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2021109670
07/21/2021 02:02:68 PM 22 Page(s)
JEFFERSON COUNTY, Co?orado
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT made this of Jvr,cr— �ZJ (the i
�.� 'Effective Date") by and between the CITY OF WHEAT RIDGE, COLORADO, a home
rule municipal corporation (the "City"), and Habitat for Humanity of Metro Denver, Inc.,
(the "Developer"), together referred to as the "Parties."
RFCITAI S
A. The Developer is the owner of certain real property located in the City of
Wheat Ridge, which is more particularly described in Exhibit A and made a part hereof
(the "Property"), commonly known as Miller Gardens.
B. On January 21, 2021 the Planning Commission of the City of Wheat Ridge,
after holding all required public hearings, approved the final plat for the Property titled
Miller Gardens Subdivision (the "Final Plat"). A copy of the Final Plat is attached hereto
as Exhibit B and incorporated herein.
C. The approvals cited above are contingent upon the express condition that
all duties created by this Agreement be faithfully performed by the Developer.
AGREEMENT
NOW, therefore, for and in consideration of the mutual promises and covenants
contained herein, the sufficiency of which are mutually acknowledged, the Parties
hereto agree as follows:
1. Purpose. The purpose of this Agreement is to set forth the terms,
conditions, and fees to be paid by the Developer upon subdivision of the Property. All
conditions contained herein are in addition to any and all requirements of the City of
Wheat Ridge Subdivision Ordinance and Zoning Ordinance, the City of Wheat Ridge
Charter, any and all state statutes, and any other sections of the City of Wheat Ridge
Municipal Code and are not intended to supersede any requirements contained therein.
2. Related City Agreements and Approvals. The Property will be subject to
future review and approval of civil construction documents, right-of-way permit
application(s), site work permit application(s), and building permit application(s).
Through such approvals, the City will review and approve the final design any
development and Public Improvements related thereto. This Agreement is based on
information available at the time of approval of the Final Plat and shall not constitute
approval of the Public Improvement designs.
3. Fees. The Developer hereby agrees to pay City Development Review
fees to the City for engineering, hydrological, surveying, legal, and other services
rendered in connection with the review of the subdivision of the Property.
4. Parkland dedication fee -in lieu. Fees in lieu of land dedication shall be
calculated pursuant to the formula in Section 26-413 and shall be paid prior to issuance
of the building permit for each residential unit or structure.
5. Breach by the Developer; the City's Remedies. In the event of a breach of
any of the terms and conditions of this Agreement by the Developer, the City Council
shall be notified immediately and the City may take such action as permitted and/or
authorized by law, this Agreement, or the ordinances and Charter of the City as the City
deems necessary to protect the public health, safety and welfare; to protect lot buyers
and builders; and to protect the citizens of the City from hardship and undue risk.
These remedies include, but are not limited to:
(a) The refusal to issue any building permit or certificate of occupancy;
(b) The revocation of any building permit previously issued under which
construction directly related to such building permit has not commenced,
except a building permit previously issued to a third party,
(c) A demand that the security given for the completion of the Public
Improvements be paid or honored, or
(d) Any other remedy available at law or in equity.
Unless necessary to protect the immediate health, safety and welfare of the City or to
protect the City's interest with regard to security given for the completion of the Public
Improvements, the City shall provide the Developer thirty (30) days written notice of its
intent to take any action under this paragraph during which thirty day period the
Developer may cure the breach described in the notice.
6. Installation of Public Improvements. All storm sewer lines, drainage
structures, paved streets, curb, gutter, sidewalk, amenity zones, street and pedestrian
lighting, shared access drives, the undergrounding of all overhead utilities, and
necessary appurtenances as shown on the subdivision plat and the associated
construction documents (the "Public Improvements" or "Improvements") as approved by
the City's Director of Public Works or designee ("Director"), shall be installed and
completed at the expense of the Developer within the timeframes set forth in Section 10
of this Agreement and as outlined in Exhibit C, with only such exceptions as shall be
approved in advance by the Director in the exercise of his or her sole discretion.
The itemized costs of the Public Improvements required by this Agreement and
shown on the construction documents approved by the Director are set forth on
Exhibit D. All Public Improvements covered by this Agreement shall be made in
accordance with the construction documents drawn according to regulations and
construction standards for such improvement and approved by the Director. It is
understood by the Parties that the description of the Public Improvements may be
general in nature, and that reasonable modifications of the scope, nature, costs, and
similar aspects of the Public Improvements may be necessary to secure final approval
of the Public Improvements. The quantities and locations for the Public Improvements
are based on information that was available at the time of approval of the Final Plat.
Additional Public Improvements may be required, and Developer shall be responsible
for submitting construction documents for review of all Public Improvements and/or
revisions to the Final Plat approved by the City.
7. Warranty of Public Improvements. The Developer shall warrant any and
all Public Improvements which are conveyed to the City pursuant to this Agreement for
a period of two (2) years from the date the Director certifies that the same conforms to
the specifications approved by the City (the "Warranty Period"). Specifically, but not by
way of limitation, the Developer shall warrant the following:
(a) That the title conveyed shall be marketable and its transfer rightful;
(b) Any and all Public Improvements conveyed shall be free from any security
interest or other lien or encumbrance; and
(c) Any and all Public Improvements so conveyed shall be free of defects in
materials or workmanship for a period of two (2) years as stated above;
and
(d) To the degree the Developer is required to install and maintain
landscaping on public or private property, it is the obligation of Developer
and its successors and assigns, to maintain the required landscaping in
perpetuity.
The City will finally accept for maintenance all Public Improvements, exclusive of
landscaping materials, after the two-year Warranty Period has expired provided all
warranty work has been completed. The City shall accept for snow removal purposes
only, all dedicated public streets after the City issues the first certificate of occupancy.
8. Reserved.
9. Observation, Inspection and Testing. The City shall have the right to
require reasonable engineering observations and testing at the Developer's expense.
Observation and testing, acquiescence in, or approval by any engineering inspector of
the construction of physical facilities at any particular time shall not constitute the
approval by the City of any portion of the construction of such Public Improvements.
Such approval shall be made by the City, only after completion of construction and in
the manner hereinafter set forth.
The Director is designated by the City to exercise authority on its behalf under
this Agreement and to see that this Agreement is performed according to its terms.
Work under this Agreement may, without cost or claim against the City, be suspended
by the Director for substantial cause.
3
The Director shall, within a reasonable time after presentation, make decisions in
writing on all claims of Developer and on all other matters relating to the execution and
progress of the work or the interpretation of this Agreement, the master plan and
specifications. All such decisions of the Director shall be final.
The Director shall make all determinations of amounts and quantities of work
performed hereunder. To assist him in this work Developer shall make available for
inspection any records kept by Developer.
The Director shall make all determinations of amounts and quantities of work
performed hereunder. To assist him in this work Developer shall make available for
inspection any records kept by Developer.
The Director and his authorized representatives shall have free access to the
work at all times, and Developer shall furnish them with facilities for ascertaining
whether the work being performed, or the work which has been completed, is in
accordance with the requirements of the Agreement.
The Director will make periodic observations of construction (sometimes
commonly referred to as "supervision"). The purpose of these observations and
construction checking is to determine the progress of the work and to see if the work is
being performed in accordance with the plans and specifications. He will in no way be
responsible for how the work is performed, safety in, on, or about the job site, methods
of performance, or timeliness in the performance of the work.
Inspectors may be appointed to inspect materials used and work done.
Inspections may extend to all or any part of the work and to the preparation or
manufacture of the materials to be used. The inspectors will not be authorized to alter
the provisions of this Agreement or any specifications or to act as foreman for
Developer. The Inspector will have authority to reject defective materials and to
suspend any work that is being done improperly, subject to the final decision of the
Director.
10. Completion of Public Improvements. The obligations of the Developer
provided for in Section 6 of this Agreement and Exhibits C and D, including the
inspections hereof, shall be performed prior to the issuance of the first Certificate of
Occupancy on the Property and no later than July 1, 2023, and proper application for
acceptance of the Public Improvements shall be made on or before such date. Upon
completion of construction by the Developer of such Improvements, the Director, shall
inspect the Improvements and certify with specificity its conformity or lack thereof to the
City's specifications. The Developer shall make all corrections necessary to bring the
Improvements into conformity with the City's specifications. Once approved by the
Director, the City shall accept said Improvements upon conveyance; provided, however,
the City shall not be obligated to accept the Public Improvements until the actual costs
described in this Agreement are paid in full by the Developer.
4
11. Deferred Installation of Landscaping and Financial Guarantee. If a
Certificate of Occupancy is requested prior to completion of landscaping and irrigation,
an irrevocable letter of credit or escrow account shall be accepted for the completion of
necessary landscaping and irrigation. Said financial guarantee shall be in the amount of
one hundred and twenty five percent (125%) of the cost of installation. Letters of credit
or escrows shall not be released until all planting and finish materials shown on the
approved landscape plan are installed and accepted and the irrigation is installed and
functional. The amount of the escrow or letter of credit shall be based on the itemized
cost estimate for required landscaping and irrigation set forth in Exhibit D. Should the
required landscaping not be properly installed upon the expiration of the letter of credit
or escrow account, the City reserves the right to use such funds to have the required
landscaping placed upon the subject premises. Any costs reasonably incurred by the
City in excess of the funds provided by the letter of credit or escrow shall be recovered
by the City through normal lien proceedings.
12. Protection. Developer, at its expense, shall continuously maintain
adequate protection of all Improvements from damage prior to acceptance by the City
and shall protect the City's property from injury and loss arising in connection with this
Agreement. Developer shall make good any such damage, injury or loss except such
as may be caused directly by authorized agents or employees of the City. Developer
shall adequately protect adjacent property and shall provide and maintain all
passageways, guard fences, lights and other facilities for protection required by public
authority or local conditions.
Developer shall be responsible for damage to any public and private property on
and adjacent to the site of Developer's Improvements caused by negligent or willful acts
of Developer, its agents or subcontractors. Developer shall take all reasonable effort
necessary to prevent damage to pipes, conduits, and other underground structures and
to overhead wires, and to water quality. Developer shall protect carefully from
disturbance or damage all land monuments and property marks until an authorized
agent of the City has witnessed or otherwise referenced their location, and shall not
remove them until directed. When any direct or indirect damage or injury is done to
public or private property by or on account of any act, omission, neglect or misconduct
in the construction of Improvements, or in consequence of the non -execution thereof on
his part, such damaged property shall be restored by Developer at its own expense to a
condition similar or equal to that existing before such damage or injury.
Developer shall at all times, whether or not so specifically directed by the
Director, take necessary precautions to insure the protection of the public. Developer
shall furnish, erect and maintain, at its own expense, all necessary barricades, suitable
and sufficient red lights, construction signs, provide a sufficient number of watchmen,
and take all necessary precautions for the protection of the work and safety of the public
through or around the Property's construction operations as Developer and the Director
shall deem reasonably necessary.
5
13. Related Costs - Public Improvements. The Developer shall provide all
necessary engineering designs, surveys, field surveys, testing and incidental services
related to the construction of the Public Improvements at its sole cost and expense,
including final drainage study letter certified accurate by a professional engineer
registered in the State of Colorado.
14. Improvements to be the Property of the City. All Public Improvements for
roads, concrete curb and gutters, public storm sewers and public drainage
improvements accepted by the City shall be dedicated to the City and warranted for a
period of twenty-four (24) months following acceptance by the City, as provided above.
15. Performance Guarantee for Public Improvements. In order to secure the
construction and installation of the Public Improvements the Developer shall, within
ninety (90) days after the execution of this Agreement, furnish the City, at the
Developer's expense, with the Performance Guarantee described herein.
The Performance Guarantee provided by the Developer shall be in the form of an
irrevocable letter of credit in which the City is designated as beneficiary, for one
hundred twenty-five percent (125%) of the estimated costs of the Public Improvements
to be constructed and installed as set forth in Exhibit D, if applicable to secure the
performance and completion of the Public Improvements as required by Section 26-418
Security for Required Improvements, of the Wheat Ridge Subdivision Regulations.
The Developer agrees that approval of this Agreement by the City is contingent
upon the Developer's provision of an irrevocable letter of credit to the City within ninety
(90) days of the execution of this Agreement in the amount and form provided herein.
Failure of the Developer to provide an irrevocable letter of credit to the City in the
manner provided herein shall negate the City's approval of this Agreement. Letters of
credit shall be substantially in the form and content set forth in Exhibit E, if applicable,
and shall be subject to the review and approval of the City Attorney. The Developer
shall not start any construction of any public or private improvement on the Property
including, but not limited to, staking, earthwork, overlot grading or the erection of any
structure, temporary or otherwise, until the City has received and approved the
irrevocable letter of credit. Notwithstanding the foregoing, the Developer may obtain the
appropriate permits and commence demolition and/or remediation of the Property prior
to the City's receipt and approval of the irrevocable letter of credit.
The estimated costs of the Public Improvements shall be a figure mutually
agreed upon by the Developer and the Director, as set forth in Exhibit D if applicable.
If, however, they are unable to agree, the Director's estimate shall govern after giving
consideration to information provided by the Developer including, but not limited to,
construction contracts and engineering estimates. The purpose of the cost estimate is
solely to determine the amount of security. No representations are made as to the
accuracy of these estimates, and the Developer agrees to pay the actual costs of all
such Public Improvements.
I.
The estimated costs of the Public Improvements may increase in the future.
Accordingly, the City reserves the right to review and adjust the cost estimate on an
annual basis. If the City adjusts the cost estimate for the Public Improvements, the City
shall give written notice to the Developer. The Developer shall, within thirty (30) days
after receipt of said written notice, provide the City with a new or amended letter of
credit in the amount of the adjusted cost estimates. If the Developer refuses or fails to
so provide the City with a new or amended letter of credit, the City may exercise the
remedies provided for in this Agreement; provided, however, that prior to increasing the
amount of additional security required, the City shall give credit to the Developer for all
required Public Improvements which have actually been completed so that the amount
of security required at all time shall relate to the cost of required Public Improvements
not yet constructed.
In the event the Public Improvements are not constructed or completed within the
period of time specified by Section 10 of this Agreement or a written extension of time
mutually agreed upon by the Parties to this Agreement, the City may draw on the letter
of credit to complete the Public Improvements called for in this Agreement. In the event
the letter of credit is to expire within fourteen (14) calendar days and the Developer has
not yet provided a satisfactory replacement, the City may draw on the letter of credit and
either hold such funds as security for performance of this Agreement or spend such
funds to finish Public Improvements or correct problems with the Public Improvements
as the City deems appropriate.
Upon completion of performance of such improvements, conditions and
requirements within the required time, the Developer shall issue an irrevocable letter of
credit to the City in the amount of twenty-five percent (25%) of the total cost of
construction and installation of the Public Improvements (including the cost of
landscaping), to be held by the City during the Warranty Period. If the Public
Improvements are not completed within the required time, the monies may be used to
complete the improvements. If the Public Improvements require repair or replacement
during the Warranty Period and the Developer fails to complete said repairs or
replacement prior to the end of the Warranty Period, the City may draw on the letter of
credit to make required repairs or replacements to the Improvements.
16. Indemnification. The Developer shall indemnify and hold harmless the
City and its officers, employees, agents or servants from any and all suits, actions, and
claims of every nature and description caused by, arising from or on account of this
Agreement any act or omission of the Developer, or of any other person or entity for
whose act or omission the Developer is liable, with respect to the Public Improvements;
and the Developer shall pay any and all judgments rendered against the City as a result
of any suit, action, or claim, together with all reasonable expenses and attorney's fees
and costs incurred by the City in defending any such suit, action or claim.
The Developer shall pay all property taxes due on any portion of the Property
dedicated to the City and shall indemnify and hold harmless the City for any property tax
liability in connection therewith.
7
17. Waiver of Defects. In executing this Agreement, the Developer waives all
objections it may have concerning defects, if any, in the formalities whereby it is
executed, or concerning the power of the City to impose conditions on the Developer as
set forth herein, and concerning the procedure, substance, and form of the ordinances
or resolutions adopting this Agreement.
18. Third Party Beneficiaries. There are and shall be no third party
beneficiaries to this Agreement.
19. Modifications. This instrument embodies the whole agreement of the
Parties. There are no promises, terms, conditions, or obligations other than those
contained herein; and this Agreement shall supersede all previous communications,
representations, or agreements, either verbal or written, between the Parties. There
shall be no modification of this Agreement except in writing, executed with the same
formalities as this instrument. Subject to the conditions precedent herein, this
Agreement may be enforced in any court of competent jurisdiction.
20. Release of Liability. It is expressly understood that the City cannot be
legally bound by the representations of any of its agents or their designees except in
accordance with the City of Wheat Ridge Code of Ordinances and the laws of the State
of Colorado.
21. Captions. The captions to this Agreement are inserted only for the
purpose of convenient reference and in no way define, limit, or prescribe the scope or
intent of this Agreement or any part thereof.
22. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the Parties hereto and their respective heirs, successors, and assigns as the
case may be.
23. No Waiver. No waiver of any of the provisions of this Agreement shall be
deemed or constitute a waiver of any other provisions herein, nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided, nor shall the waiver
of any default hereunder be deemed a waiver of any subsequent default hereunder.
24. Invalid Provision. If any provision of this Agreement shall be determined
to be void by any court of competent jurisdiction, then such determination shall not
affect any other provision hereof, all of the other provisions shall remain in full force and
effect. It is the intention of the Parties that if any provision of this Agreement is capable
of two constructions, one of which would render the provision void, and the other which
would render the provision valid, then the provision shall have the meaning which
renders it valid.
25. Governing Law. The laws of the State of Colorado shall govern the
validity, performance and enforcement of this Agreement. Should either party institute
legal suit or action for enforcement of any obligation contained herein, venue of such
suit or action shall be in Jefferson County, Colorado.
26. Attorneys Fees. Should this Agreement become the subject of litigation to
resolve a claim of default of performance or payment by the Developer and a court of
competent jurisdiction finds in favor of the City, the Developer shall pay the City's
attorney's fees and court costs.
27. Notice. All notices required under this Agreement shall be in writing and
shall be hand delivered or sent by registered or certified mail, return receipt requested,
postage prepaid, to the addresses of the Parties herein set forth. All notices so given
shall be considered effective seventy-two (72) hours after deposit in the United States
mail with the proper address as set forth below. Either Party by notice so given may
change the address to which future notices shall be sent.
Notice to Developer: Attn: Kory Whitaker
Habitat for Humanity of Metro Denver
3245 Eliot Street
Denver CO 80211
Notice to City: Director of Public Works
7500 West 29th Avenue
Wheat Ridge, CO 80033
City Attorney
7500 West 29th Avenue
Wheat Ridge, CO 80033
28. Force Maieure. Whenever the Developer is required to complete the
construction, repair, or replacement of Public Improvements by an agreed deadline, the
Developer shall be entitled to an extension of time equal to a delay in completing the
foregoing due to unforeseeable causes beyond the control and without the fault or
negligence of the Developer including, but not restricted to, acts of God, weather, fires
and strikes.
29. Assignment or Assignments. There shall be no transfer or assignment of
any of the rights or obligations of the Developer under this Agreement without the prior
written approval of the City.
30. Recordinq of Agreement. This Agreement shall be recorded in the real
estate records of Jefferson County and shall be a covenant running with the Property in
order to put prospective purchases or other interested parties on notice as to the terms
and provisions hereof.
9
31. Title and Authority. The Developer expressly warrants and represents to
the City that it is the record owner of the property constituting the Property and further
represents and warrants, together with the undersigned individual(s) that the
undersigned individual(s) has or have full power and authority to enter into this
Subdivision Improvement Agreement. The Developer and the undersigned individual(s)
understand that the City is relying on such representations and warranties in entering
into this Agreement.
WHEREFORE, the Parties hereto have executed this Agreement on the day and
year first above written.
[Remainder of Page Intentionally Left Blank]
10
ATTEST: n
Stephen Kirkpatrick, City Clerk
[oil
Dahl, City Attorn
CITY OF WHEAT RIDGE, COLORADO
Y
�() o/�
Bud Starker, Mayor
11
DEVELOPER
Habitat for Humanity of Metro Denver, Inc.
By:
N e: Heathe erty
Title: CEO
STATE OF COLORADO )
L��S ) SS.
COUNTY OF
The foregoing instrument was acknowledged before me this ZSSday of
3 �-.C- , 20Z 1 , by LCAq-us1 , as
C b of �-4w�� �t - �'iy� µG-•�� 1n2 E,�o �e r�
Witness my hand and official seal.
My commission expires: S wkY 3 ,ZaZ'�
CHRISTINE KOLESKI
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20144026354
MY COMMISSION EXPIRES JULY 3. 2022 ( A�
(SEAL)
12
Notary Public
EXHIBIT A
Legal Description of Developer Property
MILLER GARDENS SUBDIVISION, COUNTY OF JEFFERSON, STATE OF
COLORADO
13
EXHIBIT B l
Final Plat
(see attached)
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EXHIBIT C
Phasing Plan for Public Improvements
The public and on-site improvements for the property shall be installed in 1 (one) phase
as outlined below:
Prior to the issuance of a Certificate of Occupancy for each lot, the adjacent curb,
gutter, amenity zone, and detached sidewalk shall be installed.
All improvements shall be completed by July 1, 2023, regardless of the timing of
development.
15
EXHIBIT D
Cost Estimate for Public Improvements
(see attached)
16
2 PROOFCIVIL
consulting engineers
Engineer's Estimate of Probable Cost
Miller Gardens
20055
4550 Miller Avenue
Wheat Ridge CO
2/2/2021
Revised 3/8/2021
Prepared for:
Habitat for Humanity for Metro Denver
Chelsey RB Hume
3245 Eliot Street
Denver, CO 80211
303.534.2929
Prepared by:
Proof Civil
Attn: Jason DeYoung
600 Grant Street, Ste. 210
Denver, CO 80203
303.325.5709
CITY OF WHEAT RIDGE
ENGINEERING DIVISION
DATE 03/09/2021
RECEIVED 03/09/2021
6th Submittal
This Engineer's Opinion of Probable Construction Cost is based upon construction documents. Quantities of materials were estimated
based on Proof Civil's best judgment as an experienced and qualified professional engineer, familiar with the construction industry.
However, since Proof Civil Co. has no control over the cost of labor, materials, equipment or services furnished by others, or over the
Contractor's methods of determining prices, or over competitive bidding or market conditions, Proof Civil Co. cannot and does not
guarantee that proposals, bids, or actual construction costs will not varyfrom Opinions of Probable Construction Cost prepared by
Proof Civil Co.
This Engineer's Opinion of Probable Cost does not include soft costs and other project costs, which may be incurred by the developer,
that are beyond the scope of the improvements shown in the Civil Construction Documents including but not limited to design fees,
permitting fees, tap fees, general conditions, GC overhead and profit, surveying, as-builts, construction inspections/testing, use tax, etc.
W
PPOOFICIVIL
consulting engineers
Miller Gardens
Site/Paving
Wal
Material
Quantity
Unit Cost
Total
Sidewalk
201 Sy
$ 56.61
sf
$ 11,378.61
Type 1 M-6og-1 Driveway Cut
4 ea
$ 1,ogo.00
ea
$ 4,36o.00
6" Curb and 24" Gutter
195 If
$ 27.04
If
$ 5,272.8o
Asphalt
134 sy
$ 78.56
sy-in
$ 10,527.04
Total:
$ 3153$•45
CITY OF WHEAT RIDGE
ENGINEERING DIVISION
APPROVED FOR:
❑ DRAINAGE O SIDEWALK
O CURB 8 GUTTER ❑ STREET
jQ MISCELLANEOUS O PLAT
COMMENT Itemized Engineer's Cost Estimate for Pi's
0310912021
CIVIL ENGINEER DATE
SUBJECT TO FIELD INSPECTIONS
Proof Civil Co. 1600 Grant Street Ste zio 1 Denver, CO 80203
EXHIBIT E
Letter of Credit Template
(see attached)
17
aJ
EXAMPLE LOC — Parentheses O indicate applicant/bank defined fields
(Bank Letterhead)
LETTER OF CREDIT # (L.O.C. #)
BENEFICIARY: The City of Wheat Ridge
ADDRESS: 7500 West 29"' Avenue, Wheat Ridge, CO 80033
DATE: (Date of Issue)
EXPIRY DATE: (Exp. Date)
IRREVOCABLE STANDBY LETTER OF CREDIT
For: (Developer's Name)
(Developer's Address)
Gentlemen:
We hereby open our IRREVOCABLE STANDBY LETTER OF CREDIT in your favor available by
your drafts drawn on (Bank Name, and Address) for any sum or sums not to exceed in total (Amount
of L.O.C.). We hereby authorize you to draw on us for the account of (Developer's Name) up to an
aggregate amount of (Amount of L.O.C.) (125% engineer's estimated cost of improvements) available
by your drafts at sight accompanied by your signed statement that the above is: 1) drawn in payment
of street improvements including, but not limited to, curb, gutter, sidewalk, asphalt patching, street
paving, and other street improvements shown on the final plat and associated construction documents
for The Corners at Wheat Ridge (the "Project"), and/or 2) drawn in payment of storm drainage
improvements including, but not limited to, detention pond grading, detention pond outlet structure(s),
storm sewer system, and other drainage facilities shown on the final plat and associated construction
documents for the Project.
Drafts must be accompanied by 1) a sight draft; 2) a signed statement by an authorized representative
of the Beneficiary stating as follows: "We hereby certify that the amount of our draft represents funds
owed to the City of Wheat Ridge for payment obligations pursuant to the conditions stated above,
between (Developer's Name) and the City of Wheat Ridge." 3) This original Letter of Credit.
Each draft must bear upon its face a clause "Drawn under Letter of Credit No. (L.O.C. #) dated (Date
of Issue).
This IRREVOCABLE STANDBY LETTER OF CREDIT is not transferable.
We hereby agree with you that drafts drawn under and in compliance with the terms of the Letter of
Credit will be duly honored if presented to the above mentioned drawee Bank on or before (Exp.
Date).
Except as otherwise expressly stated herein, this Letter of Credit and all negotiations
hereunder are subject to all applicable provisions of Uniform Customs and Practices for
Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No.
600.
Sincerely,
(BANK NAME)
By:
(Name and Title of Bank Officer)
DEN -132644-2