HomeMy WebLinkAboutPROSPECT OVERLAND PUD - Filed OA-OTHER AGREEMENTS - 2004-01-28PROSPECT -OVERLAND P.U.D. LOT 3
FIRST AMENDMENT AGREEMENT
THIS AMENDMENT AGREEMENT, made and entered into this
day of 1988, by and between the CITY OF
FORT COLLI_NS, COLORADO, a municipal corporation ("City"), and MORNING
STAR FELLOWSHIP, INC., a Colorado Non -Profit Corporation ('Developer"), is
an amendment to that certain Development Agreement dated the 12th day of
October, 1984, by and between the City and ALVIN L. AND ENID P. MILLER
TRUST, ALVIN L. MILLER AND ENID P. MILLER, Trustees, LIVING WORD
OUTREACH CENTER, INC., a Colorado Corporation, and Rex. S. Miller, own-
ers, ("Development Agreement").
WHEREAS, the parties hereto (or their predecessor's in interest) previously
executed the (Development Agreement; and
WHEREAS, Morning Star Fellowship, Inc., is now the owner of the prop-
crty; and
WHEREAS, the parties are presently desirous of making modification of
the Development Agreement.
NOW, THEREFORE, in consideration of the promises of the parties hereto
and other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, the parties agree as follows:
Subheading 2 (Special Conditions), subparagraph B
(Streets), of the Development Agreement shall be
modified in its entirety to provide as follows:
B. Streets
(i) The Developer and the City have agreed, by
approval of an Administrative Change to the
approved P.U.D., that the Developer shall be
allowed to improve the property in 7 phases, in a
sequence as shown on the attached Exhibit "A." It
is also agreed that the improvements to Overland
Trail (excluding the sidewalk) required for this
development shall be completed prior to the
issuance of any building permit for the 6th
phase. The sidewalk, excluded above, shall be
completed prior to issuance of any building
permit for the 2nd phase. To guarantee comple-
tion of the improvements to Overland Trail
required to be completed prior to issuance of any
building permit for the 6th phase, the Developer
shall provide the City with a cash guarantee in
the form of cash, a bond, non -expiring letter
of credit or equivalent security. The amount of
guarantee to be provided with each phase shall
be 125% of 1/6 of the estimated cost to complete
the Overland Trail improvements. The guarantee
shall be provided by the Developer prior to the
issuance of any building permit for each phase. The
agreed upon estimated cost of the improvements
is $9,909. The amount of guarantee security
required to release any building permit for each
phase shall be $2,065. The cash guarantee shall be
released by the City to the Developer upon com-
pletion of the improvements by the Developer
and acceptance of the completed improvements by
the City.
(ii)Subject to the conditions of this agreement, the
City agrees to reimburse the Developer for over -
sizing Overland Trail for the difference between
the residential street standard and the major
arterial street standard, as shown on the approved
utility plans. Reimbursement shall be made to the
Developer in accordance with Section 29-680 of
the Code of the City.
(iii)When reimbursement is requested by the Devel-
oper, the City's obligation for payment shall be
limited to those funds then budgeted and appro-
priated by the City for the improvements then
completed.
(iv)The improvements to be constructed by the Devel-
oper under the terms of this agreement, for
which the Developer may be reimbursed by the
City, shall be submitted by the Developer to a
competitive bidding process and the construction
of the same shall be awarded to the lowest
responsible bidder. Additionally, the Developer
shall provide the City with a good and sufficient
performance bond or other equivalent security
covering the estimated cost of all such improve-
ments.
Except as herein amended or modified, the Development Agreement shall
continue in full force and effect. This Agreement and the Development Agree-
mcnt constitute the entire understanding of the parties.
M
IN WITNESS WHEREOF, the parties hereto have set their hands the day
and year first above written.
ATTEST:
City Clerk
APPROVED AS TO FORM:
Assistant City Attorney
City Eng4dccr
ATTEST:
�/h A �Z4�
tcrald L. A of
ccrctary Treasurer
CITY OF FORT COLLINS
A MUNICIPAL CORPORATION
4z4vBy: C
Steven C. Burkett, City Manager
MORNING STAR FELLOWSHIP, INC., a
Colorado Non -Profit Corporation
By: �S�',
KrisTD. Miller, President
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