HomeMy WebLinkAbout02- Wal-Mart Agreement Re: Satisfaction of Condition 44
09/12/02 THU 12:05 FAX 406 58; 5144 GOETZ LAW FIRM ~002
AGREEMENT RE: SATISFACTION OF CONDITION 44
In 2001, Bay Area Economics (BAE) conducted and submitted to the City of Bozeman an
economic impacts analysis of Big Box Retailing. The Report identified those impacts and suggested
mitigation for them. It also suggested, on a broader scale, further studies with respect to other issues
and other companies that exist irrespective ofWal-Mart's expansion that were not studied by BAE.
To mitigate those site-specific impacts studied and identified by BAE as a result ofthe Wal-Mart
expansion, and in full satisfaction of condition Number 44 of the Bozeman City Commission's approval
ofthe Wal-Mart Major Site Plan with Certificate of Appropriateness with deviation, dated September
23,2001, Wal-Mart shall, at the time Of issuance of the Final Certificate of Occupancy, pay to the City
ofBnernan, the sum of$500,000, less the cost of the BAE study previously paid by Wal-Mart and the
Landowner (agreed by the parties to be $50,000), and less any amount paid for off-site improvements,
described below and on Exhibit A, in excess of the sum of $218,000, which amounts shall be applied
as a credit to Wal-Mart at the time the Final Certificate of Occupancy is issued by the City of
Bozeman. The receipt ofthe sum of $500,000, less the cost of the BAE study ($50,000) and excess
off-site improvement costs, if any, is in full and complete satisfaction of condition number 44 and is
accepted by the City as full payment for the mitigation of any economic impact to the City of Bozeman
as a result ofthe Wal-Mart expansion, irrespective of future modifications, if any, to the Major Site
Plan approved by the City of Bozeman;
As additional consideration for the payment of the foregoing sum in satisfaction of condition No.
44, the City of Bozeman agrees that Wal-Mart's financial responsibility for certain off~site
improvements, required as a condition of approval for the Major Site Plan ApplicatioIJ7 shall not exceed
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09/12/02 THU 12: 05 FAX 406 587 5144 GOETZ LAW FIRM 14I 003
the sum of $218,000.00. The offsite improvements subject to this Agreement are set forth on Exhibit A
and incorporated by reference.
In the event the off.site improvement expenses referenced in Exhibit A exceed the sum of
$218,000, WaI-Mart shall receive a dollar for dollar credit (in addition to the credit for the BAE Study)
which shall be applied to the payment due and owing as satisfaction of condition No. 44 at the time the
Certificate of Occupancy is issued by the City of Bozeman.
This Agreement may be signed in counterparts, including by faxed signature page, each of
which shall constitute an original.
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Dated this 12.. day of September, 2002.
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Clark Johnson, City Manager
Authorized A....g. ent fo..r.thz' ity of Bozeman
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Robert M. Bedard, Wal-Mart
Authorized Agent for Wal-Mart. Iuc,
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EXHIBIT A
OFF-SITE IMPROVEMENTS
Baxter Road Improvements/Demolition $100,000-00
Baxter Waterline $ 23,000.00
West Oak Street Improvements $ 70,000.00
North 7ili A venue Improvements $ 25, 000.00
TOTAL: $ 218,000.00
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