The URL can be used to link to this page

Home My WebLink AboutAnnexation Agreement 1600 N 2nd E Home DepotInstrument # 473676 REXBURG, MADISON, IDAHO 4-23-2026 02:17:50 PM No. of Pages: 7 Recorded for: CITY OF REXBURG KIM H. MUIR Fee: 28.00 Ex-OfTicio Recorder Deputy -ice ANNEXATION AGREEMENT NORTH REXBURG COMMERCIAL PROPERTY LLC PROPERTY LOCATED AT APPROXIMATELY 1600 N 2ND EAST (PARCEL RP06N40E085400) TO THE CITY OF REXBURG AGREEMENT, made this day of 412, i , 2026, by and between the CITY OF REXBURG, a municipal corporation (hereinafter called "City"), with a mailing address at 35 N 1st E, Rexburg, Idaho 83440, and NORTH REXBURG COMMERCIAL PROPERTY LLC (hereinafter called the "Applicant"), with a mailing address at: 1568 E 17TH ST, IDAHO FALLS, ID 83404 and its heirs and assigns. WITNESSETH: WHEREAS, Applicant is the sole owner, in law or equity, of a certain tract of land in the County of Madison, State of Idaho, which land (hereafter referred to as the "Property") is more particularly described in EXHIBIT A-1 "ANNEXATION & REZONE PUBLICATION MAP", of which is attached hereto and by this reference made a part hereof; and WHEREAS, Applicant has requested the Property be annexed to the City; and WHEREAS, the City Engineer and the Rexburg Planning and Zoning Commission have recommended such annexation be granted subject to certain requirements and obligations on the part of Applicant; and WHEREAS, the City is willing to annex the Property to the City of Rexburg, Idaho, subject to the terms and conditions of this Agreement and the Special Conditions attached hereto; NOW, THEREFORE, in consideration of the covenants and conditions set forth herein, the parties agree as follows: 1. ANNEXATION. The City agrees to annex the Property to the City of Rexburg, subject to Applicant's acceptance and performance of the terms and conditions of this Agreement. 2. TAXES. The Applicant acknowledges that annexation of the property may result in a change to the rate of taxation. ANNEXATION AGREEMENT - 1 25-01351 3. NOTICES. Any notice required by this Agreement shall be mailed to the receiving party at the address set forth above or such other address as may be delivered to the sending party in writing. Such notice shall be mailed by certified mail, return receipt requested, postage prepaid and addressed as set forth above and shall be deemed received upon its deposit in the United States mail in such manner. 4. RECORDING FEES. City shall pay all recording fees necessary to record this Agreement and transfer of property documents with the Madison County Recorder's office. 5. REMEDIES CUMULATIVE. All remedies herein are cumulative and, to the extent not wholly inconsistent with each other, may be enforced simultaneously or separately, at the sole discretion of the enforcing party. 6. GOVERNING LAW. This Agreement shall be governed by the laws of the State of Idaho. The venue for any action arising out of this Agreement shall be exclusively in the District Court of the 7th Judicial District of the State of Idaho, Madison County, or in the United States District Court for the District of Idaho. 7. ENTIRE AGREEMENT. This writing evidences the final and complete agreement between the parties and no other prior statement, representation or understanding shall be binding upon the parties unless expressly set forth herein. 8. SEVERABILITY. If any provision of this Agreement is determined to be invalid or illegal, the remainder of the Agreement shall not be affected. 9. WAIVER. Waiver of any breach of any term, covenant or condition shall not be deemed to be a waiver of that term, covenant or condition on any subsequent breach of it or any other term, covenant or condition. No term, covenant or condition of this Agreement shall be deemed to have been waived unless the waiver is in writing by the waiving party. ANNEXATION AGREEMENT - 2 25-01351 10. EFFECTIVE DATE. This Agreement shall become valid and binding on all parties only upon its approval by the City and upon its execution by the Mayor and shall remain binding upon all parties or successors in interest until such time as otherwise revoked. END OF STANDARD CONDITIONS ******************************************************************************************* Special Conditions The CITY OF REXBURG (hereinafter referred to as "City") and NORTH REXBURG COMMERCIAL PROPERTY LLC (hereinafter referred to as "Applicant"), hereby agree to the following additional terms and conditions: 1. STREET RIGHT OF WAY — 2" EAST. The City's Transportation Master Plan recommends that the corridor for 2nd East be preserved with a total width of 125 feet. The Applicant agrees to dedicate all land within 62.5 ft of the section line owned by the Applicant to the City for right of way during the platting process. 2. STREET RIGHT OF WAY AND ACCESS — EAST/WEST COLLECTOR. The City's Transportation Master Plan recommends construction of a new collector street from 2" East heading to the east that will pass through this property. During the platting process, the Applicant agrees to dedicate the 79 ft wide right of way for this street through the property. This street will be the only access point from 2nd East to the property. 3. DEVELOPMENT AGREEMENT. The Applicant, its successors or assigns will be required to enter into a Development Agreement with the City prior to development of the Property. That agreement will include additional conditions of development, require payment of fees, and may include additional reimbursements to the Applicant, its successors and assigns. 4. WAIVING OF FEES. The City agrees to waive the following fees that would normally be included in the Development Agreement. ANNEXATION AGREEMENT - 3 25-01351 • Front footage fees for existing asphalt business street widening of 2' East. • Front footage fees for existing curb and gutter installed on 2❑d East. • Costs of existing widening of 2' East north of the property to the US 20 on -ramp. • Cost of existing water line bored across 2' East and fire hydrant. 5. FUTURE REIMBURSEMENTS. The City agrees to reimburse the Applicant for construction of the following items. The costs and quantities will be documented in the Development Agreement. • Construction of the center 11 feet of the East/West Collector Street. • Construction of the traffic signal anticipated to be installed at the intersection of 2" East and the East/West Collector Street. 6. UTILITY CONNECTIONS. The City agrees to allow the Applicant to connect to City water and wastewater systems, upon payment of associated fees. Further requirements related to utility construction will be outlined in the Development Agreement. END OF SPECIAL CONDITIONS [Signature Pages to Follow] ANNEXATION AGREEMENT - 4 25-01351 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. FOR THE CITY OF REXBURG APPROVED AS TO FORM: -Joki Public W irector/ City Engineer, Keith Davidson APPKO By: Mayor, STATE OF IDAHO ) ss. County of Madison ATTEST: \N`'t" �O.F. F �.R OFPOI? //11111111 By: City Clerk, Deborah Lovejoy (SEAL) On this A,—S— day of Alp d 1 , 2026, before me, the undersigned, a Notary Public for Idaho, personally appeared Jerry Merrill, known to me to be the Mayor of the City of Rexburg, the municipal corporation that executed the foregoing document, and acknowledged to me that such City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. :`; •ems <: �0-CARy • N • G C' Ois F •gip,,,,. N a ublic for Idaho Residing at Rexburg, Idaho My Commission Expires: c2L13 Z-7 ANNEXATION AGREEMENT - 5 25-01351 ******************************************************************************************* APPLICANT NORTH REXBURG COMMERCIAL PROPERTY LLC 1568 E 17TH ST IDAHO FALLS, ID 83404 Eric Isom, Chief Real Estate Officer By: EYlc- Zsorv', , Authorized Agent of NORTH REXBURG COMMERCIAL PROPERTY, LLC STATE OF _Uah4--_) SS. County ofq� On this day of"(, , 2026 before me, the undersigned, a Notary Public for said State, personally appeared ERIC ISOM, known or identified to me to be the Authorized Agent of the Limited Liability Company that executed this instrument, and acknowledged to me that such Limited Liability Company executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. FW:EN'DY NENNISION # 30719Nota PubliRY PUBLIC rY �� `ATE OF IDAHO Residing at: 4 SION EXPIRES 10/06/2028 - I My Commission Expires: /� �� (SEAL) ANNEXATION AGREEMENT - 6 25-01351 EXHIBIT A-1 F O c - 0 QJ = N � Lo �ma° Q a� a 1`aa w o c i w ,ENO 'tea= f 3 P u Z N d a d H L Qi C O H as Main aldwal