HomeMy WebLinkAbout15- Cottonwood Road Payment AgreementPayment Agreement for Construction of Cottonwood Road
THIS AGREEMENT is made and entered into this IK day of , 2015,
between the Park Street Holdings (Park Street), whose address is 600 South Niain Street, Butte,
MT 59701 and the City of Bozeman, a self-governing municipal corporation, whose address is
P.O. Box 1230, Bozeman, MT 59771 (City).
RECITALS
Whereas, the City requested and Park Street agreed to cooperate regarding the City's
desire to have Park Street contract for and oversee construction of certain portions of
Cottonwood Road that were beyond Park Street's requirements for construction of a Town Pump
for the intersection of Cottonwood Road and Huffine Lane (the "City portion"); and
Whereas, the updated engineer's estimate for such City portion of the Cottonwood Road
project is $2,410,989.12; and
Whereas, the City and Park Street entered into an agreement called Statement of Consent
to Conditions of Approval (City of Bozeman hnpact Fee Credit Offer IFCR-1404) for the
purposes of the City providing reimbursement to Park Street for Park Street's work in overseeing
the construction of the City portion of the Cottonwood Road project; and
Whereas, the City and Park Street desire to have this agreement supersede the existing
agreement and enter into this agreement to clarify the process for the City paying for the City
portion of the Cottonwood Road project.
Now therefore, in consideration of the mutual promises, terms and provisions of this
agreement, Park Street and City agree to the terms and provisions set forth below:
1. Purpose: The purpose of this Agreement is to clarify the City's responsibility to pay for
the City portion of the Cottonwood Road project.
Conditions for City to Pay Its Share: Upon certification by Park Street's licensed
professional engineer that the work contemplated between the parties to be the City's
portion of the Cottomvood Road project has been completed in accordance with the
approved plans and specifications for the work the City shall, upon submission of
invoices to the City Engineering Division, pay the City's portion of such invoices within
30 (thirty) days of the City's receipt. Notwithstanding the above, Park Street agrees the.
City may withhold 5% retainage on all invoices until the City accepts all work related to
the City portion. As such, prior to the City paying the final amount on any invoices, the
work must be accepted by the City (including Park Street's engineer and contractor
submitting and the City accepting a signed certificate of completion and acceptance to the
City). Where the Montana Department of Transportation (MDT) has jurisdiction of any
Page 1.. of 2
portion of the City portion of the Cottonwood Road project, MDT must accept all work
prior to the City paying any invoice for such work.
3. Agreement Supersedes Prior Agreement: This agreement supersedes the prior agreement
between the parties titled Statement of Consent to Conditions of Approval (City of
Bozeman Impact Fee Credit Offer I17CR-1404). The City and Park Street agree the
payments due to Park Street under this agreement are not to be considered as controlled
by any requirements of the City's impact fee program.
#### END OF AGREEMENT EXCEPT FOR SIGNATURES ####
City of Bozeman
Date:
Craigi7oolard, Public Works Director
Park keet I oldings
Date:'=
Dan Sampson, Construction & Development Manager
Page 2 of 2