SIA Phase 1 dated 10/11/04Mlj:1 1 1 1
THIS AGREEMENT, made and entered into this day of , 2004,
by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the
First Part and hereinafter referred to as the CITY, and
Wayne E. Turner ,
(Name of Developer)
a Individual
(Individual, Company or Corporation)
located at 3300 Highway 2 West, Flathead County, Montana 59901 ,
(Street Address/P. O. Box) (City, County, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
MILIMMEW
THAT WHEREAS, the Developer is the owner and developer of a new subdivision
known as Empire Estates - Phase 1
(Name of Subdivision)
located at Section 1, Township 28 North, Range 22 West, P.M., M., Flathead County
(Location of Subdivision)
and,
WHEREAS, the City has conditioned it's approval of the final plat of Empire
Estates - Phase 1 upon the conditions as set forth in the Preliminary Plat of the
(Name of Subdivision)
Subdivision being completed and all improvements, as cited in "Exhibit A" have not been
completed at this time, and the Developer wishes to bond for the completion of those
improvements set forth in "Exhibit A"; and
WHEREAS, the City's Subdivision Regulations require that a subdivider shall provide
a financial security of 125 % of the estimated total cost of construction of said improvements as
evidenced by an estimate prepared by a licensed public engineer included herewith as "Exhibit
B" • and
WHEREAS, the estimated total cost of construction of said improvements is the sum
of $ 10,500 .
NOW THEREFORE, in consideration of the approval of the final plat of said
Subdivision by the City, the Developer hereby agrees as follows:
1. The Developer shall deposit as collateral with the City a Letter of Credit, or other
acceptable collateral as determined by the City Council, in the amount of $ 13,125
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 $ 13,125 the estimated cost
of completing the required improvements in Empire Estates - Phase 1
(Name of Subdivision)
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;
2. That said required improvements shall be fully completed by May 1 , 2005.
3. 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 and that the Developer warrants said improvements
against any and all defects for a period of one (1) year from the date of acceptance
of the completion of those improvements by the City;
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.
4. The Developer shall cause to be filed with the City copies of final plans, profiles,
grades and specifications of said improvements, with the certification of the registered
professional engineer responsible for their preparation that all required improvements have
been installed in conformance with said specifications.
IT IS i AGREED BY AND BETWEEN THE PARTIESi AS
FOLLOWS, i
That the Developer shall provide for inspection of all required improvements by a
registered professional engineer before the Developer shall be released from the Subdivision
Improvement Agreement.
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.
IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals the day
and year herein before written.
Empire Estates - Phase 1
(Name of Subdivision/Developer/Firm)
by Wayne E. Turner Developer
(Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this '% day of 0_C40&1- , 2004, before me, a Notary Public
for the State of Montana, personally appeared a L1 -e-- lam , known
to me to be the �1 / �� of L—;n 4 ;;-e
whose name is subscribed to the foregoing instrument d acknowledged to me that he/she
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Sear
this day and year first above written.
„+sc
Notary Public fo the State of Montana
Residing at /d1l1,)e r/sj
My Commission Expires 0 3 1_22 5 "ZO.7
ATTEST:
MAYOR, CITY OF KALISPELL
MAYOR
FINANCE DIRECTOR
EXHIBIT B
EMPIRE ESTATES PHASE 1
PROJECT CONSTRUCTION COSTS
PAID FOR AND/OR TO BE COMPLETION
IMPROVEMENTS COMPLETED COMPLETED DATE
Sub -Grade Excavation $ 19,600
Road Base
$
40,500
3/4 Crushed Gravel
$
13,125
Curb/Gutter
$
39,200
Water/Sewer From Town
$
76,539
Water to Phase 1
$
40,000
Water in Phase 1
$
62,000
$
500
12/01/04
Sewer in Phase 1
$
64,400
Lift Station
$
43,650
$
1,000
12/01/04
Storm Drainage
$
21,575
Telephone
$
20,301
Power
$
59,873
Gas
$
19,881
Materials (Pipe, catchbasins,
$149,288
and appurtenances)
Landscaping/Bike Path
$
8,000
5/01/05
Paving
$
68,992
Sidewalks
$
64,400
Sewer Force Main
$
25,600
Street Signs
$
400
Lift Station Generator
$
18,172
$
1,000
12/01/04
TOTAL,
$847,496
$
10,500
SUMMARY
Completed To Date $ 847,496
To Be Completed $ 10,500
Total Project Cost $ 857,996
Percent Completed = 98.8%
Total Collateral Required = 125% of $10, 500 = $13,125