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DEVELOPMENT AGREEMENT 3R INVESTMENT,LLC 444816 AND THE CITY OF MOSCOW, IDAHO THIS AGREEMENT is entered into this 2.+1.!1 day of JUO\? , 1999, by and between 3R INVESTMENT, LLC, a limited liability corporation in the State of Idaho (hereinafter referred to 'DEVELOPER'), being Developer of real property as described herein, and City of Moscow, Idaho, a Municipal Corporation of the State of Idaho (hereinafter referred to as 'CITY'); WITNESSETH: WHEREAS, DEVELOPER desires to begin development of the property at 1350 Troy Road (also known as State Highway 8) in the City of Moscow, Latah County, Idaho, as shown on Exhibit attached hereto and incorporated herein by this reference; and WHEREAS, DEVELOPER understands that a waiver of public improvements may be available pursuant to the Moscow City Code, but DEVELOPER specifically does not wish to request such a waiver and wishes to enter into this Agreement; and WHEREAS, DEVELOPER understands that improvements required herein are standards required for subdivisions pursuant to Moscow City Code Title 5, Chapter 1 and are authorized by Idaho Code Section 67-6513; and WHEREAS, DEVELOPER agrees that the public improvements required herein are necessary to provide for mitigation of the effects of the subdivision development on the ability of CITY to deliver services withou1 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 redevelopment; and WHEREAS, CITY desires to ensure that public improvements consisting of a 6-inch waterrnain, fire hydrant, curb and gu1ter, sidewalk, and Highway 8 improvements are constructed; 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 Ciiy of Moscow, :daho, commonly known as 1350 Troy Road (also known as State Highway 8) in the City of Moscow, Latah County, Idaho, as shown on Exhibit attached hereto and incorporated herein by this reference. II. PUBLIC IMPROVEMENTS: DEVELOPER agrees to install, at DEVELOPER'S expense, all public improvements required by Moscow City Code Sections 5-1C5(D) and including bu1 not limited to a 6-inch waterrnain, one fire hydrant, curb and gutter, sidewalk and paving, all along State Highway 8 frontage, and any Highway 8 improvements required by the Idaho Transportation Department (hereinafter referred to as lTD) as condition of their approach permit for the property. The design and all plans and drawings for such required public improvements shall be approved by the City Engineer and the lTD prior to the beginning of any construction of any such public improvements. DEVELOPMENT AGREEMENT Page 1 of 5 99--41 ---PAGE BREAK--- Ill. TERM: This Agreement shall remain in effect until the public improvements required herein are constructed and installed and such public improvements are accepted by CITY for maintenance. IV. CITY'S COVENANT: CITY shall issue building permits for DEVELOPER'S development of the 1350 Troy Road property (upon payment of permit fees, public utility inspection fees of 0. 75% of the City Engineer's estimated construction costs and satisfaction of Moscow City Code requirements) only after construction and installation of all public improvements and acceptance of such by CITY for maintenance or after DEVELOPER has paid or after adequate security as described in sections VI AND VII has been provided to ensure proper construction of the required public improvements. V. DEVELOPER'S COVENANT: DEVELOPER agrees as follows: A. DEVELOPER agrees to furnish and install, at DEVELOPER'S expense, a 6-inch watermain, one fire hydrant, curb and gutter, sidewalk, paving, and any Highway 8 improvements required by lTD as per lTD's issuance of the approach permit, all in accordance with the approved design and plans, to City and ITO standards, during and under the terms of this Agreement. B. DEVELOPER agrees that DEVELOPER shall install the 6-inch watermain, the fire hydrant, and the required ITO improvements within four months from the date of the issuance of the first building permit; and c. DEVELOPER agrees that DEVELOPER shall provide security for the curb and gutter and the sidewalk and that such security will be utilized to pay the costs of such improvements at the time that Highway 8 re-alignment occurs as part of a proposed City/State/County project to alter the location of the Mountain View Road I Highway 8 intersection. D. If DEVELOPER fails to complete installation of the 6-inch watermain, the fire hydrant and the lTD required Highway 8 improvements within four months from the date of the issuance of the first building permit, to City standards and as per the approved plans, CITY shall withhold final inspections, revoke occupancy of the entire development, revoke any applicable building permit issued to DEVELOPER by CITY and shall cease to issue further building permits for the affected property until such public improvements required herein this Agreement are completed in accordance with the approved engineering plans. VI. SECURITY FOR IMPROVEMENTS: CITY agrees that upon receip\ of the security described in section VII it will issue building permits upon payment of permit fees, public utility inspection fees of 0.75% of the estimated construction costs and satisfaction of CITY code requirements for the DEVELOPER'S development. If DEVELOPER fails to complete construction of the required public improvements, as per the approved plans, within four months from the date of the issuance of the first building permit CITY may attach the security and cause the improvements to be made. 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. DEVELOPMENT AGREEMENT Page 2 of 5 444816 ---PAGE BREAK--- VII. FORM OF SECURtt i: A. DEVELOPER agrees to provide one security in the amount of $28,100.00 for all of the public improvements except the curb and gutter and sidewalk. This 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 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 seven months from the date of the issuance of the first building permit. If the public improvements identified and described in section II are not completed by that time, CITY may claim the security and complete the said improvements. The amount of the security may, from time to item, be modified as deemed appropriate by the City Engineer as conditions warrant. B. DEVELOPER agrees to provide a permanent security to the CITY in the amount of $10,700.00 in the form of a cash deposit for the curb and gutter and sidewalk improvements. Such security will be used by the CITY to pay for such curb and gutter and sidewalk improvements when the Mountainview Road I Highway 8 intersection realignment project is constructed. C. If for any reason the security provided in accordance with section VIi-A 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 revoke any building 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 are revoked pursuant to this section, such building permits shall be re-issued upon receipt by CITY of new or additional security as required herein. VIII. 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 or is otherwise modified by a subsequent development agreement between the parties. IX. FAILURE TO COMPLY: DEVELOPER agrees to pay all expenses incurred by CITY in enforcing this Agreement. X. BINDING ON HEIRS, ASSIGNS AND PURCHASER: This Agreement shall be binding upon the heirs, assignees of the parties, and subsequent purchasers of the property described herein. XI. OCCUPANCY: DEVELOPER agree that no person shall be allowed to construct improvements or to occupy any part of the development of 1350 Troy Road property 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. Such a subsequent development agreement may provide for the posting of security as provided for in Moscow City Code Section 5-1-10. DEVELOPMENT AGREEMENT Page 3 of 5 444816 ---PAGE BREAK--- 444816 XII. AVENUE 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. XIII. MODIFICATION: DEVELOPER and CITY agree that the provisions of this Agreement may be modified only upon request of DEVELOPER accompanied by a complete set of development plans, and acceptance of such modification by the Moscow City Council or by a subsequent development agreement between the parties. 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, Idaho 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 addressed: DEVELOPER: CITY: XVI. UNDERSTANDING: 3R Investment, LLC P.O. Box 9556 Moscow, ID 83843 Phone: (208)882-0979 Marshall H. Comstock, Mayor City of Moscow P.O. Box 9203 · 206 E. 3rd Street Moscow, ID 83843 Phone: (208)883-7000 FAX: (208)883-7018 DEVELOPER has read and understood this Agreement and the contents thereof and has had the opportunity to avail itself 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 written. DEVELOPER: Richard C. Beebe Partner, 3R Investment, LLC DEVELOPMENT AGREEMENT Page 4 of 5 ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) 444816 On this ay of , Tk , 1999, before me, the undersigned, a Notary in and for said State, personally appeared Richard C. Beebe in his capacity as partner in 3R Investment, LLC known to me to be the person whose name is subscribed to the foregoing and acknowledged to me he executed the same; and that he is duly authorized partner of 3R Investment, LLC and has specific legal authority to bind 3R Investment, LLC to this Agreement. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year herein above written. (seal) Ito 0 f? NOTARY * DEVELOPMENT AGREEMENT NOT RY PUBLIC for Idaho Residing at {Jp V]f ,"tg My Commission Expires: q-/5 J.COJ Page 5 of 5 ---PAGE BREAK--- . < . . ' 4'3549 . • 3703 7430 I 0010 0040 0030 . .Lb-r 0020 '7G60 . \ !2-1 # 444816 ---PAGE BREAK--- BEEBE- HEALTH AND WELFARE COST ESTIMATE FOR PUBLIC IMPROVEMENTS A. WORK TO BE COMPLETED WITH DEVELOPMENT OF PROPERTY: Unit Total Descriotion Quantity Unit Price Price 1 . Earthwork 300 Cu. Yds. $10.00 I c.y. $3,000 2. Base Aggregate 250 Tons $13.00 I c.y. 3,250 3. Paving thck.) 100 Tons $40.00 I ton. 4,000 4. Fire Hydrant 1 Each $3,500.00 I ea. 3.500 5. Hwy. Striping 1 Lump Sum $750.00 750 6. Traffic Control 1 Lump Sum $1,000.00 1,000 7. Seeding 1 Lump Sum $500.00 500 8. 6-lnch Watermain 212 Feet $30.00 6,360 9. Watermain connection 1 Lump Sum $700.00 __]QQ Estimated Construction Costs $23,060 Contingency @ . . . . . . 2,340 Engineering & Administration @ 2,700 Estimated Project Total $28,100 B. WORK TO BE SECURED AND CONSTRUCTED AS PART OF THE MT. VIEW/HWY 8 INTERSECTION PROJECT: 1. Curb and Gutter 220 Feet $15.00 $17.00 $10.00 2. Sidewalk 3. Earthwork 175 Feet 250 Cu. Yds. Estimated Construction Costs . Contingency @ 1 0% . Engineering and Administration@ 12% . $3,300 2,975 2.500 $8,775 875 1,050 Estimated Project $10,700 Dean C. Weyen. P.E. Assistant City Engineer June 17, 1999 444816 444816