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Home My WebLink AboutCASA GRANDE PUD - Filed OA-OTHER AGREEMENTS - 2003-09-24City Manager City of Ft. Collins Ft. Collins, Colorado SUBJECT: Letter of Credit for Incomplete Public Improvements Dear City Manager: Pursuant to the terms of an agreement, dated November 4, 19$7between the City of Ft. Collins, Colorado, hereinafter called "City" and /Zo�acSc�✓C L�✓ir �S',-�„rr� ii„c=hereinafter called "Developer" and the undersigned, hereinafter called "Bank", Bank guarantees that the sum of has been set aside for the specific purpose of the satisfaction of all requirements described on the attached Exhibit "A", pertaining to the land specifically described therein. The City may, if necessary, draw against such funds for the purpose of completing and satisfying such requirements or for paying any claims which are outstanding for work done or materials supplied. Such draw against funds in total or in part shall not constitute a liability by the City to the Developer or Bank. Bank shall have no obligation under this letter of credit after the termination date set for in said agreement. Executed this 4th day of November 19 87. .oanE l;Alo,41 �i8✓INfS ¢ C Name of Bank', By Title (SEAL) Attest: Title f. . AGREEMENT FOR INCOMPLETE PUBLIC IMPROVEMENTS RELATING TO THE DEVELOPMENT OF ('Asa THIS AGREEMENT, dated this 4th day of November 19 87 , between the City of Ft. Collins, Colorado, a Municipal Corporation (hereinafter called "City") , :P? SeR ss,✓C INC (hereinafter called "Developer"), and _ F�mnE F /e�9/ SAVNFt f (hereinafter called "Bank", WITNESSETH: WHEREAS, Developer has // or intends to apply for a (building permit, certifi- cate of occupancy, other (..�j��NG 2p,-,4m,(hereinafter called "permit") on property legally described on attached Exhibit "A"; and, WHEREAS, Development Agreement of Record requires that certain improvements be made on the property, and that the Developer comply with other conditions and requirements of the City pursuant to said Code; and, WHEREAS, the City is willing to issue said permit upon the agreement of the Developer herein set. forth, and subject to all requirements, terms and conditions of the ordinances of the City and all other applicable laws, rules and regulations; and, WHEREAS, City and Developer mutually acknowledge and agree that the matters hereinafter set forth are reasonable conditions and requirements to be imposed by the City in connection with its granting of said permit, and that such matters are necessary to protect, promote and enhance the public welfare;,and;_, WHEREAS, it is further mutually acknowledged that City is entitled to other assurance that the matters hereinafter agreed to will be performed as agreed by Developer, and in that regard, Developer has furnished to City a letter from said Bank, assuring City that said Bank holds funds for the account of Developer in the amount necessary to cover the estimated cost of performance of the matters hereinafter agreed to: NOW, THEREFORE, in consideration of the premises, the mutual covenants herein contained, it is agreed as follows: 1. All improvements to be installed, work to be done and other requirements described on the memorandum attached hereto as Exhibit "A" (hereinafter called "requirements"), shall be performed by Developer according to the applicable standards, rules and regulations of City. 1 Agreement for incomplete Public Improvements 2. Except where a lesser time period is prescribed, all requirements herein described and all matters herein agreed to be performed shall be installed or performed by Developer by d,/u i9Be 3. It is estimated that the cost of satisfaction of the requirements herein described will not exceed :P36,000.00 Developer has furnished the City a letter from said Bank, a copy of which is attached hereto as Exhibit 'B' and incorporated herein by this reference, dated November 4, 19,97, guaranteeing that funds in the maount of the aforesaid estimated cost are held by it for the account of Developer for the purpose of meeting the requirements. By signing this Agreement, the Bank agrees that so long as any of the requirements herein described have not been completed, or any bills for work or materials utilized in said installation remain unpaid, it shall withhold from disbursement and withdrawal so much of said funds as is estimated by City, from time to time, as being necessary to complete the requirements, and to pay all bills for work or material used in said installation. The Bank's obligations hereunder shall terminate on 19 unless on or before said date the City shall notify Bank in writing that all requirements agreed to be completed by Developer have not been completed and/or all claims for payment for work or materials utilized in said installation have not been paid. However, nothing herein shall in any way limit the Developer's/obligations hereunder, and Developer shall, in any event, remain liable for completion of all re- quirements herein provided for and for payment for all work and materials utilized in the installation of said requirements. If the City does so notify Bank of the failure to complete the requirements or pay for all work and materials, as above provided, the City may complete such requirements in such means and in such manner, by contract with or without public letting, or otherwise, as it may deem advisable, and may pay any claims for work or material then unpaid and/or make such other requirements as it may reasonably desire to insure that all valid claims are paid. The Bank, by signing this Agreement agrees to reimburse City out of the funds held by it for account of Developer for City's costs and expenses incurred in completing such requirements and in paying said claims; provided, however, that in no event shall Bank be obligated to pay to City more than the aggregate of11�3KCF7r less those amounts previously paid and approved by City by reason of the default of Developer in performance of the terms, conditions and covenants herein contained. 2 Agreement for Incomplete Public Improvements From time to time, as requirements are completed, Developer may request that City approve the release by the Bank of so much of the above specified funds as is necessary to pay the cost of completion of the requirements pursuant to the terms of this Agreement; provided, however, in no event shall the City's consent to the release of funds be considered as a final acceptance of such requirements by City. The procedures for completion of requirements by City and reimbursement to City therefore by the said Bank shall apply whether there be one or more defaults, or a succession of defaults on the part of the Developer in performing the terms, conditions and covenants contained in this Agreement. 4. This Agreement, and the terms, conditions and covenants herein con— tained, shall be deemed to complement and shall be in addition to the conditions and requirements of the ordinances of the City of Ft. Collins and other applicable laws, rules and regulations. Notwithstanding anything herein contained to the contrary, Developer, in developing the subject property shall fully comply with all applicable ordinances, rules, regulations, standards and laws. 5. Upon execution of this Agreement by the parties hereto, and provided all other conditions not. herein contained have been met by Developer, City agrees to grant the subject permit. IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. DEVELOPER By. Title WIT SS: 3 CITY 0 FORT COL;I/p;II/''IIINS[v��/n// By: Title%o-Vv—y ,; "ppiovcd AS iJ YOii�l: :,rrt City Attcmley BANK By: L, Title L Agreement for Incomplete Public Improvements Approved As to Form: Cit ttorney Where applicable to the undersigned, the terms, above set forth are approved and accepted by_ this ATTEST: By: 4-1�tL-A Title day of 4 conditions and covenants herein - By:_ Title 19 Agreement for Incomplete Public Improvements