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HomeMy WebLinkAbout0135 I~E. COI~[)E [) IN COUNT Y Of' JI: I: I:' I: R~:;ON b ') (.:1 '( i: Of: COt OR A[)() RECEPTION NO. 88011379 tl~' /D~'i/BB 'I ,;I ~ 1 ~,'J 'l. DO l~~i) DEVELOPMENT AGREEMENT ~d1 THIS DEVELOPMENT AGREEMENT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 7th day of December, 1987, between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and Terry Kunz, hereinafter referred to as Owner, and concerns property -? located at 3825 Urban Street. I" ';) WITNESSETH: 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 as Lot 2 Poole Minor Subdivision, more commonly known as 3825 Urban Street, (which property is hereinafter referred to as nthe Property I ); and WHEREAS, Owner has requested a building permit to develop the Property; and WHEREAS, curb, gutter, sidewalk and street improvements bordering the Property and neighboring tracts of land are incomplete and/or below those standards as set forth 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: IMPROVE- MENTS 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 Agree- ment is hereby determined to be proper. NOW, THEREFORE, IT IS HEREBY AGREED THAT: 1. The responsibility for providing improvements along the street frontage of the Property, as set out in the SUBDIVISION REGULATIONS of the City, is hereby acknowledged by the Owner. 2. The Owner will provide engineering and construction necessary to bring the west half of Urban Street into compliance with City Standards along the property frontage when the conditions specified on the Poole Minor Subdivision Plat are met. 3. Any substandard improvements made to the "private Drive" (Urban Street) along the frontage of the Property must be brought into comformance with City Standards prior to acceptance by the City for City Maintenance 4. The Owner will provide facilities to accomodate additional runoff from any improvements to Urban Street which may adversely affect downstream property owners. 5. In the event the City incorporates Urban Street into a City funded project, the Owner agrees to pay for costs associated with bringing the west half of Urban Street into conformance with City Standards. Such costs will include curb, gutter, sidewa1k, street pavement, engineering, etc. 6 . Owner agrees to pay for all public improvements or billings so made within 30 days of written notice; Owner further agreeing that any amount resulting from his failure to pay for any improvement or billing this completed shall constitute a lien upon the property above described in the actual amount of the public improvement or billing completed, less any payments by Owner, plus interest in the amount unpaid at 10 percent per annum, from the date of final acceptance or billing, plus any costs incurred by the City in collecting same, including court costs and attorney fees. J- 7. 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. 8. In the event an Improvement District is created by the City to provide the improvements as provided by the SUBDIVISION REGULATIONS, the costs assessed against the property shall not be disproportionate with costs assessed to other nearby and like properties. 9. This agreement is executed by the Owner pursuant to the SUB- DIVISION REGULATIONS of the City of Wheat Ridge. 10. 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. 11. The City, in its sole discretion, may require a cash or surety bond to be held in escrow by the City to secure completion or the public improvements described herein. Such cash or surety bond shall be in the 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 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 improvements. Any interest earned on any escrow funds shall be the sole property of the City. 12. The DEVELOPMENT AGREEMENT shall be recorded with the Clerk and Recorder of Jefferson County, Colorado, and shall constitute a continuing covenant running with the land, providing however, that this DEVELOPMENT AGREEMENT shall be released by the City upon the completion of the public improvements and complete and satisfactory payment by the RECEPTION NO. 88011379 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. 13. SPECIAL PROVISIONS AND AGREEMENT 3 IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown. RECOMMENDED BY: nt ~0q ,/ Ci A~strator \ \ J i'- r, '1.1 f\ ~ Community Department EXECUTED BY CITY: ~~ Mayor, City of Wheat Ridge seal , ~ \'.,\ i /2 ~~p~ ~ ~:'.... \~. ''\,., , -.\ ,,,,,'.i)'''~"'''f ~-'~~':i'~"j / ""'~~:}:~E.~~~"~/ ~o,~S The fOre~ng instrument day of ~!~ ' 19~, by My commission expires: SEAL ..3 ') g ?~ , 19 ~~~Q, ~ta pu~l~c %UJ}~,~, RECEPTION NO. 88011379