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HomeMy WebLinkAboutBLOCK 123 - Filed OA-OTHER AGREEMENTS - 2004-02-11MEMORANDUI4 OF AGREEMENT THIS MEMORANDUM sets forth the agreement of THE CITY OF FORT COLLINS, COLORADO, a municipal corporation, hereinafter sometimes designated as the "City", and MOTEL CENTER PROPERTIES, LTD. a limited partnership, hereinafter designated as the "Developer", WITNESSETH: 1. The Developer is the owner of a substantial portion of Block 123 in the City of Fort Collins. Said block is bounded by College Avenue, Olive Street, Remington Street and Magnolia Street in the City. 2. The Developer acquired said property for the purpose of constructing thereon a Sheraton Inn. 3. The Developer has requested in connection with its construction plans that the City vacate the alley presently existing in said block. 4. The City, as a part of its Downtown Renewal Program has determined to construct an alternate route for U.S. Highway No. 287 which is presently located on College Avenue. Such alternate route would divert the traffic on College Avenue at approximately Magnolia Street to Remington Street and return such traffic. to College Avenue at Walnut Street in the City. The plans of the City would further be to redevelop the.portion of College Avenue between Magnolia Street and Olive Street as a parking, pedestrian, shopping mall. 5. The City anticipates that it will need to acquire a portion of the property belonging to the Developer at approxi- mately the intersection of Magnolia and Remington Street to be used for street right-of-way purposes in connection with the alternate route for U.S. Highway No. 287 traffic. 6. The Developer has indicated its willingness to revise its plans for developing the site so as to permit the dedication of the area needed by the City for street purposes and to allow the site and the Sheraton Inn to be constructed thereon to accommodate the revised traffic patterns which will result from the development by the City. 7. The present site owned by the Developer is not of sufficient size to permit the proposed development by the City and the additional dedication required by the City, and the City has therefore agreed to acquire additional property described on the attached exhibit and to transfer such property to the Developer. 8. The parties recognize that it may be necessary for the City to use its powers of eminent domain in order to acquire the additional property described on the exhibit attached to this agreement. The City agrees to use such powers for such purpose to the extent it needs to do so. 9. In consideration of the transfer of such additional property to the Developer, the Developer agrees to pay to the City the actual purchase price for the property as determined -2- I either through negotiations with the owner of the property or through condemnation award. It is understood and agreed that the expenses of the City in acquiring the property, in- cluding appraisal fees, attorneys' fees, court costs and the like, shall not be reimbursed to the City. It is further under- stood that no negotiated price will be accepted by the City without the concurrence of the Developer. 10. The Developer agrees to convey to the City the property required by the City for street right-of-way purposes referred to above, such property not to exceed in total square feet the size of the property to be conveyed to the Developer described on the exhibit attached hereto. 11. The City agrees to pay to the Developer as the purchase price for the lands to be conveyed to it an amount equal to a cost per square foot, the same as the per square foot price paid by the Developer for the property described on the attached exhibit. 12. The City agrees further to vacate the existing alley in Block 123 provided the following conditions are met: A. The Developer shall obtain the agreement of all other property owners in said block for the vacation of said alley and shall provide to such other property owners such private: easements as they may require in connection with the use of their properties. B. The Developer shall, at the Developer's cost, -3- relocate all utilities and utility lines of the City or any other public utility now located in such alley. The Developer shall further provide to the City a surety bond guaranteeing the relocation of such utilities without expense to the City or any other public utility. Such bond shall be in an amount equal to the cost estimate developed by the City Engineering Department for relocating such utilities. DATED at Fort Collins, Colorado, this day of May, 1975. ATTEST: iC ty C er THE CITY OF FORT COLLINS, COLORADO sy MOTEL CENTER PROPERTIES, LTD. i gy -4- Lf :G7� DT;SCZII"� IOP: Stars Props rLy ;7°:e north 10 feet of Lott 4 anc e11 of 1Pt 5, f;lork 1231 _.: the C t( ci FerL Co111ns, COIOY: i(iO.