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DEVELOPMENT AGREEMENT ORCHARDVIEW ACRES SECOND ADDITION TO THE CITY OF MOSCOW a96222 This agreement is entered into this 3rd day of May , 1 993, by and between Jack Marineau (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 Orchardview Acres Second Addition to the city of Moscow; 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 Orchardview Acres Second Addition to the City of Moscow, Latah County, Idaho. This property is described in the plat identified as Orchardview Acres Second Addition to the city of Moscow. 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 water and sanitary 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 a building permit on Lots 1 & 2 of Orchardview Acres Second Addition to the City of Moscow after all public improvements have been constructed as required herein and have been inspected and accepted by the City Engineer for maintenance, or after adequate security has been provided to ensure proper construction of the required public improvements. IV. follows: DEVELOPER'S COVENANT: DEVELOPMENT AGREEMENT The Developer agrees as PAGE 1 ---PAGE BREAK--- 39622 A. Developer shall construct water and sanitary 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. 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. c. Parkland Dedication. Developer agrees to pay a fee in lieu of parkland dedication in the amount of one thousand, one hundred ninety dollars ($1,190) payable prior to the issuance of building permits in Orchardview Acres Second Addition. v. TERM: This agreement shall remain in effect until all improvements are constructed and has 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 fee in lieu of parkland dedication) for Lots 1 & 2 of Orchardview Acres Second Addition to the City of Moscow. 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 $108,070. 00 for public improvements as identified and describe din paragraph IV. A. above. The security shall be in the form of a construction bond, irrevocable letter of credit from a certified bank of 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 irrevoqable 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 DEVELOPMENT AGREEMENT PAGE 2 ---PAGE BREAK--- 396222 complete the improvements. The amount of security may, from time to time, be modified as deemed appropriate by the City Engineer 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. VII. FAILURE TO COMPLY: If the Developer fail 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. BINDING ON HEIRS, ASSIGNEES AND PURCHASERS: This agreement shall be binding upon the heirs, assignees and purchasers of the property described herein. X. VENUE AND ATTORNEY1S 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 Cour-t _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. XI. 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. XII. 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. XIII. 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: DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- Developer: City: Jack Marineau 1820 Orchard Moscow, Idaho 83843 Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 096222 IN WITNESS WHEREAS, the Developer has executed this agreement to be effective the date first above written. DEVELOPER: CITY OF MOSCOW: ATTEST: l._ef Elaine RusSel City Clerk ACKNOWLEDGMENT State of Idaho ss County of Latah On this 2 day of 71 , 1993, before me, a Notary Public in and for said st:fe, appeared Jack Marineau, known to me to be the person named above and acknowledged that he executed the foregoing agreement. Not y Public in and the State of Idaho DEVELOPMENT AGREEMENT PAGE 4 ---PAGE BREAK--- Letter O'f Credit West One ' Idaho l International Banking Department 101 S. Capital Blvd., Boise, Idaho JJ'EST()NE Post Office Box 8247, Boise, Idaho 83733 Telephone: [PHONE REDACTED] Fax: [PHONE REDACTED] Telex: 262542 Answerback: WEST ONE BKIDA BANK · City of Moscow 122 East 4th Street Moscow, Idaho 83843 Dear Sirs: Irrevocable Standby Letter of Credit No.: 6760S Dated: May 4, 1993 Expiration Date: October 30, 1993 At Our Counters We hereby authorize you to draw on WEST ONE BANK, IDAHO, BOISE, IDAHO 83733 For account of A.J. Marineau, 1820 Orchard Avenue, Moscow, Idaho 83843 Up to the aggregate amount of******ONE HUNDRED EIGHT THOUSAND SEVENTY AND N0/100 U.S. DOLLARS***** available by your draft(s) at sight accompanied by the following documents: The original of this letter of credit for endorsement. A statement purportedly signed by an authorized official of the City of Moscow as follows: "A.J. Marineau has not complied with requirements relative to the water and sanitary sewer system extensions/improvements for Orchardview Acres 2nd Addition and the area(s) of non-compliance were communicated directly to A.J. Marineau by the City of Moscow." Partial drawings are permitted. All drafts drawn must be marked: DRAWN UNDER WEST ONE BANK, IDAHO, LETTER OF CREDIT NO. 6760S We hereby agree with drawers of drafts drawn under and in compliance with the terms of this credit that the same shall be duly honored on due presentation to the drawee. Authorized Signatl Authorized Signatun· CR00513 (8-89) Original Yellow· Applicant's Copy Pink-Lending Unit's Copy Goldenrod-Aeknowledgeme t G n-lnternaUonal Banking Department's File Copy · " WADr:.