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HomeMy WebLinkAboutMARTINEZ PUD - Filed DA-DEVELOPMENT AGREEMENT - 1999-06-14MARTINEZ PUD AMENDMENT AGREEMENT NO.3 THIS AMENDMENT AGREEMENT, made and entered into this L day of fvF , of 1999, by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation, ("City"), and Wonderland Hill Development Company, a Colorado Corporation is an amendment to that certain Development Agreement dated May 12, 1998 by and between the City and the Developer, hereinafter referred to as the "Development Agreement." WHEREAS, the City and the Developer previously executed the Development Agreement and Amendment Agreement No. 1 and Amendment Agreement No. 2 to the Development Agreement; and WHEREAS, the parties presently desire to modify the Development Agreement and replace Amendment Agreement No. 2 with this Amendment Agreement No. 3: NOW, THEREFORE, in consideration of the promises of the parties hereto and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree to replace Amendment Agreement No. 2 with this Amendment Agreement No. 3 and to amend the terms and conditions of the Development Agreement as follows: A. Subheading II (Special Conditions) Paragraph D.2 shall be replaced with the following paragraph to read as follows: 2. Notwithstanding the provisions of Paragraph LC of this Agreement, all street improvements as shown on the approved utility plans shall be completed prior to the issuance of any building permit in accordance with Section 24-95 of the City Code and prior to the issuance of any certificate of occupancy in accordance with Section 29-679 of the City Code. Notwithstanding the foregoing, the Developer shall have the option to postpone the construction of Mason Court following the escrow of funds to be deposited with the City in the form of cash, bond, nonexpiring letter of credit or other form of City approved security sufficient to guarantee completion of said construction. The amount of said funds shall be the estimated cost to construct said improvements, which estimate shall be prepared by the Developer and approved by the City, plus an additional 50% of the estimate to cover any contingencies and unexpected costs. Said amount shall be deposited with the City prior to the issuance of any building permit for this development. If the Developer elects to postpone the construction of Mason Court then the Developer shall provide adequate uninterrupted emergency access into the site in accordance with the requirements of the Poudre Fire Authority. Prior to the issuance of more than sixteen (16) building permits and/or the issuance of more than seven (7) certificates of occupancy for the site, Mason Court must be completed in accordance with the approved plans, including the construction of the railroad crossing. If the Developer is the party that constructs said improvements, upon completion of said improvements and acceptance of them by the City, the City shall return the escrowed funds to the Developer. Any interest earned by the City as a result of said deposit shall be kept by the City to cover its costs for administration of said deposit. B. All other terms and conditions of the Development Agreement (as amended by Amendment Agreement No. 1) shall remain unchanged and in full force and effect, except as expressly amended in this Amendment Agreement No. 3. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first above written. ATTEST: CITY CLERK APPROVED AS TO CONTENT: Dir etor of Engineering � APPRO* AS TO FORM: Deputy City Attorney THE CITY OF FORT COLLINS, COLOR -ADO, a Municipal Corporation By: y Manager DEVELOPER: Wonderland Hill Develop n Company, a Colorado Corporation By: Bruce L. Richardson, Vice President ATTEST: 7 lyy � By: I, i Marilyn R. Moses, Secrertdy MARTINEZ PUD AMENDMENT AGREEMENT NO.2 THIS AMENDMENT AGREEMENT, made and entered into this,' day of /.., of 199' `, by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation, ("City"), and Wonderland Hill Development Company, a Colorado Corporation is an amendment to that certain Development Agreement dated May 12, 1998 by and between the City and the Developer, hereinafter referred to as the "Development Agreement." WHEREAS, the City and the Developer previously executed the Development Agreement; and WHEREAS., the parties presently desire to modify the Development Agreement: NOW, THEREFORE, in consideration of the promises of the parties hereto and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree to amend the terms and conditions of the Development Agreement as follows: A. Subheading II (Special Conditions) Paragraph D.2 shall be replaced with the following paragraph to read as follows: 2. Notwithstanding the provisions of Paragraph I.0 of this Agreement, all street improvements as shown on the approved utility plans shall be completed prior to the issuance of any building permit in accordance with Section 24-95 of the City Code and prior to the issuance of any certificate of occupancy in accordance with Section 29-679 of the City Code. Notwithstanding the foregoing, the Developer shall have the option to postpone the construction of Mason Court following the escrow of funds to be deposited with the City in the form of cash, bond, nortexpiring letter of credit or other form of City approved security sufficient to guarantee completion of said construction. The amount of said funds shall be the estimated cost to construct said improvements, which estimate shall be prepared by the Developer and approved by the City, plus an additional 50% of the estimate to cover any contingencies and unexpected costs. Said amount shall be deposited with the City prior to the issuance of any building permit for this development. If the Developer elects to postpone the construction of Mason Court then the Developer shall provide adequate uninterrupted emergency access into the site in accordance with the requirements of the Poudre Fire Authority. Prior to the issuance of more than eleven (11) building permits and/or the issuance of more than seven (7) certificates of occupancy for the site, Mason Court must be completed in accordance with the approved plans, including the construction of the railroad crossing. If the Developer is the party that constructs said improvements, upon completion of said improvements and acceptance of them by the City, the City shall return the escrowed funds to the Developer. Any interest earned by the City as a result of said deposit shall be kept by the City to cover its costs for administration of said deposit. B. All other terms and conditions of the Development Agreement shall remain unchanged and in full force and effect., except as expressly amended in this Amendment Agreement No. 2. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first above written. THE CITY OF FORT COLLINS, COLOR -ADO, a Municipal Corporation By: 94 1. �..� City M ager A TEST: CITY CLERK APPROVED AS TO CONTENT: I Director of E gineering APPROVED AS TO FORM: Deputy City Attorney DEVELOPER: Wonderland Hill Developrr(ent C017any, a Colorado Corporation Bv- Bruce L. Richardson, Vice President ATTEST: —� By: Marilyn R. Moses, gecretary