THIS AGREEMENT is entered into this day of ... - City of Moscow

390223DEVELOPMENT AGREEMENTTHIS AGREEMENT is entered into this 26th day ofMiil,, 1992 by and between North Central FoodSystem Inc. (hereinafter referred to as "DEVELOPER" ) andthe City of Moscow, a Municipal Corporation of the·state ofIdaho (hereinafter referred to as the "CITY"), for purposesof improving real property within the City of Moscow.WITNESSETH:WHEREAS, the City of Moscow ordinances and regulationsrequire the installation of public improvements, includingsanitary sewer improvements adjacent to property which isbeing built upon; and,WHEREAS, the parties mutually desire to ensure thatsuch improvements are constructed;NOW THEREFORE and in consideration of the followingmutual promises, Developer and the City hereby agree andcovenant as follows:1. PROPERTY AFFECTED. The property which is thesubject of this agreement is described as follows:Tax No 1814 nwse less tan nos. 3606 & 4715 in Sec.7, T.39N, R.5W as originally describe in book 76Pg. 232 contains 2. 59 acres Parcel numberM00000078115.2. PUBLIC IMPROVEMENTS.A. The Developer agrees to install, at its soleexpense, sanitary sewer to be constructed inan amount, and to the specifications of, theapproved plans attached as Exhibit "A" andincorporated herein by this reference, andcurbing and additional necessary pavementadjacent to "A" street for the length of saiddevelopment along the south side of "A"street as shown on the approved site plansubmitted by Developer.B. The Developer agrees to construct, at itssole expense, a sidewalk, for the length ofsaid development along the south side of "A"DEVELOPMENT AGREEMENT PAGE 1

a90223street, as shown on the approved site plansubmitted by Developer.3. CITY COVENANT. The City shall issue buildingpermits subsequent to construction and inspectionof said improvements described in section 2 ofthis Agreement or when security in the amount ofSIXTY FOUR THOUSAND ONE HUNDRED NINETY DOLLARS($64, 190.00 ) has been deposited with the City inaccordance with section 4 of this agreement.Said security shall be broken down as follows:A. Security for public improvements as describedin section 2.(A ) of this Agreement shall beprovided in an amount of FIFTY SIX THOUSANDFIVE HUNDRED SIXTY FIVE DOLLARS ($56, 565.00 )as contained in Exhibit " B " page 1 attachedand incorporated by this reference. It isfurther agreed that the security must beeffective for a minimum period of ONE HUNDREDEIGHTY (180 ) days from the date of theissuance of the building permit;B. Security for public improvements as describedin section 2. (B) of this Agreement shall beprovided in an amount of SEVEN.THOUSAND SIXHUNDRED TWENTY FIVE DOLLARS ($7, 625.00 ) ascontained in exhibit "B " page 2 attached andincorporated by this reference. It is furtheragreed that the security shall be effectivefor a minimum period of SIXTY SIX (66) monthsfrom the date of the issuance of the buildingpermit.4. SECURITY FOR IMPROVEMENT. The City agrees thatupon receipt of security described in paragraphs 3and 5 of this Agreement, it will issue buildingpermits (upon payment of permit fees ). It isfurther agreed that the security shall be utilizedas follows:A. If Developer fails to complete constructionof the public improvements described insection 2. (A ) within 90 days of the issuanceof said building permits, the City may attachthe security described in section 3. (A ) andcause such improvements to be made. Any costsassociated with the construction of suchimprovements in excess of the security shallbe borne by the Developer. Any additionalconstruction services shall be let by bid andsubject to the laws of the State of Idaho.DEVELOPMENT AGREEMENT PAGE 2

390223B. If Developer fails to complete constructionof the public improvements described insection 2. (B ) within SIXTY (60 ) months of theissuance of said building permit, the Citymay attach the security described in section3. (B ) and cause such improvements to be made.Any costs associated with the construction ofsuch improvements in excess of the securityshall be borne by the Developer. Anyadditional construction services shall be letby bid and subject to the laws of the Stateof Idaho.5. FORM OF SECURITY. Security shall be in the formof a construction bond, irrevocable letter ofcredit from a certified band or other financialinstitution, or such other form of securityacceptable by the City Attorney prior to theissuance of building permits by the City.6. TERM. This agreement shall remain in effect untilall improvements as described herein are completedand accepted by the City, and in no event shallthe time period to construct the improvementsdescribed in section 2. (A) exceed NINETY (90 )days, unless said time period is extended by theCity, and in no event shall the time period toconstruct the improvements described·in section2. (B ) exceed SIXTY (60 ) months, unless said timeperiod is extended by the City. If said timeperiod is extended by the City, Developer shallundertake at its sole expense to extend for a likeperiod the security for improvements.7. COVENANTS TO RUN WITH LAND. This agreement shallrun with the land and the benefits and burdensherein described shall be binding on the partiesheirs, assigns and successors in interest.DEVELOPMENT AGREEMENT PAGE 3

390223IN WITNESS WHEREOF, the Parties cause this agreement tobe executed to be effective the day and year first set forthabove.This agreement was approved by the Moscow City Councilat their regular meeting on the 4th day of May1992., Paul C. AgidiayorPauState of Idaho )) ssCounty of Latah ).. :.\:{¢'ti.::!i·z;;:.,i,, day of , 1992, before me, a Notary·\"''···; T t • ;;, . ,_ · · ·· l ;.lic··.;fn·)d for saMSte, appeared Paul Agidius, known::· ,; .:J:'? . ,·e . to . .,P'?. the person named above and acknowledged to me.' : that . h :exec11ted the foregoing agreement as Mayor of the ·... c j o_f ·.'!f.s- .P(' ••\,·

P.O. &ox 920383843·1703tJ/ 122 East 4th Street Moscow, IdahoPhone 208·882-5553Fox 208-882-4020June 10, 1992Paul GrayNorth Central Food Systems,P.O. Box 4311301 Cannon CircleFairbault, Minnesota 55021Inc.Re:Development Agreement Hardees Restaurantproperty on Pullman RoadRecently you signed a development agreement with the city ofMoscow for the above property and in the process ofrecording it at the Latah County Auditor's Office we findthat according to Idaho law it has to be notarized.Enclosed you will find a replacement. We ask that you haveyour signature notarized and return the agreement to us, myattention, so we can have it recorded.We are sorry for any inconvenience this may cause you. Ifyou have any questions please contact Gary Riedner, CityAttorney.Sincerely,Elaine Russell, CCCFOCity Clerkenc.

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..JUN 1 6 1992P.O. Box 920383843-1703tl/ 122 East 4th Street Moscow, IdahoPhone 208-882-5553Fax 208-882-4020June 10, 1992Paul GrayNorth Central Food Sysems,P. O. Box 4311301 cannon CircleFair.bault, Minnesota 55021Inc.Re:Development Agreement Hardees Restaurantproperty on Pullman RoadRecently you signed a developmnt agreement with the city ofMoscow for the above property and in the process ofrecording it at the Latah Coury Auditor's Office we findthat according torized.osed you will find a replacement. We ask that you haveyour signature notarized and return the agreement to us, mcan hae it cecordcd.We are sorry for ar.y inconvenience thi::; may cause you. Ifyou have any questions please contact Gary Riedner, CityAttorney.Sincerely,Elaine Russell, CCCFOCity CleLenc.