HomeMy WebLinkAboutARAPAHOE FARM TOWNHOMES PUD - Filed OA-OTHER AGREEMENTS - 2003-05-27MEMORANDUAl OF UNDERSTANDING
James Construction Co., Inc., a Colorado corporation ("the Developer"), is the developer
of certain real property located in the City of Fort Collins l-nown as Arapahoe Farm Townhomcs
PUD ("the PUD"). The City has approved an Erosion Control.Plan dated July 25, 1994 ("the
Plan"), for the PLTD and, pursuant to Section 22 of the City's Storm Drainage Design Criteria
("the Criteria"), the City has agreed to accept a letter of credit in the amount of Six Thousand,
Three HundrecL F,ighty-three dollars ($6,383) from the Developer to guarantee the proper
installation and maintenance of the erosion control measures shown on the Plan and described in
the Criteria. The letter of credit 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 PUD 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 letter
of credit 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 Criteria.
ITpon acceptance by the City of the initial installation of the erosion control measures
required by the Plan and the Criteria, the letter of credit shall be reduced to tweenty-five (25)
percent of the actual cost of such measures. The balance of the letter of credit 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 fast, the balance of the letter of credit shall be released 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 PUD and be binding upon any subsequent owner thereof, as well as any
assignee in interest of the Developer.
Dated this 25th day of July, 1994.
DEVELOPER.:
James Constriction Co., Inc., a Colorado Corporation
By: I WI
J s P tle, President
THE = OF FORT COLUNTS,
COLORADO, a municipal corporation
By:
Mik*H'rzig, Developmen
Fngineering Manager