Full Text
DEVELOPMENT AGREEMENT LOT 2, BLOCK 1 OF THE MEADOW BROOK ADDITION TO THE CITY OF MOSCOW This agreement is entered into this . .2 ? day of August, 1 9 92, by and between Byron W. Adams and Anna L. Adams, husband and wife (hereinafter "Developers") being developers of real property described in this agreement, and the City of Moscow, a municipal corporation of the State of Idaho (hereinafter "City"); WITNESSETH: WHEREAS, Developers own property within the corporate limits of the City of Moscow, described as Lot 2, Block 1 of the Meadow Brook Addition to the City of Moscow; and WHEREAS, the City desires to ensure that all public improvements are properly installed by Developers; NOW THEREFORE, Developers and the City hereby agree and covenant as follows: I. PROPERTY AFFECTED: This agreement affects real property known as, Lot 2, Block 1 of the Meadow Brook Addition to the City of Moscow, Latah County, Idahd. This property is described in the plat identified as Meadow Brook 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 Developers hereby agree to install one half (1/2) of Meadow Street in accordance with Exhibit A, from the center line of Meadow Street adjacent to Lot 2 of Block 1 of the Meadow Brook Addition to the City of Moscow, as shown in Exhibit A, including necessary earthwork, base aggregate and paving 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 prior to beginning of any construction of improvements. DEVELOPMENT AGREEMENT PAGE I ---PAGE BREAK--- III. CITY'S COVENANT: The City shall issue a building permit on Lot 2, Block 1 of the Meadow Brook 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, or after adequate security has been provided to ensure proper construction of the required public improvements. IV. DEVELOPER'S COVENANT: The Developers agree as follows: A Developers shall construct one half ( 112) of Meadow Street in accordance with attached Exhibit A, from the center line of Meadow Street adjacent to Lot 2, Block 1 of the Meadow Brook Addition to the City ofMoscow, as shown on Exhibit A, including necessary earthwork, base aggregate and paving in accordance with the approved plans and to City standards during and under the terms of this agreement. It is further agreed that Developers shall provide security for such improvements in accordance with this agreement as required below. Developers further agree that if further development occurs on Meadow Street which results in the improvement ofMeadow Street adjacent to Lot 2, Block 1 of the Meadow Brook Addition to the City of Moscow, Developers shall participate in the expense of said improvement to the extent referenced above, to wit: one half ( 1/2) of Meadow Street from the center line of Meadow Street adjacent to Lot 2, Block 1 of the Meadow Brook Addition to the City of Moscow, to include necessary earthwork, base aggregate and paving in accordance with the approved plans and to City standards. B. If the Developers fail to_ complete all public improvements within 60 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 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 a building permit (upon payment of permit fees) for Lot 2, Block 1 of the Meadow Brook Addition to the City of Moscow. If the Developers fail to complete construction of the public improvements within 60 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 developers. Any additional construction services shall be let by bid, and subject to the laws of the State ofldaho relative to the letting of such bids. DEVELOPMENT AGREEMENT PAGE2 ---PAGE BREAK--- VII. FORM OF SECURlTY: A The Developers agree to provide security in the amount of FOUR THOUSAND DOLLARS ,000.00) 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 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 18 0 days from 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 4 0 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 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 Developers 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. F AlLURE TO COMPLY: If the Developers fail to comply with the terms of this agreement, the City, after 5 days written notice to Developers, may seek performance of the agreement and may attach the security to complete the improvements. The Developers agree to pay all expenses incurred by the City in enforcing this agreement. IX. Developers agree that no person shall be allowed to occupy any structure on the described property until the public improvements required by this agreement are completed and accepted by the City for maintenance.. Developers further agree that the City shall withhold occupancy permits for the structures erected on the described property until such a time as the public improvements are completed and accepted by the City for maintenance. 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'S 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 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. DEVELOPMENT AGREEMENT PAGE3 ---PAGE BREAK--- XII. MODIFICATION: Developers and City agree that the provisions of this agreement may be modified only upon written request of the Developers accompanied by a complete 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. 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: Developers: Byron W. and Anna L. Adams 535 N. Blaine St. Moscow, Idaho 83 843 City: Mayor City of Moscow P.O. Box 9203 Moscow, Idaho 83843 IN WITNESS WHEREAS, The Developers have executed this agreement to be effective the date first above written. DEVELOPERS: ' . 7 Byron W. Adams DEVELOPMENT AGREEMENT CITY OF MOSCOW Paul C. Agidius, Mayor ATTEST: Elaine Russell, City Clerk PAGE4 ---PAGE BREAK--- State of Idaho ) ) ss County of Latah ) :yti.' t On this day of [J.»jiV , 1992, before me, a Notary Public in and for said State, appeared Byron 'Adams, known to me to be the person named above and acknowledged that he executed the foregoing agreement State of Idaho ) ) ss County of Latah ) On this ,d.-day of L1>rt , 1992, before me, a Notary Public in and for said State, appeared Anna L. ams, known to me to be the person named above and acknowledged that she executed the foregoing agreement State of Idaho ) ) ss County of Latah ) On this .day of 1992, before me, a Notary Public in and for said State, appeared Paul Agidius, known to me to be the person named above and acknowledged that he executed the foregoing agreement Notary Public in and for the State ofldaho PAGES