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HomeMy WebLinkAboutSCENIC VIEWS PUD SECOND REPLAT - Filed DA-DEVELOPMENT AGREEMENT - 2004-02-10DEVELOPMENT AGREEMENT THIS AGREEMENT, made and entered into thisday of vi 199G ' by and between the CITY OF FORT COLLINS, COLORADO, a Municipal Corporation, hereinafter referred to as the "City"; and Solitaire Properties, LLC, a Colorado limited liability company, hereinafter referred to as the "Developer. WITNESSETH: WHEREAS, the Developer is the Owner of certain real property situated in the County of Larimer, State of Colorado, (hereafter referred to as the 'Property") and legally described as follows, to wit: The Second Replat of Scenic Views, P.U.D., located in the Northwest 1/4 of Section 16, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of Larimer, State of Colorado. WHEREAS, the Developer desires to develop the Property and has submitted to the City a subdivision plat and/or a site plan and landscape plan, a copy of which is on file in the office of the City's Director of Engineering and made a part hereof by reference; and WHEREAS, the Developer has further submitted to the City utility plans for the Property, a copy of which is on file in the office of the Director of Engineering and made a part hereof by reference; and WHEREAS, the parties hereto have agreed that the development of the Property will require increased municipal services from the City in order to serve such area and will require the installation of improvements which will benefit the land to be developed and also benefit the City as follows: 1. by improving Arterial streets, 2. by adding bike lanes to Arterial streets, 3. by providing professionally landscaped site perimeter with detached walks, 4. by installing underground utilities 5. by installing public walkways and bikeways along the Pleasant Valley and Lake Canal and throughout the development, 6. by creating a park with trails and facilities including a wetland area, 7. by creating storm drainage improvements which will significantly reduce the potential of downstream flooding and property damage to downstream lands, residents and property owners. funded in whole or in part by the City. 3. The Developer agrees to reimburse the City the sum of $23,008.00, plus a percentage added to recognize the effects of inflation, for the cost to construct the local access portion of West Elizabeth Street adjacent to the property. The inflation factor shall be calculated using the construction cost index for Denver as published in the Engineering News Record (ENR) of November, 1996, and the same index published in the ENR in the month preceding payment of the reimbursement. The reimbursement payment shall be made to the City after completion and acceptance of all public improvements to Overland Trail and adequate documentation and invoices for the Street Oversizing Program repayment has been submitted by the Developer, and such documentation has been verified as true and accurate by the City. The City may elect to credit the reimbursement of $23,008.00 (plus inflation) towards Street Oversizing Program repayments requested by the Developer. 4. All public improvements to Overland Trail Road must be completed by the Developer and accepted by the City prior to the issuance of more than 7 building permits for 56 individual units ( based upon 8 units per building ) in the development. 5 The Developer and the City agree that the Developer is responsible for all costs for the initial installation of traffic signing and striping for this development related to the development's local street operations. In addition the Developer is responsible for all costs for traffic signing and striping related to directing traffic access to and from the development (e.g., all signing and striping for a right turn lane into the development site). $, ,D' Ground Water 1. The City shall not be responsible for, and the Developer hereby agrees to indemnify and hold harmless the City against, any damages or injuries sustained in the development as a result of ground water seepage or flooding, structural damage, or other damage unless such damages or injuries are sustained as a result of the City's failure to properly maintain its storm drainage facilities in the development. The City agrees to give notice to the Developer of any claim made against it to which this indemnity and hold harmless agreement by the Developer could apply, and the Developer shall have the right to defend any lawsuit based on such claim and to settle any such claim provided Developer must obtain a complete discharge of all City liability through such settlement. Failure of the City to give notice of any such claim to the Developer within ninety (90) days after the City first receives notice of such claim under the Colorado Governmental Immunity Act for the same, shall cause this indemnity and hold harmless agreement by the Developer to not apply such claim and such failure shall constitute a release of this indemnity and hold harmless agreement as to such claim. 10 X F ,E? Hazards and Emergency Access 1. Prior to beginning any building construction, and throughout the buildout of this development, the Developer shall provide and maintain at all times an accessway to said building or buildings. Such accessway shall be adequate to handle any emergency vehicles or equipment, and the accessway shall be kept open during all phases of construction. Prior to the City allowing combustible material on the site (other than forming material for concrete footings, foundations and/or concrete walls) such accessway shall be improved to a width of at least 20 feet with 4 inches of aggregate base course material compacted according to City Standards and with an 80 foot diameter turnaround at the building end of said accessway. The turnaround is not required if an exit point is provided at the end of the accessway. Miscellaneous A. The Developer agrees to provide and install, at its expense, adequate barricades, warning signs and similar safety devices at all construction sites within the public right-of-way and/or other areas as deemed necessary by the Director of Engineering in accordance with the City's "Work Area Traffic Control Handbook" and shall not remove said safety devices until the construction has been completed and approved by the Director of Engineering. B. The Developer shall, at all times, keep the public right-of-way free from accumulation of waste material or rubbish caused by the Developer's operation; shall remove such rubbish no less than weekly and; at the completion of the work, shall remove all such waste materials, rubbish, tools, construction equipment, machinery, and surplus materials from the public right-of-way. The Developer further agrees to maintain the finished street surfaces so that they are free from dirt caused by the Developer's operation. Any excessive accumulation of dirt and/or construction materials shall be considered sufficient cause for the City to withhold building permits and/or certificates of occupancy until the problem is corrected to the satisfaction of the Director of Engineering. If the Developer fails to adequately clean such streets within two (2) days after receipt of written notice, the City may have the streets cleaned at the Developer's expense and the Developer shall be responsible for prompt payment of all such costs. C. The Developer hereby agrees that it will require its subcontractors to cooperate with the City's construction inspectors by ceasing operations when winds are of sufficient velocity to create blowing dust which, in the inspector's opinion, is hazardous to the public health and welfare. D. The Developer shall, pursuant to the terms of this Agreement, complete all improvements and perform all other obligations required herein, as such improvements or 11 obligations may be shown on the original plat and related documents, or any replat as subsequently filed by the Developer, and the City may withhold such building permits and certificates of occupancy as it deems necessary to ensure performance hereof. E. Nothing herein contained shall be construed as a waiver of any requirements of the City Code, and the Developer agrees to comply with all requirements of the same. F. In the event the City waives any breach of this Agreement, no such waiver shall be held or construed to be a waiver of any subsequent breach hereof. G. Financial obligations of the City of Fort Collins payable after the current fiscal year and/or not appropriated or budgeted are contingent upon funds for that purpose being appropriated, budgeted and otherwise made available by the Fort Collins City Council. H. This Agreement shall run with the Property and shall be binding upon and inure to the benefit of the parties hereto, their respective personal representatives, heirs, successors, grantees and assigns. It is agreed that all improvements required pursuant to this Agreement touch and concern the Property regardless of whether such improvements are located on the Property. Assignment of interest within the meaning of this paragraph shall specifically include, but not be limited to, a conveyance or assignment of any portion of the Developer's legal or equitable interest in the Property, as well as any assignment of the Developer's rights to develop the Property under the terms and conditions of this Agreement. I. In the event the Developer transfers title to the Property and is thereby divested of all equitable and legal interest in the Property, the City hereby agrees to release said Developer from liability under this Agreement with respect to any breach of the terms and conditions of this Agreement occurring after the date of any such transfer of interest. In such event, the succeeding property owner shall be bound by the terms of this Agreement. J. Each and every term of this Agreement shall be deemed to be a material element hereof. In the event that either party shall fail to perform according to the terms of this Agreement, such party may be declared in default. In the event that a party has been declared in default hereof, such defaulting party shall be given written notice specifying such default and shall be allowed a period of ten (10) days within which to cure said default. In the event the default remains uncorrected, the party declaring default may elect to: (a) terminate the Agreement and seek damages; (b) treat the Agreement as continuing and require specific performance or; (c) avail itself of any other remedy at law or equity. K. In the event of the default of any of the provisions hereof by either party which shall require the party not in default to commence legal or equitable action against said defaulting party, the defaulting party shall be liable to the non -defaulting party for the non - defaulting party's reasonable attorney's fees and costs incurred by reason of the default. 12 Nothing herein shall be construed to prevent or interfere with the City's rights and remedies specified in Paragraph III.D of this Agreement. L. This Agreement shall not be construed as or deemed to be an agreement for the benefit of any third party or parties, and no third party or parties shall have any right of action hereunder for any cause whatsoever. M. It is expressly understood and agreed by and between the parties hereto that this Agreement shall be governed by and its terms construed under the laws of the State of Colorado and the City of Fort Collins, Colorado. N. Any notice or other communication given by any party hereto to any other party relating to this Agreement shall be hand -delivered or sent by certified mail, return receipt requested, addressed to such other party at their respective addresses as set forth below; and such notice or other communication shall be deemed given when so hand -delivered or three (3) days after so mailed: If to the City: Engineering Development Review City of Fort Collins P.O. Box 580 Fort Collins, Co 80522 With a copy to: City Attorney's Office City of Fort Collins P.O. Box 580 Fort Collins, Co 80522 If to the Developer: William B. Veio, Manager Solitaire Properties, L.L.C. 6645 East Heritage Place So. Englewood, Co. 80111 Notwithstanding the foregoing, if either/ any party to this Agreement, or their successors, grantees or assigns, wishes to change the person, entity or address to which notices under this Agreement are to be sent as provided above, such party shall do so by giving the other parties to this Agreement written notice of such change. O. When used in this Agreement, words of the masculine gender shall include the feminine and neuter gender, and when the sentence so indicates, words of the neuter gender shall refer to any gender; and words in the singular shall include the plural and vice versa. This Agreement shall be construed according to its fair meaning, and as if prepared by all parties hereto, and shall be deemed to be and contain the entire understanding and 1191 agreement between the parties hereto pertaining to the matters addressed in this Agreement. There shall be deemed to be no other terms, conditions, promises, understandings, statements, representations, expressed or implied, concerning this Agreement, unless set forth in writing signed by all of the parties hereto. Further, paragraph headings used herein are fore convenience of reference and shall in no way define, limit, or prescribe the scope or intent of any provision under this Agreement. THE CITY OF FORT COLLINS, COLORADO, a Municipal Corporation �-l[G By: /� 1.a)u City Wanager � m.19m, AM - ME APPROVED AS TO CONTENT: Director of Engineeri Iko APPRO ZS �O FORM: � Deputy City Attorney DEVELOPER: Solitaire Properties, LLC, a Colorado limited liability company By: � ' y� William B. Veio, Mana er 14 EXHIBIT "A" Schedule of water lines to be installed out of sequence. Not Applicable. 2. Schedule of sanitary sewer lines to be installed out of sequence. Not Applicable. 3. Schedule of street improvements to be installed out of sequence. Not Applicable 4. Schedule of storm drainage improvements to be installed out of sequence. Not Applicable. 15 EXHIBIT "B" Not Applicable 16 WHEREAS, the City has approved the subdivision plat and/or site plan and landscape plan submitted by the Developer subject to certain requirements and conditions which involve the installation of and construction of utilities and other municipal improvements in connection with the Property. 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, it is agreed as follows: General Conditions A. The terms of this Agreement shall govern all development activities of the Developer pertaining to the Property. For the purposes of this Agreement, "development activities" shall include, but not be limited to, the following: (1) the actual construction of improvements, (2) obtaining a building permit therefor, or (3) any change in grade, contour or appearance of the Property caused by, or on behalf of, the Developer with the intent to construct improvements thereon. B. All water lines, sanitary sewer collection lines, storm sewer lines and facilities, streets, curbs, gutters, sidewalks, and bikepaths shall be installed as shown on the approved utility plans and in full compliance with the Council -approved standards and specifications of the City on file in the office of the Director of Engineering at the time of approval of the utility plans relating to the specific utility, subject to a three (3) year time limitation from the date of execution of this Agreement. In the event that the Developer commences or performs any construction pursuant hereto after three (3) years from the date of execution of this agreement, the Developer shall resubmit the project utility plans to the Director of Engineering for reexamination. The City may require the Developer to comply with approved standards and specifications of the City on file in the office of the Director of Engineering at the time of resubmittal. C. No building permit for the construction of any structure within the development shall be issued by the City until the public water lines, fire hydrants, sanitary sewer lines, and public streets (including curb, gutter, sidewalk and pavement with at least the base course completed) serving such structure have been completed and accepted by the City. Notwithstanding the foregoing, the Developer shall be entitled to receive a footing and foundation permit for the construction of improvements within the development upon the installation of adequate water lines, fire hydrants, and emergency access to provide fire protection and other emergency services to the site. No building permits shall be issued for any structure located in excess of six hundred and sixty feet (660') from a single point of access. 2 D. Any water lines, sanitary sewer lines, storm drainage lines, and/or streets described on Exhibit "A," attached hereto, shall be installed within the time and/or sequence required on Exhibit "A." If the Director of Engineering has determined that any water lines, sanitary sewer lines, storm drainage facilities and/or streets are required to provide service or access to other areas of the City, those facilities shall be shown on the utility plans and shall be installed by the Developer within the time as established under "Special Conditions" in this document. E. Except as otherwise herein specifically agreed, the Developer agrees to install and pay for all water, sanitary sewer, and storm drainage facilities and appurtenances, and all streets, curbs, gutters, sidewalks, bikeways and other public improvements required by this development as shown on the approved plat, site, landscape and utility plans, and other approved documents pertaining to this development on file with the City. F. Street improvements (except curbs, gutters and walks) shall not be installed until all utility lines to be placed therein have been completely installed, including all individual lot service lines leading in and from the main to the property line. G. The installation of all utilities shown on the utility plans shall be inspected by the Engineering Department of the City and shall be subject to such department's approval. The Developer agrees to correct any deficiencies in such installations in order to meet the requirements of the plans and/or specifications applicable to such installation. In case of conflict, the utility plans shall supersede the standard specifications. H. All storm drainage facilities shall be so designed and constructed by the Developer as to protect downstream and adjacent properties against injury and to adequately serve the Property (and other lands as may be required, if any). The Developer shall meet or exceed the minimum requirements for storm drainage facilities as have been established by the City in its Drainage Master Plans and Design Criteria. The Developer does hereby indemnify and hold harmless the City from any and all claims that might arise, directly or indirectly, as a result of the discharge of injurious storm drainage or seepage waters from the Property in a manner or quantity different from that which was historically discharged and caused by the design or construction of the storm drainage facilities, except for (1) such claims and damages as are caused by the acts or omissions of the City in maintenance of such facilities as have been accepted by the City for maintenance; (2) errors, if any, in the general concept of the City's master plans (but not to include any details of such plans, which details shall be the responsibility of the Developer); and (3) specific directives that may be given to the Developer by the City. The City agrees to give notice to the Developer of any claim made against it to which this indemnity and hold harmless agreement by the Developer could apply, and the Developer shall have the right to defend any lawsuit based on such claim and to settle any such claim provided Developer must obtain a complete discharge of all City liability through such settlement. Failure of the City to give notice of any such claim to the Developer within 3 ninety (90) days after the City first receives a notice of such claim under the Colorado Governmental Immunity Act for the same, shall cause this indemnity and hold harmless agreement by the Developer to not apply to such claim and such failure shall constitute a release of this indemnity and hold harmless agreement as to such claim. Approval of and acceptance by the City of any storm drainage facility design or construction shall in no manner be deemed to constitute a waiver or relinquishment by the City of the aforesaid indemnification. The Developer shall engage a Colorado licensed professional engineer to design the storm drainage facilities as aforesaid and it is expressly affirmed hereby that such engagement shall be intended for the benefit of the City, and subsequent purchasers of property in the development. I. At the time of issuance of the first building permit for this development, the Developer shall pay storm drainage basin fees in accordance with Chapter 26, Article VI of the City Code either in the agreed upon estimated amount of $16,476.18 (as determined by the Stormwater Utility on November 7, 1997), or the amount as determined by the City Code at the time of the issuance of said permit, whichever is greater. Storm drainage improvements eligible for credit or City repayment under the provisions of Chapter 26 are described together with estimated cost of the improvements on the attached Exhibit "B," which improvements, if applicable, shall include right-of-way, design and construction costs. See also Section II.C, Special Conditions, Storm Drainage Lines and Appurtenances. J. The Developer shall provide the Director of Engineering with certified Record Plan Transparencies on Black Image Diazo Reverse Mylars upon completion of any phase of the construction. K. The Developer specifically represents that to the best of its knowledge all portions of the Property dedicated to the City associated with this development are in compliance with all environmental protection and anti -pollution laws, rules, regulations, orders or requirements, including solid waste requirements, as defined by the U. S. Environmental Protection Agency Regulations at 40 C.F.R., Part 261, and that such portions of the Property as are dedicated to the City pursuant to this development, are in compliance with all such requirements pertaining to the disposal or existence in or on such dedicated property of any hazardous substances, pollutants or contaminants, as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder. The Developer does hereby indemnify and hold harmless the City from any liability whatsoever that may be imposed upon the City by any governmental authority, pertaining to the disposal of hazardous substances, pollutants or contaminants, and cleanup necessitated by leaking underground storage tanks, excavation and/or backfill of hazardous substances, pollutants or contaminants, or environmental cleanup responsibilities of any nature whatsoever on, of, or related to any property dedicated to the City in connection with this development. The Developer further agrees to indemnify and hold harmless the City from any claims or C! actions based directly, indirectly or in any manner on any of the aforementioned environmental risks brought against the City by third parties arising as a result of the dedication of portions of the Property to the City in connection with this development. Said indemnification shall not extend to claims, actions or other liability arising as a result of any hazardous substance, pollutant or contaminant generated or deposited by the City, its agents or representatives, upon portions of the Property dedicated to the City in connection with this development. The City agrees to give notice to the Developer of any claim made against it to which this indemnity and hold harmless agreement by the Developer could apply, and the Developer shall have the right to defend any lawsuit based on such claim and to settle any such claim provided Developer must obtain a complete discharge of all City liability through such settlement. Failure of the City to give notice of any such claim to the Developer within ninety (90) days after the City first receives a notice of such claim under the Colorado Governmental Immunity Act for the same, shall cause this indemnity and hold harmless agreement by the Developer to not apply to such claim and such failure shall constitute a release of this indemnity and hold harmless agreement as to such claim. II. Special Conditions A. Water Lines Not Applicable B. Sewer Lines Not Applicable C. Storm Drainage Lines and Appurtenances 1. The Developer and the City agree that all on -site and off -site storm drainage improvements, as shown on the approved utility plans for this development, shall be completed by the Developer in accordance with said approved plans prior to the issuance of more than 7 building permits, for 56 individual units (based upon 8 units per building ) in the development. Completion of improvements shall include the certification by a professional engineer licensed in Colorado that the drainage facilities, with the exception of the complete retention pond volume, which serves this development has been constructed in conformance with said approved plans. Said certification shall be submitted to the City at least two weeks prior to the date of issuance for any building permit for the development. At the time of initial certification, the developer shall provide the City with a volume certification showing that the pond has enough capacity to detain twice the 100 year volume of the developed area corresponding to the area encompassed by the initial construction. This volume shall be calculated by obtaining the ratio of area of development built at the time of the initial certification to the total development area and 5 multiplying that ratio by the total retention pond volume. The intent of this initial or partial pond certification is to provide the developer with a time frame of up to one (1) year during which development can occur on this property without having to fully build the retention pond as shown on the approved utility plans. Additional permits up to a maximum of 11 permits corresponding to 88 individual units may be issued in this development as additional retention volume capacity is provided in the pond. Additional building permits will be issued based upon the ratio of area developed to the retention pond volume provided in the pond. For each additional building permit requested and issued, the developer shall provide as provided above, proof that the pond volume has been increased in size to provide the needed capacity in accordance with the developed to volume ratio. No more then 11 building permits for 88 units ( based on 8 units per building ) shall be issued in this development prior to completion, certification and acceptance of all drainage facilities associated with this development as shown on the approved utility plans including the retention pond. Prior to the issuance of individual certificates of occupancy for each building a grading and drainage certification shall be submitted and approved by the City. This certification is to insure that the building and its associated infrastructure was built and graded in accordance with the approved utility plans. 2. The Developer agrees to provide and maintain erosion control improvements as shown on the approved utility plans to stabilize all over -lot grading in and adjacent to this development. The Developer shall also be required to post a security deposit in the amount of $16,740.00 prior to beginning construction to guarantee the proper installation and maintenance of the erosion control measures shown on the approved utility plans for this development. Said security deposit(s) shall be made in accordance with the criteria set forth in the City's Storm Drainage Design Criteria and Construction Standards (Criteria). If, at any time, the Developer fails to abide by the provisions of the approved utility plans or the Criteria, the City may enter upon the Property for the purpose of making such improvements and undertaking such activities as may be necessary to ensure that the provisions of said plans and the Criteria are properly enforced. The City may apply such portion of the security deposit(s) as may be necessary to pay all costs incurred by the City in undertaking the administration, construction, and/or installation of the erosion control measures required by said plans and the Criteria. In addition, the City shall have the option to withhold building permits and certificates of occupancy, as stated in Paragraph III.D of this Agreement, as it deems necessary in order to ensure that the Developer installs and maintains the erosion control measures throughout the buildout of this development. 3. The Developer and the City agree that the storm drainage system for this development contains some features that make it important to construct the facilities in 2 accordance with the plans and to ensure that the facilities are maintained and kept operational throughout the buildout of this development and thereafter. 4. The Developer and the City agree that it is important that all lots be graded to drain in the configuration shown on the approved utility plans for this development. For this reason the following additional requirements shall be followed on all lots within this development. Prior to the issuance of a certificate of occupancy for each of said lots the Developer shall provide the City with certification that the lot has been graded correctly (including the grading of any minor swales, if applicable); the lot corner elevations specified on the approved plans are correct and in accordance with the approved plans; and the minimum floor elevation for all buildings constructed on said lot has been completed in accordance with the approved plans. Said certification shall be completed by a Colorado licensed professional engineer and shall be submitted at least two weeks prior to the date of issuance of the desired certificate of occupancy. 5. The Developer shall obtain the City's prior approval of any changes from the approved utility plans in grade elevations and/or storm drainage facility configuration that occur as a result of the construction of houses and/or development of lots, whether by the Developer or other parties. The City reserves the right to withhold the issuance of building permits and certificates of occupancy for this development until the City has approved such changes as being acceptable for the safe and efficient delivery of storm drainage water. 6. The Developer and the City agree that the Developer is obligated to maintain all on -site storm drainage facilities not accepted for maintenance by the City. The on -site improvements shall include the retention pond and all facilities associated with the drainage to and from the pond. The City shall have no obligation to maintain the aforesaid facilities. The Developer will transfer this maintenance responsibility to the Homeowners Association (HOA) when a sufficient number of homes have been purchased by residents to trigger the transfer to the HOA in accordance with the HOA bylaws and/or other official documents. 7. No land disturbance shall occur outside of the limits of construction as delineated on the approved utility plans for this development. Any wetlands disturbance shall be mitigated by the establishment of an equivalent area of created wetlands, within the proposed water quality / retention area. It is agreed that a wetland / water quality pond shall remain in place as a stormwater quality and wetlands mitigation measure to compensate for the disturbance of existing wetlands on this site. In the event the pond is transformed into a detention pond with no retention, the wetland feature shall be replaced in an equivalentt manner as deemed acceptable to the City of Fort Collins Natural 7 Resources and Stormwater Utility departments B. Nothing in this agreement shall relieve the Developer, its grantee(s), successors, or assigns, or Homeowners Association from agreeing to approve and support any stormwater facility changes which tie into a developed drainage way and eliminate the necessity of pumping the stormwater into the Pleasant Valley Lake Canal. 9. Under no circumstances shall the discharge into the Pleasant Valley and Lake Canal be operated during or after any rainfall which produced or is anticipated by the National Weather Service to produce localized measurements of one (1) inch or more of rain, without the approval of the Pleasant Valley Lake and Canal Company and the City of Fort Collins Stormwater Utility. The purpose of this retention pond is to protect neighboring or downstream properties from adverse storm impacts. 10. The grading of the site shall maintain all existing spill locations and shall not change or increase the volume rate of discharge at which the Pleasant Valley Lake Canal currently spills. The Developer shall be responsible for any change in grading, whether that change is clearly shown on the grading plan or not, that may cause any damage or harm to neighboring or downstream properties. 11. The Developer represents that it and a representative of the Pleasant Valley Lake and Canal Company have discussed maintenance conditions, retention pond, pump maintenance, canal access, public education programs and the Developers Stormwater Quality and Maintenance Control Plan. The Developer agrees to execute a Ditch Crossing Agreement and a separate, Permission to Discharge Controlled Stormwater Agreement with the Pleasant Valley Lake and Canal Company (The "Permission to Discharge Agreement'). The Permission to Discharge Agreement allows controlled discharge of stormwater from the site retention pond into the Pleasant Valley Lake Canal, provided maintenance is conducted regularly and properly and the stormwater quality is acceptable. The Permission to Discharge Agreement will be recorded with the Larimer County Clerk and Recorder and a copy of said Permission to Discharge Agreement shall be delivered to the City prior to the City signing the utility plans for the development. If the Pleasant Valley Lake and Canal Company has signed the utility plans then the City will also sign the utility plans without the necessity of the execution of the Permission to Discharge Agreement. 12. The Developer is responsible for the operation and maintenance of the retention pond until such time as all units to be constructed on the property are occupied. At the point in time that the HOA will assume ownership of the common areas, the HOA will assume the responsibility for the maintenance of the retention pond and the property along the canal. The HOA will follow Standard Operating Procedures, prepared by the Developer in conjunction with the Pleasant Valley Lake and Canal Company, to handle grounds and pond maintenance, resident and visitor education regarding the canal as a L•' natural resource, and other water quality and common sense programs for minimizing environmental pollution to their residences, the common area and canal. The HOA will periodically prepare stormwater samples for testing to monitor the effectiveness of the retention pond design and to ensure water quality continues to be acceptable to the Pleasant Valley Lake and Canal Company. D. Streets. 1. Subject to the conditions of this Agreement, the City agrees to reimburse the Developer for oversizing public street improvements along Overland Trail for those portions of said street abutting the Property as shown on the approved utility plans. Reimbursement for Overland Trail shall be for oversizing the street from residential (access) standards to Arterial street standards. The City shall make reimbursement to the Developer for the aforesaid oversized street improvements in accordance with Section 24- 121 of the Code of the City. The Developer agrees and understands that the City shall have no obligation to make reimbursement payments for street oversizing unless funds for such payments shall first have been budgeted and appropriated from the Street Oversizing Fund by the City Council; and the Developer further understands that to the extent that funds are not available for such reimbursement, the City may not, in the absence of the Developer's agreement, require the construction, at the Developer's expense, of any oversized portion of streets not reasonably necessary to offset the traffic impacts of the development. The Developer does hereby agree to construct the aforesaid oversized street improvements with the understanding that the Developer may not be fully reimbursed by the City for the cost of such construction. The Developer further agrees to accept payment in accordance with Section 24-121 (d) of the Code of the City as full and final settlement and complete accord and satisfaction of all obligations of the City to make reimbursements to the Developer for street oversizing expenses. It is anticipated by the City that the City's reimbursement, in accordance with Section 24-121 (d), would not be less than fifty percent (50%) of the Developer's actual expenses incurred and will be calculated in accordance with the formula as set forth in Section 24-121 (d). 2. It is understood that the improvements that are to be constructed in the public right-of-way as described in this Section II(D) are "City improvements" (as defined below) and, as such, any contract for the construction of the same must be executed in writing. If the cost of such improvements exceeds the sum of Thirty Thousand Dollars ($30,000), the contract for the construction of the same must be submitted to a competitive bidding process resulting in an award to the lowest responsible bidder; and evidence must be submitted to the City prior to the commencement of the work showing that the award was given to the lowest responsible bidder. If the cost of such improvements exceeds Fifty Thousand Dollars ($50,000), the contract for the construction of the improvements must be insured by a performance bond or other equivalent security. For purposes of this paragraph, the term "City improvements" shall mean either (1) existing improvements owned by the City that are to be modified or reconstructed, or (2) any improvements R