HomeMy WebLinkAboutFOX MEADOWS BUSINESS PARK - Filed DA-DEVELOPMENT AGREEMENT - 2003-11-20ADDENDUM TO DEVELOPMENT AGREEMENT
THIS ADDENDUM is made and entered into this .%, - day of
November, 1989, by and between the CITY OF FORT COLLINS, COLO-
RADO, a Municipal Corporation, hereinafter referred to as "the
City," alld FOX MEADOWS II, a Colorado General Partnership,
hereinafter referred to as "the Developer."
WITNESSETH:
WHEREAS, the Developer and the City have previously entered
into a Development Agreement dated October 31, 1988, hereinafter
referred to as the "Development Agreement"; and
WHEREAS, the Development Agreement contains various terms
and conditions pertaining to the development of certain real
property within the City which is described therein; and
WHEREAS, the Developer and the City are desirous of modify-
ing the Development Agreement so as to clarify the terms and con-
dit.ioris upon which the, Developer shall be entitled to construct
certain public street and landscaping improvements within the
right-of-way for Timberline Road.
NOW, THEREFORE, in consideration of the mutual exchange of
promises herein contained and other good and valuable considera-
tion, the receipt and adequacy of which is acknowledged by the
pat, P,e�, it is agreed by the parties as follows:
l.. That the provisions of Section 2 D of the Development
Agreement, pertaining to Streets, shall be and are hereby modi-
fied by the addition of the following subparagraphs:
(v) The utility plans for the construction of the
street improvements for Timberline Road shall be
modified by the City so as to change the location
of the proposed sidewalk. The purpose of this
change is to Hermit tice construction of the side --
walk in its permanent location. This modification
of the utility plans, if it occurs, shall be
according to the City's sole discretion. One fac-
tor to be considered by the City is whether the
revised location of the sidewalk will permit ade-
quate drainage of the site.
(vi) Prior, to the Developer's construction of any
street improvements for Timberline Road, the
Developer shall dedicate to the City the full
right-of-way for the eventual development of Tim-
herline Road as a major arterial street, as shown
on the revised utility plans. Upon such dedica-
tion, and in full consideration therefor, the City
shall pay to the Developer the sum of Twenty-one
Thousand Seven Hundred Dollars ($21,700.00).
(vii) The Developer shall be required to construct all
street, sidewalk, utility and landscaping improve-
ments for Timberline Road as shown on the utility
plans prior to receiving any reimbursement from
the City for street oversizing costs as provided
in subparagraph 2 D (i) above.
(viii) Upon completion of the above -mentioned improve-
ments and acceptance by the City Engineer, the
City shall pay to the Developer the additional sum
of Eleven Thousand Three Hundred Dollars
($11,300.00) in full consideration of all costs
incurred by the Developer for landscaping that
portion of the property within the dedicated
right-of-way for Timberline Road which lies
between the Developer's property and the street
improvements to be constructed under the utility
plans. The Developer shall. be entitled to elect
whether to install sod or seed within this portion
of the right-of-way and shall further be entitled
to install such sprinkler systems as are accept-
able to the Developer. In no event shall such
election of the Developer increase or decrease the
amount: of payment required under this subpara-
graph.
(ix) Physical maintenance of the portion of the right -
of --way described in subparagraph (viii) above
shall not be the responsibility of the City but
shall be the perpetual responsibility of the
Developer, as well as its assignees under this
Agreement and its successors in interest to the
real property described in the Development Agree-
ment. Such successors shall include without limi-
tation any homeowners association which may be
formed for the purpose of developing or maintain-
ing the property to be developed under the Devel-
opment Agreement. For the purpose of ensuring
that this covenant regarding maintenance shall run
with the subject property and bind the parties
hereto, as well as their• personal representatives,
hears, successors, grantees and assigns, the City
shall be entitled to record this Addendum with the
Clerk and Recorder for Larimer County, Colorado.
(x) The parties hereto acknowledge that the subject
matter of this Addendum has heretofore been the
subject of a dispute between the parties and that
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the terms and conditions contained herein consti-
tute the entire agreement between them with regard
to the installation of street improvements for
Timberline Road adjacent to the subject property
of the Development Agreement, and that neither
party presently asserts or intends to assert any
additional outstanding claims pertaining thereto
which have not been resolved by the provisions of
this Addendum. Accordingly, the parties to this
Addendum hereby specifically release each other
from any claim for additional compensation and
from any other claim or cause of action in any way
related to or arising from the subject matter of
this Addendum and/or the Development Agreement.
2. Except as modified herein, the terms and conditions of
the Development Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Addendum
the day and year first above written.
TEST:
Wanda M. Krajic k, ity Clerk
APPROVED AS TO FORM:
THE CITY OF FORT COLLINS, COLORADO
A Municipal Corporation
By z4L (�
Steven C. Burkett, City Manager
DEVELOPER:
FOX MEADOWS II
A Colorado General Partnership
By 2- /
K. Bill Tiley, ganagin Partner
,/Floydf W. Deines, General Partner
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