HomeMy WebLinkAboutGRIFFIN RESUB BLOCKS 305, 315 AND 316 - Filed OA-OTHER AGREEMENTS - 2003-11-18MEIORANDLY OF AGREEMENT
M3MCRANDUM OF AGREEMENT made and entered into this 12th day of January,
A. D.:Lv5b, by and between the CITY OF FORT COLLINS, A MUNICIPAL CORPORATION, herein-
after designated as first party, and PEARL I. GRIFFIN and BEDFORD SPENCE, hereinafter
designated as second parties, WITNFSSETH:
WHEREAS, the said Pearl I. Griffin has heretofore petitioned the City
Council to vacate portions of Park Street and hest Street and the alleys in Blocks
305, 315 and 316 lying North and East of the Arthur Ditch right of way in the Capitol
Hill Addition to the City of Fort Collins, Colorado, and
ldH',P.EAS, the said Pearl I. Griffin has heretofore submitted a plat re-
subdivS-ding the property owned by her and abutting on said streets and alleys, which
said plat has been approved by the Planning and Zoning Board, and
IuFIEREAS, said plat shows that eventually it will be. necessary to construct
a bridge across the Arthur Ditch on Elm Street to furnish proper ingress and egress
tc the area being resubdivided, and
1ll11EREAS, the owners of the lots in said subdivision should bear a portion
of the expense of the construction of said bridge, and
ItiHFREAS, there is pending before the City Council an ordinance for the
vacation of the above mentioned streets and alleys in said subdivision which has
been passed on first reading with the informal understanding of the petitioner for
said vacation that provision would be made for the assessment of a portion of the
cost of said bridge against the lots in said subdivision as the same are sold.
N01�i, TH=FORE, in consideration of the premises and the terms of this
agreement, it is mutually agreed as follows:
1. First party agrees that said vacation ordinance shall be finally
adopted by said first party provided consideration of public interests do not arise
which would prevent the passage of said ordinance.
2. In the event of such passage of said ordinance second parties agree
that the sum of $3O,)0 shall be deposited by second parties for each lot sold by
second parties in the development of said new subidivision, which said sums shall
be deposited with the City Clerk of the City of Fort Collins and shall. be held by
said ^,i_ty Clerk and shall be used for no purpose other than the construction of the
aforesaid bridge.
3. It is mutually understood and agreed that the within agreement shall
constitute a lien against the lots in saiu resubdivision, but upon the payment of
the sum of .00.00 for any certain lot said lot shall automatically be released from
such lien and the City Clerk shall keep a full and accurate list of all lots for
which said sum of w30.00 is paid, and said City Clerk is hereby authorized and
empowered to execute a release releasing any lot from the terms of this agreement
for which the said sum of w30.00 has been deposited with said City Clerk.
L. It is mutually agreed that in the event said bridge is not constructed
within 10 years from date that the sum theretofore deposited with the City Clerk
shall be returned to second parties, their heirs and assigns as their interest may
appear, and the lien hereby created shall thereupon be discharged, provided further
that, if said bridge is constructed the lien shall continue until each and every
lot in said new subdivision is released by the payment of the said sum of w30.00.
5. It is mutually agreed that the terms and conditions of this agreement
shall extend to and be binding upon the successors, heirs, executors, administra-
tors and assigns of the respective parties.
IN WITNESS WH,':HMF second parties have hereunto set their hands ana
seals, and first party has caused its corporate name to be hereunto subscribed
-2-
by its iayor and :its corporate seal to be hereunto affixed, attested by its city
Clerk the day and year first above written.
CITY OF FONT COLLINS
Mayor
ATTZST :
First Party
(SEAL)
(SEAL)
econd Parties',