Stillwaters developer signs guarantee with Missoula County, posts $1.3M in credit
Two weeks after announcing its plans to file the final plat for the last six phases of a Missoula Valley subdivision, the developer last week signed an improvements agreement with the county, pledging to finish the infrastructure work associated with the project's first five phases.
The agreement, signed with Flywater Development and its Stillwaters on the Clark Fork subdivision, should see the infrastructure associated with all 12 phases of the project completed this year. It has put up millions of dollars in credit to ensure that work is finished.
“All the plats for all 12 phases will be filed. Lots will be sold and residential structures will be built. Infrastructure will be completed,” said deputy county attorney John Hart.
The latest agreement reached with the county relate to the project's first five phases. Hart said the plats for Phase 1-5 have been recorded and improvements were planned for each block. But the letter of credit associated with Phases 1 and 2 expire last year, and not all improvements had been completed.
The agreement for Phase 3-5 also is set to expire next month and the improvements for those sections won't be completed either, Hart said. However, the $332,000 letter of credit for that portion remains valid through the end of this year.
The agreement with the county now includes a new letter of credit for Phase 1 and 2 in the amount of $700,400. All five phases include a total credit of $1.3 million – an amount the county can call on if the improvements in any of the first five phases remain unfinished.
“It incorporates all the existing guarantees and obligations for Phase 1 and 2 improvements, as well as Phase 3-5,” Hart said. “This amendment carries forward all the promises and commitments in Phase 3-5 and provides letters of credit the county can call to complete any improvements in Phases 1-5.”
Earlier this month, Flywater Development also pledged $2.4 million in guarantees related to Phases 6-12 of its Stillwaters project. The project is located near the intersection of Kona Ranch and Mullan roads.
Project representatives told the county this month they are confident the work will be completed within the allotted time.
“Our client is very motivated to get this work done,” said one project representative. “There is a very big push, given the benefit of getting this infrastructure in, to begin selling lots. The contractor is set pretty good, even for the materials for this project.”