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DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS j 430060 Th. A · d · · crbP / 0 ts greement IS entere mto tht0__:::_ day of.x;/k,1.o , 1 997, by and between Latah Distributors, (referred to as Developerrbeing owner and Developer of real property as described herein and the City of Moscow, a Municipal Corporation of Idaho, (referred to as City); WITNESSETH WHEREAS, Developer desires to prepare for development of property located within the City of Moscow, Idaho, located at 220 West Morton Street; and WHEREAS, Developer voluntarily requests to construct the public improvement provided in this Agreement; and WHEREAS, Developer has not submitted final engineering drawings for any phase of the Development; and WHEREAS, City desires to ensure that all required public improvements are engineered pursuant to final engineering drawings and that sufficient and proper security is provided to City, pursuant to Moscow City Code §5-1-1 0 prior to the issuance of building permits for construction of private improvements on the property known as 220 West Morton Street; NOW THEREFORE, Developer and City hereby agree as follows I. PROPERTY AFFECTED: This Agreement affects property, or any portion thereof, located within the City of Moscow, Idaho, at 220 West Morton Street, being more particularly described in Exhibit attached hereto and incorporated herein by this reference. II. PUBLIC IMPROVEMENTS A Developer agrees that no development or construction of private improvements shall occur within the property described in Exhibit prior to the construction and installation of the public improvements contained in II.D. of this Agreement, and their acceptance by City for maintenance or prior to the acceptance of sufficient and proper security for any such development pursuant to Moscow City Code §5-1-1 0 being accepted by City; and B Developer further agrees that all final plans and drawings shall be approved by the City Engineer prior to the issuance of building permits for private improvements; and C Developer further agrees that security, if provided pursuant to Moscow City Code §5-1-1 0, and all final plans and drawings referenced to herein must be approved by City on or before the expiration of one year following the date of execution of this Development Agreement, or any extension thereof; and DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS PAGE I ---PAGE BREAK--- 430060 D. Developer further agrees to construct, at its sole expense, to City standards, the following public improvements: a water line across the entire Morton Street frontage of the property described in Section I of this Agreement to the adjacent properties which border it on both sides and fire hydrant. Ill. TERM: This Agreement shall remain in effect until the final public improvements are accepted by the City for maintenance. IV. CITY'S COVENANT City shall issue building permits for Developer's development, (upon payment of permit fees, public utility inspection fees of0.75% of estimated construction costs and satisfaction of City code requirements) only after construction and installation of the public improvements and only after acceptance of such by City for maintenance or after Developer has paid for such improvements or after adequate security as described in Moscow City Code § 5 -1-10 has been provided to ensure proper construction of the required public improvements. V. DEVELOPER'S COVENANT. Developer agrees to abide by all terms of this Agreement and specifically to construct, at its sole expense, to City standards and in accordance with approved engineering plans for the property described in Exhibit all public improvements required 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 maintenance, City agrees that upon receipt of the adequate security described in Moscow City Code 5-1 -1 0 it will issue building permits (upon payment of permit fees, public utility inspection fees of 0 75% of estimated construction costs and satisfaction of City code requirements) for Developer's development. If Developer fails to complete installation of the public improvements as required by City, City may attach the security and cause the public improvements to be made or City may cause public improvements to be made and attach a lien on the property on the amount of City expenses incurred as a result of Developer's failure to comply with this Agreement. Any engineering or construction costs in excess of the security shall be borne by Developer. Any additional construction services shall be let by bid, and subject to the laws of the State of ldaho relative to the letting of such bids. DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS PAGE2 ---PAGE BREAK--- 430060 VIL FORM OF SECURITY A. Developer agrees to provide security in an amount to be negotiated and accepted by City prior to construction of private improvements on the property. The security shall be 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 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. If this security is in the form of an irrevocable letter of credit or bond, the secured public improvements shall be constructed at least NINETY (90) days prior to the expiration date of the security If the public improvements identified are not completed at that time, City may claim the security and complete the public 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 public improvements shall be withdrawn by Developer or the surety or financial institution, or the value or terms thereof shall be compromised in any way, City shall immediately revoke any building permits issued 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 are revoked pursuant to this or any subsequent Development Agreement, such building permits shall be re-issued upon receipt by City of new or additional security as required therein. VIIL AS-BUILT DRAWINGS Developer agrees to furnish, prior to acceptance of the public improvements by City, one set of accurate, complete, reproducible as-built drawings for all of the water improvements constructed. IX FAILURE TO COMPLY If Developer fails to comply with the terms of this Agreement or this Agreement expires, City, after thirty (30) days written notice, may seek specific performance of this Agreement and may attach the security provided by Developer to complete the public improvements. In the event security pursuant to this Agreement and pursuant to Moscow City Code 5 -1-10 is not provided by Developer, Developer agrees that City may construct the public improvements and be granted by Developer a lien against the property equal to the amounts of the City's costs to construct such public improvements, including attorney's fees. Developer agrees to pay all expenses incurred by City in enforcing this Agreement DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS PAGE3 ---PAGE BREAK--- X BINDING ON HEIRS, ASSIGNS AND PURCHASERS 430060 This Agreement shall be binding upon the heirs, assignees of the parties, and subsequent purchasers of the property described herein. XL OCCUPANCY Developer agrees that no person or entity shall be allowed to occupy any part of the described property beyond those in existence at the date this Agreement is signed for any purpose until the described final engineering drawings and security under Moscow City Code §5 -1-1 0 are completed and accepted by City or until all public improvements contained in this Agreement are completed and accepted by City for maintenance. XU. 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 ldaho in and for the County of Latah. XIIL MODIFICATION Developer and City agree that the provisions of this Agreement may be modified only upon written request of Developer accompanied by a complete set of revised development plans, and acceptance of such modification by City CounciL XIV. 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. XV 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 addresses: Developer: City DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS Latah Distributors 220 W Morton Street Moscow, ID 83843 Mayor, City of Moscow P 0 Box 9203 Moscow, Idaho 83 843 PAGE4 ---PAGE BREAK--- 430060 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. DEVELOPER STATE OF IDAHO ) ) ss County of Latah ) CITY ' On thisq1'6 27 day o×::t,Ø , 1997, before me, the undersigned, a Notary in and for said State, personally appeared Paul R Groves and Jim L Barrett, in their official capacities as officers of and duly authorized agents of Latah Distributors, known to me to be the persons whose names are subscribed to the foregoing and acknowledged to me that they executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. J/ ' -4u:j . DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS NOTARY P,J.JBLIC for Idaho R \ es1 mg at Cev.CC?< 2 My Commission expires eV' 9: PAGES ---PAGE BREAK--- 430060 EXHIBIT A parcel of land located in Section 7, Township 39 North, Range 5, W.BM, more particularly described as follows Beginning at a point 880 feet north and 443.17 feet south 86°36' West of the quarter section corner between Sections 7 and 8, and running thence north a distance of 200 feet, thence South 86° 36' West a distance of 116.6 feet to a point on the eastern right-of-way line of the Great Northern Railway Company, thence in a southerly direction a distance of 20 I feet, more or less, on a curve and along said eastern right-of-way line to a point 120 feet south 86°36' west of the POINT OF BEGINNING thence north 86°36' East a distance of 120 feet to the said POINT OF BEGINNING. Agreements/Latah Distributors!dm DEVELOPMENT AGREEMENT LATAH DISTRIBUTORS PAGE6