HomeMy WebLinkAbout23 - Payment Agreements - Bozeman Public Library Foundation - BPL Expansion
Letter of Agreement
June 27, 2023
RE: Installment for Construction Services for the Bozeman Public Library Expansion—
Letter of Agreement
This letter of agreement (the “Agreement”) confirms the understanding reached by the parties
and sets forth the terms and conditions of a contribution by the Bozeman Public Library
Foundation (“BPLF”) to the City of Bozeman (“City”) for the third installment for Construction
Services for the Bozeman Public Library Expansion.
1. Parties to the Agreement and Notices:
a. For BPLF
Contact: Janay Johnson, Director
Address: 626 East Main; Bozeman MT 59715
b. For City of Bozeman
Contact: Cyndy Andrus, Mayor
Address: 121 N. Rouse Ave; Bozeman MT 59715
2. Background:
Details of the project and the specific responsibilities of each party are outlined in the Agreement
between the Bozeman Public Library, the Bozeman Public Library Foundation, and the City of
Bozeman signed and executed on August 17, 2021.
Current project estimates total $5,677,534.00 to include all phases of pre-construction and
construction services. To date, the Library Foundation has provided funding to the City totaling
$3,710,671.83, and the City has committed $437,000.00 in support of the project through the
Library Depreciation Fund. This Agreement accepts $1,000,000.00 to be allocated in support of
construction services. A subsequent Agreement and transfer of additional funds necessary to
complete the project will be necessary before completion of the project.
3. BPLF Responsibilities:
a. Perform a wire transfer in the amount of $1,000,000.00 payable to the City no later
than July 15, 2023.
4. City of Bozeman Responsibilities:
a. Utilize the funds exclusively for Construction Services for the Library Expansion
Project.
DocuSign Envelope ID: 669A8D1A-A27E-429E-8248-79BA3A08DDBE
b. Return any unused funds to BPLF at the completion of Construction Services.
c. Highlight BPLF’s funding and involvement in the project in press releases or other
promotional activities.
5. Acceptance:
By signing below, the undersigned represent that they are authorized to act on behalf of their
respective parties and to bind their respective parties to the terms of this Agreement, and that the
undersigned parties have read, understand and agree to the above.
Bozeman Public Library Foundation:
Signed: ____________________________
Janay Johnson, Director
Date: ______________________________
City of Bozeman:
Signed: _____________________________
Jeff Mihelich, City Manager
Date: _______________________________
DocuSign Envelope ID: 669A8D1A-A27E-429E-8248-79BA3A08DDBE
6/29/2023
6/29/2023