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HomeMy WebLinkAboutSUNSTONE VILLAGE PUD FOURTH - Filed OA-OTHER AGREEMENTS - 2004-03-01SUNSTONE VILLAGE P.U.D. FOURTH SUBDIVISION FIRST AMENDMENT AGREEMENT THIS AMENDMENT AGREEMENT, made and entered into this 2,4- day of 1989, by and between the CITY OF FORT COLLINS, COLO- RADO, munVeipal corporation ("City"), and SUNSTONE VILLAGE ASSOCI- ATES, a Colorado General Partnership ("Developer"), is an amendment to that certain Development Agreement dated the 5th day of December, 1988, by and between the City and the Developer, ("Development Agreement"). WHEREAS, the parties hereto previously executed the Development Agree- ment; and WHEREAS, the parties are presently desirous of modifying the Develop- ment Agreement. 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 2 (Special Conditions), subparagraph D. (Streets), of the Development Agreement shall be modified in its entirety to provide as follows: D. Streets (i) The Developer shall be responsible for the design and construction of certain street improvements to Timberline Road described below. The Developer shall complete the design of all such improvements and shall make payment to the City for the cost of the Developer's share of the improvements. The design shall be completed and approved by the City and the above mentioned payment made to the City prior to the issuance of more than 33 building per- mits. The design to be provided to the City by the Devel- oper shall include all improvements for that portion of Timberline Road which abuts the Development and also that portion of the frontage of Timberline Road which abuts adjacent property to the north of the Development to a point which connects with the design for Timberline Road at Fox Meadows Business Park. The amount of pay- ment to be made to the City for the construction of said improvements shall be in an amount sufficient to cover the cost of construction of the local street portion of the on -site property frontage, which shall be the average of three bids on the completed design received by the Devel- oper to construct the improvements. Said payment shall be made in two portions described as follows: (A) two thirds of the Developer's cost shall be paid in cash. (B) one third of the Developer's estimated cost plus 25% paid. in the form of a letter of credit of sufficient duration to extend through the actual period of construc- tion of the improvements. The City shall reimburse the Developer for the Developer's reasonable engineering cost to design the Timberline Road street improvements along the frontage of the adjacent off - site property to the north of the Development. Reimburse- ment for the engineering cost may be taken as a credit against the cash payment due pursuant to subparagraph (A) of this paragraph. If the Developer of the Fox Meadows Business Park decides to construct its development adjacent to Timberline Road, together with the Timberline Road street improve- ments adjacent to its development, then the Developer shall, in lieu of making the above payment to the City, be entitled at its option, to itself construct the Timberline Road street improvements along the frontage of the Devel- opment plus the improvements along the frontage of the adjacent property to the north, between Sunstone and Fox Meadows. (ii) If the Developer does construct the street improvements on Timberline Road, subject to the terms and conditions of the agreement, the City shall reimburse the Developer for: (a) the cost of oversizing the street to major arterial standards along that portion of Timberline Road which abuts the Development as shown on the approved utility plans. Such reimbursement shall be made in accordance with Section 24-21 of the Code of the City. The Devel- oper 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 agrees to construct the aforesaid oversized street improvements with the under- standing that the Developer may not be fully reimbursed by the City for the cost of such construction. The Devel- oper 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. -2- 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). (b) The entire cost of designing and constructing the Timberline Road improvements adjacent to the property to the north of the Development. (iii) Prior to beginning the construction of any improvements to Timberline Road, the Developer shall deposit with the City a cash guarantee in the form of a certificate of deposit, cash, performance bond, letter of credit or other city approved means to guarantee the completion of all public improvements to be constructed in the street rights -of -way in accordance with the approved utility plans on file in the office of the Director of Engineering. The amount deposited shall be equal to 100% of the estimated cost of the improvements. The estimate shall be prepared by the Developer and submitted to the Director of Engineering for review and approval. Except as herein amended or modified, the Development Agreement shall continue in full force and effect. This Agreement and the Development Agree- ment constitute the entire understanding of the parties. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first: above written. CITY OF FORT COLLINS A MUNICIPAL CORPORATION \ Steven L. um City Manager City Clerk APPROV AS TO FORM: , Cify Attorney irector/6f Engineering -3- DEVELOPER: SUNSTONE VILLAGE ASSOCIATES, a Colorado General Partnership By: Super Group, Inc., a Colorado Corporation, General Partner Lawrence M. Kendall, President (corporate seal) -4-