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HomeMy WebLinkAboutHance RanchII II lI II III II III I I IIII I R $53.00 $0.00 2018087432 09/24/2018 12:53:56 PM 9 Page(s) JEFFERSON COUNT`, Colorado DEVELOPMENT COVENANT AGREEMENT THIS DEVELOPMENT COVENANT AGREEMENT is made as of the 2-Q " day of 2018 by and between the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City"), and HANCE RANCH DEVELOPMENT, LLC, a Colorado limited liability company, (the "Applicant"), together referred to as the "Parties". RECITALS: A. 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"). B. The City, after holding all required public hearings as prescribed by the Wheat Ridge Code of Laws (the "Code of Laws"), approved the Final Plat for the Property titled Hance's Subdivision Replat No. 1. A copy is attached hereto as Exhibit B, and incorporated herein. C. The Applicant may not in the future be involved with development of the Property, and in that event should not be responsible for the public improvements to the Property required by the Code of Laws and shown on the approved 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." D. 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. A(-,RFFKAFNT NOW, 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 rra 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 considered thereby released and terminated. 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. 4. Issuance of Building 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. 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. 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 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 -2- 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. ATTEST: , irk APP OV AS TQ FORM: Gerald Dahl, ity Attorney CITY OF WHEAT RIDGE, COLORADO By: 0 �� Bud Starker, Mayor -3- APPLICANT HANCE RANCH DEVELOPMENT, LLC, a Colorado limited liability company By: HRE Development, LLC, a Colorado limited -liability company is Name: Title: Manager STATE OF COLORADO SS. CITY AND COUNTY OF DENVER The foregoing instrument was acknowledged before me on September 2018, by Patrick Henry, as Manager of HRE Development, LLC, a Colorado limited liability company, the manager of Hance Ranch Development, LLC, a Colorado limited liability company. Witness my hand and official seal. My commission expires: 1 SENT9RIA ,A HARDIMAN Notary Public State of Colorado Notary 10 2Q004001004 My Commission Expires Jon 30, 2020 (SEAL) N ary Public -4- EXHIBIT A Legal Description of the Property LOT 2, HANCE'S SUBDIVISION REPLAT NO. 1, COUNTY OF JEFFERSON, STATE OF COLORADO -5- EXHIBIT B Final Plat m u � _ j f illy R i k � E r i j i E s I Lij