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HomeMy WebLinkAbout0162 @J vP. oD ~D' RECEPT10N NO. 93049149 RECORDED IN COUNTY OF JEFFERSON 20.00 STATE OF COLORADO 4/13/93 14:00 DEVELOPM.ENT COVENANT THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGI~~IONS of the City of Wheat Ridqe, is entered into this . day of , ~f"R\L. , 1993, between the City of W~eat R1dqe, a ~un1c1pal Corporation, hereinafter referred to as C1 ty, and Terr1 J. Bailey and Nicholas M.. Bavaro, hereinafter r~ferred to as Owner, and concerns property located at 2938 P1erce street, Wheat Ridge, Colorado. WITNESSETH: WHEREAS, Owner is the titled Owner of a tract of land in the ~ iiir ofdWhe~tbRid?e, County of Jefferson, State of Colorado, more 1_ u y escr1 ed 1n Exl;1ibit A, whiC;h is attached and expressly made a part hereof (Wh1Ch property 1S hereinafter referred to as "the Property"); and WHEREA~, ~wner ~s ~n the pr?cess ~f constructing an addition to the ,ex1st1ng bU1ld1ng and 1S des1rous of obtaining a building perm1t; 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 neighbor- ing 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 neighbor- ing 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 be constructed on the Property and associated on-site improvements. 3. The existing improvement of property frontage along pierce Street is below those standards as set forth in the SUBDIVISION REGULATIONS of the City, and the 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. 4. In accordance with Section 5-45 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 pierce Street need not be immediately constructed and that execution of this Development Covenant is appropriate. The Owner agrees to participate in enginee,ing and construction costs fo~ the prope~- ty's frontage along pierce Street when the street 1S brought 1n accordance with City street standards, or as directed by the Director of Public Works. The engineering and construction costs will be limited to those reasonable and necessary to construct pierce Street to current Collector Standards, including earth- work, one half street width paving, curb, gutter and walk, and miscellaneous and incidental items. DEVELOPMENT COVENANT Page 2 5. The Director of Public Works shall give written notice and an estimate of costs to the Owner 30 days prior to advertisement of any major improvements to pierce 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's portion of the cost of curb, gutter and sidewalk and associated pavement improvements and other items listed in Paragraph 4. 6. Upon receipt of the detailed cost estimate or billing, the /) Owner hereby agrees to pay to the City, within 45 days, the full vf- 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 estimat- ed contract quantities or as a result of change orders within 30 days of written request for payment by the City. The City will pay to the Owner any overcharges paid to the city by the Owner within 45 days after final acceptance of the Public Improvements. 7. Owner agrees to pay for all public improvements or billings within 45 days of written notice; Owner further agreeing that any amount resulting from his failure to pay for any improvement or billing this improvement completed shall constitute a lien upon the property above described in the actual amount of the public improvements or billing completed, less any payments made by Owner, plus interest on the amount unpaid at 10 percent (10%) 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's 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 as they exist at the date of execution of this Covenant, for curb, gut- ter, sidewalk related street and drainage improvements, solely relating to those streets fronting on the property and neighbor- ing 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 REGULA- TIONS, 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 SUBDI- VISION 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 for a period of ten (10) years from the date of execution by the Owner. 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 5 above. Any interest earned on any escrow funds shall be the sole property of the City. RECEPTION NO. 93049149 RECEPT10N NO. 9:.:3049149 EXHIBIT "A" 2938 PIERCE STREET ~ DESCRIPTION: That portion in block 4 in Henderson's Amended Subdivision, described as follows: Beginning at a point on the west line of said block 4 and 323 feet north of its southwest corner; thence north along said west line 70 feet; thence east and parallel with its south line 187.9 feet; thence south and parallel with its west line 70 feet; thence west and parallel with its south line 187.9 feet to the point of beginning. County of Jefferson, State of Colorado. DEVELOPMENT COVENANT Page 2 5. The Director of Public Works shall give written notice and an estimate of costs to the Owner 30 days prior to advertisement of any major improvements to pierce 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 and other items listed in Paragraph 4. 6. Upon receipt of the detailed C?st estimate or billing, the /) _ Owner hereby agrees to pay to the C1ty, 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 estimat- ed contract quantities or as a result of change orders within 30 days of written request for payment by the City. The city will pay to the Owner any overcharges paid to the City by the Owner within 45 days after final acceptance of the Public Improvements. 7. Owner agrees to pay for all public improvements or billings within 45 days of written notice; Owner further agreeing that any amount resulting from his failure to pay for any improvement or billing this improvement completed shall constitute a lien upon the property above described in the actual amount of the public improvements or billing completed, less any payments made by Owner, plus interest on the amount unpaid at 10 percent (10%) 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's 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 as they exist at the date of execution of this Covenant, for curb, gut- ter, sidewalk related street and drainage improvements, solely relating to those streets fronting on the property and neighbor- ing 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 REGULA- TIONS, 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 SUBDI- VISION 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 for a period of ten (10) years from the date of execution by the Owner. 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 5 above. Any interest earned on any escrow funds shall be the sole property of the City. RECEPTION NO. 93049149