SIA Phase 1 dated 06/07/04i 110 61 U1300
. 45,10
THIS AGREEMENT, made and entered into this f 1�' 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.
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
$ 192,564
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 $ 240,070 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 $ 240,070 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 August. 1 , 2004.
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.
FOLLOWS, TO -WIT:
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 6Wayne E. Turner,;,,Developer
(Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this day of 2004, before me, a Notary Public
for the State of Montana, personally a eared �' �'�" , known
to me to be the of �� ' �) , whose
name is subscribed to the foregoing instrument and acknowledged to me that he/she executed the
same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal this
day and year first above written.
NotaryluWic f the State of Montana
Residing at (�?_ 1 L
My Commission Expires
7 R, CITY OF KALISPELL
MAYOR
.00
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ATTEST:
�T�.
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
$
12,125
$
1,000 8/01/04
Curb/Gutter
$
38,200
$
1,000 "
Water/Sewer From Town
$
76,539
Water to Phase 1
$
38,000
$
2,000 "
Water in Phase 1
$
62,000
$
500 "
Sewer in Phase 1
$
63,900
$
500 "
Lift Station
$
43,650
$
1,000 "
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 "
Paving
$
68,992 "
Sidewalks
$
64,400 "
Sewer Force Main
$
25,600 "
Street Signs
$
400 "
Lift Station Generator
$
19,172 "
TOTAL
$665,342
$192,
564
SUMMARY
Completed To Date $ 665,342
To Be Completed $ 192,564
Total Project Cost $ 857,906
Percent Completed = 78%
Total Collateral Required = 125% of $192,564 = $240,070