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DEVELOPMENT AGREEMENT RICHARD ADDITION TO THE CITY OF MOSCOW a97649 This agreement is entered into this 12th day of July , 1993, by and between Ronald P. Richard and Nelda K. Richard (hereinafter "Developers") being developers of real property described in this agreement, and the City of Moscow, a municipal corporation of the State of Idaho (hereinafter "City"); WITNESSETH: WHEREAS, Developers own property within the corporate limits of the City of Moscow, described as Richard 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 Richard Addition to the City of Moscow, Latah County, Idaho. This property is described in the plat identified as Richard Addition to the City of Moscow. The public improvements subject to this agreement are identified in "Exhibit A" which is attached and incorporated by this reference into this agreement. II. PUBLIC IMPROVEMENTS: The Developers hereby agree to construct street improvements as shown in "Exhibit in accordance with the approved plans and to city standards during and under the terms of this agreement. All plans and drawings shall be approved by the City Engineer and any necessary easements shall be furnished to the City prior to beginning of any construction of improvements. III. CITY'S COVENANT: The City shall issue building permits for the construction of pr.ivate improvements to be located on said premises, (Upon payment of permit fees, public utility inspection fees of 0. 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. DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- IV. follows: DEVELOPER'S COVENANT: 097649 The Developers agree as A. Developer shall construct curb, sidewalk, street widening, water, sanitary sewer and storm sewer system extensions/ improvements, as shown in "Exhibit 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 Developers fail to complete all public improvements within 120 calendar days from the issuance of the 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 IMPROVEMENTS: The City agrees that upon receipt of the security described in paragraph VII the City will issue building permits (upon payment of permit fees and fee in lieu of parkland dedication) for Lots 2-7 of Richard Addition to the City of Moscow. If the Developer fails to complete construction of the public improvements within 120 days after issuance of the 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 $45, 970.00 for public improvements as identified and described in paragraph IV. A. above. 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 by the City prior to issuance of the building permit by the City. The security required must be effective for 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 60 days 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. The amount of security may, from DEVELOPMENT AGREEMENT PAGE 2 ---PAGE BREAK--- a97649 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 permit issued by the terms contained herein, and further, the Developers shall hold the City harmless for any and all causes of action and damages alleged to have been sustained because of the revocation of such building permit. If the building permit is revoked pursuant to this section, it shall be re-issued upon the receipt by the City of new or additional security as required herein. VIII. FAILURE TO COMPLY: If the Developers fail to comply with the terms of this agreement, the City, after 5 days written notice to Developer, may seek performance of the agreement and may attach the security to complete 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 for all of the water, storm sewer, sanitary sewer, curb, sidewalk, and street improvements to be constructed. 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 1 S 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 for the State of Idaho in and for the County of Latah. The prevailing party in such action shall be awarded its reasonable costs and atorney's fees incurred in such litigation. XII. MODIFICATION: Developers and City agree that the provisions of this agreement may be modified only upon written request of the Developers accompanied by a compete set of development plans, and acceptance of such modification by the City Council. XIII. COVENANTS TO RUN WITH THE LAND: This agreement shall run with the land affected hereby, as shall the covenants contained herein, and shall be to the benefit of the City and its successors and assigns. This development agreement shall be recorded with the Latah County Recorder. DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- a9'7649 XIV. 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 address: Developers: City: Ronald P. and Nelda K. Richard 2475 E. D Street Moscow, Idaho 83843 Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 IN WITNESS WHEREAS, the Developers have executed this agreement to be effective the date first above written. DEVELOPERS: State of Idaho County of Latah CITY OF MOSCOW: ACKNOWLEDGMENT ) ) ss ) On this 13y day of , 1993, before me, a Notary Public in and for sne, appeared Richard P. and Nelda K. Richard, known to me to be the persons named above and • · . aCX.nowledged that they executed the· foregoing agreement . . · L. • • '1 · · ';otw, 8 - . . w . ' :j • t # • • . · . . • . ' 1 ti' u v--If· . . . : } : . - r· : . · . . . z , . x1 . . . . • v f 0 • :IMJ) . • f · . .PE:VELOPMENT AGREEMENT o7? -'=tfrt Nomy Public in and flhe State of Idaho PAGE 4 ---PAGE BREAK--- . . . CITY OF MOSCOW 122 E 4TH STREET MOSCOW, IDAHO. 83843 F1rst !iecur1ty Bank. JULY 15, 1993 ATT: DALE PERNULA AND GARY RIEDNER REFERENCE: RICHARD ADDITION TO THE CITY OF MOSCOW (RON AND NELDA RICHARD DEVELOPERS). PLEASE EXCEPT THIS AS A LETTER OF COMMITMENT TO ISSUE A LETTER OF CREDIT FOR THE BENEFIT OF THE CITY OF MOSCOW, IDAHO PURSUANT TO THE REQUIREMENTS OF THAT CERTAIN DEVELOPMENT AGREEMENT IN CONNECTION WITH THE REFERENCED ADDITION. SHOULD YOU HAVE ANY QUESTIONS REGARDING THIS MATTER, PLEASE FEEL FREE TO CONTACT ME ANY TIME AT (208)883-5646. SINli!i/ it/:= G.Q-' LTZ ASSISTANT VICE PRESIDENT FIRST SECURITY BANK OF IDAHO First Sccuril.lf Lla11k of fdalw, N.A. 221 Smll/1 Main Street PO. Hox 8549 Moscow, Idaho 83843 'J(>{cphollc 208-RIB-5600 A filum cia/ seJTices compa11y of Fir, I Security Corpomtio11 ---PAGE BREAK--- f • • • • ' ' • • • • • • [ • • • • • . . . . ichdrUddw re_e_menLW£l£silma±e. _ _ l. i:;LCU[b . :L_SJQEilla l k ''1-BJse d ate ' 5 d_Vl0 : ' ' I, 250 BOO 280 525 275 ·CU. Yds. t Z 50 $ 9.,.315 L 101 EL 1.50 aoo LIO. Et. 14._00 3,920 I TOJJS 12.50 6,5£0 TOOS Al_QQ UJ25 1 _ __J,Eo_I,LI,st.J..UJ,m:w.J..at .J.Lio..Led ¢DnL>Llo..strl..>J.Wuc.lio cost . . . . $37,680 s @ : ; t . . . . . 3,170 l!j l ill TOTAL . I , , • I • • ---PAGE BREAK--- u L5 L5 c 0 d t u I - . . . \ 0 c 0 2645 o_ ' ' I c 0 I I 2640 u I c 2635 3: lfl 0 u c Ill 0 0 u 4- 2630 0 0 c u 2625 OJ QJ c OJ LJ 0 -P 2620 Drafted by: D. PluMMer 2615 Checked by: Revisions: 2610 Project: 2605 1230-03-93 1 of 1 Awe L_ I v In Lieu of or reconstructing thE> se>wer Main either the sewer Motn Qr· wo ter no1o Ml'lY be encost?cl w.th Four Inches of concrete for tl•stoncc- of t • h•lr•:·nnto' on both sides of the Cr"OS\1nq .