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HomeMy WebLinkAboutSUNRISE RIDGE - ANNEXATION & ZONING - 13-05 - CORRESPONDENCE - (5)Ted Shepard - RE: Fwd: Sunrise Ridge 'estion about Parcel F Willowbrook Page 3 Marc P. Virata, P.E. Civil Engineer II City of Fort Collins - Engineering Department Phone: (970) 221-6605 Fax: (970) 221-6378 mvirata(@fcgov.com >>> "Smith, Kelly Dean (OpenView Software)" <kelly.smith5(G)-hp.com> 04/06/2005 9:41:34 AM >>> Ted, We're currently negotiating with Village Homes to purchase Parcel F, Willow Brook, FTC (2001075030). Parcel F is a triangular 1/4-acre lot that's physically attached to our Sunrise Ridge property. Rock Creek Drive currently stops in front of this property. As part of their compensation, Village Homes is requiring us to take over their escrow with The City of Ft. Collins for the completion of Rock Creek Drive in front of the parcel. The escrow obligation in Subheading II (Special Conditions), Paragraph D.5.(A) of the August 13, 2001 development agreement is $16,149.90. Will a irrevocable Letter of Credit work for the escrow, or is cash required? Is this a fairly easy process to provide substitution for part of their development agreement? Part of the contract states that Sunrise Ridge will be able to use the Village Homes detention pond in the southwest corner of our property (I think it's Parcel G). Do you see any problems with this arrangement? Our plan is to make the detention pond a little bigger, and then landscape, etc., as required. Thanks in advance for your response. Hope all is well with you - Kelly Smith CC: Ted Shepard Ted Shepard_- RE: Fwd: Sunrise Ridge �stion about Parcel F. Willowbrook Homes' development and their platting of the property. In addition we will also have violated the provisions of the development agreement with Village Homes by not having the funds collected. Thanks, Marc >>> "Smith, Kelly Dean (OpenView Software)" <kellv.smith5(CDhp.com> 4/13/2005 9:49:34 AM >>> Marc, Please hear me out about the escrow money for the extension of Rock Creek Drive. It seems to me that the money has been escrowed so that i the property at 5101 Strauss Cabin Road (County Road 7) is developed, the new developer won't get stuck finishing a 100-foot section that is the responsibility of Village Homes. But, I own 5101 Strauss Cabin Road, and I'm trying to purchase Parcel F. It shouldn't be necessary to have an escrow to protect me against myself. I have a current annexation request, and a project called Sunrise Ridge. I'd like to make Parcel F part of the Sunrise Ridge project. I think the normal development process for Sunrise Ridge would then protect the city against a partial completion of Rock Creek Drive. You can ask Ted Shepard if you want more specific information about Sunrise Ridge. -----Original Message ----- From: Marc Virata fmailto:MVIRATA(a-fcgov.coml Sent: Tuesday, April 12, 2005 11:44 AM To: Smith, Kelly Dean (OpenView Software) Cc: Ted Shepard; MMcCallumOvillagehomes.com Subject: Re: Fwd: Sunrise Ridge - question about Parcel F Willowbrook Kelly, You had emailed Ted Shepard last week with regards to an escrow obligation that was specified on the development agreement for Willow Brook (Observatory Village). Per the DA, cash is required, a letter of credit will not satisfy this requirement. I do have a question or concern relating to the dollar amount. I have been unable to track thus far the agreed to dollar amount and whether such a dollar amount was received (I've copied Mark McCallum on this email to see if he may have some information on this.) The estimate that I have for our files prepared by TST Engineers (the consultant for Willow Brook) shows an estimate of $19,064.45 and I don't have information to indicate the dollar amount is for $16,149.90. Perhaps Mark has records to show otherwise, which would be helpful for all. Assuming a deposit was originally received it shouldn't be of any difficulty to substitute you providing the deposit in the same dollar amount. Thanks, Ted Shepard - RE: Fwd. Sunnse Ridge estion about Parcel F Willowbrook From: Marc Virata To: Kelly Dean (OpenView Software) Smith Date: 04/13/2005 4:12:26 PM Subject: RE: Fwd: Sunrise.Ridge - question about Parcel F Willowbrook Kelly, As you'll be purchasing the lot from Village Homes, you're a successor in interest who would then be subject to the obligations in the DA for Willow Brook, (which is why we have no issue with you providing the funds and releasing it from Village Homes as you're both "Developer" under the Willow Brook DA). The DA specifies that we will release the funds at the time the improvements are constructed (please see the quoted area below). When the parcel is platted under Sunset Ridge, it is still subject to the Willow Brook DA. We won't be in support of releasing any funds until the road is physically constructed, having the tract replated without the road constructed will unfortunately not suffice. Let me know your thoughts or concerns Thanks, Marc "In the event the Developer constructs any of the improvements and such improvements are completed by the Developer and accepted by the City, the Developer shall be entitled to a prompt reimbursement equal to the principal paid to the City for that portion or, in the event payment for such street portion has not then been made, the Developer shall be relieved of its obligation to make payment for such street portion." >>> "Smith, Kelly Dean (OpenView Software)" <kelly.smith5@hp.com> 4/13/2005 3:11:20 PM >>> Marc, Thanks for your reply. I understand your position, and I appreciate the fact that you explained it well. I'm not trying to waste your time, so I'll understand if there is no flexibility in your position. If I do provide the substitute funds, is there some possibility that the Village Homes development agreement can be modified once they no longer own Parcel F? In other words, once the Parcel has been re -platted as part of Sunrise Ridge, can the funds be released? -----Original Message ----- From: Marc Virata fmailto:MVIRATA(o�fcgov.coml Sent: Wednesday, April 13, 2005 3:00 PM To: Smith, Kelly Dean (OpenView Software) Cc: Ted Shepard Subject: RE: Fwd: Sunrise Ridge - question about Parcel F Willowbrook Kelly, The funds we intended to collect from Village Homes was a requirement of them since they were developing and platting their entire development including this particular area. Normally we would have had the road built years ago when Village Homes started building their roads out there. We opted not to have the road built in this section because it didn't connect to anything existing. Per Code, a development is required to construct streets with their project and since Village platted these areas as tracts they are responsible for the construction of the road. Per Code, we can accept money in -lieu of construction and did so in this case. We won't support releasing the funds Village provided without receiving a replacement, otherwise we've released the financial obligation that is attributed to Tract F by way of Village