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435050 DEVELOPMENT AGREEMENT PHASE I, ROLLING HILLS THIRD ADDITION TO THE CITY OF MOSCOW THIS AGREEMENT is entered into this day of by and between Itani and Itani Development I, LLC; and husband and wife, and Abdul-Latif Itani (referred to as "DEVE OPERS"), being Developers of real property as described herein, and City of Moscow, Idaho, a Municipal Corporation ofldaho (referred to as "CITY"). WITNESSETH WHEREAS, DEVELOPERS desire to begin development of the property known as Phase I, Rolling Hills Third Addition to the City of Moscow, Latah County, Idaho; and WHEREAS, CITY desires to ensure that public improvements consisting of water, sanitary sewer, storm sewer, street, curbs and sidewalks are constructed; NOW THEREFORE, DEVELOPERS and CITY hereby agree as follows I. PROPERTY AFFECTED This Agreement affects property located within the City of Moscow, Idaho, known as Phase I, Rolling Hills Third Addition to the City of Moscow, Latah County, Idaho, being more particularly described as Lots I- II, Block I; Lots 1-4, Block 2; and Lot I, Block 3, Rolling Hills Third Addition and as shown in Exhibit attached hereto and incorporated herein by this reference. II. PUBLIC IMPROVEMENTS All public improvements required by Moscow City Code Section 5-I-5(D) and including but not limited to water, sewer, storm sewer, streets, curbs, and sidewalks. 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 DEVELOPERS' development of Phase I, Rolling Hills Third Addition or any approved phase thereof (upon payment of permit fees, public utility inspection fees of 0.75% 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 DEVELOPMENT AGREEMENT PHASE I, ROLLING HILLS THIRD ADDITION Page 1 no ---PAGE BREAK--- 435050 the CITY for maintenance OR AFTER developer HAS PAID OR AFTER ADEQUATE SECURITY AS DESCRIBED IN Moscow City Code §5-l-10 has been provided to ensure proper construction of the required public improvements. CITY agrees dedication of land described in Section VI of this Agreement satisfies CITY'S parkland dedication requirement pursuant to Moscow City Code Section 5-J-5(F), as further described in Section VI of this Agreement V. DEVELOPERS' COVENANT DEVELOPERS agree to construct, at their sole expense, to CITY standards and in accordance with approved engineering plans for Phase I, Rolling Hills Third Addition, the public improvements described in Section II of this Agreement 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-l 0 it will issue building permits (upon payment of permit fees, public utility inspection fees of 0.75% of the City Engineer's 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 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. VII FORM OF SECURITY. A DEVELOPER agrees to provide security in an amount to be negotiated and accepted by CITY prior to construction of 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 hundred eighty (180) days 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 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 said improvements. The amount of the security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions DEVELOPMENT AGREEMENT PHASE I, ROLLING HILLS THIRD ADDITION Page 2 ---PAGE BREAK--- 435050 warrant. As improvements are completed and accepted by CITY for maintenance, the amount of security shall be reduced to reflect such completions, provided that such amount shall not be reduced to an amount less than the adjusted estimate of costs of the remaining improvements to be constructed. If for any reason the security for such 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. VIII. PARKLAND DEDICATION DEVELOPERS agree to dedicate as parkland a parcel of land located in the northeast corner of the land commonly known as the Rolling Hills development currently owned by DEVELOPERS with a north-south dimension of approximately 1 40 feet and an east-west dimension of approximately 250 feet; a parcel of land located along Mountain View Road adjacent to Paradise Creek as shown on the Rolling Hills Third Addition plat; and a 25-foot wide parcel of land along Mountain View Road as shown on Rolling Hills Addition No. I Plat, and to the north of Rolling Hills Addition No. I. Said dedication shall satisfY the parkland dedication required in Moscow City Code Section 5-1-S(F) for Rolling Hills No. I, No. 2, and No. 3, and for the remainder of the approximately fifty (50) acre parcel of land currently owned by the DEVELOPERS and commonly known as the Rolling Hills development. IX CONSTRUCTION ORA WINGS DEVELOPERS agree 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. X. FAILURE TO COMPLY DEVELOPERS agree to pay all expenses incurred by CITY in enforcing this Agreement. DEVELOPMENT AGREEMENT PHASE I, ROLLING HILLS THIRD ADDITION Page 3 ---PAGE BREAK--- 435050 XL 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. XII. OCCUPANCY DEVELOPERS agree that no person shall be allowed to construct improvements or to occupy any part of Phase I, Rolling Hills Third Addition 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. XIII. 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 ofldaho in and for the County of Latah. XIV. MODIFICATION DEVELOPERS and CITY agree that the provisions of this Agreement may be modified only upon written request of DEVELOPERS 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. XV. 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. XVL 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: DEVELOPERS DEVELOPMENT AGREEMENT Itani and Itani Development I, LLC; and Rafik and Marysue Itani and Abdul-Latifitani SW 1 5 15 Wadleigh Dr. Pullman, W A 99 I 63 PHASE I, ROLLING HILLS THIRD ADDITION Page 4 ---PAGE BREAK--- CITY Marshall H. Comstock, Mayor City of Moscow P 0 Box 9203 Moscow, Idaho 83843 Telephone: (208) 883-7000 FAX (208) 883-70!8 435050 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date above written. DEVELOPERS IT ANI AND IT ANI DEVELOPMENT I, LLC By: Rafik Itani, Managing Member CITY Abdul-Latifltani, individually Gilå F. MyersG City Clerk By taf J:;fo- for Abdul-Latifltani STATE OF IDAHO ) ) ss County of Latah ) On this Lday of '