HomeMy WebLinkAbout008 Amendment to Canyon Gate CovenantAmendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions 1
Original to:
City of Bozeman
City Clerk
PO Box 1230
Bozeman, MT 59771-1230
AMENDMENT TO CANYON GATE
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
This Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions
is made this _____ day of ______________, 2023 by Canyon Gate Investors, LLC, of 111 W.
Lamme Street, Suite 101, Bozeman, MT 59715, herein referred to as “Declarant.”
RECITALS
A. WHEREAS, on April 28, 2022, Declarant recorded the Canyon Gate Declaration
of Covenants, Conditions and Restrictions in the records of Gallatin County, Montana, as
Document No. 2774188 (the “Declaration”);
B. WHEREAS, pursuant to Section 4 of the Declaration, the Declaration may be
amended upon the written approval of the property owners comprising fifty-one (51) percent of
the area of the non-public real property within the Canyon Gate Annexation Property and the
consent and approval of the City of Bozeman; and
C. WHEREAS, the undersigned is the owner of all the non-public property within
the Canyon Gate Annexation Property and desires to amend the Declaration to clarify that the
income restricted units required by Section 4 of the Declaration may be satisfied by offering such
units to persons who qualify within the income restrictions for purchase or for lease or any
combination of purchasing or leasing, and the City of Bozeman consents to the amendment as set
forth herein;
NOW, THEREFORE, Declarant hereby amends the Declaration as follows:
1. Section 2 of the Declaration is hereby amended and replaced in its entirety with
the following language:
Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions 2
Provision of Income Restricted Housing. In order to advance the goals of the Bozeman
Community Plan 2020, Declarant agrees to provide in perpetuity within the R-5 zoning
area within the Canyon Gate Annexation Property, a minimum of 60 housing units that
are priced for lease or purchase no greater than 120% of Area Median Income at an
interest rate of 3.5% per the matrix set forth in Exhibit B. As determined by the City, a
one person household includes studios, two person household includes one bedroom
units, a three person household includes two bedroom units, and four person household
includes three bedroom units. The lease or sale (or combination thereof) and management
of the income restricted housing units shall be administered by a community land trust or
other entity acceptable to the City. Declarant shall begin construction of the income
restricted housing prior to any vertical construction within the B2M zoning district and
shall complete all 60 units within 24 months after commencing construction.
2. Except as expressly modified by the terms hereof, the Declaration shall remain
unchanged and all other provisions are hereby ratified.
Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions 3
IN WITNESS WHEREOF the DECLARANT has signed this instrument and arranged
for its recordation in the real property records of Gallatin County, Montana.
LANDOWNER
CANYON GATE INVESTORS, LLC
a Montana limited liability company
By: CANYON GATE PARTNERS, LLC
a Montana limited liability company, its
Managing Member
__________________________________________
By: Andrew Holloran, Manager
STATE OF MONTANA )
:ss
County of Gallatin )
On __________________________, 2023, before me, Notary Public, personally appeared
Andrew Holloran, as Manager of Canyon Gate Partners, LLC, Managing Member of Canyon Gate
Investors, LLC.
_________________________________________
NOTARY PUBLIC FOR THE STATE OF MT
Amendment to Canyon Gate Declaration of Covenants, Conditions and Restrictions - 4 -
CITY OF BOZEMAN
____________________________________
By: Jeff Mihelich, City Manager
ATTEST:
________________________________
City Clerk
STATE OF MONTANA )
:ss
COUNTY OF GALLATIN )
On this _____ day of , 2023, before me, a Notary Public for
the state of Montana, personally appeared Jeff Mihelich and Mike Maas, known to me to the
persons described in and who executed the foregoing instrument as City Manager and City Clerk
respectively, of the City of Bozeman, whose names are subscribed to the within instrument and
acknowledged to me that they executed the same for and on behalf of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year first above written.
(SEAL)
_________________________________________
Notary Public for the State of Montana