SIA Phase 5 dated 10/12/06THIS AGREEMENT, made and entered into this 12 day of October,
2006, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party
of the First Part and hereinafter referred to as the CITY, and
Just Dirt LTD
(Name of Developer)
a
Corporation
(Individual, Company or Corporation)
located at 3300 HM 2 West Kalispell Flathead County, Montana, 59901 ,
(Street Address/P. O. Box) (City, County, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
T SSET:
THAT WHEREAS, the Developer is the owner and developer of a new
subdivision known as EmDire Estates- Phase 5
(Name of Subdivision)
located at Section 1, Township 28 North, Range 22 West, P.M.,M., Flathead County _
(Location of Subdivision)
and,
WHEREAS, the City has conditioned it's approval of the final plat of Empire
Estates- Phase 5 , upon the conditions as set forth in the Preliminary Plat of the
(Name of Subdivision)
Subdivision being completed and all improvements, as cited in "Exhibit 13" have not been
completed at this time, and the Developer wishes to bond for the completion of those
improvements set forth in "Exhibit 13"; and
WHEREAS, the City's Subdivision Regulations require that a sub -divider 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 13"; and
WHEREAS, the estimated total cost of construction of said improvements is the
sum of $ 54,420 .
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
$68,025. 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 $_68,025 the estimated cost
of completing the required improvements in Empire Estates Phase 5
(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 _May 1, 2007
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;
and,
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;
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.
AGREEDIT IS ALSO BY AND BETWEEN THE PARTIES HERETO AS
FOLLOWS, TO -WIT:
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 5
(Name of Subdivision/Developer/Firm)
by
Hubert J."Turner (Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this 12 day of October, 2006, before me, a Notary Public for the State of Montana,
personally appeared Hubert J. Turner known to me to be the President of Just
Dirt LTD 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
ear first above written.
— --- - J A R. IE I E
otary Public for the tat cd Montana
esiding at f �� O1CPtgi i
My Commission Expires /,q — r'� — 1 O Of O�1tC�t�
MAYOR, CITY OF KALISPELL ATTEST:
FINANCE DIRECTOR
EXHIBIT B
EMPIRE ESTATES PHASE 5
PAID FOR AND/OR TO BE COMPLETION
IMPROVEMENTS COMPLETED COMPLETED DATE
Sub -Grade Excavation
$ 21,000
Road Base
$ 71,200
%4 Crushed Gravel
$ 13,000
Curb/Gutter
$ 38,400
Water
$ 94,500
Sewer
$ 90,400
Storm Sewer
$ 33,600 $ 23,000
Telephone
$ 16,995 1/
Power
$ 54,416
Conduit
$ 75,000
Gas
$ 21,863
Materials (Pipe, catchbasins,
$ 75,000
and appurtenances)
Misc.
$ 45,000
Boulevard Trees
and seeding / Bike Path
$ 0 $ 31,420 5/l/07
Paving
$ 67,872
Sidewalks
$ 47,000
Signs
$ 400
TOTAL
$ 618,374
SUMMARY
Completed To Date $ 765,646
To Be Completed $ 54,420
Total Project Cost $ 821,066
Percent Completed = 93.2%
Total Collateral Required = 125% of $54,420 = $68,025
$ 54,420