HomeMy WebLinkAbout8621RESOLUTION NO. 8621
A RESOLUTION APPROVING AN AGREEMENT DATED JUNE 4, 1998 BETWEEN
PUEBLO, A MUNICIPAL CORPORATION, AND CHAMPION REAL ESTATE, INC.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
SECTION 1
The Agreement dated June 4, 1998, between Pueblo, a Municipal Corporation, and
Champion Real Estate, Inc., a copy of which is attached hereto and incorporated herein,
having been approved as to form by the City Attorney, is hereby approved.
SECTION 2 .'
The President of the City Council is authorized to execute and deliver the
Agreement in the name of the City, and the City Clerk is directed to affix the seal of the City
thereto and attest same.
INTRODUCED February 8. 1999
BY Cathy A. Garcia
Councilperson
APPROVED
President of City Council
ATTEST:
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PJOV Jq F&2,1
Council Agenda
TITLE: A RESOLUTION APPROVING AN AGREEMENT
DATED JUNE 4, 1998 BETWEEN PUEBLO, A
MUNICIPAL CORPORATION, AND CHAMPION
REAL ESTATE, INC.
DEPARTMENT: PUBLIC WORKS
ISSUE
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AGENDA ITEM #
DATE : February 8, 1999
Should the City Council approve an Agreement with Champion Real Estate, Inc., concerning
escrowed funds for the completion of portions of Outlook Blvd. and Tierra Berienda St. in Rancho Del
Sol Subdivision.
RECOMMENDATION
Approval of this Resolution
BACKGROUND
When the Rancho Del Sol Subdivision was built in 1981, the developer. R.W. Walker was required
to place into escrow 25% of the estimated cost of uncompleted public improvements within the
Subdivision. This included the completion of Outlook Blvd and Tierra Berienda St., within the
boundaries of the Subdivision. In 1998, Mr. Walker assigned his interest in these escrowed funds
to Champion Real Estate Inc..
This Agreement outlines the conditions which govern the release or retention of the funds.
FINANCIAL IMPACT
None
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AGREEMENT
THIS AGREEMENT entered into as of ::Z1_1_- �: Iggg , 1998 by and between Pueblo,
a Municipal Corporation, whose address is 1 City Hall Place, Pueblo, Colorado, 81003, (the "City ")
and Champion Real Estate, Inc., a Colorado corporation, whose address is 2145 Jerry Murphy Road,
Pueblo, Colorado, 8 100 1, (the "Champion ").
WHEREAS, pursuant to the Subdivision Improvements Agreement for Rancho Del Sol,
Third Filing, (the "Subdivision ") recorded in Book 2117, Page 176 of the records of Pueblo County
(the "Subdivision Agreement "), the subdivider of the subdivision (the "Subdivider ") created or
caused to be created an escrow account Number MMIA9203857 with US Bank formerly Colorado
National Bank- Pueblo (the "Escrow Account "), and
WHEREAS, the funds on deposit in the Escrow Account represent the cash deposit required
by the Subdivision Agreement and Section 12- 4 -7(J) of the 1971 Code of Ordinances of the City
of Pueblo, and
WHEREAS, certain subdivision improvements remain to be completed for the Subdivision,
namely Outlook Boulevard and Tierra Berienda Street and associate improvements (the
"Improvements "), and
WHEREAS, Champion is the successor in interest and title to the Escrow Account, and
WHEREAS, without an appropriate and required deposit sanctions may be imposed by the
City against the land in the Subdivision.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, City and Champion agree as follows:
1 . Cham ion shall .within ten �1 0) days front, ate he u se e ntire b 1 nce of tl+
p �.,.. � ; ..a,� d ".�., r�,„f za,�e he e�r���., ��a a�..�., :, �e
Escrow Account including both principal and interest in the appropriate sum of $76,000.00 to be
deposited with the City's Finance Department (the "Finance Department ").
2. The Finance Department shall hold the deposit in an interest - bearing account subject
to the following terms and conditions:
(a) If a building permit is issued after April 1, 1998 for any building or structure
in any lot in the Subdivision and the Improvements required by the Subdivision Agreement are not
completed on or before the date of issuance of such building permit to the satisfaction of the City's
Director of Public Works ( "Director "), or if the Improvements are not so completed before April
1, 2001, the Deposit and all accrued earnings shall be retained by City.
(b) If the Improvements required by the Agreement are timely completed to the
satisfaction of the Director, the Deposit, plus all accrued earnings, shall be paid to the Champion
upon written notice of satisfactory completion given to the Finance Department by the Director.
(c) The Finance Department shall be responsible as a depository only. The
Finance Department shall not be responsible for the sufficiency or accuracy of any document, and
it may rely upon any paper or other writing believed by it to be authentic in making any payments
of the Deposit.
(d) If there is any disagreement between the Director and Champion, the Finance
Department may withhold all money, property and documents in its possession until a mutual
agreement has been reached between the parties or until deliver is authorized by a final judgment
or court order.
(e) The Finance Department may employ attorneys to reasonably protect the
Deposit and itself. It shall have the right to reimburse itself from the Deposit in its possession for
costs, expenses, and attorney's fees and shall have a lien on all money, property and documents to
pay such amounts. All such fees, costs, expenses and attorney's fees shall be the sole obligation of
Champion, and upon demand by Director, the Champion shall reimburse the Deposit for such
amounts.
3. Upon deposit of the funds as provided in paragraph 1 hereof, the Escrow Agreement
dated October 24, 1994, among the City, the Escrow Agent and R. W. Walker, Subdivider shall be
canceled and superseded by this Agreement.
The parties have signed this Agreement the day and year first above written.
PUEBL MUNICIPAL C RPORATION
ATTEST:
By
!'
City Cl k President of the City Council
APPROVED AS TO FORM:
City Attorney'.•=
STATE OF COLORADO
COUNTY OF PUEBLO
ss.
CHAMPION REAL ESTATE, INC.
c
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Title: / v
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The foregoing instrument was acknowledged before me this 9th day of _Fe bruary ,1999
Corinne Koehler as President of the City Council and Gina Dutcher as City Clerk of Pueblo,
Colorado, a Municipal Corporation.
Witness my hand and official seal.
My commission expires: 8 -21 -99
[SEAL]
o ary Public
STATE OF COLORADO )
j ss.
COUNTY OF PUEBLO )
The fo egoing instrum / ert was acknowledged before me this day of c
1998 by �'� � as A cc a 6 n � fi
of Champion Real Estate, Inc., a Colorado corporation.
Witness my hand and official seal.
My commission expires: & _ `S . 9
[SEAL]
Notary Public
60 F/ 0 /
The terms of this Agreement are hereby accepted by:
FINANCE DEPARTMENT OF THE
CITY OF PUEBLO
By 6 � I , 2: ) 6A tJ
Director 4
F:\ FILES \CITY\PUBLIC W\SUBDIV\CHMPION \AGREEMNT.WPD _3