HomeMy WebLinkAbout24 - Restrictive Covenants - MSU QOZB I, LLC - So. 11th Ave & Opportunity Way, AllisonSubdivisionPh 4A Original to: 2822991
City of Bozeman Page: 1 of 4 03129/2024 01:20:03 PM Fee: $32.00
Attn:City Clerk Eric Semerad - Gallatin County, MT MISC
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Bozeman,MT 59771-1230
DECLARATION OF RESTRICTIVE COVENANTS
This Declaration is made this 16 h day of N A-rcA , 2022 y by MSU OOZB I, LLC,
2929 W Navigator Dr, Suite 400, Meridian, ID 83642. ("Declarant'
RECITALS
A. Declarant owns certain real property located at the Southeast corner of the intersection
between South 11'Avenue and Opportunity Way, and more particularly described as
follows(the"Property"):
Lot IA and Lot 2A of Amended Plat of Lot 1 and Lot 2,Block 1,Allison Subdivision
Phase 4A,located in the NE 1/4 of Section 24,Township 2 South,Range 5 East,P.M.M.
City of Bozeman,Gallatin County,Montana
B. As a condition of approval for the Site Plan of the Bootes SP development, City
of Bozeman application number 23235,the City of Bozeman required the Declarant to record a
covenant running with the land pursuant to the terms of the Bootes SP Affordable Housing Plan;
and
C. To satisfy the requirement of the Bootes SP Affordable Housing Plan,the
Declarant desires to place beneficial covenants and restrictions upon the Bootes SP 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.
Declaration of Restrictive Covenants 1
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a. Declarant agrees that a minimum of 5% of 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% 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% 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.
Declaration of Restrictive Covenants 2
2822991 Page 3 of 4 03/29/2024 01:2&03 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.
IN WITNESS WHEREOF the DECLARANT has signed this instrument and arranged
for its recordation in the real property records of Gallatin County,Montana.
MSU OOZI3 I LLC
AI&I,
/1ti-e:
John Gabrielsen
Manner
STATE OF I D A )
COUNTY OF .ss
)
This instrument was signed or acknowledged before me one � ,�by
A C Y as �Q.hGL�P/r of LI�, me? LLG
(NOTARIAL SEAL) 4nnted Name:
Notary Public for the State of
Residing at
AMANDA MCCURRY My commission expires
COMMISSION#29528
NOTARY PUBLIC
STATE OF IDAHO
MY COMMISSION EXPIRES 04/15/20291
Declaration of Restrictive Covenants 3
2822991 Page 4 of 4 03/29/2024 01.20.03 PM
Acknowledged by:
CITY OF BOZEMAN
Y LWV---,I
By: -Jeff-Mihzizh—,Qt:1anagQT--
ATTEST:
Mike Maas, City Clerk
CO OV
STATE OF MONTANA )
:ss
COUNTY OF GALLATIN )
This instrument was signed or acknowledged before me on by -
3ehrt and Mike Maas, acting in the capacities of City Manager and City Clerk, respectively, of
(1fNv�c the City of Bozeman, Montana.
- Z1-20
o (NOTARIAL SEAL) rented ame:
at Public for the State of
Residing at U A
My commission expires C7 —
JULIE HUNTER —
9 Notary Public
NOT^R 44•, :for the State of Montana
*: Residing at: 6�j"7•�—2�
; .SI:AL,2V Bozeman, Montana
pF'Mo My commission Expires:
June 11, 2025
Declaration of Restrictive Covenants -4 -