HomeMy WebLinkAbout10623RESOLUTION NO. 10623
A RESOLUTION APPROVING MODIFICATION TO PROTECTIVE COVENANTS, THIRD
MODIFICATION AGREEMENT AND MODIFICATION OF CONSTRUCTION COVENANTS FOR
PASEO DEL RIO, LLC, LOT 1, BLOCK 1 HISTORIC ARKANSAS RIVERWALK PROJECT, FILING
NO. 1, AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Modification to Protective Covenants, Third Modification Agreement and Modification to
Construction Covenants for Paseo Del Rio, LLC, Lot 1, Block 1, Historic Arkansas Riverwalk
Project, Filing No. 1, approved as to form by the City Attorney and attached hereto, are hereby
approved.
SECTION 2.
The President of City Council is authorized to execute the Modifications in the name of the
City. The City Clerk is directed to affix the seal of the City thereto and attest same. The City Clerk
shall record the Modification to Protective Covenants and Modification to Construction Covenants
with the Pueblo County Clerk and Recorder.
INTRODUCED January 23, 2006
BY Randy Thurston
Councilperson
APPROVED: — ,
President of City Council
ATTESTED BY:
CITY CLERK
1&0. $l 10(023
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # rj
DATE: January 23, 2006
DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH
PLANNING DEPARTMENT /JIM MUNCH
TITLE
A RESOLUTION APPROVING MODIFICATION TO PROTECTIVE COVENANTS,
THIRD MODIFICATION AGREEMENT AND MODIFICATION OF CONSTRUCTION
COVENANTS FOR PASEO DEL RIO, LLC, LOT 1, BLOCK 1 HISTORIC ARKANSAS
RIVERWALK PROJECT, FILING NO. 1, AND AUTHORIZING THE PRESIDENT OF
CITY COUNCIL TO EXECUTE SAME
F*dul
Should the City Council approve Modifications for the Paseo Del Rio Development on
Lake Elizabeth?
RECOMMENDATION
Approve the Resolution.
BACKGROUND
Paseo Del Rio is the residential condominium development along the north bank of
Lake Elizabeth. The development is on Lot 1 of the Historic Arkansas Riverwalk
Project. The requested modifications will allow the developer to construct the project in
five phases, modify the development plan to reflect the new phasing and allow the
developer, at their discretion, to construct the fifth phase as commercial, residential or
a combination of commercial and residential units. Should the fifth phase include
commercial uses, provisions
provide additional parking.
market conditions. The
modifications.
FINANCIAL IMPACT
are included within the agreement for the developer to
These modifications are being made to reflect current
HARP Authority has reviewed and approved these
None.
Third Modification Agreement
This Third Modification Agreement entered into thisR3 of yi ,
2006 between Pueblo, a Municipal Corporation (Seller) and Paseo Del Rio, LLC
as successor to and assignee of Gary Anzuini and Ida Anzuini (Buyer),
W itnesseth
Whereas, Seller and Buyer entered into a Purchase and Sale Agreement
dated January 27, 2003, a Modification Agreement dated March 27, 2004 and a
Second Modification Agreement dated December 22, 2003 (herein collectively
the "Purchase Agreement "), and
Whereas, Buyer has requested additional modifications to the Purchase
Agreement which Seller is willing to grant upon the terms and conditions herein
contained.
Now therefore, in consideration of the foregoing and mutual covenants
contained herein, Seller and Buyer agree as follows:
1. Section 5.3 of the Purchase Agreement is amended to read as follows:
The Property is included within an approved subdivision
(Subdivision). Buyer acknowledges that the Property will have to provide for
utility and drainage easements as required by City. The Development Plan shall
be consistent with the Subdivision.
2. Section 6.7. The first two sentences of section 6.7 are left intact. The
balance of Section 6.7 is amended to read as follows:
If any portion of the Property is developed for commercial uses
Buyers shall construct the Parking Lot, or so much of the Parking
Lot as is deemed necessary by the City's Assistant City Manager
for Transportation and in accordance and compliance with City's
applicable ordinances, specifications and standards with plans to
be approved by the City's Assistant City Manager for
Transportation. The Parking Lot shall be installed and approved by
the City's Assistant City Manager for Transportation prior to the
issuance of a certificate of occupancy for any commercial uses. If
not timely constructed and approved, City may withhold approval of
the certificate of occupancy and /or any additional building permits
for construction within the Property until the Parking Lot is
constructed and approved.
3. Section 7.2(c) is deleted.
4. Section XIII is modified to provide that any notices to the HARP
Authority should be directed to Steve Arveschoug, Executive Director,
200 West 1s Street , Suite 303, Pueblo CO 81003 and that any
notices to Buyer should be directed to Gary Anzuini and Ida Anzuini at
112 West'D' Street, #100A, Pueblo, CO 81003.
The Purchase Agreement as amended and modified by this Third
Modification Agreement shall remain in full force and effect, provided
that if a conflict exists between the provisions of this Third Modification
Agreement and the provisions of the Purchase Agreement, the
provisions of this Third Modification Agreement shall control to the
extent of such conflict.
Executed at Pueblo, Colorado as of the day and year first above written.
Paseo Del Rio, LLC
B �l/1
ry Anzuini, Hager
Pueblo, a Municipal Corporation
By
Presi nfof City Council
ATTEST
CITY LERK
Vle
C� 10(o 2,31 III VIII I I IIII II I IIII II I II I III II 161531247
of 2
Chris C. Munoz Puebl OCtyC1k8&Rec MOD COVR 11.00 D 0.00
Modification to Protective Covenants
This Modification to Protective Covenants made and approved this��
day of 200 by Pueblo a Municipal Corporation ( "City ") and Paseo
Del Rio, LLC, a Colorado Limited Liability Company. City previously caused to
be recorded Protective Covenants at Reception No. 1573070 of the records of
the Pueblo County, Colorado Clerk and Recorder on the 30` day of June 2004
(the "Protective Covenants "). Subsequent to the recordation of the Protective
Covenants Gary Anzuini and Ida Anzuini, by Quit Claim Deed recorded June 30,
2004 at Reception No. 1573071 of the Pueblo County, Colorado Records,
transferred to Paseo Del Rio, LLC, Lot 1, Block 1, Historic Arkansas Riverwalk
Project, Filing No. 1, County of Pueblo, State of Colorado (the "Property "). In
consideration of the mutual covenants contained herein City and Paseo Del Rio
LLC do hereby modify the Protective Covenants as set forth herein.
1. Section 5.1 is hereby amended to read as follows:
The Property shall neither be rezoned nor subdivided while these
covenants are in effect, without the consent of the City.
2. Section 5.3 is amended by substituting City Department of Land Use
Administration for City Department of Zoning.
3. Section 5.6 delete the third, fourth and fifth sentences.
4. Section 12 Notices is amended to provide that notices to the HARP
Authority shall be sent to Steve Arveschoug, Executive Director and
notices to Paseo Del Rio, LLC shall be sent to Gary and Ida Anzuini at
112 West `D' Street # 100A, Pueblo, Colorado, 81003.
5. The Protective Covenants as amended and modified by this
Modification to Protective Covenants shall remain in full force and
effect, provided that if a conflict exists between the provisions of this
Modification to Protective Covenants and the provisions of the
Protective Covenants, the provisions of this Modification to Protective
Covenants shall control to the extent of the conflict.
Paseo Del Rio, LLC
By
Ida Anzuini, Mana r
By
ry Anzuini, Manager
Pueblo, a Municipal Corporation
G. 0,..�
t of jho�etty'c8ap
U
ATTEST
y l y 4 ✓�._� rah.
II II II I I I II I I I I II II I II II 1661 of 2
Page: 2 02/09/2005 11:28A
Chris C. Munoz PuebloCtyClk &Rec MOD COVR 11.00 D 0.00
STATE OF COLORADO }
}ss
COUNTY OF PUEBLO }
The foregoing instrument was acknowledged before me this a 3ld day
Of January 200 by Michaal Occhiato as President of the
City Council of Pueblo, a Municipal Corporation.
Witness my hand and seal.
My Commission expires: (4 O
Not Public
r� O �f
STATE OF COLORADO }
) ss.
COUNTY OF PUEBLO }
The foregoing instrument was acknowledged before me this 1 day of
200L by Gary Anzuini as Manager of Paseo del Rio, LLC
and Ida Anzuini as Manager of Paseo del Rio, LLC.
Witness my hand and seal.
My Commission expires: o 7 /a7 woos
; Sellfif 86llplP
Notary Public
2
) - r
P ICC.z3 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 1661 of 3 3
Chris C. Munoz Pueb loC tyC1k4Rec MOD COVR 16.00 D 0.00
Modification of Construction Covenants
This Modification to Construction Covenants made and approved this
day of LLC a 20 /� by Pueblo, a Municipal Corporation ( "City ")
d P
anaseo Del Rio , Colorado Limited Liability Company. City previously
caused to be recorded Construction Covenants at Reception No. 1573070 of the
records of the Pueblo County, Colorado, Clerk and Recorder on the 30` day of
June 2004 (the "Construction Covenants "). Subsequent to the recordation of the
Construction Covenants Gary Anzuini and Ida Anzuini by Quit Claim Deed
recorded June 30, 2004 at Reception No. 1573071 of the Pueblo County,
Colorado, Records, transferred to Paseo Del Rio, LLC, Lot 1, Block 1, Historic
Arkansas Riverwalk Project, Filing No. 1, County of Pueblo, State of Colorado
(the "Property "). In consideration of the mutual covenants contained herein City
and Paseo Del Rio, LLC do hereby modify the Construction Covenants, as
provided herein.
1. Section 3.1 is hereby amended to read as follows:
Within four and one half (4' /z) months after the date of this Deed,
construction shall have commenced on the Property.
Commencement of construction is defined as a building permit
having been obtained from the Pueblo Regional Building
Department and actual construction has commenced on one or
more buildings on the Property. All building permits and
construction shall be according to the development plans that have
been approved by the City's Department of Public Works and the
HARP Authority as required by the Protective Covenants. Buyer will
promptly notify City and the HARP Authority when it obtains the
required building permits and when construction has actually
commenced.
2. Section 3.2. the second sentence is amended to read as follows:
After commencement of construction for any Improvement within a
Phase, as described in Section 4 below, and if requested by Buyer, City
shall execute and deliver a writing signed and acknowledged stating that
construction within such Phase has been so commenced and releasing
City's right to repurchase the portion of the Property within such Phase
pursuant to Sections 4 and 6.1 below, for failure to commence
construction.
Section 4 is hereby amended to read as follows:
Construction of the improvements, once commenced shall be
diligently pursued. The Property will be developed and constructed
in five Phases, as shown on the attached Site Plan. The first four
�IIII IIIIIIIIIIIIIIIIIIIII IIIaO 66 0 24N28A
Phases shall consist of residential structures of two units each.
The fifth Phase may consist of commercial, residential or a
combination of commercial and residential units. The Phases will
be developed as condominium units. All Phases shall be developed
and constructed in accordance with development plans and
specifications approved as required by the Protective Covenants.
Construction on Phase 1 has been completed and construction on
Phase 2 has been commenced. The City's right to repurchase, as
set forth in Section 6, below, is subject to the provisions of Section
8, below. If no substantial construction is performed on
uncompleted improvements, within any phase, for a period of six
consecutive months (unless such delay is caused by one or more
of the events listed in Section 5 below) then City shall have the right
to repurchase so much of the Property as has not been developed
into completed condominium units.
4. Section 12 is amended to read as follows:
These Covenants, and any amendments hereto, shall remain in
effect until December 31, 2007, unless sooner released pursuant to
Section 8, above.
5. Section 13 Notices. Notice to the HARP Authority shall be directed to
Steve Arveschoug , its Executive Director. Notice to Paseo Del Rio,
LLC shall be sent to Gary and Ida Anzuini, 112 West `D' Street, #100A,
Pueblo, CO, 81003.
6. The Construction Covenants as amended and modified by this
Modification of Construction Covenants shall remain in full force and
effect, provided, that if a conflict exists between the provisions of the
Modification of Construction Covenants and the provisions of the
Construction Covenants, the provisions of the Modification of
Construction Covenants shall control to the extent of such conflict.
Paseo Del Rio, LLC
By
rl�
Ida Anzuini, M
By �•
G Anzuini, Manager
Pueblo, a Municipal Corporation
B � 0. az"�
Preside of the yitySepyncil
i J
ATTEST
O �
STATE OF COLORADO Chri Mu noz Pusb MOO Ill VI VIII I II 0 166 0z "8 28A
)ss
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this 23LA day of
January , 200 by Michael Occhiato as President of the City
Council of Pueblo, a Municipal Corporation.
Witness my hand and official seal.
M�Commission Expires:
c.
L ..`tiff.•,
Notary(Vublic
STATE OF COLORADO)
)ss
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this I ' + day of
U) e � , 200 by Ida Anzuini as Manager of Pueblo Del Sol, LLC and by
Gary Anzuini as Manager of Pueblo Del Sol, LLC.
Witness my hand and official seal.
My Commission Expires: 0) l2 I jpo $
(SEAL)
1 ME
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