Distillery Square Performance Bond Improvement AgreementSeptember 2 1, 2005
MEMO
TO: Carol Kos man
FROM: Mike ,faker
Carol,
Regardifig the Sub -division agreements -letters of credit the following projects for the
Parks w4 Rmyeation Department can be taken of.
Wind River Development, Leisure Heights — phase .
The projects that can be ta.en off the Performance Bonds are:
I . Distillery Square Landscaping on 45 ' Ave W
. C l we l Banker of va holz and. Company
Thank you and if you have any questions please call me, 5-77 .
Mike Baker
PERFORMANCE BOND IMPROVEMENT AGREEMENT
vA
TfHS AGREEMENT, made and entered into this day of 200 y
and between the CITY OF KA. IS E .., M N`ANA, Party of the First Part and hereinafter referred to as
the CITY, and r. ..
LA
(Name of Developer)
(Individual, Company r Corp
located at LkS
(Sheet Address/P. O. Box)
tion)
(City, ty, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
WI' TSS T:
THAT WHEREAS, the Developer is the Omer and or developer of
.4-1111 TF.
La
(Name of Project)
located at
(Address or Location of Project)
and,
WHEREAS, the City has conditioned it's final approval of the aforementioned project -upon the
comp e,ti()n of improvements as cited i "Exhibit A" which have not been completed at this time. The
Developer Wishes to bond for the completion of tose improvements set forth in "Exhibit A"; and
"EREAS, the City will allow bonding for those improvement but will require that the Developer
shall provide a financial security of 1 % of the estimated total cost of construction of said improvements as
evidenced by an estimate prepared by contractor, subcontractor or engineer included erect as " i
. it B
and
WHEREAS, tbe, etimated total cost of construction of said improvements is the sum of
� f
NOW ' `�1� '0� in eor sideration of the final approval of the aforementioned project 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 in the
amount of $ �, 3
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 $_ .�'-_���._.. the estimated cost of
completing the required improvements in v�> %A tr r� r
(Name of Project
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;
That said required improvements shall be fully completed by , 200
That upon completion of the required improvements, the Developer shall cause to be filed with the City a
statement certifying that:
.. All required improvements are complete;
b. That the improvements are in compliance nth the minimum standards specified by the City for their
construction.
C. That the Developer er knows of no defects in those improvements;
d. That these improvements are free and dear of any encumbrances or liens;
. That a schedule of actual construction costs has been filed with the City; and,
. All applicable fees and surcharges have been paid.
ALSO AGREED Y AND BETWEEN THE PARTIES HERETO AS FOLLOWS, TO -WIT:
That the Developer shall provide for inspection of all required improvements phor to release from this
Agreement and that if the City determines that any improvements are not constructed in compliance with the
specifications, it shall wish 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 ents in accordance with
the specifications, or within the required time limits, it may withdraw the collateral and employ such ids 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.
Signature
(Name of Developer/Firm/Property Owner) � ��
XMIT
This agreement specifically includes the following improvements, their projected construction completion
date and estimated construction costs.
Cheep appropriate improvement and estimated remaining costs:
406'Grading/Paving
Seals
Curbs and Gutters
Sanitary Sewers
Mains
Other ( )
On -Site Sewage
Facilities
Water Systems
Mains
Other ( )
Fire Hydrants
Storm Serve- o
Drainage Facilities
Street Signs
Street Lighting
Street Monuments
Sczrvey Monument Boxes 0
Landscaping
Other { }
SUBTOTAL
TOTALS COSTS
TOTAL COLLATERAL, (TOTALS COSTS X 125%) 3iAC*
COA —Tvef + Lj,�caooll`ll
CA4 INUA A�
�O Ji;,np
-e
0 s
av f &, 'k-A � \V� L'�
4 ,+ 0 P. A J -ti.V
�JS
C PAA
Rom'
0 12 d�k A V"Wl
�k:
W�Ck� ov
A vk
��c�. F xc i?,.�s
�P� nS�.
ID
` �1
REVOCABLE STAY LETTER OF CREDIT
ISSUER- HITEFI H CREDIT ONION
PO BOX 37
WHITEFISH, NIT 59937
Date ofIssue: l •0 - 00
Amount: U.S. , 00. 00
Letter of Credit Number: 125
THREE THOUSAND TWO HUNDRED AND N01100 U.S. DOLLARS)
For Benefit Of: For Account Of:
n m7 Name and Address AppHcant Name and Address
CITY OF KALI PEL . KEITH GUIEH
1402 1STAVE KALISPELL, I IT 59901
AIANA OUIH
DI lA DISTILLERY SQUARE
181 MALLARD LOOP
WHITEFISH, ITT 5 007
LEI'TER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) iii favor of Beneficiary in the
aniount indicated above. Beneficiary may draw on this Letter of Credit with a Draft or Drafts, if the maximum number of drawings is
greater than one) together with the documents descTibed below. Each Draft shall be signed on behalf of Beneficiary and be marked
"Drawn under [Issuer name] e Letter of Credit No.[Letter of Credit umber- dated ILetter of Credit date]." Drafts must be presented at
Issuer's address shown above on or before the Expiration .Date. 'he presentation of any Draft shall reduce the Amowit available under
this fetter of Credit by the amount of the Draft.
'Mis Letter of Credit sets forth in full the t r is of Issuer's obligation to Beneficiary. I-ds obligation cwi of be modified by any
reference in this Letter of Credit, or any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
DRAWINGS.
• partial drawings shall not be pern it ed under this fetter of Credit.
• Partial drawings are permitted. 'lie maximum number of drawings that may be made is
DOCUMENTS. Each Draft must be acco nparAed by the following, in original and two copies except as stated:
ER The original Letter of Credit, together with any amendments.
El A sight draft drawn by Beneficiaon Issuer.
F-1 A signed statement by Beneficiary including the following statement
EJ Other documents:
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from
any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to
verify the identify or authority of the person presenting the draft and such doe rnentatlon.
EXPIRATION DATE. Ths Letter of Credit expires at the close of business at Issuer's address at 1 :00 (Time)
on 0 -01• 005 (Date). Issuer agrees to honor all Drafts presented in
strict compliance with the provisions of this Letter of Credit on or before the Expiration Date.
If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the expiration Date shall be
extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least
days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Ixtter
of Credit shall expire on without any notice from Issuer to Beneficiary.
�' 2001 Sankars S yslams, Inc,' St. C koud, M N Form L -S T AN DBY 1 115 i'200 2 tpage I of )