HomeMy WebLinkAboutQUAIL HOLLOW PUD THIRD - Filed OA-OTHER AGREEMENTS - 2004-01-30QUAIL HOLLOW P.U.D. THIRD FILING
FIRST AMENDMENT AGREEMENT
THIS AMENDMENT AGREEMENT, made and entered into this
day of /�i. ^198 by and between the CITY OF FORT COLLINS,
COLORADO, a Municipal Corporation ("City"), and d. JENSEN ENTERPRISES,
INC., a Colorado Corporation, ("Developer"), is an amendment to that certain
Development Agreement dated the 23rd day of May, 1988, by and between the
City and d. Jensen Enterprises, Inc. ("Development Agreement").
WHEREAS, the parties hereto previously executed a Development Agree-
ment on May 23, 1988; 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), of the Development Agreement shall be
modified by the addition of the following paragraph:
E. Escrow Option.
Notwithstanding the forgoing, the Developer shall have the option to
postpone the construction of the above described street and storm
drainage improvements required on Overland Trail and Drake Road and
obtain issuance of not more than 70 building permits for this develop-
ment prior to completion of said improvements, following the escrow of
funds to be deposited with the City in the form of cash, bond, nonex-
piring letter of credit or other form of City approved security suffi-
cient to guarantee completion of said improvements. The escrow
amount shall be 100% of the average of three, City approved, contractor
bids for the improvements, including the street oversizing portion of
improvements for which the Developer may be eligible for reimburse-
ment. To the extent that Exhibit A of this agreement is in conflict with
the provisions of this paragraph, this paragraph shall control.
Except as herein amended or modified, the Development Agreement shall
continue in full force and effect. This Agreement and the Development Agree-
ment constitute the entire understanding of the parties.
IN WITNESS WHEREOF, the parties hereto have set their hands the day
and year first above written.
CITY OF FORT COLLINS
A MUNICIPAL CORPORATION
By 4� [44�
-
Steven C. Burkett, City Manager
ATTEST:
APPROVED AS TO FORM:
i
Assistant City Attorney
DirectWof Engineering
DEVELOPER:
D. Jensen Enterprises, Inc.,
a Colorado corporation
By: 5r
Da R. Jensen, re dent
ATTEST:
Bobbie B. Jensen, Assist nt Secretary
(corporate seal)