HomeMy WebLinkAbout19- Addendum 2 to Impact Fee Payment Agreement - East Main Investments, LLC - Blackmore Marketplace Building Site ti
SECOND ADDENDUM TO CITY OF BOZEMAN
IMPACT FEE PAYMENT AGREEMENT
THIS SECOND ADDENDUM TO THE CITY OF BOZEMAN IMPACT FEE PAYMENT
AGREEMENT dated June 9,2017 (the"Agreement") is made and entered into this_L2 day of
, 2019,by and between the CITY OF BOZEMAN,MONTANA, a self governing
municipal corporation organized and existing under its Charter and the laws of the State of
Montana, 121 North Rouse Street, Bozeman, Montana, with a mailing address of PO Box 1230,
Bozeman, MT 59771, hereinafter referred to as "City," and East Main Investments LLC, 1184
North 151h Avenue, Suite 4, Bozeman MT 59715 hereinafter referred to as "Developer."
In consideration of the mutual covenants and agreements herein contained, the receipt and
sufficiency whereof being hereby acknowledged,the parties hereto agree to amend the Agreement
as follows:
1. Allocation of Actual Project Costs. The Actual Project Costs may be less than or more
than Estimated Project Costs. As such, the Developer and the City agree:
a. The Actual Project Costs will be allocated as follows: no more than $250,000
$120,000.00 of Actual Project Costs are allocated to and must be paid by the City with
the remainder of Actual Project Costs allocated to and must be paid by the Developer.
Notwithstanding the above, the City will pay no more than $250,000 $120,000.00 in
Actual Project Costs should the allocation of Actual Project Costs between the parties
exceed the allocation of Estimated Project Costs between the parties as shown in
Section 4. As such, if the Actual Project Costs, as determined by the City based on
invoices and other evidence and accepted by the City,are less than originally estimated,
(a) the City will pay $250,000 $128;900.00-of the amount of Actual Project Costs up
to but not to exceed $250,000 $129;000.00 and (b) the Developer will pay the
remainder of the amount of Actual Project Costs incurred including any amount in
excess of the City's maximum contribution of$250,000�.
2. Agreement still valid. All remaining terms and provisions of the Agreement remain valid.
**** END OF AGREEMENT EXCEPT FOR SIGNATURES ****
Second Addendum to City of Bozeman Impact Fee Payment Agreement for Blackmore Marketplace Building Site
Plan Application 16-531
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IN WITNESS WHEREOF, the patties hereto have executed this instrument the day and
year first above written.
CITY OF BOZEMAN,MONTANA DEVELOPER(East Main Investments,LLQ
By By
Andrea Surratt, 6VTOanager Print Na We: 6 Id E , Ct � J.
Title: M 4 r-
APPROVED AS TO FORM
BY
Greg Sullivan, Bozeman City Attorney
Second Addendum to City of Bozeman Impact Fee Payment Agreement for Blackmore Marketplace Building Site
Plan Application 16-531
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