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Home My WebLink About0116 8201?222 I. _ _ I , I,,,., .... Cf)""J' ~ t f _ - c @ DEVELOPMENT AGREEMENT o t) l.t'LiIS Dl:.\lt--:TJ)l~t-I}LI.'-l:J.' l\l;.ic~l.t.tl,j~IJ..' t d~ L;.\j ...111....11'.1 '/1 '(I ~ }' i).J ~ ,)N Q REGULATIONS of the CITY OF \'HIEAT RIDGE, is entered into thi::; c'S -, day of FebruiJry . l'i02 , between the city of \-7heat Ridge, a Municipal Corporation, hereinafter referred to as City, and ::;llildyne CorDoration (Dick Bartlptt ,II, hfi"hn18s llndir>h) , hereinafter referred- to as Owner, and concerns property located at Lot Fi of ,Janie]" ;,ilh\4ivision corrnnon1y known as 3501 Farrel, Wheat Rido:e. (;01 omrJo , WIT N E SSE T H . /_3 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 PropertylT); and WHEREAS, Owner desires to develop the Property but has not 'been issued a Building Permit as of ji'r~hnnY'JT::'5) 19:',) to do .~o; 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 landi 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 Cit~ 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 gO days of the date of receipt of the notice described in the preceding paragraph. Xn 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 C'-.l C'-.l N r-. o C'-.l CO 10. h,c.l~ lll, ~_id. ~i -nil;) '(\Jl'11 LU ')l. '. i.))!! i~;L ci .,., '...L' ~,>u "ilL Owner agrees to pay for all implovelilents su made within J(; 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 -7 percent per annum from the date of completion, plus any costs ~ incurred by the city in collecting same; including court costs and attorney's fees. 5. 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. 6. 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 dispropor- tionate with costs assessable to other nearby and like 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 AGREEMEN~, 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 puhlic 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 Owner 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. This DEVELOPMENT AGREEMENT shall be recorded with the Clerk and Recorder of Jefferson County, Colorado, and shall constitute a continuing covenant running with the landi provided, however, that this DEVELOP}ffiNT AGREEMENT shall be released by the City upon the completion by the O\mer 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: Cin ~')th Avenue (nartt! side) and ='arfet 3tr'eet (west side), northwest quallrant, the desi;~l illlU construction of fill, sub-base, road base, paving, curb, gutter with four foot-wide sidevlalk. clrainai';e ill1d/or irrigation ditch inprovements approximately <-'IG .1:.' feet aJ.j acent to tile lot, includinG the lot 3l1d the north half Ii west l1alf of Parfet ~treet ri~pt-of-way. - 2 - IN WITNESS WHEREOF, tha parties have set their hands ~nd se~Js on :"'.....!date t. ~ : }:( .In (,: ENDED BY: -3 co , ~:..'" ,:." , /,'~ //, ) I ~- A C~Y Attorn~y , , vtXECUTED BY OWNER: ~.~ City idn;i~r~t~r -..o~ EXECUTED BY CITY: ~7j;;f-~~::.' ~~ , _ ~,. ' ___..3- Mayor, 0- ~At~~ C~ty of W eat Ridge ATTESTED TO BY: .,..,.. ~.,. / '-/;}4 'dY;t7 /J (",<<--<' ./ .1<-<-#/ City Clerk ( :;/~/f' ~ .. ,.I_ ~' ,"> / ' ~ , \ 'I ,~ STATE OF COLORADO )\ " ) \.. S~$~ ". ) ." . "",-"~,,,.....,; .--.-'"' COUNTY OF JEFFERSON The foregoing instrument was executed before me this day Of~..I../ lUff. ' 19~, by My comrn~ss~on expires: 1932, by dJ day ofdu~ ' t>ly - 3 -