HomeMy WebLinkAboutSTRACHAN THIRD - Filed OA-OTHER AGREEMENTS - 2008-07-21MEMORANDUM OF UNDERSTANDING
VICTOR F. BOGAARD, III, ("the Developer"), is the developer of certain real property
located in the City of fort Collins known as the Arena Office Building ("the Subdivision"). The
City has approved an Erosion Control Plan dated e2 / — q'S
Subdivision and ty , ("the Plan"), for the
Criteria"), the City has pursuant
o accept a cash escrow in the amount orm gto One Thousand TCriteria hree
e
Hundred Twelve and 501100 Dollars ($1,312.50) ("the Cash Escrow") from the Developer to
guarantee the proper installation and maintenance of the erosion control measurers shown on the
Plan and described in the Criteria. The Cash Escrow has been received by the City.
If, at any time, the Developer fails to abide by the provisions of the Plan or the Criteria,
the City may enter upon the premises described in the Subdivision for the purpose of making
such improvements and undertaking such activities as may be necessary to ensure that the
provisions of the Plan and the Criteria are properly enforced. The City may apply such portion
of the Cash Escrow 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 the
Plan and the Criteria.
Upon acceptance by the City of the initial installation of the erosion control measures and
improvements required by the Plan and the Criteria, the Cash Escrow shall be reduced to
twenty-five percent (25 %) of the actual cost of such measures. The balance of the Cash Escrow
shall be held by the City to guarantee the continued maintenance and replacement of such
measures for a period not to exceed two (2) years from the date of installation of the erosion
control measures. Upon the expiration of said two (2) year period, or the date of certification
by the City that the required measures have been fully completed and maintained in accordance
with the Plan, whichever occurs first, the balance of the Cash Escrow shall be refunded to the
Developer and the right of access granted to the City under this Memorandum of Understanding
shall be of no further force and effect. Until such time, the rights of the parties under this
Memorandum of Understanding shall run with the Subdivision and be binding upon any
subsequent owner thereof, as well as any assignee in interest of the Developer.
Dated this ZZ day of 1995.
DEVELOPER:
VICT R F. BOGAARD, III
THE CITY OF FORT COLLINS,
COLORADO, a municipal corporation
By: y , ��—
Glen Schlueter,
Development Review Manager