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HomeMy WebLinkAboutPLATTE VALLEY MINOR SUB LOT 1 720 EAST VINE - Filed DA-DEVELOPMENT AGREEMENT - 2010-04-05RECEPTION#: 20100003929, 0112112010 at 11:63:00 AM, 1 OF 9, R $46.00 TD Pgs: 0 Scott Doyle, Ladyner County, CO DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement"), is made and entered into this i ? day of2010, by and between the CITY OF FORT COLLINS, COLORADO, a Municipal' Corporation, hereinafter referred to as the "City'; and Fort Collins Downtown Development Authority, a Body Corporate and Politic, hereinafter referred to as the "Developer." WITNESSETH: WHEREAS, the Developer is the owner of certain real property situated in the County of Larimer, State of Colorado (hereafter sometimes referred to as the "Property" or "Development") and legally described as follows, to wit: Lot 1, Minor Subdivision Plat of Platte Valley Subdivision, located in Section 1 and 12, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of Larimer, State of Colorado; And; A Tract of land situated in the SE Y of Section 1 and the NE Y of Section 12, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of Larimer, State of Colorado, which considering the South line of said SE Y4 as bearing N89058'19"W and with all bearings contained herein relative thereto, is contained within the boundary lines which begin at the NW corner of Lot 1, Platte Valley Minor Subdivision, and run thence N01016'55"W, 17.50 feet; thence N88018'14"E, 295.79 feet; thence S01016'55"E, 225.61 feet to a point on the existing north right of way line of East Vine Drive; thence along said existing North right-of-way line, S88°18'14"W, 17.50 feet to the se corner of said Lot 1; thence along the East line of said Lot 1, N01016'55W, 176.82 feet; thence along the North line of said Lot 1, N81°38'13"W, 50.52 feet and again N83037'14"W, 159.91 feet, and again S88018'14"VV, 70.00 feet to the point of beginning. WHEREAS, the Developer desires to develop the Property (change of use) and has submitted to the City all plans (including utility plans), reports and other documents required for the approval of a final plan according to the City's development application submittal requirements master list (the "Final Development Plan Documents") copies of which are on file in the office of the City Engineer and Zoning Administrator made a part hereof by reference; and WHEREAS, the City has approved the Final Development Plan Documents submitted by the Developer, subject to certain requirements and conditions, which involve the installation of and construction of municipal improvements in connection with the Property. C,ifv office, Fort (� lire JOvacir II. Special Conditions A. Streets. 1. In accordance with Section 24-95 of the City Code the Developer is responsible for constructing the portion of Vine Drive adjacent to the site prior to the issuance of the first building permit. Notwithstanding the foregoing, the Developer shall have the option to postpone the Vine Drive construction, by delivering to the City of Developer's Guaranty, sufficient to guarantee completion of the design and construction of the improvements. The amount of the Developer's Guaranty shall be the estimated cost of the design and construction of the local street portion of the pavement, subgrade and fill, and, curb, gutter and 4.5 feet (in width) of sidewalk for the length of the street adjacent to the site, and including the planting of seven street trees. The estimate shall be prepared by the Developer and approved by the City, plus an additional 50% of the estimate to cover any contingencies, unexpected costs and inflation. Developer's Guaranty shall be deposited with the City prior to the issuance of any building permit for this Development. The improvements to Vine Drive shall be constructed at such time that the City deems the improvements to be necessary or at such time as improvements are made to adjacent portions of Vine Drive, whichever shall first occur. If the Developer is the party that constructs said improvements, upon completion of said improvements and acceptance of them by the City, the City shall return the Developer's Guaranty. 2. Notwithstanding any provision herein to the contrary, the Developer shall be responsible for all costs for the initial installation of traffic signing and striping for this Development, including both signing and striping related to the Developer's internal street operations and the signing and striping of any adjacent or adjoining local, collector or arterial streets that is made necessary because of the Development. 3. Following completion of all public infrastructure improvements, the Developer shall continue to have responsibility for maintenance and repair of said improvements in accordance with Sections 2.2.3, 3.3.1 and 3.3.2 of the Land Use Code of the City. B. Ground Water, Subdrains and Water Rights 1. The City shall not be responsible for, and the Developer (for itself and its successor(s) in interest) hereby agrees to indemnify and hold harmless the City against any damages or injuries sustained in the Development as a result of ground water seepage or flooding, structural damage, or other damage unless such damages or injuries are proximately caused by the City's negligent operation or maintenance of its storm drainage facilities in the Development. However, nothing herein shall be deemed a waiver by the City or Developer of their respective immunities, defenses, and 4 DOWNTOWN DEVELOPMENT dda AUTHORITY January 12, 2010 City of Fort Collins Re: Letter of Guarantee Ladies and Gentlemen: The Fort Collins Downtown Development Authority ("DDA"), the owner of the real property in the City of Fort Collins, County of Larimer, State of Colorado, commonly known as 720 E. Vine Drive, Fort Collins, Colorado, and legally described on Exhibit A attached to this letter ("the Property"). In connection with a change in the use of the Property, the DDA and the City of Fort Collins, Colorado ("the City") have entered into a Development Agreement dated JQv1 % Z , 2010 ("the Development Agreement"). Pursuant to Section II.A.1 of the Development Agreement, the DDA is responsible for constructing that portion of Vine Drive adjacent to the Property ("the Vine Drive Improvements"). The DDA has elected not to construct the Vine Drive Improvements but, in the alternative, guarantee to the City payment of the DDA's share of the Vine Drive Improvements at such time as the Vine Drive Improvements are completed. The Vine Drive Improvements shall be constructed at such time as the City deems the Vine Drive Improvements to be necessary or at such time as improvements are being made to adjacent portions of Vine Drive, whichever first occurs. Accordingly, the DDA hereby unconditionally guarantees the prompt payment of the cost of the construction and installation of the Vine Drive Improvements upon completion of the Vine Drive Improvements by the City and receipt by the DDA of a statement for the cost of the Vine Drive Improvements. The DDA further agrees to indemnify the City for all expenses and costs of collection incurred by the City in the event the DDA fails to pay the cost of the Vine Drive Improvements as herein guaranteed. In the event the DDA fails to pay the cost of the Vine Drive Improvements as herein guaranteed, the City shall have the right but not the obligation to include such amount in the following year's appropriation and to retain from such appropriation the amount due from the DDA to reimburse the City for the cost of construction the Vine Drive Improvements. The remedies provided by this guarantee shall be cumulative of any other remedies available to the City in law or in equity to collect any amount due from the DDA for the cost of the construction and installation of the Vine Drive Improvements. No failure, delay or neglect on the part of the City in exercising any right or remedy existing under law or pursuant to the terms of this Guarantee shall operate as a January 12, 2010 Page 2 waiver thereof, but such rights and remedies shall continue in full force and effect until specifically waived or released by an instrument in writing signed by the City. This guarantee shall be continuing, absolute and unconditional and shall be binding upon the DDA, its successors and assign and shall remain in full force and effect until December 31, 2030. If construction of the Vine Drive Improvements has not been completed prior to December 31, 2030, then upon demand the DDA shall prepare an estimate of the then current cost of constructing the Vine Drive Improvements and upon approval of such estimate by the City shall post with the City the estimated cost of the Vine Drive Improvements plus an additional 50% to cover any contingencies, unexpected costs and inflation. Such amounts shall be deposited with the City prior to December 31, 2030. FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY, a body corporate and politic By: Matt Ro en t, Executive Director ATTEST: By: ®_ Joa a Stone, Administrative Manager Exhibit A Lot 1, Minor Subdivision Plat of Platte Valley Subdivision, located in Section 1 and 12, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of Larimer, State of Colorado; And; A Tract of land situated in the SE % of Section 1 and the NE % of Section 12, Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of Larimer, State of Colorado, which considering the South line of said SE % as bearing N89058'19"W and with all bearings contained herein relative thereto, is contained within the boundary lines which begin at the NW corner of Lot 1, Platte Valley Minor Subdivision, and run thence N01°16'55"W, 17.50 feet; thence N88018'14"E, 295.79 feet; thence S01016'55"E, 225.61 feet to a point on the existing north right of way line of East Vine Drive; thence along said existing North right-of-way line, S88018'14"W, 17.50 feet to the se corner of said Lot 1; thence along the East line of said Lot 1, N01 °16'55"W, 176.82 feet; thence along the North line of said Lot 1, N81038'13"W, 50.52 feet and again N83037'14"W, 159.91 feet, and again S88°18'14"W, 70.00 feet to the point of beginning.