HomeMy WebLinkAboutChick-fil-A at AVSCE11lllllll�l�l�'IV'VIWm �� �°2023023470
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JEFFERSON COUNTY, Colorado PUBLIC IMPROVEMENT AGREEMENT
THIS AGREEMENT made this Ir of AKZL
2023 (the "Effective Date"), by and between the CITY OF WHEAT RIDGE, COLORADO,
a home rule municipal corporation (the "City"), and U.S. RETAIL PARTNERS, LLC, a
Delaware limited liability company (the "Developer"), together referred to as the "Parties."
RECITALS
A. The Developer is the owner of certai
n
B. On November 3, 2022, the City of Wheat Ridge Planning Commission,
after the required review processes, approved a Specific Development Plan for the
Property, titled Applewood Village Shopping Center Planned Commercial Development
Specific Development Plan Amendment #20 — Chick-Fil-A.
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 development of the Property. All conditions
contained herein are in addition to any and all requirements of 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 is subject to that
certain Specific Development Plan for the Project recorded with the Jefferson County
Clerk and Recorder under reception number ICO-303461 and will be subject to review
and approval of civil construction documents, right-of-way permit application(s), and
building permit application(s). Through such approvals, the City will review and approve
the final design any development of the Property and the Public Improvements related
thereto. This Agreement is based on information available at the time of approval of the
Specific Development Plan 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 development of the Property.
4. Reserved.
5. Reserved 1P
6. Breach b%� the Developer; the City's Remedies.
(a) 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:
1. The refusal to issue any building permit or certificate of occupancy;
2.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;
3. A demand that the security given for the completion of the Public Improvements
be paid or honored; or
4. Any other remedy available at law or in equity.
(b) 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 prior written
notice of its intent to take any action under this paragraph during which thirty (30) day
period the Developer may cure the breach described in the notice.
7. Installation of Public and on -site Improvements.
(a) 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
approved development plan and the associated construction documents (the "Public
Improvements" or "Improvements") as approved by the City's Community Development
Director or designee ("Director"), shall be installed and completed at the expense of the
Developer within the timeframes set forth in Section 11 of this Agreement and as outlined
in Exhibit B. The Public Improvements shall be substantially complete, with only such
exceptions as shall be approved in advance by the Director in the exercise of his or her
sole discretion, prior to the issuance of the Certificate of Occupancy.
(b) The itemized costs of the Public Improvements required by this Agreement and
shown on the construction documents and right-of-way plans approved by the Director
are set forth on Exhibit C. 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
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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 this Agreement.
Additional Public Improvements may be required, and the Developer shall be responsible
for submitting construction documents for review of all Public Improvements and/or
revisions to the construction documents approved by the City.
8. 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.
9. Reserved.
10. Observation, Inspection and Testing.
(a) 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.
(b) 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
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under this Agreement may, without cost or claim against the City, be suspended by the
Director for substantial cause.
(c) The Director shall, within a reasonable time after presentation, make decisions
in writing on all claims of the 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.
(d) 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.
(e) The Director and his authorized representatives shall have free access to the
work at all times, and the 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.
(f) 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. The Director 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.
(g) 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 the
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.
11. Completion of Public Improvements. The obligations of the Developer
provided for in Section 7 of this Agreement and Exhibit B, including the inspections
hereof, shall be performed on or before June 30-2025, 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.
12. Deferred Installation of Landscaping and Financial Guarantee. If a
Certificate of Occupancy is requested prior to completion of landscaping and irrigation,
an escrow account shall be accepted for the completion of necessary landscaping and
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irrigation. Said financial guarantee shall be in the amount of one hundred and twenty five
percent (125%) of the cost of installation. 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 shall be based on
an itemized cost estimate for required landscaping and irrigation. The itemized cost for
required landscaping and irrigation shall be accepted at the discretion of the Director prior
to acceptance of the escrow account. Should the required landscaping not be properly
installed upon the expiration of the escrow account, the City reserves the right to draw
upon the landscaping escrow 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 escrow shall be recovered by the City through normal lien proceedings.
13. Protection.
(a) Except as expressly set forth herein, the 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. The Developer shall repair any such damage, and
indemnify the City against any injury or loss except such as may be caused directly by
authorized agents or employees of the City. The 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.
(b) The 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 the Developer, its agents or contractors. The 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. The 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
the part of any such parties, such damaged property shall be restored by the Developer
at its own expense to a condition similar or equal to that existing before such damage or
injury.
(c) The Developer shall at all times, whether or not so specifically directed by the
Director, take necessary precautions to insure the protection of the public. The 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 the Developer and the
Director shall deem reasonably necessary.
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14. 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.
15. 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 the Warranty Period,
as provided above.
16. Performance Guarantee for Public Improvements.
(a) 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.
(b) 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 C, if applicable to secure the
performance and completion of the Public Improvements as required by Sections 26-110
(public dedications and improvements; security) and 26-418 (agreement and financial
security for required improvements), of the Wheat Ridge Code of Laws.
(c) 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 D, 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.
(d) 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 C 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
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accuracy of these estimates, and the Developer agrees to pay the actual costs of all such
Public Improvements.
(e) 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.
(f) In the event the Public Improvements are not constructed or completed within
the period of time specified by Section 11 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.
(g) 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.
17. Indemnification.
(a) 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,
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together with all reasonable expenses and attorney's fees and costs incurred by the City
in defending any such suit, action or claim.
(b) 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.
18. 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.
19. Third Party Beneficiaries. There are and shall be no third party beneficiaries
to this Agreement.
20. 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.
21. 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 Laws and the laws of the State of
Colorado.
22. 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.
23. Bindinq 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.
24. 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.
25. 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
101
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.
26. 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.
27. 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
reasonable attorney's fees and court costs
28. 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: U.S. Retail Partners, LLC
c/o Regency Centers Corporation
One Independent Drive, Suite 114
Jacksonville, Florida 32202-5019
Attention: Legal Department
With a copy to:
U.S. Retail Partners, LLC
c/o Regency Centers Corporation
8480 East Orchard Road, Suite 6900
Greenwood Village, Colorado 80111
Attention: Property Management
Notice to City: Community Development Director
7500 West 29th Avenue
Wheat Ridge, CO 80033
City Attorney
7500 West 29th Avenue
Wheat Ridge, CO 80033
29. Force Majeure. 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
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negligence of the Developer including, but not restricted to, acts of God, weather, fires
and strikes. /
30. 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.
31. Recording 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.
32. 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 Public 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.
[Remainder of Page Intentionally Left Blank]
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WHEREFORE, the Parties hereto have executed this Agreement on the day and
year first above written.
CITY OF WHEAT RIDGE, COLORADO
B Od
Y•
Bud Starker, Mayor
ATTEST:
Stephen Kirkpatrick, City Clerk
(signatures continued on the following page)
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DEVELOPER
U.S. RETAIL PARTNERS, LLC,
a Delaware limited liability company
By: U.S. Retail Partners Holding, LLC,
a Delaware limited liability company, its
managing 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
By:
Name: Will Danirath
Title: Vice President
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EXHIBIT A
Legal Description of Developer Property
Lot 5, Applewood Village Shopping Center Filing No. 3, City of Wheat Ridge, County of
Jefferson, State of Colorado.
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EXHIBIT B
Phasing Plan for Public Improvements
The public and on -site improvements for the property shall be installed in one phase as
outlined below:
All improvements to the W. 38th Avenue and Youngfield Street frontages shall be
completed prior to Certificate of Occupancy for this property, in accordance with the
approved plan set for the right-of-way improvements. This includes the completion of
the curb, gutter, sidewalk, ramp modifications, striping, street/pedestrian lighting, bus
stop, necessary relocation of existing improvements, and landscaping restoration and
new plantings.
Installation of landscaping, street trees, and irrigation is not required prior to Certificate
of Occupancy if issuance of C.O. occurs outside of the planting season, generally
October to June. Refer to Section 12 of this Agreement.
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EXHIBIT C
Cost Estimate for Public (ROW) Improvements
(see attached)
S
15
ENGINEERS OPINION OF PROBABLE
CONSTRUCTION COSTS
Project #: 65120917
PROJECT NAME:
Chick-fil-A 1-70 and Youngfield
ENGINEER
Merrick & Company
CHICK-FIL-A IMPROVEMENTS
DATE PREPARED 3/27/2023 f
ESTIMATOR: CHECKED BY:
IR KW
DESCRIPTION QUANTITY I UNITS IUNIT I TOTAL
PRICE PRICE
Demolition of Public Improvement
1
EA
$8,100.00
$8,100.00
Epoxy Pavement Marking
170
SF
$5.00
$850.00
Preformed Thermoplastic Pavement Marking
40
SF
$40.00
$1,600.00
6" Curb & Gutter (Complete in place)
345
LF
$32.00
$11,040.00
5' Sidewalk (6" Thick), complete in place
355
SY
$85.00
$30,175.00
Hot Mix Asphalt (Patching)
77
SY
$143.00
$10,963.33
8 Foot Pan, complete in place
12
SY
$106.00
$1,272.00
Type 1 Direction Curb Ramp, complete in place
2
EA
$3,500.00
$7,000.00
"No Left Turn" Sign
1
EA
$450.00
$450.00
Street Lighting
6
EA
$12,000.00
$72,000.00
Pedestrian Lighting
6
EA
$12,000.00
$72,000.00
RTD Bench & Trash Receptical
1
EA
$1,000.00
$1,000.00
4' Storm MH - Flat top wl eccentric lid
1
EA
$5,000.00
$5,000.00
Inlet adjustment
4
EA
$1,250.00
$5,000.00
Subtotal
$213,350.33
3% Survey
$6,400.51
5% Mobilization
$10,667.52
10% Construction Management & Testing
$21,335.03
Total
$251,753.39
25% Contingency
$62,938.35
Grand Total
$314,691.74
Specific Exclusions Include, But May Not Be Limited To:
1. Easements
2. Dry Utilities Lowerings and/or Relocation
3. Landscaping and Irrigation
Opinions of Probable Construction Cost Disclaimer. In providing opinions of probable construction cost, the
Client understands that the Consultant has no control over the cast or availability of labor, equipment or APPROVED
materials, or over market conditions or the Contractor's method of pricing, and that the Consultant's opinions
of probable construction costs are made on the basis of the Consultant's professional judgment and �flt�f
experience. The Consultant makes no warranty, express or implied, that the bids or the negotiated cost of By Jordan Jefferies at 2: 25 pm, Mar 27, 2023
the Work will not vary from the Consultant's opinion of probable construction cost
Q:\DEN\Projects\0917-00 CFA 170 & YoungfielMDESIGN\Qtys and Estimates\CFA 170 & Youngfield - Cost Opinion_2022-1003 1 Of 1
EXHIBIT D
Letter of Credit Template
(see attached)
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(Bank Letterhead)
LETTER OF CREDIT # (L.O.C. #)
BENEFICIARY: The City of Wheat Ridge
ADDRESS: 7500 West 291h 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. 4 ) 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)
(Name and Title of Bank Officer)
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