HomeMy WebLinkAboutCENTRE AVENUE EXTENSION - Filed OA-OTHER AGREEMENTS - 2003-11-04CENTRE AVENUE AGREEMENT
THIS AGREEMENT is executed this -o day of .r. /, 1998, by and among the
City of Fort Collins, Colorado, a municipal corporation (`City"), Everitt Enterprise Inc., a Colorado
corporation (`Everitt"); and Colorado State University Research Foundation, a Colorado non-profit
corporation ("CSUK ).
WHEREAS, Everitt is the owner of certain real property in the City of Fort Collins located
in the Centre for Advanced Technology, 19' filing (`CAT 19"); and
WHEREAS, Colorado State University ("CSU") and CSURF are the owners of certain
additional real property in the Centre for Advanced Technology; and
WHEREAS, the parties anticipate that the construction of buildings A, B, J, K; the CAT 8'
Filing Replat; the CAT 17`s Filing, Tract B and the CAT 20`s Filing, collectively referred to below as
the "Initial Construction" and shown on Exhibit "A," attached hereto and incorporated herein by this
reference, will be commenced in the near future; and
WHEREAS, the traffic calculated to be generated by the Initial Construction will, without
adequate mitigation, result in a reduction in the level of service at the intersection of Prospect Road
and Shields Street (the "Intersection") from level of service "D" to level of service "E"; and
WHEREAS, it is anticipated that the reduction in level of service at the Intersection caused
by the Initial Construction can be adequately mitigated by traffic signal timing changes in the Shields
Street progression corridor extending from Mulberry Street to Drake Road; and
WHEREAS, the development of the remainder of the Centre for Advanced Technology
(`CAT") will, at a point in time yet to be determined, so affect the flow of traffic at the Intersection
that, within the constraints of the existing street infrastructure in the area, further mitigation efforts
will be inadequate to maintain a level of service "D" at the Intersection; and
WHEREAS, the City's Land Use Code and related traffic regulations prohibit development
within the City which would result in such reduction of level of service; and
WHEREAS, it is anticipated that the longer term reduction in level of service at the
Intersection caused! by the development of the remaining property in CAT can only be adequately
mitigated and resolved by the extension of Centre Avenue from Research Boulevard to Prospect
Road, constructed to City specifications, including all storm drainage and other related improvements,
(the "Centre Avenue Extension"), across certain lands owned by CSURF; and
WHEREAS, the parties agree that approximately twenty-eight percent (28%) of the trip
generation resulting; from the development of CAT will be attributable to the Initial Construction ;
and
WHEREAS, by this agreement, the parties wish to embark upon a course of action which will
result in the implementation of the temporary mitigation measures of making signal timing changes
in the progression corridor; accomplish the dedication of land by CSURF to the City for such right-
of-way as is necessary to allow for the construction of the Centre Avenue Extension; and escrow
sufficient funds to design, and to help construct, the Centre Avenue Extension; and
WHEREAS, Everitt and CSURF, as the owners of additional properties in CAT, have agreed
to make further proportionate contributions to the construction of the Centre Avenue Extension as
their properties develop, until such time that the City determines that the actual construction of the
Centre Avenue Extension is necessary in order to maintain the requisite level of service for traffic
flows at the Intersection or elsewhere in the surrounding area.
NOW THEREFORE, in consideration of the mutual promises of the parties and other good
and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties
agree as follows:
Signal Timing Changes. Prior to the issuance of any building permit for the Initial
Construction, Everitt shall rem t to the City the sum of Eight Thousand Five Hundred
Dollars ($8,500), which is estimated to constitute the approximate costs necessary to
conduct a signal timing change study for the Shields Street progression corridor
extending from Mulberry Street to Drake Road. It is anticipated that the signal timing
change analysis will include a progression analysis for A.M. peak traffic, noon traffic,
and P.M. peak traffic, and that it will include timing changes for approximately nine
intersection signals.
2. Dedication of Right -of -Way for Centre Avenue. Prior to the issuance of any
building permit for the Initial Construction (or any portion thereof), CSURF shall
execute, in a form acceptable to the City, good and sufficient deeds of dedication or
such other instruments of conveyance as may be required by the City (the "Deeds of
Dedication"), conveying all of the right-of-way necessary for the construction of the
Centre Avenue Extension, as well as all necessary slope easements and utility
easements. It is presently anticipated that the property to be dedicated will be as
shown on Exhibit `B", consisting of six (6) pages, attached hereto and incorporated
herein by this reference. However, said property descriptions and Deeds of
Dedication shall be modified, if necessary, to conform to the final design of the Centre
Avenue Extension. Accordingly, the Deeds of Dedication to be executed by CSURF
shall be held in escrow by the City Clerk until the final design for Centre Avenue has
been completed in accordance with paragraph 3 below. To the extent that such final
design of Centre Avenue necessitates changes in the Deeds of Dedication, CSURF
shall promptly submit to the City revised Deeds of Dedication consistent with such
final plan. Upon receipt thereof, the City shall return the original Dedication Deeds
to CSURF. Thereafter, the City shall present the Dedication Deeds to the City
Council for acceptance and record the same.
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3. Design of Centre Avenue Extension. CSURF has represented to the City that it
has, as of the date of execution of this Agreement, completed approximately eighty
percent (80%) of the design for the Centre Avenue Extension, and that the
approximate total design cost for the same is in the amount of One Hundred Twenty
Thousand Dollars ($120,000.00). Accordingly, Everitt and/or CSURF shall (either
jointly or, at their option, singly) within fifteen (15) days of the date of execution of
this Agreement, deposit with the City, to be held in escrow pending completion of
said design, the sum of Twenty Three Thousand Dollars ($23,000.00) in the form of
cash, bond or letter of credit acceptable to the City, to guarantee performance of said
design work. The initial form of said escrow may be substituted by another form,
acceptable to the City, at any time. If the design of the Centre Avenue Extension has
not been completed by CSURF on or before November 1, 1998, the City will extend
the period for completing said design up to an additional six (6) months, provided that
CSURF has submitted a Conditional Letter of Map Revision/Letter of Map Revision
("CILOMR/LOMR") application to FEMA prior to July 15, 1998 and is diligently
working through the CLOMR/LOMR process. If the design of the Centre Avenue
Extension has not been completed in a timely fashion under the provisions of this
Section, then the City, utilizing the funds so escrowed, will commence and complete
such design. In the event that any excess of funds is remaining in escrow following
the completion of said design and payment therefor, such excess funds shall be
remitted proportionately to the party or parties depositing the same into escrow. In
the event that insufficient funds have been deposited to fully pay for the cost of said
design, CSURF and Everitt shall be jointly and severally responsible to promptly remit
additional funds to the City to fully compensate the City for its costs in completing the
design.
4. Centre Avenue Construction Funds/Escrow. Upon execution of this Agreement,
and prior to the issuance of any building permits for the Initial Construction (or any
portion thereof), Everitt and/or CSURF (either jointly or, at their option, singly) shall
pay into the trust account of David L. Wood, Esquire the sum of Three Hundred
Forty-seven Thousand Two Hundred Dollars ($347,200.00), to be held in escrow to
be applied toward the future construction of the Centre Avenue Extension, which sum
represents approximately twenty-eight percent (28%) of the total City -approved
estimated cost to construct the Centre Avenue Extension, less the estimated amount
to b; paid by the City for such construction, whether from the City's street oversizing
fund, storm drainage fund or any other City fund lawfully available for such purpose.
Thereafter, said escrow, which shall be in the form of cash, certified funds, bond, or
letter of credit, acceptable to the City, shall be deposited with the City within fifteen
(15) days of the date of execution of this Agreement. The initial form of said escrow
may be substituted by another form, acceptable to the City, at any time. The final cost
estimate for the construction of the Centre Avenue Extension shall be calculated by
Everitt and/or CSURF and, no later than thirty (30) days after the date upon which
the design for the Centre Avenue Extension must be completed, as provided in
paragraph 3 above, CSURF shall present said cost estimate to the City for approval.
In the event that, upon acceptance of said cost estimate by the City, the amount
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theretofore deposited by Everitt and/or CSURF into escrow under the provisions of
this section is then less than twenty-eight percent (28%) of the revised estimated cost
to construct the Centre Avenue Extension, excluding only the City's estimated share
of such costs as calculated by the City, Everitt and CSURF shall be jointly and
severally responsible for forthwith depositing into escrow, upon request of the City,
such additional amount as may be necessary to ensure that the total amount in escrow
equals twenty-eight percent (28%) of said revised cost estimate.
5. Further Building Permits.
(a) In the event that CSURF, CSU and/or the successor in interest
of either, undertakes the development of Parcel H, as shown on Exhibit A, for
the purpose of constructing the National Resources Research Center
("NRRC"), CSURF shall be responsible for constructing the Centre Avenue
Extension from Research Boulevard to at least the northwest corner of the
NRRC site prior to the issuance of any certificate of occupancy for the
NRRC. The portion of the Centre Avenue Extension from the northwest
corner of the NRRC site north to Prospect Avenue shall thereafter be
completed by CSURF no later than August 31, 2000.
(b) In the event that Everitt and/or CSURF seek the issuance of
any building permits within CAT for properties owned by Everitt or CSURF
(other than the building permits for the Initial Construction and for NRRC),
and in the event that the Centre Avenue Extension has not theretofore been
fully constructed, then Everitt or CSURF, whichever is the owner of the
property for which a building permit is sought, shall remit to the City, to be
held in the escrow account established under Section 4 above, an additional
amount to further defray the estimated cost of constructing the Centre Avenue
Extension. Said amount shall be determined by the City and shall be based
upon an estimate of the projected number of vehicular trips to be generated
by the Planned Unit Development or Project Development Plan within which
such building permit is to be issued. Said trip generation statistics shall, in
turn, be based upon the ITE Trip Generation Manual, 5th Ed. 1991, and
February 1995 update published by the Institute of Traffic Engineers, as
amended, and shall represent a reasonable estimate of the relative traffic
impacts of the improvements for which the building permit is sought, in
relation to the total number of projected vehicular trips that will result from
the full development of the CAT, as shown on the then -current development
plans or plats for the CAT on file with the City.
(c) Notwithstanding any provision in this Agreement to the
contrary, at such time as the City, in its sole discretion, determines that
additional development (other than the Initial Construction and NRRC) will,
in the absence of the construction of the Centre Avenue Extension, result in
an unacceptable reduction in the levels of service for all or any modes of
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transportation within the area affected by the development of CAT, or any
portion thereof, the City may require the owner(s) or developer(s) of the
property for which a building permit is sought to construct the Centre Avenue
Extension as a condition of the approval of such development, rather than
being permitted to make the deposit referred to above. Any such construction
of the Centre Avenue Extension shall occur only after the design therefor has
been completed in accordance with paragraph 3 of this Agreement.
(d) At such time as the construction of the Centre Avenue
Extension is required by the City, whether under the provisions of this
Agreement or otherwise, the funds theretofore deposited into escrow under
this Agreement for the purpose of constructing the Centre Avenue Extension
shall be applied to such construction and paid to the party or parties actually
constructing the Centre Avenue Extension upon the completion of, and the
City's acceptance of, the Centre Avenue Extension improvements. In the
event that only a portion of the Centre Avenue Extension is constructed by a
particular party, said party shall be entitled to a proportionate share of the
escrowed funds at such time as the constructed portion is accepted by the
City. Said proportionate share shall be determined by the City by comparing
the amount of costs actually incurred by said party in constructing a portion
of the Centre Avenue Extension to the then -current estimate of the total cost
of constructing the entire Centre Avenue Extension. The balance of the cost
of constructing the Centre Avenue Extension remaining after the application
of the escrowed funds shall be borne by the party or parties required to
undertake such construction, less any portion of such cost that is to be paid
by the City, and subject to any reimbursement agreements as may be required
or permitted under the relevant provisions of the City Code. Any such
construction of the Centre Avenue Extension shall occur only after the design
therefor has been completed in accordance with paragraph 3 of this
Agreement.
6. Other Agreement. Concurrently with the execution of this Agreement, CSURF
and Everitt are executing a separate agreement, modifying and superceding earlier
agreements between such parties, which specifies the rights and obligations ofCSURF
and Everitt in connection with the design, funding and construction of Centre Avenue
(the "Amended Agreement"). Nothing in this Agreement, including but not limited
to the provisions imposing joint obligations on CSURF and Everitt for payment of
construction of Centre Avenue or requiring the escrowing of funds in the future for
the construction of Centre Avenue, shall affect the rights and obligations of Everitt
and CSURF as between themselves under the Amended Agreement or be construed
as a waiver by either such party of any of the provisions thereof. Such parties shall
continue to have all of the rights and obligations set forth in the Amended Agreement
and be fully bound thereby. Conversely, nothing in the Amended Agreement shall
affect the obligations of Everitt and CSURF to the City under this Agreement.
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No Effect on Prior Approvals. Nothing in this Agreement shall affect the
development of properties in CAT that have received final development approval by
the City prior to the date of this Agreement.
Miscellaneous. This agreement shall run with the title to all real property owned by
CSURF and Everitt in CAT (the "Property") and shall be binding upon and inure to
the benefit of the parties, their representatives, grantees, assigns and successors in
interest. It is agreed that all improvements to be constructed under this Agreement,
and all obligations of the parties hereunder, touch and concern the Property regardless
of whether such improvements are located on the Property. "Assigns" and
"successors in interest"within the meaning ofthis paragraph, shall specifically include,
but riot be limited to, all parties to whom CSLIRF and/or Everitt may convey or assign
any portion of the legal or equitable interests in the Property, or their respective rights
or obligations under the terms and conditions of this Agreement. This agreement
constitutes the entire understanding of the parties with regard to the subject matter
hereof and shall be construed as having been drafted by all of the parties jointly.
IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year
first above written.
ttest:
City Clerk
Appro ed as to Form:
City ttorney
Attest:
Secro ry
THE CITY OF FORT COLLINS, COLORADO,
a municipa�T�.
tion /n�
By: IL
John Fiscmach, City Manager
EVERITT ENTERPRISES, INC:
a Colorado corporation %
President
1.1
COLORADO STATE UNIVERSITY RESEARCH
FOUNDATION, a Coloiado non-profit corporation
By
Title:
EXHIBIT
M.
SEAR -BROWN
CENTRE AVENUE
A TRACT OF LAND LOCATED IN
SECTION 23, TOWNSHIP 7 NORTH, RANGE 69 WEST OF
THE 6TH PRINCIPAL MERIDIAN, CITY OF FORT COLLINS,
COUNTY OF LARIMER, STATE OF COLORADO.
FOUND NUMBER
FOUR REBAR WITH
CAP LS 12374
L4
CA4
P.O.C.
15' UTILITY EASEMENT
30' SLOPE EASEMENT
EAST QUARTER CORNER
TER
S�� CORNER
SEECC.. 23-7-69
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SEC. 23- 7-69
FND. 3-1/4' ALUM. CAP
0 ALUM. CAP
IN RANGE80X
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LS17497�~
LS 23
CA3 `
R/W - 68' I
3015' .��
Rt5R7H QUARTER CORNER
SEC; 23-7-69
FND. 2" ALUM. CAP 15.
LS 25372
SCALE: 1" = 400' L3
DATE 4-03-98
CURVE
TABLE
CURVE
DELTA
RADIUS
BEARING
CHORD
LENGTH
CA1
30'43'14"
610.00
N 31-26'41" E
323.15
327.07
CA2
26'45'28"
610.00
N 29'27'48' F
282.30
284.88
CA3
56'5'57"
900.00
N 14-21'03- E
858.65
895.08
CA4
14'49'1
610.00
N 06'43'49' W
a 157.35
157.79
z NOTE. NO RECORDED OR EXISTING VIEST QUARTER CORNER
EASEMENTS SHOWN HEREON. SEC. 23-7-69
3r
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. ... .nne osu f R..t192-0472
LINE TABLE
LINE
LENGTH
BEARING
L1
133.29
N 48'48;I E
L2
175.81
N 16'0504"
L3
1113.07
N 42'50'32" E
L4
445.90
1 N 14'08'25"
LS
73.11
N 00*40*48" E
CENTER CORNER (BASIS 0 EAST BEARINGS)
SEC. 23-7-69 SOUTHWEST
FND. 2" ALUM. CAP QUARTER
lS 25372
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CA1 CENTRE AVENUE
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