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Home My WebLink AboutJMS Lake - Development Covenant AgreementII��II IIIII IIIII IIIII I�II� II II I II III II II �II I II R $43.00 D $0.00 2025041532 07/03/2025 02:32:41 PM 9 Page(s) JEFFERSON COUNTY, Colorado DEVELOPMENT COVENANT AGREEMENT THIS DEVELOPMENT COVENANT AGREEMENT is made as of the 18* day of JVNIE , 2025 by and between the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City"), and JMS LAKE HOLDINGS LLC, a Colorado Limited Liability Company, (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. The City of Wheat Ridge approved the Final Plat for the Property titled JMS Lake Subdivision on 7tnn2.. 21 , 10-5 A copy is attached hereto as Exhibit B, and incorporated herein. C. The Wheat Ridge Code of Laws requires Public Improvements in association with approved subdivisions, and right-of-way dedications for such improvements are provided on the Final Plat. D. The Applicant may not in the future be involved with development of the Property, and in that event should not be responsible for final design and the installation of Public Improvements for the Property as required by Article IV of Chapter 26 of the Code of Laws. These Public Improvements are subject to review and approval of civil construction plans by the City, herein referred to as the "Final Plans." 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 in accordance with the Final Plans. 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 Final Plans: 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, consistent with the Final Plans. The Developer shall submit the Final Plans for review and approval by the City. The Developer shall also furnish all financial guarantees required for development of the Property by the Community Development Director. 2. Bindinq 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 successor and assigns of the Parties until such time as the Developer executes a Subdivision Improvement Agreement or Public Improvement Agreement, whichever is applicable, (herein referred to as "Future Agreement") in preparation for development of the Property. The executed Future Agreement shall replace this Agreement in its entirety and shall bind the Developer to complete all required on- and off -site Public Improvements as shown on the Final Plans as approved by the City of Wheat Ridge Community Development Director, including but not limited to: • Improvements to Ward Road frontage including 8-foot detached sidewalk, 6-foot landscaped amenity zone, street lighting, irrigation, and fixtures. • Improvements to the W. 1-70 Frontage Road N (a.k.a. W. 48th Avenue) including 6-foot detached sidewalk, 6-foot landscaped amenity zone, street lighting, irrigation, and fixtures. • Improvements to the curb ramps at the corner of Ward Road and 48th Avenue, including the potential relocation of the utility pole/mast arm if determined necessary. • Construction of the public trail along the lake connecting Ward Road to W. 48th Avenue, as required by the JMS Lake Holdings LLC ODP and as noted on the Final Plat. 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. 3. Sale of Property: No sale of individual lots or any collection of individual lots which do not equal the entirety of the Property as described in Exhibit A may occur until such time as a Future Agreement has been executed and a letter of credit has been provided for the estimated costs of the Public Improvements as shown on the Final Plans. This paragraph shall not prevent the Applicant or a Developer from conveying or selling the entirety of the Property to a third party. 4. Issuance of Buildinq Permits: The City shall not issue any building permit for any individual lot within the Property until an approved Future Agreement has been executed by the City and the then -owner of the Property. Building permits for individual lots may be issued by the City conditioned upon compliance with all terms listed in the Future Agreement. 5. Fees Associated with Development of Property: All building permit fees, park land dedication fees, review fees and security for construction of on- and off - site Public Improvements shall be paid by the Applicant, or in the event the Property is conveyed, by the Developer who executes the Future Agreement. The -2- Applicant shall not be responsible for the payment of such fees unless the Applicant executes the Future Agreement as the Property Developer. 6. Improvements to Property: No site work shall be performed on the Property until appropriate Final Plans have been reviewed and approved by the City, a signed Future Agreement has been executed, letter of credit for surety received 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 consistent with the approved Final Plans. Nothing in this paragraph shall prevent the demolition of any existing structures or the general maintenance of the Property, provided proper permits are issued by the City. 7. 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. [Remainder of this page intentionally left blank] -3- CITY OF WHEAT RIDGE, COLORADO By: A/ J gy� Bud Starker, Mayor ATTEST: Margy r , Senior Deputy City Clerk -4- APPLICANT JMS Lake Holdings, LLC By: r�� y. Name: Mark Jolstad Title: Member STATE OF COLORADO ) SS. COUNTY OF Jef{-ers�n The foregoing instrument was acknowledged before me this 118011 day of .1yNE , 2016 , by M1grK solStAd , as ovirter of 'W S L-AKe. Witness my hand and official seal. My commission expires 7T* T", f l . 'N J (SEAL) December" 20ZS We EXHIBIT A Legal Description of the Property JMS LAKE SUBDIVISION, CITY OF WHEAT RIDGE, COUNTY OF JEFFERSON, STATE OF COLORADO ISM EXHIBIT B Final Plat (see attached) -7- kAiu'SG6 a ml 8 -m< LU 2 <4 C�N Z 0 O H W i 09 LL 02 E < g s m k "k W §$ o 'W W J 6N'' 2�" o a ce�N8 � €« k p�3 8g=gwo,=3< o = Z dR3a:" �$�e �.CV.g==did. 90 YI�om `2mp"$$ i.F` �3W < r p Fey= €eg?. aF k $R $ =po;x "_ s c� .WSowo $aW 3gWh. 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