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Home My WebLink About0202 RECEPTION NO. F 1 ,'ll 'f "1 4/24/2u03 9:33:11 PG: OOiOOl PAGE FEE: 16.00 DOC.FEE: 0.00 RECORDED IN JEFFERSON COUNTY, COLORADO ---_.~..".- /' ~~7 ') 2."1 ~.,/ DEVELOPMENT COVENANT L{) \~P ,) THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 12th.day of March, 2003 between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and Steve & DOUQ Realty. LLC, hereinafter referred to as Owner, and concerns property located at 5055 Tabor Street, 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 5055 Tabor Street, 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 andlor 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 ARTICLE FOUR, SECTION TWENTY-SIX. REQUIRED SUBDIVISION 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 ,...,~ ~.:.. <~:' ~~; 2J; ",' '.. 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 5055 Tabor Street is below those standards as set forth in the SUBDIVISION REGULATIONS of the City, and the completion of those improvements as required by ARTICLE FOUR, SECTION TWENTY-SIX. REQUIRED SUBDIVISION IMPROVEMENTS of the Subdivision Regulations will make no significant change at the present in those streets fronting the property 4 In accordance with Section 26-413 of the Code of Laws of the City of Wheat Ridge, Colorado, subsection C, the Department of Public works has determined that public improvements along 5055 Tabor Street 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 property's frontage along 5055 Tabor Street when the street is brought in 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 5055 Tabor Street to current local street standards, including earthwork, one half street width paving, curb, gutter and walk, and miscellaneous and incidental items (Perpetual) DEVELOPMENT AGREEMENT 05/01 PUBLIC WORKS PAGE 1 DEVELOPMENT COVENANT 'y 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 5055 Tabor 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 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 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 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 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 12 The DEVELOPMENT COVENANT shall be recorded with the Clerk and Recorder of Jefferson County, Colorado, and constitute a continuing covenant running with the land, providing however that this DEVELOPMENT COVENANT 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 (Perpetual) DEVELOPMENT AGREEMENT 05101 PUBLIC WORKS PAGE 2 DEVELOPMENT COVENANT ) SS WHEREOF, the parties have set their hands and seals on date first shown o BY! /]. i l0. ./- i/!{1i^ /l&fL Publi W rks epartment Community Development Department City~~ /' ''\ IT~;/ J / ATTEST: , 1i"l / 1,( ,i City Clerk EXECUTED BY OWNER: /7~~Md)(o~ ) (t;:glaS W Udick, Owner --/ .. , .1 ~. ~ \, '\ '.' ~".j'~ . ''-':1 ,~ .... . ~ y .Ii~ ..../ SEAL \ 't . STATE OF COLORADO ) )ss County of Jefferson ) The foregoing instrument was acknowledged before me this \ ~th. day of \'-'\ () \=\.c.h 20 D~ by D 0 LA 3 \ Q 5 ()\.0f\eR \--l ') \16 'Ie\<\ --- ---,--,.\ \,... of ';) l)~~ G.,uaR as Stt<.ce.t Witness my hand and official seal My commission expires JIOO ,20D~ My COmmission Expires 0713012006 ~a.\\~~ ~~lo~~r\J Notary Publi SEAL PUBLIC WORKS PAGE 3 (Perpetual) DEVELOPMENT AGREEMENT 05/01