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DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION TO THE CITY OF MOSCOW, IDAHO This Agreement is enteyedjnto this /i zz; day of , 1997, by and between 'rn rTs//Uj , (referred t<'fas Developer) being owner and Developer of real property as described herein and the City of Moscow, a Municipal Corporation of ldaho, (referred to as City); WITNESSETH WHEREAS, Developer desires to prepare for development property located within the City of Moscow, Idaho, hereinafter described as Moser Estates Sixth Addition to the City of Moscow; and WHEREAS, Developer has not submitted final engineering drawings for any phase of the Development; and WHEREAS, the City desires to ensure that all 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 Moser Estates Sixth Addition; · 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, known as Moser Estates Sixth Addition to the City of Moscow, being more particularly described in Exhibit attached hereto and incorporated herein by this reference. IL PUBLIC IMPROVEMENTS A. The Developer agrees that no development or construction of private improvements shall occur within Moser Estates Sixth Addition prior to the construction and installation of the public improvements contained in II. C. of this Agreement, and their acceptance by the 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 five years following the date of execution of this Development Agreement, or any extension thereof; and D. Developer further agrees to construct, at its sole expense, to City standards, the following public improvements: water; sanitary sewer; storm sewer; paved streets (includes base preparation); curb; sidewalk; phone, DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION PAGE I , 97-25 ---PAGE BREAK--- TV, power, gas utilities; earthwork; erosion and sediment control; seeding; pedestrian access improvements at end of Shane Lane; monumentation. Ill. TERM This Agreement shall remain in effect until the final public improvements are accepted by the City for maintenance. IV CITY'S COVENANT The City shall issue building permits for Developer's development, (upon payment of permit fees, public utility inspection fees of 0.75% 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 the City for maintenance or after the Developer has paid or after adequate security as described in Moscow City Code §5-1-1 0 has been provided to ensure proper construction of the required public improvements. V. DEVELOPER'S COVENANT The 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 Moser Estates Sixth Addition, all public improvements required by the City. VI SECURITY FOR IMPROVEMENTS In lieu of Developer's construction and installation of all public improvements required herein and the City's acceptance of such for maintenance, the City agrees that upon receipt of the adequate security described in Moscow City Code 5-1-10 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 the Developer's development. If the Developer fails to complete installation of the public improvements as required by City, the City may attach the security and cause the public improvements to be made or the 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 the 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. VII. FORM OF SECURJTY A The Developer agrees to provide security in an amount to be negotiated and accepted by the City prior to construction of private improvements on the property. The security shall be in the form of a construction bond, DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION PAGE2 ---PAGE BREAK--- irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable to the City Such security shall be provided to the City prior to the issuance of building permits by the City. The security must be effective for a minimum period of EIGHT HUNDRED FIFTY (850) 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 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, the 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. As public improvements are completed and accepted by the 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 public improvements to be constructed. If for any reason the security for public 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 any building permits issued and further, the Developer shall hold the 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 the City of new or additional security as required therein. VIIL AS-BUlL T DRAWINGS The Developers agree to furnish, prior to acceptance of the public improvements by the City, one set of accurate, complete, reproducible as-built drawings for all of the water, storm sewer, sanitary sewer, curb, house drains, sidewalk, and street improvements constructed in each phase of the subdivision. IX F AlLURE TO COMPLY If the Developer fails to comply with the terms of this Agreement or this Agreement expires, the 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 or DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION PAGE3 ---PAGE BREAK--- City may vacate the plat. The Developer agrees to pay all expenses incurred by the City in enforcing this Agreement. X. 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. XL OCCUPANCY Developer agrees that no person or entity shall be allowed to construct private improvements or to occupy any part of the described property for any purpose until the described final engineering drawings and security under Moscow City Code §5-1-1 0 are completed and accepted by the City or until all public improvements contained in this Agreement are completed and accepted by the City for maintenance. XIL 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. XIII MODIFICATION Developer and the City agree that the prov1s10ns of this Agreement may be modified only upon written request of the Developer accompanied by a complete set of revised development plans, and acceptance of such modification by the 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 the 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 DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION PAGE4 ---PAGE BREAK--- Developer City Moser Estates Sixth Addition c/o Dan Moser Moscow, lD 83843 Mayor City of Moscow P 0 Box 9203 Moscow, Idaho 83843 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective the date first above written. DEVELOPER CITY MOSER ESTATES SIXTH ADDITION CITY OF MOSCOW, IDAHO DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION Elaine Ru ell, City Clerk PAGE5 ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) r On this / s zr- day of A YY:. , 1997, befwe me, the unde;signe . d, a Notary in and for satd State, persenally appeared 1\ . and zz, " , in their official S pacities as officers of and duly authorized agents of Moser Estates Sixth Addition, 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. . Agreemenl'{/Moser Estates Sixth Addition!dm DEVELOPMENT AGREEMENT MOSER ESTATES SIXTH ADDITION NOTARY PUBLIC for Idaho J Residing at My Commission expires: PAGE6 ---PAGE BREAK--- Prof?erty DescriRtion A parcel of land loco ted in the NE1 /4 of Section 16, T39N, R5W, S.M. and being more particularly described as follows: Beginning at thE! North quarter corner of said Section 16, thence S 89'36'07" E, 1359.41 feet; thence S 0'38'27" W, 51.61 feet to the TRUE POINT OF BEGINNING. Thence S 0'38'27" W, 1089.17 feet; Thence N 89'18'39" W, 216.06 feet; to a non-tangent curve; Thence northerly 14.83 feet along a curve to the right(Delta=5'08'57", R= 165.00 feet, T=7.42 feet, Chord bearing N 46'36'53" E, 14.82 feet); Thence N 49'11'21" E, 1 0.22 feet; Thence northerly 19.81 feet along a curve to the left (Delta=4'56'05", R=230.00 feet, T=9.91 feet, Chord bearing N 46'43'19" E, 19.80 feet); Thence N 40'48'39" W, 169.21 feet; Thence N 0' 41'21" E, 158.82 feet; Thence N 89'18'39" W, 160.00 feet; Thence N 0' 41'21" E. 180.00 feet; Thence N 89'18'39" W, 70.00 feet; Thence N 51'18'39" W, 120.00 feel; Thence N 25'18'39" W, 367.71 feet; Thence N 10'18'39" W, 190.50 feet; Thence N 79'41'21" E, 30.00 feet; Thence S 66'07'03" E, 95.08 feet; Thence S 89'21 '33" E, 400.00 feet; Thence S 0'38'27" W, 40.00 feet; Thence S 89'21'33" E, 120.00 feet; Thence N 55' 46'57" E, 73.12 feet; Thence N 76'16'00" E, 123.88 feet to the TRUE POINT OF BEGINNING. Parcel contains 12.89 acres /:uo !rn f· .rt ll!1 P: i lATAH FEos::l.J.OV sv! po Bt?C 'IJ.D3 m:rsG "tW 1 D t-3!,(4 3 A-i'r"N : SLAtQ Rv"lle:LL