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'::J_\/ 15.. ;-"\' STATE or COLORADQ 5 c'--' q4 :fl: 15 DEVELOPMENT COVENANT /~o~ ;1 ~HIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS uf the City of Wheat Ridge, is entered into this 28 day of March 1994( between the City of Wheat Ridge, a Municipal corporation: herelnafter referred to as City, and Baptist Home Association hereinafter referred to as Owner, and concerns property located at 4800 Tabor street, Wheat Ridge, Colorado. /--3 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 1, 2 and 5 of Mountain Vista Retirement Subdivision City of Wheat Ridge, County of Jefferson, State of Colorado which property is hereinafter referred to as the "Property"; and ' WHEREAS, Owner was issued a Building Permit in July 1992 for a major addition ; and WHEREAS, Owner desires to obtain a certificate of Occupancy for the addition; 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 forthe in the SUBDIVISION REGULATIONS of the City; and WHEREAS, to 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 be constructed on the Property and associated on-site improvements. 3. The existing improvement of Property frontage along West 49th Avenue is below those standards as set forth in the current 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 the construction of public improvements along the Property frontage of West 49th Avenue need not be immediately constructed and that execution of this Development Covenant is appropriate. The Owner agrees to participate in the Engineering and Construction cost for the Property's frontage along West 49th Avenue when the street is brought in accordance with the City's street standards or when the Phase II construction of the Mountain vista , Nusing Home Development occurs, or as directed by the Director of Public Works. The Engineering and Construction costs will be limited to those reasonable and necessary to construct West 49th Avenue to current Collector Standards, including earthwork, one half street width paving, drainage, curb and gutter and miscellaneous and incidental items required to complete the project. DEVELOPMENT COVENANT Page 2 ..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 West 49th Avenue which would affect the Property and will submit to the Owner a detailed cost breakdown and billing after Award of the Construction Contract by the 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. 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 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 by the city. 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 thus completed shall constitute a lien upon the property above described in the actual amount of the public improvements completed, less any payments made by Owner, plus interest on the amount unpaid at 10 percent (10%) per annum from the date of completion, 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 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 4824H SUBDIVISION 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. 13. 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 COVENANT shall be released by the ci ty 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. DR"ELOPMENT COVENANT Page 3 3 SPECIAL PROVISIONS AND COVENANT IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown. ~~J_ Publi Works D partment RECOMMENDED BY: APPROVED AS TO FORM: ~~~~dlA// C:i y At orney EXECUTED BY CITY: ATTEST: If / ~;~~~ City Clerk r-I " ;Sh~)..,_/J.,L- ' Mayor, City of Wheat Ridge SEAL EXECUTED BY OWNER: ~~/~,~/cw pti Home Association ' STATE OF COLORADO ) ) ss County of Jefferson) The foregoing instrument was acknowledged before me this zet4 day of 1'1"",u( , 19H-, by i31}r/ .t7~""" ,7J~4 (1~~L My commission expires: ~ " , i . ~..5 SEAL " , \\