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HomeMy WebLinkAboutFOOTHILLS APARTMENTS - Filed OA-OTHER AGREEMENTS - 2003-10-28MEMORANDUM OF AGREEMENT THIS AGREEME?IT, made and entered into this ? a. day of November A. D. 19 68 , by and bewtween THE CITY OF FORT COLLINS, a municipal corporation, hereinafter designated as first party, and Foothills Apartments, Hereinafter designated as second party, wITNESSETH: WHERFAS, second party has heretofore submitted a subdivision plat of the subdivision to be known as Foothills Apartments Addition Subdivision For approval by the Municipal Planning and Zoning Board and the City CioC.aeil of the City of Fort Collins, and WHEREAS, said subdivision plat is acceptable to first party and first partyts Planning and Zoning Board, subject to construction of utilities in the area to be subdivided, NOW, THEREFORE, in consideration of the premises and the terms of this agreement, it is mutually agreed as follows: 1. First party agrees that said subdivision plat shall be, and the same is hereby approved. 2, .In consideration of the approval of said plat by first party, and first partyts Planning and Zoning Board, second party agrees as follows: (A) To submit to first party the following detailed improvement c.cceptable to the first party: (1) A plan of the proposed water distribution system including the connecting pipelines to the points of connection to the first party's o_:istirl water distribution system and showing all valves and fire hydrants. (2) Plans and profiles of the proposed sanitary sewer system including all manholes and connections to the first partyts existing sanitary sewer system. (3) A plan of the proposed electrical distribution system including connecting lines to the first partyts existing electrical distribution system and including all street lights. (4) Plans and profiles of all street improvements. (5) Plans and profiles of the proposed street drainage sy em shoari.ng the connections to the first partyts storm sewer system and including all storm sewer inlets and manholes. (6) Items A (1) to A (5) inclusive are to be financed by the party of the second part, excepting only Item (3) electrical distribution system. All material required for street lights are to be paid for by the party of the second part to the Light & Power Department of the City. In the event the City of Fort Collins shall require larger water mains, sanitary sewer mains or storm sewer mains to be constructed within the subdivision than would be required by standard engineering practices to serve the subdivision, in order to properly extend these services to other areas, the City of Fort Collins will pay a portion of the cost of such enlarged facility based on proration of the cost of the facility actually constructed and the estimated cost of such facility as shown on the subdividerls approved plan. Such proration of costs between the City of Fort Collins and the subdivider shall be determined in advance of construction by the City Engineer and in the event of any dispute this matter shall be submitted to the City Council for final determination. IN WITNESS WHEREOF, first party has caused these presents to be signed by its Mayor and its corporate seal to be hereto a£fS.Ysd attest to by its City Clerk, pursuant to motion of the Council of the City of Fort Collins dated the 7th day of November with stipl A. D., 196811'T and second party has hereto set his hand and seal the day and year first hereinabove written. THE CITY OF FORT COLLINS. A Municipal Corporation By/21 .t-a�rvs� Mayor First Party ATTEST: 17 er c ABffR�: C'.t Engineer ASSIGNMENT The undersigned, VICTOR A. GILSDORF, being that party designated as First Party in that Agreement entered into by and between himself and the City of Fort Collins, on October 7, 1965, hereby assigns said Agreement to GENE E. FISCHER and H. D. McGRAW. The said H. D. McGraw and Gene E. Fischer by the acceptance of this Assign- ment hereby agree to make all payments as specified therein and so that the lease of the water as therein described is never permitted to become delinquent. A copy of said Agreement is made a part hereof and attached hereto as Exhibit A. v „/ Victor A. Gilsdorf ACCEPTANCE The undersigned, GENE E. FISCHER and H. D. McGRAW, hereby accept the above and foregoing Assignment upon the terms and conditions as contained therein. o t H. D. McGraw State of Colorado ) ss. County of Larimer ) The foregoing Assignment and Acceptance and instrument was r acknowledged before this " "' day of October, 1965, by Victor A. Gilsdorf, Gene E. Fischer, and H. D. McGraw. Witness my hand and official seal. My commission expires: C l\ \ Notary Public A G R E E M E N T THIS AGREEMENT, made and entered into this 7th day of October, A.D., 1965, by and between; VICTOR A. GILSDORF, hereinafter designated as First Party, and, THE CITY OF FORT COLLINS, a municipal corporation, hereinafter designated as Second Party; WITNESSETH That First Party.agrees to sell to Second Party and Second Party agrees to purchase from First Party certain water rights more specifically described as twelve (12) units of the waters of The Northern Colorado Water Conservancy District and four and one-half (42) shares of the capital stock of The Pleasant Valley and Lake Canal. Company, i ,; ""'7(•0 As consideration. therefore The City of Fort Collins agrees to pay Victor A. Gilsdorf a sum computed as follows: One Hundred Dollars ($100.00) per unit for the waters of The Northern Colorado Water Conservancy District and Twenty -Four Hundred Dollars ($2400.00) per share for the capital stock the The Pleasant Valley and Lake Canal Company, Payment of such sums shall be made upon approval of the transfer by the Board of Directors of The Nothern Colorado Water Conservancy District and upon delivery of the certificate properly endorsed evidencing the shares in The Pleasant Valley and Lake Canal Company. First Party shall pay the transfer fee in connection with the transfer of the waters of The Northern Colorado Water Conservancy District. As further consideration for the sale of the above described water rights Second Party hereby agrees with First Party to lease back the water represented by the above water rights for a period of five (5) years from the date of this agreement, and as rental therefore First Party agrees to pay to Second Party a sum each year equal to the assessments against said water rights together with the handling fee charged by the City for handling such water in that particular year. First Party shall pay said rental within thirty (30) days after notice by the Second Party that it has received the notice of assessments with regard to said water rights for the applicable year. In addition First Party shall have the further right on a year to year basis to continue to rent said water after the initial five year period provided Second Party does not need said water for municipal purposes. In order to exercise said further right First Party shall notify Second Party on or before February 1 of each year whether or not it desires to rent said water for such year. IN WITNESS WHEREOF the parties hereto have caused this agreement to be signed the day and year first hereinabove written. CITY OF FORT COLLINS BY: cA f /1 Ti �— Mayor ATTEST: City Clerk -2- First Pa ty