SIAReturn to:
Theresa White
Kalispell City Clerk
P.O. Box 1997
Kalispell, MT 59903
THIS AGREEMENT, made and entered into this 6( day of
October , 2008 , by and between the CITY C CIL, CITY OF
KALISPELL, MONTANA, Party of the First Part and hereinafter referred to as the
CITY, and
Tracy Gardner , (Name of Developer)
an Individual
(Individual, Company or Corporation)
located at P.O. Box 2854, Kalispell, MT 59903 ,
(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 Leuends Court
(Name of Subdivision)
located at 1224 Fourth Avenue West. Kalispell. MT 59901
(Location of Subdivision) and,
WHEREAS, the City has conditioned it's approval of the final plat of Legends Court ,
upon the conditions as set forth for Legends Court in the Preliminary Plat 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 bona fide contractors included
herewith as "Exhibit B"; and
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
$ 15,084 . 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 $ 15,084 the
estimated cost of completing the required improvements in _Legends Court .
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 October 31 2009 or
before.
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 two (2) years
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 ! AGREED BY AND BETWEEN THE PARTIES HERETO AS
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 WITLESS WHEREOF, the Parties have hereunto set their hands and seals the day
and year herein before written.
Legends Court
(Name of Subdivision/Develo /gym)
by
y G r, Owner
STATE OF MONTA A
COUNTY OF �_'c�
On this 3 C6 day of � 200� , before me, a Notary
Public for the State of Montana, personally appeared
known to me to be the
of �; , whose name is
subscribed to the foregoing instrument ana 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 or the State of Montana
Printed Namect
Residing at ��-
My Commission Expires 0 - }O - G/ c)
'.. _ Y o F
r= °® �� °
� e
ter' Q��`�LNP r
MAY , CITY OF I�AL S E L ATTEST: 189
2
10,142311
Conditions of approval as fixed to the preliminary plat by the City Council, Kalispell,
Montana by Resolution No. 5283.
This agreement specifically includes the following improvements, their projected
construction completion date and estimated construction costs.
CHECK
APPROPRIATE
CONSTRUCTION ESTIMATED PERCENTAGE
COMPLETION CONSTRUCTION COMPLETE
IMPROVEMENTS
DATE COSTS
Street Grading/Paving
Street Base
Sidewalks X
10/31/09 $2,970 0%
Curbs and Gutters
Sanitary Sewers
Mains
On -Site Sewage
Facilities
Water Systems
Mains
On -Site Water Supply
Water Storage Tanks
Fire Hydrants
Storm Sewer or
Drainage Facilities
Street Signs
Street Lighting
Street Monuments
Survey Monument Boxes
Landscaping/Boulevardtrees X
10/31/09 $1,199 0%
Other (X)
Underground Utilities X
10/31/09 $3,398 37%
Access Paving X
10/31/09 $4,500 0%
SUBTOTAL $12,067
FEES
TOTALS COSTS 12,067
TOTAL COLLATERAL (TOTALS COSTS X 125%) $15,084
WEST ONE BANK
September 23, 2008
Irrevocable Letter of Credit No. 131
Tracy A Gardner
PO Box 2854
Kalispell, MT 59903
City of Kalispell
P.O. Box 1997
Kalispell, MT 59904
We hereby establish this irrevocable Letter of Credit in your favor for one or more
drawings up to United States, $15,084.00. This Letter of Credit is payable at the West
One Bank office at 222 W. Idaho, Kalispell, MT 59901, and expires with our close of
business on April 7, 2010.
Each draft so drawn must be marked "Drawn under West One Bank, 222 W. Idaho,
Kalispell, MT 59901, Letter of Credit Number #131 and accompanied by signed
statements of the Kalispell City Attorney that Tracy A. Gardner has failed to honor his
contractual agreement with the City of Kalispell. This letter of credit shall reduce
proportionally with the paving, sidewalks, and boulevard landscaping as they are
completed on Legends Court, Kalispell, MT.
We hereby agree with you that all drafts drawn under and in compliance with the terms of
this credit will be duly honored if drawn and presented for payment to our office, West
One Bank, 222 W. Idaho, Kalispell, MT 59901.
Sincerely,
Print Name: Rod Leese
Its: President
222 W. IDAHO BOX 7758 EVERGREEN BRANCH
KALISPELL, MT 59904 2604 HWY 2 EAST Member
f2r TEL. 406-755-9781 • FAX 406-755-9794 TEL. 406-752-9998 • FAX 406-755-2715 FDIC� " "www.westonebank.com