Subdivision Improvement AgreementSUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this�day of L, 1998, by and
between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the First art and
hereinafter referred to as the CITY, and � p 4,cs ,
(Name of Developer)
.�� rdual, Company or Corp tion)
located at �' a il' Its/S r� L--� I /�7`-���
(Street Address/P.O. Box) (City, County, State, Zip)
Party of the Second Part and hereinafter referred to as DEVELOPER.
WITNESSETH:
THAT WHEREAS, the Developer is the owner and developer of a new subdivision
known as Southfield Park located at Former Haven Field site, Highway 93 South, Kalispell, MT
and,
WHEREAS, the City has conditioned its approval of the final plat of Southfield Park
upon the conditions as set forth 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 licensed public engineer included herewith as "Exhibit
B and
WHEREAS, the estimated total cost of construction of said improvements is the sum of
$219,000.
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 $273,750. 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 $273,750, the estimated cost
of completing the required improvements in Southfield Park.
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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 limit of credit stated in the letter;
2. That said required improvements shall be fully completed by June 15, 1999.
3. That upon completion of the required improvements, the Developer shall cause to be
filed with the City a statement certifying that:
and,
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;
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 responsible for their preparation that all required
improvements have been installed in conformance with said specifications.
IT IS ALSO AGREED 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 form the Subdivision
Improvement Agreement.
That if the City determines that any improvements are not constructed in compliance with
the specifications, it shall fin-nish 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
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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.
SOUTHFIELD PARK
By
(Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this 7tk daYRf4UfW-1 1998, before e, a Notary Public for the State of Montana,
personally appeared - !� , known to be to
be theof , whose name is
subscribed to the foregoing instrument and acknoAkledged to me that he 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 for t46 State of Montana
Residing at Kalispell, MT
My Commission Expires /O
MAYOR, CITY OF KALISPELL ATTEST:
Mayor Finance Director
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EXHIBIT A
Conditions of approval as fixed to the preliminary plat by the City Council, Kalispell, Montana.
See Attached
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Southfield Park Subdivision
Minimum Required Improvements
3rd Ave East R.W.
$
30,600.00
18th St. R.W.
$
13,950.00
8 Lighting Poles
$
24,000.00
Storm Drainage
$
75,950.00
Water Extension
$
10,100.00
Sewer Extension
$
11,400.00
Signage
$
8,000.00
Utilities
$
40,000.00
28 Trees
$
5,000.00
Sub Total
$
219,000.00
126% Bonding Requirement
$
273,760.00
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