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Home My WebLink AboutTouchstone Holdings 20151111111 11P 1111111111 [11111111111111111 [111111111111111 D SO600 2015098619 09/16/2015 10:20:39 AM 14 Page(s) JEFFERSON COUNTY, Colorado ( DEVELOPMENT COVENANT AGREEMENT \ G4 THIS DEVELOPMENT COVENANT AGREEMENT is made as of the _&:�N day of September, 2015 by and between the CITY OF WHEAT RIDGE, — L COLORADO, a home rule municipal corporation (the "City"), and TOUCHSTONE j HOLDINGS, INC., (the "Applicant"), together referred to as the "Parties". RECITALS: WHEREAS, the Applicant is the owner of certain real property located in the City of Wheat Ridge, which is more particularly described in Exhibit A and made a part hereof (the "Property"), commonly known as Quail Ridge Estates; and WHEREAS, the City, after holding all required public hearings and granting all administrative approvals as prescribed by the Wheat Ridge Code of Laws (the "Code of Laws"), approved the Final Plat and/or Final Development Plan for the Property titled Quail Ridge Estates Resubdivision. Copies of the Final Plat and/or Final Development Plan are attached hereto as Exhibit B and Exhibit C, and are incorporated herein; and WHEREAS, the Applicant may not in the future be involved with development of the Property, and in that event should not be responsible for the site improvements to the Property shown on the approved Final Development Pian and Final Plat held by the Community Development Department and civil drawings held in the Department of Public Works of the City, herein referred to collectively as the "Final Plans", and WHEREAS, the Parties understand and agree that the intent of this Agreement is to establish the obligations and expectations for future development of the Property in accordance with the Final Plans; and THEREFORE, in consideration of the mutual promises, covenants and agreements of the Parties, the approval of the Final Plans by the City, the dedication of certain land and/or easements to the City and other good and valuable consideration, the receipt and sufficiency which is acknowledged and confessed, the Parties hereto agree as follows: 1. Compliance with Final Plan: The entity which develops the Property ("Developer") consistent with the Final Plans, whether the Applicant or a successor or assign of the Applicant, shall be required to comply with all applicable sections of Chapter 26, Articles III and IV of the Wheat Ridge Code of Laws. The Developer shall also furnish all financial guarantees required for development of the Property by the Director of Public Works and the Community Development Director acting jointly. 2. Binding Effect: Term: The terms of this Agreement shall be a covenant running with the Property and shall remain in full force and shall bind the Property and the successor and assigns of the Parties until such time as the Developer executes a Subdivision Improvement Agreement or Public Improvement Agreement, whichever is applicable, (herein referred to as "Future Agreement") in preparation for development of the Property. The executed Future Agreement shall replace this Agreement in its entirety and shall bind the Developer to complete all required improvements as shown on the Final Plans as approved by the City of Wheat Ridge Director of Public Works and the Community Development Director jointly. Once a Future Agreement has been approved by the City and recorded with the Jefferson County Clerk and Recorder, this Agreement shall be released, and the City shall execute all documents reasonably necessary to do so. 3. Sale of Property No sale of individual lots or any collection of individual lots which do not equal the entirety of the Property as described in Exhibit A may occur until such time as a Future Agreement has been executed. This paragraph shall not prevent the Applicant or a Developer from conveying or selling the entirety of the Property to a third party, subject to all terms and conditions of this agreement. 4. Issuance of Buildinq Permits: The City shall not issue any building permit for any individual lot within the Property until an approved Future Agreement has been executed by the City and the then -owner of the Property. Building permits for individual lots may be issued by the City conditioned upon compliance with all terms listed in the Future Agreement. 5. Fees Associated with Development of Property: All building permit fees, park land dedication fees, review fees and security for construction of public improvements shall be paid by the Applicant, or in the event the Property is conveyed, by the Developer who executes the Future Agreement. The Applicant shall not be responsible for the payment of such fees unless the Applicant executes the Future Agreement as the Property Developer. The park land dedication fees shall be due at the time of recordation of the Subdivision Improvement Areement. 6. Homeowners Association: The Developer, as executor of the Future Agreement, shall be responsible for the establishment of and the recordation of rules governing a homeowners association for the Property. The Applicant shall not be responsible for the establishment of a homeowners association, unless the Applicant is the Developer, the Property may not be developed, and no lots may be sold prior to creation of the homeowners association. The Homeowners' Association will be the responsible party for maintenance of the detention areas designated as Tracts A and B and any other common areas. 7. Improvements to Property: No site work shall be performed on the Property until a signed Future Agreement has been executed and the proper permits for the same have been issued by the City. For the purposes of this -2- paragraph, "site work" is defined as any grading, clearing, excavating or depositing of materials in conjunction with site development consistent with the approved Final Plans. Nothing in this paragraph shall prevent the demolition of any existing structures or the general maintenance of the Property, provided proper permits are issued by the City. 8. Recording: This Agreement shall be filed for record with the Jefferson county Clerk and Recorder, the fees for which shall be paid by the Applicant. Dated this -� day of September, 2015. W H Eq r CITY OF JEAT R GE, COLORADO U � m nneth Johnstone C m p e t m n Director evelo �� RDS ;VP FORM-),, ATTEST: �0( Rp 0 O EMEMOMMI - - �. -Shaver, APPLICANT- TOU $TONEHO INGS, INC. Daniel Mues, Vice Pre ident 13200 W. 43rd Drive, Unit 207 Golden, Colorado 80403 -3- STATE OF COLORADO ) ss. COUNTY OF JEFFERSON ) The foregoing acknowledged before me this Z / day of September, 2015, by Daniel Mues, as Vice President of Touchstone Holdings, Inc., Applicant. <seal> HEATHER A SENAu Notary Notary Public State of Colorado Notary 1D 20154005446 My commission expires: Pelt 6Q/ � NICommission Mires Feb 6, 2019 -4- EXHIBIT A Legal Description of the Property -5- EXHIBIT A A PARCEL OF LAND LOCATED IN THE WEST ONE HALF OF SECTION 16, TOWNSHIP 3 SOUTH, RANGE 69 WEST OF THE 6TH PRINCIPAL MERIDIAN, COUNTY OF JEFFERSON, STATE OF COLORADO, BEING A PORTION OF LAND DESCRIBED 1N RECEPTION NO. 83042942, COUNTY PUBLIC RECORDS, INCLUDING A 7.5 FEET. MORE OR LESS, WIDE STRIP OF LAND DESCRIBED IN RECEPTION NO. 2007001940. MORE PARTICULARLY DESCRIBED AS FOLLOWS: NOTE: FOR THE PURPOSE OF THIS DESCRIPTION THE BASIS OF BEARINGS IS THE SOUTH LINE OF THE NORTHWEST QUARTER OF SECTION 16 AS BEARING NORTH 89°32'54" EAST BETWEEN THE FOUND 3 INCH DIAMETER ALUMINUM PIPES WITH 3-1/4 INCH DIAMETER BRASS CAP STAMPED L.S. 13212 MARKING THE SOUTHWEST CORNER AND T14E SOUTHEAST CORNER OF SAID NORTHWEST QLJARTF.R. COMMENCING AT THE SOUTHWEST CORNER OF SAID NORTHWEST QUARTER OF SECTION 16, THENCE. NORTH 89°32'54" EAST ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER OF SECTION 16. 1329.67 FEET TO A FOIJND 3;4 INCH DIAMETER REBAR WITH 2-12 INCH DIAMETER ALUMINUM CAP STAMPED L.S. 16427 MARKING THE SOUTHWEST CORNER OF THE SOUTHEAST QUARTER OF SAID NORTHWEST QUARTER OF SECTION 16. THENCE CONTINUING ALONG THE SOUTH LINE OF SAID NORTHWEST QUARTER OF SECTION 16, NORTH 89°32'54" EAST, 15.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE ALONG THE WEST LINE OF LAND DESCRIBED IN RECEPTION NO. 83042942. BEING PARALLEL TO AND 15 FEET EAST OF THE WEST LINE OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 16, NORTH 00°15'04" WEST, 381.39 FEET TO A FOUND 5/8 INCH DIAMETER REBAR WITH PLASTIC CAP, L.S. 29043; TTIENCE NORTH 89°32'50" EAST, 447.89 FEET TO A POINT ON THE WEST LINE OF A STRIP OF LAUD DESCRIBED IN RECEPTION NO. 2007001840; THENCE, NORTH 89`32'50" FAST, 7.69 FEET TO A POINT ON THE WEST LINE OF SKYLINE ESTATES FILING NO. 2, RECEPTION NO. 1`1816752, COUNTY PUBLIC RECORDS. SAID POINT ALSO BEING ON THE EAST LINE OF SAID STRIP OF LAND; THENCE SOUTH 00°1258" EAST, ALONG SAID WEST LINE OF SKYLINE ESTATES FILING NO. 2, AND ALONG THE EAST LINE OF SAID STRIP OF LAND, 381.44 FEET, TO A POINT ON THE SOUTH LINE OF THE NORTHWEST QUARTER OF SECTION 16, SAID POINT BEING THE SOUTHWEST CORNER OF SKYLINE ESTATES FILING NO. 2. SAID POINT ALSO BEING THE SOUTHEAST CORNER OF SAID STRIP OF LAND; THENCE SOUTH 89°32'54" WEST, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF SECTION 16, AND ALONG THE SOUTH LINE OF SAID STRIP OF LAND, 7.44 FEET TO THE SOUTHWEST CORNER OF SAID STRIP OF LAND; THENCE SOUTH 00'1516" EAST, 181.46 FEET TO THE BASE OF A BENT #4 REBAR; THENCE ON THE NORTHERLY RIGHT-OF-WAY RIDGE ROAD AS DESCRIBED IN BOOK 184 AT PAGE 132, SOUTH 74°44'16" WEST, 463.62 FEET; THENCE ON THE WEST LINE OF LAND DESCRIBED IN RECEPTION NO. 83042942, BEING PARALLEL TO AND 15 FEET EAST OF THE WEST LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID SECTION 16. NORTH 00°1628" WEST, 300.00 FEET TO TI IE TRUE POINT 01' BEGINNING. SAID PARCEL CONTAINS 6.4632 ACRES (281,536 SQ. FT.), MORE OR LESS WE EXHIBIT B Final Plat 0 i a � aeRfx� Y'qJ CCG'C �ip�jgiqRa£�p�C7C�R F� . op"�•�b2aE �g� Hill! 6 d 6d �it-if 16-holuri Y LY III flviyr Sb Y b 6r CEi.5Q1�C�' Y$r d E tr ;22 d t aar ryj 22t tk 3y ^YY ^y ty ySS rg 'Siti3� it �F Y9Y tl pC. S d N tl b � 9 a A E'E Oda€X E k FILE! 5F ,Mary 8a�M444444'�M Y$$ t �ffr� b�rra �,Yp�ibb e 8E z ffi i k ills, I� a YID SO +< �IIvy, !`•,, | �|�� u. cb It ��k # /� |„|� r illy 9a t�-Z�S M S W LLI - Q aaae � ■ � ssas ? 6 CCCC _- - rr IBf 3 BS.ZtD05 — -- yy 911813.91,S1IDM c"r c" Q W d Z t g'jR lY 'r Ry r s A • `rr g '" r p = O 4 9g. ? �a § I i _ say i I r eY 3 iR� • 3RR 2�+i•Sr \1 w W W U � W W W r- 0' LL rg5831dry _i X LLO Q Z O . , ooa row aoroo mw os 0)00 ��1 W U Ug A A St iR I]I .,A A�.. 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