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HomeMy WebLinkAbout049 - 04/17/2001 - ADOPTING A DEVELOPMENT AGREEMENT EXTENDING THE TERM OF VESTED PROPERTY RIGHTS FOR HEWLETT-PACKARD AT ORDINANCE NO. 49, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS ADOPTING A DEVELOPMENT AGREEMENT EXTENDING THE TERM OF VESTED PROPERTY RIGHTS FOR HEWLETT-PACKARD AT THE HARMONY TECHNOLOGICAL PARK FINAL PLAN FROM THREE YEARS TO FIFTEEN YEARS WHEREAS, Section 2.2.11(D)(3) of the Land Use Code establishes a three-year term of vested property right for approved final development plans and also authorizes the City Council to adopt a development agreement extending the term of vested property'right provided by such development agreement be adopted by ordinance of the Council as a legislative act subject to referendum and provided that the subject development constitutes a "large-base industry"; and WHEREAS, the Hewlett-Packard Corporation desires to obtain a 15-year term of vested property right for its Harmony Technological Park Campus,which features six buildings containing 750,000 square feet of floor area to be constructed over a time frame that exceeds three years; and WHEREAS, the Hewlett-Packard Corporation qualifies as a "large-base industry" as that term is defined in Section 5.1.2 of the Land Use Code; and WHEREAS, due to the size and complexity of the Hewlett-Packard at Harmony Technological Park Plan,the Council has determined that, if such development plan is approved by the City,it would be in the best interests of the City that said plan be granted a 15-year term of vested property right. NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that, pursuant to Section 2.2.11(D)(3) of the Land Use Code, the Hewlett-Packard at Harmony Technological Park Final Plan, if approved by the City, shall be granted a 15-year term of vested property right for development in accordance with the approved final development plan documents and in accordance with the Development Agreement Regarding Vested Rights,attached hereto and incorporated herein as Exhibit "A". Introduced and considered favorably on first reading and ordered published this 20th day of March, A.D. 2001, and to be presented for final passage on the 17th day of April, A.D. 2001. Mayor ATTEST: City Clerk Passed and adopted on final reading this 17th day of April, A.D. 2001. M yor ATTEST: LL� City Clerk EXHIBIT "A" DEVELOPMENT AGREEMENT REGARDING VESTED RIGHTS THIS DEVELOPMENT AGREEMENT REGARDING VESTED RIGHTS (this "Agreement") is entered into as of the day of 2001, by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation (the "City"), and HEWLETT-PACKARD COMPANY, a Delaware corporation (the "Company"). RECITALS WHEREAS, the Company owns certain property in the City, Larimer County, Colorado, as more specifically described in Exhibit A attached hereto and by this reference incorporated herein and labeled "Harmony Technology Park" (the "Property"); WHEREAS, the Company has annexed the Property to the City; WHEREAS, the Company intends to develop the Property and create a site specific development plan for the Property; WHEREAS, the site specific development plan contemplates that the development of the Property shall take at least fifteen (15) years; WHEREAS, the Company desires that the term of its vested right in the Property be fifteen (15) years; and WHEREAS, development of the Property will produce substantial economic benefits for the City in the form of increased property, use and sales taxes and new jobs and other economic development, all of which promote the general welfare of the citizens of the City and others. NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties agree as follows: AGREEMENT 1. Consent. The Company hereby intends to develop the Property subject to the terms and conditions of its site specific development plan and the terms and conditions of this Agreement and any subsequent development agreements executed by the parties. In the event the City enters into this Agreement prior to approval of the site specific development plan by the City Council of the City, the parties agree that the binding effect of this Agreement is expressly conditioned upon such approval by the City Council. 2. Vested Rights. Pursuant to Section 2.2.11 of the Fort Collins Land Use Code and applicable Colorado law, including C.R.S. 24-68-101, et seq., the parties agree that the Company shall have fifteen (15) years (the "Term of the Vested Property Right") following the approval of the Company's final plan or other site specific development plan to (i) undertake and complete the development and use of the Property under the terms and conditions of the final approved site specific development plan and site development agreement and (ii) install and complete all engineering improvements (water, sewer, streets, curb, gutter, street lights, fire hydrants, landscaping and storm drainage) in accordance with City codes, rules and regulations, and the City will not forfeit the Company's vested rights in the Property within the Term of the Vested Property Right. The running of the Term of the Vested Property Right shall be tolled during the pendency of any appeal, referendum, initiative or judicial action that is filed that would, if successful, prevent the development of the Property. Nothing herein shall be construed to prohibit the City from applying to the development of the Property such ordinances or regulations as may exist at the time of development that are general in nature and are applicable to all property subject to land use regulation by the City, as permitted under § 24-68-105(2), C.R.S. 3. Appeal, Referendum, Initiative and Judicial Action. If any appeal, referendum, initiative or judicial action is filed that would, if successful, have the effect of preventing the development of the Property, the Company may delay commencement of or actual construction of the public improvements, including the letting of bids and including the provision of temporary electric service, until such referendum, initiative or judicial action is finally resolved unless the City agrees to fully reimburse the Company for the cost of the public improvements in the event that the referendum, initiative or judicial action prevents the development of the Property. The City shall, to the extent allowed by applicable laws and the Charter of the City, cooperate in the defense of the Company, at the Company's expense, with regards to any referendum, initiative and judicial action that would, if successful, have the effect of preventing the development of the Property. 4. Incorporation. The terms and conditions of this Agreement shall be deemed to be incorporated into the site-specific development plan, when approved by the City. 5. Integration and Amendment. This Agreement represents the entire Agreement between the parties with respect to the Property and supersedes all prior written or oral agreements or understandings with regard to the obligations of the parties with regard to the Property. This Agreement may only be amended by written agreement signed by the Company and the City. Only the City Council, as a representative of the City, shall have authority to amend this Agreement. 6. Remedies. In the event that a party breaches its obligations under this Agreement, the injured party shall be entitled to monetary damages, equitable relief, including specific performance, and such other remedies at law or in equity as may be available under applicable law. In the event of litigation relating to or arising out of this Agreement, the prevailing party, whether plaintiff or defendant, shall be entitled to, recover costs and reasonable attorneys' fees. 7. Effective Date. This Agreement shall become effective on the date that it is executed and delivered and has been approved by the City Council. If the City does not approve the site specific development plan for the Property, this Agreement shall become null and void and of no force or effect whatsoever. If the City does not approve the site specific development plan for Property, neither party will be liable to the other for any costs that the other party has incurred in the negotiation of this Agreement or in any other matter related to the potential development of the Property. 8. Severability. Should any court of competent jurisdiction rule that any term, condition or provision of this Agreement is illegal or otherwise unenforceable, it is the intent of the parties that the remainder of the Agreement continue to be fully enforceable and that all other rights and obligations of the parties shall continue to be fully effective. 9. Binding Effect and Recordation. The promises made in this Agreement by the Company shall be deemed to have been made by any corporation or other business affiliated with the Company that acquires ownership or possession of all or any portion of the Property. The parties agree to execute a memorandum of this Agreement that the Company shall prepare and record with the Clerk and Recorder for Larimer County, Colorado. It is the intent of the parties that their respective rights and obligations set forth in this Agreement shall constitute equitable servitudes that run with the land and shall benefit and burden any successors to the parties. The site specific development plan for the Property shall contain a note that it is subject to this Agreement and shall recite the book and page or reception number where the memorandum of this Agreement is recorded. The site specific development plan shall recite that all lienholders, if any, agree to the terms and conditions of this Agreement and subordinate their interests to this Agreement. The Company agrees to all promises made by the Company which shall constitute equitable servitudes that run with the land, but the shareholders, officers, representatives and agents of the Company shall have no personally liability for such promises. IN WITNESS WHEREOF, the parties have caused this Development Agreement Regarding Vesting Rights to be executed as of the date first written above. HEWLETT-PACKARD COMPANY, a Delaware corporation By: Its: ATTEST: THE CITY OF FORT COLLINS, COLORADO By: City Clerk By: Mayor STATE OF COLORADO ) ss. COUNTY OF LARIMER ) The foregoing Development Agreement Regarding Vested Rights was executed before me this _ day of , 2001, by , as of HEWLETT-PACKARD COMPANY, a Delaware corporation. WITNESS my hand and official seal. My commission expires Notary Public STATE OF COLORADO ) ss. COUNTY OF LARIMER ) The foregoing Development Agreement was executed before me this day of 2001, by Ray Martinez, as Mayor, and by as City Clerk, of the CITY OF FORT COLLINS, COLORADO, a municipal corporation. WITNESS my hand and official seal. My commission expires Notary Public EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY \Clients\iP\Harmony Tech Park\Development Agmt Vested Rights#3 031201.doc