Mou/Moa - 2005 - Ringo Ridge Subdivision Agreement - 12/13/2005
ADA COUNTY RECORDER J. DAVID NAVARRO
BOISE IDAHO 12/22105 01:05 PM
DEPUTY Palli Thompson
RECORDED-REo.UEST Of
City of Eagle
AMOUNT
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RINGO RIDGE SUBDIVISION AGREEMENT
THIS AGREEMENT made and entered into this ~"aay of December, 2005 by and
between the City of Eagle, a municipal corporation, ("City"), and P.O. Ventures, Inc., an Idaho
corporation, ("Developer").
In mutual consideration of the covenants contained herein, the City and Developer agree
as follows:
I. (a) The City requires construction of North Echohawk Way in conjunction
with, and as part of, the approved improvements for Ringo Ridge Subdivision No.2, extending
from the Hill Road right-of-way north to the existing eastern terminus of East Sadie Drive
currently constructed as part of Ringo Ridge Subdivision No.2. The purpose of North Echohawk
Way is to serve as the primary ingress and egress to Ringo Ridge Subdivision No. I and Ringo
Ridge Subdivision No.2, and to provide the primary access for construction traffic to said
subdivisions.
(b) The City will authorize the Building Official to process up to eight (8)
building permit applications for Ringo Ridge Subdivision No. 2 to the Developer once the
Developer posts a letter of credit for Ringo Ridge Subdivision Nos. I and 2 in the amount of
$570,048.62 and the $250.00 surety initiation fee for the following improvements: landscaping
and irrigation; street lights (6); fence or berm; 2 picnic benches and I table; Funscape
playground equipment; purchase, hauling and placement of fill needed to bring site to final grade
as indicated and approved; construction drawings and for final grading of berm along Highway
55 to 3: 1 slope on the east and west sides; active telephone facilities in Ringo Ridge Subdivisions
1 and 2; and, for any other improvements required by the preliminary plat approvals that have
not been completed as required for final plat as of June I, 2006. In the event the City collects the
lctter of credit and the amount to complete the above-described items and projects described in
paragraph I (c) below exceeds the letter of credit funds, Developer agrees to pay the difference to
the City upon the City's request. Upon completion or satisfaction of each item for which the
letter of credit has been posted, City shall promptly provide Developer with written notice of
such satisfaction and authorize the issuer of the letter of credit to reduce the amount of the letter
of credit by the amount applicable for the completed or satisfied item.
(c) Prior to the City issuing any occupancy permits in Ringo Ridge
Subdivision No.2, Developer agrees to install active telephone facilities in Ringo Ridge
Subdivision Nos. I and 2, and complete the construction of North Echohawk Way to ACHD's
standards. In the event that installation of active telephone facilities and the construction of
North Echohawk Way are not completed by June 1,2006, the City may elect to collect on the
letter of credit for those projects.
2. City shall not issue, and Developer and any successor owners of Lots within
Ringo Ridge Subdivision No.2 shall not request, any Occupancy Permit until such time as the
North Echohawk Way improvements are completed. Notwithstanding the foregoing, any
uncompleted improvements, including all design review and subdivision improvements shall be
completed no later than June I, 2006. Developer agrees that this Agreement does not wai ve the
City's ability to enforce the Eagle City Code and the approved Findings of Facts and
Conclusions of Law for the Arbor Ridge Subdivision and subsequent Design Review and Final
RINGO RIDGE SUBDIVISION AGREEMENT - 1
12/1312005 14726<U
Plat approvals for the Ringo Ridge Subdivision Nos. 1 and 2. Developer agrees to indemnify
and hold the City harmless for any and all claims made by any lot owners affected thereby.
3. Site Specific Condition #30 of the City's preliminary plat approval addressed
gravel operations. In reference to the requirements of that provision, the City will allow
Developer and the gravel operator to sell gravel from the two (2) existing stockpiles provided,
however, that no new gravel may be added to the stock piles; only five (5) trucks may be stored
at the gravel site, the gravel site will be cleared of debris, weeds, refuse, trash and other
equipment not necessary to complete the sale of existing stockpiles, reclamation or grading of
the site. Developer agrees to have the gravel stockpiles removed no later than June 1,2006.
4. Developer agrees to provide a copy of this Agreement to any purchaser of a lot in
Ringo Ridge Subdivision No.2. The City may include a copy of this Agreement with any
building permit issued for Ringo Ridge Subdivision No.2. Both P.O. Ventures, Inc. and Eagle
acknowledge that they each have been represented by legal counsel in negotiating this
Agreement and that neither party shall have been deemed to have been the draftor of this
Agreement.
5. This Agreement shall be binding upon and inure to the benefit of the heirs,
successors, agents, employees and assigns of the parties.
6. Any and all remedies provided for enforcement of the proVISions of this
Agreement are cumulative and not exclusive, and the prevailing party shall be entitled to pursue
either the rights enumerated in this Agreement or remedies authorized by law, or both. The
prevailing party shall be liable for any costs or expenses, including attorney fees and court costs,
incurred by it in enforcing any terms of this Agreement, or in pursuing any legal action for the
enforcement of the its rights.
7. This Agreement shall be recorded and run with the land against the property
identified as Ringo Ridge Subdivision No.2. This Agreement applies to only the property
identified as Ringo Ridge Subdivision Nos. 1 and 2.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first above written.
P.O. VENTURES, INC.
an Idaho corpor . on
THE CITY OF EAGLE,
a municipal corporation
12/13/2(Xl5 147260_6
STATE OF IDAHO )
)ss.
County of Ada )
STATE OF IDAHO )
)ss.
County of Ada )
On this ~y of December, 2005, before me, a Notary Public in and for said state,
personally appeared Nancy C. Merrill, known or identified to me, to be the person whose name
is subscribed to the within instrument, and acknowledged to me that she executed the same.
11 j{;'\'v
SUBSCRIBED AND SWORN to before me this .L!- day of
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RINGO RIDGE SUBDIVISION AGREEMENT - 3
12/l3/2005 147260_6