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HomeMy WebLinkAbout23 - Restrictive Covenants - Canyon Gate Investors LLC - Canyon Gate2805059 meuu -amm°²uîn?²m °° o sinano IlllllllilllllllllllilllBlllllliillHllllllill4llllllilllllllllllllBIIHlll CityofBozeman CityClerk PO Box 1230 Bozeman,MT 59771-1230 AMENDMENTTOCANYONGATE DECLARATION OF COVENANTS,CONDITIONS AND RESTRICTIONS This Amendment toCanyon Gate Declarationof Covenants,Conditionsand Restrictions ismade this}8*day of kn'l ,2023 by Canyon Gate Investors,LLC,of 111 W. Lamme Street,Suite101,Bozeman,MT 59715,hereinreferredto as "Declarant." RECITALS A.WHEREAS,on April28,2022,Declarantrecorded theCanyon Gate Declaration of Covenants,Conditionsand Restrictionsinthe recordsof GallatinCounty,Montana,as Document No.2774188 (the"Declaration"); B.WHEREAS,pursuantto Section4 of the Declaration,the Declarationmay be amended upon the writtenapprovalof thepropertyowners comprising fifty-one(51)percentof the area of thenon-publicrealpropertywithinthe Canyon Gate Annexation Propertyand the consent and approval of the City of Bozeman;and C.WHEREAS,theundersigned istheowner of allthe non-publicpropertywithin theCanyon Gate Annexation Property and desirestoamend the Declarationto clarifythatthe income restrictedunitsrequiredby Section4 oftheDeclarationmay be satisfiedby offeringsuch unitstopersons who qualifywithinthe income restrictionsforpurchase or forleaseor any combination of purchasing or leasing,and the City of Bozeman consentsto the amendment as set forthherein; NOW,THEREFORE,Declaranthereby amends the Declarationas follows: 1.Section2 of the Declarationishereby amended and replacedin itsentiretywith the followinglanguage: Amendment to Canyon Gate Declarationof Covenants,Conditions and Restrictions 1 Provision of Income RestrictedHousing.In orderto advance the goalsof the Bozeman Community Plan 2020,Declarantagreestoprovide inperpetuitywithinthe R-5 zoning areawithinthe Canyon Gate Annexation Property,a minimum of 60 housing unitsthat arepricedforleaseor purchase no greaterthan 120%of Area Median Income atan interestrateof 3.5%per the matrix setforthinExhibitB.As determined by the City,a one person household includesstudios,two person household includesone bedroom units,a threeperson household includestwo bedroom units,and four person household includesthreebedroom units.The leaseor sale(orcombination thereof)and management of theincome restrictedhousing unitsshallbe administeredby a community land trustor otherentityacceptabletothe City.Declarant shallbegin constructionof the income restrictedhousing priorto any verticalconstructionwithinthe B2M zoning districtand shallcomplete all60 unitswithin24 months aftercommencing construction. 2.Except as expresslymodified by the terms hereof,the Declarationshallremain unchanged and allotherprovisionsarehereby ratified. IN WITNESS WHEREOF the DECLARANT has signedthisinstrumentand arranged foritsrecordationin therealpropertyrecordsof GallatinCounty,Montana. LANDOWNER CANYON GATE INVESTORS,LLC a Montana limited liabilitycompany By:CANYON GATE PARTNERS,LLC a Montana limited liabilitycompany,its Managing Member By:Andrew Holloran,Manager STATEOFMONTANA ) :ss County ofGallatin ) On 2o o .cDQ ,2023,beforeme,NotaryPublic,personallyappeared Andrew Hoiih ,asManager ofCanyon Gate Partners,LLC,Managing Mernber ofCanyon Gate Investors,LLC. N t ry u A /PU C FOR THE STÀTE OF MT -y OTAR4 fortheStateofMontana Residinoat:SEAL sozeman,Montana'o My CommissionExpires:.September04,2023 Amendment to Canyon Gate Declarationof Covenants,Conditionsand Restrictions 2 CITY OF BOZEMAN By ef ihelich,City Manager of B ATTEST:. City Clerk STATE OF MONTANA ) :ss COUNTY OF GALLATIN ) On this 7,day of (A/,2023,beforeme,a Notary Public for the stateof Montana,personallyappe ed JeffMihelich and Mike Maas,known tome tothe persons describedinand who executed the foregoinginstrumentas City Manager and City Clerk respectively,of theCity of Bozeman,whose names are subscribedtothe within instrumentand acknowledged tome thatthey executed the same forand on behalfof saidCity. IN WITNESS WHEREOF,I have hereunto setmy hand and affixedmy officialsealtheday and year firstabove written. (SEAL) N licforthe Stateof Montana ,.,JULlE HUNTER NotaryPublic AR TOrtheStateofMontana Residingat. *n SEAL.Bozeman,Montana My Commiæion xpires: Amendment to Canyon Gate Declarationof Covenants,Conditions and Restrictions -3 -