HomeMy WebLinkAbout29 DORC- The Guthrie - DRAFTDeclaration of Restrictive Covenants 1 Original to: City of Bozeman Attn: City Clerk PO Box 1230 Bozeman, MT 59771-1230 DECLARATION OF RESTRICTIVE COVENANTS FOR THE GUTHRIE (AFFORDABLE HOUSING) This DECLARATION OF RESTRICTIVE COVENANTS FOR THE GUTHRIE is made this ____ day of ____, 202_, by Fifth and Villard Apartments, LLC, of 111 West Lamme Street, Suite 101, Bozeman, MT 59715 (“Declarant”). RECITALS A. Declarant owns certain real property located at the southwest corner of 5th Avenue and Villard St. more particularly described as follows (the “Property”): INSERT LEGAL DESCRIPTION B. As a condition of approval for the Site Plan of The Guthrie, City of Bozeman Department of Community Development Application #23354 (“The Project”), the City of Bozeman required the Declarant to record a covenant running with the land pursuant to the terms of The Guthrie Affordable Housing Plan; and C. To satisfy the requirement of The Guthrie Affordable Housing Plan, the Declarant desires to place beneficial covenants and restrictions upon The Guthrie development for the use and benefit of Declarant and for the use, benefit, and protection of the future owners thereof and the City of Bozeman. NOW, THEREFORE, Declarant hereby declares: 1. Recitals Incorporated. The above recitals are hereby incorporated into this agreement. Preliminary
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Declaration of Restrictive Covenants 2 2. Provision of Income Restricted Housing. a. Declarant agrees that a minimum of 56 residential units developed on the Property as part of the Project (the “Affordable Units”) will be restricted for a period not less than 30 years. The Project will offer affordable units at 80 percent of the area median income (“AMI”), as reported annually for single persons and households of various sizes by the United States Department of Housing and Urban Development, or by any successor United States Government department, agency, or instrumentality, for the Primary Metropolitan Statistical Area which includes the City. b. The sale and management of the Affordable Units shall be administered by a third-party nonprofit or government entity with experience in managing affordable housing units, or other entity acceptable to the City. c. Declarant must construct and make available on the market all Affordable Units no later than the time all other market rate residential units are available. d. The Affordable Units may be operated as rental units or owner-occupied units with restrictions on resale prices. Throughout the term of this Declaration, the Affordable Units must be affordable to households with income no greater than 80 percent of the AMI. All sales prices and rental prices for the Affordable Units must be based on the most recent affordability data available through the Housing and Urban Development’s Affordability Data System for the City or similar affordability data available at the time of rental or sale/resale. e. The Affordable Units must have equal access to enjoyment of all common facilities of the Property as the market rate units. 3. Prohibition on Use as Short Term Rentals. The Affordable Housing Units are prohibited from being used, rented, or made available as short-term rentals, as the term is defined in the Bozeman Municipal Code. 4. Term. This Declaration shall remain in place and be enforceable for a term of 30 years from the date hereof and shall inure to the benefit of Declarant, each owner of property, the City, and their respective legal representatives, heirs, successors, or assigns, subject to the right of amendment provided in this Article. 5. Amendment. This Declaration may not be amended without the prior written consent of the Bozeman City Commission. Any amendment shall become effective only upon the filing of such amendment in the records of the Clerk and Recorder of Gallatin County, Montana. 6. Enforcement. The Declarant, the City, or any owner of real property within the Property may take action to enforce the provisions of this Declaration. Enforcement may be by injunction, declaratory judgment, action for damages, or any other legal claims, all Preliminary
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Declaration of Restrictive Covenants 3 of which shall be cumulative and non-exclusive. The prevailing party in any action shall be entitled to recover, in addition to other damages, its reasonable litigation expenses, including attorney’s fees, as may be awarded in the judgment of the court. 7. Covenants to Run with the Land. The Declarant intends that the terms of this Declaration shall run with the land and shall continue in effect with respect to the entire Property notwithstanding any partition or division of the Property. 8. Severability. Invalidation of any one of these covenants or restrictions by judgment or court order shall in no way affect any other provisions, which shall remain in full force and effect. 9. Choice of Law and Venue. This Declaration of Covenants, Conditions, and Restrictions shall be governed by the laws of Montana and venue shall be in Gallatin County, Montana. IN WITNESS WHEREOF the DECLARANT has signed this instrument and arranged for its recordation in the real property records of Gallatin County, Montana. By: FIFTH AND VILLARD APARTMENTS, LLC a Montana limited liability company By: ___________________________ Name: Andrew Holloran Title: Manager STATE OF ____________ ) :ss COUNTY OF __________ ) This instrument was signed or acknowledged before me on _________________ by ___________, as ______________ of ____________________. ____________________________________ (NOTARIAL SEAL) Printed Name:________________________ Notary Public for the State of ___________ Residing at __________________________ My commission expires ________________ Preliminary
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Declaration of Restrictive Covenants - 4 - Acknowledged by: CITY OF BOZEMAN ____________________________________ By: Jeff Mihelich, City Manager ATTEST: ________________________________ Mike Maas, City Clerk STATE OF MONTANA ) :ss COUNTY OF GALLATIN ) This instrument was signed or acknowledged before me on _______________ by Jeff Mihelich and Mike Maas, acting in the capacities of City Manager and City Clerk, respectively, of the City of Bozeman, Montana. . ____________________________________ (NOTARIAL SEAL) Printed Name:________________________ Notary Public for the State of ___________ Residing at __________________________ My commission expires ________________ Preliminary
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