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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 �_�•�