HomeMy WebLinkAboutOVERLOOK AT WOODRIDGE PUD FOURTH - Filed OA-OTHER AGREEMENTS - 2004-01-13AGREEMENT REGARDING COLLATERAL FOR EROSION CONTROL
This Agreement, effective the 2ry day of YM AY , 1999, by and between
Woodridge Development, LLC, a Colorado limited liability company ("Woodridge") and the City
of Fort Collins, Colorado, a Colorado municipal corporation (the "City"), WITNESSETH THAT,
WHEREAS, Woodridge is the developer of The Gates at Woodridge, P.U.D., Fourth Filing,
and The Overlook at Woodridge, P.U.D. Fourth Filing, Fort Collins, Colorado (the "Projects"); and
WHEREAS, Woodridge is required under City regulations to provide erosion control forthe
Projects as approved by the City's Stormwater Utility; and
WHEREAS, Woodridge is also required to post collateral to secure the accomplishment by
Woodridge of its erosion cool obi ations in accordance with the Development Agreement
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between the parties dated 1x � � and
WHEREAS, the amount of security to be posted is S59,159.00, representing $36,225.00 for
The Gates at Woodridge, P.U.D., Fourth Filing, and S22,934.00 for The Overlook at Woodridge,
P.U.D., Fourth Filing and S -0- being the penalty amount for early withdrawal; and
WHEREAS, the collateral to be posted will be a certificate of deposit at First National Bank
in Fort Collins, and the parties are desirous of reducing to writing their understandings with regard
to such collateral.
NOW, THEREFORE, in consideration of the mutual covenants herein, the parties agree as
follows:
Woodridge shall establish at the First National Bank of Fort Collins, N.A., i ,ertifrcate of
deposit in the amount of S59,159.00. Woodridge shall, through an assignment of certificate,
power of attorney, or other appropriate means acceptable to the City, provide for the City to
have sole and ready access to the certificate of deposit's principal funds in the event
Woodridge defaults on its obligations to the City with regard to erosion control and other
related improvements in the Projects (the improvements).
As progress is made on the construction of the above -described improvements, Woodridge
may request a reduction in the amount of security in accordance with the Design Criteria and
Construction Standards of the Stormwater Utility. Upon receipt of such a request, the City
shall verify the completion of the improvements and permit the substitution of an approved
security instrument. No other requests for reduction may be made. In no event shall any
reduction result in the principal funds of the certificate of deposit being reduced to less than
twenty -live (25) percent of the original principal amount of the certificate of deposit
(S59,159.00).
If the total principal funds of the certificate of deposit are insufficient to complete all of the
said improvements, the City shall have no liability for payment therefor or completion of
Woodridge's obligations, which obligations shall remain with Woodridge and shall be fully
performed by Woodridge.
4. Upon completion and final acceptance of the aforesaid improvements, and upon posting of
the necessary collateral to secure accomplishment of the provisions of the maintenance and
repair guarantees, all remaining principal funds of the certificate of deposit shall be released
to Woodridge through such documentation as is reasonably required by Woodridge and the
First National Bank of Fort Collins, N.A.
Authorization by the City of any reduction shall not relieve Woodridge of its responsibility
to correct anv defects in the work or to correct any work not installed in accordance with the
Final development plan documents or to repair any work destroyed or damaged by natural
events or other causes.
Each of the parties hereto, for itself and its respective successors, agrees to execute and
deliver any and all instruments and documents and do any acts or things reasonably
necessary, proper or appropriate for the full performance and due effectuation of this
agreement. This agreement shall be binding upon, and shall inure to the benefit of, the
successors and assigns of the parties. This agreement shall be governed under the laws of
the State of Colorado.
IN WITNESS WHEREOF, the parties' authorized representatives have hereinbelow set their
hands, effective the date first above written.
WOODRIDGE DEVELOPMENT, LLC, CITY OF FORT COLLINS, COLORADO,
a Colorado t i d liability company a Colorado municipal corporation,
By �� By:i,Q :yl.'�
aget —�
Manager City Manage1� U
Attest:
�L,
City Clerk
Approved as orm:
Deputy City Attorney
AGREEMENT REGARDING COLLATERAL FOR STORM SEWER,
WATER AND SANITARY SEWER, AND STREET SYSTEM IMPROVEMENTS
This Agreement, effective the day of M , 1999, by and between
Woodridge Development, LLC, a Colorado limited liability company ("Woodridge") and the City
of For, Collins, Colorado, a Colorado municipal corporation (the "City"), WPI'NESSETH THAT,
WHEREAS, Woodridge is the developer of The Overlook at Woodridge, P.U.D., Fourth
Filing, Fort Collins, Colorado, Phase II, Lots 31-49, 53-62, 77-33 (the "Project"); and
WHEREAS, Woodridge is required under City regulations to provide storm sewer, water and
sanitary sewer, and street system improvements for the Project as approved by the City's
Engineering Department; and
WHEREAS, Woodridge is also required to post collateral to secure the accomplishment by
Woodridge of constructing public infrastructure consisting of its storm sewer, water and sanitary
sever, and street system improvements obligations and other related i movements in accordance
with the Development Agreement between the parties dated ��G I ;and
WHEREAS, the amount of security to be posted for these purposes is S204,044.95,
representing S'_04,044.95 for the accomplishment of the work plus S -0- being the penalty amount
for early withdrawal; and
WHEREAS, the collateral to be posted will be a certificate of deposit at First National Bank
n For Collins, and the panics are desirous of reducing to writing their understandings with regard
to such collateral.
NOW, THEREFORE, in consideration of the mutual covenants herein, the parries agree as
follows:
Woodridge shall establish at the First National Bank of Fort Collins, N.A., a certificate of
deposit in the amount of S204.044.95. Woodridge shall, through an assignment of
ccniflcate, power ofattomev, or other appropriate means acceptable to the City, provide for
the Ciri to have sole and ready access to the certificate of deposit's principal funds in the
event Woodndge defaults on its obligations to the Citywith regard to storm sewer, water and
sanitari sewer, street system improvements and other related improvements in the Project
(the public infrastructure).
As nro«ess is made on the construction of the above -described public infrastructure,
Woods,,die may request a reduction in the amount of secunty in proportion to the actual
completion percentage afthe installed public infrastructure. upon receipt of such a request,
the City shall verify the completion percentage and permit the substitution of an approved
security instrument in an amount equal to the cost of Woodridge's portion of the remaining
public infrastructure to be completed. Said reductions may only be requested at the time of
initial acceptance or at the time of final acceptance by the City of the following components
of said public infrastructure:
(A) water utility infrastructure
(B) wastewater utility infrastructure
(C) stormwater utility infrastructure
(D) street system infrastructure.
No other requests for reduction may be made. Reductions may be permitted by the City in
the amount of up to one hundred (100) percent of each component of the public infrastructure
improvements completed and accepted by the City provided, however, that in no event shall
any reduction result in the principal funds of the certificate of deposit being reduced to less
than twenty-five (25) percent of the original principal amount of the certificate of deposit
(S204,044.95).
If the total principal funds of the certificate of deposit are insufficient to complete all of the
said public infrastructure improvements, the City shall have no liability for payment therefor
or completion of Woodridge's obligations, which obligations shall remain with Woodridge
and shall be fully performed by Woodridge.
Upon completion and final acceptance of the aforesaid public infrastructure improvements,
and upon posting of the necessar✓ collateral to secure accomplishment of the provisions of
the maintenance and repair guarantees, all remaining principal funds of the certificate of
deposit shall be released to Woodridge through such documentation as is reasonably required
by Woodridge and the First National Bank of.Fort Collins, N.A.
Authorization by the City of any reduction shall not relieve Woodridge of its responsibility
to correct anv defects in the work or to correct any work not installed in accordance with the
final development plan documents or to repair any work destroyed or damaged by natural
events or other causes.
Each of the parties hereto, for itself and its respective successors, a_rees to execute and
deliver anv and all instruments and documents and do any acts or things reasonably
necessary, proper or appropriate for the full performance and due effectuation of this
agreement. This agreement shall be binding upon, and shall inure to the benent of, the
successors and assigns of the parties. This agreement shall be governed under the laws of
the State of Colorado.
N WITNESS WHEREOF, the parties' authorized representatives have hereinbelow set their
hands, effective the date first above written.
WOODRIDGE DEVELOPMENT, LLC,
a Colorado limited liability company
By:
CITY OF FORT COLLINS, COLORADO,
a Colorado municipal corporation,
i
Y:
City Mane J
4
Ap=vedform:
Deputy City Attorney
THE OVERLOOK AT WOODRIDGE P.U.D., FOURTH FILING (PHASE I)
AMENDMENT AGREEMENT NO. 1
THIS AMENDMENT AGREEMENT, made and entered into this/ *day of�nlr�iu�'
of 199�, by and between the CITY OF FORT COLLINS, COLORADO, a municipal
corporation, (`City") and B & N INVESTMENTS, INC., a Colorado corporation, DBA
Woodcraft Homes (`Developer"), is an amendment to that certain Development Agreement dated
January 26, 1996 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 are presently desirous of modifying 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 agree that subheading II (Special Conditions) Paragraph C. shall have the following
sub -paragraphs added to read as follows to wit:
7. The Developer has failed to complete certain required portions of the approved
erosion control plans for this development which are mandated by the Development Agreement.
Current weather conditions make it physically impossible for the Developer to do so at this time.
The City and Developer agree that erosion control is an important element in the protection of
existing lands, streams, lakes, wetlands, and rivers that may be adversely impacted by sediment -
laden runoff resulting from construction activities. The City and the Developer agree, therefore,
that no building permits for this development will be issued until the following conditions are met:
1) all required straw bale check dams shown on approved erosion control plans are installed per
City specifications; 2) all gravel inlet filters shown on the approved erosion control plans are
installed per City specifications; 3) the City Stormwater Department shall be contacted when
these installations are complete in order that they can be inspected for compliance with City
specifications and project plans and the Developer shall immediately correct any installations or
portions of installations which are not per City specifications and project plans; and 4) The
Developer shall have in place a signed contract with a qualified reseeding/mulching contractor
stipulating that the seeding and straw mulching of all areas which have been stripped of vegetation
will be completed per City specifications and the approved erosion control plans for this
development as soon as snow cover is sufficiently gone and the soil sufficiently thawed to
accomplish this work. The determination of the time when the soil is sufficiently free of snow and
sufficiently thawed shall be made by the City Stormwater Department in conjunction with the
reseeding contractor. If there is disagreement on this issue, the determination made by the City
Stormwater Department shall be controlling . When these conditions are met, the City and the
Developer agree that no more than 5 building permits (in addition to the 3 which were released
previous to this amendment) will be issued until such time as the reseeding/mulching has been
completed.
8. The City and the Developer agree that if at any time after their installation and
approval the required straw bale check dams and inlet filters are not properly maintained per City
specifications, any building permits and/or certificates of occupancy not yet issued for the
development shall be withheld until such time as required repairs are made.
Except as modified above, all other terms and conditions of the Development Agreement
shall remain unchanged and in full force and effect.
IN WITNESS WIIEREOF, the parties hereto have set their hands the day and year first
above written.
THE CITY OF FORT COLLINS, COLORADO,
a MunI'lorporation
By: I.
City Wriager
ATTEST:
CITY CLERK
APPROVED AS TO CONTENT:
Director of Engineering
As istant City Attorney
DEVELOPER:
B & N INVESTMBNTS. INCaa Colorado
0
AT
0
Gary
(corporate seal)
ASSIGNMENT AGREEMENT
This Agreement made and effective this ZS�" day of May, 1999, by and among Woodridge
Development, LLC, a Colorado limited liability company ("Woodridge"), First National Bank of
Fort Collins, N.A. ('Bank") and the City of Fort Collins, Colorado (the "City"), witnesseth that
in consideration of the mutual covenants herein and other good and valuable consideration, the
mutual receipt of which is hereby acknowledged, the parties agree as follows:
Woodridge hereby assigns to the City that certain certificate of deposit known by
identification number 100 11 V Z which Woodridge has arranged to establish
with the Bank, such assignment to be for the purposes herein described. The City shall
have sole and ready access to the principal funds of the certificate of deposit in accordance
with that certain agreement between the City and Woodridge regarding collateral security,
a copy of which is attached hereto as Exhibit "A".
In the event the City shall notify the Bank in writing that Woodridge is in default of that
certain Development Agreement between Woodridge and the City dated 2 7. jq�
, concerning storm sewer, water, sanitary sewer, and street system
improvements in the Overlook at Woodridge, PUD, Fourth Filing, Fort Collins, Colorado,
Phase II, Lots 31-49, 53-62, 77-88 (the 'Project"), and that the City has provided written
notice to Woodridge of such default as described in said Development Agreement, and
Woodridge has not satisfactorily cured such default, then the City may apply to the Bank
for release of such amount of the funds held in the certificate of deposit as will, in the
judgment of the City, pay for the completion of defaulted improvements in the Project for
which Woodridge is responsible.
The Bank will redeem the original certificate of deposit with a penalty (which penalty shall
not invade the principal amount of the certificate of deposit) when the City notifies the
Bank of default. The remaining funds will be reinvested at the current rate applicable to
the term chosen. A new assignment will be required for the new certificate of deposit.
4. Except in the event of default by Woodridge under its Development Agreement with the
City, the monies in the certificate of deposit shall remain under deposit for the benefit of
Woodridge, and all interest earned thereunder shall accrue and inure to the benefit of
Woodridge. The certificate of deposit shall be a nine (9) month instrument with rollover
provision.
5. Upon complete satisfaction of the terms of this Assignment, Woodridge and the City will
provide a written release of liability to the Bank.
IN WITNESS WHEREOF, the parties' authorized representative have hereinbelow set their
hands, effective the date first above written.
WOODRIDGE DEVELOPMENT, LLC,
a Colorado limited liability company
FIRST NATIONAL BANK
OF FORT COLLINS, N.A.
By: $ _
Manager Authorize O�fficeif
CITY OF FORT COLLINS, COLORADO
By: ,
' Authorized Agent
APPROVED AS TO FORM:
Deputy City Attorney