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HomeMy WebLinkAboutSUNDERING TOWNHOMES PUD - Filed OA-OTHER AGREEMENTS - 2004-02-27SUNDERING TOWNHOMES P.U.D. AMENDMENT AGREEMENT NO.3 THIS AMENDMENT AGREEMENT, made and entered into this �6 Ick- day of E,ck r , of 199J , by and between the CITY OF FORT COLLINS, COLORADO, municipal corporation, hereinafter referred to as the "City" and John H. McCoy, an individual, and Sherry P. McCoy, an individual, collectively hereinafter referred to as the "Developer," is an amendment to that certain Development Agreement dated the 2nd of September, A.D. 1980, by and between the City and the HILL POND PROPERTIES LIMITED ("Development Agreement") and to "Amendment Agreement No.2" to the Development Agreement which amendment is dated November 14, 1985. WHEREAS, the parties hereto (or their predecessor's in interest) previously executed the Development Agreement, which agreement was modified in part by Amendment Agreement No.l dated April 16, 1985, and Amendment Agreement No.2 dated November 14, 1985; and WHEREAS, the Developer has agreed, as part of its purchase, to become the responsible party for construction the remaining public improvements :required for the entire development; and WHEREAS, the parties are presently desirous of modifying the Development Agreement and Amendment Agreement No.2; NOW, THEREFORE, in consideration of the promises of the parties hereto and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: Subheading II. Special Conditions, subparagraph C. shall be modified to add the following subparagraphs: 1. The Developer and the City agree that all on -site and off -site storm drainage improvements shall be completed by the Developer in accordance with the approved plans prior to the issuance of more than 3 building permits issued from the date of this Agreement. Completion of improvements shall include the certification by a licensed professional engineer that the drainage facilities which serve this development have been constructed in conformance with said approved 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 $1518.00 prior to beginning construction to guarantee the proper installation and maintenance of the erosion control measures shown on the approved Plan. Said security deposit shall be made in accordance with the criteria set forth in the Storm Drainage Design Criteria and Construction Standards. 3. All buildings constructed on Lots 15, 16, 17, 18-A and 20-A are required to have all roof drainage directed to Chetwood Court and not onto adjacent properties. Prior to the issuance of a certificate of occupancy for each of said lots the Developer shall provide certification from a licensed professional engineer that said roof drainage has been directed to Chetwood Court in accordance with the approved utility plans. 4. The Developer and the City agree that the Developer is required to construct an off -site channel from the end of Hill Pond Road to Spring Creek in accordance with the approved utility plans for this; development. Said Channel shall be completed prior to the issuance of more than six building permits issued from and after the date of execution of this Agreement. Notwithstanding the foregoing, the Developer shall have the option of postponing, for a period not to exceed two years from the date of this Agreement, the construction of said channel in order to allow a time to determine whether the property on which said channel is to be constructed (Neighboring Property) is going to be soon developed in such a manner as to eliminate the need for the channel, and provided the Developer escrows funds 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 channel improvements. If at the end of said two year period the Neighboring Property has not been so developed, then the Developer shall promptly construct said channel. The escrow amount shall be $21,322.50 which is 150% of the estimated cost to complete said channel. The escrowed funds shall not earn interest for the benefit of the! Developer. Said escrowed funds shall be returned to the Developer immediately following completion and acceptance by the City of the construction of said channel (with the exception that 10% of the escrowed amount plus interest shall be retained by the City to cluarantee the establishment of revegetation of said channel in accordance with provisions in the City Storm Drainage Design Criteria and Construction Standards) or following the completion of development improvements on the Neighboring Property that would eliminate the need for said channel. Subparagraph (i) of Paragraph 3 of Exhibit "A" of the Development Agreement, as amended in Amendment Agreement No.2, is hereby amended to add the following additional paragraph: The Developer and the City agree that if the abovementioned landscaping and improvements are not scheduled for construction (with the funds encumbered) or conditions remain such that the existing intersection is still needed (thereby making it not possible to construct the abovementioned landscaping and improvements) as determined by the City, within ten years from the date of the Developer's payment to the City, the City shall return said payment to the Developer. If said payment is returned to the Developer, it shall include such interest as was earned by the City 2 over the 10 year period that the City held said funds. Subparagraph (ii) of Paragraph 3 of Exhibit "A" of the Development Agreement, as amended in Amendment Agreement No.2, is hereby amended to add the following additional paragraph: The Developer shall construct the curb, gutter and sidewalk along the south side of Hill Pond Road adjacent to Tract "B", (adjacent to the rear of Lots 21, 22 and 23) prior to the issuance of any building permits for any of said lots. Except as modified by Amendment Agreement No.2, and as herein amended or modified, the Development Agreement shall continue in full force and effect. This Agreement and the Development Agreement, as earlier amended by Amendment Agreement No.2, constitute the entire understanding of the parties. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first above written. THE CITY OF FORT COLLINS, COLORADO, a Munic'pal Corporation By: C-�� ity Manager ATTEST: CITY CLERK APPROVED AS TO CONT T: Dir ctor of Engineerin APPROV AS TO FORM: City Attorney DEVELOPER: By: IV dual By: Sundering Townhomes P.U.D. Amendment Agreement No.l THIS AGREEMENT, made and entered into this day of 198 by and between the CITY OF FORT COLLINS, 76DRADO, a municipal corporation ("City"), and HIGHLAND DEVELOPMENT, a Colorado general partnership ("Developer"), is an amendment to that certain Development Agreement dated the 2nd of September, A.D. 1980, by and between the City and HILL POND PROPERTIES LIMITED (the "Development Agreement). By this Agreement, the aforesaid Development Agreement is hereby amended in the following particulars: Paragraph 3 of Exhibit "A" of the development agreement is hereby amended to provide as follows: 3. The Developer shall be responsible for the removal of the street, sidewalk, curb and gutter, grading, landscaping (and for the installation of replacement improvements acceptable to the City) of Shire Court from Weathertop Lane to Shields Street. A landscaping and improvement plan shall be submitted, and approved by the City before any construction shall take place. The said construction shall be completed prior to the release of the building permits for the final five units if a second point of access is available to the development. If said second point of access is not available, the developer agrees to pay the City the total estimated cost for the abovementioned construction (as approved by the City) as a prior condition to the release of said building permits. Paragraph 5 of Exhibit "A" of the development agreement is hereby del etedl. Except as herein amended or modified, the development agreement shall continue in full force and effect. This agreement and the development agreement constitutes the entire understanding of the parties. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first written. CITY OF FORT COLLINS a municipal corporation ATTEST: By City4anagger �— - I APPROVOt ity Attorney ,ty ngineer 7 HIGHLAND DEVELOPMENT, a Colorado general partnership JohnF.Payne, Managing Par tner "Q-iJ�2� Berkley H. Uof way, Managing Partner