Full Text
DEVELOPMENT AGREEMENT Frontier Addition No. 2 to the City of Moscow This Development Agreement (Agreement) is entered into this 2zay of S+'?TI'f",SlL.. , 1990, by and between CRAFT WALL OF IDAHO (DEVELOPER) , being owner and developer of real property which is affected by this Agreement, and the City of Moscow, a Municipal Corporation of Idaho (CITY) ; RECITALS: A. B. c. DEVELOPER owns real property within the CITY described as lots 2 through 3, Block 1; Lots 1 through 8, Block 2; Lots 1 through 5, Block 3, and Lots 1 through 3, Block 4, Frontier Addition No. 2 to the City of Moscow, Latah County, state of Idaho (Property) . The CITY desires to ensure that lawfully imposed fees are paid and that all public improvements are properly installed on the property by DEVELOPER; DEVELOPER desires to proceed with improvements to the property to develop a subdivision for sale. NOW THEREFORE, DEVELOPER and the CITY hereby agree as follows: I. II. III. PROPERTY AFFECTED: This agreement affects the property which is legally described as lots 1 through 3, Block 1; Lots 1 through 8, Block 2; Lots 1 through 5, Block 3, and Lots 1 through 3, Block 4, Frontier Addition No. 2 to the City of Moscow, Latah County, Idaho. The property is as described on the plat identified as Exhibit A, which is attached to and incorporated into this agreement. PUBLIC IMPROVEMENTS AND GRADING: DEVELOPER agrees to install, at its expense, all curbs, sidewalk, street, sanitary sewer, storm sewer, water lines, and all necessary street and lot grading on the property in accordance with approved plans in and to CITY standards during and under the terms of this agreement. OFF-SITE STORM SEWER: DEVELOPER agrees to install, at its expense, a temporary storm sewer line from a manhole at the south property line of Frontier Addition No. 2 to storm sewer manhole located in Fort Stevens Street. Said storm sewer lines shall be located in an easement secured by the DEVELOPER from the owner of the property located between Frontier Addition No. 2 and the CITY-owned property, and shall be constructed to ---PAGE BREAK--- specifications approved by the city Engineer. DEVELOPER shall provide legal description for easement. The CITY shall be responsible for preparing the off-site utility easement document, and shall accept the storm sewer line and temporary line for maintenance purposes upon its completion in accordance with approved plans. IV. TERM: This Agreement shall remain in effect until all public improvements are constructed and accepted by the City for the property for a period not to exceed five years, however, the city will continue to accept storm water on its property until such time that future development warrants a permanent storm sewer line through its property. V. PERMITS: The parties agree that no building permits will be issued for the property until all public improvements and lot grading have been constructed, or until adequate security has been given to the CITY, as provided below, to ensure proper construction of said public improvements. Until either of such events has occurred, DEVELOPER will notify any purchasers of lots of this restriction against issuance of a building permit. If DEVELOPER provides such adequate security and fails to complete all of the improvements within one hundred twenty (120) calendar days of issuance of the first building permit, the parties agree that building permits will cease to be issued until such improvements are complete. VI. SECURITY FOR IMPROVEMENTS: CITY agrees that, upon receipt of the security described in Paragraph VII, it will issue building permits (upon payment of proper permit and utility connection fees) for lots within the property. If DEVELOPER fails to complete construction of all of the improvements within one hundred twenty (120) calendar days of issuance of the first building permit, the CITY may attach such security and cause the improvements to be made at Developer's expense. VII. FORM OF SECURITY. DEVELOPER agrees to provide security in the amount of Tw() -t'-A.WJ4W.b t 2'1D1a ) for the property J:n 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 Attorney and the City Council prior to the issuance of building ---PAGE BREAK--- VIII. permits by the CITY. The security must be effective for a minimum period of one year. If this security is in the form of a letter of credit or bond, the secured improvements must be constructed at least ninety (90) days prior to the expiration date on the security. If not completed at that time, the CITY may claim the security and complete the improvements. The amount of the security may, from time to time, be reduced to a reasonable amount as deemed satisfactory by the City Engineer. PARKLAND DEDICATION: DEVELOPER agrees to a fee in lieu of parkland dedication in the amount of $2,847.68 prior to the issuance of building permits within the subdivision. IX. AS-BUILT DRAWINGS: DEVELOPER agrees to furnish, prior to acceptance of the improvements by CITY, one set of accurate, complete, reproducible as built drawings for all of the water, storm sewer, sanitary sewer, curb, sidewalk, and street improvements constructed on the property. X. FAILURE TO COMPLY: If either party fails to comply with any term of this agreement, the other party, after ten (10) days written notice, may seek specific performance of the agreement, may attach the security to complete the improvements, or take any other action available at law or in equity. XI. BINDING ON HEIRS, ASSIGNS AND PURCHASERS: This agreement shall be binding upon the heirs, successors, assignees and purchasers of the parties. IN WITNESS WHEREOF, the parties have executed this agreement to be effective the date first above written. DEVELOPER: CRAFT WALL OF IDAHO ---PAGE BREAK--- ATTEST: Elaine RusSll, CitY Clerk STATE OF County of } (iz_p. > ) ) ss C;·1 f/utf / L2CwL& ) FOR THE CITY: On this '1 day of hT, , 1990, before me a Notary Public in and for said §tate, appeared Roger Booth, known to me t:o be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he exe.cuted the foregoing agreement. STATE OF :Idoscow City Hall MosCOW, 10 83843 Attn: Dean C. Weyen, P.E. Dear Dean: Per our conversation on April 10, The First National Bank hereby amends our agreement with the City of M oscow dated February 14, 1991 to hold back a maximum of $56,000.00. This figure represents 56% of the original amount and is based upon receipts certifying 44% ($36,135 or $82,014) of the required costs being paid. All other terms of our committment to the City of ?@oscow stay in full force and effect until May 9, 1991. ryTruly en Manager Moscow Office 1313 South Blaine St. P.O. Box 9267 Moscow, ID 83843-1767 (208) 882-6522