HomeMy WebLinkAbout38th & Sheridan and Dillon CompaniesRECEPTION NO. F00603BB 75.00 PG: 0001-015
743 RECORDED IN JEFFERSON COUNTY, COLORADO 5/25/95 14:00
DEVELOPMENT AGREEMENT
WHEREAS, King Soopers is the anchor tenant of the Shoppin
Center; and
WHEREAS, King Soopers desires to expand its current facilit
• approximately 17,500 square feet; and I
WHEREAS, the expansion of the King Soopers facility will
result in increased tax revenues for the City and projectel
additional traffic • 38th and Sheridan; and
WHEREAS, the parties have agreed that the Redevelopment Are]
shall be developed and utilized in accordance with the ter
of this Agreement and that all future owners of the Propert
shall be bound thereby; and
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NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
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E . ArgA. On • before August 1, 1995 pave,
with asphalt, the remaining portion of the
Redevelopment Area, stripe same for parking and install
appropriate lighting commensurate with existing
lighting on the Property.
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7. QrQuad Lgaze. The City agrees to lease the parking spaces
located within the Redevelopment Area to Owner, its
successors and assigns, for a term equal to the King Soopers
Lease and any additional option periods, commencing • the
date such improvements to the Redevelopment Area have been
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10 . LazdaQapiz • . The City agrees to install landscaping, in
appropriate locations of the redevelopment area. Owner shall
annually during the period • the Ground Lease, reimburse
the City for the City's cost to maintain such landscaping.
11. UtIlitiegi. To the extent that any existing utes must
be relocated as a result of the reconfiguration of the
rights-of-way or the Redevelopment Area, the City agrees to
complete such relocations at its sole cost and expense.
13. lerMination Qf I nanCiea. Owner and King Soopers
acknowledge and agree that City shall have no responsibility
to participate in any required payments to tenants of the
Shopping Center for termination of leases or relocation
costs resulting from King Sooper's expansion.
16. ZMencim!ant ar. JVrm iQ11 Qt this LaZ:eement. Other than as
provided at Paragraph 14, and subject to Subparagraph 19(m),
hereof this Agreement may be amended or terminated only by
an instrument in writing signed by all Parties hereto or
their duly authorized successors or assigns.
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20. NQticea. All notices hereunder shall be given to the
following by hand delivery • by certified mail, return
receipt requested:
CITY:
Mayor of the City of Wheat Ridge
7500 West 29th Avenue
P.O. Box 638
Wheat Ridge, CO 80034
Copy to:
The Wheat Ridge City Administrator
7500 West 29th Avenue
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Robert E. Perry an
38th & Sheridan Lt
6500 S. Queec, #30#
Englewood, CO 801,11
b
him
Jeffrey W. Bailey
Partnership
bb & Silverman,
KING SOOPERS:
Robert Let her
Director of Store Services
65 Tejon Street
Denver, CO 80223
Russ Dispense
Vice President of Real Estate
65 Tejon Street
Denver, CO 80223
Copy to:
James J. Soran, III, Esq.
Montgomery Little & McGrew, P.C.
5445 DTC Parkway, Suite 800
Englewood, CO 80111
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21. 5LAadd9d CQatrzaQt ErQyjjJQIaZ. The following standar
contract provisions shall apply to this Agreement: I
Authgrity Qf City. This Agreement is expressly subject
to and shall not be or become effective or binding on
the City until approved by the Wheat Ridge City Council
and fully executed by all signatories of the City of
Wheat Ridge. I
e. Time Qf the E,5zence. Except as provided under the
section of this Agreement entitled "Force Majeure"
time shall
• • the essence with respect to
performance required under this Agreement.
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RgCitalZ aLd EXbibitg InCQrj2OLated. All recitals and
exhibits to this Agreement are incorporated herein and
made a part hereof.
AZZignmeat. This agreement shall inure to the benefit
of and shall bind the successors and assigns of the
Parties.
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=PliallaCP lditlh L=IdMerlt QLQ. It is the intention of
the Parties • comply with the provisions of Article X,
Section 20 of the Colorado Constitution, "Amendment
one" as adopted by the voters on November 3, 1992. To
that end, all obligations of the City herein are
specifically understood and agreed by the Parties to be
subject to annual appropriation. This Agreement does
not create any multi year fiscal obligation of the
city.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed as of the day and year first above
written.
CITY:
ATTEST: CITY OF WHEAT RIDGE
y: <
By:
Wanda Sang tity Clerk Dan Wilde, Mayor
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By: By:
Gerald Dahl, City Attorney Robert Middaugh,/City Adm*nistrator
By:
Robert Goebel Aanager of Public
Works
/C
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KilIMN
38TH & SHERIDAN LTD.
PARTNERSHIP, A Colorado Limited
Partnership
Dillon Companies, Inc.
a Kansas Corporation
dba King Soopers, Inc.
Its:
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VIAbIMML Mm
ft
(Store #57)
THIS THIRD AMENDMENT TO LEASE, made and entered into this
day of _MW " 1995, is by and between 38th &
Sheridan, Ltd. P4rtnership (hereinafter referred to as "Lessor")
and Dillon Companies, Inc., a Kansas corporation (hereinafter
referred to as "Lessee").
B. The original lease and the First Amendment and Second
Amendment are collectively the "Lease".
Waammm
2. Lggg• i Oblisatig . Lessee's exercise • its option to
Lj �,,pxpandjs conditioned upon Lessor completing the following
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a) Lessor shall no later than June 1, 1995 provide
Lessee with written commitments from existing
tenants to vacate the "Improved" 8,250 square feet
of Expansion Area as designated in Paragraph 8 of
the Second Amendment;
(c) Lessor shall no later than August 21, 1995 deliver
possession of the "Improved" 8,250 square feet of
Expansion Area as designated in Paragraph 8 of the
Second Amendment;
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IN WITNESS WHEREOF, the parties have executed this Second
Amendment to the Lease as of the day and year first written
above.
38TH SHE LTD. PARTNERSHIP
BY: =-
Managing Partner
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DILLON COMPANIES, INC., a Kansa
corporation 11
By:
Title:
War
,p in F. Bryant, Sr. Vice President
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