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HomeMy WebLinkAbout10-22-07_Authorize City Manager to sign The Knolls at 3_6Commission Memorandum REPORT TO Honorable Mayor and City Commission FROM Jami Morris Contract Planner SUBJECT The Knolls at Hillcrest Uniform Escrow Agreement MEETING DATE Monday October 22 2007 Consent Item RECOMMENDATION The City Commission authorize the City Manager to sign the Uniform Escrow Agreement BACKGROUND The Uniform Escrow Agreement is for 222 000 for Cash In Lieu of Parkland for The Knolls at Hillcrest Planning staff has reviewed the agreement and found it to be acceptable UNRESOLVED ISSUES None FISCAL EFFECTS Fiscal impacts are undetermined at this time ALTERNATIVES None CONTACT Please feel free to email JamiMorrisatiamimorrisiiJbresnan netif you have any questions APPROVED BY Andrew Epple Planning Director Chris Kukulski City Manager ATTACHMENTS Uniform Escrow Agreement Report compiled on October 8 2007 20 S Tecur tes Escrow 10 3 600 South 19 1 Avenue 59718 P O Box 6550 59771 6550 Bozemlln JltJontllJU E JltJai securwest@sectitle com Phone 406 587 5570 Fax 406 522 5501 UNIFORM ESCROW AGREEMENT SELLER Bozeman Deaconess Healtn Services Ine BDHS Gordon Davidson CFO 55 NO rrAX ID NO Address 915 Hignland 81vd Bozeman MT 59715 BUYER City of Bozeman Chris Ku lski City Manager 5S NorrAX lD NO Address P O Box 1230 Bozeman MT 59771 rC llllt ilConsldenltlon 5 Down Payment 5 Unpaid Baiance tm lllmJ DOCUMENTS I Subject to provIsIons and conditIons herem the lollowlng documents between SELLER and BUYER are depOSited into Escrow with SECURWEST Escrow ServIces Inc heremafter referred to as SECURWEST A B C D E TERMS 2 The above mentloncd ducuments are to be delivered to llIe BUYER above named or to nny one of them ifmore than one upon pnment orthe sum HIIt Of tIJCt utS rOriginal Escrow Agreement W 9 220 000 BOHS Pnor Iu m rIU CI IDDr H oiPCllH E fIOITI IIto be deposited in interest account fho plus Illterest from at the rate of Dollars percent per m1num payable as follows I CHOOSE A OR B Ai The sum of sllall be PUld on tile 8 day of 20 and a like and eqUl1sum 011 tile same date of each nnd every thereafterulltjl the PrinCipal balance together wl hJlllerestl1as been paId 111 Illll The sum of dayof eQuai sum on shnll be paId 011 the 20 and a lik tile same date of each every thereafter unti day of 20 n the full nmount of pnncIPal and Interest ny remalnmg unpaid shall be paid Each pnyment of shall be applied to pnnclpal Interest at the above rate shnll be paid III addition to each prlllcrpal amount C Each payment Includes Interestand shall be applied first UPOIl accrued interest and the balance uPGlprine 011 date received E Interest on th unpOld prlllclpal balancc will be calculatcslontile actual number of calendar days Said PrlniJfii balancc IS outstanding to the date of each brrsed on a 365 day year F EaCh mterest payment contallls only 30 days mlerest i ardless of date pmd bnsed on 30 day month and 360 daY ear This method fol IN a predelermmed umonl1I0n schedule bUI docs nolluke Into 1SiJclal n curly or laiC payments Thi lllclhod will nol follow apred lerllllled alnOIllatlon schedule bUI docs luke Into consideration early and IUfe p ymcms Page 1 of 3 21 Sp lal inslrucllns Including specrelcoscs will be eecpl d irlh do nOI allcr lh condilions sellonh 1I1lhis grc lIl nL Th y arc Hold funds per escrow aqreement Release upon written instrucions from Cityof Bozeman BUDGET ACCOUNT 3 Budget accounts for taxes Insurance or other prOVISIOns Illay be mamtamed under this agreemenl PLEASE SPECIFY THE EXACT PROVISION UNDER SPEClAL INSTRUCTIONS AREA NO 2 It IS the responsibility of either the BUYER or SELLER to present SECURWEST with tax and insurance billings to request when payments are to be made and to notifY SECURWEST of changes to budgeted items UNCOLLECTED FUNDS 4 t IS agreed that should an Itcmtendered as payment by the BUYER be returned to SECURWEST ns unpaid the SELLER will promptly return tile proceeds receIved by hirn SECURWEST RESERVES THE RIGHT TO WITHHOLD DISTRIBUTION OF UNCOLLECTED FUNDS COLLECTED FUNDS SHALL BE CREDITED AS OF THE PROCESSING DATE ASSIGNMENT This section must be completed 5 The contract may be assigned by the BUYER or the SELLER under the followlllg conditions Must be speciJ1cnlly del1ned Do not reler to contract pnragraph DISTRIBUTION 6 Payments made hereunder are to be distributed as follows All payments should be made payable to SECUR WEST BankName Address Account BanklName Address Account Other Other Other OUler PREPAYMENT This section must be completed 7 Terms ofprepnyment privilege are as follows ifno SUCll privilege so state Must be specitically detined Do not refer to contract parngrnph FEES 8 SECURWESTs fees and charges IIDon Illis escrow shall be as lollows Opelllng fee paid by ServlCJ1g fcc pllld by S Disbursement lees pllld by SELLER unless otherWIse noted Pnrllcs hereto agree that SECURWEST may from time to tHne CHANGE AND MODIFY ANY OR ALL OF ITS FEES AND OR CHARGES nssoclllted VlIh escrow scrvlces ndoptcd by SECURWEST for npplicatlon to nil escrow agrcements subject to such changes DSPUTES AND LITIGA nON It ISexpressly understood nnd ngrecd tllat should SECURWEST be made defendant III any SUIt by any urthe contractlllg parties to IIlis agrccment or by any representative nsslgnee or successor to any pnrly or by any oUler person for nny mailer arlsmg out ofSECURWESTs handling of this escrow or should SECURWEST detenl1ll1e It to be necessnry oradVisable to commence litigation hy IIlterpleader or otherWIse by reason of a dispute between tile pnrlles or tllelr representallves nsslgnces orsuccessors the cost OrSUCll SUl orSUIts lllciuding allorney s rees shall be paid by the contractmg parties and muy be deducted from nmounts collected on this escrow ifnot othelWlse paid by tile contrnctlllg parties SECURWEST III cnse ofdispute between the parlles hereto at ItS optIOn IS nuthonzed to hold all documents and payments pertnJ1ll1g to the escrow mlts possessIOn until BUYER nnd SELLER mutllally direct SECURWEST inwntlllg as to the disposlllOn of the escrow or SECUR WEST may dispose of theescrow by Illterplender or other SUItable nctlon and SECUR WEST shall not be liable to the parties for such retention or actIOn SERVICING 10 With wnllen notificallon SECURWEST hns the r1g11lto nSSlgn servlclllg orthis agreement to anotl1er party Page 2 of 3 22 RECORDS EXAMINATIONS II SECUR WEST will allow eXUlmnatlon of the contents ofthis escrow by IIle parties hereto at any reasonable lime dunng its regular busmcss hours SECURWEST may at liS optIOn reqUire wntten authorizatIOn from either the SELLER or the BUYER before nllowing tile exammntlon of tile contents of this escrow by anyone olller limn tile parties hereto ESCROW AGREEMENT CONTROLS 12 In the event these lIlstructlOns connict wllh the tem1S ofthc contractor other documents held III escrow It IS agreed that these IIlslructlons set forth on this unilorm escrow agreement sJlall control insofar as the duties and liabililles ofSECURWEST is concerned Except for the faithful accountmg of funds deposited with SECURWEST on the cscrow agreement 11 ISagreed HUll no responsibility ISto be attached to SECUR WEST or any of its employees arlsmg Irom the carrylllg out of these lI1structlons SECURWEST reserves the nght to refuse moditicallon ofany kind SECURWEST will not be responsible for collection orpast due payments DATED at fJUl QlClr this l l6t day of E n P1Q Cl ho L 20 SELLER HeaH v nc BUYER CHY ot Bozeman IBOHSl GOrdOn Davidson CFO Chr s KUKU S lCicy Manager ACKNOWLEDGED SECURWEST Escrow Services Inc BY This document has been prepared by Date RECIUPT AND RELEASE We hereby acknowledge receipt ofthe above described papers The above mentioned escrow IS now closed and SECURWEST is hereby released from any further liability 111 connecllon therewith ICUIE rs nrI ErlSED JHH Of DOClJ ml IttU M III Sl CUIllEST1 1TI L A B C D E Dale RcCCI cd Il Page 3 of 3 23 ESCROW AGREEMENT FOR CASH IN LIEU OF PARK LAND DEDICATION IN THE KNOLLS SUBDIVISION CITY OF BOZEMAN MONTANA THIS AGREEMENT is made and entered into this day of 2007 by and between Bozeman Deaconess Health Services Inc BDHS a Montana Non Profit Corporation with address of 915 Highland Boulevard Bozeman Montana 59715 and Securwest Escrow Company Escrow Agent of Bozeman and the City of Bozeman a political subdivision ofthe State of Montana CITY WHEREAS it is the intent and purpose of BDHS to meet the conditions of approval for the preliminary plat allowing the creation of The Knolls Subdivision the Subdivisions as approved by the CITY and WHEREAS the preliminary plat approval for the subdivision requires BDHS to enter into an escrow agreement which must hold funds deposited by BDHS until such time as sufficient park land is dedicated to the CITY and WHEREAS it is the intent and purpose ofBDHS to obtain final plat approval for the Subdivisions and WHEREAS BDHS has commissioned an appraisal attached hereto as Exhibit A for the sole purpose of determining the amount of funds necessary to satisfy the condition and WHEREAS it is the intent and purpose of BDHS and CITY to enter into this Agreement which will guarantee the deposit of the necessary funds described in this Agreement and it is the intent of this Agreement and the parties hereto to satisfy the escrow agreement requirements for the final plat approval ofthe Subdivision NOW THEREFORE in consideration ofthe mutual covenants and conditions contained herein it is hereby agreed as follows 1 BDHS will deposit 222 000 as established in Exhibit A with the Escrow Agent 2 Escrow Agent will notify CITY in writing once said funds have been deposited and will place said funds in an interest bearing account and will pay the earned interest to BDHS quarterly until this Agreement is no longer in effect 3 Escrow Agent will release all funds along with any outstanding interest to BDHS once instructed to do so in writing by CITY 4 CITY will instruct the Escrow Agent to release the funds and any outstanding interest to BDHS when BDHS and or its assigns dedicates public park space to the City ofBozeman in an amount sufficient to negate the 1 34 acre deficit that 24 exists as ofthe platting ofThe Knolls Subdivision as is documented in the Final Plat documents prepared by BDHS and reviewed by the CITY and as calculated on Exhibit B attached hereto 5 BDHS agrees to dedicate the park space as described in paragraph 4 and as calculated on Exhibit B within the property boundaries ofthe Bozeman Deaconess Health Services Subarea Plan as approved by the City ofBozeman and will do so in conj unction with future subdivision applications that BDHS submits to CITY A copy of the Subarea Plan depicting the location of the Knolls Subdivision and the future subdivision locations is attached hereto as exhibit C 6 It is expressly agreed that BDHS shall not assign this Agreement in whole or in part without prior written consent ofthe CITY 7 This Agreement shall be binding upon inure to the benefit of and be enforceable by the parties hereto and their respective heirs successors and aSSIgns 8 All notices in connection with this Agreement shall be in writing and shall be deemed delivered to the addressee thereof 1 when delivered in person on a business day at the address set forth below or 2 on the third day after being deposited in the United States mail for delivery by being properly addressed postage prepaid certified or registered mail return receipt requested at the address set forth below Notices to the CITY shall be addressed to and delivered at the following address Chris Kukulski City Manager P O Box 1230 Bozeman MT 59771 Notices to BDHS shall be addressed to and delivered at the following address John Nordwick President Bozeman Deaconess Health Services Inc 915 Highland Boulevard Bozeman MT 59715 Notices to the Escrow Agent shall be addressed to and delivered at the following address Name SecurWest Escrow Services Inc 25 600 South 19th Avenue Bozeman MT 59718 By notice complying with the requirements ofthis Section each party shall have the right to change the address or addresses or both for all future notices and communications to such party but no notice ofa change of address shall be effective until actually received 9 All amendments to this Agreement shall be in writing and shall be approved by BDHS and the CITY 10 The Subdividers shall have this Agreement filed in the office ofthe Gallatin County Clerk and Recorder at the same time the final plat is recorded IN WITNESS WHEREOF the parties have hereunto set their hands on the date first above written Bozeman Deaconess Health Service Inc By t tD6 u Its mJl City of Bozeman By Its SecnrWest Escrow Services Inc By Its 26 STATE OF MONTANA County of Q tU ss On l 2001 before me kJu f L Evck Notary Public p sonally appeared Etxo 00 L v0 o personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument in person or the entity upon behalfof which the person acted executed the instrument WITNESS my hand and official seal t Kenlynn A EricksonAlo0NotaryPublic1lOTARolSfortheStateofMontana Z Residing t l SEAL Belgrade Montana 9i f f My Commission Expires 10 November 4 2007Illilll l Printed Na NOTARY PUBLIC FOR THE STATE OF Residing at L VVI Commission Expires A 7f0I STATE OF MONTANA County of ss On 2006 before me Notary Public personally appeared personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument in person or the entity upon behalfof which the person acted executed the instrument WITNESS my hand and official seal Printed Name NOTARY PUBLIC FOR THE STATE OF Residing at Commission Expires 27 THE CITY OF BOZEMAN Chris Kukulski City Manager STATE OF MONTANA ss County of Gallatin On this day of 2007 before me a Notary Public for the State of Montana personally appeared Chris Kukulski known to me to be the person described in and who executed the foregoing instrument as City Manager of the City of Bozeman whose name is subscribed to the within instrument and acknowledged to me that he executed the same for and on behalf of said City IN WITNESS WHEREOF I have hereunto set my hand and afftxed my seal on the day and year ftrst written above Signature above Seal printed Name above Notary Public for State ofMontana Residing at Commission Expires Use 4 digits for expiration year 28 Exhibit B Parkland Dedication Requirements for The Knolls Subdivision Parkland dedication requirement per BM C 03 acres ofdedicated park for every dwelling unit Tracts that have an undetermined amount ofdwelling units at time of final plat are assigned a density based on zoning designation For R 3 tracts that density is 8 units per acre Dwelling unit calculations for the Knolls Subdivision Single household detached lots 76 dwelling units 6 11 acre R 3 tract 8 units per acre 49 dwelling units Total dwelling units 125 Parkland Dedication Requirement 3 75 acres 125 X 03 Actual Dedicated Parkland Per Final Plat 241 acres Temporary Deficit ofParkland Dedication 1 34 acres 29 VI3II V o u rAA UOO OOU tl lIKrH TlTLt HZ I4J 002 BOZEMAN DEACONESS HosPITAL 915 Highland 6Ivd BoZemOin MT 59715 CHECl DATE 03 21 07 CHECK 110 1266H VENDOR NO B06926 TOTALS 222000 00 0 00 222000 00 30