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DEVELOPMENT AGREEMENT LOTS 12-17 BOWERS ADDITION REPLAT OF THE HOMESTEAD REPLAT TO THE CITY OF MOSCOW a96627 This agreement is entered into this 17th day of May , 1993, by and between Jim Swift (hereinafter "Developer") being developer of real property described in this agreement, and the City of Moscow, a municipal corporation of the State of Idaho (hereinafter "City"); WITNESSETH: WHEREAS, Developer owns property within the corporate limits of the City of Moscow, described as Lots 12-17 Bowers Addition Replat of the Homestead Replat; 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 Lots 12-17 Bowers Addition Replat of the Homestead Plat. This property is described in the plat identified as Lots 12-17 Bowers Addition Replat of the Homestead Plat. 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 Developer hereby agrees to 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. 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 private 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: 396627 The Developer agrees as A. Developer shall construct curb, sidewalk, street widening, water, sanitary sewer and storm sewer system extensions 1 improvements, as shown in "Exhibit A" , 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 Developer fails 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 for Lots 12-17 Bowers Addition Replat of the Homestead Replat. 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 $51,470.00 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 for 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--- 39662? time to time, be modified as deemed appropriate by the City Egineer 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 Developer 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 Developer fails 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 imp7oV,ements 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 anr provision of this agreement be litigated in the future., vehue for such litigation shall be with the District Cqurt 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 attorney's fees incurred in such litigation. XII. MODIFICATION: Developer 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--- 396627 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: Developer: City: Jim Swift Moscow, Idaho 83843 Mayor City of Moscow P. O. Box 9203 Moscow, Idaho 83843 IN WITNESS WHEREAS, the Developer has executed this agreement to be effective the date first above written. DEVELOPER: ) J K ; . * \ cORPORAJtb \ Ģ : Ĥ I ! JULY 12 • ġ ģ\ 1887 II! • cPJ>.• CITY OF MOSCOW: I H Paul c. AgidG ATTEST: laa,m£< Elaine RusSei( city Clerk 'ĪJJ··or· l . . ACKNOWLEDGMENT . : . . state of Idaho ) ) ss county of Latah ) ' glk Lyn On th1s day of Ġ , 1993, before me, a Notary Public in and for saidstte, appeared Jim Swift, known to me to be the person named above and acknowledged that he executed the foregoing agreement. Notary Public¡dthe State of Idaho PAGE 4 ---PAGE BREAK--- EXHIB1T 396627 - . - e . - , DuJnLI'E--------- unF _ · _ou _ Itƈm & un11 pnce Pr1ce _ J. _u?lOtii@C r - _ _ ÿ :!_587P677;5oo_8 2 Js _ meý -sro. m J Ą.wer._ . . . _,90 L111. _ r. 25. oo 121250 _ _ . _a - _ swJ. . ' _ 460. un. FL 2s.oo .1 1, so a . _ 4. 6:_mcn . 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TOTAL . ; .ƁƀſžŽż. -Ƒ-.ƒ-Ɠ-Ɣ-ƕƖ. ƉƊƋ-ƌ 635._ 5] &70_. ( , . _ ' . • . : ---PAGE BREAK--- \If" / 1832717 F1rst Secur1ty Bank® Time Deposit Account Receipt First Security Bank of Idaho, N.A. Moscow Main Office Date: 05261993 Amount: 52,000.00 Account Number: 028 [PHONE REDACTED] Owner(s): Tod Kiblen 518561492 Karen Kiblen Type ofAccount: SPECIAL DAY TIME DEPOSIT ACCOUNT Term: 30 Days Maturity Date: Interest Rate: 2.9 Frequency of Rate Change: 06/25/1993 Automatic Renewal: No None Frequency of Interest Payment: Ma tu r i t y Interest Payment Method: Compound Opened By: Kevin P. Knrg This is a receipt for funds you have placed on deposit with First Security Bank. It is not a certificate of deposit and need not be presented when you wish to withdraw funds from your account. Your account is subject to the terms stated above and to the following conditions. ACCOUNT CONDITIONS • The account is not transferable except on the books of First Security Bank. • The account is a time deposit subject to all applicable rules and regulations of the Board of Governors of the Federal Reserve System and of First Security Bank. · The account is insured by the Federal Deposit Insurance Corporation (FDIC). · The account is payable only to the registered account owner(s) upon proper identification acceptable to First Security Bank. • If the account is owned by multiple original payees (i.e. joint owners) consisting of two or more natural persons, they shall hold the account with right of survivorship. The deposit (together with interest) is payable to any one of them during their joint lives. Each owner, acting alone, can withdraw or transfer funds from the account or can effectively terminate the account by withdrawing all or substantially all of the funds and depositing the same in a new account which omits the name of one of the owners. Upon the death of any of the owners, all of the right, title and interest to the account shall vest absolutely in the survivor or survivors, subject to all applicable tax statutes and regulations. Each of such persons shall be the agent of the other to give or receive any notice provided for herein or to take any other action pertaining to the account. · If the account is opened with the added conditions of "payable on death" ("POD") to one or more persons, ownership of the account shall vest in the POD payee or payees only upon the death of all of the original payees and shall be otherwise governed by applicable statutes. · If funds are withdrawn from the account prior to maturity, Federal law and regulation and/ or First Security Bank policy require an early withdrawal penalty, unless the withdrawal is due to death or incompetency of an owner. If the account automatically renews, the owner(s) may withdraw all or part of the balance of the account on any maturity date or within ten (10) days thereafter without penalty. The penalty is at the simple interest rate being paid on the account at the time of withdrawal and applies regardless of the length of time the funds have remained on deposit. The penalty is in terms of interest on the amount withdrawn and may require reduction in the principal sum of the account. The penalty for early withdrawal of the account is as follows: Seven to 31 days maturity: All interest earned to date of withdrawal, or all interest that could have been earned for one-half the maturity period, whichever is greater. 32 days to 12 months maturity: One month's interest earned or that could have been earned. More than 12 months maturity: Three months' interest earned or that could have been earned. NA-6 R 6/91 (continued on reverse)