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HomeMy WebLinkAbout0198 .----- RECEPTION NO. F 1. ~'j7().3 b,(t _@I()? 9/23/2002 13.50.21 PG. 001-00~ ~I PAGE FEE: 16.00 DOC.FEE: 0.00 RECORDED IN JEFFERSON COUNTY, COLORADO FIRST AMENDMENT TO DEVELOPMENT AGREEMENT J ^~ / ThIS First Amendment to Development Agreement ("First Amendment") is dated /12)' this 22nd day of July, 2002 ("EffectIve Date") among the City of Wheat RIdge, a . Colorado Home Rule MunicIpal Corporation (heremafter referred to as the ("City") 38th & SHERIDAN LTD PARTNERSHIP, a Colorado Limited Partnership (hereinafter referred to as "Owner") and DILLON COMPANIES, INC., a Kansas Corporation, dOIllg busmess as KING SOOPERS, mc. (hereinafter referred to as "King Soopers"), together collectIVely referred to herein as the "PartIes." /-_3 RECITALS WHEREAS, the City, Owner and King Soopers entered Illto a certaIn Development Agreement dated April 28, 1995 ("Development Agreement") concemmg a neIghborhood shopping center known as RIdge Village Shoppmg Center located at 5305 38th Avenue, Wheat RIdge, Colorado ("Shoppmg Center"), and WHEREAS, the Development Agreement provided In part for a ground lease to the Owner ("Ground Lease") of certain propertIes conslstmg of parking spaces located with a Redevelopment Area ("Ground Lease PremIses") (as defined In the Development Agreement) to the Owner; and WHEREAS, King Soopers desires to construct and operate a fuel facility for the retail sale of gasoline and related petroleum base products ("Fuel Facility"), the locatIon of whIch IS depIcted on Exhibit "A" attached hereto and made a part hereof ("Fuel FaCIlIty Location"), and WHEREAS, a portIOn of the Fuel FaCIlity would be located on the Ground Lease Premises; and WHEREAS, III consideration of Kmg Soopers ability to build and operate the Fuel FaCIlity, It IS willmg to extend the term of its lease m the ShoppIng Center ("Kmg Soopers Lease"), resulting in a new expiratIOn date twenty (20) years form the open date ofthe Fuel Facility LocatIon ("Lease Extension"); and WHEREAS, development of the Fuel Facility LocatIOn reqUIres certain modificatIOns to the Development Agreement; and WHEREAS, the Parties desire to Amend the Development Agreement as more fully set forth herem, , , L.j; !',,- p<~; ...."..'"" (5 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows. 'ft::, i"" f..... ".. '{ 1 :n,: .<<W:: I. Ground Lease. The provisions of Section 7 of the Development Agreement shall be amended by addmg the following subsections 7 A. and B as follows: GED\5J027\4J 6308.04 A. Use. Subject to the terms and conditIOns set forth herem, the City agrees I) that in addition to the use of the Ground Lease PremIses as parkmg spaces, r Owner IS granted the nght to construct, operate and mamtam a Fuel FacilIty for the retail sale of gasolme and related petroleum based products on the Fuel FaCIlity Location, as depicted on Exhibit "A" hereof. King Soopers' rights to complete the improvements on the Fuel FaCIlity shall be subject to SIte plan and use approval by the CIty, as well as, obtaming all necessary permits, includmg, but not limited to, any reqmred speCIal use permit and bmlding permit for the Improvements from all appropriate government agenCIes. Any and all costs associated WIth constructIOn of the Improvements on the Fuel FacilIty LocatIOn and any and all liability and responsibIlIty for cleanup and/or remedIation of any fuel spill during ItS operation, shall be the sole responsibilIty of the Owner and/or Kmg Soopers. The Parhes understand and agree that revIew of variance applIcations by the Board of Adjustment IS a quaSI-judIcial functIOn, B. Removal. In the event the Kmg Soopers Lease m the Shopping Center IS terminated, Owner and/or Kmg Soopers shall be responsible for the removal of any and all improvements constructed on the Ground Lease Premises pursuant to 7 A. above, and shall restore the Ground Lease PremIses to parking spaces. Any and all costs or expenses associated WIth such removal shall be the sole responsibility of the Owner or King Soopers. Without limitmg the generality of the foregomg, Owner and/or King Soopers shall remove and remediate all fuel tanks, lInes and hazardous matenals, substances, and contaminatIOn of SOlI or groundwater occurring or caused in any way by the Fuel FaCility It is the mtentlOn of the Parties that the mdemmty contained in Paragraph 7 fully extends to all such facilIties and substances. 2. RIght to Purchase. In the event Owner exercises its right to purchase the Ground Lease Demised Premises pursuant to SectIOn 18 ofthe Development Agreement, the determmatlon of falr market value, at the time of the exerCIse, shall not mclude any Improvements made to the Fuel Facility LocatIOn. 3. CapItalIzed Terms. Any capitalized terms not otherwise defined herein shall have the same meaning as set forth m the Development Agreement 4. RatificatIOn. Subject to the modIficatIOns set forth herem, the Development Agreement IS hereby ratified and approved. IN WITNESS WHEREOF, the Parties hereto have caused this instrument to be executed as ofthe day and year first above wntten. CITY: UED\53027\416308.04 ATTEST: '3 BY~~ Wanda Sang, City Cler . APPRO~AS)fO FO~: RECOMMENDED AND APPROVED: " ~~ ~. /' ~ ~/' + ~-I ~~ '" -; By: / ~ /' ~ By' , Gerald Dahl, City Attorney By" OWNER: 38TH & SHERIDAN LTD. PARTNERSHIP a Colorado LImIted Partnership By' Perry & Bailey LimIted LIabIlIty Company, a Wyommg LimIted LmbilIty Company, ~en:ral Partner UlL It-- Robert E. Perry Managmg Member ~" !~L ( Jeffre~. Bailey (j Managmg~mber . By" By' KING SOOPERS: DIllon Companies, Inc., a Kansas CorporatIOn d/b/a Kmg Soopers, Inc. /) /- By:----.tt::-3 / ~~) Its. ' GE0\53027\416308.04