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%).
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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%).
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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.
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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
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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
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G. Un
CITY CLE
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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