HomeMy WebLinkAbout1993-161-10/19/1993-DOWNTOWN DEVELOPMENT AUTH IGA IMPLEMENTATION AGREEMENT OLD TOWN LLC OLD TOWN PLAZA OLD TOWN PROJECT RESOLUTION 93-161
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AN INTERGOVERNMENTAL AGREEMENT AMONG
THE CITY OF FORT COLLINS, THE DOWNTOWN DEVELOPMENT AUTHORITY AND
THE FORT COLLINS OLD TOWN LIMITED LIABILITY COMPANY REGARDING
THE MAINTENANCE AND MANAGEMENT OF OLD TOWN PLAZA AND THE
TAX INCREMENT REVENUES GENERATED BY THE OLD TOWN PROJECT
WHEREAS, on July 5, 1983, the Fort Collins Downtown Development Authority
("the DDA") entered into an Implementation Agreement ("the Agreement") with the
owners of certain real property located in Old Town Square, which agreement dealt
with the development of The Old Town Project (the "Project") ;
WHEREAS, the City issued tax increment bonds to finance certain public
improvements in connection with the development of the Project and pledged City
sales tax revenues to guarantee the repayment of such bonds; and
WHEREAS, the Implementation Agreement required, among other things, that
the then current owners of the Old Town properties certify to the Larimer County
Assessor a particular assessed valuation for their properties, in order to
establish an on-going assessed valuation of the Old Town Square which would
generate sufficient monies for the City to pay the bonds which had been issued
to finance the Project; and
WHEREAS, a dispute has arisen between the DDA and the current owners of the
private parcels of property in Old Town Square as to the parties' obligations
under the Implementation Agreement; and
WHEREAS, the City is potentially affected by the provisions of the
Implementation Agreement and the enforcement thereof, because of the City's
ongoing obligation to retire the aforementioned bonds in the event that property
tax revenues generated from the Project prove to be insufficient for that
purpose; and
WHEREAS, it is in the best interest of all of the affected parties to enter
into a new agreement regarding the tax increment revenues to be generated by the
Project and other issues relating to the management and maintenance of the
Project; and
WHEREAS, the parties have negotiated such an Agreement, a draft of which
is attached hereto as Exhibit "A" and incorporated herein by this reference.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the Mayor be, and hereby is, authorized to execute an agreement among the
City, the DDA and the Fort Collins Old Town Limited Liability Company upon
substantially the same terms and conditions as are contained in Exhibit "A," with
such changes in form or substance as may be deemed necessary by the City Manager
and City Attorney in order to protect the interests of the City and effectuate
the purposes of the Agreement.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 19th day of October, A.D. 1993.
s
ayor
ATTEST;
City Clerk
Exhibit A
DRAFT
AGREEMENT
This Agreement is made and entered into this day of
, 1993, by and among The Fort Collins Downtown
Development Authority, a body corporate and politic established
pursuant to Title 31, Article 25, Part 8 of the 1973 Colorado
Revised Statutes, as amended, having its principal offices at One
West Art Center, 201 S. College Avenue, Fort Collins, Colorado
80524 (the "DDA") , the City of Fort Collins, Colorado, a municipal
corporation, having its principal offices at 300 Laporte Avenue,
Fort Collins, Colorado 80521 (the "City") , and Fort Collins Old
Town Limited Liability Company, a Colorado limited liability
company, having its principal offices at 1405 S. College Avenue,
Fort Collins, Colorado 80524 (the "Owner") .
WITNESSETH:
WHEREAS, the Owner is the owner of certain real property
located in Old Town Square in The City of Fort Collins, Larimer
County, Colorado, more particularly described on Exhibit A attached
hereto and by this reference incorporated herein (the "Private
Parcel") ; and
WHEREAS, the DDA is the owner of certain real property also
located in Old Town Square in The City of Fort Collins, Larimer
County, Colorado, more particularly described on Exhibit B attached
hereto and by this reference incorporated herein (the "Old Town
Plaza") ; and
WHEREAS, the City is the owner of certain rights-of-way
adjacent to and abutting both the Private Parcel and the Old Town
Plaza; the various ownership interests of the parties being
depicted on Exhibit C attached hereto and by this reference
incorporated herein; and
WHEREAS, on July 5, 1983 the DDA and Old Town Associates Ltd. ,
the Owner's predecessor in title (the "Previous Owner") , entered
into an agreement placed of record August 9 , 1991 with the Clerk
and Recorder of Larimer County at Reception No. 91037453 (the
"Implementation Agreement") for the development of Old Town Square
on the Private Parcel and the Old Town Plaza (together referred to
as the "Project") which sets forth the duties and responsibilities
of each party in connection with the Project; and
WHEREAS, the City issued tax increment bonds to finance
certain public improvements in connection with development of the
Project and pledged City sales tax revenues to guarantee repayment
of such bonds; and
WHEREAS, the Implementation Agreement required the Previous
Owner to certify to the Larimer County Assessor that the completed
Project added value of not less than $8, 105,848. 00 to the Private
Parcel in order to establish an assessed valuation of the Private
Parcel which would generate sufficient monies for the City to pay
bonds issued to finance the Project; and
WHEREAS, the Private Parcel was initially valued at
$8,600,000.00 by the Larimer County Treasurer, which generated an
actual annual tax increment sufficient to pay tax increment bonds
used to finance certain public improvements benefitting the
Project; and
WHEREAS, the valuation of the Private Parcel, for tax
assessment purposes, was thereafter reduced to $4, 472 , 586. 00 by the
Larimer County Treasurer, resulting in a corresponding reduction of
annual tax increment from the Project; and
WHEREAS, in 1991, the Owner filed, and later withdrew after
objections by the DDA and the City, an appeal of the $4 , 472 , 586. 00
valuation of the Private Parcel, seeking to have the assessed
valuation further reduced, which would have resulted in a
corresponding reduction in annual tax increment from the Private
Parcel; and
WHEREAS, it is the DDA's position that the Implementation
Agreement, which incorporates by reference an earlier agreement
executed by the DDA and the Previous Owner on March 24 , 1983 ,
contemplated that the owner of the Private Parcel would annually
certify to the Larimer County Treasurer a value for the Project of
not less than $8, 105, 848 . 00 until such time as the tax increment
bonds issued to finance the Project were paid in full in order to
ensure sufficient revenues were available to the City to pay such
bonds and, further, that the Implementation Agreement includes
other provisions which are binding on the Owner; and
WHEREAS, the Owner has disputed the DDA's position regarding
the Implementation Agreement and continues to assert its right to
request further reductions in assessed valuation of the Private
Parcel below its present valuation of $4 , 472 , 586. 00; and
WHEREAS, the parties realize that it is necessary to have
sufficient tax increment monies to pay the bonds issued for the
Project in order for the DDA and the City to be able to continue to
support the Project; and
WHEREAS, the Project serves an important public purpose by
contributing to the economic and aesthetic viability of downtown
Fort Collins; and
WHEREAS, the parties desire to enter into a new agreement
which sets forth the continuing rights and obligations of the
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parties in connection with the Project and which establishes a
payment in lieu of taxes by the Owner in the event that the City
and DDA do not receive the specified minimum tax increment from the
Private Parcel -for a five (5) year period.
NOW, THEREFORE, by and in consideration of the above premises
and the within terms and conditions, the parties hereto agree as
follows:
1. 0 SUPERSEDE IMPLEMENTATION AGREEMENT
This Agreement shall supersede any and all provisions of the
Implementation Agreement, provided that nothing herein shall be
deemed to have any effect on the Declaration of Covenants,
Conditions, Restrictions and Easements for the Old Town Project,
filed of record with the Clerk and Recorder of Larimer County,
Colorado on March 20, 1984 at Book 2264 , Page 0116, Reception No.
556240 (the "Declaration") , which shall remain in full force and
effect and continue to bind the properties described on Exhibits A
and B.
2 . 0 TAX INCREMENT
2 . 1 The requirements of the following subparagraphs of this
paragraph 2 . 0 shall be effective for a five (5) -year tax period,
commencing with tax year 1992 (payable in 1993) and continuing
through tax year 1997 (payable in 1998) .
2. 2 Upon execution of this Agreement, the DDA, the City and
the Owner shall certify in writing to the Larimer County Treasurer
a valuation of the Private Parcel of $4 , 472 , 586. 00 for tax year
1993 and to thereafter so certify the same valuation of the Private
Parcel no later than February 1 following each such tax year
through 1997 .
2 . 3 The valuation of the Private Parcel for tax assessment
purposes for tax year 1991 generated a tax increment of $115, 667 . 00
(the "Anticipated Annual Tax Increment") . In the event that real
property taxes assessed against the Private Parcel are reduced for
any reason whatsoever, which reduction causes the annual tax
increment generated by the Private Parcel to fall below the
Anticipated Annual Tax Increment of $115, 667 . 00 for any tax year
between 1992 and 1997, the Owner shall make a payment in lieu of
taxes directly to the City in each year in which such shortfall
occurs in an amount equal to the difference between the Anticipated
Annual Tax Increment of $115, 667 . 00 and the actual annual tax
increment received in the particular year on account of the Private
Parcel. Such sums shall be paid no later than September 1 in each
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year in which such a shortfall exists and, upon payment, shall be
deposited into the DDA Tax Increment Fund of the City.
2 .4 For the five (5) -year tax period specified herein, the
Owner shall not seek any reduction in assessed valuation of the
Private Parcel, either by way of appeal or abatement, which would
generate less than $115, 667 . 00 in annual actual tax increment. The
Owner, for itself, its successors and assigns, further agrees not
to seek state or local property tax exemption status for the
Private Parcel during such period.
2 .5 The Owner shall not file any request for abatement of
property taxes assessed against the Private Parcel for any tax year
prior to 1992 .
2 . 6 The Owner expressly agrees that it and its successors and
assigns shall be estopped from asserting that any provision of this
paragraph 2 . 0 is void, voidable or in any way legally
unenforceable.
3. 0 MAINTENANCE AND MANAGEMENT OF PUBLIC IMPROVEMENTS
3 . 1 Except as otherwise provided in this paragraph 3 . 0, the
Owner, its successors and assigns, shall be obligated to provide
for the maintenance, repair and replacement of all improvements
located in the Old Town Plaza. The Owner shall further be
obligated to provide for the routine maintenance of those portions
of the Mountain Avenue, Walnut Street and Linden Street rights-of-
way adjacent to the Old Town Plaza (the "Rights-of-Way") and the
permanent fixtures thereon, provided that in the event the City
issues a vending permit or a concessionaire's license for a use in
the Rights-of-Way, then the City shall require as a condition of
such permit or license that such user shall keep the area covered
by the permit or license in a clean and neat condition, free of
litter, food spills and rubbish. The Owner's maintenance and
repair obligation shall be limited to physical premises maintenance
and repair and shall not cover police, fire or other normal
municipal services provided by the City.
3 . 2 As a part of its normal maintenance program for public
areas and subject to annual appropriation, the City shall provide
all snow removal services for the Old Town Plaza and the Rights-of-
Way. The City shall further annually provide all flowers and other
ornamental plants for the planters and planting areas now located
on the Old Town Plaza and in the Rights-of-Way. The obligation of
the City to supply plants shall specifically not include any
obligation to perform any labor associated with planting such
flowers and other ornamental plants. The level of snow removal
services and the quantity, quality and type of plants shall be that
normally and customarily provided by the City in its maintenance
program.
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3 . 3 The City shall be responsible for necessary repair and
replacement (as opposed to routine maintenance) of the surfaced
areas of the Rights-of-Way and those permanent fixtures within
the Rights-of-Way as depicted on Exhibit C. This obligation shall
specifically not include an obligation to repair or replace any
planters, benches or similar improvements which may be located in
such areas but do not have a permanent foundation. The
determination of whether repair or replacement to the surfaced
areas of the Rights-of-Way and any permanent fixtures thereon is
needed and the type and manner of such repair or replacement shall
be in the sole determination of the City, subject to the
requirement that any repairs or replacements be generally
consistent with the design of similar improvements in such Rights-
of-Way and on the Old Town Plaza. Nothing in this subparagraph
3 .3 shall be construed to relieve the Owner of its continuing
obligation to provide for such maintenance, repair and replacement
on the Old Town Plaza and the Rights-of-Way as required by
subparagraph 3 . 1 hereof (other than the snow removal and plantings
to be provided by the City as described above) .
3 . 4 In the event that the City fails in any given year to
appropriate monies for the above-described services, the Owner
shall have no obligation in that year to make a payment in lieu of
taxes if one is required pursuant to paragraph 2 . 3 of this
Agreement. Notwithstanding the foregoing provision, once an annual
appropriation for such items has been made, the Owner shall be
obligated to fully perform in accordance with the terms and
conditions of this Agreement. Specifically, Owner's disagreement
with the level of service provided by the City shall not relieve it
from its obligation to so perform.
3 . 5 Concurrently with the execution of this Agreement, the
parties intend to execute a Memorandum of Understanding defining
various public and private uses of Old Town Plaza and the
maintenance obligations of the parties flowing from such uses.
Upon the execution of such memorandum, the provisions therein
pertaining to maintenance obligations arising from the specified
uses shall be controlling.
4. 0 INSURANCE
4 . 1 Insurance. Through December 31, 2006, the Owner, its
successors and assigns, shall, during their ownership of the
Private Parcel, purchase, at their sole cost and expense, and
continuously maintain in effect, insurance against such risk, both
generally and specifically, with respect to improvements on the
Private Parcel (the "Private Improvements") as are customarily
insured against in developments of like size and character,
including, but not limited to:
(a) Casualty Insurance. Casualty insurance
insuring the Private Improvements to their full
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replacement value against any loss or damage, including,
but not limited to, damage by fire, lightning, wind
storm, hail, explosion, collapse, vandalism, smoke damage
and such other risks as are from time to time included in
standard All Risk Coverage Endorsements in the State of
Colorado. The minimum amount of Owner's coverage of the
premises comprising the Private Improvements shall be the
insurable value of the Private Improvements as determined
by the replacement cost approach without allowance for
depreciation.
(b) Boiler and Pressure Vessel Insurance. Boiler
and Pressure Vessel Insurance in an amount sufficient to
protect the Private Improvements.
(c) Comprehensive General Liability Insurance.
Comprehensive General Liability Insurance, including
Blanket Contractual Liability Insurance and Comprehensive
Automobile Insurance against liability for personal
injury, including death resulting from injuries occurring
on or in any way related to the Private Improvements in
a minimum amount of $3 , 000, 000. 00 per occurrence and
against liability for damage to property occurring on or
in or relating in any way due to the Private Improvements
in the minimum amount of $3 , 000, 000. 00 per occurrence.
(d) Physical Damage Insurance. Physical Damage
Insurance insuring the full fair-market value of the
Private Improvements.
4 .2 Insurance Requirements. Such insurance coverage may
consist of a combination of primary and umbrella policies with
deductibles of no greater than $50, 000 . 00 . Each policy obtained
pursuant to this section as outlined above shall name the DDA and
the City as additional insureds as their interests may appear. The
insurance coverage to be provided by owner shall also be extended
to cover the indemnities provided for in paragraph 5. 0 hereof.
All insurance policies required under this section shall
be taken out and maintained with generally recognized responsible
insurance companies authorized to do business in the State of
Colorado and to assume the respective risks undertaken. Such
policies of insurance may be written without deductible amounts and
with the exceptions and exclusions comparable in similar policies
carried by other companies similarly situated. Each such policy of
insurance shall contain a provision that each insurer shall give
the DDA at least thirty (30) days prior written notice of
cancellation, non-renewal or material change in the policy. In the
event of the proposed cancellation, non-renewal or material change
in such policy by an insurance company, the Owner shall secure
adequate replacement insurance policies prior to the effective date
of such cancellation, non-renewal or material change. If the
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Private Improvements, or any portion thereof, shall be damaged or
partially or totally destroyed for a period from the date of
execution of this Agreement through December 31, 2006, the Owner
shall promptly repair, rebuild and restore that which it owns and
which has been damaged or destroyed in a manner substantially
consistent with the final plans and specifications for the original
structures, subject to the inability to restore historic
structures. Upon the happening of such event, the Owner shall
promptly give written notice thereof to the DDA. Proceeds from
insurance policies resulting from claims for such losses shall be
deposited in a trust account approved by the DDA to be held for the
sole purpose of paying the cost of such repair or rebuilding or
restoration. If said net proceeds are insufficient to pay in full
the cost of such repair, rebuilding or restoration, it shall be the
responsibility of the Owner to complete the work thereof and
provide for payment of the portion of the cost thereof which is in
excess of the amount of said proceeds; provided, however, that
following the DDA's recapture of the Project costs, such net
proceeds shall be utilized at the Owner's discretion.
The Owner, for itself, its successors and assigns, to the
extent permitted by its respective All Risk Fire Insurance
policies, hereby waives all rights of recovery and causes of action
as against the DDA or any of its officers, agents, employees,
invitees and guests, for any damage to the Private Improvements,
except when such waiver is not permitted under Colorado law. The
Owner further agrees that its policies of All Risk Fire Insurance
covering the Private Improvements shall provide for waivers of
subrogation against the DDA, its officers, agents and employees and
all others claiming by, through or under or unless such a provision
is prohibited at the time by the State of Colorado.
If the Owner shall sell all or any part of the Private
Improvements, for a period from the date of execution of this
Agreement through December 31, 2006, the conveyance instrument
shall require, as a condition, that the subsequent owner shall
maintain similar insurance throughout said same period of time.
In the case of a taking resulting from the exercise of
the power of Eminent Domain ("Taking") (other than for temporary
use) of the entire Private Improvements, this Agreement shall
terminate as of the date on which such Taking shall be effective.
In the case of a Taking (other than for temporary use) of such
substantial part of the Private Improvements as shall have the
result that the portion of the Private Improvements remaining after
such Taking (even if restoration were made) will be unsuitable for
the prior use, this Agreement may be terminated by written notice
given to the DDA within ten (10) days after such Taking. Any
Taking of the Private Improvements of the character referred to
herein which results in the termination of this Agreement is
referred to as a "Total Taking" .
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In the event of a Taking of a portion of the Private
Improvements which is not a Total Taking, then and in that event:
(a) This Agreement shall remain in full
force and effect as to the portion of the
Private Improvements remaining immediately
after such Taking, except that any payments
payable hereunder shall be reduced in the same
proportion that the square footage of the
Private Improvements has been reduced on
account of such Taking and the certification
of valuation required hereunder shall also be
proportionally reduced in the same manner; and
(b) Utilizing the award for such Taking,
the Owner shall restore, or cause the
restoration of, the remainder of the Private
Improvements in a good and workmanlike manner
as nearly as practicable to its condition and
character immediately prior to such Taking,
except for any reduction in area caused
thereby, provided that, in the case of a
Taking for temporary use, the parties shall
not be required to effect such restoration
until such Taking is terminated.
Awards and other payments on account of a Taking shall be
applied as follows:
(a) Awards and payments received on
account of a Taking, other than (i) a Taking
for temporary use or (ii) a Total Taking,
shall be paid to the trust account hereinabove
provided for and thereafter applied to pay the
cost of restoration of the remaining portion
of the Private Improvements.
(b) Awards and payments received on
account of a Taking for temporary use shall be
paid to the Owner and applied in its sole
discretion.
(c) Awards and payments received on
account of a Total Taking shall be paid to the
Owner and applied in its sole discretion.
5.0 INDEMNIFICATION
The Owner, its successors and assigns, agree to indemnify,
save harmless and defend the DDA and the City, their officers,
agents and employees from any and all liability, suits, actions,
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claims, demands, losses, costs, damages and expenses of every kind
and description for claims of any character, including liability
and expenses in connection with the loss of life, personal injury
or damage to property, or any of them, brought because of any
injuries or damages received or sustained by any person, persons or
property on account of or arising out of the operation of the
Private Parcel occasioned wholly or in part by any act or omission
on the Owner's part or on the part of its tenants, agents,
contractors, invitees or employees or at any time occurring on, at
or in that portion of the Project comprising the Private Parcel.
This requirement shall apply with equal force to work performed by
the Owner, an architect, contractors or any subcontractors or any
other party directly or indirectly employed by or retained by the
Owner. Nothing herein shall be deemed to indemnify the DDA and the
City, their officers, agents or employees against their own acts or
failure to act.
6.0 OLD TOWN PLAZA MAINTENANCE DISTRICT
The Owner shall have the right to petition for the creation of
a special maintenance district to include the Old Town Plaza and
additional public improvements and such other extended boundaries
as may reasonably be included in such special maintenance district.
The DDA agrees to assist in the formation of such special
maintenance district and agrees to an assignment to and assumption
by said district of the maintenance and repair obligation provided
herein and in the Declaration.
7 . 0 TERM/EXTENSIONS
The term of this Agreement shall be for a period of twenty-
five (25) years, commencing upon execution hereof. This Agreement
shall be automatically renewed without notice for two (2)
successive ten (10) -year periods unless any party hereto shall give
written notice of non-renewal to the other parties at least six (6)
months prior to the expiration of the then-current term.
8. 0 COLORADO LAW
This Agreement shall be governed by, and its terms construed
under, the laws of the State of Colorado.
9. 0 NOTICES
All notices which may be given to parties hereunder shall be
in writing and shall be sent by registered or certified mail to the
addresses specified below:
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DDA: Downtown Development Authority
One West Art Center
201 S. College Avenue
Fort Collins, CO 80524
CITY: City of Fort Collins
P. O. Box 580
Fort Collins, CO 80522
OWNER: Fort Collins Old Town Limited Liability Company
1405 S. College Avenue
Fort Collins, CO 80524
10. 0 COUNTERPARTS
This Agreement may be executed in multiple counterparts, each
of which shall constitute an original, but all of which, taken
together, shall constitute one and the same document.
11. 0 BENEFIT, BINDING EFFECT, COVENANT
The property described on Exhibit A shall be held, sold and
conveyed subject to the terms, conditions, restrictions and
covenants of this Agreement which shall run with the land and which
shall be binding on and inure to the benefit of all parties having
any right, title or interest in the described property or any part
thereof and their heirs, successors and assigns.
12 . 0 REMEDIES
12 . 1 In General. In the event of any default in or breach of
this Agreement or any of its terms or conditions by either party
hereto or any successor in interest to such party, such party (or
successor) shall, upon written notice from the other, proceed
immediately to cure or remedy such default or breach, and, in any
event, shall cure any such default or breach within sixty (60) days
of receipt of such notice. In case such action is not taken or is
not diligently pursued or the default or breach cannot be cured or
remedied within the aforesaid time, the aggrieved party may
institute such proceedings as may be necessary or desirable, in its
opinion, to cure the default or breach, including, but not limited
to, proceedings to compel specific performance by the party in
default or breach of its obligations.
12 . 2 Other Rights and Remedies of DDA and City - No Waiver by
Delay. The DDA and the City shall each have the right to institute
such actions or proceedings as they may deem desirable for
effectuating the purposes of this Agreement, provided that any
delay by the DDA or the City in instituting or prosecuting any such
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actions or proceedings or otherwise asserting their rights under
this section shall not operate as a waiver of such rights or to
deprive them of or to limit such rights in any way (it being the
intent of this provision that the DDA and the City should not be
constrained so as to avoid the risk of being deprived of or limited
in the exercise of the remedy provided in this section because of
concepts of waiver, laches or otherwise, to exercise such remedy at
a time when they may still hope otherwise to resolve the problems
created by the default involved; nor shall any waiver in fact made
by the DDA or the City, with respect to any specific default by the
Owner under this section, be considered or treated as the waiver of
the rights of the DDA or the City, with respect to any other
defaults by the Owner under this section or with respect to the
particular default, except to the extent specifically waived in
writing.
12. 3 Rights and Remedies Cumulative. The rights and remedies
of the parties to this Agreement, whether provided by law or
provided by the Agreement, shall be cumulative, and the exercise by
any party of any one or more of such remedies shall not preclude
the exercise by it at the same or different times of any other such
remedies for the same event of default or breach by any other
party. No waiver made by either such party, with respect to the
performance or manner or time thereof or any obligation of any
other party or any condition to its own obligation under the
Agreement, shall be considered a waiver of any rights of the party
making the waiver or any other obligations of any other party.
13. 0 ATTORNEYS' FEES AND COSTS
In the event either party defaults in any of the covenants or
obligations in this Agreement, the defaulting party will pay all
reasonable expenses of enforcing this Agreement, including
reasonable attorneys' fees.
14 .0 SEVERABILITY
If any provision of this Agreement is held invalid, the
remainder of the Agreement shall not be affected thereby, and such
remainder would then continue to conform to the requirements of
applicable laws and the Plan of Development, except that, in the
event that any provision of paragraph 2 . 0 of this Agreement
relating to tax increment is held invalid, the parties hereto
expressly agree that the City's maintenance obligation for snow
removal and supplying of plants provided in paragraph 3 . 0 hereof
shall thereupon terminate, and the City shall thereafter have no
responsibility for such maintenance, it being specifically
acknowledged by the parties that the consideration for the
assumption by the City of such maintenance obligations was the
agreement by the Owner to make payments in lieu of taxes and to
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commit not to seek reassessment or abatement of taxes in accordance
with paragraph 3 . 0.
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date written above.
FORT COLLINS OLD TOWN LIMITED
LIABILITY COMPANY, a Colorado limited
liability company
By:
Brian T. Soukup, Managing Member
THE FORT COLLINS DOWNTOWN
DEVELOPMENT AUTHORITY, a body
corporate and politic
By:
Robert L. Steiner, Executive Director
CITY OF FORT COLLINS, COLORADO, a
municipal corporation
By:
Steven C. Burkett, City Manager
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