HomeMy WebLinkAboutSUNRAY PLACE PUD - Filed OA-OTHER AGREEMENTS - 2004-03-01REIMBURSEMENT AGREEMENT
THIS AGREEMENT made and entered into this day of
19, by and between the CITY OF FORT COLLINS, COLORADO, a Municipal Corpor-
ation, hereinafter referred to as the "City", and FORT COLLINS HOUSING AUTHOR-
ITY, hereinafter referred to as "Developer".
W I T N E S S E T H:
WHEREAS, Section 99-6.B.6. of the Code of the City of Fort Collins per-
mits a developer., after he has installed street improvements through undevel-
oped areas of the City, to make application to the City for a reimbursement
agreement which would provide that the developer would be reimbursed a por-
tion of the construction cost of the street improvements whenever any proper-
ty specially benefited by said improvements first utilizes the same; and
WHEREAS, the Developer has made application to the City for reimburse-
ment agreement as a result of the construction of a 36 foot wide street (and
related improvements) at the following described location:
Plum Street in Sunray Place PUD, Fort Collins, Colorado
and
WHEREAS, the Developer has provided the City with the names of and the
legal descriptions of all properties specially benefitted by the installation
of said improvements, all as set forth on Exhibit "A" attached hereto.
NOW, THEREFORE, it is agreed by and between the parties hereto as fol-
lows:
1. That the 36 foot wide street (and related improvements) installed
by the Developer has been inspected and found to be in accordance with City
standards and requirements.
2. That the Developer has presented the City with adequate documentation
to establish that the total cost for the construction of the aforementioned
improvements was $9,772.00.
3. That at such time as any of the property specially benefitted by the
installation of the improvement, as identified on Exhibit "A" attached hereto
should begin to utilize said improvements, then at that time the City will
attempt to assess a charge against such property in order to reimburse the
Developer for some of the costs associated with the construction of the
improvement. Such charge shall be on a front foot basis according to the
schedule attached hereto as Exhibit "B" and a percentage added to recognize
the effects of inflation. This inflation factor is calculated using the Con-
struction Cost Index for Denver as published in the Engineering News Record of
October, 1983, and the same index published in the ENR of the month preceding
the application for a building permit. Should any property anticipated herein
to benefit from the installation of said improvements or otherwise benefit
from said improvements, there shall be no assessment against the property.
Should any property anticipated herein to benefit from said improvements be
subdivided into one or more parcels for development purposes, the amount to be
assessed shall be based only on that portion of the property actually
developed.
4. Upon the actual receipt of the assessment set forth above, the City
agrees to pay the same over to the Developer less three percent (3%) to be
retained by the City to defray administrative costs. The term of this Agree-
ment shall not extend for a period of more than ten (10) years from the date
hereof. The Council of the City of Fort Collins may, upon application of the
Developer, extend the ten year limitation herein set forth.
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5. The services of the City in attempting to assess and collect the
reimbursement fees described herein are offered solely as an accommodation to
the Developer. Accordingly, the City will not be liable for its failure in any
fashion to collect the monies specified herein.
6. This Agreement shall not be assigned by the Developer to any other
party without the express written consent of the City of Fort Collins.
DATED this ,ancl day of November , 19_3
ATTEST:
City Clerk
APPROVED AS TO FORM:
Cit ttorney
THE CITY OF FORT COLLINS, COLORADO
City �4anager -
FORT COLLINS HOUSING AUTHORITY
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i
James C. Woods
Director
EXHIBIT B
HOUSING AUTHORITY REIMBURSEMENT AGREEMENT
Ref. No. Property Owner Front Foot Repay
1 Chris Gar. Corporation 158.0 $4,886.00
3100 SouthParker Road,#107
Aurora, CO 80014
2 Fort Collins Housing Authority 158.0 ---
1715 West Mountain
Fort Collins, CO 80521
The percentage added to recognize the effects of inflation will be based
on the Denver Construction Cost Index published in the Engineering News -Record
and the following formula:
ENR Denver Construction Cost published before payment = (X)
END Denver Construction Cost published October 13, 1983, = (3692.95)
X - 3692.95 = Y
Y = percentage rate to be added
3'?i97—.35
Payee - Fort Collins Housing Authority