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Home My WebLink About23 - Restrictive Covenants - Canyon Gate Investors, LLC - Canyon Gate Subdivision 2817592 Page: 1 of 5 12/26/2023 11.50:11 AM Fee $40 00 Original to: Eric Semerad - Gallatin County, MT MISC City of Bozeman IIIIII IN IT 111111111111111 III IIIII 11111 IIIII 1111 IN Attn:City Clerk PO Box 1230 Bozeman,MT 59771-1230 DECLARATION OF RESTRICTIVE COVENANTS This Declaration is made this 13th day of December,2023, by Canyon Gate Investors, LLC, of I I I West Lamme Street, Suite 101,Bozeman,MT 59715 ("Declarant"). RECITALS A. Declarant owns certain real property located at Canyon Gate Subdivision, Northeast Corner of Bridger Canyon Dr& Story Mill Rd and more particularly described as follows (the"Property"): A tract of land described as: Tract 7B of COS 2408, less MDT ROW as shown within Deed Document#2685083, and the Westerly 33.34 feet of Lot 45 and Lots 46 and 47 of Mount Baldy Subdivision,less MDT ROW as shown within Deed Document#2691572;and MDT ROW parcels #129, #139, 9146 and a portion of #147; and a 40 Foot ROW Tract dedicated Per Osborne Subdivision Plat H-47; located within portions of the South East One Quarter of Section 31 and the South West One Quarter of Section 32, Township 1 South, Range 6 East, Principal Meridian Montana, Gallatin County,Montana, and more particularly described as follows: Beginning at a point(P.O.B.),which is the North West Corner of said COS No. 2408 and a point ' on the N/S line between Sections 31 and 32 of said Township and Range and the centerline of Story Mill Road; • Thence, S 88' 15' 30" E, along the south boundary of Legends at Bridger Creek Subdivision and the north boundary of said Tract 7B, a distance of 1314.68 feet to a point being the Northeast corner of said Tract 713; • Thence, along the east line of Tract 713, also the West line of Legends at Bridger Creek Subdivision 11,Phase 1, S00° 06' 32"W, a distance of 650.92 feet to a point on said line; • Thence, along said lines, S 01° 47' 33"W, a distance of 62.90 feet to a point being the SE corner of said Tract 713; • Thence,N 88' 19' 21" W, along the North Line of MT. Baldy Subdivision and the South line of said Tract 7B, a distance of 817.12 feet to the NE corner of the West 33.34 feet of Declaration of Restrictive Covenants 1 2817592 Page 2 of 5 12/26/2023 11.50.11 AM Lot 45 of the MT.Baldy Subdivision; • Thence, S 01' 44' 26" W, along the east line of said Lot, a distance of 260.01 feet to a point; • Thence, N 88' 17' 19" W, a distance of 491.61 feet to a point on the line between said Section 31 and 32 (aka the center line of Story Mill Road); • Thence,N 00' 18' 18"E, along said section line(aka, centerline of said Story Mill Road) and the west line of said Tract 7B, a distance of 321.72 feet to a point; • Thence,leaving said centerline and West line of said Tract 7B,N 89'28'21"W,a distance of 40.00 feet to a point being the SE ROW corner of Tract D of the Osborne subdivision; • Thence, along said east ROW and lines of Tracts A, B, C and D of said Osborne Subdivision,N 00' 18' 18" E, a distance of 652.19 feet to a point being the NE corner of said Tract A of said subdivision and the south ROW of Boylan Road; • Thence along said south ROW,N 88' 53' 53"E, a distance of 40.01 feet to the P.O.B. B. It is the intent of the Declarant to meet the conditions of the Development Agreement(the"Agreement"), dated as of April 18,2023, by and among HomeBase Partners ("Truman Flats at Canyon Gate"),the City of Bozeman,Montana(the"City"), and Declarant, in relation to the development of the Truman Flats at Canyon Gate project(the"Project") on the Property; and C. As a condition of approval for the Site Plan of the Truman Flats at Canyon Gate development, City of Bozeman application number 23148,the City of Bozeman required the Declarant to record a covenant running with the land pursuant to the terms of the Truman Flats at Canyon Gate Affordable Housing Plan; and D. To satisfy the requirement of the Truman Flats at Canyon Gate Affordable Housing Plan,the Declarant desires to place beneficial covenants and restrictions upon the Truman Flats at Canyon Gate 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. 2. Provision of Income Restricted Housing. a. Declarant agrees that a minimum of 8 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 Declaration of Restrictive Covenants 2 2817592 Page 3 of 5 12/26/2023 11.50.11 AM 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 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. Declaration of Restrictive Covenants 3 2817592 Page 4 of 5 12/26/2023 11.50.11 AM S. 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. CANYON GATE INVESTORS,LLC, a Montana limited liability company By: CANYON GATE PARTNERS,LLC a Montana limited liability company its Managing Member By: Name:Andrew Holloran Title:Manager STATE OF ) s COUNTY OF ) This instrument was signed or acknowledged before me on �a_-r 13 ZcQ3 by 411 errs as a.na of (NOTARIAL SEAL) nted a e: Lcurcn .3 CU"� LAUREN J CUMMINGS Notary P c for the State of Mo ti t Arm- P r Notary Public_ Residing at i ,�:�oTnRiq�• for the State of Montana *; Residing at: My commission expires a SEA ,jam; Livingston, Montana �60 My Commission Expires: September 4,2027 Declaration of Restrictive Covenants 4 2817592 Page 5 of 5 12/26/2023 11.50.11 AM Acknowledged by: CITY OF BOZEMAN WBe elich, CityMan agerager ATTEST: STATE OF MONTANA ) �" � C(). :ss -- COUNTY OF GALLATIN ) 1 This instrument was signed or acknowledged before me onDecftmlv � by Jeff Mihelich and 1'vi+krtvfanr acting in the capacities of City Manager and Gitf-C}erk-,respectively, of the City of Bozeman,Montana•14-1•e.-c.tl,�„�b.y 12J�6'Zc)Z3 �l,Ss—Z�Z3 AjAt�. (NOTARIAL SEAL) Prin d Name: tart'Publ' or the State of Residing at R"WAA My commission expires p(o_Ll 2( =S HUIyT<, JULIE HUNTER Notary Public _ :',,0TAR1q4-• for the State of Montana *: —'— * Residing at: N�;.SEAL. Q; Bozeman, Montana z� %9 ?' My Commission Expires: June 11,2025 Declaration of Restrictive Covenants - 5 -