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HomeMy WebLinkAbout23 - Restrictive Covenants - Canyon Gate Investors, LLC - Canyon Gate Annexation Property 2805059 g$ Eric Semerad - Ga of 3 llatin023 County34MT2 PM Fee MIse 0© Original to: IIIIIII lillll III IIII Illlfll IIIlII fill I II IIIII IIIII Il!!!IIIIIII III IIIII IIIII IIII Illl City of Bozeman City Clerk PO Box 1230 Bozeman,MT 59771-1230 AMENDMENT TO CANYON GATE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS This Amendment to Canyon Gate Declaration of Covenants,Conditions and Restrictions is made this j-0'�`` -day of / prl , 2023 by Canyon Gate Investors,LLC, of 111 W. Lamme Street, Suite 101, Bozeman, MT 59715,herein referred to as "Declarant." RECITALS A. WHEREAS, on April 28, 2022,Declarant recorded the Canyon Gate Declaration of Covenants, Conditions and Restrictions in the records of Gallatin County, Montana, as Document No. 2774188 (the"Declaration"); B. WHEREAS, pursuant to Section 4 of the Declaration, the Declaration may be amended upon the written approval of the property owners comprising fifty-one (51) percent of the area of the non-public real property within the Canyon Gate Annexation Property and the consent and approval of the City of Bozeman; and C. WHEREAS, the undersigned is the owner of all the non-public property within the Canyon Gate Annexation Property and desires to amend the Declaration to clarify that the income restricted units required by Section 4 of the Declaration may be satisfied by offering such units to persons who qualify within the income restrictions for purchase or for lease or any combination of purchasing or leasing, and the City of Bozeman consents to the amendment as set forth herein; NOW, THEREFORE,Declarant hereby amends the Declaration as follows: 1. Section 2 of the Declaration is hereby amended and replaced in its entirety with the following language: Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions I 2805059 Page 2 of 3 07/1 3/2023 1 2.34.32 PM Provision of Income Restricted Housing. In order to advance the goals of the Bozeman Community Plan 2020, Declarant agrees to provide in perpetuity within the R-5 zoning area within the Canyon Gate Annexation Property, a minimum of 60 housing units that are priced for lease or purchase no greater than 120%of Area Median Income at an interest rate of 3.5% per the matrix set forth in Exhibit B. As determined by the City, a one person household includes studios, two person household includes one bedroom units, a three person household includes two bedroom units, and four person household includes three bedroom units. The lease or sale (or combination thereof} and management of the income restricted housing units shall be administered by a community land trust or other entity acceptable to the City. Declarant shall begin construction of the income restricted housing prior to any vertical construction within the B2M zoning district and shall complete all 60 units within 24 months after commencing construction- s. Except as expressly modified by the terms hereof, the Declaration shall remain unchanged and all other provisions are hereby ratified. IN WITNESS WHEREOF the DECLARANT has signed this instrument and arranged for its recordation in the real property records of Gallatin County, Montana. LANDOWNER CANYON GATE INVESTORS,LLC a Montana limited liability company By: CANYON GATE PARTNERS,LLC a Montana limited liability company, its Managing Member I By: Andrew Holloran, Manager STATE OF MONTANA } :ss County of Gallatin On c?a ,2023, before me,Notary Public,personally appeared Andrew Holk* as Manager of Canyon Gate Partners, LLC, Managing Member of Canyon Gate Investors, LLC. _ `e`�'.--..j LAUREN J CUMMINGa y pU 1C FOR THE ST OF MT . Z. Notary Public ti R,4�-N for the state of Montana -- —'- # Residing at: t, SEAL-'�; Bozeman, Montana >9 P? '-, OF .. My Commission Expires: " .:,•,•, September 04,2023 Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions 2 2805059 Page 3 of 3 07/1 3/2023 1 2.34.32 PM CITY OF BOZEMAN 9C."g &J44Z By of i thelich, City Manager Off' ISO ATTEST: iz City Clerk 'v 00. Mod STATE OF MONTANA ) :ss COUNTY OF GALLATIN ) On this day of LA 2023, before me, a Notary Public for the state of Montana, personally appe ed Jeff Mihelich and Mike Maas, known to me to the persons described in and who executed the foregoing instrument as City Manager and City Clerk respectively, of the City of Bozeman, whose names are subscribed to the within instrument and acknowledged to me that they executed the same for and on behalf of said City. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. (SEAL) N 'ta y P lie for the State of Montana JULIE HUNTER ,���E HZJ�yrF9 Notary Public �ptanrq�• :for the state of Montana *; Residing at: Bozeman, Montana My Commission Expires: June 11,2025 Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions -3 -