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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