SIA Phase 17 (Recorded)I
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THIS AGREEMENT, made and entered into this %A� day of ,
20_, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of
the First Part and hereinafter referred to as the CITY, and
OWL Corporation ,
(Name of Developer)
a Corporation
(Individual, Company or Corporation)
located at 500 Palmer Drive Kalispell, Montana 59901 ,
(Street Address/P. 0. Box) (City, County, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
r ID
AT WHEREAS, the Developer is the owner and developer of a new subdivision
known as Glacier Village Greens, Phase 17
(Name of Subdivision)
located at Glacier Village Greens East Niklaus Avenue and,
(Location of Subdivision)
WHEREAS, the City has conditioned it's approval of the final plat of
Glacier Village Greens, Phase 17_ upon the conditions as set forth in the Preliminary Plat
(Name of Subdivision)
of the 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 $ 6,800
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 $ 8,500
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 $ 8,500 the estimated cost
of completing the required improvements in Glacier Village Greens, Phase 17
(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 31, 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 THEPARTIES i•
FOLLOWS, !
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 WIIEREOF, the Parties have hereunto set their hands and seals the day
and year herein before written.
OWL Corporation
(Name of Subdivision/Developer/Firm)
by Secretary/Treasurer
Mark Owens (Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this 3 day of ..._�aA.CCc'r 00,!S� , before me, a Notary
Public for the State of Montana, personally app red Mark Owens , known to
me to be the Secretary/Treasurer of OWL Corporation , 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
this day and year first above written.
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Notary Public for the State of Montana
Residing at z2k/ 1-e s �i
My Commission Expires
R, CITY OF KALISPELL
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EXHIBIT B
ESTIMATED CONSTRUCTION COSTS
GLACIER VILLAGE GREENS, PHASE 17
ESTIMATED
IMPROVEMENTS CONSTRUCTION
TO BE COMPLETED COSTS
Lift Station Startup and Fence $ 2,000
Boulevard Completion $ 1,000
Trees - 19 a $200 each $ 3,800
SUBTOTAL$ 6,80
FEES $
TOTAL COSTS $ 6,80
TOTAL COLLATERAL (TOTAL COSTS X 125 %) $ 8,500
Estimated date of completion is July 31, 2005.
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