SIA Phase 3 dated 05/02/05 (Recorded)APPENDIX E
No -13 1 t, .. 1 1
THIS AGREEMENT, made and entered into thisaV4 day of _, 2005,
by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, P rty of the
First Part and hereinafter referred to as the CITY, and
r, 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)
Q Party of the Second Part and hereinafter referred to as DEVELOPER.
WITNESSETH:
®" THAT WHEREAS, the Developer is the owner and developer of a new subdivision
r�Sknown as Empire Estates - Phase 3
(Name of Subdivision)
located at Section 1 Township 28 North Range 22 West, P.M.A. , Flathead County
(Location of Subdivision)
Qand,
WHEREAS, the City has conditioned it's approval of the final plat of Empire
Cr-Estates - Phase 3 upon the conditions as set forth in the Preliminary Plat of the Subdivision
(Name of 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
Oo evidenced by an estimate prepared by a licensed public engineer included herewith as "Exhibit
B";and
�o
® WHEREAS, the estimated total cost of construction of said improvements is the sum
of $ 196,800 .
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 $ 246,000 . 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:
t()
a. That the creditor guarantees funds in the sum of $ 246,000 the estimated cost of
completing the required improvements in Empire Estates - Phase 3
(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 July 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 ALSO AGREED BY AND BETWEEN THE PARTIES HERETO A S
FOLLOWS, TO -WIT: 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 3
(Naive of Subdivision/Developer/Finn)
by -v -- -- Developer
(Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this 2nd day of May , 2005, before me, a Notary Public
for the State of Montana, personally appeared Hurbert J. 'burner , known to me to be the
Developer of Empire Estates , 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.
Notary Public for the State of Montana
Residing at \4.P e -,(' y A Is
- —All
My Commission Expires c9`� ��`"`• =P`'
OR, CITY OF KALISPELL ATTEST:
MAYOR C/--k/ C—LPRK'
EXHIBIT 1
EMPIRE ESTATES PHASE 3
PROJECT CONSTRUCTION COSTS
PAID FOR AND/OR TO BE COMPLETION
IMPROVEMENTS COMPLETED COMPLETED DATE
Sub -Grade Excavation $ 14,000
Road Base
$
30,000
3/4 Crushed Gravel
$
0
Curb/Gutter
$
0
Water
$
79,250
Sewer
$
64,050
Storm Drainage
$
29,000
Telephone
$
15,971
Power
$
42,632
Conduit
$
0
Gas
$
24,866
Misc. Materials (Pipe,
$
115,000
catchbasins and appurtenances)
Landscaping/Bike Path
$
9,900
Paving
$
0
Sidewalks
$
0
Signs
$
0
TOTAL $ 412,069
SUMMARY
Completed To Date $ 412,069
To Be Completed $ 196,800
Total Project Cost $ 608,869
Percent Completed = 67.6%
$ 1,500
$ 9,500
$ 30,500
$ 1,000
$ 1,000
$ 1,000
$ 24,000
$ 23,300
$ 47,600
$ 57,000
$ 400
$196, 800
Total Collateral Required = 125% of $196,800 = $246,000
CITY OF KALISPELL
ATTN: T WHITE
DRAWER 1997
KALISPELL,MT 59903
7/ 1 /05
7/ 1 /05
7/l/05
7/ 1 /05
7/ 1 /05
7/ 1 /05
STATE OF MOOT NA COUNT`( OFF ! A:[HE D) ss
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