HomeMy WebLinkAbout21- Grant Agreement - Midtown TIF Assistance Program - First Amendment to ELM Agreement
FIRST AMENDMENT TO GRANT AGREEMENT
(ELM)
This FIRST AMENDMENT TO MIDTOWN TIF ASSISTANCE PROGRAM GRANT AGREEMENT (this “First Amendment”) is dated as of [______________], 2021 by and between STONEFLY CAPITAL, LLC (the “Grantee”), and the CITY OF BOZEMAN, MONTANA (the “Grantor”). This First Amendment amends the Midtown TIF Assistance
Program Grant Agreement dated February 23, 2021 (the “Original Agreement”), by and between
the Grantee and Grantor, and capitalized terms used herein and not otherwise defined have the meanings given such terms in the Original Agreement.
RECITALS:
WHEREAS, pursuant to the Original Agreement, the Grantor agreed to provide a grant to
Grantee in the amount of $233,000 to reimburse the Grantee for certain eligible costs of the
Project, subject to the terms and conditions in the Original Agreement; and
WHEREAS, the Grantee has since agreed to contribute $40,000 to the partial reconstruction of Short Street, adjacent to the Project, to improve stormwater drainage in the area (the “Short Street Reconstruction”), which benefits the Project; and
WHEREAS, the parties desire to amend the Original Agreement to provide that a portion
of the grant awarded pursuant to the Original Agreement be retained by the Grantor and applied to pay costs of the Short Street Reconstruction.
NOW, THEREFORE, the Grantor and Grantee agree as follows:
Section 1. Additional Recital. At the end of the recitals in the Original Agreement,
immediately prior to “THE PARTIES AGREE,” the following recital is added:
“WHEREAS, the Grantor desires to contribute $40,000 to the partial reconstruction of Short Street, adjacent to the Project, to improve stormwater drainage in the area (the “Short Street Reconstruction”), which benefits the Project.”
Section 2. Section 1. Section 1 of the Original Agreement is hereby amended to read
as follows in its entirety:
“1. The Grant. The City, through the Board, will grant to the Grantee two hundred thirty three thousand dollars ($233,000), of which (i) $40,000 shall be retained by the City and applied to pay costs of the Short Street Reconstruction, and (ii) $193,000 shall be released to Grantee pursuant to the payment terms in Section 3.”
Section 3. Written Agreement. This First Amendment is made by written agreement
signed by both parties as provided in Section 12 of the Original Agreement. Except as amended hereby, the Original Agreement shall remain unamended, and shall continue in full force and effect as amended by this First Amendment.
DocuSign Envelope ID: 1BEC3F5E-4AB6-4CC9-AD53-C3A54086FACC
September 10
Section 4. Consent to Electronic Signatures. The parties have consented to execute
this instrument electronically in conformance with the Montana Uniform Electronic Transactions
Act, Montana Code Annotated, Title 30, Chapter 19, Part 1.
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DocuSign Envelope ID: 1BEC3F5E-4AB6-4CC9-AD53-C3A54086FACC
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to Grant
Agreement to be executed as of the date first set forth above.
CITY OF BOZEMAN, MONTANA
By: _______________________________________ Its: City Manager
STONEFLY CAPITAL, LLC
By: Its:
DocuSign Envelope ID: 1BEC3F5E-4AB6-4CC9-AD53-C3A54086FACC
Managing Member