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DEVELOPMENT AGREEMENT MOSCOW RIDGE, LLC CITY OF MOSCOW, IDAHO This Agreement is entered into this day of + , 1996, by and between Moscow Ridge LLC (referred to as Developer) being owner and Developer of premises included in this Agreement and the City of Moscow, a Municipal Corporation of Idaho, (referred to as the City); WITNESSETH• \VHER.EAĆ, Developer desires to develop property located yvithin the City of 1\1osco\:v, Idaho, being more particularly described as follows: Lots I, 2, and 3 of Block 5; lots II, 12, 13, 14, 15, 16, 17, and 18 of Block I; and Lots I and 2 of Block 4 of Moser's 5th Addition. WHEREAS, the City desires to ensure that all required public improvements are properly installed by Developer; NOW THEREFORE, Developer and the City hereby agree as follows I. PROPERTY AFFECTED This Agreement affects property located within the City of Moscow, being more particularly described as follows Lots I, 2, and 3 of Block 5; lots II, 12, 13, 14, 15, 16, 17, and 18 of Block I; and Lots I and 2 of Block 4 of Moser's 5th Addition. II. PUBLIC IMPROVEMENTS The Developer agrees to install, at Developer's expense, sidewalk, cul-de-sac, asphalt, base aggregate, curb backfill, seeding, street monuments, cul-de-sac reflectors, and signs required the City Engineer in accordance with approved plans for Developer's development, to City standards during and under the terms of this Agreement and as set forth in Attachment which is incorporated into this Agreement the same as it fully transcribed and copied herein. All plans and drawings shall be approved by the City Engineer prior to the beginning of any construction of improvements. IlL TERM• This Agreement shall remain in effect until construction and installation of the public improvements and acceptance of such by the City for maintenance. IV. CITY'S COVENANT The City shall issue building permits tor 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 all required dedications are duly and legally recorded and only after construction and installation of the public improvements and acceptance of such by the City for maintenance, or after adequate security as described in sections VI and VII has been provided to ensure proper construction of the required public improvements. DEVELOPMENT AGREEMENT Moscow Ridge, LLC PAGEl 96-58 ---PAGE BREAK--- V DEVELOPER'S COVENANT The Developer agrees as follows A. The Developer agrees to install, at Developer's expense, sidewalk, cul-de-sac, asphalt, base aggregate, curb backfill, seeding, street monuments, cul-de-sac reflectors, and signs required the City Engineer in accordance with approved plans for Developer's development, to City standards during and under the terms of this Agreement and as set forth in Attachment which is incorporated into this Agreement the same as it fully transcribed and copied herein. All plans and drawings shall be approved by the City Engineer prior to the beginning of any construction of improvements. B. The Developer agrees that the Developer shall install the sidewalk, cul-de-sac, asphalt, base aggregate, curb backfill, seeding, street monuments, cul-de-sac reflectors, and signs within SIX months from the date of the issuance of the first building permit; and C If the Developer fails to complete installation of the sidewalk, cul de-sac, asphalt, base aggregate, curb backfill, seeding, street monuments, cul-de-sac reflectors, and signs within SIX months from the date of the issuance of the first building permit, to City standards, the City may utilize the security specified in paragraphs VI and VII to complete the public improvements. The Developer further agrees that if Developer fails to complete installation of such respective public improvements to City standards, within such respective time periods, the City shall revoke occupancy of the entire development. revoke any applicable permit issued to Developer by the City and shall cease to issue further building permits for the affected property until such improvements are completed. VI. SECURITY FOR IMPROVEMENTS The City agrees that upon receipt of the security described in section VII it will issue building permits (upon payment of permit fees, public utility inspection fees of 0. 7 5% of estimated construction costs and satisfaction of City code requirements) for the Developer's development If the Developer fails to complete construction of the sidewalk, cul-de-sac, asphalt, base aggregate, curb backfill, seeding, street monuments, cul-de-sac reflectors, and signs within SIX months from the date of the issuance of the first building permit, to the City standards, the City may attach the security and cause the 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 ldaho relative to the letting of such bids. VII FOR.M OF SECURITY The Developer agrees to provide security in the amount of Twenty-four Thousand and Eight Hundred Fifty Dollars ($24,850) for public improvements as identified and described herein. The security shall be in the form of cash, construction bond, irrevocable letter of credit from a certified bank or financial institution, or such other form of security acceptable by the City. Such security shall be provided to the City DEVELOPMENT AGREEMENT Moscow Ridge, LLC PAGE2 ---PAGE BREAK--- prior to the issuance of building permits by the City. The security must be effective for a minimum period of 120 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 improvements shall be constructed at least ninety (90) days prior to the expiration date of the security If the public improvements identified and described in section V. are not completed at that time, the City may claim the security and complete the said improvements. The amount of the 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 any building permits issued pursuant to the terms contained herein, 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 section, such building permits shall be re-issued upon receipt by the City of new or additional security as required herein. VIII. AS-BUILT DRAWINGS The Developer agrees to furnish, prior to acceptance by the City of the public improvements as required herein, one set of accurate, complete, mylar as-built drawings for all of the improvements described herein. IX F AlLURE TO COMPLY If the Developer fails to comply with the terms of this Agreement, the City, after ten (1 0) days written notice, may seek specific 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. X BINDING ON HEIRS, ASSIGNS AND PURCHASERS This Agreement shall be binding upon the heirs, assignees of the parties, and purchasers of the property described herein. XL OCCUPANCY: Developer agrees that no person shall be allowed to occupy any structure on the described property for any purpose until the described public improvements are completed. XII. 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 for the State of Idaho in and for the County of Latah. The parties agree that should any provisions of this Agreement be litigated, the prevailing party will be entitled to reasonable attorney's fees and costs. XIII. MODIFICATION Developer and the City agree that the provisions of this Agreement may be modified only upon written request of the Developer accompanied by a complete set of development plans, and acceptance of such modification by the City. XIV. COVENANTS TO RUN WITH LAND This Agreement shall run with the land affected hereby, as shall all covenants contained herein, and shall DEVELOPMENT AGREEMENT Moscow Ridge, LLC PAGE3 ---PAGE BREAK--- 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 Developer: City Moscow Ridge, LLC 3402 East 2nd Post Falls, ID 83854 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: Walter M. Steed Managing Partner Moscow Ridge LLC DEVELOPMENT AGREEMENT Moscow Ridge, LLC City y/ 5 fa?r··-::2 Paul C Agidius, Ml!Yf"' PAGE4 ---PAGE BREAK--- STATE OF IDAHO ) ACKNOWLEDGMENTS ) ss County of Latah ) On this /.?Ăday of? 996, before me, the undersigned, a Notary in and for said State, personally appeared Paul C. Agidius, in his official capacity as the Mayor of the City of Moscow, Idaho that executed the foregoing instrument on behalf of the City, and acknowledged to me that such City executed the same. County of Latah ) ss ) On this ăay of 1996, before me, the undersigned, a Notary in and for said State, personally appeared Elaine Russell, in her official capacity as the Clerk of the City of Moscow, Idaho, that executed the foregoing instrument on behalf of the City, and acknowledged to me that she executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year hereinabove written. DEVELOPMENT AGREEMENT Moscow Ridge, LLC PAGES ---PAGE BREAK--- STATE OF IDAHO ) ) ss County of Latah ) On this -I Ąday of)96, before me, the undersigned, a Notary in and for said State, personally appeared Walter Steed, duly authorized representative of Moscow Ridge, LLC known to me to be the person whose name is subscribed to the within statement and acknowledged to me that he executed the foregoing agreement County of Latah On this OlE[ (ay 1996, before me, the undersigned, a Notary in and for said State, personally appeared John Taylor, duly authorized representative of Moscow Ridge, LLC known to me to be the person whose name is subscribed to the within statement and acknowledged to me that he executed the foregoing agreement . . IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the 'h day and year hereinabove written. . / . d LL/6 CX·· NOTą Y PUBLIC for Idaho T Residing at 77/? , My Commission expires: ?7/fPr DEVELOPMENT AGREEMENT Moscow Ridge, LLC PAGE6 ---PAGE BREAK--- ,BEc,CD< Moser'S orh . Phase m. work < < , Estirnatea conrlruction cost . < . < • • • . <'20,370 toninec te