HomeMy WebLinkAboutGREENSTONE PUD PHASE 3 - Filed OA-OTHER AGREEMENTS - 2004-08-09MEMORANDUM OF UNDERSTANDING
GreenStone, Inc. ("the Developer") is the developer of certain real
property located in the City of Fort Collins ]mown as GreenStone P.U.D. ("the
PUD"). The City of Fort Collins ("the City") has approved an Erosion Control
Plan dated April 19, 1994 ("the Plan") for the PUD and, pursuant to Section
2.2 of the City's Storm Drainage Design Criteria ("the Criteria") the City has
agreed to accept a cash escrow in the amount of Seventeen Thousand Eight
Hundred Twelve and 50/100 Dollars ("the Cash Escrow") 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 Cash Escrow has
been received by the City.
If, at any time, the Developer fails to abide by the provisions of the
P,Ian 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
Cash Escrow 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 the Criteria.
Upon acceptance by the City of the initial installation of the erosion
control measures required by the Plan and the Criteria, the Cash Escrow shall
be reduced to twenty-five (25) percent of the actual cost of such measures.
The balance of the Cash Escrow 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 first, the
balance of the Cash Escrow shall be refunded 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 �n�/'day of August, 1994.
DEVELOPER: THE CITY OF FORT COLLINS. COLORADO,
A Municipal Corporation, by:
GREENSTONE, INC., A Colorado
4HERZIG, De ent Engineering
Manager