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Home My WebLink About0203 RECEPTIOli NO. F :\. 7 :1 f\ 1 't'''.' 4/30/2003 9:36:09 PG: 001-003 PAGE FEE: 16.00 DOC.FEE: 0.00 RECORDED IN JEFFERSON COUNTY, COLORADO ( )C J)' '----.- DEVELOPMENT COVENANT I&.t/G 11d THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION REGULATIONS of the City of Wheat Ridge, is entered into this 22nd day of April, 2003 between the City of Wheat Ridge, a Municipal Corporation, hereinafter referred to as City, and RW Holdings, LLC, hereinafter referred to as Owner, and concerns property located at 11919 West 1-70 Frontage Road North, Wheat Ridge, Colorado WITNESSETH: If'] 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 2, Block 1, Lakemont Center-Stage 2 Subdivision, 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 1WENTY-SIX. REQUIRED SUBDIVISION 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SUBDIVISION REGULATIONS of the City, this Agreement is hereby determined to be proper SUBDIVISION IMPROVEMENT AGREEMENT RESCINDED The parties hereby agree that that certain Subdivision Improvement Agreement, executed by the Parties and concerning the same real property which is the subject of this Development Covenant, which Subdivision Improvement Agreement is dated August 5, 2002 and was filed for record with the Jefferson County Clerk and Recorder on September 23, 2002 at Reception No. F1570366, shall be, and hereby is, rescinded in its entirety, and shall be deemed null, void, and of no further force or effect NOW, THEREFORE, IT IS HEREBY AGREED THAT: 1 The responsibility for providing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 for 11919 West 1-70 Frontage Road North along 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 1WENTY-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 the Tabor Street frontage for 11919 West 1-70 Frontage Road North 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 PUBLIC WORKS PAGE 1 (Perpetual) DEVELOPMENT AGREEMENT 05/01 C?'<~ DEVELOPMENT COVENANT property's frontage for Lot 2, Block 1, Lakemont Center - Stage 2 along 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 the Tabor Street frontage for 11919 West 1-70 Frontage Road North to current local street standards, including earthwork, one half street width paving, curb, gutter and walk, and miscellaneous and incidental items 5 The Director of Public Works shall give written notice and an estimate of costs to the Owner ~J 30 days prior to advertisement of any major improvements to the Tabor Street frontage for 11919 West 1-70 Frontage Road North 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 05/01 PUBLIC WORKS PAGE 2 "- / 2r -)- \ ( 1,,_) / \, --.-:;::- DEVELOPMENT COVENANT IN WITNESS WHEREOF, the parties have set their hands and seals on date first shown ::M~END~ Public ~partmenl {~^ /(JIlL Community Development Department ) City~~~ EXE9UT~D/B~,CITY: \ , (/-.J . i ) , 'T' T,\ 'l' I (re ' Zxc.<.OA. ,.--;) '-./ j' v ( i L1 1 i \......- \ -" Y..- ) - Miiyor, City of Wheat Ridge "') ~ -" ATTEST: "---....---' I ~:" ..; , ..\ 1L'-I' City Clerk ~;}~ Michael D Radke, Manager RW Holdings, LLC EXECUTED BY OWNER: STATE OF COLORADO ) )ss COUNTY OF JEFFERSON ) The foregoing instrument was acknowledged before me this 22nd day of Ii pR- I I 2003, by m, c V1u-e..1 D ~ Pt d k-e... as Ow N G: t<.. of Q \IJ \-\0 l cL n'1 ILL (., Witness my hand and official seal My commission expires, 9-/9 , 2005" SEAL /10/Lt<< 9 'uYli . (/Notary Public (Perpetual) DEVELOPMENT AGREEMENT 05/01 PUBLIC WORKS PAGE 3