The URL can be used to link to this page

Home My WebLink About23 - Restrictive Covenants - 14th & Patrick Limited Partnership - 1525 North 14th Avenue 2817039 Page 1 of 5 12/15/2023 12:27:07 PM Fee: $40.00 Eric Semerad-Gallatin County, MT MISC Original to: City of Bozeman Attn:City Clerk PO Box 1230 Bozeman,MT 59771.-1.230 DECLARATION OF RESTRICTIVE COVENANTS This Declaration of Restrictive Covenants is made this i yth day of QU M 10t 2023, by 14" & Patrick Limited Partnership, a Minnesota limited partnership, 4450 Excelsior Blvd, Suite 400, St.Louis Park,MN 55416. ("Declarant"). RECITALS A. Declarant owns certain real property located at 1525 North 14th Avenue,Bozeman, MT 59715,and more particularly described as follows(the"Property"): Lot 1 in Block 2 of Amended Subdivision Plat No. J-498%according to the plat thereof on file and of record in the office of the County Cleric and Recorder of Gallatin County,Montana. B. It is the intent of the Declarant to meet the conditions of the Development Agreement, dated as of August 15, 2023, as amended and supplemented as of October 26,2023, by and among Virga Venture I LLC,the City of Bozeman,Montana(the"City"),in relation to the development of the Property;and C. As a condition of approval for the Site Plan of the development of approximately 155 residential housing units on the Property, City of Bozeman application number 23170 (the "Project'),the City requires the Declarant to record a covenant running with the land pursuant to the terms of the 141h&Patrick Affordable Housing Plan; and D. To satisfy the requirement of the 14th & Patrick Affordable Housing Plan, the Declarant desires to place beneficial covenants and restrictions upon the Property for the use and benefit of Declarant and for the use, benefit, and protection of the future owners thereof and the City. NOW,THEREFORE, Declarant hereby declares: 1. Recitals Incorporated. The above recitals are hereby incorporated into this agreement. Declaration of Restrictive Covenants 1 12l 18301b.2 0072549-00018 When Recorded Return To: First American Title Insurance compapry National Commercial services 121 South Sth Street,Ste 1250 Minneapolis, MN 55402 1 I Q<-\.I—7 (-� 2817039 Page 2 of 5 12/15/2023 12.27.07 PM 2. Provision of Income Restricted Housing. a. Declarant agrees that a minimum of 5% of the 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 to be affordable at 80% 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 or rental of the Affordable Units shall be administered by a third-party manager with experience in managing affordable housing units, or other person 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% 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 beneft 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 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. Declaration of Restrictive Covenants 2 121183016.2 0072549-00018 2817039 Page 3 of 5 12/15/2023 12.27.07 PM 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. [Signatures on Following Two Pages] Declaration of Restrictive Covenants 3 121183016.2 0072549-00018 2817039 Page 4 of 5 12/15/2023 12.27.07 PM IN WITNESS WHEREOF the DECLARANT has signed this instrument and arranged for its recordation in the real property records of Gallatin County, Montana. 14TH&PATRICK LIMITED PARTNERSHIP, a Minnesota limited partnership By: 14th&Patrick GP,LLC, a Minnesota hinited liability company Its:Managing General Partner B Y: Name:Nicho as alton Title: Manager STATE OF MINNESOTA } COUNTY OF HENNEPIN } On this VA't'day of o Jam,2023, before me, &,61 %k<,c4-rpersonally appeared Nicholas Walton, known to me or proven on the basis of satisfactory evidence to be the manager of 14t" &Patrick GP, LLC,a Minnesota limited liability company,the managing general partner of 14'h & Patrick Limited Partnership, a Minnesota limited partnership,the within named grantor, and that he being authorized to do so,executed the foregoing instrument for the purposes therein contained by signing the name of the partnership by himself as such officer. WITNESS my hand and official seal. a� Anne OTC.Stephenson No y Public's ignature NOTARY PUBLIC MINNESOTA My Commission expires: naycomm4,sonExpwsJan,31,2025 Commission No.: Declaration of Restrictive Covenants 4 121183016.2 0072549-00018 2817039 Page 5 of 5 12/15/2023 12.27.07 PM Acknowledged by: CITY OF BOZEMAN #A �LI By: J f elic , City Manager ATTEST: �.• "' .; r;.:� ITX Mike Maas City Clerk �'�" ••••• '°' ; STATE OF MONTANA } :ss COUNTY OF GALLATIN } �p2� This instrument was signed or acknowledged before me on ov I by Jeff Mihelich and Mike Maas, acting in the capacities of City Manager and City Clerk, respectively,of the City of Bozeman, Montana. P CV JULIE HUNTER Pulic of bMontana Pri ed in residing at: otary P lic for the State of oA o• u� SEAL..'*:- Bozeman, Montana My Commission Expires; Res i ing at 02E _ Cie-- June 11,2025 My commission expires o(.—tt 202S Declaration of Restrictive Covenants - 5 - 121183016.2 0072549-00018