Castles to Diest/Further Reduction in Financial SecurityCitV of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
May 29, 2007
To: Deb Deist, Treasurer
From: Frank Castles, P.E., Deputy Public Works Director/Assistant City Engineer
RE: Hutton Ranch Plaza
Attached is a request on behalf of the developer to reduce the amount of the
development improvement financial security to $212,812.50 An examination of the
referenced project was performed recently. We concur that the items remaining to be
constructed are as they appear in EXHIBIT A (dated 05/17/07).
The developer has furnished financial security to cover the amount of the required
amount.
Cc w/o attachments:
Hutton Ranch Plaza Associates, LLC
4 Sunset Plaza, Suite 201
Kalispell, Montana 59901
Terry Richmond, P.E.
Morrison-Maierle, Inc.
1228 Whitefish Stage Road
Kalispell, Montana 59901
Sean Conrad, Senior Planner
Kalispell Planning Office
HuTTON RANCH PLAZA ASSOCIATES, LLC
4 SUNSET PLAZA, SUITE 201
KALISPELL, MT 59901
May 22, 2007
Mr. James Patrick, City Manager,
City of Kalispell City Hall
PO Box 1997
Kalispell, MT 59903
Re: Hutton Ranch Plaza, Bond Reduction
Dear Mr. Patrick:
As you may know, Hutton Ranch Plaza Associates, LLC has completed the vast majority
of public improvements required to be constructed pursuant to the Conditions for Final
Plat for Phase I. Of the original public improvement cost of $2,303,875, there remains to
be constructed approximately $145,000.00 in additional improvements. Attached to this
letter is a revised Exhibit "A", certified by Terry Richmond of Morrison Maierle Inc. to
the effect that the remaining improvements, including associated fees, are $170,250.00.
In accordance with City requirements, Hutton Ranch Plaza posted with the City a Letter
of Credit Bond in the full amount of public improvements, to wit; $3,303,875. It is
respectfully requested that the City allow Hutton Ranch Plaza to reduce its continuing
Bond liability to $212,812.50, representing 125% of the remaining public improvements
to be constructed.
Thanks you for your time and consideration.
Sincerely,
Philip Harris, President
Philip Harris & Associates, Inc., Manager
cc: Mark Crowley
406.756.2771 (phone) 406 7562777 (f4x)
EXHIBIT A (May 17, 2007)
This agreement specifically includes
the following improvements, their projected construction completion date
and estimated construction costs.
CHECK
CONSTRUCTION
ESTIMATED PERCENTAGE
APPROPRIATE
COMPLETION
CONSTRUCTION COMPLETE
IMPROVEMENTS
DATE
COSTS
Street Grading/Paving'
X
Street Base'
X
Au 2007
g
$41,550 85%
Sidewalks'
X
Curbs and Gutters'
X
Sanitary Sewers
Mains
Other ( )
On -Site Sewage
Facilities
Water Sytems
Mains
Fire Hydrants
On -Site Water Supply
Water Storage Tanks
Storm Sewer or
Drainage Facilities
Street Signs
Street Lighting
Street Monuments
Survey Monument Boxes
Landscaping/Boulevard trees'
Other ( )
X 1-Nov-200 $0 100%
X 1-Dec-200 $0 100%
X
X 15-Jun-2007 $16,950 98%
X 1-Aug-2007 $9,500 5%
X 1-Aug-2007 $19,400 80%
5EP
X 30- -2007 $57,850 35%
SUBTOTAL $145,250.00
FEES $25,000.00
TOTAL COSTS $170,250.00
TOTAL COLLATERAL (TOTALS COSTS X 125%) $212,812.50
1 Includes Hutton Ranch Road and Highway 93 Access Imporvements