HomeMy WebLinkAboutWILLOW SPRINGS PUD - Filed DA-DEVELOPMENT AGREEMENT - 2004-03-17DEVELOPMENT AGREEMENT
THIS AGREEMENT, made and entered into this <u day of i zrl.
199 S , by and between the CITY OF FORT COLLINS, COLORADO, a
Municipal Corporation, hereinafter referred to as the "City" and
PARAGON POINT PARTNERS, a Colorado limited partnership, hereinafter
referred to as the "Developer".
WITNESSETH:
WHEREAS, the Developer is the Owner of certain property
situated in the County of Larimer, State of Colorado, (hereafter
referred to as the "Property") and legally described as follows, to
wit:
WILLOW SPRINGS P.U.D., PHASE I, a Tract of Land situated in
the Southeast Quarter of Section 6 and the Northeast Quarter
of Section 7, Township 6 North, Range 68 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
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 further require the
installation of certain improvements primarily of benefit to the
lands to be developed and not to the City of Fort Collins as a
whole; and
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 is hereby acknowledged, it is agreed
as follows:
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 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.
H. This Agreement shall run with the Property and shall be
binding upon the parties hereto, their personal representatives,
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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 real or
proprietary 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 five (5) 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. 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.
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THE CITY OF FORT COLLINS, COLORADO,
a Municipal Corporation
By:
y Mana er
ATWST
CITY CLERK
APPROVED AS TO CONTE�:
Di ector of Enqineerin
APPROyAS TO FORM:
/'1�ity Ytdrnej('
DEVELOPER:
ATTEST:
By:L�
th- \ Collins, Secretary
PARAGON POINT PARTNERS, a Colorado
limited partnership
By: Trustar, Inc., a Colorado
corporation, as General Partner
12
/j
Byron R. Collins, President
EXHIBIT "A"
1. 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.
Timberline Road shall be constructed in accordance with
paragraphs II.D.1 through 3 and 5 through 7. of this
Agreement.
4. Schedule of storm drainage improvements to be installed out
of sequence.
Not Applicable.
13
EXHIBIT "B"
The Development Agreement for Willow Springs - P.U.D. Phase 1,
City of Fort Collins, Larimer County, Colorado
Cost Estimate for Major Drainage Improvements
McCelland's Drainageway
The attached cost estimate for the on -site improvements
constitute costs associated with major drainage improvements
which are eligible for developer repay. These costs estimates
are based on cost analysis for the developed and historic flow
conditions done by TST, Inc. on July 7, 1995. The land costs
shown are for estimating purposes only, final value shall be
negotiated between the Developer and the City's Right -of -Way
agent.
SO
Mr. Lincoln Mueller
City of Fort Collins
Stormwater Utility Department
235 Mathews Street
Fort Collins, CO 80524
Re: Willow Springs P. U.D.
Revised Cost Evaluation of the McClelland Channel
Project No. 10-695-054
Dear Link:
July 7, 1995
This letter is in response to your comments and concerns regarding the proposed Developer's
repay cost estimate for the McClelland Channel. The following items correspond to your
comments outlined in your letter dated July 6, 1995.
The Developer now understands that the Stormwater Utility Department is unable to
reimburse him for the proposed street crossings. Items associated with these street
crossings have been removed from the cost estimate. Class 6 Riprap at the existing
railroad culvert outlet remain, as we feel this is an item that the Stormwater Utility
Department should reimburse the Developer for.
2. The Developer agrees that the unit cost per acre of land will need to be negotiated. We
have kept the unit cost in the cost estimate and noted that this will need to be negotiated
between the Developer and the City of Fort Collins Rights -of -Way agent.
3. The Contractor's bid price to reseed & mulch includes reseeding with an equal mix of
Western Wheatgrass and Blue Grama drill seeded at a rate of 11.40 pls/ac. Mulch shall
be either straw or grass hay applied at a rate of two tons per acre and is to be
mechanically crimped into the soil.
4. The Developer does not plan to install any type of temporary irrigation along the channel
however, he does plan to install a permanent irrigation system. The permanent irrigation
system will irrigate the open spaces, including some areas of the channel. Costs
associated with the maintenance of the channel have been included in the cost estimate.
5. A note has been added to the cost estimate stating that the secondary line items are for
budgeting purposes only.
TST INC. Phaler.0 c-Baddl.,D 10'1.... „T,,j,, eazi
F, C lhl ,, CC W425 Su,w 105
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p1e�m Dcm er ,n3i 595-9103 tJ0?IN2.(1t57
Fu,;03po`A4 S9
TST, INC.
July 7, 1995
Mr. Lincoln Mueller
Page Two of Two
A copy of this letter and the cost estimate are being forwarded to Mr. Mike Herzig (Engineering
Department) to be included as part of the Development Agreement. Your timely response and
approval to these revisions would be greatly appreciated. The Developer and the Engineering
Department are planning to finalize the Development Agreement by Wednesday, July 12, 1995.
Should you have any additional questions or comments, please call me at (970) 226-0557.
Sincerely,
Sharlene A hadowen, P.E.
N
SASAg
Enclosures
cc: Mr. Byron Collins
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I. 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 said 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 water
lines, fire hydrants, sanitary sewer lines and streets (including
curb, gutter and sidewalk and pavement with at least the base
course completed) serving such structure have been completed and
accepted by the City. No building permits shall be issued for any
structure located in excess of nine hundred feet (9001) from a
single point of access.
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
2
required by this development as shown on the 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.
A. 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 development 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; and (3)
specific directives that may be given to the Developer by the City.
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 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. The Developer shall pay storm drainage basin fees in
accordance with Chapter 26, Article VII of the City Code. 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 Section II.C, Special Conditions, Storm
Drainage Lines and Appurtenances, for specific instructions.
0
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 pursuant to this development. The Developer further
agrees to indemnify and hold harmless the City from any claims or
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 pursuant to 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 pursuant to this development.
II. Special Conditions
A. Water Lines
1. The Developer and the City agree that the Developer
may be eligible for reimbursement for oversizing a water line in
Battle Creek Drive and Keenland Drive, if done in accordance with
Section 26-371 of the City Code, and may also be eligible for other
reimbursements in accordance with the provisions of Section 26-372
of the City Code. The parties acknowledge and agree, however, that
any such reimbursements to be paid by the City shall be the subject
of a separate written agreement between the City and the Developer.
4
2. The parties acknowledge that the existing 16"
diameter water line in Timberline Road along the frontage of the
Property has previously been constructed by the developers of
neighboring properties that are also served by said water line. In
the event that the City enters into reimbursement agreements with
said third party developers, the Developer will become obligated to
make payment to the City for a portion of the costs of the same.
Therefore, at such time, if at all, that the Developer receives a
statement from the City for a portion of said costs, pursuant to
any such reimbursement agreements, the Developer shall forthwith
make such payment to the City, in the amount requested by the City,
prior to the issuance of any additional building permits for the
Property.
B. Storm Drainage Lines and Appurtenances
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 39 building permits. Completion of
improvements shall include the certification by a licensed
professional engineer that the drainage facilities which serve the
Property have been constructed in conformance with said approved
plans. Any deviations from the approved utility plans shall be the
responsibility of the Developer to correct prior to the issuance of
more than said 39 building permits. Said certification shall be
submitted to the City at least two weeks prior to the date of
application for any additional building permits after the above
referenced 39 building permits have been issued.
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 $83,475.00 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
(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 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.
5
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 accordance with
the plans and to ensure that the facilities are maintained and kept
operational throughout the buildout of this development. For this
reason the following additional requirements shall be followed for
building on Lots 2 through 4, 8 through 14, 30, 31, 34, 35, 49, 50,
59, 60, 73 through 76, 89, 90, 100 and 101:
(a) The portions of the drainage improvement system required
to be constructed on any of the above lots, and other portions
not on said lots but that are necessary for the system serving
said lots to properly function, shall be completed in
accordance with the approved utility plans and certified as
being completed in accordance with said plans by a licensed
professional engineer. Said certification shall be received
by the City prior to the issuance of a building permit for any
of the above lots. A certification by such engineer that the
drainage systems' function and adequacy to serve its purpose
has not been impaired by the construction and landscaping on
said lot shall be submitted to the City prior to the issuance
of a certificate of occupancy for each of the above lots.
(b) The Developer shall be required to file a notice with the
Larimer County Clerk and Recorder describing the landscaping
and fencing restrictions that exist for the drainage easements
on each of said lots. Said notice shall reference the
location of the specific restrictions shown on plans and notes
in the approved utility plans for this development. Said
notice shall be filed, in a form approved by the City, prior
to the sale of any lots affected by these restrictions.
4. The parties acknowledge that Lots 1, 2, 4 through 7,
14, 15 through 22, 34 through 36, 48, 49, and 86 through 89 abut
certain storm drainage facilities. It is agreed that it is of the
utmost importance that no storm water from said facilities enters
houses built on said lots. In order to ensure that houses built on
said lots are constructed at an elevation that said storm water
cannot enter, the approved utility plans contain specifications for
the minimum elevation for any opening to each such house. Prior to
the issuance of a certificate of occupancy for each of the houses
situated on said lots, the Developer shall provide the City with
certification from a licensed professional engineer that the lowest
opening to each such house is at or above the minimum elevations
required on said utility plans.
5. The Developer and the City agree that the Developer
shall be responsible for obtaining the City's 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
ri
withhold the issuance of building permits and/or certificates of
occupancy 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 because the
McClelland's Drainageway (regional channel) has been approved for
landscaping different and more intense than the standards of the
City, the Developer shall be responsible for the maintenance of
said Drainageway. In the event that the Developer fails to
maintain said Drainageway to the level required for the landscaping
materials proposed for the Drainageway, the City shall take over
maintenance and do so at a level equivalent to that required for
native landscaping materials.
C. Streets.
1. Subject to the conditions of this Agreement, the City
agrees to reimburse the Developer for oversizing public street
improvements along Timberline Road and Battlecreek Drive for those
portions of said street abutting the Property as shown on the
approved utility plans. Reimbursement for Timberline Road shall be
for oversizing the street from residential standards to arterial
standards. Reimbursement for Battlecreek Drive shall be for
oversizing the street from residential standards to collector
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 2 4 -12 1 (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).
7
2. It is understood that the streets to be constructed
as described in this Section II(D) are "city improvements" 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 Fifteen Thousand Dollars ($15,000), 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.
3. The Developer and the City agree that no building
permits shall be issued for lots 1 through 14 of Block 1 and lots
43 through 47, 50 through 52 and 56 of Block 2 (all of which lots
are in close proximity to Timberline Road and, accordingly, may be
impacted by improvements required on Timberline Road) until (1) the
street improvements on Timberline Road have been completed with at
least the construction of curb, gutter and sidewalk, and said
improvements have been approved by the City; or (2) the design of
Timberline Road improvements is completed, approved by the City and
it is verified by the City that the construction of the Timberline
Road improvements will not require entry upon said lots in order to
construct said improvements.
4. The Developer and the City agree that no building
permit shall be issued for lot 147 of this development until the
City determines that an emergency access easement on said lot is no
longer necessary for the Property and said easement has been
vacated by the City.
5. The Developer and the City agree that the Developer
shall not construct the required street improvements to Timberline
Road adjacent to this development until 1996 at the earliest.
6. The Developer and the City agree that the Developer
shall complete the construction of the required street improvements
to Timberline Road prior to the issuance of any building permits in
Phase 2 (Tracts "G" and "J") of this development.
7. In order to guarantee the completion of the
Developer's share of the required street improvements to Timberline
Road adjacent to Phase 1 of this development, the Developer and the
City agree that the Developer shall pay a cash deposit to the City
at the time of building permit issuance with each lot in Phase 1.
The terms for said deposit are described as follows:
(a) The Developer will pay the amount of $1,000 with the
issuance of each building permit for each dwelling unit
commencing with the first building permit issued in Phase
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1 and all succeeding building permits in Phase 1. If any
portions of said sums are paid by the Developer after the
year 1996, the Developer agrees to pay the amount
specified above plus an additional amount, to be
calculated as described below, to recognize the effects
of inflation with said amount to be increased each year
until payment is completed in full.
(b) The inflation factor (Inf. Fac.) for each year's
payments shall be calculated using the construction cost
index for Denver as published in the Engineering News
Record (ENR) for July, 1996, as the base index (I -base)
and the same index published in the ENR for the January
in each succeeding year immediately preceding payment (I -
year of payment). The formula for calculating said
inflation factor shall be as follows:
Inf. Fac. = (I -year of payment) -(I -base).
(I -base)
(c) The amount to be added to each $1,000 payment to
compensate for inflation shall be equal to $1,000 times
the inflation factor. Said amounts added to compensate
for inflation shall not reduce the total (principal)
amount due.
(d) Upon the completion of said Timberline Road
improvements, the amount escrowed by the developer shall
be refunded to the Developer less 3% to cover the City's
costs to administer the collection and administration of
said funds.
D. Groundwater.
1. The Developer and the City recognize that the
Property is adjacent to the McClelland Drainageway and certain
irrigation ditches and that seepage from said ditches may impact
the ground water levels in this development. Accordingly, it is
agreed that the City shall not be responsible for any damages or
injuries sustained in the development as a result of groundwater
seepage, whether resulting from groundwater 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 on the Property.
III. 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
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