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HomeMy WebLinkAboutBondAgreement_Peregrine6 (2)DEVELOPMENT SURETY AGREEMENT – Peregrine Estates #6 – Page 1 City of Caldwell Planning & Zoning PERFORMANCE - SURETY AGREEMENT PEREGRINE ESTATES #6 THIS DEVELOPMENT SURETY AGREEMENT is made and entered into this 5th day of October, 2025 by and between the CITY OF CALDWELL, a Municipal Corporation, hereinafter referred to as CITY, and Challenger Development, Inc., hereinafter referred to as DEVELOPER. WITNESSETH: WHEREAS, DEVELOPER received approval from the CITY on November 6, 2023, of the construction plans or building permit (“Approved Plans”), for the development known as Peregrine Estates #6 (“Development”) located in the City of Caldwell; and WHEREAS, the approval granted by the CITY requires that certain non-life, non-safety and non-health improvements (“Required Development Improvements”) be made in connection with construction of the development, and that such improvements be constructed in full compliance with City standards, and the approved plans and specifications submitted with the project, as require by the CITY; and WHEREAS, the agreement or approval granted by the CITY requires that the Improvements are to be made or constructed within a certain period of time; and WHEREAS, the City Code of the City of Caldwell, Section 10-03-17 establishes procedures that guarantee the completion of Required Development Improvements by allowing the OWNER/ DEVELOPER to execute and file with the CITY an agreement providing for, among other things, the period within which all Required Development Improvements shall be made and that if the Required Development Improvements are not completed within the period specified, the CITY may complete the same and recover the full cost and expense thereof from the surety deposited from the DEVELOPER; and DEVELOPMENT SURETY AGREEMENT – Peregrine Estates #6 – Page 2 WHEREAS, OWNER/DEVELOPER has petitioned the CITY to allow for the acceptance of a performance surety bond in order to proceed with said development. The Required Development Improvements to be covered by the performance surety bond would be as follows: ☒ Landscaping ☐ Sidewalks ☐ Pathways ☒ Fencing / Screening ☐ Parking Lots ☐ Public Amenities (See attachment A for list of public amenities) ☐ Common Areas ☐ Other; please describe: ___________________________________________________; and WHEREAS, the CITY is agreeable to acceptance and filing of said Subdivision Plat upon the execution of this Agreement and compliance by the DEVELOPER with the provisions of the City Code, and any entitlement or development agreement conditions of the City of Caldwell; and WHEREAS, it is understood and agreed that this obligation shall continue in effect until released in writing by the CITY, but only after the DEVELOPER has performed and satisfied the conditions listed herein. NOW, THEREFORE, in consideration of foregoing mutual promises, covenants and agreements of the parties, it is hereby agreed as follows: 1. The DEVELOPER agrees to construct all of the Required Development Improvements to conform to the design, location, materials, and specifications for the indicated site improvements, as required by the CITY in the above-mentioned CITY file and in accordance with the approved plans, land use entitlement conditions, and any associated development agreements. In addition, the DEVELOPER agrees to bind themselves to use such materials and to so construct all of the Improvements in compliance with all applicable City ordinances and State Codes and in a manner acceptable to the CITY (hereinafter “City’s Requirements”). 2. The DEVELOPER agrees to restore at no cost to the CITY any monument erected or used as a survey marker or boundary of any tract, plat or parcel of land which monument is broken down, damaged, obliterated, removed or destroyed, whether willfully or not, by the DEVELOPER, or the agents, employees or contractors of the DEVELOPER. 3. The DEVELOPER must have paid all sums owing to laborers, contractors, mechanics, subcontractors, material men and suppliers or others as a result of such work for which a lien against any property has arisen or may arise. 4. The DEVELOPER agrees that all said Improvements shall be completed on or before May 1, 2026. 5. The DEVELOPER agrees that if they default and abandon the improvements, fail to complete the improvements in accordance with the approved plans, or fail to complete the DEVELOPMENT SURETY AGREEMENT – Peregrine Estates #6 – Page 3 Improvements within the time specified by the CITY, then the CITY, its employees and agents shall have the right at the City’s sole election to enter onto said property described above for the purpose of completing the Improvements. The DEVELOPER shall be jointly and severably liable to the CITY for any and all loss and damage from such default, abandonment or failure, either from the greater expense of so completing or repairing faulty or damaged Improvements, or from any other cause related to DEVELOPERS failure to complete the Improvements, which expense shall not be limited by any surety. This provision shall not be construed as creating an obligation on the part of the CITY or its representatives to complete such improvements. 6. Upon execution of this Agreement, the DEVELOPER shall deliver to CITY a performance surety (Corporate Surety Bond, a Cashier’s Check, or a Cash Deposit) (“Performance Surety”) for the purpose of assuring DEVELOPER’S full and faithful completion of the required Improvements as shown on the Construction and/or Development Plans, and as specified herein. The amount of the Performance Surety shall be 150% of an itemized contractor’s bid, as shown on Exhibit “A” attached hereto and incorporated herein, for the completion of the Required Development Improvements in the sum of $337,638.81. CITY’S acceptance of such assurance shall not be construed as a limitation on the amount which may be spent on completion of the Improvements. 7. At such time as all Required Development Improvements have been completed in accordance with the CITY’S requirements, the DEVELOPER shall notify the CITY of the readiness for final inspection. The DEVELOPER must obtain acceptance from the CITY of the work completed, all on or before thirty (30) days after completion date set forth in paragraph 4 above. 8. Upon certification by Planning and Zoning that all requirements of this agreement, and compliance with Chapter 10 and Chapter 11 of the CITY have been met, the following shall occur: A. The DEVELOPER shall submit a written request to the CITY to release the Performance Surety, including: i. A statement from the DEVELOPER that the required Improvements are complete and have been constructed in accordance with the City’s Requirements, and 9. The CITY certification is not intended to relieve DEVELOPER or any contractor or material supplier of their responsibility for any defects in materials or workmanship of such Improvements. 10. Corrections: Any corrections required by the CITY shall be commenced within seven (7) days of notification by the CITY and completed within thirty (30) days of the date of notification. If the work is not performed in a timely manner, the CITY shall have the right, without recourse to legal action, to take such action under this agreement as described in paragraph 5 above. DEVELOPMENT SURETY AGREEMENT – Peregrine Estates #6 – Page 4 11. Enforcement: It is specifically agreed by and between the parties that in the event any legal action must be taken to enforce the provisions of this bond, the prevailing party shall be entitled to collect its costs and reasonable attorney fees as part of the reasonable costs of securing the obligation hereunder. In the event of settlement or resolution of these issues prior to filing of any suit, the actual costs incurred by the CITY, including reasonable attorney fees, shall be considered a part of the obligation hereunder secured. Said costs and reasonable attorney fees shall be recovered by the prevailing party, not only from the proceeds of this bond, but also over and above said bond as part of any recovery in any judicial proceeding. The Surety hereby agrees that this Agreement shall be governed by the laws of the State of Idaho. 12. Bond Expiration: This bond shall remain in full force and effect until the obligations secured hereby have been fully performed and a bond guaranteeing that the DEVELOPER will correct, repair and maintain all such Required Development Improvements from any defects, omissions or irregularities in the construction, materials or work thereof for a period of two (2) years from the date of written acceptance of such Improvements. 13. In construing this Agreement, it is understood that either party may be more than one person and if the context so requires, the singular pronoun shall be taken to mean and include the plural, the masculine, and neuter, and that generally all grammatical changes shall be made, assumed and implied to make the provisions hereof apply equally to a single or several individuals. IN WITNESS WHEREOF, the parties shall cause this Surety Agreement to be executed by their duly authorized officers the day and year first written above. Signatures on Next Page DEVELOPMENT SURETY AGREEMENT – Peregrine Estates #6 – Page 6 EXHIBIT A ITEMIZED BID QUOTE Eloy & Son Landscape Construction, Inc. INVOICE # 264 Nampa, ID 83687 (208) 250-9078 eloyandson@gmail.com DATE TO Trilogy Development SALESPERSON JOB PAYMENT TERMS DUE DATE Peregrine 6 QTY DESCRIPTION UNIT PRICE LINE TOTAL Fine grading as needed Design, supply and install automatic sprinkler system 61 Supply and install trees 237 Supply and install shrubs and perennials 2760 square feet Supply and install commercial grade weed barrier 30 cubic yards Supply and install decorative gravel 56,415 square feet Supply and install Kentucky Blue grass sod SUBTOTAL SALES TAX TOTAL $158,555 __________________________________________________________________________________________________________________ This is a quotation on the goods named, subject to the conditions noted below: Describe any conditions pertaining to these prices and any additional terms of the agreement. You may want to include contingencies that will affect the quotation. To accept this quotation, sign here and return: __________________________________________________________________________ THANK YOU FOR YOUR BUSINESS!