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Home My WebLink About0141 R ECOIWED IN COUNTY OF JEFFERSON STATE OF COLORADO RECEPTION NO. 88051494 06/14/88 10=0~ 9.00 DEVELOPMENT COVENANT /~ ~ "z.. 1~ THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 2nd day of June ,1988, between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and Mark W. Modglin, Jr. and Judith A. Modglin, hereinafter referred to as Owner, and concerns property located at 4800 LAMAR 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 in Exhibit A, which is attached and expressly made part of this Covenant, which property is hereinafter referred to as the "Property"); and WHEREAS, Owner is in the process of preparing plans and specifications for a new building, parking and associated improvements to the property and is desirous of obtaining a building permit for the improvements; 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 noncompletion 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 Covenant 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 or will be causing certain improvements to be constructed on the Property including interior remodeling and associated on site improvements. 3. The Property fronts along a portion of West 48th Avenue, West 48th Place and Lamar Street, all of which have been previously improved. Curb, gutter, sidewalk and associated street improvements are not in place or are substandard along the property's street frontage. The Owner will construct required improvements along West 48th Avenue and the property's Lamar Street frontage as shown on the approved drawings. The Owner has requested postponement of construction of required improvements along 48th Place until 48th Place is reconstructed to proper standards. 4. In accordance with Section 5-94.1 of the Code of Laws of the City of Wheat Ridge, Colorado, subsection E, the Department of Public Works has determined that public improvements along West 48th Place need not be immediately constructed and that execution of this Development Covenant is appropriate. The Owner agrees to participate in engineering and construction costs for the 48th Place frontage as shown on the site plan for the Property when West 48th Place is improved. The Owner's share of the engineering and construction costs will be limited to those reasonable and necessary to construct West 48th Place to current local street standards, including earthwork, one half street width paving, curb, gutter and walk, storm drainage facilities, RECEPTION NO. 88057494 handicapped ramps, slope stabilization structures, inlet adjustment and miscellaneous and incidental items. 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 W 48th Place 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's portion of the cost of curb, gutter and sidewalk, pavement improvements and other items listed in paragraph 4. ;:L- 6. Upon receipt of the detailed cost estimate or billing, the Owner hereby agrees to pay to the City, within 45 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 quantities 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 45 days after final acceptance of the public improvements. 7. Owner agrees to pay for all public improvements or billings so made within 45 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. 8. In the event an Improvement District or a Specia 1 Improvement District is created by the City to improve or provide those requirements as set out in the SUBDIVISION REGULATIONS as they exist at the date of execution of this Covenant, for curb, gutter, sidewalk related street and drainage improvements, solely relating to those streets fronting on the property and neighboring tracts of land, the Owner or his assigns and successors agree not to oppose its creation, or subsequent reasonable 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 of 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 5 above. Any interest accruing on any cash bond shall become the sole property of the City. l3. 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. SPECIAL PROVISIONS AND AGREEMENT IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown. RECOMMENDED BY: -3 -~~ Robert Goebel, Acting Director of Public Works and of Planning ~.~ --, ,;"/~J'"- { /- -/;7,- MiXe Smith~ City Administrator EXECUTED BY CITY: ~_ '-'- l\. L_ci '-- Dan" 11de, Mayor _~-lJ Jh-<-"L-LrJ - Wanda Sang, City SEAL EXECUTED BY OWNER: -, 'y, \A..' I}, l:H_-L I \.. vv_ -hj- Qu -L.4 C- /r;7;~/ -, - I r ~ ~~,~ " STATE OF CZlRADO ) ~ )ss County of ~ ) (/ _ t! The forego' instrument was executed before me this ~~ " /7 day 19~, by -?!I~ tV. I?/!~~ expires: , 19 9:2 . My ,\1" ~-~~. Nota Public 7~~. cP.~u{ tf;- //) ~ ' SEAL (~("; !~ C.~I'" " \ . ~- ':,' ~'1 f ! U I , .---- ',1...-" ~'.. RECEPTION NO. 88051494