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Home My WebLink About05- CFT Minor Subdivision IMPROVEMENTS AGREEMENT FOR CFT MINOR SUBDIVISION This AGREEMENT is made and entered into thi,,i� ay 2eenridggelive, , 2005,by and between CFT Limited, a Montana Limited Liability Company, 465 Bozeman, MT 59715, hereinafter called the "Subdivider", and the CITY OF BOZEMAN, a municipal corporation and political subdivision of the State of Montana, with offices at 411 East Main Street, P. O. Box 1230, Bozeman, MT 59771-1230,hereinafter called the"City". WHEREAS, it is the intent and purpose of the Subdivider to meet the conditions of preliminary plat approval, Planning Application No. P-04039, for the Final Plat application of CFT Minor Subdivision, to subdivide 15.46f acres and create two (2 )business park lots; and WHEREAS, it is the intent and purpose of the Subdivider to obtain Final Plat approval for CFT Minor Subdivision; and WHEREAS, it is the intent of the Subdivider to file the Final Plat for CFT Minor 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 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 CFT Minor 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: Tracts 1-A and 1-B of Certificate of Survey 1393-A, City of Bozeman, Gallatin County, Montana, containing 15.46t acres, more or less, subject to all existing easements of record or of fact. HA3465\005\D0CS\FPLAT\IA draft 071105.doc 1 2. Improvements This Agreement specifically includes the following improvements for Phase I: a) Approved streets, b) boulevard street lighting, and c) boulevard landscape and landscape irrigation improvements. The Estimated Cost of said improvements has been estimated by Morrison-Maierlie, Inc., 901 Technology Boulevard, Bozeman, MT 59718, at one hundred eighty two thousand one hundred twenty five Dollars and no Cents ($182,125.00)and is attached and made a part of this Agreement, as Exhibit"A". 3. Financial Guarantee,Time for Completion of Improvements 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 within thirty (30) days of the expiration date if all required subdivision improvements are not installed at that time. The Subdivider hereby agrees that all subdivision improvements will be completed within three (3) years of the date of Preliminary Plat approval by the City Commission,December 20,2007, and not more than one(1)year from approval of the final plat in order to avoid default on the method of security. 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 default or failure shall HA34651005\DOCS\FPLATUA draft 071105.doc 2 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 CFT Limited,465 Greenridge Drive,Bozeman,MT 59715,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: 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 remedy 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 one (1) year 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 18.48.100 of the Bozeman Unified Development Ordinance. HA3465\005\DOCSTPLA711A draft 071105.doc 3 9. Governing Law This Agreement shall be construed according to the laws of the State of Montana. In the event of Iitigation 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 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, without prior written consent to City. 13. Successors Except as provided in paragraph twelve (12),this Agreement shall be binding upon, enure to the benefit of, and be enforceable by the parties hereto and their respective heirs,successors and assigns. 14. Filing 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 CFT Minor Subdivision,is filed. H:\3465\005\DOCS\FPLAT\IA draft 071105.doc 4 SUBDIVIDER BY: , Representing CFT Limited STATE OF MONTANA ) :ss County of Gallatin ) On this /JAS dAy of ,c 2005, before me a Notary Public of the State of Montana, personally appeared representing CFT Limited,known to me to be the representative that executed the foregoing Improvements Agreement, and acknowledged to me that he executed the same for and on behalf of said Company. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year first above written. (SEAL) n .-—7;41 j ( (Printed Name Here) 1— ) Notary Public or the State of Montana Residing at Gad I ) My Commission Expires: j (Use 4 digits for expiration year) H:3465\005\D0CS\FPLAT\IA draft 071105.doc 5 THE CITY OF BOZEMAN 1/ BY: ANDREW C. EPPLE PLANNING DIRECTOR CITY OF BOZEMAN STATE OF MONTANA ) :ss County of Gallatin ) On the 25 day of , 2005, before me, a Notary Public for the State of Montana, personally appeared Andrew Epple, 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 seal on the day and year first written above. SEAL �(SEAL) ,� ) em I I �s 0 L L. '�%� (Printed Name Here) �GQ'. ,S,' Notary Public for the State of Montana N Q TA O S Residing at _ ��'91 "�{` My Commission Expires- r�•. �' (Use 4 digits for expiration year) F MONK H:\3465\005\D0CS\FPLATIIA draft 071105.doc 6 1 MORRISON MM#3465.005.0,0.0,10 CI MAIERLE,iN�. As B.plge.A-4 C..r. PAGE ONE(1) EXHIBIT A CFT MINOR SUBDIVISION Bozeman, Montana CONSTRUCTION COST ESTIMATE SUMMARY THROUGH JULY 11,2005 DESCRIPTION AMOUNT SOUTH 11TH AVENUE CONTRACTED IMPROVEMENTS $ 101,679.00 CFT CONTRACTED IMPROVEMENTS $ 62,946.00 STREET LIGHTS $ 7,500.00 BOULEVARD IRRIGATION AND LANDSCAPING $ 5,000.00 VALVE BOXES AND MANHOLES TO GRADE $ 5,000.00 TOTAL $ 182,125.00 150%OF TOTAL FOR IMPROVEMENTS AGREEMENT $ 273,187.50 MORRISON MMM 3465.005010.0310 MAIERLE,INc. ,i.g„gi.�"to..d c••r••r PAGE ONE(1) CFT MINOR SUBDIVISION Bozeman,Montana CONSTRUCTION COST ESTIMATE THROUGH JULY 11,2005 SCHEDULE1 77 ORIGINAL PROPOSAL PERFORMED TO DATE WORKREMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 101 CLEARING AND GRUBBINGJTOPSOIL REMOVAL AND 836 LS $5.50 $4,598.00 836 $4,598.0k219 $0.0 0% STOCKPILE 102 STREET EXCAVATIONIEMBANKMENT(SITE GRADING) 976 LF $4.80 $4,684.80 976 $4,684.8 $0.0 0% 103 SIX INCH(B")MINUS UNCRUSHED SUB BASE COURSE 1,046 LF $12.00 $12,552.00 1,046 $12.552.0 $0.0 0% 104 1-1/2 INCH(1-1/2")MINUS CRUSHED BASE COURSE 419 EA $19.25 $8,065.75 200 $3,850.0 $4,215.7 52% 105HOT PLANT ASPHALT CONCRETE SURFACE COURSE 388 EA $38.00 $14,744.00 0 $0.0 $14,744,0 100% 106 CONCRETE CURB AND GUTTER 955 EA $12.00 $11,460.00 955 $11,460.0 $0.0 0% 107 CONCRETE SIDEWALK(4"DEPTH) 4,993 $4.00 $19,972.00 0 $0.0 , $19,972.0 100% 108 COMMERCIAL DRIVE APPROACH AND SIDEWALK(6" 577 $4.45 $2,567.65 0 $0.0 577 $2,567.6 100% DEPTH) 109 FABRIC CONTECH C-200 2,509 $1.30 $3,261.70 2,509 1 $3,261.70 0 $0.0 0% 110 RETENTION POND W/OUTLET PIPE 1 $4,200.00 $4.200.00 0.8 $3,360.00 0.2 $840.0 20% 111 24"X 36"COMBINATION MAN HOLE/IN LET W/OUTLET PIPE 1 $6,500.00 $6,500.00 1 $6,500.0 0 $0. 0% 345 LF OF 13.5"X 22"RCP ARCH PIPE WIFLARED 112 CONCRETE END SECTIONS NORTH END AND CONTECH 135 $150.00 $20,250.00 135 $20,250.00 0 $0, 0% TYPE 2 END SECTIONS SOUTH END 113 TOPSOIL PLACEMENT(4") 80 $7.50 $600.00 0 $0,0 80 $600,0 100% 114 SEEDING 1 EA $500.00 $500.00 0 $0.00 1 $500.0 100% 115 IDENTIFICATION STREET SIGNS 2 LS $275,00 $550.00 0 $0.00 2 $550.0 100% SCHEDULE 1 SUB TOTAL $114,505.90 $70,516.50 $43,989.40 PAGE TWO(2) SCHEDULE2 -,ORIGINAL PROPOSAL PERFORMEDTO:DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 214 SEEDING 1 LS $3,500.00 $3,500.00 0 $0.0 P43 $3.500.0 100% 215 BIKE TRAIL CLEARING AND GRUBBING/TOPSOIL 83 CY $9.50 $788.50 40 $380.0 $408.5 52% REMOVAL AND STOCKPILE216 BIKE TRAIL EXCAVATION/EMBANKMENT(SITE GRADING) 116 CY $10.00 $1,160.00 0 $0.0 $1,160.0 100% 217 BIKE TRAIL SIX INCH MINUS UNCRUSHED SUB BASE 116 CY $15.00 $1,740.00 0 $0. $1,740.0 100% COURSE 218 BIKE TRAIL 3/8 MINUS GRAVEL W/NATURAL FINES AND B4 CY $35.00 $2,940.00 0 $0. 84 ° 20%CLAY BINDER $2,940.0 1D0%219 BIKE TRAIL TYPAR 3201 WEED BARRIER 752 SY $1.30 $977.60 0 $O.Oq 752 $977.6 100% 22D BIKE TRAIL WEED CONTROL(ROUNDUP APPLIED AT THE 0.16 AC $2,250.00 $360.00 0 $0.0 0 RATE OF 1 GALLON PER ACRE) $380.0 100% I F 221 TOPSOIL PLACEMENT(4-) 22 CY $10.00 $220.00 0 $0.0 22 $220.0 100% 222 NEW DITCH CLEARING AND GRUBBING/TOPSOIL 130 CY $7.50 $975.00 130 $975.0 0 $0.0 0% REMOVAL AND STOCK PILE 223 NEW DITCH EXCAVATION/EMBANKMENT(SITE GRADING) 390 CY $12.30 $4,797.00 390 $4,797.00 0 $0.0 0% 224 SEEDING 1 LS $600.00 $600.00 0 $0. 1 $600.0 100% SCHEDULE 2 SUB TOTAL $18,058.10 $6,152.00 $11,906.10 SCHEDULE3 ORIGINAL PROPOSAL PERFORMED TO DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 301 CONNECTION TO EXISTING MANHOLE 1 LS $1,850.00 $1,850.00 1 $1,850.13C 0 $0.0 0% 302 B-INCH PVC SDR 35 SEWER MAIN 1,060 AC $28,00 $29,680.00 1,060 $29,680,oc 0 $0.0 0% 303 8-INCH CAP 3 EA $32.00 $96.00 3 $96.0c 0 $0.0 0 304 4-INCH SEWER SERVICE 83 LF $40.00 $3,320.00 83 $3,320.0 0 $0.0 0% 305 4-FOOT DIAMETER STANDARD MANHOLE 4 LF $2,100.00 $8.400.00 4 $8,400.0 0 $0.01 0% 306 '°'DDITIONAL MANHOLE DEPTH(IN EXCESS OF 5 21 5 CY $230.00 $4,945.00 22 $4945.0 0 VERTICAL FEET) , $0.0 0% SCHEDULE 3 SUB TOTAL $48,291.00 $48,291.00 $0.00 PAGE THREE(3) SCHEDULE4 ORIGINAL PROPOSAL PERFORMED TO DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 401 CONNECTION TO EXISTING WATER MAIN 2 EA $1,500,00 $3,000.00 2 $3,000.00 0 $0.0 0% 402 8-INCH WATER MAIN 1,026 LF $40.00 $41,040.00 1,026 $41,040.00 0 $0.0 0% 403 6-INCH SERVICE 2 EA $2.100.00 $4,200.00 2 $4,200.0 0 $0,0 0% 404 8 X 6 X 6 INCH TEE 3 EA $300.00 $900.00 3 $900.0 0 $0.0 0% 405 8-INCH 22.5 DEG BEND 2 EA $250.00 $500.00 2 $500,0 0 $0.0 0% 406 8-INCH 8"X 6"REDUCER 1 EA $300.00 $300.00 1 $300.0 0 $0,0 0% 407 8 X 8 X 8 INCH TEE 1 EA $300.00 $300.00 1 $300.0c 0 $0.0 0% 408 8 INCH END CAP 1 EA $175,00 $175.00 1 $175.0 0 $0.0 0% 409 FIRE HYDRANT SETTINGS 1 EA $3,500,00 $3,500.00 1 $3,500.0c 0 $0.0 0% 410 8-INCH GATE VALVE 3 EA $1.500.00 $4,500.00 3 $4,500.0 0 $0.0 0% 411 6-INCH GATE VALVE 2 EA $1.000.00 $2,000.00 2 $2,000.0 0 $0.0 0% SCHEDULE 4 SUB TOTAL $60,415.00 $60,415.00 $0.00 SCHEDULE6 ORIGINAL PROPOSAL PERFORMED TO,DATE WORK REMAINING DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % r603W2 FURNISH,ERECT AND MAINTAIN EROSION CONTROL 1 LS $3,000.00 $3,000.00 0.9 $2,700.0 0,1 $300.0 10% (SILT FENCE) MOBILIZATION/DEMOBILIZATION 1 LS $27,000,00 $27,000.00 0.75 $20,250.0 0.25 $6,750.0 25%TAXES,BONDS AND INSURANCE 1 LS $8,000.00 $8,000.00 1 $8,000.00 0 $0,0 0% SCHEDULE 4 SUB TOTAL $38,000711 $30,950.00 j7,050,00 PROJECT TOTALS $279,270.00 $216,324.50 $62,945.50 r�MORRISON MM#3465 005.010 0310 MAIERLE,INC. M Ewplyrr-q.wr1 Cw.,p.wy PAGE ONE(1) SOUTH 11TH AVENUE IMPROVEMENTS Bozeman,Montana CONSTRUCTION COST ESTIMATE THROUGH JOY 11,2005 SCHEDULE1 ORIGINAL-PROPOSAL PERFORMED TO DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 101 CLEARING AND GRUBBING/TOPSOIL REMOVAL AND 1,805 CY $5.00 $9,030.00 1,806 STOCKPILE $9,030.0 0 $0.00 0% 102 STREET EXCAVATIONIEMBANKMENT(SITE GRADING) 2,217 CY $4.80 $10,641.60 2,217 $10,641.60 0 $0.0 0% 103 SIX INCH(6")MINUS UNCRUSHED SUB BASE COURSE 2,271 CY $11.00 $24,981.00 2,271 $24,981.00 0 $0.0 0% 104 1-1/2 INCH(1-10)MINUS CRUSHED BASE COURSE 763 CY $1T50 $13,352.50 500 $8,750.00 263 $4,602,5 34% 105 HOT PLANT ASPHALT CONCRETE SURFACE COURSE 761 TON $38,00 $28,918.00 0 $0.0c 761 $28,918.0 100% 106 CONCRETE CURB AND GUTTER 1,780 LF $12.00 $21.360.00 1,780 $21,360,0 0 $0.0 0% 107 CONCRETE SIDEWALK(4-DEPTH) 120 SF $4.00 $480.00 $0.0 120 $480.0 108 RETAINING WALL 183 LF $38.00 $6,954,00 0 $0.0c 183 $6,954'0 100% 109 DRIVE APPROACH AND SIDEWALK(6w DEPTH) 1,582 SF $4.45 $7,039.90 0 $0.0 1,582 $7,039.9 100% 110 FABRIC CONTECH C-200 4,330 SY $1.30 $5,629.00 4,330 $5,629.0 0 $0.0 0% 111 BIKE/PEDESTRIAN PATH 16,181 SF $1.50 $24,271.50 0 $0.0 16,181 $24,271.5 100% 112 RETENTION POND AND CURB INLET CHASE 2 LS $6,900-00 $13,800.00 2 $10,350.0 1 $3,450,0 25% 113 24-X 36-COMBINATION MANHOLE/INLET 1 EA $2,800,00 $2,800.00 1 $2,800.0c 0 $0.0 0% 114A 12 INCH CLASS III RCP 60 LF $62.00 $3,720.00 60 $3,720.0 0 $0.0 0% 114B 15 INCH RCP CULVERT 50 LF $22.00 $1,100.00 50 $1,100.0 0 $0.0 0% 115 24 INCH RCP FIELD INLET WBEEHIVE GRATE 1 EA $1,000.00 $1,000.00 1 $1,000.0 0 $0,0 0% 116 REMOVE SIDEWALK 90 SF $1.75 $157.50 45 $78.7 45 $78.7 50% 117 REMIVOVE CURB AND GUTTER 150 SF $1.75 $262.50 150 $26Z51 0 $0.0 0% 118 REMOVE ASPHALT 3240 SF $1,75 S5,670.00 2,500 $4,375,0 7 00 $1,295. 239/. 119 SAW CUT EXISTING ASPHALT 617 LF $3.50 $2,159,50 0 $0.0c 617 $2,159.5 100% 120 REMOVE CULVERT AND STORM DRAIN 1 LS $500.00 $500.00 1 $500,01 0 $0.0 0% 121 REMOVE AND INSTALL SIGNS 10 EA $250.00 $2,500.00 5 $1,250.0 5 $1,250 OC 50% 122 TOPSOIL PLACEMENT(4w) 216 CY $7.50 $1,620.00 0 $0.01 216 $1,620,0 100% 123 SEEDING 1 LS $250.00 $250,00 0 $0.0 1 $250.0 100% 124 RELOCATE EXISTING CHAIN LINK FENCE 570 LF $26.00 $14,820.00 285 VA10.0 285 $7,410.0 50% 125 STREET BARRICADES 1 LS $500.00 $500.00-0 $0.0 1 $500.0 100% 126 STREET STRIPING AND SYMBOLS 1 LS $3,600.00 $3,600.00 0 $0,00 1 1 $3.600,011 1001 SCHEDULE 1 SUB TOTAL $207,117.00 S113,237.85 $93,879.15 PAGE TWO(2) SCHEDULE2 ORIGINAL PROPOSAL -PERFORMED TO DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNITPRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 201 8 INCH WATER MAIN 33 LF $58.00 $1,914.00 33 $1,914,OC 0 $0.0 0% 202 12 INCH WATER MAIN 1,121 LF $63.00 $70,623.00 1,121 S70,623.00 0 $0.0 0% 203 CONNECTION TO EXISTING MAIN 1 EA $1,500.00 $1,500.00 1 $1,500.0 0 $0.0 0% 204 12 INCH VALVES 3 EA $1,300.00 $3,900.00 3 $3,900.0 0 $0.0c 0% 205 12 INCH CAP 1 EA $250.00 $250.00 1 $250.0 0 $0.0 0% 206,12 X 8 INCH TEE 1 EA $300.00 $300.00 1 $300.0 0 $0.0 0% 207 12 INCH BEND All $300.00 $600.00 2 $600.0 0 $0.0 0% 208 8 INCH END CAP $250.00 $250.00 1 $250.0 0 $0. 0% 209 FIRE HYDRANT SETTINGS $3,200.00 $6,400.00 2 $6,400.0 0 $0.0 0% 210 BLOWOFF HYDRANT $3,300.00 $3,300,00 1 $3,300.0 0 $0.0 0% SCHEDULE 2 SUB TOTAL $89,037.00 $89,037.00 $0.00 SCHEDULES ORIGINAL PROPOSAL PERFORMED TO DATE WORK REMAINING ESTIMATED DESCRIPTION QUANTITY UNIT UNIT PRICE AMOUNT QUANTITY AMOUNT QUANTITY AMOUNT % 301 FURNISH ERECT AND MAINTAIN ERROSION CONTROL 1 LS $3,100.00 $3,100.00 0.5 $1,550.0 0.5 0 (SILT FENCE) $1,550.00 50%302 MOBILIZATION/DEMOBILIZATION 1 LS $25,000.00 $25,000.00 0.75 $18,750.00 0.25 $6,250.0 25% 303 ITAXES,BONDS AND INSURANCE 1 LS $8,000.00 $8,000.00 1 1 $8,000.00 0.0 $0.0 0% SCHEDULE 3 SUB TOTAL $36,100.00 $28,300.00 57,800.00 PROJECT TOTALS $332,254.00 $230,574.85 $101,679.15 2901 West Main Rocky Mountain Bozeman, Montana 59718-9011 -•�.� Bank BOZEMAN 406/556-7600- Fax:406/556-7605 www.rmbank.com IRREVOCABLE STANDBY LETTER OF CREDIT #103 July 13, 2005 City of Bozeman Bozeman, MT 59715 To Whom it May Concern: We hereby issue this Irrevocable Letter of Credit in your favor for the account of CFT Limited, a Montana Limited Liability Company, 465 Greenridge Drive, Bozeman, MT 59715 for a sum not to exceed the aggregate amount of $273,187.50 (Two hundred seventy three thousand one hundred eighty seven dollars and 50/100) available by your draft(s) at sight drawn on us. Each draft so drawn must be marked "Drawn on Rocky Mountain Bank-Bozeman Office, 2901 West Main Street, Bozeman, MT 59718, Irrevocable Standby Letter of Credit #103 This credit is subject, as far as applicable to the "Uniform Customs and Practice for Documentary Credits," 1993 Revision, the International Chamber of Commerce Publication No. 500. We hereby agree that all drafts under and in compliance with the terms of this Letter of Credit will be duly honored if drawn and presented for payment to our main office, Rocky Mountain Bank-Bozeman, 2901 West Main Street, Bozeman, MT 59718. This Letter of Credit expires March 4, 2006. Sincerely, Kara Nessland Business Banking Representative Rocky Mountain Bank 171 LOCATIONS:BIG FORK•BILLINGS•BOZEMAN•BROADUS•PLAINS•PLENTYWOOD•STEVENSVILLE•WHITEHALL