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DEVELOPMENT AGREEMENT
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f �'rFIIS DEVELOPMENT AGREEMENT, as au'hc,rlVLil ; j ;i.� _�u3Ui Vi ;16N
REGULATIONS of the CITY OF WHEAT RIDGE, is entered into this 30th
day of August , 1983 , between the City of Wheat Ridge, a
Municipal Corporation, hereinafter referred to as City, and
Michael L. Saracino , hereinafter referred -
to as Owner, and concerns property located at 7744 -7745 We'-'t 44th Avenue
tivlieat Ridge, Colorado ,
W I T N E S S E T H:
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WHEREAS, Owner is the titled Owner of a tract of land in the
City of Wheat Ridge, County of Jefferson, State of Colorado, more
fully described in Exhibit A, which is attached hereto and expressly
made a part hereof (which property is hereinafter referred to as
"the Property "); and
WHEREAS, Owner desires to develop the Property but has not
issued a Building Permit as of March 31, 1983 to do .so; and
WHEREAS, curb, gutter, sidewalk and street improvements boarding
the Property and the neighboring tracts of land are incomplete
and /or below those standards as set out in the SUBDIVISION
REGULATIONS of the City; and
WHEREAS, to be uniform and consistent with the existing neighboring
improvements, the completion or non - completion of those improvements
as required by SECTION FIVE: IMPROVEMENTS of the SUBDIVISION
REGULATIONS will make no significant change at the present in those
streets fronting the Property and the neighboring tracts of land;
and
WHEREAS, in order to conform to those requirements as set out in
the SUBDIVISION REGULATIONS of the City, this agreement is hereby
determined to be proper.
NOW THEREFORE, IT HEREBY AGREED THAT:
1. The responsibility for meeting, conforming to and providing
those requirements as set out in the SUBDIVISION REGULATIONS
of the City, is hereby recognized by Owner.
2. The Director of Public Works, upon the direction of the Mayor
or the City Administrator, shall give written notice directing
the Owner or his assigns and successors to meet those require-
ments as set out in the SUBDIVISION REGULATIONS of the City and
to construct public improvements described above, including
curb, gutter, sidewalks and street improvements.
3. Upon receipt of such notice to furnish or construct the public
improvement as required under the SUBDIVISION REGULATIONS of the
City, Owner hereby agrees to construct and furnish at owner's
cost, such improvements as are required by the SUBDIVISION
REGULATIONS of the City, and to do so in conformance with the
design standards of the SUBDIVISION REGULATIONS of the City.
4. Owner agrees to construct, or cause to be constructed, all public
improvements required hereby within u days of the date of
receipt of the notice described in the preceding paragraph. In
the event such public improvements are not completed within such
time, the City is hereby authorized to enter upon the Property
either by its employees or through agents, contractors, or sub-
contractors, and to complete the public improvements described
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owner agrees to pay for all improvemen; so made e ;ithin 30 days of
the date of completion, Owner further agreeing that any amount
resulting from his failure to pay for any improvement thus completed
shall constitute a lien upon the Property above described in the
actual amount of the public improvements completed, less any pay-
ments made by Owner, plus interest on the amount unpaid at 10
percent per annum from the date of completion, plus any costs
incurred by the City in collecting same; including court costs 2
and attorney's fees.
In the event an Improvement
District is created by the
requirements as set out in
streets or streets fronting
tracts of lands, the Owner
not to oppose its creation,
costs to the Property.
District or a Special Improvement
City to improve or provide those
the SUBDIVISION REGULATIONS for those
the Property and the neighboring
or his assigns and successors agree
or subsequent assessment of the
In the .event an Improvement District is created by the
provide the improvements as provided by the SUBDIVISIO N
the costs assessable against the Property shall not be
tionate with costs assessable to other nearby and like
City to -
REGULATIONS,
dispropor-
properties.
7. This agreement is executed by the Owner pursuant to the SUBDIVISION
REGULATIONS of the CITY OF WHEAT RIDGE.
8. The parties hereto agree that this DEVELOPMENT AGREEMENT, by its
terms, shall be binding upon the City and the Owner and upon -the
assigns and successors thereof; and shall constitute covenants
running with the Property.
9. The City, in its sole discretion, may require a cash or surety
bond to be held in escrow by the City to secure completion of
the public improvements described herein. Said cash or surety
bond shall be in a sum sufficient to cover the estimated costs
of the construction of the public improvements described herein,
said estimate to be made at or about the time of the notice
described in paragraph 2 above. In the event the Ovm er fails
to complete the public improvements within the time specified in
paragraph 4 hereof, the City may, at its sole option, complete
or cause to be completed, said construction and use all, or any
part, of the cash or surety bond to pay for, or cause to be paid,
all bills and costs incurred in completing said public improve-
ments. Any interest earned on any escrow funds shall be the
sole property of the City.
10. This DEVELOPMENT AGREEMENT shall be recorded with the Clerk and
Recorder of Jefferson County, Colorado, and shall constitute a
continuing covenant running with the land; provided, however:,
that this DEVELOPMENT AGREEMENT shall be released by the City upon
the completion by the Owner of the public improvements described
herein, which release shall be evidenced by a signed document,
attested to by the City Clerk and bearing the City's seal, which
document shall likewise be recorded.
SPECIAL PROVISIONS AND AGREEMENT:
Construction of curb, gutter, and sidewalk al ongthe east side of Yarrow Str
along this property will be required to be in accordance with the City Standards
and plans for these improvements must be prepared by a registered engineer and
submitted to the City for approval. No construction will be allowed until after
West 44th Avenue has been reconstructed.
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IN WITNESS WHEREOF, thol parties have set their bands ana seals on
dat( ; i rt' 1)('Wrl
RECOMMENDED BY:
Public Den tmenE
APPROVED
TO tQRM:
rney
BY OWNER:
STATE OF COLORADO
) Ss.
COUNTY OF JEFFERSON )
Comm e ent\Department
-3
7
City Administrator
EXECUTED BY CITY:
Mayor, City of Wheat Ridge
ATTESTED TO BY:
The foregoing instrument was executed before me this //�
day
1198, by
of
My commission expires:
"70
Notary Public
I;ECEI NO. 133097459
ID/11/83. 16 12.
RECORDED IN
C'OL)NIY OF: JEFFERSON
STATE OF COL.ORADO
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REUTTION No. 83097459
10111183 16:03 12.00
RECORDE 1) I N
COUNTY OF JETFERSON
SlAll.. OF COL.OR'ADO
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SUP-83-7
EXHIBIT "C"
MODIFICATIONS
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