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Home My WebLink About0136 RECEPTION NO. 88009606 0jl) DEVELOPMENT AGREEMENT ~ ,00 THIS DEVELOPMENT AGREEMENT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this th day of JANUARY, 1988, between the City of wheat Ridg~ a Municipal Corporation, hereinafter referred to as City, and Thomas C. Stegbauer, hereinafter referred to as Owner, and concerns property located at 9140 West 35th Avenue, Wheat Ridge, Colorado. WITNESSETH: ] - 5 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 follows: A portion of lots one (1) and two (2), Aqua Belle Subdivision, Jefferson County, Colorado, described as follows: The north 280 feet of the west 5 feet of said lot 2, and the north 280 feet except the west 26 feet of said lot 1, County of Jefferson, State of Colorado. WHEREAS, Owner has been issued a building permit to develop the Property and is requesting a certificate of occupancy; 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: IMPROVEMENTS 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 Agreement 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 has caused certain improvements to an existing structure be constructed on the Property frontage along West 35th Avenue. 3. The Owner does not desire to construct the necessary public improvements at this time and has requested the City allow deferment of construction of the improvements until such time as the City improves the street frontage in the area. 4. The Director of Public Works will give written notice advising of impending construction and an estimate of costs of curb gutter and sidewalk and associated pavement repairs to the Owner 90 days prior to advertisement of any major improvements to West 35th Avenue which would affect the Property. The Owner shall have the opportunity to construct the required improvements with his own forces prior to award of a construction contract by the City or participate in costs associated with the Ci ty' s construction contract. In the latter case, the Director of Public Works will submit to the Owner a detailed cost breakdown and billing after Award of the construction contract by City Council. The detailed cost estimate will include the Owner I s portion of the cost of curb, gutter and sidewalk and pavement repairs necessitated by the construction of the curb and gutter and associated improvements along the Property frontage. RECORDED IN COUNTY OF JEFFERSON SlATE OF COLORADO RECEPTION NO. 88009606 02/01/88 11:30 9.00 5. Upon receipt of the detailed cost estimate or billing, the Owner hereby agree~ to pay to the City, within 120 days, the full amount of the detaIled cost estimate or billing. The Owner also agrees to pay to the City any extra costs associated with the Public Improvements to the property due to variations in estimated Contract Quanti ties or as a result of change orders within 90 days of written request for payment by the City. The City will prepare a final cost for the Public Improvements and will pay to the Owner any overcharges paid by the Owner within 90 days after final acceptance and payment to the contractor for the Public Improvements. 6. Owner agrees to pay for all public improvements or billings /} so made within 90 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. 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. 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. 10. 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. 11. 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 Owner of all costs and fees associated therewith 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. 12. SPECIAL PROVISIONS AND AGREEMENT RECEPTION NO. 88009606 IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown. RECOMMENDED BY: ~~ctor of Public orks ~.....--.'-7 /-:;. :z/~' ;;?/') Mike Smi~h, City Administrator 3 EXECUTED BY CITY: ~~ Dan Wilde, Mayor APPRO~,E6 ~S TO-.F9RM /( '/ 'J ,',' /, ~ . (' , . /'~,-- JOh~';aayes, ~ity Att09ney I 1-/' /, 7 EXECUTED BY OWNER: ~ 'rt ,-. "~ . ,~, ,cA.<: t, L ,--- -' Thomas C. egbauer My commission expires: STATE OF COLORADO ) OpA ) ss COUNTY OF ~~~ The foregoing instrument was acknowledged before me this j/~ day of ,/~7 ,19K, by ~~ e, ~r~~ t?~"'V0-J 3' /, 19.F7 ,;/ , /l () /,} \ ,.4A-ft%-- /V, q/'7~ Not,..,ry /Public ' " [dl!' 0 J-c I, J f U c&.-<.€./I Address J/~ ~.d.~ {!'o Yood3 {/ SEJ\L RECEPTION NO. 88009606 c; ~ of LJ~(A+- p.,;d?J-- ?Ji /p (.? 0" r~~ RECEIPT 56642 DATE 02/01/88 06~?5:~9 Colorado t! em,",o '"OM CITY OF WI..IEAT R WGE - BEG BAL 525.75 END BAt ::j"16.75 AMOUNT ""9" DO FOR RECORDING ACCT U2~10 ,..0:35 ACCOUNT NO HOW PAlO I BEG_ BALANCE S .:{ 5 '?S" X JEFFERSON COUNTY CASH CLERK & RECORDER BAL. ADJUSTED S-IC, /" CHECK I 7:) ~~~E~ 1 BY EH END BALANCE , .J