HomeMy WebLinkAboutLORY ANN ESTATES - Filed OA-OTHER AGREEMENTS - 2002-11-07ESCROW AGREEMENT
This Escrow Agreement is made and entered into this ?'t-day
of �L""t 199,5, by and between G.A.S. Properties, LLC, a
Colorado lim ed liability company, and the City of Fort Collins,
Colorado, a municipal corporation.
fSiii�i�X9aIlY:A
WHEREAS, G.A.S. Properties, LLC is the owner (the "Owner") of
a parcel of property located within the City of Fort Collins,
Colorado (the "City") known as the Lory Ann Estates Subdivision to
the City of Fort Collins, Larimer County, Colorado (the
"Property"); and
WHEREAS, the final plan for development of the Property has
expired and the Owner is revising the utility plans for the
Property in accordance with the City's standards; and
WHEREAS, the revised utility plans for the Property approve
the use of a ten (10) foot utility easement for certain drainage
and sewer lines (the "Existing Easement"); and
WHEREAS, the City's current regulations require a wider
utility easement for such uses and the parties hereto desire to
provide a mechanism for the provision of such wider easement.
NOW, THEREFORE, the parties hereto agree as follows:
1. A ten (10) foot wide utility easement now traverses the
eastern boundary of the Property. The revised utility plans for
development of the Property, as approved by the City, approve the
use of such easement for certain storm drainage and sewer lines as
shown on such plans, attached as Exhibit A, incorporated herein by
reference.
2. Upon execution of this Escrow Agreement, the Owner agrees
to deposit with the City the sum of $2,500.00, to be used in
accordance with the terms and provisions of this Escrow Agreement
(the "Escrowed Money").
3. In the event that the parcel of real property adjacent to
the Property on its eastern boundary should develop during the term
of this Escrow Agreement and the City can legally require the owner
of such property, as a condition of development approval, to
dedicate a utility easement adjacent to the Existing Easement, the
City agrees to require such easement dedication. In such event,
upon receipt by the City of such dedication, the City shall
thereupon return any remaining balance of the Escrowed Money to the
Owner.
4. In the event that, during the term of this Escrow
Agreement, either such additional easement cannot be required upon
development of the parcel to the east of the Property or such
parcel does not develop within such time frame, then the City may
use the Escrowed Money for all reasonable and necessary costs it
may incur, including reasonable attorneys' fees, to purchase or
condemn an additional utility easement adjacent to the Existing
Easement and running from north to south a distance of
approximately 300 feet at a width of ten (10) feet, for a total
square footage of approximately 3000 square feet. In addition, the
City may use the Escrowed Money to pay all reasonable and necessary
costs of acquisition of a temporary construction and maintenance
utility easement in the same location in the event of a problem
with sewer lines which requires additional construction and/or
maintenance and, further, in the event such temporary easement
cannot be purchased by the City, may use the Escrowed Money to pay
any reasonable and necessary additional costs to maintain or repair
such line resulting from the width of the easement. The City
agrees that it shall pay the fair market value of any such easement
acquired by the City. If, however, the City uses all of the
Escrowed Money as permitted under this Escrow Agreement but incurs
additional costs for which it is entitled to be reimbursed under
this Escrow Agreement, the Owner shall, upon written demand
therefor, pay to the City such additional amount, up to a maximum
of $2,500.00. If the fair market value of any such easement should
be in excess of $2,500.00, then the Owner, upon written demand
therefor, agrees to pay the City such additional amount, up to a
maximum of $2,500.00. In no event shall the total amount paid by
the Owner to the City under this Escrow Agreement exceed $5,000.00.
5. The term of this Escrow Agreement shall be for a period
of fifteen (15) years, commencing upon execution thereof. If the
Escrowed Money has not been used by the City during the term of
this Escrow Agreement for the purposes set forth herein, the City
shall, at the expiration of such term and within thirty (30) days
after receipt of written request therefor, pay any remaining
balance of the Escrowed Money to the Owner.
6. All notices given to any party hereunder shall be in
writing and shall be sent to the parties at the addresses specified
below:
OWNER: G.A.S. Properties, LLC
ATTN: Jim Scavo
c/o Jim Scavo Realty, Inc.
220 E. Mulberry
Fort Collins, CO 80524
CITY: City of Fort Collins
Water & Sewer Department
ATTN: Roger Buffington
P. 0. Box 580
Fort Collins, CO 80522-0580
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7. This Escrow Agreement shall be governed by, and its terms
construed under, the laws of Colorado.
8. This Escrow Agreement shall inure to the benefit of and
be binding upon the heirs, personal representatives, successors and
assigns of the parties hereto.
DATED the date set forth above.
OWNER:
G.A.S. PROPERTIES, LLC, a Colorado
limited liability company
By:
-James A. Scavo, Managing Member
Cull\I.EWEGIS
-James A. Scavo, individually
CITY:
THE CITY OF FORT COLLINS, COLORADO,
a municipal corporation
By: (,�' �90
�Dlane Jones, erim City Manager
APPROVED AS TO
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ATTEST:
Wanda Krajice , Citt Clerk
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