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HomeMy WebLinkAbout938 NORTH COLLEGE AVENUE - Filed DA-DEVELOPMENT AGREEMENT - 2010-05-04938 NORTH COLLEGE AVENUE AMENDMENT AGREEMENT NO. I THIS AMENDMENT AGREEMENT, made and entered into this 9i day of October, of 2010, by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation, ("City"), and Lacoste, LLC, a Colorado limited liability company, ("Developer"), is an amendment to'that certain Development Agreement dated May 4, 2010 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 presently desire to modify 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 hereto agree to amend the terms and conditions of the Development Agreement as follows: A. Subheading II (Special Conditions) Paragraph D.2 shall be replaced with the following paragraph to read as follows: 2. In accordance with Section 24-95 of the City Code the Developer is responsible for constructing the local portion of College Avenue and Vine Drive adjacent to the site. In satisfaction of this obligation, the Developer shall have the option to provide payment for the local street portions of the future construction for both College Avenue and Vine Drive ("Payment Obligations") as further outlined below: (a) The amount of payment for College Avenue shall be equal to the estimated cost to construct the local street portion of College Avenue, plus an additional 25% of the estimate to cover any contingencies and unexpected costs, which amount is stipulated to be $19,672.76 (this amount includes the additional 25%). 0 N O v (b) The amount of payment for Vine Drive shall be equal to the estimated cost to construct the local street portion of Vine Drive, plus an additional 25% of 0 o a the estimate to cover any contingencies and unexpected costs, which amount is vi o stipulated to be $30,732.71 (this amount includes the additional 25%). a av cE (c) The payment amount outlined above for College Avenue is required to o , be paid by the Developer to the City prior to the issuance of a temporary 0 a certificate of occupancy ("TCO") for the Property. aI�o v 0- C (d) The payment amount outlined above for Vine Drive is required to be a c o paid by the Developer to the City prior to the issuance of a full certificate of '/t"ItV C; fWA Office, Fort Collins. 0oloradr, occupancy ("CO") for the Property, or October 1, 2011, whichever occurs first. The City shall not tie the Payment Obligations specific to Vine Drive, to the issuance of a TCO however in no case shall a CO be issued until the Payment Obligations for both Vine Drive and College Avenue have been satisfied. The Developer acknowledges that the City will include conditions in the TCO that require the Payment Obligations specific to Vine Drive be satisfied consistent with terms and conditions of this Agreement and the City reserves the right to impose penalties for non-compliance under the terms and conditions of the TCO. (e) The City is presently in the process of completing work necessary to begin constructing public infrastructure along College Avenue as part of a capital improvement project ("North College Improvements"). It is intended that the Developer's Payment Obligations specific to ' College Avenue will be applied towards the City's cost to construct North College Improvements abutting the Property. If the Developer satisfies its Payment Obligations specific to College Avenue, a repay will not be filed by the City against the Property upon completion of the North College Improvements. However, if the Developer does not fulfill the Payment Obligations specific to College Avenue, the City reserves the right to file a repay against the property for the North College Improvements pursuant to Section 24-95 of the City Code. (f) The City presently does not presently have an identified and appropriated capital improvement project specific to Vine Drive. It is intended that the Developer's Payment Obligations specific to Vine Drive will be used to reimburse the party that constructs Vine Drive. In the event the Developer constructs Vine Drive, the City shall reimburse the Developer the original $30,732.71 amount paid to the City in accordance with paragraph (b) above. IN WITNESS WHEREOF, the parties hereto have set their hands the day and year first above written. THE CITY OF FORT LL1NS, LORADO, a Municipal Corporation Manager FOR co ,AATEST: ��OF_......, G. Un CITY CLE cOCOiwAo-cr- . APPROVED AS TO CON ENT: i nginee APPROV S TO FORM: Deputy City Attorney DEVELOPER: Lacoste, LLC, Ado limited liability company By: Scott Le A4fager