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540928 DEVELOPMENT AGREEMENT FOR PHASE 7 OF ANDERSON'S FIRST ADDITION BETWEEN CITY OF MOSCOW, IDAHO AND L.L.F., INC. THIS DEVELOPMENT AGREEMENT FOR PHASE 7 OF ANDERSON'S FIRST ADDITION BETWEEN CITY OF MOSCOW, IDAHO AND L.L.F., INC. (hereinafter referred to "Agreement") is entered into this day of October, 2010, by and between City of Moscow, Idaho, a municipal corporation of the State of Idaho, 206 East Third Street, Moscow, Idaho, 83843 (hereinafter referred to as "CITY"), and L.L.F. Inc., P 0 Box 9771, Moscow, Idaho, 83843 (hereinafter referred to as "DEVELOPER"), being a developer of real property as described herein; WIT N E S S E T H : WHEREAS, DEVELOPER desires to develop property located within the City of Moscow, Idaho, being more particularly described in Section I of this Agreement and as shown as Phase 7 in Exhibit attached hereto and incorporated by reference: 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 the Agreement herein; and WHEREAS, DEVELOPER enters into this Development Agreement of its own free will and accord, without coercion and without inducement and at DEVELOPER's request; and WHEREAS, DEVELOPER understands and agrees 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 has previously voluntarily dedicated to satisfY Moscow City Code Section 5-I in exchange for permission from CITY to develop Anderson's First Addition to the City of Moscow; and WHEREAS, CITY's acceptance of the previously dedicated parkland was at DEVELOPER's request and was made by CITY as an accommodation to DEVELOPER; and WHEREAS, DEVELOPER agrees that the public improvements and parkland dedication herein are necessary to provide for mitigation of the affects of the subdivision development on the ability of CITY to deliver services without compromising quality of such service delivery to current CITY residents, the public, or imposing substantial additional costs upon current CITY residents to accommodate the proposed subdivision; and WHEREAS, DEVELOPER and CITY believe that, without the public improvements and parkland dedication 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 DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE I OF8 2oiD·(o ---PAGE BREAK--- 54092.8 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 and appurtenances consisting of streets, curbs, sidewalks, traffic control devices, water mains, sanitary sewers, stonn water runoff control and stonn sewers within and adjacent to Anderson's First Addition are constructed or upgraded; 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; NOW, THEREFORE, DEVELOPER and CITY hereby agree as follows: I. PROPERTY AFFECTED: This Agreement affects property located within the City of Moscow, Idaho, and commonly known as Phase 7 of Anderson's First Addition, being more particularly described as follows and as shown in Exhibit attached hereto and incorporated herein by this reference: Block 5 of Anderson 1st Addition to the City of Moscow along with a portion of Lot 25, Block 4 of Anderson I st Addition being more particularly described as follows: Beginning at the northwest corner of Lot 25, Block 4 of Anderson 151 Addition and the TRUE POINT OF BEGINNING. Thence along the north line of said Lot 25 the following courses: N 88°57'02'' E, 321.54 feet; N 4°03'52" W, 14.91 feet; N 85°56'08" E, 330.02 feet; N 4°03'52" W, 34.00 feet; N 85°56'08" E, 126.74 feet to the northeast comer of Lot 25 and a point on the westerly right-of-way of Sunnyside A venue; Thence, leaving the north line of Lot 25 and continuing along the westerly right-of way of Sunnyside A venue, the following courses: Thence 199.85 feet along a curve to the right. Said curve having a Delta = 59°27'43", Radius = 192.56 feet, Chord = 190.99 feet and Chord Bearing = S 3 0° 17' 1 0" w; Thence S 60°01 '0 1" W, 323.29 feet; Thence I 02.32 feet along a curve to the left. Said curve having a Delta= 30°51 '21 Radius= 190.00 feet, Chord= 101.09 feet and Chord Bearing= S 44°35'20" W, to the northeast corner of Prospect Place Retirement Neighborhood Condominium Plat, Instrument #446157; DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE2 OF 8 ---PAGE BREAK--- 540928 Thence, leaving said westerly right-of-way, along the north line of said Condominium Plat the following courses: Thence 10.22 feet along a curve to the right. Said curve having a Delta= 23°25'00", Radius= 25.00 feet, Chord= 10.15 feet and Chord Bearing= N 78°45'57" W; Thence 94.02 feet along a curve to the left. Said curve having a Delta= 17°56'33", Radius= 300.22 feet, Chord= 93.63 feet and Chord Bearing= N 76°01 '51" W; Thence 100.37 feet along a curve to the right. Said curve having a Delta = 92°29'59", Radius = 62.17 feet, Chord = 89.82 feet and Chord Bearing = N 38°45'00" W; Thence 13.19 feet along a curve to the right. Said curve having a Delta= 5°56'04", Radius= 127.32 feet, Chord= 13.18 feet and Chord Bearing= N 10°28'02" E; Thence N 76°33'56" W, 25.00 feet; Thence N 58°04'13" W, 113.90 feet; Thence S 88°58' 11" W, 48.21 feet to the northwest corner of said Condominium Plat; Thence, leaving said northwest corner of the Condominium Plat, N 1°0 I '49" W, 138.69 feet along the west line of Lot 25, Block 4 of Anderson 1st Addition to the City of Moscow to the northwest corner of said Lot 25 and TRUE POINT OF BEGINNING Parcel contains 3.69 acres. II. PUBLIC IMPROVEMENTS: DEVELOPER agrees to install, at DEVELOPER's expense, all public improvements required by Moscow City Code Sections 5-1-4 and 5-1-5, including but not limited to streets, curbs, sidewalks, traffic control devices, water mains, sanitary sewers, storm water runoff control and storm sewers; all in accordance with CITY standards. All plans and drawings for such required public improvements shall be approved by the CITY Engineer prior to the beginning of any construction of any such public improvements. III. TERM: This Agreement shall remain in effect until the public improvements required herein are constructed and installed and such public improvements are accepted by the CITY for maintenance. IV. CITY'S COVENANT: CITY shall issue building permits for DEVELOPER's development or any approved Phase of the development thereof (upon payment of permit fees, public improvement inspection fees of one point twenty-five percent (1.25%) of the CITY Engineer's estimated construction costs and satisfaction of City Code requirements) only after construction and installation of all public improvements and acceptance of such by the DEVELOPMENT AGREEMENT ANDERSON'S fiRST ADDITION- PHASE 7 PAGE30F8 ---PAGE BREAK--- 540928 CITY for maintenance or after adequate security as described in Moscow City Code Section 5-1-10 and as described in Sections VI. herein has been provided to ensure proper construction of the required public improvements. CITY agrees dedication of land described in Section VII. of this Agreement satisfies CITY's parkland dedication requirement pursuant to Moscow City Code Section 5-1- 5(F), as further described in Section VII. of this Agreement. V. DEVELOPER'S COVENANT: A. DEVELOPER agrees to install all public improvements required herein, at DEVELOPER's expense, in accordance with approved plans for DEVELOPER's development, to CITY standards during and under the terms of this Agreement. All plans and drawings shall be approved by the Moscow CITY Engineer prior to the beginning of any construction of improvements; and B. DEVELOPER agrees that DEVELOPER shall install the required improvements for Phase 7 of Anderson's First Addition within nine months from the date of the issuance of the first building permit for such Phase 7 of Anderson's First Addition (as shown on Exhibit attached hereto and incorporated by reference); and C. If DEVELOPER fails to complete installation of the required public improvements for Phase 7 of Anderson's First Addition described in this Agreement, within nine months from the date of the issuance of the first building permit for said Phase to CITY standards and as per the approved plans, CITY shall utilize the security described in Sections VI. of this Agreement to complete the required public improvements and CITY shall have the right to revoke any applicable permit issued to DEVELOPER by CITY for the said Phase 7 and to cease to issue further building permits for such Phase. 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 herein, it will issue building permits (upon payment of permit fees, public improvement inspection fees of one point twenty-five percent (1.25%) of the CITY Engineer's estimated construction costs and satisfaction of Moscow City Code requirements) for DEVELOPER's development. The security amount shall be determined by the CITY Engineer and shall fully cover the entire cost of public improvements as identified and described herein as such public improvements are required for Phase 7 of Anderson's First Addition development. The security shall be in the form of cash, construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by CITY. Such security shall be provided to CITY prior to the issuance of building permits by CITY for Phase 7. The security must be effective for a minimum period of twelve (12) DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE40F8 ---PAGE BREAK--- 540928 months from the date of the issuance of the first building permit for Phase 7. 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. The amount of the security may, from time to time, be modified as deemed appropriate by the Moscow CITY Engineer as conditions warrant. If DEVELOPER fails to complete installation of the public improvements as required by CITY, 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 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 Idaho relative to the letting of such bids. 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 immediately 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. VII. PARKLAND DEDICATION: DEVELOPER has previously dedicated parkland that has satisfied the parkland dedication required in Moscow City Code Section 5- I -5(F) for Anderson's First Addition. 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 ( 1) year warranty period. C. Prior to issuance of any building permit in the development, a warranty Security in the amount of fifteen percent (I of the estimated value of the required public improvements, as determined by the CITY Engineer, shall be furnished to CITY by DEVELOPER. This warranty Security shall be held by CITY in effect for a minimum period of one year from the date of CITY's written acceptance of the public improvements described in Section II. of this Agreement. DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE 5 OF 8 ---PAGE BREAK--- 540928 D. If DEVELOPER fails to correct all deficiencies within a reasonable amount of 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. IX. CONSTRUCTION DRAWINGS: DEVELOPER agrees to furnish, prior to acceptance by CITY of the public improvements as required herein, one set of accurate, complete, mylar final construction drawings for the public improvements described herein, unless such requirement is waived by the CITY Engineer. X. FAILURE TO COMPLY: DEVELOPER agrees to pay all expenses incurred by CITY in enforcing this Agreement. XI. BINDING ON HEIRS, ASSIGNS AND PURCHASERS: This Agreement shall be binding upon the heirs, assignees of the parties, and subsequent purchasers of the property described herein. DEVELOPER may assign all or part of this Agreement upon prior acknowledgment and approval of such assignment by CITY Engineer, such approval not to be unreasonably withheld. Upon approval of such assignment by CITY, DEVELOPER shall be released from all responsibilities under this Agreement. XII. 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. Xlll. 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. XIV. 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 development plans, and acceptance of such modification by the City Council or by a subsequent development agreement between the parties. DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE6 OF8 ---PAGE BREAK--- XV. COVENANTS TO RUN WITH LAND: 540928 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. XVI. 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: XVII. UNDERSTANDING: Lon L. Fletcher PO Box 9771 Moscow, ID 83843 (208) 883-2686 Nancy Chaney, Mayor City of Moscow P 0 Box 9203 Moscow, ID 83843 Telephone: (208) 883-7000 FAX: (208) 883-7018 DEVELOPER has read and understands this Agreement and the contents thereof and has had the opportunity to avail himself 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: DEVELOPMENT AGREEMENT ANDERSON'S FIRST ADDITION- PHASE 7 PAGE 7 OF 8 ---PAGE BREAK--- STATE OF IDAHO ) ) ss: County of Latah ) 540928 On this day of N . , 2010, before me, the undersigned, a Notary in and for said State, personally appeared Lon L. Fletcher, known to me to be the person whose name is subscribed to the foregoing and acknowledged to me that he executed the same as the duly authorized representative of L.L.F., Inc. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. DEVELOPMENT AGREEMENT ANDERSON'S PHASE 7 NOTARY PUBLIC for Idaho Residing at , My Commission expires: T { t£.1 I"L ' THIS INS rRUMU.J i FILED AS AN ACCOrv'MODATION ONLY IT HAS NOT Bii:-N EXAMINED TO ITS EXECU liON, INSURABILITY OR AFFECT ON TITLE PAGE 8 OF 8 ---PAGE BREAK--- 6 0 Cll z 0 t- tj \ tr1 iO r:/1 0 i mZ X 0 z d> VI 0 Cl > )>t'j ( 540928 AT THE REQUEST OF: tATAH COUNTY TITLE CO DATE & HOUR 0 z z 0 11 . ca · I o J: U SUSAN PETERSEN I LATAH COUNTY 0 ·-Ff S .Ji. 00 BY b44 I I Ii mil DDEEOHADDITIO NNo , PVMIMRY - : l.::=a-.Jif = =PH.ISNC = =IVH N=N:rn=T =,CR =R =O=N 5 =2 "