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HomeMy WebLinkAbout034 - 04/06/2010 - ADOPTING A DEVELOPMENT AGREEMENT EXTENDING THE TERM OF VESTED PROPERTY RIGHTS FOR RIGDEN FARMS, LLC ORDINANCE NO. 034, 2010 OF THE COUNCIL OF THE CITY OF FORT COLLINS ADOPTING A DEVELOPMENT AGREEMENT EXTENDING THE TERM OF VESTED PROPERTY RIGHTS FOR RIGDEN FARMS, LLC AND RIGDEN DEVELOPMENT, LLC FOR PHASES II AND III OF RIGDEN FARM FILING SIX FINAL PLAN FOR TEN 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 that such development agreement is adopted by ordinance of the Council as a legislative act subject to referendum and provided that the City Council determines that it will likely take more than three years to complete all engineering improvements for the development, and only if warranted in light of all relevant circumstances, including but not limited to,the size and phasing of the development, economic cycles, and market conditions; and WHEREAS,Section 24-68-104 ofthe Colorado Revised Statutes also provides that any such development agreement extending the term of vested property rights shall be adopted as a legislative act by ordinance of the City Council; and WHEREAS,Rigden Farms,LLC,Rigden Development,LLC,(hereafter collectively referred to as "Rigden") have filed suit against the City in connection with a dispute involving the development of Rigden Farm Filing Six, and the entire Rigden Farm development in general; and WHEREAS, Rigden and the City have attempted to resolve their differences through mediation and have tentatively reached an agreement, which agreement is contingent upon City Council approval of a ten-year extension of a vested right for certain phases of the Rigden Farm development, which would give Rigden until April 30,2020 to develop and/or market the property; and WHEREAS, the City Council finds that it will likely take more than the ordinary vesting period to complete all engineering improvements for the development and that in light of all relevant circumstances, including but not limited to, the size and phasing of the development, economic cycles,and market conditions in extremely recessionary times,it is appropriate that the Rigden Farm Filing Six be vested for a period of ten years from the effective date of a development agreement extending the term of vested property right; and WHEREAS, the City Council has determined that the extension of the term of vested property right for a period of ten years from the effective date of such development agreement is in the best interests of the City. 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, Phases II and III of the Rigden Farm Filing Six Final Plan shall be granted a ten-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, considered favorably on first reading, and ordered published this 16th day of March, A.D. 2010, and to be presented for final passage on the ay of April, A.D. 20 Mayor ATTEST: ilk A l wbta ` City Clerk Passed and adopted on final reading on the 6th day of April?A.D. 2010. Mayor AT -City Clerk EXHIBIT "A" DEVELOPMENT AGREEMENT REGARDING VESTED RIGHTS THIS DEVELOPMENT AGREEMENT REGARDING VESTED RIGHTS (the "Agreement") is entered into as of the day of , 2010, by and between the CITY OF FORT COLLINS, COLORADO, a municipal corporation (the "City") and RIGDEN FARMS, LLC, a Colorado limited liability company and RIGDEN DEVELOPMENT, LLC, a Colorado liability company (the later two entities referred to hereafter collectively as "Rigden"). RECITALS WHEREAS, Rigden owns certain property in the City which property is more specifically described as "Rigden Farm, Filing Six, Phases II and III" in the City of Fort Collins, Larimer County, Colorado, the plat of which is recorded at Reception No. 20040051421 of the Larimer County, Colorado Records (the "Property"); and WHEREAS, the Property has been annexed into the City; and WHEREAS, Rigden has heretofore obtained the approval of a Final Plan for Rigden Farm Filing Six, Phases II and III, which Final Plan expired in accordance with its then existing vested right in 2007; and 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 that such development agreement be adopted by ordinance of the Council as a legislative act subject to referendum and provided that the City Council determines that it will likely take more than three years to complete all engineering improvements for the development, and only if warranted in light of all relevant circumstances, including but not limited to, the size and phasing of the development, economic cycles, and market conditions; and WHEREAS, Section 24-68-104 of the Colorado Revised Statutes also provides- that any such development agreement extending the term of vested property rights shall be adopted as a legislative act by ordinance of the City Council; and WHEREAS, a dispute has arisen between Rigden Farms, LLC, Rigden Development, LLC, (hereafter collectively referred to as "Rigden") and the City regarding the development of Rigden Farm Filing Six, in particular and the entire Rigden Farm development in general; and WHEREAS, Rigden and the City sought to resolve their differences through mediation; and Eckman/agreements/2010/vested rights-rigden 1 WHEREAS, during the mediation, one of the elements of settlement that became important to Rigden was the establishment of a vested right to run for a period of ten years from the effective date of a development agreement extending the term of vested right which would give Rigden until April 30, 2020, to develop and/or market the Property; and WHEREAS, the City Council found in Ordinance No. , 2010, that it will likely take more than the ordinary vesting period to complete all engineering improvements for the development and that in light of all relevant circumstances, including but not limited to, the size and phasing of the development, economic cycles, and market conditions in extremely recessionary times, and that it is appropriate that the Rigden Farm Filing Six be vested for such period of ten years. NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties agree as follows: AGREEMENT 1. Consent. Rigden promises that it 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. 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 Rigden shall have until April 30, 2020, (the "Term of the Vested Property Right") to (i) undertake and complete the development and use of the Property under the terms and conditions of the approved site specific development plan and site development agreements, and (ii) install and complete all engineering improvements (water, sewer, streets, curb, gutter, street lights, fire hydrants, landscaping and storm drainage) in accordance with the engineering drawings heretofore approved by the City, and the City will not forfeit Rigden's vested rights in the Property within the Term of the Vested Property Right. 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. Amendment. This Agreement may only be amended by written agreement signed by Rigden and the City. Only the City Council, as a representative of the City, shall have the authority to amend this Agreement. 4. Binding Effect and Recordation. This Agreement shall be binding upon the parties, their representatives, successors, agents and assigns and shall be construed as having been prepared by both parties hereto. This Agreement shall be recorded by the City with the Larimer County Clerk and Recorder and all rights and obligations set forth Eckman/agreements/20I O/vested rights-rigden 2 in this Agreement shall constitute equitable servitude that runs with the land and shall benefit and burden any successors to the parties. IN WITNESS WHEREOF, the parties have caused this Development Agreement Regarding Vesting Rights to be executed as of the date first written above. RIGDEN FARMS, LLC A Colorado limited liability company By: Sierra Resources Corp., Manager By: David J. Pietenpol, its President Date: 1 By: Wolverine Management Group, Inc. Manager By: Fred L. Croci, its President Date: STATE OF COLORADO ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me this day of 2010, by David J. Pietenpol and Fred L. Croci. Notary Public My Commission Expires: RIGDEN DEVELOPMENT , LLC A Colorado limited liability company By: Sierra Resources Corp., Manager By: David J. Pietenpol, its President Date: By: Wolverine Management Group, Inc. Manager By: Fred L. Croci, its President Date: Eckman/agreements/2010/vested rights-rigden 3 STATE OF COLORADO ) ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me this day of 2010, by David Pietenpol and Fred Croci. Notary Public My Commission Expires: CITY OF FORT COLLINS, COLORADO, a home-rule municipality By: Darin Atteberry, City Manager Date: ATTEST: Wanda Krajicek, City Clerk APPROVED AS TO FORM: W. Paul Eckman, Deputy City Attorney STATE OF COLORADO ) ) ss. COUNTY OF LARIMER ) The foregoing instrument was acknowledged before me this day of 2010, by Darin Atteberry. Notary Public My.Commission Expires: Eckman/agreements/2010/vested rights-rigden 4