HomeMy WebLinkAbout6891RESOLUTION NO. 6991
A RESOLUTION APPROVING AN AGREEMENT DATED
FEBRUARY 10, 1992 BETWEEN PUEBLO, A MUNI-
CIPAL CORPORATION, AND REALCO CORPORATION
RELATING TO SUBDIVISION IMPROVEMENTS
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Agreement and attached Addendums dated February 10,
1992 between Pueblo, a Municipal Corporation and Realco Corporation
relating to subdivision improvements, 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 and attached Addendums in the name of
the City and the City Clerk is directed to affix the seal of the
City thereto and attest same.
ATTEST:
Ci Clerk
INTRODUCED: February 10, 1992
By JOYCE LAWRENCE
Councilperson
APPROVED:
Presid nt of t e City Council
,oP69 35 RECORDEE) C MAR 2 0 14 n
Rt
3 ,� � -440
PUEBLO COUNTY, COLORADO R i d
THIS AGREEMENT entered into the /®!� day of F_ ,
199, between the CITY OF PUEBLO, a Municipal Corporation, 1 City
Hall Place, Pueblo, Colorado 81003 (the "CITY ") , and REALCO
CORPORATION, a Colorado Corporation, the successor in interest to
Otero Investments, Inc., 1515 North Academy Boulevard, Colorado
Springs, Colorado 80909 (" REALCO").
WITNESSETH:
WHEREAS, certain changed circumstances have arisen which
affect the letter of credit previously provided to the City by
Realco to secure Realco's obligations with respect to certain
subdivision improvements for the University Park Subdivision, 18th
Filing, County of Pueblo, State of Colorado, and the University
Hills Subdivision, 1st Filing, County of Pueblo, State of Colorado;
and
WHEREAS, the parties hereto desire and have agreed to
accommodate, as hereinafter set forth, said changed circumstances
to allow continued development of the above - described real
property.
NOW THEREFORE, in consideration of the foregoing and the
mutual covenants and promises herein contained, the City and Realco
agree as follows:
1. For purposes of this agreement, except as otherwise
provided or unless the content otherwise requires:
(a) "University Hills" means University Hills
Subdivision, Filing No. 1, Block 1, Pueblo County, Colorado.
(b) "University Park" means University Park Subdivision,
18th Filing, Pueblo County, Colorado.
(c) "Deposit" means the sum of $98,000.00 to be deposited
with the City by Realco.
(d) "Improvements" means the North 1/2 of 47th Street,
Pueblo, Colorado, from Jerry Murphy Road to the East boundary of
the Master Plan, including turning lanes, two curbs and gutters,
sewer and water main sleeves, if required, and pedestrian bikeway.
Said improvements do not include the median in 47th Street but do
include the North curb and gutter median and dirt work necessary
to protect said curb and gutter.
(e) "Subdivisions" means University Park and University
Hills.
1
no 2583 ��,) 441
(f) "Master Plan" means the University Park Master Plan,
Pueblo, Colorado, as amended and approved February 12, 1986, and
on file in the office of the Director of the Department of Zoning,
City of Pueblo.
(g) "Retail Sales" means all sales of lots except the
sale or transfer of lots by Realco or its Governmental Successors
to a real estate developer or to the Governmental Successors of
Realco.
(h) "Governmental Successors" means the Resolution Trust
Corporation or any other governmental entity, agency or
receivership.
(i) "Remaining Improvements" means the Improvements from
the East right -of -way line of Cedarweed Boulevard to the East
boundary of the Master Plan.
2. The parties hereto represent and warrant that each of them
have the full power and authority to enter into and execute this
agreement and the addendums attached hereto and to perform their
respective covenants and agreements hereunder and that upon
execution of this agreement and the attached addendums by the
parties, this agreement and the attached addendums shall be binding
upon and enforceable against each party.
3. Within ninety (90) days of the execution of this
agreement, Realco will deposit the amount of $98,000.00 (the
Deposit) with the City. The City wall hold said P:posit in a
special interest bearing account, which Deposit shall he available
for the construction and installation of the Improvements as
hereinafter set forth. The Deposit and all accrued interest
thereon will be used solely for the construction of the
Improvements as follows:
(a) 39.6% of said Deposit, together with the interest
thereon, shall be available for construction of the Improvements
from the East right -of -way line of Castor Drive to the East right -
of -way line of Cedarweed Boulevard.
(b) 60.4% of said Deposit, together with the interest
thereon, shall be available for construction of the Improvements
from the East right -of -way line of Jerry Murphy Road to the East
right -of -way line of Castor Drive.
(c) If the two above - stated portions of the Improvements
are done at different times, then the above - stated percentages
shall apply to the original Deposit and interest at the time of
commencement of construction of the section of Improvements which
is first in time. Thereafter, the entire remaining balance of the
Deposit, together with interest, shall be available for the
construction of the remaining portion of the Improvements. No
2
BOOr2583 P�GF_ 442
portion of said Deposit shall be available for the construction of
the Improvements from the East right -of -way line of Cedarweed
Boulevard to the East boundary of the Master Plan.
The Deposit, together with interest, or the applicable portion
thereof, will be released and paid to the person or entity,
including the City, who constructs, installs and warrants the
construction of the Improvements or the applicable portion thereof.
4. Construction of the Improvements shall commence within
thirty (30) days of the occurrence of the following events:
(a) With respect to the Improvements from the East right -
of -way line of Castor Drive to the East right -of -way line of
Cedarweed Boulevard: within thirty (30) days of the issuance by
the City of the first building permit in Lots 42 through 64,
University Hills. Said portion of the Improvements shall be
constructed by the then owners of Lots 42 through 64, University
Hills.
(b) With respect to the Improvements from the East right -
of -way line of Jerry Murphy Road to the East right -of -way line of
cas-or Drive: within thirty (30) days of the issuance by the City
of the first building permit in University Park. Said portion of
the Improvements shall be constructed by the then owners of
University Park.
(c) Construction of all of the Improvements shall be
commenced on or before five (5) years from the date of this
agreement.
Notwithstanding the foregoing, in no event shall Realco, or
its Governmental Successors, have any liability or obligation to
construct the Improvements unless REALCO has been sold or
transferred to a third person or entity which is not a Governmental
Successor, or unless REALCO, or its Governmental Successors,
undertake the Retail Sale of lots in University Park or of Lots 42-
64, University Hills. However, if the construction of said
Improvements is not commenced within said five (5) year period, the
City may withdraw the Deposit or the remaining portion thereof, and
construct and install all or any part of the Improvements from
Jerry Murphy Road to Cedarweed Boulevard to the extent of the
Deposit. Any amounts expended by the City in excess of the Deposit
for the construction of the Improvements (Deficiency) shall remain
a lien against the property as follows:
(a) For any Deficiency for the construction of the
Improvements from the East right -of -way line of Castor Drive to the
East right -of -way line of Cedarweed Boulevard, said Deficiency
shall remain a lien against Lots 42 -64, University Hills.
3
Boot 2583 r "•C= 443
(b) For any Deficiency for the construction of the
Improvements from the East right -of -way line of Jerry Murphy Road
to the East right -of -way line of Castor Drive, said Deficiency
shall remain a lien against all lots in University Park.
The City shall not undertake foreclosure of any such lien
against any property owned by REALCO, or its Governmental
Successors, unless REALCO, or its Governmental Successors,
undertake the Retail Sale of lots in University Park or Lots 42-
64, University Hills.
In no case shall REALCO, or its Governmental Successors, have
any liability or obligation for the above - referenced Deficiency or
for the construction of the Improvements unless REALCO, or its
Governmental Successors, undertake the Retail Sale of lots in
University Park or Lots 42 -64, University Hills.
Construction of the Improvements, or the applicable portion
thereof, shall be completed within 180 days of commencement of the
construction.
5. Realco and City will, upon execution of this agreement,
execute, deliver and cause to be recorded the attached:
(a) Addendum to Subdivision Improvements Agreement for
University Hills (Exhibit A hereto); and
(b) Addendum to Subdivision Improvements Agreement for
University Park (Exhibit B hereto).
6. The above Addendums provide that, upon the Retail Sale
of a lot in the Subdivisions, a specified sum is to be paid to the
City to be held in a separate account by the City, to be used for
the construction of the South -half of 47th Street.
The sums to be paid to the City from the proceeds of the
above - defined Retail Sales of lots are as follows:
$500.00 for each lot sold in the University Hills;
$400.00 for each lot sold in the University Park.
Notwithstanding the foregoing, the following lots in
University Hills Subdivision, 1st Filing, are excluded from the
above - stated Lot Surcharge:
Lot 8, Block 1 and Lot 30, Block 1, both of University Hills
Subdivision, 1st Filing.
The specified sum per lot (Lot Surcharge) is an agreed upon
amount between Realco and the City and does not represent nor
should it be construed to represent a prorata share of the cost to
4
MD 2583 444
construct the South one -half of 47th Street.
would be substantially greater. Therefore,
be construed in such a manner as to bind the
any payment, deposit or requirement imposed
subdivider of or the land in any subdivision
Park and University Hills whether owned by
person or entity.
Such a prorata share
nothing herein should
City with respect to
by the City upon the
other than University
Realco or any other
The above - referenced Lot Surcharge shall only be collected
from Retail Sales of lots in the Subdivisions subsequent to
January 1, 1991, subject to the exceptions for the two lots
enumerated above.
Other than the Lot Surcharges enumerated herein, Realco and
its successors in interest to the Subdivisions shall have no
further liability or obligations with respect to the construction
of the South half of 47th Street.
7. Realco, contemporaneously with the execution of this
agreement, shall execute and deliver to the City a mortgage upon
the land located in the Northeast corner of the Master Plan which
land is located to the East of University Hills and North of
University Park Subdivision, Filing No. 11. (Said land is
designated as Area 17 on the Master Plan and is designated in the
map which is Exhibit C hereto and is legally described in the legal
description which is Exhibit D hereto.) Said mortgage shall be
security for the construction of the Improvements from the East
right -of -way line of Cedarweed Boulevard to the East boundary of
the Master Plan (the "Remaining improvements"). The construction
of the Remaining Improvements shall commence on or before thirty
(30) days after the occurrence of any, of the following events:
(a) Approval of a subdivision which includes all or part of
the above - described property subject to the above - referenced
mortgage;
(b) The construction of all or a portion of the North half
of 47th Street as extended from Troy Avenue to the East boundary
of the Master Plan. For purposes of this provision, the term "a
portion of" shall mean construction of a section of roadway not
less than 200 feet in length which roadway abutts the East boundary
of the Master Plan; or
(c) Ten (10) years after the date of this agreement.
Construction of the Remaining Improvements shall be done by
the then owner of the land described in Exhibit D hereto. However,
in no event shall Realco, or its Governmental Successors, have any
liability or obligation to construct the Remaining Improvements
unless REALCO has been sold or transferred to a third person or
entity which is not a Governmental Successor, or unless REALCO, or
its Governmental Successors, undertake development of the property
5
K 2583 pl�IcF_ 445
described in Exhibit D hereto. Unless expressly stated herein,
nothing in this provision shall be construed in such a manner as
to create any right in any third party or entity including, without
limitation, as a third party beneficiary under this agreement.
If the Remaining Improvements are not constructed in
accordance with the above - stated requirements, the mortgage shall
be subject to foreclosure. However, if the mortgage is subject to
foreclosure and the property subject to the mortgage is owned by
Realco, or its Governmental Successors, then the City may not
foreclose the mortgage.
Upon such foreclosure, the City shall hold on deposit, in an
interest bearing account, the net proceeds of the foreclosure sale,
after deducting all costs and expenses of the sale, including
reasonable attorney fees, for the construction of the Remaining
Improvements. The foreclosure and sale of the property shall not
obligate the City to construct the Remaining Improvements. If the
Remaining Improvements are not constructed within ten (10) years
from the date of this agreement, and a foreclosure has occurred,
the net proceeds of the sale on deposit with the City, plus accrued
interest, may, at the discretion of the City, be released and used
for the construction or completion of the Improvements or the
construction of all or any part of the South half of 47th Street.
8. Upon execution of this Agreement, Addendums and the
mortgage, by Realco and payment by Realco to the City of the
Deposit referenced in Paragraph 3 hereof, the City shall fully
release and discharge the irrevocable letter cf credit previously
issued by Otero Savings and Loan Association on behalf of Realco
which letter of credit previously secured the Improvement
obligations which are the subject matter of this agreement. In
addition, the City shall release all claims and demands which it
may have, against Otero Savings & Loan Association, REALCO, or
their Governmental Successors, including those heretofore asserted,
arising out of the transactions and agreements which are the
subject matter of the within Agreement. In this regard, the City
shall execute all documents reasonably necessary to accomplish the
release and discharge of said claims and demands and of said letter
of credit and shall tender the original of said letter of credit
to the Resolution Trust Corporation, as receiver for Otero Savings
and Loan Association.
9. This agreement incorporates and includes all under-
standings and agreements between the parties with respect to the
matters covered by this agreement and shall be governed by and
construed in accordance with the laws of the State of Colorado.
10. In the event any provision of this agreement, other than
the requirement of Realco to pay the City the Deposit and the Lot
Surcharges, shall be held invalid or unenforceable by any Court of
competent jurisdiction, such holdings shall not invalidate or
Ci
�� 1 2583 �� � - 446
render unenforceable any other provision hereof.
11. This agreement shall inure to the benefit of and be
binding upon the City and Realco and their respective successors
and assigns.
12. Realco, and its Governmental Successors, at any time after
the deposit referenced in Paragraph 3 hereof has been paid to the
City, may fully assign any and all obligations and rights under
this agreement, and /or with respect to the Improvements, to the
successor owners of the land within the Subdivisions or the land
subject to the mortgage described herein. Upon such assignment,
neither Realco, nor its Governmental Successors, shall have any
further liability or obligation pursuant to this agreement or with
respect to the Improvements. Such assignment shall not release the
liens nor the City's right to enforce said liens on the
Subdivisions nor the mortgage.
13. No delay or omission by the City to exercise any right or
remedy shall impair any such right or remedy or constitute a waiver
thereof.
Executed the day and year first above written.
ATTEST:
Secretary
Ci Clerk
APPROVED AS TO FORM:
City Atto ey
CITY OF PUEBLO, a Municipal
Corporation
By��
Presi en of City Council
7
4r 253 -, r 447
• I1 • y: 8 -3 • • •
a �
AGREEMENT entered into this L "" day of Uti ,
199x., between the CITY OF PUEBLO, a Municipal Corporation (the
"CITY ") and REALCO CORPORATION, a Colorado Corporation, the
successor in interest to Otero Investments, Inc., 1515 North
Academy Boulevard, Colorado Springs, Colorado ("REALCO").
WHEREAS, a Subdivision Improvements Agreement between the City
and Otero Investments, Inc. was executed on April 6, 1986, and
recorded in Book 2293 at Page 504 as Instrument No. 803485 of the
Records of the Pueblo County Clerk and Recorder (the "Subdivision
Improvements Agreement "), and
WHEREAS, the parties hereto desire to amend said Subdivision
Improvements Agreement as hereinafter set forth,
NOW, THEREFORE, in consideration of the following mutual
covenants and agreements and the Agreement between the parties
hereto, relating to the subject matter of this Addendum and bearing
even date herewith, the parties do hereby agree as follows:
1. For purposes of this Addendum, except as otherwise
provided or unless the context otherwise requires:
(a) "Master Plan" means the University Park Master Plan,
Pueblo, Colorado, as amended, and approved February 12, 1986, and
on file in the Office of the Director of the Department of Zoning,
City of Pueblo;
(b) "Lots" means Lots 42 -64, inclusive, in the
Subdivision;
(c) "Pedestrian - Bikeway" means an 8 foot wide asphalt
path constructed with 2 inches of asphalt on a 3 inch base;
(d) "Public Improvements" means the North one -half of
47th Street, Pueblo, Colorado, as shown on the Subdivision and /or
Master Plan from the East right -of -way line of Castor Drive to the
East right -of -way line of Cedarweed Boulevard, including turning
lanes, two curbs and gutters, sewer and water main sleeves, if
required, and pedestrian bikeway. Public Improvements does not
include the median in 47th Street but does include the North curb
and gutter of the median and the dirt work necessary to protect the
curb and gutter.
(e) "Subdivision" means the University Hills Subdivision,
Filing No. 1, Pueblo County, Colorado.
EXHIBIT A
1
_448
(f) "Retail Sale" means all sales of lots except the sale
or transfer of lots by Realco or its Governmental Successors to a
real estate developer or to the G- vernmental Successors of Realco.
(g) "Governmental Successors" means the Resolution Trust
Corporation or any other governmental entity, agency or
receivership.
2. The owners of the Lots shall construct and install the
Public Improvements in compliance with the design and plans
therefor on file in the City's Department of Public Works.
Construction of the Public Improvements shall commence within
thirty (30) days of the occurrence of the sooner of the following
events:
a. The issuance by the City of the first building permit
for any of the Lots; or
b. The passage of five (5) years from the date of
execution of this Addendum.
Construction of the Public Improvements shall be completed
within one hundred eighty (180) days of commencement of
construction.
Funds held on deposit by the City for construction of the
Public Improvements shall be disbursed by the City in accordance
with the terms of the Agreement between t`ie parties relating to the
subject matter of this Addendum and bearing even date herewith.
3. Notwithstanding the foregoing, in no event shall REALCO,
or its governmental successor, have any liability or obligation to
construct the Public Improvements unless REALCO has been sold or
transferred to a third person or entity which is not a Governmental
Successor or unless REALCO, or its Governmental Successor undertake
the Retail Sale of the Lots.
REALCO hereby grants a lien upon and mortgages to the
City the Lots to secure the timely construction and installation
of the Public Improvements. If the construction of said Public
Improvements is not timely commenced and completed, the City may
foreclose the lien or mortgage and may withdraw the amount held on
Deposit by the City attributable to the Public Improvements and
construct and install said Public Improvements. Any amounts
expended by the City in excess of said Deposit (the "Deficiency ")
shall remain a lien against the Lots. The amounts expended by the
City shall include ten per cent (10 %) of the total cost of the
Public Improvements as administrative expenses of the City.
However, the City shall not undertake foreclosure of any
such lien so long as the property subject to the lien is owned by
`A
LIDGK 2583 c►FI 449
REALCO, or its Governmental Successors, unless REALCO has been sold
or transferred to an entity or person other than a Governmental
Successors, or unless REALCO, or its Governmental Successors,
undertake the Retail Sale of Lots. In no case, shall REALCO, or
its Governmental Successors, have any liability or obligation for
payment of any such above - referenced Deficiency unless REALCO has
been sold or transferred to an entity or person other than a
Governmental Successors, or unless REALCO, or its Governmental
Successors, undertake the Retail Sale of Lots.
4. REALCO and the City agree that the development of the
Subdivision will impact traffic on 47th Street. REALCO
acknowledges that it is the City's opinion that said impact on
traffic will require the constructing of the South one -half of 47th
Street. Therefore, at the time of the initial Retail Sale of each
lot in the Subdivision, including the Lots, the sum of $500.00 (Lot
Surcharge) for each lot so sold shall be paid to the City to be
deposited by the City in a separate interest bearing account to be
used for the construction of the South one -half of 47th Street.
The following Lots shall be excluded from said Lot Surcharge
Requirement: Lot 8, Block 1, and Lot 30, Block 1, both of
University Hills Subdivision, First Filing.
With the two above - stated exceptions, no building permit
shall be issued for any lot in the Subdivision until after the
$500.00 Lot Surcharge for such lot has been paid to the City.
The above - referenced Lot Surcharge shall only be
collected from Retail Sales of lots in the Subdivision, including
the Lots, subsequent to January 1, 1991, subject to the exceptions
for the two lots enumerated above.
Other than the Lot Surcharges enumerated herein, REALCO
and its successors in interest to the Subdivision, shall have no
further liability or obligations with respect to the construction
of the South one -half of 47th Street.
5. REALCO will not at any time insist upon, plead, claim or
take the benefit or advantage of any limitation, perpetuities,
restraints or alienation laws now or hereafter in force, in order
to prevent or hinder the enforcement of this Addendum or any
provision hereof, or of the lien hereby created, and REALCO for
itself and its successors and assigns and all who claim under it
hereby waive the benefit of all such laws.
6. This Addendum shall be incorporated in and become a part
of the Subdivision Improvements Agreement, shall constitute a
covenant running with the Lots, shall extend to, be binding upon
and inure to the benefit of the City and REALCO and their
respective successors and assigns. If there is a conflict between
the provisions of this Addendum and those of the Subdivision
Improvements Agreement, the provisions of this Addendum shall
9
25831 450
control.
7. If any provisions of this Addendum or the Subdivision
Improvements Agreement is determined to be invalid or
unenforceable, such determination shall not affect the validity of
other provisions thereof.
8. All rights and remedies granted to or conferred upon City
under this Addendum or the Subdivision Improvements Agreement shall
be cumulative and in addition to any right or remedy existing at
law or in equity. No delay or omission of City to exercise any
right or remedy shall impair any such right or remedy or constitute
a waiver thereof.
9. REALCO, and its Governmental Successors, may assign any
and all personal obligations and rights hereunder and with respect
to the Public Improvements to the successor owners of the Lots.
REALCO, a Colorado Corporation,
ATTEST:: the successor — of INVESTMENT, INC.
By:
Secre ary
STATE OF COLORADO)
El Aq-21) ss.
COUNTY OF PUEBLO )
The foregoing inst �$t was a owled ed before me in Pue�ci
ounty, o �ay do, this day of 19Q, by � ", Al ,1i//Arr� as _� ,�, nd �
as Secretary of REALCO, a Colorado Corporation, the succ INC. - 6 " i �of • '•.`
,
OTERO INVESTMENT,
Witness my hand and offici 1 1.
My commission expires:
No ary Public
EST:`
a
Cit Clerk
APPROVED'-AS TO FORM:
City Attu y
CITY OF PUEBLO
Pres' ent of ity Council
4
0 r 451
ADDENDUM TO BUBDIVIBION IMPROVEMENTS AGREEMENT
rOR UNIVERSITY PKRK BUBDIOISION. FILING N0. 10
F �
AGREEMENT entered into this Gti day of
199,., between the CITY OF PUEBLO, a Municipal Corporatio (the
"CITY ") and REALCO CORPORATION, a Colorado Corporation, the
successor in interest to Otero Investments, Inc., 1515 North
Academy Boulevard, Colorado Springs, Colorado ( "REALCO ").
WHEREAS, a Subdivision Improvements Agreement between the City
and Otero Investments, Inc. was executed on January 23, 1989, and
recorded in Book 2442 at Page 534 as Instrument No. 887079 of the
Records of the Pueblo County Clerk and Recorder (the "Subdivision
Improvements Agreement "), and
WHEREAS, the parties hereto desire to amend said Subdivision
Improvements Agreement as hereinafter set forth,
NOW, THEREFORE, in consideration of the following mutual
covenants and agreements and the Agreement between the parties
hereto, relating to the subject matter of this Addendum and bearing
even date herewith, the parties do hereby agree as follows:
1. For purposes of this Addendum, except as otherwise
provided or unless the context otherwise requires:
(a) "Master Plan" means the University Park Master Plan,
Pueblo, Colorado, as amended, and approved February 12, 1986, and
on file in the Office of the Director of the Department of Zoning,
City of Pueblo;
(b) "Lots" means all Lots in the Subdivision;
(c) "Pedestrian - Bikeway" means an 8 foot wide asphalt
path constructed with 2 inches of asphalt on a 3 inch base;
(d) "Public Improvements" means the North one -half of
47th Street, Pueblo, Colorado, as shown on the Subdivision and /or
Master Plan from the East right -of -way line of Jerry Murphy
Boulevard to the East right -of -way line of Castor Drive, including
turning lanes, two curbs and gutters, sewer and water main sleeves,
if required, and pedestrian bikeway. Public Improvements does not
include the median in 47th Street but does include the North curb
and gutter of the median and the dirt work necessary to protect the
curb and gutter.
(e) "Subdivision" means the University Park Subdivision,
Filing No. 18, Pueblo County, Colorado.
EXHIBIT B
1
" . 2583 F,.,c 452
(f) "Retail Sale" means all sales of lots except the sale
or transfer of lots by Realco or its Governmental Successors to a
real estate developer or to the Governmental Successors of Realco.
(g) "Governmental Successors" means the Resolution Trust
Corporation or any other governmental entity, agency or
receivership.
2. The owner of the Lots shall construct and install the
Public Improvement in compliance with the design and plans therefor
on file in the City's Department of Public Works. Construction of
the Public Improvements shall commence within thirty (30) days of
t`ie occurrence of the sooner of the following events:
a. The issuance by the City of the first building permit
in the Subdivision; or
b. The passage of five (5) years from the date of
execution of this Addendum.
Construction of the Public Improvements shall be completed
within one hundred eighty (180) days of commencement of
construction.
Funds held on deposit by the City for construction of the
Public Improvements shall be disbursed by the City in accordance
with the terms of the Agreement between the parties relating to the
subject matter of this Addendum and bearing even date herewith.
3. Notwithstanding the foregoing, in no event shall REALCO,
or its governmental successor, have any liability or obligation to
construct the Public Improvements unless REALCO has been sold or
transferred to a third person or entity which is not a Governmental
Successor or unless REALCO, or its Governmental Successor undertake
the Retail Sale of the Lots.
REALCO hereby grants a lien upon and mortgages to the
City the Lots to secure the timely construction and installation
of the Public Improvements. If the construction of said Public
Improvements is not timely commenced and completed, the City may
foreclose the lien or mortgage and may withdraw the amount held on
Deposit by the City attributable to the Public Improvements and
construct and install said Public Improvements. Any amounts
expended by the City in excess of said Deposit (the "Deficiency ")
shall remain a lien against the Lots. The amounts expended by the
City shall include ten per cent (10 %) of the total cost of the
Improvements as administrative expenses of the City.
However, the City shall not undertake foreclosure of any
such lien so long as the property subject to the lien is owned by
REALCO, or its Governmental Successors, unless REALCO has been sold
or transferred to an entity or person other than a Governmental
E
1000 X583 j DA ,� -453
Successors, or unless REALCO, or its Governmental Successors,
undertake the Retail Sale of Lots. In no case, shall REALCO, or
its Governmental Successors, have any liability or obligation for
payment of any such above - referenced Deficiency unless REALCO has
been sold or transferred to an entity or person other than a
Governmental Successors, or unless REALCO, or its Governmental
Successors, undertake the Retail Sale of Lots.
4. REALCO and the City agree that the development of the
Subdivision will impact traffic on 47th Street. REALCO
acknowledges that it is the City's opinion that said impact on
traffic will require the constructing of the South one -half of 47th
Street. Therefore, at the time of the initial retail sale of each
lot in the Subdivision, the sum of $400.00 (Lot Surcharge) for each
lot so sold shall be paid to the City to be deposited by the City
in a separate interest bearing account to be used for the
construction of the South one -half of 47th Street.
No building permit shall be issued for any lot in the
Subdivision until after the $400.00 Lot Surcharge for such lot has
been paid to the City.
The above - referenced Lot Surcharge shall only be
collected from Retail Sales of lots in the Subdivision subsequent
to January 1, 1991.
Other than the Lot Surcharges enumerated herein, REALCO
and its successors in interest to V e Subdivision, shall have no
further liability or obligations witn respect to the construction
of the South one -half of 47th Street.
5. REALCO will not at any time insist upon, plead, claim or
take the benefit or advantage of any limitation, perpetuities,
restraints or alienation laws now or hereafter in force, in order
to prevent or hinder the enforcement of this Addendum or any
provision hereof, or of the lien hereby created, and REALCO for
itself and its successors and assigns and all who claim under it
hereby waive the benefit of all such laws.
6. This Addendum shall be incorporated in and become a part
of the Subdivision Improvements Agreement, shall constitute a
covenant running with the Subdivision, shall extend to, be binding
upon and inure to the benefit of the City and REALCO and their
respective successors and assigns. If there is a conflict between
the provisions of this Addendum and those of the Subdivision
Improvements Agreement, the provisions of this Addendum shall
control.
7. If any provisions of this Addendum or the Subdivision
Improvements Agreement is determined to be invalid or
unenforceable, such determination shall not affect the validity of
other provisions thereof.
3
COG" 2583 i"c 454
8. All rights and remedies granted to or conferred upon City
under this Addendum or the Subdivision Improvements Agreement shall
be cumulative and in addition to any right or remedy existing at
law or in equity. No delay or omission of City to exercise any
right or remedy shall impair any such right or remedy or constitute
a waiver thereof.
9. REALCO, and its Governmental Successors, may assign any
and all personal obligations and rights hereunder and with respect
to the Public Improvements to the successor owners of the
Subdivision.
REALCO, a Colorado Corporation,
ATTEST: the successor RO INVESTMENT, INC.
By: -
Secre ary
STATE OF COLORADO)
G -Akz) ss.
COUNTY OF Pb-EftbO )
&Agso
The foregoing inst t was a owl ed before me in Pueblo
Cou y, C 1pr d , this 2L day of 19sa, by..'. 7 .........
l� ✓A�? �2n as )L� a d
as Secretary of REALCO, a Colorado Corporation, the succes of
OTERO INVESTMENT, INC.
Witness my hand and offic'a s
My commission expires:
Y 4
A`-OVED ;,AS TO FORM:
01,
City Ate ney
Pres' ent of Ci y Council
4
CITY OF PUEBLO
2583 455
K L H ENGINEERING
CONSULTANTS, INC.
►r.lass,mal Emc'*% $ 6 Lino Surveyors
111 E. 5th ST., P. 0. BOX 234
PUEBLO, COLORADO 81002
grAo
►,�, �� fir' � �• 1i t ` ,� •• � / ; , � ���' � ,^
i�! .. j'_ r I• t �• y i � b + ` •�+ .
lb . t i V,, . fir• / , � �t'. •� t ; f ` 1 ' .�� .Z
" 1` � �. ��: 'r i � ,� ,� irk � •e ; b �• � � .. •' �
i
�' 1
� SE ,126 I �• ♦ E E ,
A i7 4 t! pf
At r7 f r
t
r� IV
x It is 2
i
� y b �� r•� �e ' sl � t� 3 ti ,� �
G as
7 39
� k
, 37 �� �6 �s • s
jo
so J2
i •. 1 � �a as
O'
u ?
"
3, is _ ` a, CAI r :r -•Lac
ss '
�1L
EXHIBIT C
2583 456
bESCRIPTION OF THE AREA IDENTIFIED ON THE APPROVED UNIVERSITY
PARK MASTER PLAN AS AREA 17:
A portion of the NE} of the SE} of Section 7, Township 20 South Range 64
West of the 6th P. M. , being more particularly described as follows: `
Beginning at the E; corner of said Section 7; thence S.00 46 08 "W., along
the East line of said SEl, a distance of 1240.49 feet to the North boundary line
of University Park Subdivision, 11th Filing, according to the recorded plat
thereof, filed for record June T8, 1979; thence along said' subdivision boundary
the following eight (8) courses:
I.
N .
89 13'-52 °W. , a
distance
of 197.77
feet;
2.
N.64
a
distance
of 109.00
feet;
3.
Along the arc of a
curve to
the left,
whose center bears.
N.64
46 52 "W., and whose
radius is
280.00 feet,
a distance
of
7.04 feet;
4.
N.66
° - 13'- 19 'W., a
distance
of 164.09
feet;
5.
N.74
11'- 24 "W., a
distance
of 209.39
feet;
6.
S.
15 48 1 - 36 "W., a
clistance
of 10.00 feet;
7.
N.74*-
71 24 "W., a
distance
of 130.85
feet;
S.
N.15
48'- 36 "E., a
distance
of 184.58
feet to the South boundary
line of University Hills Subdivision, Filing. No. 1,
according to the
recorded plat thereof;
thence along
said ' Subdivision
boundary. the following seven
(7) courses:
T.
S .
84°- 36 -10 "E. , a
distance
of 235.19
feet;
2.
N.
05 23 50 "E., a
distance
of 700.00
feet;-
3.
N.41
-OW- 49"E., a
distance
of 424.81
feet;
4.
Along the arc of a
curve to
the 4eft whose center
bears.
S,
42°- 09' -59 "W. and whose
radius is
' 120.00 feet;
_
a distance
of
63.40 feet 1
.
S.
N.78°-
06'- 10 "W., a
distance
of 33.42
feet;
6. N.41 00'- 49 "E., a distance of 223.57 feet;
7. N.00 46 08NE., a distance of 253.16 feet to the North line
of the said SE;;
thence N.88 56'- 49 11 E., along said North line, a distance of 156.15 feet to
the Point of Beginning.
Containing 10.469 Acres.
PREPARED BY: K L H ENGINEERING CONSULTANTS, INC.
Registered Professional Engineers and
Land Surveyors
Pueblo, Colorado
EXHIBIT D