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Home My WebLink About0178 RECEPTION NO. F0260123 16.00 743 RECORDED IN JEFFERSON COUNTY, COLORADO ITt PG: 0001-003 6/27/96 13:41 DEVELOPMENT COVENANT l \ THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 22th day of March, 1996 between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and Triad Machine Tool company, hereinafter referred to as Owner, and concerns property located at 7885 W. 48th Avenue, Wheat Ridge, Colorado. 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 7885 W. 48th Avenue, City of Wheat Ridge, County of Jefferson, state of Colorado, which property is hereinafter referred to as the "Property"; and WHEREAS, Owner is in the process of constructing a new residence and associated improvements and is desirous of obtaining a building permit; 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 be constructed on the Property and associated on-site improvements. 3. The existing improvement of property frontage along 7885 W. 48th Avenue 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 puulic works has determined that public improvements along 7885 W. 48th Avenue 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 t~e property's frontage along 7885 W. 48th Avenue when the ,street 1S brought in accordance with City street st~ndar~s, or as d1rected.by the Director of Public Works. The eng1neer1ng and construct1on costs will be limited to those reasonable and necessary to construct 7885 W. 48th Avenue to current local street standards, including earthwork, one half street width paving, curb, gutter and walk, and miscellaneous and incidental items. 110 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 7885 W. 48th Avenue which would affect the Property and will submit to the Owner a detailed cost breakdown and ~illing after Award of the construction contract by City Councl.l. The detailed cost estimate will include the Owner's portion of the cost of curb, gutter and sidewalk and associated "7 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 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, 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 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 SUBDIVISION REGULATIONS of the City of Wheat Ridge. 11. 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 imp!:"ovements 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. 12. The DEVELOPMENT COVENANT shall be recorded with the Clerk and Recorder of Jefferson County, Colorado, and constitute a c~ntinuing 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. DEVELOPMENT COVENANT Page 3 IN WITNESS WHEREOF, the parties have set their first shown. hands and /) / / seals on date RECOHHENDr,_~l: . ' ) . 'Al~,\~ ~,( L-, PUblic WO~kS 'Depar ment ~ ~tJdJ City Attorney city Admi EXECUTED BY CIT~: ~~ Mayor, city of Wheat ATTEST( \\ ^ ~.. " ~,\rA, City Clerk Ridge EXECUTED BY OWNER: I J " , \,\ , , \', ',i-\\ \, I ~,.....yl..-"". _ ',~"':A" ,... .2'I/\,-.A~~~ ~ \", ~, . ~'-~ .....-:.......... \ ;', \ '-;-'\' -";;- ~ -*")(-~-./ ..:~) /}I 1'; ... f I ~," - 1.~-->..r-- -'- STATE OF COLORADO ) ) ss county of Jefferson) ( t'i l' \. " .'"\ i \ ~ 't I '-IV -' \ "-.1 ^f.... t I , SEAL The foregoing instrument was acknowledged before me this 7~. day of ..)v~-E. , 19O,CP , by P"'v'ID p..,. D~~\~ ( M~MBER. TR I~D -RE~L .fST~TE My commission expires: J- f4 , 19~. ~~Bc~ otar Public SEAL )7Z ~ \)