IDAHO ss. COUNTY OF LATAH On this 7 day of 7f(ae , 1994, before me, a Notary Public in and for said State, appeared Fred H. Wexler and Peggy Ann Wexler, known to me to be the persons named above and acknowledged that they executed the . · · L . foreABd#CDhQ;eement. £ I i!a f , _ , . · ¥ • - - tt · 2"'u· c- Notary Public iii" and orthe C State of Idaho - , : B w ¡ $ . , A . . £ lo ' i!)g.hi. \1-j u r DEVELOPMENT AGREEMENT PAGE 4 ---PAGE BREAK--- . ' 402951 ACKNOWLEDGMENT STATE OF IDAHO ss. COUNTY OF LATAH On this day of , 1994, before me, a Notary Public in and for said State, appeared Paul c. Agidius and Elaine Russell, known to me to be the persons named above and acknowledged that they executed the to'±;ego,ing Agreement. S· Jl/ • , . . . . . . . . . . · · · . fg 1 \ . · . . " ' - : ? • • 1 II r. \ j . . . . -s ' tu , I 'r r£ 0c ' r tl,,, , DEVELOPMENT AGREEMENT for the PAGE 5 ---PAGE BREAK--- / <:IC..O 0 \ _ _ _ 3 · 5 .3 3 /CJq.81'f' &6.2. • I 9