SIA (Recorded)THIS AGREEMENT, made and entered into this � day of
2004, by and between the CITY OF KALISPELL 61
of Flathead County, Montana, Party of the First Part and hereinafter referred to as the
CITY, and RIVER GLEN SUBDIVISION, LLP,
(Name of Developer)
A LIMITED LIABILITY PARTNERSHIP
(Individual, Company or Corporation)
located at 1701 SOUTH WOODLAND DR., KALISPELL, MT 59901
(Street Address/P.O. Box) (City, County, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
TNESSET
THAT VdWREAS, the Developer is the owner and developer of a new
subdivision known as RIVER GLEN
(Name of Subdivision)
located at SEl/4, SE1/4, SEC. 17, T.28N., R.21W., P.M.,M., FLATHEAD COUNTY,
MONTANA
(Location of Subdivision)
and,
W-MREAS, the City has conditioned it's approval of the final plat of
RIVER GLEN, upon the conditions as set forth
(Name of Subdivision)
in the Resolution 4784 being completed and all improvements, as cited in EXHIBIT B
have not been completed at this time, and the Developer wishes to bond for the
completion of those improvements set forth in EXHIBIT B; 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
EREAS, the estimated total cost of construction of said improvements is the
sum of $18,950.00.
NOW THEREFORE, in consideration of the approval of the final plat of said
Subdivision by the City, the Developer hereby agrees as follows:
The Developer shall deposit as collateral with the City a Letter of Credit, or
other acceptable collateral as determined by the Kalispell City Council, in
the amount of $23,687.50. 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:
2,005046 )01 b
a. That the creditor guarantees funds in the sum of $23,687.00 the
estimated cost of completing the required improvements in
RIVER GLEN
{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 for those improvements up to the limited of credit stated in
the letter;
2. That said required improvements shall be fully completed by
SEPT-EMBER 15,2005
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 the 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.
WP 1(y)J
IT IS ALSO AGREED BY AND BETWEEN THE PARTIES HERETO AS
UOLLOWS,•
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 sure
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 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.
RIVER GLEN/ RIVERGLEN SUBDIVISION, L.L.P.
(Name of Subdivision/Developer/Fimt)
by
2004E-rMf; J()i5�b
STATE OF MONTAN
COUNTY
On this day of�'ca
,be
fore me, a Notary
Public for the State of Montana, personally appeared /- dXltj�-
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 WDEREOF, I have hereunto set my hand and affixed my
Notarial l this day year first above written.
Notary Public for the State of Montana
Residing at
If
My Commission Expires — >
V
J:
In
2005046105� (D
1*1111411
This agreement specifically includes the following improvements, their
projected construction
completion date and estimated construction costs.
CHECK
CONSTRUCTION ESTIMATED
APPROPRIATE
COMPLETION CONSTRUCTION
IMPROVEMENTS
BOX
DATE COSTS
Street Grading/Paving
X
COMPLETED
Street Base
X
COMPLETED
Sidewalks
X
9/15/05 $13,950.00
Curbs and Gutters
X
COMPLETED
Sanitary Sewers
Mains
X
COMPLETED
Other (manholes)
COMPLETED
On -Site Sewage
Facilities
X
COMPLETED
Water Systems
Mains
X
COMPLETED
Other
On -Site Water Supply
Water Storage Tanks
Fire Hydrants
X
COMPLETED
Storm Sewer or
Drainage Facilities
X
COMPLETED
Street Signs
X
COMPLETED
Street Lighting
X
COMPLETED
Street Monuments
X
COMPLETED
Survey Monument Boxes
Landscaping & flood plain
delineation
9/15/05 $5,000.00
Other
TOTAL PROJECT COST = $173,534.50
SUBTOTAL $18,950.00 (11.0%)
FEES
TOTAL COSTS $18,950.00
TOTAL COLLATERAL (TOTAL COSTS X 125%) $23,687.50
5
2005046 10511)
By.
Pamela ICermeWy, Mayor of Kalispe
Y-1
, 91_,vsb UT 599)()3
City Clerk
STATE OF MONTANA COUNTY OF FLATHEAD) ss
RECORDED IN THE RE;CO, OF RAT H0
EAD CCU I AT O�NAONTAN Y
0
AT THE RU)JES1 CF 04
4' CICK $ 010 PAID _
20
.1
02
C' EAK AND RECORDER BY
1 0 o DEPUTY
R__Ur,N_
cocuml-
20045046 �O 510