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RECEPTION NO. 88011379
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DEVELOPMENT AGREEMENT
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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.
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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:
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Ci A~strator
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Community
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EXECUTED BY CITY:
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Mayor, City of Wheat Ridge
seal
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RECEPTION NO. 88011379