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Home My WebLink AboutApplewood Village Shopping Center Filing No. 3DEVELOPMENT COVENANT AGREEMENT THIS DEVELOPMENT COVENANT AGREEMENT is made as of // the day of 2021 by and between the CITY OF WHEAT lQ RIDGE, COLORADO, a home rule municipal corporation (the "City"), and v �=� U.S. Retail Partners, LLC, (the "Applicant"), together referred to as the "Parties". RECITALS: A. The Applicant 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"). B. On Agn, I ` , 2021 the City of Wheat Ridge approved the Final Plat for the Property titled Applewood Village Shopping Center Filing No. 3. A copy is attached hereto as Exhibit B, and incorporated herein. C. The Code of Laws requires Public Improvements in association with subdivision and development, and right-of-way dedications for such improvements are provided on the Final Plat. D. The Applicant anticipates future development of the Property, and for that reason is not responsible at this time for construction of the Public Improvements required by the Code of Laws. E. The Parties understand and agree that the intent of this Agreement is to establish the obligations and expectations for future development of the Property and the associated Public Improvements. AGREEMENT NOW, therefore, in consideration of the mutual promises, covenants and agreements of the Parties, the approval of the Final Plat by the City, the dedication of certain land and/or easements to the City and other good and valuable consideration, the receipt and sufficiency which is acknowledged and confessed, the Parties hereto agree as follows: 1. Compliance with Code of Laws: The entity which develops the Property ("Developer"), whether the Applicant or a successor or assign of the Applicant, shall be required to comply with all applicable sections of Chapter 26, Articles III and IV of the Wheat Ridge Code of Laws. 2. Required Public Improvements: The Public Improvements required and deferred by this Agreement shall include three distinct Right -of -Way (ROW) elements: R 563.00 111111 IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII IIII D 50.00 2021077464 C5119/2021 10:32:22 AM 11 Page(s) JEFFERSON COUNTY, Colorado a. Adjacent to Lot 4: An 8 -foot attached sidewalk, curb, and gutter, plus widening of W. 32nd Avenue adjacent to Lot 4 to match the existing conditions on either side of the lot; b. Adjacent to Lot 5: An 8 -foot detached sidewalk on Youngfield Street with a 6 -foot amenity zone, a 6 -foot detached sidewalk on W. 38th Avenue with a 6 -foot amenity zone, plus landscaping, lighting, irrigation and ramp upgrades; and c. Along the west side of Lot 1: An 8 -foot detached sidewalk on Youngfield Street with a 6 -foot amenity zone in areas where there are currently substandard improvements to the maximum extent the existing City right-of-way width allows. The City, at its sole discretion, may adjust the standard sidewalk and/or amenity zone widths during review and approval of a specific development plan. The location of said improvements are shown in Exhibit C. Public Improvements shall comply with the current City standard at which time they are constructed. 3. Binding Effect; Term: The terms of this Agreement shall be a covenant running with the Property and shall remain in full force and shall bind the Property and the successors and assigns of the Parties until such time as the Developer executes a Subdivision Improvement Agreement and/or Public Improvement Agreement, whichever is applicable, (herein referred to as "Future Agreement") in preparation for development of the Property or applicable, distinct ROW element(s) adjacent to the Property or portion(s) of the Property referenced in Section 2. The executed Future Agreement(s) shall replace this Agreement as it relates to the three distinct Developer ROW element public improvement obligations enumerated in Section 2 and shall bind the Developer to complete the entirety of the required improvements as described above in Section 2. Once a Future Agreement has been approved by the City and recorded with the Jefferson County Clerk and Recorder, this Agreement shall be considered thereby released and terminated. If a Future Agreement is executed for only a portion of the outstanding Public Improvements, this Agreement shall be in full effect until all outstanding Public Improvements (2a, 2b, and 2c) are addressed by Future Agreements. 4. Permitted Transfers: Developer may assign this Development Covenant Agreement without City's consent to: (i) any entity that acquires or leases the entirety of the Property from Developer; (ii) any entity that controls, is controlled by, or under common control with Developer; (iii) any entity that acquires all of Developer's assets including, without limitation, the Property. All rights or obligations of the Developer under this Agreement shall accrue to any Successor, Assign or Lessee of Developer as such rights and obligations apply to the elements enumerated in Section 2. No such assignment shall be effective until notice of the -2- same, including the assignee's name and address, is provided to the City within 10 days after the same. 5. Timing of Future Agreements: The required Public Improvements shall be 4? addressed by Future Agreements as a condition of approval of adjacent development at Lot 4, Lot 5, and the portions of Lot 1 that remain substandard per Section 2.c. of this Agreement, respectively. No Specific Development Plan shall be approved or recorded for new development for Lot 4, Lot 5, or said portion of Lot 1 unless and until a Future Agreement has been executed for the adjacent Public Improvements. 6. Fees Associated with Development of Property: All building permit fees, park land dedication fees, review fees and security for construction of public improvements shall be paid by the Applicant, or in the event the Property is conveyed, by the Developer who executes the Future Agreement(s). The Applicant shall not be responsible for the payment of such fees unless the Applicant executes the Future Agreement(s) as the Property Developer. 7. Improvements to Property: No site work shall be performed on the Property until a signed Future Agreement has been executed, appropriate design plans have been reviewed and approved by the City, and the proper permits for the same have been issued by the City. For the purposes of this paragraph, "site work" is defined as any grading, clearing, excavating or depositing of materials in conjunction with site development. Nothing in this paragraph shall prevent the demolition of any existing structures (including associated grading and site restoration) or the general maintenance of the Property, provided proper permits are issued by the City. 8. Recording: This Agreement shall be filed for record with the Jefferson county Clerk and Recorder, the fees for which shall be paid by the Applicant. -3- CITY OF WHEAT RIDGE, COLORADO By: l Bud tarker, ayor ATTEST: jrpeh&e�n!Kirkpatrick, City Clerk -4- APPLICANT U.S. RETAIL PARTNERS, LLC, a Delaware limited liability company By: U.S. Retail Partners Holding, LLC, a Delaware limited liability company, its sole member By: GRI -Regency, LLC, a Delaware limited liability company, its sole member By: Regency Centers, L.P., a Delaware limited partnership, its managing member By: Regency Centers Corporation, a Florida corporation, its general partner A By. - Name: William amrath Title: Vice President, Market Officer STATE OF COLORADO ) COUNTY OF k.6.c°ti ) SS. The foregoing instrument was acknowledged before me this ls;� day of Ap ! 2021, by Wi [ l i Q M i'�ez nt as OP. ,MCAric.e.;p of LLS - l Pa -4 -ALS I L Witness my hand and official seal. My commission expires: ) Z - q — ate/ CARRIE J. MYERS NOTARY PuBLiC STATE OF COLORADO NOTARY ID 20088041189 MY COMMISSION EXPIRES DECEM(3ER 9, 2024 Notary Public (SEAL) -5- EXHIBIT A Legal Description of the Property APPLEWOOD VILLAGE SHOPPING CENTER FILING NO. 3, CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON, STATE OF COLORADO m IWIC1-3111-3 Final Plat pp 0 Pg�e3 a b -g? 8 d G 4 _ < • d W $$�g45 ¢ i5;l b pnn$ c� J 3 8 a Z F W $epn Qs $k' 0`5 E� a fiS xa xw egg 3 m yy10 �D5 a Z < 3U Z � d Z h F `k jigs W o a r I ;8�= C U W 2 W U U 2 Y m +Rix Te a xay., ami ;r X96p Hit fblyge8 S� e wgu_ji— W �g, � i gig� C' i a;3 E y°$aS V F w $dBia l" •§ae� a 4ag 6 5 s a � x a e a, bury yy: O $i" app aY iF$8 N 3 oA =@ gtlg€e ii63 T.I. Jill s $z a < a H u g $$c § a � r.I. e" k� 1 1, 6ky13e31 ppig m m t /W MAI < Z m.0 a Z o F O� O'g pia byn b <°y"3gp s n b ng Ind 9 R LU PRN pg $s��€ 5��ySg3 �� ll � ° h OHIO, �" �� Bye ss�k�g b8`Sg SL< S gdn� b b8 4a o§ .S n b nb5 .. " « «< 8 Skew �n8 $SS �w Sey §S § '�§ 1=gf��r�C°" S8§�aY�SaS��G i G66pG3 I 83pyg 1i A s n�8 �� #g b y■� r sl5 S"~ 4 �m 0 y gy a�'$ q8g$ 5;14 ` IX xx8< ��61; 3 �5 14; S EMk k$€ �$� §§@t'�b@pb $$ Yk4$e$e ?f §' €€€€ SSSd8888� G;§:: €.p §.a gg s9 s t,5 a a 9 m p gY st "s 5, HM p a9n Sg N'� o � n gg@ Par— g� � $ � h - # � � $Fse€ = s�� on11 �� t g =�. Fye k I I§ 8 P�': If III e s fro -3a 3IIN3Ar ON2C -• bf•@7�3 S: Y F¢ 6k c4]�S °rt 29 F -_y _ 1R_- - t; 19 r+_ T� //�� \'!Hi \ yyYLl L �k IN J 71 W Z cO:, w • i Ak \ ap pq� Z UJ a $ \ \ Yo w NJ C4 OR a \ (W JF $ V awF 01 o tl9n es I l W I a II Q i i i i X1¢1611 VEE r`yq�e�k 4��YdiC� aE �i gy W iji& Wfi o 42��. lC Hobby hobby t_ Lot 5; ,cry ��. � Y. •.. it tit �.,. •=` � �� '! :a, � ? �. GLS i WomeGoods r , �.t Depttment store ` t ;to. Mattress Firm Q , Wheat Ridge (� Z Matiress store a r� 70 Wells.Fargo Bank • The UES Sf'brc' 'etSmart PO ,;lIpply store a) . , UAW Applewood Village 9 Lot 1 ,-,-k Thai Green & Sushi Y Smashburger� Takeout •Delivery Takeout`• Delivery �' k _ ;0-rang,'t� CC7.4` �itt1E?S5 ; o Applejack WineY& Spiritsl iquor sta,e,^. cn p King Sao Chill's Grill.& Bar � akeow hdiwiy , lot 4 � aW:`32ncl Aver