The URL can be used to link to this page

Home My WebLink About04- Village Investment Group Inc's Broadway Boulevard IMPROVEMENTS AGREEMENT FOR THE VILLAGE INVESTMENT GROUP, INC.'S BROADWAY BOULEVARD MINOR SUBDIVISION LOCATED EAST OF BROADWAY AVENUE AND NORTH OF EAST MAIN STREET, BOZEMAN, MONTANA THIS AGREEMENT is made and entered into this day of i , 2004, by and between The Village Investment Group, Inc., 101 East Main Street, Bozeman, MT 59715, hereinafter called the"Developer",and the City of Bozeman,a Municipal Corporation of the State of Montana, hereinafter called the "City". WHEREAS,it is the intent and purpose of the Developer to meet the conditions of approval of a Minor Subdivision Application to divide the 33.20 acres into 5 lots for future development on property located east of Broadway Avenue and north of East Main Street. WHEREAS, it is the intent of the Developer to obtain Final Plat approval; and WHEREAS, it is the intent and purpose of both the Developer and the City to hereby enter into an Agreement which will guarantee the full and satisfactory completion of the required improvements on the property hereinafter described;and it is the intent of this Agreement,and of the parties hereto,to satisfy the improvements and guarantee requirements for the conditional approval of said Minor Subdivision Application. 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 as"R-0"(Residential Office District) and R-4 (Residential High Density District) on the City of Bozeman Zoning Map, and identified as a portion of the NE '/ of Section 7 and the NW '/ of Section 8,T2S,R6E,PMM, Gallatin County,City of Bozeman,Montana,and more commonly located east of Broadway Avenue and north of East Main Street, Bozeman, Montana. 2. Improvements r This Agreement specifically includes any water,sewer, street and drainage improvements,cash-in- lieu of parkland dedication, and sidewalk installation and other improvements as illustrated on the plans and specifications provided in the approved Minor Subdivision Application 0-02019. The estimated cost of these improvements is attached as Exhibit A. Broadway:'Boulevard Minor Subdivision Im rovements A eemen"t"#P-02019' ':Pa' e t �� 3. Financial Guarantee, Time for Completion of Improvements If construction associated, with a required building permit, is to occur prior to completion of all required on-site improvements, this Improvements Agreement must be secured by a financial guarantee,as may be deemed acceptable by the City,payable to the City of Bozeman, in an amount equal to one and one-half times the estimated cost of the installation of any required improvements not completed at the time building permit(s)is requested. Said method of security shall be valid for a period of not less than twelve (12) months. In any event, all required improvements shall be completed within nine(9)months of recording of final plat in order to avoid default on the method of security. 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 Developer is in compliance with this Agreement, and the Developer shall permit the City and its representatives to enter upon and inspect the property at any reasonable time. S. Default Time is of the essence for this Agreement. If the Developer 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 continue for a period of thirty(30)days after written notice specifying the default is deposited in the United States mail addressed to the developer at The Village Investment Group,Inc., c/o Mike Delaney, 101 East Main Street, Bozeman, MT 59715, or such other address as the Developer 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: I) 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 Developers shall permit and secure any additional permission required to enable them to do so. 2) The City may enforce any other remedy provided by law. 6. Warranty The Developer shall warrant against defects in these improvements for a period of one year from the date of their written acceptance by the Governing Body. The Villa e Downtown Major Subdivision Iin roveinents A reement#P-03021' P `e 2 7. Governing Law and Venue This Agreement shall be construed under and governed by 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. 8. Attorney's Fees In the event it becomes necessary for either parry 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, to include the salary and costs of in-house counsel including City Attorney. 9. Modifications or Alterations No modifications or amendment of this Agreement shall be valid,unless agreed to in writing by the parties hereto. 10. 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. 11. No Assignment It is expressly agreed that the Developer shall not assign this Agreement in whole,or in part,without prior written consent of the City. 12. Successors Except as provided in paragraph 10, 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. PROPERTY OWNER The Village Investment Group, Inc. by Michael W. Delaney, President //// 101 East Main Street, Bozeman, MT 59715 STATE OF 27 n4 ) / :ss County of Ikki ) Broadwa Boulevard N1inofS dh ision Im roveiiienis,A reement,#P-02019;:. Pa e 3 On this day of n/ ,2004,before me,the undersigned,a Notary Public for the State of Montana,personally appeared Michael W.Delaney,known to me to be the President of The Village Investment Group, Inc., the corporation that executed the within instrument, and acknowledged to me that he executed the same for and on behalf of said corporation. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal the day and year first above written. ��auurnri�� d�i� 6� e, kl (Seal) �x\%�N J-CAAc/Z (Printed Name Here) NO RI,q�F Notary Public for the State of Montana • TA • = Residing at M My Commission Expires: o SEAL (Use 4 digits for expiration year) 1i lit t+tjary Public fort s we of many ftl THE CITY OF BOZEMAN J I E!-s FATSOZEMAN,ik9r3WIYI,€;A r 02,r-'Grnr ission ivxpirrz- ftf—ch 90,2008 Andrew C. Epple,AICP Planning Director STATE OF MONTANA ) :ss County of Gallatin ) On this day of , 2004, before me, a Notary Public for the State of Montana,personally appeared Andrew C. Epple,AICP,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. Notary Public for State of Montana Residing at: Commission Expires: (Use 4 digits for expiration year) Broadwa :B.oulevard Minor Subdivision Im rovements A reeinenf#P-02.019 . : .Pa e 4 CITY ")F BOZEMAN DEPARTMENT OF PLANNING AND COiviMUNITY DEVELOPMENT Alfred M. Stiff Professional Building phone 406-582-2260 20 East Olive Street fax 406-582-2263 P.O. Box 1230 planning@bozeman.net Bozeman, Montana 59771-1230 wvvw.bozemon.net June 7, 2004 Mo " West Bank Attn: Cory, Branch President PO Box 10 , Bozeman, MT's 18-0850 wkF Re: #P-03'021A The Village Downtown - Letter of Credit#11 Dear Mr. Cory: Per an on-site inspection by planning and engineering staff, several improvements have been completed. Subsequently, the letter of credit dated September 22, 2003, in the amount of$1,473,404.70, for the account of The Village Investment Group, Inc. and the City of Bozeman has reduced to $779,791.53 to financially guarantee the remaining improvements. The replacement Letter of Credit #11, dated May 18, 2004, has been received by our office. Thank you for cooperating with the City of Bozeman on this matter. Sincerely, Carol L. Schott Administrative Secretary CLS/cls Enc. cc: Delaney.-,and:Cori�pall , Inc.,-1I)1:Eas11an° tr� �t BQz �t ; II`I' 9 :5 planning • zoning subdivision review . annexation historic preservation housing grant administration neighborhood coordination �r� tv �� a o •w c¢■ � �/1/ EST BANK ,J_A. . 0 plyMay 18, 2004 City of Bozeman 311 East Main Bozeman, MT 59715 Re: Reduction of $1,473,404.70 Irrevocable Standby Letter of Credit for The Village Investment Group, Inc. Letter of Credit No. 11 to $779,791.53. Commissioners: Mountain West Bank hereby reduces its $1,473,404.70 Irrevocable Standby Letter of Credit for The Village Investment Group, Inc. to $779,791.53 which is available to you by your draft or drafts drawn on us at sight, bearing the following language: "Drawn under Irrevocable Standby Letter of Credit No. I 1 dated June 12, 2003." Your draft must also include the following signed statement with documents: The Village Investment Group, Inc. has failed to complete the improvements according to the terms specified in the attached Improvements Agreement for the Village Downtown Subdivision, and the City of Bozeman has complied with the notice provision in said Agreement. This Letter of Credit expires on May 18, 2005 at noon. Mountain West Bank hereby agrees to honor each draft drawn under and in accordance with the terms of this Irrevocable Letter of Credit if duly presented at its banking office in Bozeman on or before the expiration date. Except as otherwise stated, this Irrevocable Letter of Credit is subject to the Uniform Customs and Practice of Documentary Credits, published by the International Chamber of Commerce and in effect as of the date thereof. STncerkly`, (,-- .: eff ,:Cory Branch President and Authorized Signer HELENA 406/449-2265 . GREAT FALLS 406/727-2265 ♦ MISSOULA 406/542-6222 ♦ BOZEMAN 406/587-5600 4 www.mtnwestbank.com