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HomeMy WebLinkAboutSTONE RIDGE PUD SECOND - Filed OA-OTHER AGREEMENTS - 2004-02-26EXHIBIT "C" EROSION CONTROL AGREEMENT Stone Ridge P.U.D., Second Filing This AGREEMENT is entered in this 30th day of June, 1993 by and between The Kaplan Company, Inc., developer of property approved by the City of Fort Collins for development and known as the Stone Ridge P.U.D., Second Filing; First Interstate Bank of South Fort Collins, lender to The Kaplan Company, Inc. for the subdivision improvements for the Second Filing of the Stone Ridge P.U.D., (the "Project"); and the City of Fort Collins. WHEREAS, the City of Fort Collins has adopted "Construction Erosion Control Criteria" (Resolution 91-44), concerned with large areas disturbed by construction activities; and WHEREAS, such criteria require that in the event a development site is abandoned by the developer for whatever reason, that the City is provided the right and an adequate funding source to properly revegetate the entire disturbed area in dryland grasses; and WHEREAS, the platted area of the Project contains 17.0 acres and the area of off -site easements where drainage improvements and sanitary sewer improvements will occur is subject to a September 3, 1992 Erosion Control Agreement between the same parties, thereby resulting in a total area of 17.0 acres potentially requiring revegetation; and WHEREAS, the City has accepted as its contractor for erosion control revegetation the company of Environmental Concerns, Inc. of Loveland, Colorado, which has bid to the developer the sum of $14,450.00 to revegetate the entire 17.0 acres in the unlikely event the area of the Project is disturbed by the developer and then abandoned; and WHEREAS, the First Interstate Bank of South Fort Collins (the "Bank") is the development lender for the Project, and the sum of $95,000 has been budgeted for both landscaping and irrigation of the platted area consistent with the City -approved ]Final Landscape Plan, which sum is substantially greater than the quote for erosion control revegetation; and WHEREAS, by landscaping the platted area consistent with the City -approved Final Landscape Plan, the developer will satisfy the City of Fort Collins' "Erosion Control Criteria," NOW, THEREFORE, BE IT AGREED BY THE PARTIES that, if after disturbing the area of the Project, the developer, for whatever reason, abandons the Project or does not proceed with its timely completion, thereby, making the area susceptible to erosion by wind or water, then the following guarantee is made and events shall occur. 1. The Bank guarantees the City through this Agreement that the sum of $14,450.00 from the development loan shall be reserved and set aside for the benefit of the. City for the completion of erosion control measures by the City, in the event such measures are so required. However, at such time as the Project, in the course of development improvements, becomes ready for the installation of final landscaping by the developer, the City agrees to release the Bank of said guarantee to allow the reserved funds to be applied to landscaping and revegetation (and for no other purpose) pursuant to the development loan. 2. If deemed necessary by the City, the City shall notify the developer in writing, with a copy to the Bank, that due to developer's failure to complete the Project, the disturbed area has become susceptible to erosion by wind and water. The developer shall have ten (10) days from receipt of notice either a) to commence development activity in a manner which reasonably satisfies the City that the identified erosion control issues have been addressed, or b) subject to whether the time of the year permits, to commence revegetation activity consistent with the Erosion Control Criteria or in an alternative manner acceptable to the City, which could include regrading the area and commencing farm crop activity. 3. In the event the developer does neither of the above, the City shall provide a letter of Notice and Demand to the Bank, which letter may include a demand on the Bank for an amount not to exceed $14,450.00 for the expressed purpose of revegetating the area susceptible to wind and water erosion. Upon receipt of said letter, the Bank or any successor in interest shall have an additional twenty (20) days to undertake either of the remedial courses of action described above. If neither is commenced within this thirty (30) day period, then the bank shall satisfy the monetary demand so set forth by the City. 4. All revegetation as required by this Agreement shall be completed within 14 days of the date of commencement. This Erosion Control Agreement shall have the same force and effect in ensuring the City of any required rehabilitation of the site as would a performance bond, irrevocable letter of credit, or cash escrow. IN WITNESS WHEREOF, the parties have executed this Agreement the day and the year first above written. A,71 vGd-As Tc F0"m The City of Fort Collins, --------- _ A munici al Corporation is oWy City Attomey By , -t--/ Attest: Steven C. Burkett City Manager First Interstate Bank of Subject to the execution of loan documents for the South Fort Coll -ins development loan referenced in 6th full paragraph i of page 1 of this agreement. By: / ,- ; � ,� � / / Attest: First Interstate Bank South The Kaplan Corporation, Inc. By: y Attest: �L. Nj<- r. 1'�- F� rh�1 Lester M. Kaplan President �.