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RECEPTION NO. 83097459
10/11/83 16:03 12.00
I~E[OI~I)EI) IN
COUNTY OF JEFFERSON
STATE OF COLORADO
DEVELOPMENT AGREE~ffiNT
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,);THIS DEVELOPHENT AGREE"lENT, as au::'ho:c.L:I',-,Ci ;.i jl.; ~JlJ13UIIJ.I >L\.iN
REGULATIONS of the CITY OF WHEAT RIDGE, is entered into this 30th
day of Auqust , 1983 , between the city of ~'lheat Ridge, a
Municipal Corporation, hereinafter referred to as City, and
Michael L. Saracino , hereinafter referred,
to as Owner, and concerns property located at 7744-7745 Wec:t 44tl1 Avenul-e
1;I11eat Ri,jge, Colorado ,
WIT N E SSE T H .
1-1
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 in Exhibit A, which is attached hereto and expressly
made a part hereof (which property is hereinafter referred to as
~the PropertY~}i and
WHEREAS, Owner desires to develop the Property but has not'been
issued a Building Permit as of March 31, l')Wj to do .~Oi and,
~mEREAS, curb, gutter, sidewalk and street improvements boarding
the Property and the neighboring tracts of land are incomplete
and/or below those standards as set out in the SUBDIVISION
REGULATIONS of the CitYi and
l'1BEREAS, to be uniform and consistent with the existing neighboring
improvements, the completion or non-completion of those improvements
as required by SECTION FIVE: I~WROVE~ffiNTS of the SUBDIVISION
REGULATIONS will make no significant change at the present in those
streets fronting the Property and the neighboring tracts of landi
and
WHEREAS, in order to conform to those requirements as set out in
the SUBDIVISION REGUL.2\.TIONS of the City, this agreement is llereby
determined to be proper.
NOW, THEREFORE, IT- IS HEREBY AGREED THAT:
1. The responsibility for meeting, conforming to and providing
those requirements as set out in the SUBDIVISION REGULATIONS
of the Cit~ is hereby recognized by Owner.
2. The Director of Public Works, upon the direction of the Mayor
or the City Administrator, shall give written notice directing
the Owner or his assigns and successors to meet those require-
ments as set out in the SUBDIVISION REGULATIONS of the City and
to construct public improvements described above, including
curb, gutter, sidewalks and street improvements.
3. Upon receipt of such notice to furnish or construct the public
improvement as required under the SUBDIVISION REGULATIONS of the
City, Owner hereby agrees to construct and furnish at Owner's
cost, such improvements as are required by the SUBDIVISION
REGULATIONS of the City, and to do so in conformance with the
design standards of the SUBDIVISION REGULATIONS of the City.
4. Owner agrees to construct, or cause to be constructed, all public
improvements required hereby \'li thin 9u days of the date of
receipt of the notice described in the preceding paragraph. In
the event such public improvements are not completed \.,ithin such
time, the City is hereby authorized to enter upon the Property
either by its employees or through agents, contractors, or sub-
contractors, and to complete the public improvements described
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Owner agrees to pay for all improvements so made within 30 days of
the date of completion, Ovmer further agreeing that any amount
resulting from his failure to pay for any improvement,thus,completed
shall constitute a lien upon the Property above descrl.bed 1.n the
actual amount of the public improvements completed, less any pay-
ments made by O\v.ner, plus interest on the amount unpaid at 10
percent per annum from the date of completion, plus any costs
incurred by the city in collecting samei including court costs~
and attorney's fees.
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 for those
streets or streets fronting the Property and the neighboring
tracts of lands, the Owner or his assigns and successors agree
not to oppose its creation, or subsequent assessment of the
costs to the Property.
In the event an Improvement District is created by the City to
provide the improvements as provided by the SUBDIVISION REGULATIONS,
the costs assessable against the Property shall not be dispropor-
tionate with costs assessable to other nearby"and like properties.
7. This agreement is executed by the Owner pursuant to the SUBDIVISION
REGULATIONS of the CITY OF WHEAT RIDGE.
6.
8. The parties hereto agree that this DEVELOPMENT AGREil1ENT, by its
terms, shall be binding upon the city and the Owner and upon ,the
assigns and successors thereof; and shall constitute covenants
running with the Property.
9. The city, in its sole discretion, may require a cash or surety
bond to be held in escrow by the City to secure completion of
the public improvements described herein. Said cash or surety
bond shall be in a 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 2 above. In the event the Ovmer fails
to complete the public improvements within the time specified in
paragraph 4 hereof, the City may, at its sole option, complete
or cause to be completed, said construction and use all, or any
part, of the cash or surety bond to pay for, or cause to be paid,
all bills and costs incurred in completing said public improve-
ments. Any interest earned on any escrow funds shall be tIle
sole property of the City.
10. This DEVELOPMENT AGREEMENT shall be recorded with the Clerk and
Recorder of Jefferson County, Colorado, and shall constitute a
continuing covenant running with the landi provided, hO\vever,
that this DEVELOp~mNT AGREEMENT shall be released by the City upon
the completion by the O\mer 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.
SPECIAL PROVISIONS AND AGREEHENT:
Construction of curb, Gutter. and sidewalk alonq the east side of Yarrow Street
along this property will be required to be in accordance with the City Standards
and plans for these improvements must be prepared by a registered engineer and
submitted to the City for approval. No construction will be allowed until after
West 44th Avenue has been reconstructed.
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IN WITNESS WHEREOFr thQ parties have set their h~nds Mnn sPnls on
date ;, '~:., l IH 'v.'Jl
RECOMMENDED BY;
Department
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Ju:'-h~~,t( ~ (Jlv>' .f, '\./.
City Administrator
EXECUTED BY CITY:
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Mayor, C~ty of Wheat R~ ge
ATTESTED TO BY:
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STATE OF COLORADO )
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COUNTY OF JEFFERSON )
of
The foregoing
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My ~omrnission
instrument was executed before me this /7 qt
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RECEPTION NO. 83097459
10/11/83 16:03 12,00
RECORDED IN
COUNTY OF JEFFERSON
STATE OF COLORADO
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RECEPTION NO. 83097~59
10/11/83 16:03 12.00
RECORDED IN
COUNTY OF JEFFERSON
STATE OF COLORADO
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SUP-83-7
EXHIBIT "C"
MODI FICA TIONS
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