HomeMy WebLinkAboutPRESERVE PUD - Filed DA-DEVELOPMENT AGREEMENT - 1995-07-19THE PRESERVE P.U.D.
AMENDMENT AGREEMENT NO. 1
THIS AMENDMENT AGREEMENT, made and entered into this it TM
day of of 199E-), by and between the CITY OF FORT
COLLINS, COLORADO, a municipal corporation, ("City") and THE
PRESERVE AT THE FORT, LTD., a Colorado limited partnership,
("Developer"), is an amendment to that certain Development
Agreement dated the 20th of July, A.D. 1994, by and between the
City and the Preserve at the Fort, Ltd., hereinafter referred to
as the "Development Agreement."
WHEREAS, the City and the Developer previously executed the
Development Agreement; and
WHEREAS, the parties are presently desirous of modifying the
Development Agreement;
NOW, THEREFORE, in consideration of the promises of the
parties hereto and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties
agree that the following paragraphs shall be modified and added,
respectively, to wit:
Subheading II (Special Conditions), Section C (Storm Drainage
Lines and Appurtenances), Paragraph 1 is amended to read as
follows:
1. The Developer and the City agree that all on -site and
off -site storm drainage improvements for Phase 1, as shown on the
revised utility plans, shall be completed by the Developer in
accordance wish the approved plans prior to the issuance of any
certificate of occupancy in Phase I. All on -site and off -site
storm drainage improvements for Phase 2 , as shown on the revised
utility plans, shall be completed by the Developer in accordance
with the approved plans prior to the issuance of any certificate
of occupancy in Phase 2. All on -site and off -site storm drainage
improvements for Phase 3, as shown on the revised utility plans,
shall be completed by the Developer in accordance with the
approved plans prior to the issuance of any certificate of
occupancy in Phase 3. Completion of improvements shall include
the certificat_on by a licensed professional engineer that the
drainage facilities which serve this development have been
constructed in conformance with said approved plans.
Subheading II (Special Conditions), Section D (Streets) is
amended by the addition of a new subparagraph (4) to read as
follows:
4. The Developer is obligated to complete the improvements
to Drake Road adjacent to the Property as shown on the approved
utility plans. Said improvements shall be completed prior to the
issuance of more than 7 certificates of occupancy (excluding
garages). Notwithstanding the foregoing, the Developer shall
have the option to postpone the construction of the above
described improvements required to Drake Road and obtain issuance
of not more than 10 certificates of occupancy (excluding garages)
for this development prior to completion of said improvements,
following the escrow of funds to be deposited with the City in
the form of cash, bond, nonexpiring letter of credit, or other
form of City approved security sufficient to guarantee completion
of said improvements. The escrow amount shall be 1500of the
cost of the Developer's local street portion of said improvements
as bid by the Developer's contractor and approved by the City.
With the exception of emergency access, no access shall be taken
off of Drake Road until said improvements are ccmplete and
accepted by the City.
Except as herein modified, the Development Agreement shall
continue in full force and effect. This Agreement and the
Development Agreement constitute the entire understanding of the
parties.
IN WITNESS TATHEREOF, the parties hereto have set their hands
the day and year first above written.
THE CI,TY OF FORT COLLINS, COLORADO,
a Munic pal C rporation
,cl%ty Managers
0
City Clerk
APPROVED AS TO CONTENT:
1�
Director of EngineeVi4q
J �
APPROVEj) AS TO FORM:
Attorney
DEVELOPER:
THE PRESERVE AT THE FORT, LTD.,
a Colorado Limited Partnership
By: THE NORTHERN PRESERVE, LLC,
a Utah Limited Liability
Company, General Partner
David E. ailey, a er