HomeMy WebLinkAboutClear Creek Terrace 1st Amendment,M
2020072502 6/24/2020 2:54 PM
PGS 4 $28.00 DF $0.00
Electronically Recorded Jefferson County, CO
George P Stem, Clerk and Recorder TD1000 N
FIRST AMENDMENT TO THE
SUBDIVISION IMPROVEMENT AGREEMENT
THIS FIRST AMENDMENT TO THE SUBDIVISION IMPROVEMENT
AGREEMENT is made this !?$'""' of Ongox , 2020 by and between the CITY
OF WHEAT RIDGE, COLORADO, a home rue municipal corporation (the "City"), and
CLEAR CREEK TERRACE, LLC, a Colorado limited liability company (the "Developer"),
together referred to as the "Parties."
RECITALS:
A. On July 8, 2019, the City Council of the City of Wheat Ridge, after holding
all required public hearings, approved the final plat for the Property titled Clear Creek
Terrace Subdivision (the "Final Plat"), and in connection therewith, approved a
Subdivision Improvement Agreement ("Agreement') which was filed for record with the
Jefferson County Clerk and Recorder's Office on September 13, 2019, at Reception No.
2019083850.
B. The Parties wish to amend the Agreement to provide the option for an
escrow payment in lieu of a letter of credit as the performance guarantee for the public
improvements required by the Agreement.
NOW, therefore, for and in consideration of the mutual promises and covenants
contained herein, the sufficiency of which are mutually acknowledged, the Parties agree
as follows:
1. Aareement Amended. Paragraph 15 of the Agreement, which paragraph
requires a letter of credit as the Performance Guarantee for construction of the Public
Improvements required by the Agreement, is amended by the addition of an additional
sub -paragraph to read as follows:
Alternative Option for Performance Guarantee. In lieu of the requirement of this
Paragraph 15 for a letter of credit as the Performance Guarantee in the amount of 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, the Developer may instead provide
immediately available funds in that amount, in the form of cash or a certified check, which
when successfully negotiated such as to render the funds fully available to the City, shall
satisfy and replace the requirement for a letter of credit. On or before June 15, 2020, the
Developer may choose to provide the required Performance Guarantee in the form of an
irrevocable letter of credit in the same amount, as set forth in this Paragraph 15 and in
which the City is designated as beneficiary. In the event the Developer chooses to replace
the cash payment with such a letter of credit, on or before June 15, 2020, the City shall
return the cash payment to the Developer and the letter of credit Performance Guarantee
will then be governed by the terms of Paragraph 15. If an irrevocable letter of credit is
not received by the City from the Developer on or before June 15, 2020, the cash payment
described by this First Amendment shall be retained in full until all Public Improvements
are completed and accepted as described in Exhibit D.
2. Recording. This First Amendment shall be recorded in the real estate records of
Jefferson County, Colorado and shall be a covenant running with the Property in order to
put prospective purchasers or other interested parties on notice as to the terms and
provisions hereof.
WHEREFORE, the Parties hereto have executed this First Amendment to
Agreement on the day and year first above written.
[Remainder of Page Intentionally Left Blank]
2
CITY OF WHEAT RIDGE, COLORADO
By: Vy�;��/�►
Bud Starker, Mayor
ATTEST:
n Kirkpatrick, City Clerk
APP O AS F
Gerald Dahl, City At orney
Developer:
CLEAR CREEK TERRACE, LLC, a Colorado
limited liability company
By: —
Na
Title:
STATE OF COLORADO
SS.
COUNTY OF 19kgWHDf )
The foregoing instrument was acknowledged before me this qyl' day of
2020, by GU11L1tW1 S•��S JXJ , as
/i gq—1 f*� of Clear Creek Terrace, LLC, a Colorado limited liability
company.
Witness my hand and official seal.
My commission expires:
DANA C&NIGLIA
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20074023643
MY COMMISSION EXPIAE5 JUNE i8, 2023
(SEAL)
Notary Public