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Home My WebLink About0140 I~[C()I~DED IN COUNTY OF JEFFERSON STATE OF COLORADO RECEPTION NO. 88057493 06/14/88 10:05 9.00 1~ DEVELOPMENT COVENANT THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 2Gth day of lay, 1988, between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and Stephen M. Keller and Maryanne M. Keller, hereinafter referred to as Owner, and concerns property located at 4325 Iris Street, Wheat Ridge, Colorado, 80033 WITNESSETH: /- 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 as the south 75 feet of the north Yl feet of Lot 3, Ta lbert Subdi vi sian, (which property is hereinafter referred to as -the Property'); and WHEREAS, Owner has been issued a building permit to develop the Property dated September 16, 1987 and is desirous of obtaining a Certificate for 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: 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 Covnenant 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 0 w n e r has c a use d c e r t a i n imp r 0 V.tc men t s constructed on the Property consisting of a addition interior remodeling and associated on site improvements. to be and an 3. The Property fronts along Iris Street which has been previously hard surfaced. Curb, Gutter Sidewalk and associated street improvements are not in place along the Property's street frontage and are not in place to either side of the subject property for approximately 500 feet in either direction along Iris Street. 4. In accordance with Section 5-94.1 of the Code of Laws of the City at Wheat Ridge, Colorado, subsection E, the Department of Public Works has determined the public improvements need not be immediately installed and that execution of this Development Covenant is appropriate. 5. The Director of Public Works will give written notice and an estimate of costs to the Owner 30 days prior to advertisement of any major improvements to Iris Street which would affect the Property and 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 associated pavement improvements along Iris Street. RECEPTION NO. 880574J) o. Upon receipt of the detailed cost estimate or billing, the Owner hereby agrees to pay to the City, within 30 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 30 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 30 days after final acceptance of the Public Improvements. 7. 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 lO 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. 8. 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. 9. 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. 10. This covenant is executed by the Owner pursuant to the SUB- DIVISION REGULATIONS of the City of Wheat Ridge. 11. The Parties hereto agree that this DEVELOPMENT COVENANT, 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. 12. 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 wi thin 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. 14. The DEVELOPMENT COVENANT 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. J RECEPTION NO. 880S7493 SPECIAL PROVISIONS AND AGREEMENT J IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown. RECOMMENDED BY: R~-q=- R-;--*.--M-i~=, /Director of Public Works Glen Gidley, Directo Planning & Development ) ,~/ ~7 7";'7 /// " '. /' ( Mikel Smith"City Administrator " APPROVED ~ / J oM Ha / EXECUTED BY CITY: ATTEST: /-1 ~~ Dan Wilde, Mayor ..,. ,.< :'SEAL EXECUTED BY OWNER: \' \ . ) , Ntf' .,~' ... ',/ '/ .'. '. h, STATE OF COLORADO ) )ss County ofJfrfZ12!-JcJ/J ) The foregoing instrument was acknowledged before me this ~t /7 day of )~l'7 '1 AJ,.) , 19[,1 , bY,/!;4k"'14;U,UC: kJ, (fuce ,c:,Y?.P1-I7~) )/J{f/{fl? "" My commission expires: J /c~ /-:;~ , 19 SEAL ~~ ~, - /' . ~ t: ' , ~1.(A!-4- "-.L..... .~" /'t---'-;lj.&' Notary Public .~..'~~ .' /" ", ( i \. ~. . "~ ) " .....~ .., ".........'~' /./~';:S--4'", ~J.{ fD: vUL '/u't9"2.J1Y /::7/.(7(;, > ('3c.JI..'fl{b ,9CJ05.S: