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Page: I of 3 �15'+ �� 59�t a3 Debbie Pierson, Flathead County MT by DD 5/9/2018 1123 AM
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this Z 1 day of MAJM 20 IS by and
between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the First Part and
hereinafter referred to as the CITY, and Stillwater Corporation, a corporation, 7338 Kalispell, MT 59903-
7338; 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 Kalispell
North Town Center — Phase 2, located at North of Reserve Avenue and East of Highway 93, Kalispell,
Montana
r and,
,0 WHEREAS, the City has conditioned it's approval of the final plat of Kalispell North Town Center
Phase 2, 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
0
WHEREAS, the estimated total cost of construction of said improvements is the sum of $1,659,615.20.
O
NOW THEREFORE, in consideration of the approval of the final plat of said Subdivision by the City,
the Developer hereby agrees as follows:
Appendix —Page A-24
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 $2,074,518.99. 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 $2,074,518.99 the estimated cost of completing
the required improvements in Kalispell North Town Center Phase 2.
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 &,, ?& -ZD , 20 q
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.
2
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 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.
Stillwater Corporation
eff Claridge, Vice President
STATE OF MONTANA
COUNTY OF
On this 7.1 day of ./�_ , 20_6�___, before me, a Notary Public for the State
of Montana, personally appeared Jeff Claridge, known to me to be the Vice President of Stillwater
Corporation, 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 and year
first above written.
n?.
Notary Public for the`State of Montana
Residing at�;)t�
My Commission Expires ka-)<-1�
MAYOR, CITY OF KALISPELL
L_'_ _
MAYOR
DIEF,
MAND1FFRIAR '.
NOTARY PUULI" a )r the
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State of m odi€araa
* SEAL *
casieln at columbk;,'rails, Moataaa
My 1;,'Inmissson'Expires
QPrd{
February'12, 2019
ATTEST_:
CIT1Y CLERK