SIA Phase 4SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 25 day of August,
2005, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party
of the First Part and hereinafter referred to as the CITY, and
Wa ne E. Turner ,
(Name of Developer)
a
Individual
(individual, Company or Corporation)
located at 3300 Hwy 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.
WITNESSETH:
THAT WHEREAS, the Developer is the owner and developer of a new
subdivision known as Empire Estates- Phase 4
(Name of Subdivision)
located at Section 1 Township 28 North Range 22 West P.M.,M., Flathead Count
(Location of Subdivision)
and,
WHEREAS, the City has conditioned it's approval of the final plat of Empire
Estates- Phase 4 , 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 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 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 B"; and
WHEREAS, the estimated total cost of construction of said improvements is the
sum of $ 322,665.
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
$ 415,831 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 $ 415.831 the estimated
cost of completing the required improvements in Empire Estates Phase 4
(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, 2006 .
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;
£ 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.
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.
Em ire Estates —Phase 4
(Name of Subdivision/Developer/Firm)
b r Developer
Wa e E. Turner (Title)
STATE OF MONTANA
COUNTY OF FLATHEAD
On this day of , 20--105 , before me, a Notary Public
for the State of Montana, personally appea ed Wayne_ E.Turner , known to me to be the
Develo er of Empire Estates , 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 y9pr first above ritt CHERIE A. EDWARDS
Notary Public for the State of Montana -- -- �p'TARjt�o NOTARY Pt46LIG—MONTANA
t
Residing at ,_ SEAL Residing at Big€u, N[antana
My Commission xpires _.:,
MAYOR, CITY OF KALISPELL ATTEST:
uI�[IN
FINANCE DIRECTOR
EXHIBIT B
EMPIRE ESTATES PHASE 4
PROJECT CONSTRUCTION COSTS
PAID FOR AND/OR
TO BE
COMPLETION
IMPROVEMENTS
COMPLETED
COMPLETED
DATE
Sub -Grade Excavation
$ 34,600
Road Base
$ 71,200
$ 1,000
%Crushed Gravel
$ 0
$ 33,500
5/l/06
Curb/Gutter
$ 0
$ 56,000
5/l/06
"Water
$ 118,250
$ 1,000
Sewer
$ 116,340
$ 1,000
Telephone
$ 18,712
Power
$ 71,656
Conduit
$ 78,650
Gas
$ 12,520
Materials (Pipe, catchbasins,
$ 184,500
and appurtenances)
Misc.
$ 67,200
Landscaping/Bike Path
$ 3,010
$ 33,275
5/l/06
Paving
$ 0
$ 86,240
5/l/06
Sidewalks
$ 0
$110,250
Signs
$ €1
$ 400
5/l/06
TOTAL
$ 776,747
SUMMARY
Completed To Date $ 776,747
To Be Completed $ 332,665
Total Project Cost $1,099,412
Percent Completed = 70,65%
Total Collateral Required = 125% of $332,665 = $415,831
$ 322,665
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