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nEVELOPMENT AGREEMENT
THIS DEVELOPMENT AGREEMENT, as authorized by the SUBDIVISION
REGULATIONS of the City of WHEAT RIDGE, is entered into this
10th day 0 f September, 1981, between the City of Wheat
Ridge, a Municipal Corporation, hereinafter referred to as City,
and the 1st Bank of Wheat Ridge, hereinafter referred to as
Owner, and concerns property located at 45th Place at Robb Street
(Stoneridge Subdivision).
WIT N E SSE T H :
"
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 been issued a Building Permit as of September 9,
1981, to do so; 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 IS 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, has given on May 15,
1981, written notice directing the Owner or his assigns
and successors to meet those requirements 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.
Having received 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 con formallce
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 by November
1, 1981. In the event such public improvements are not
completed within such time, the City will not issue any
Certificates of Occupancy unle~s ..}~~, 9wp.Jirp!.p~~\vers to
the City a cash or surety bond \0 te 1;elCf l.n<~scrow by
the City to secure completion of the public "
improvements described herein.
5.
This agreement is executed by the Owner pursuant to the
SUBDIVISION REGULATIONS of the CITY OF WHEAT RIDGE.
6.
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.
81086858
7.
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 by the Director of Public Works. In the event
the Owner fails to complete the public improvements
within the time specified, 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
improvements. Any interest earned on any escrow funds
shall be the sole property of the City.
2-
8.
This DEViLOPMENT AGR~EMENT 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.
9.
In the event an Improvement District or a Special
Improvement District is created by the City to improve
or provide those requirements as set out in the
SUBDIVISION REGULATIONS for those streets or streets
fronting the Property and the neighboring tracts of
lands, the Owner or his assigns and successors agree
not to oppose its creation, or subsequent assessment of
the costs to the Property.
10.
In the event an Improvement District is created by the
City to provide the improvements as provided by the
SUBDIVISION REGULATIONS, the costs assessable against
the Property shall not be disproportionate with costs
assessable to other nearby and like properties.
81086858
SPECIAL PROVISIONS AND AGREEMENT:
o
IN ~ITNESS WHEREOF, the parties have set their hand3 and seals on
date first shown.
Comm-uni ty
APP~JfV ~
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City Administrator
EXECUTED BY CITY
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Mayor, City of Wheat Ridge
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ATTESTED TO BY:
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STATE OF,&OLORADO
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