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Landscaping Bond InformationSeptember 21, 2005 MEMO TO: Carol Kostman FROM: Mike Baker Carol, Regarding the Sub -division agreements -letters of credit the following projects for the Parks and Recreation Department can be taken off. 1. Wind River Development, Leisure Heights — phase I .n cl, The projects that can be taken off the Performance Bonds are: 1. Distillery Square Landscaping on 45 6"' Ave W 2. Coldwell Banker of Wacholz and Company Thank you and if you have any questions please call me, 758-7716. Mike Baker PERFORMANCE BOND IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this _ day of e 200 Lk , by and between the CITY OF KALISPELL, MONTANA, Party of the First Part and hereinafter referred to as the CITY, and (Name of Developer) a r, (Individual, Company & C located at %) (Street Address/P. O. Box) (City, State, Zip) Party of the Second Part and hereinafter referred to as DEVELOPER. WITNESSETH: .T WHEREAS, the Developer is the owner and / or developer of % �% _ r E. (Name of Project) located at 4 . e A (Address or Location of Project) and, WIEIEREAS, the City has conditioned it's final approval of the aforementioned project upon the completion of improvements as cited in "Exhibit A" which have not been completed at this time. The Developer wishes to bond for the completion of those improvements set forth in "Exhibit A"; and WHEREAS, the City will allow bonding for those improvement but will require that the Developer shall provide a financial security of 125% of the estimated total cost of construction of said improvements as evidenced by an estimate prepared by contractor, subcontractor or engineer included herewith as "Exhibit B"; and WHEREAS, t1g stimated total cost of construction of said improvements is the sum of $ NOW THEREFORE, in consideration of the final approval of the aforementioned project by the City, the Developer hereby agrees as follows: The Developer shall deposit as c llateral with the City a Letter of Credit, or other acceptable collateral in the amount of $ Said Letter of Credit or other collateral shall have an expiration date of at least sixty (60) days following the date set for completion of the improvements, certifying the following: a. That the creditor guarantees funds in the sum of $ 60 the estimated cost of completing the required improvements in c (Name of Project b. That if the Developer fails to complete the specified improvements within the required period, the creditor will pay to the City immediately, and without further action, such funds as are necessary to finance the completion of those improvements up to the limited of credit stated in the letter; That said required improvements shall be fully completed by , 200 That upon completion of the required improvements, the Developer shall cause to be filed with the City a statement certifying that: a. All required improvements are complete; b. That the improvements are in compliance with the minimum standards specified by the City for their construction. C. That the Developer knows of no defects in those improvements; d. That these improvements are free and clear of any encumbrances or liens; e. That a schedule of actual construction costs has been filed with the City; and, f. All applicable fees and surcharges have been paid. ALSO AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS, TO -WIT: That the Developer shall provide for inspection of all required improvements prior to release from this Agreement and that if the City determines that any improvements are not constructed in compliance with the specifications, it shall furnish the Developer with a list of specific deficiencies and may withhold collateral sufficient to insure such compliance. If the City determines that the Developer will not construct any or all of the improvements in accordance with the specifications, or within the required time limits, it may withdraw the collateral and employ such funds as may be necessary to construct the improvement or improvements in accordance with the specifications. The unused portions of the collateral shall be returned to the Developer or the crediting institution, as is appropriate. Signature 01`3A (Name of Developer/Firm/Property Owner) L EXIMIT A This agreement specifically includes the following improvements, their projected construction completion date and estimated construction costs. Check appropriate improvement and estimated remaining costs: Grading/Paving Sidewalks Curbs and Gutters Sanitary Sewers Mains Other ( ) On -Site Sewage Facilities Water Systems Mains Other ( ) Fire Hydrants Storm Sewer or Drainage Facilities Street Signs Street Lighting Street Monuments Survey Monument Boxes %/Landscaping Other ( ) SUBTOTAL 00 TOTALS COSTS Qj 5'& 06 TOTAL COLLATERAL (TOTALS COSTS X 125%) 3j;Lco CA',,eQ -4- W 0l h �O �e Pe,.4v—A -TeCty Up 4eX,S� � as POA c,IA t,.u,I a�� � JVle W e S e )-,Ces GwA y �\ ► �, beds — i o 013. sod Vi "le% al�eA— �vJG 1� ©i, pl4Jev.D `t `1 SL'�FC 1 GLH('yf ..► ry 3,50 •ti JOG C,)sl� FKQat io Q.,�S IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, MT 59937 Date of Issue:12-09.2004 Amount: U.S. $ 3,200.00 Letter of Credit Number: 125 ( THREE THOUSAND TWO HUNDRED AND NO1100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL KEITH GUIER 1402 1ST AVE KALISPELL, MT 59901 AMANDA GUIER DIBIA DISTILLERY SQUARE 181 MALLARD LOOP WHITEFISH, MT 59937 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ® Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 (Time) on 06.01.2005 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. EJ jl '. ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is IN transferable ❑ non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of MONTANA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. WHITEFISH CREDIT UNION (Issuer Name) (Signature) (Date) DOUG JOHNSON COMMERCIAL LOAN OFFICER (Signer Name and Title) Ex-p_o_rL%" ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 2 of 2)