HomeMy WebLinkAbout6645RESOLUTION NO. 6645
A RESOLUTION APPROVING AN ESCROW AGREEMENT
BETWEEN THE CITY OF PUEBLO AND COLORADO
STATE EMPLOYEES' CREDIT UNION, CONCERNING
PUBLIC IMPROVEMENTS IN THE GATEWAY SUBDI-
VISION, SECOND FILING
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that:
CFrTMN i
An Escrow Agreement dated November 1, 1990, by and between the City of Pueblo,
a Municipal Corporation, and Colorado State Employees' Credit Union, the original
of which is on file in the office of the City Clerk, and is made a part hereof by
reference, having been approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The President of the Council is hereby authorized and directed to execute said
Escrow Agreement for and on behalf of the City, and the City Clerk is hereby directed
to attest the same and affix the seal of the City thereto.
SECTION 3.
After due execution and acknowledgement of this Agreement, the City Clerk is
directed to record said Agreement in the office of the Pueblo County Clerk and
Recorder.
INTRODUCED November 26 1 1990
By HOWARD WHITLOCK
Councilman
APPROVED ,�... -�..Q
r ident of e Council
ATTEST:
r City Clerk
NO93 106 RECORDED DEC 2 1 1990 booK2525 f>Ai;� 740
PU113LO COWN, COLORADO
ESCROW AGREEMENT
THIS AGREEMENT made and entered into this lst day of
November 19. , by and between the CITY OF PUEBLO,
a Municipal Corporation, hereinafter referred to as "City,"
COLORADO STATE EMPLOYEES' CREDIT UNIO hereinafter referred to as
"Subdivider," and FIRST COLORADO BANK OF PUEBLO
hereinafter referred to as "Escrow Agent."
W I T N E S S E T H:
WHEREAS, Subdivider is the owner of a certain tract of
land located in the City and legally described as set forth
in Exhibit "A," which is attached hereto and incorporated
herein; and
WHEREAS, Subdivider is required pursuant to Section
12- 4 -7(J) of the 1971 Code of Ordinances of the City to
- construct certain public improvements as set forth in
Exhibit "B," which is attached hereto and incorporated herein;
and
WHEREAS, the Subdivider agrees that the estimate of the
City Director of Public Works to construct and install such
improvements is reasonable; and
WHEREAS, Subdivider agrees to establish an Escrow Account
to guarantee payment of the costs of installation and con-
struction of said public improvements according to City's
Subdivision Regulations and this Agreement.
NOW THEREFORE in consideration of the City approving the
plat for GATEWAY SUBDIVISION, SECON FI L I NG Subdivision,
I. Subdivider agrees:
1. To establish an Escrow Account with Escrow Agent
and to deposit with Escrow Agent $ 9,574.00 * * * * * * ** being an
amount equal to the estimate of the public improvements required
by the City Subdivision Regulations and the City Director of
Public works as described in Exhibit "B," which is attached
booK 2525 iw E 141
hereto and incorporated herein. It is agreed that any
interest on the Escrow Account will accrue to the Subdivider
and may be paid to the Subdivider after deducting any unpaid
escrow fees, charges or expenses monthly or at such other time
as Escrow Agent and the Subdivider agree.
2. To install the required public improvements in
said Subdivision as described in Exhibit "B."
3. That the funds deposited in the Escrow Account
may be withdrawn at the discretion of the City upon written
request by the City's Director of Public Works delivered to
Escrow Agent and Subdivider.
4. When Subdivider completes all or a portion of
the improvements described in Exhibit "B," Subdivider may
apply to - the City for a partial or full release of the Escrow
Account and, upon written notice of the City's Director of
Public Works to the Escrow Agent, Escrow Agent shall release said
escrowed funds to the Subdivider as directed by the Director
of Public Works.
II. Escrow Agent agrees:
5. That $ 9,574.00******* has been deposited by
Subdivider and Escrow -Agent has established an Escrow Account
to be held by the Escrow Agent and disbursed and paid only
as herein provided.
6. To release from said Escrow Account and pay out
therefrom only such escrowed funds as Escrow Agent shall be
directed to release and pay by written direction from City's
Director of Public Works.
7. In the event that Subdivider fails to install
all or any part of the required public improvements described
in Exhibit "B," on or before 3 years from the date of this
Escrow Agreement, Escrow Agent shall upon demand from City's
Director of Public Works pay the balance remaining in the
Escrow Account to the City and the City may use the amount
so paid to complete all or any part of the said improvements.
-2-
booK 2525 I'VE 742
III. The City agrees:
8. To accept this Escrow Agreement as Subdivider's
guarantee of the completion of the improvements described in
Exhibit "B" and required by the City Subdivision Regulations
and Ordinances.
9. To have the City's Director of Public Works or
his designee periodically inspect said improvements while
under construction and inspect completed improvements within
a reasonable time after receiving written notice that the
improvement has'-been completed. The City's Director of Public
Works shall notify the Subdivider within 10 days after
inspection of the required public improvements if the same
are satisfactorily completed and approved by the City and
if so satisfactorily completed and approved, the Director of
Public Works shall authorize a partial release and payment of
said escrowed funds to be made to Subdivider in an amount
determined by the Director of Public Works based on the
percentage of improvements completed and approved.
IV. Instructions to Escrow Agent:
10. The Escrow Agent shall not be personally liable
for any act it may do or omit to do hereunder as such agent,
while acting in good faith and in the exercise of its own
best judgment.
11. The Escrow Agent is hereby expressly authorized
to comply with and obey any and all orders, judgments, or
decrees of any court of competent jurisdiction relating to this
transaction, and in case the said Escrow Agent obeys or complies
with any such order, judgment or decree of any such court it
shall not be liable to any of the parties hereto or to any
other person, firm, or corporation by reason of such compliance,
notwithstanding any such order, judgment or decree by sub-
sequently reversed, modified, annulled, set aside or vacated,
or found to have been entered without jurisdiction.
-3-
BOOK 2525 r ,F 743
12. If at any time a dispute shall exist as to the
duty of the Escrcw Agent under the terms hereof, the Escrow
Agent may deposit the documents and money in its hands, with
the Clerk of the District Court of the County of Pueblo, and
State of Colorado, and may interplead the parties hereto.
Upon so depositing such documents and money and filing its
complaint in interpleader, the Escrow Agent shall be released
from all liability, under the terms hereof, as to the documents
and money so deposited. The parties hereto, for themselves,
their heirs, successors and assigns, do hereby submit them-
selves to the jurisdiction of said Court.
13. In consideration of the acceptance of this,
Agreement by the Escrow Agent, Subdivider and City agree,
jointly and severally, for themselves, their heirs, executors,
administrators, successors and assigns, to indemnify and
hold Escrow Agent harmless as to any liability by it incurred
to any other person or corporation by reason of its having
accepted the same, or in connection herewith. Subdivider
agrees'to reimburse Escrow Agent for all its fees, expenses,
including, among-other things, counsel fees and court costs
incurred in connection herewith. City and Subdivider agree
that the Escrow Agent shall have a first and prior lien upon
all deposits made hereunder to secure the performance of said
agreement of indemnity and the payment of its fees, charges,
and expenses. Escrow fees or charges, as distinguished from
other expenses hereunder, shall be as written above the
Escrow Agent's signature at the time of its acceptance hereof.
CITY OF PUEBLO
L
r. r
i _ y By
\ATTES/r • Pr ent of i y Counc i
Ci y Clerk
-4-
BOOK 2525 PAGE
SUBDIVIDER
Subscribed and sworn to before me this day of
11y ?4y commission expires:
ary Public
ress:
Escrow Agent fees shall be $ 100
ESCROW AGENT FIRST COLORADO BANK OF
PUEBLO, N.A.
Tit e PRESIDENT
Subscribed and sworn to b fore me this - TH day of
_ NOVEMBER , 19 90.
My commission expires: 12 14 90
4
r� .
Aotaryv is
i 1000 W. 6TH STREET
_ Address:
PUEBLO, CO 81003
-5-
booK 2525 fW,1745
EXHIBIT "'A"
A parcel of land in the SE% of the NE I/ of Section 14, Township
20 South, Range 65 West of the 6th P.M., being a portion of the
tract of land described In Book 2030 at Page 302 of the Pueblo
«, County Records, and being more particularly described as follows:
ti
Considering the East line of Section 14, Township 20 South, Range
65 West of the 6th P.M., to bear N.00 02 07 "E., and all bearings
contained herein being relative thereto.
Beginning at the Southeast corner of Gateway Subdivision,
First Filing, according to the recorded plat thereof, .filed for
record June 26, 1979, at the intersection of the North Right -of -Way
Line of U. S. Highway No. 50 with the East Right -of -Way Line
of Fortino Blvd.; thence N.12 °- 06 00 "E., (S.12 06 55 "W., Plat),
along the East'Bound'ary Line of said Subdivision, a distance of
383.00 feet; thence S.77 52 46 "E., a distance of 230.00 feet;
thence S.12 06 00 "W., a distance of 383.00 feet to the said
North Right -of -Way Line of U. S. Highway No. 50; thence
N.77 52' -46 "W. (5.77 53 05 "E., Deed), along said North
Right -of -Way Line, a distance of 230.00 feet to the Point of
Beginning.
Containing 2.022 Acres
.,,
0
book 2525 f*, 746
SUBDIVISION IMPROVEMENT AGREEMENT
SUBDIVISION NAME: GATEWAY SUBDIVISION, SECOND FILING
SUBDIVIDER: COLORADO STATE EMPLOYEES CREDIT UNION, A COLO. CORP.
RIGHT TURN LANE (FORTINO BLVD. WEST)
Curb and
Gutter
283.4 LF @ $6.50 /LF ( +10 %)
$ 2,026.00
Saw Cut
Asphalt
325.11 LF @ $1.00 /LF It
358.00
Asphalt,
C &G Demo
Lump Sum It
11100.00
Handicap
Ramp
1 EA @ $150.00
165.00
Concrete
Pan
1 EA @ $1,200.00
1,320.00
Asphalt:
2" on 2" on 12"
307 SY @ $15 /SY
4,605.00
TOTAL
$ 9,574.00