HomeMy WebLinkAbout13- Guinness Partners, INC/ Legends at Bridger Creek II Subdivision, Phase II Standby Letter of Credit Missoula Office South Missoula Office North Missoula Office
First 101 F. Front 3502 Brooks 2500 N. Reserve
Irate ostate RO. Box 4667 Missoula, MT 59801-8893 Missoula, MT 59802-1314
Missoula, MT 59806-4667 406-523-4200 405-523-4200
Bank 406-523-4200 1-800-700-5911 1-800-700-5911
1-800-700-5911
www.firstinterstatebank.com
October 24, 2013
City of Bozeman, Montana
Attn: City Finance Officer
Bozeman, NIT 59715
RE: Standby Letter of Credit# 1229
Dear Sirs:
First Interstate Bank Missoula hereby opens our Standby Letter of Credit # 1229 in favor
of The City of Bozeman, Montana, for the account of Guinness Partners, Inc. in the
aggregate amount of$76,949.33 (Seventy Six Thousand Nine Hundred Forty Nine and
33/100 Dollars) available upon written demand and signed by an authorized agent of The
City of Bozeman, Montana, only for the purpose of completing the sidewalks to the
I..,cgends at Bridger Creek Subdivision II-Phase 2.
This Letter of Credit expires December 31, 2014.
Demand must be made no later than December 31, 2014. Each draft must indicate
"Drawn under Standby Letter of Credit# 1229, dated October 24, 2013, of First interstate
Bank/Missoula". Drafts so drawn must be accompanied by a signed statement from the
City of Bozeman indicating that Guinness Partners, Inc, has failed to honor its contractual
agreement with the City of Bozeman, Montana. Documents shall be provided by the City
of Bozeman identifying costs to complete the improvements to the site. Partial drawings
are permitted.
The amount available under this Letter of Credit 4 1229 is 150% of the $51,299,55 cost
of the remaining sidewalks for the subject development. Upon completion or partial
completion of each of the required items of the improvements, and after approval by the
City of Bozeman, the liability under this Standby Letter of Credit may be reduced
accordingly; specifically 150% of the amount of those improvements. These reductions
by the City of Bozeman shall be made at least annually on 12-31 and when Guinness
Partners, Inc. or First Interstate Bank has called for an inspection and that portion of the
work has been approved by the City of Bozeman engineer/planner.
A copy of the estimated costs of the subject sidewalk improvements is attached as
"Exhibit A".
This credit is subject to the most recent revision of the Uniform Customs and Practices
Page 2
Letter of Credit # 1229
for Documentary Credits, 1993 Revision, International Chamber of Commerce
Publication No.500, and effective January 1, 1994, as further described and in accordance
with the Uniform Commercial Code as found in 30-5-101, M.C.A., et seq. Any questions
or issues arising from his Standby Letter of Credit will be governed by the laws of the
State of Montana with venue in Missoula, County, Montana.
Sine
D9, id Olson
Senior Vice President
Send Original to:
City of Bozeman
Planning Depanment
RO,Box 1230
Bozeman,TVT 59771
IMPROVEMENTS AGREEMENT
FOR
LEGENDS AT BRIDGER CREEK 11 SUBDIVISION,PHASE H
This AGREEMENT is made and entered into this day of 0 —. 2013,
by and between GUINNESS PARTNERS,INC., hereinafter called the "Subdivider", and the CITY OF
BOZEMAN, a municipal corporation and political subdivision of the State of Montana, with offices at
City Hall, 121 North Rouse Avenue, P.O. Box 1230, Bozeman, MT 59771-1230, hereinafter called the
C ity
WHEREAS, it is the intent and purpose of the Subdivider to meet the conditions of preliminary
plat approval, Planning Application No. P-1 30031, for the Final Plat application of Legends at Bridger
Creek II, Phase Lf Subdivision, to subdivide 9.39± acres together and create thirty (26) single-
household residential lots, and the remaining area as open spaces, public streets and alleyways;
and
WHEREAS, it is the intent and purpose of the Subdivider to obtain Final Plat approval for
Legends at Bridger Creek H, Phase 11 Subdivision; and
WHEREAS, it is the intent of the Subdivider to file the Final Plat for the Legends at Bridger
Creek 11, Phase II Subdivision, prior to the installation of all required subdivision improvements; and
WHEREAS, it is the intent and purpose of both the Subdivider and the City to hereby enter into
an Agreement which will guarantee the full and satisfactory completion of the required improvements
Legends at Bridger Creek 11,Phase 11—Improvements Agreement 1
related with the property hereinafter described; and it is the intent of this Agreement, and of the parties
hereto, to satisfy the improvements guarantee requirements for the Final Plat approval of Legends at
Bridger Creek II,Phase 11 Subdivision,
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein,
it is hereby agreed as follows:
1. Property Description.
This Agreement pertains to, and includes, those properties which are designated and
identified as being:
Legends at Bridger Creek II, Phase II Subdivision, a tract of land being a portion of the
remainder of Tracts 2 of film 12, page 825, less the Plat of The Legends at Bridger Creek 11
Subdivision, Phase 1, situated in Section 32, Township 1 South, Range 6 East, Principal
Meridian, City of Bozeman, Gallatin County, Montana.
2. Improvements
This Agreement specifically includes the following improvements for Phase 11: a) single family lot
frontage sidewalks. The Estimated Cost of said improvements has been estimated by Morrison-Maierle,
Inc, 2880 Technology Blvd West, Bozeman,MT 59718, at seventy six thousand, nine hundred and
forty nine dollars ($76,949) and is attached and made a part of this Agreement, as Exhibit"A".
3. Financial Guarantee,Time for Completion of Improvements,Additional restrictions
It is the Subdivider's intent with this Agreement to file the Final Plat prior to completion of all
required subdivision improvements. Therefore, this Agreement shall be secured by a financial guarantee
in the form of a letter of credit, which is one hundred and fifty(150)percent of the Estimated Cost of said
improvements.
The financial guarantee shall be in full force and effective until the work is completed by the
Subdivider and accepted by the City of Bozeman. Said financial guarantee shall be automatically
renewed or extended at a minimum thirty (3)0) days prior to the expiration date if all required subdivision
aTe
AA1Z1LaAAQU aL MaL L&A
Legends at Bridger Creek 11,Phase 11—Improvements Agreement
The Subdivider hereby agrees that all boulevard sidewalks for individual subdivision lots in
Phase 11 shall be installed and completed with issuance of a building permit and prior to issuance of
an occupancy permit or within three (3) years of the filing of the final plat for Legends at Bridger
Creek 11, Phase .11 Subdivision, whichever comes first, in order to avoid default on the method of
security.
The Subdivider agrees that no delegation of performance required by this agreement shall relieve
the Subdivider of any duty to perform or any liability for the breach of that duty to complete said
subdivision improvements required for the Legends at Bridger Creek 11, Phase 11 Subdivision.
Upon submission of fully documented invoices for the work performed, said work to be inspected
and certified for payment by Subdivider's professional engineers and the City of Bozeman and or its
agents as necessary, the City of Bozeman may release a portion of the letter of credit for the work
completed by the referenced invoices.
4. Inspection
Representatives of the City shall have the right to enter upon the property at any reasonable time
in order to inspect it and to determine if the Subdivider is in compliance with this Agreement, and the
Subdivider shall permit the City and its representatives to enter upon and inspect the property at any
reasonable time.
5. Default
Time is of the essence of this Agreement. If the Subdivider shall default in or fail to fully
perform any of its obligations in conformance with the time schedule under this Agreement, and such
de-fault or failure shall continue for a period of thirty (30) days after written notice specifying the default
is deposited in the United States mail addressed to the Subdivider at Guinness Partners, Inc., 430 N.
Ryman, 2 d Floor, Missoula, Mt 59802 , or such other address as the Subdivider shall provide to the
City from time to time, without being completely remedied, satisfied, and discharged, the City may elect
to enforce any of the following specified remedies:
Legends at Bridger Creek 11,Phase 11—Improvements Agreement 3
A) The City may, at its option, declare the financial guarantee to be forfeited and secure the
complete construction and inspection of the improvements described herein. The City's
representative, contractors, and engineers shall have the right to enter upon the property
and perform such work and inspection, and the Developer shall permit and secure any
additional permission required to enable them to do so. In the event that any funds
remain from the financial guarantee upon completion of all improvements, such funds
shall be promptly returned to the Subdivider.
B) The City may enforce any other rernedy provided by law.
6. Indemnification
The Subdivider hereby expressly agrees to indemnify and hold the City harmless for and against
all claims, costs and liability of every kind and nature, for injury or damage received or sustained by any
person or entity in connection with, or on account of the performance of work at the development site and
elsewhere pursuant to this Agreement. Subdivider further agrees to aid and defend the City in the event
that it is named as a defendant in an action concerning the performance of work pursuant to this
Agreement except where such suit is brought by the Subdivider. The Subdivider is not an agent or
employee of the City.
7. .Attorney Fees
In the event it becomes necessary for either party to this Agreement to retain an attorney to
enforce any of the terms or conditions of this Agreement, then the prevailing party shall be entitled to
reasonable attorney's fees and costs, including fees, salary, and costs of in-house Counsel including City
Attorney.
8. Warranty
The Subdivider shall warrant against defects of all improvements and that these improvements
are made in a good and workman-like manner for a period of two (2) years from the date of their written
acceptance by the governing body. All landscaped areas required by this Agreement shall be permanently
maintained by the Subdivider pursuant to section 38.26.100 of the Bozeman Zoning Code,
9. Governing Law
Legends at Bridger Creek 11,Phase 11—improvements Agreement 4
This Agreement shall be construed according to the laws of the State of Montana. In the event of
litigation concerning this Agreement, venue is in the Eighteenth Judicial District Court, Gallatin County,
State of Montana.
10. Modification or Alterations
No modifications or amendment of this Agreement shall be valid, unless evidenced by a writing
signed by the parties hereto.
11. Invalid Provision
The invalidity or unenforceability of any provision of this Agreement shall not affect the other
provisions hereof, and this Agreement shall be construed in all respects as if such invalid or
unenforceable provision were omitted.
12. No Assignment
It is expressly agreed that the Subdivider shall not assign this Agreement in whole, or in part,
zn
without prior written consent to City.
13, Successors
Except as provided in paragraph twelve (12), this Agreement shall be binding upon, ensure to the
benefit of, and be enforceable by the parties hereto and their respective heirs., successors and assigns.
14. Ej!jRg
The Subdivider shall have this Agreement recorded in the Office of the Gallatin County Clerk
and Recorder at the same time the Final Subdivision Plat for the Legends at Bridger Creek H, Phase H
Sithdivision, is filed.
SUBDIVIDER
BY: JIM MCLEOD,
MANAGING PARTNER, GUINNESS PARTNERS,
INC.
STATE OF MONTANA
:ss
Legends at Bridger Creek 11,Phase 11—Improvements Agreement
M I S
County of GaR
On this 2 Cf day of (2C_j—. 2013, before me a Notary Public of the State of Montana,
personally appeared Jim McLeod, known to me to be the person that executed the foregoing
Improvements Agreement, and acknowledged to me that they executed the same for and on behalf of said
Subdivider.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial S eal the day and year
first above written.
(SEAL)
oto —i VLq
LUCY E. CLOUSE (Prince
p NOTARY PUBUC for the CIur�,Vtth—)e�State of Montana
State of Montana Residing at
o
SEAL Residing at Missoula, MT
eorm Ir My Commission Expires My Commission Expires:--,,
August 01,2015. (Use 4 digits for expiration.ye�'r)-',,
Legends at Bridger Creek 11, Phase t1—Improvements Agreement 6
THE CITY OF BOZEMAN
BY:
PLANNING DIRECTOR
CITY OF BOZEMAN
STATE OF MONTANA
:ss
County of Gallatin
On the day of 2013, before me, a Notary Public for the State of
Montana, personally appeared , known to me to be the person
described in and who executed the foregoing instrument as Planning Director of the City of
Bozeman, whose name is subscribed to the within instrument and acknowledged to me that she
executed the same for and on behalf of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my sea]. on the day and
year ast written above.
(SEAL)
(Printed Name Here)
Notary Public for the State of Montana
Residing at
My Conan fission Expires:
(Use 4 digits for expiration year)
Legends at Bridger Creek 11,Phase 11—improvements Agreement 7
EXHIBIT "A"
ESTIMATED COST FOR IMPROVEMENTS
Date- 10 /Z- Y l ! .3
Project;Legends at Bridger Creek If,Phase H Subdivision
Developer: Jiro McLeod � iO d �
Managingg Partn ,Guinness Partners,Inc.
Improvement Sa. Ft./Ln._F"t Estimated Cost
Lot Frontage Sidewalks Per Morrison-1vlaierle,Inc Estimates $ 51�299.55
Total - $5I,299.55
x 1.5 $76,949.00
Approved l� City Engineer's Office , Date �r h
N:\3959N010\Design DacsTlattingll,egends I1-Ph 11-Final Plat\Legends Phase 11 IA.doc
Legends at Bridger Creek 11, Phase 11—Improvements Agreement
LEGENDS AT BRIDGER CREEK SUBDIVISION 11 - Phase 11
Improvements Agreement Estimate
OWNER'S NAME AND ADDRESS:
Guinness Partners, Inc.
430 N. Ryman,2nd Floor
Missoula, Mt 59802
N/39591010IDesign Docs/Platting/Legends it -PHII-Final Plat/IA Estimate 091613.xis
Improvements Agreement Estimate
CONTRACT AMOUNT
ITEM ESTIMATED
No. DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT
101 Concrete Sidewalk Located in front of Lots 11,793 SF $4.35 $51,299.55
102 Park and Open Space Landscaping 1 LS $0.00
Stab-Total of IA. Estimate $51,299.55
TOTAL AMOUNT OF IA ESTIMATE_ $51,2W55
LOC-150% TOTAL COST= $75,949.33
Total Amount of LOC = $76,949.33
Current LOC=
Reduction
Page 1 of 1
GUINNESS PARTNERS, INC., a Montana corporation
POWER OF ATTORNEY
KNOW ALL PERSONS BY THIS PRESENTS: That 1, James P. McLeod, President of
Guinness Partners, Inc., a Montana corporation, 430 N. Ryman 2'd Floor, Missoula, NIT 59807-9079,
duly incorporated under the laws of the State of Montana and the United States of America hereby
appoints Jw-nes P. Corrick, Secretary and Treasurer of Guinness Partners, Inc. as the true and lawful
attorney for the corporation to act in, manage and conduct its affairs in accordance with Guinness
Partners, Inc.'s General Articles of Incorporation. The corporation, Guinness Partners, Inc., hereby
gives and grants unto the said attorney, James P. Corrick, full power and authority to do and perform all
and every act, deed, matter and thing whatsoever in connection with the corporation's General Articles
of Incorporation adopted and approved by the Corporation's Board of Directors.
In this regard, the attorney, James P. Corrick, is hereby granted full power and authority to represent the
interests of the corporation with the right to conduct negotiations and make contracts with companies
and organizations, to sign constituent documents and other documents connected with the corporation's
activities; to own, use and have at his disposal the corporation's physical and financial property,
including monetary resources;to be engaged in business activities.
This Power of Attorney is valid from the date of signing until the 15 day of
Nov. , 2013.
This Power of Attorney has been executed by James P. McLeod, President of Guinness Partners,
Inc. and who is a properly allthOTized person in accordance with the regulations and bylaws of the
corporation.
ITNES S WHEREOF, I have hereunto set my hand this-)-2. day of 2013.
Jarnes P. McLeod, President
Guinness Partners Inc.
STATE OF MONTANA
:ss
County of Missoula
On this 7 Z day of (0 c-r,
2013, before me, a Notary Public for the State of
Montana, personally appeared before me James P. McLeod known to me to be the President of Guinness
Partners, Inc., a Montana corporation and the person whose name is subscribed to the within instrument,
and acknowledged to me that he executed the sarne.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
NotaryPtTb.-I fort eSta of Montana
(SEAL) Reslding at
I-IF—CL0 LUCY RLIMW'ss on expires:
-01R NOTARY PUBLIC for the
State of Montana
q T
A T, 5 1PP=Hh---At P qsn::!A, NA
My Commission Expires
F M 01'gf August 01,2015..
Missoula Office South Missoula Office North Missoula Office
First 101 E. Front 3502 Brooks 2500 N. Reserve
Interstate RO, Box 4667 Missoula, MT 59801-8893 Missoula, MT 59802-1314
Missoula, MT 59806-4667 406-623-4200 406-523-4200
Bank 406-523-4200 1-800-700-5911 1-800-700-5911
1-800-700-5911
wwwArstinterstatebank.com
October 24, 2013
City of Bozeman, Montana
Attn: City Finance Officer
Bozeman, MT 59715
RE. Standby Letter of Credit# 1229
Dear Sirs:
First Interstate Bank Missoula hereby opens our Standby Letter of Credit# 1229 in favor
of The City of Bozeman, Montana, for the account of Guinness Partners, Inc. in the
aggregate amount of$76,949.33 (Seventy Six Thousand Nine Hundred Forty Nine and
33/100 Dollars) available upon written demand and signed by an authorized agent of The
City of Bozeman, Montana, only for the purpose of completing the sidewalks to the
Legends at Bridger Creek Subdivision II-Phase 2.
This Letter of Credit expires December 31, 2014.
Demand must be made no later than December 31, 2014. Each draft must indicate
"Drawn under Standby Letter of Credit 4- 1229, dated October 24, 2013, of First Interstate
Bank/Missoula". Drafts so drawn must be accompanied by a signed statement from the
City of Bozeman indicating that Guinness Partners, Inc. has failed to honor its contractual
agreement with the City of Bozeman, Montana. Documents shall be provided by the City
of Bozeman identifying costs to complete the improvements to the site. Partial drawings
are permitted.
The amount available Linder this Letter of Credit # 1229 is 150% of the $51,299.55 cost
of the remaining sidewalks for the subject development. Upon completion or partial
completion of each of the required items of the improvements, and after approval by the
City of Bozeman, the liability under this Standby Letter of Credit may be reduced
accordingly; specifically 150% of the amount of those improvements. These reductions
by the City of Bozeman shall be made at least annually on 12-3 land when Guinness
Partners, Inc. or First Interstate Bank has called for an inspection and that portion of the
work has been approved by the City of Bozeman engineer/planner.
A copy of the estimated costs of the subject sidewalk improvements is attached as
"Exhibit A".
This credit is subject to the most recent revision of the Uniform Customs and Practices
Page 2
Letter of Credit # 1229
for Documentary Credits, 1993 Revision, International Chamber of Commerce
Publication No.500, and effective January 1, 1994, as further described and in accordance
with the Uniform Commercial Code as found in 30-5-101, M.C.A., et seq. Any questions
or issues arising from his Standby Letter of Credit will be governed by the laws of the
State of Montana with venue in Missoula, County, Montana.
S I
J
did Olson
d
Senior Vice President