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RESOLUTION NO. 7 4 7 8
A RESOLUTION APPROVING AN AGREEMENT BETWEEN
PUEBLO, A MUNICIPAL CORPORATION AND WHEELSTAR
CORPORATION RELATING TO A JOB CREATING CAPITAL
IMPROVEMENT PROJECT AND AUTHORIZING THE
EXPENDITURE OF $400,000 THEREFOR FROM THE 1992
SALES AND USE TAX CAPITAL IMPROVEMENT PROJECT
FUND
WHEREAS, Wheelstar Corporation has expressed a willingness to expand its business
activities within the City of Pueblo and has committed to employ forty (40) additional full time
employees within the City of Pueblo, and
WHEREAS, Wheelstar Corporation through the Pueblo Economic Development Corporation
has made application for funds from the 1992 Sales and Use Capital Improvement Project Fund, and
WHEREAS, the City Council is willing to approve such application for funds upon the terms
and conditions set forth herein; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council does hereby find and determine that Wheelstar Corporation's application
for funds meets and complies with the criteria and standards established by Ordinance No. 5742 and
will create employment opportunities justifying the expenditure of public funds.
SECTION 2
The Agreement dated October 11, 1994 between Pueblo, a municipal corporation and
Wheelstar Corporation, a copy of which is attached hereto and incorporated herein, having been
approved as to form by the City Attorney, is hereby approved. 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
authorized and directed to affix the seal of the City thereto and attest same.
SECTION 3
Funds in an amount not to exceed $400,000 are hereby authorized to be expended and made
available to Wheelstar Corporation out of the 1992 Sales and Use Tax Capital Improvement Fund
for the sole purpose of reimbursing it for the cost of the job creating capital improvement project
described in the attached Agreement. The funds hereby authorized to be expended shall be released
and paid by the Director of Finance to Wheelstar Corporation after receipt (i) by the City Clerk of
the documents required to be filed pursuant to paragraph 3(a) of the Agreement and (ii) by the
Director of Finance of written requests for payment required by paragraph 3(c) of the Agreement.
SECTION 4
This Resolution shall become effective upon final passage.
INTRODUCED: October 11, 1994
JOHN CALIFANO
Councilperson
APPROVED:
es' en of the City Council
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AGREEMENT
THIS AGREEMENT entered into as of October 11, 1994 between Pueblo, a municipal
corporation (the "City ") and Wheelstar Corporation, a Colorado Corporation (the "Company ").
WHEREAS, Company has expressed a willingness to expand its business within the City
of Pueblo, and in furtherance thereof has through the Pueblo Economic Development Corporation
made application for funds with the City, and
WHEREAS, the City has approved such application and will make funds available to
Company subject to and upon the terms and conditions of this Agreement.
1. The following terms as used in this Agreement shall have the following meaning
unless the context clearly indicates otherwise:
"Base Employment" means thirty -five Full -Time Employees.
"Buildings" means the buildings now located on the Property.
"Company's Contribution" means the moneys Company estimates it will spend to expand
its business on the Property including without limitation, plant and office building remodeling
$572,000, wheel shop equipment $2,300,000 and axle shop $91,630.
"Full -Time Employee" means a person employed by Company to perform work within the
City of Pueblo for not less than thirty -two (32) hours per week. The term "Full -Time Employee"
does not include independent contractors nor employees of independent contractors.
"Improvements" means the remodeling and refurbishing of the Buildings.
"Monthly Employees" means the sum of the number of Full -Time Employees on each
business day of a calendar month divided by the sum of the business days in such month.
"Property" means Lot 2, Wheelstar Subdivision, Pueblo County, Colorado and all
improvements thereon including the Buildings and Improvements.
2. Company shall purchase the Property and spend Company's Contribution in
furtherance of Company's expansion of its business on the Property in an expeditious manner.
3. City will make available to or for the benefit of Company funds in the amount of
$400,000 for the purpose of constructing and installing the Improvements, subject to and contingent
upon:
(a) Company filing in the office of the City Clerk copies of the following: (i)
Recorded deed conveying the Property to Company, (ii) Company's certificate of authority to
transact business in the State of Colorado and Certificate of Good Standing issued by the Colorado
Secretary of State, (iii) Certified copy of the resolution of the board of directors of Company
approving this Agreement and authorizing its officers to execute and deliver this Agreement in the
name of Company, and (iv) evidence satisfactory to City that Company has spent or has committed
to spend out of available funds Company's Contribution. The date of such filings is herein referred
to as "Closing."
(b) All construction contracts for Improvements for which payment is sought
from City shall be awarded after competitive bidding which allows qualified local contractors to
reasonably participate in the competitive bidding procedures.
(c) Company filing with the Director of Finance of City written request for
payment certified by an officer of Company that the amounts included in the requests for payment
have not been included in any prior request for payment and are for the actual cost of
Improvements, identifying the Improvements for which payment is sought, including certificates
of the architect or general contractor that such Improvements have been installed.
4. Company acknowledges that the primary purpose of City in entering into this
Agreement and the sole benefit to the City for making funds available to Company hereunder is the
creation of jobs. Therefore, Company represents and commits that it will employ primarily at the
Property forty (40) Full -Time Employees over the Base Employment (the "Employment
Commitment ").
5. Notwithstanding anything contained herein to the contrary, if Company shall for any
reason default in its Employment Commitment set forth in paragraph 4 hereof, Company shall repay
to City a pro -rata share of the City Funds advanced by City under paragraph 3 hereof based upon
the number of Full -Time Employees employed by Company primarily at the Property over the Base
Employment (the "Repayment Obligation "), as follows:
(a) During the five (5) year period starting April 1, 1996 and ending sixty (60)
months thereafter (the "Repayment Period ") Company shall pay to City an amount each month equal
to the Monthly Employees less than forty (40) over the Base Employment employed primarily at
the Property by Company multiplied by the quotient obtained by dividing the total amount of City
Funds advanced by City under paragraph 3 hereof by two thousand four hundred (2,400) (the
"Company's Monthly Payments "). For example, if the total City Funds advanced by City is
$400,000 and for the month of June 1997 the Monthly Employees was 30 over the Base
Employment, the amount payable by Company to City during the month of July 1997 would be
$1,666.66 (40 - 30 x [400,000 - 2,400]).
(b) Company's Monthly Payments, if any, shall be paid to the City without notice,
demand, deduction or setoff on or before the fifteenth (15th) day of each month during the
Repayment Period at the office of the Director of Finance of City, 1 City Hall Place, Pueblo,
Colorado, 81003. All past due Company's Monthly Payments shall bear interest at the rate of ten
(10) percent per annum until paid.
(c) Within fifteen (15) days after the end of each calendar month during the
Repayment Period and for one calendar month thereafter, Company will submit to City's Director
of Finance Company's statement showing the Monthly Employees for the preceding month and the
-2-
basis upon which Monthly Employees and Company's Monthly Payment were computed certified
by an officer of the Company to be true and correct. For purposes of verifying such employment,
City shall have access to Company's books and records including payroll records. City will,
however, respect the right of employees as to confidentiality of personnel records.
All City Funds advanced to Company by City under this Agreement shall be deemed to be
a debt of Company payable to City until Company performs and discharges its obligations hereunder
including its Repayment Obligations contained in this paragraph 5 and shall be secured by a first
and prior lien on the Property. Company shall provide all information and shall execute all
documents and instruments required to grant to City a first and prior lien on the Property before City
will advance any funds under this Agreement.
6. (a) City Council of City may, in its sole discretion, relieve Company, in whole
or in part, from Company's Repayment Obligations set forth in paragraph 5, if the City Council,
after public hearing, finds and determines based upon competent evidence presented at such hearing
that Company was prevented from complying with its Employment Commitment by reason of an
act of God, or the elements, fire, explosion, strike, insurrection, riot, shortage or unavailability of
materials, supplies or labor, interruption of transportation facilities, governmental laws, regulations
or restrictions, or other causes beyond Company's reasonable control. The findings and decision of
the City Council shall be final and binding upon Company and City.
(b) Prior to instituting any proceedings to enforce Company's Repayment
Obligation under paragraph 5, City shall notify Company in writing of its intention to institute such
proceedings. If Company desires to seek relief pursuant to paragraph 6(a), Company, within twenty
(20) days after receipt of City's notice, shall deliver to City its written request for relief specifying
the grounds upon which such relief is sought. Within sixty (60) days after receipt of Company's
request, City will schedule a hearing before the City Council and give written notice to Company
of the time and place of such hearing. Failure of Company to timely deliver its written request for
relief or to appear and submit evidence in support of its request at a scheduled hearing shall
constitute a waiver of any right of company to a hearing before City Council.
(c) No delay or failure by City to exercise its right to enforce Company's
Repayment Obligation, and no partial or single exercise of that right, shall constitute a waiver of that
right, unless the City Council otherwise expressly provides in its findings and decision made
pursuant to paragraph 6(a).
7. If Closing does not occur on or before December 31, 1994, this Agreement shall
terminate and City and Company shall be released and discharged from all obligations hereunder.
8. In the event of any litigation arising out of this Agreement, the court shall award to
the prevailing party its costs and reasonable attorney fees. All such litigation shall be filed in the
District Court, County of Pueblo, State of Colorado and each party submits to the jurisdiction of that
Court. Each party waives its right to a jury trial.
9. This Agreement expresses the entire understanding of the parties and supersedes any
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and all prior dealings and commitments with respect to the subject matter of this Agreement and
may not be amended except in writing signed by City and Company.
10. This Agreement shall be construed in accordance with and governed by the laws of
the State of Colorado.
11. Any notices hereunder shall be sufficiently given if given personally or mailed by
first class mail, postage prepaid, addressed:
(a) if to City, City Manager, City of Pueblo, 1 City Hall Place, Pueblo, Colorado,
81003, or
(b) if to the Company, 2018 S. Prairie Avenue, Pueblo, Colorado, 81005;
or to such other address as either party shall specify in written notice given to the other party.
12. Time is of the essence hereof. This Agreement shall be binding upon and inure to
the benefit of the parties and their respective successors and assigns, provided Company may not
assign this Agreement or any interest herein. Any assignment or attempted assignment of this
Agreement by Company shall be null and void.
13. The person signing this Agreement on behalf of Company represents and warrants
that such party and Company have the requisite power and authority to enter into, execute, and
deliver this Agreement and that this Agreement is a valid and legally binding obligation of Company
enforceable against Company in accordance with its terms.
14. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same instrument.
Executed at Pueblo, Colorado, the day and year first above written.
[SEAL
PUEBLO, A MUNICIPAL CORPORATION
r
ATTEST: 4 12 , 4 ' By
CiiyLderk btdenf of the City Council
[SEAL]
WHEELSTAR CORPORATION,
a Colorado Corporation
ATTES �c,�, 1 „�1�`�o' o B �
Secretary President
Iff!
D E O 11 I �J' D °
City of Pueblo
DECEMBER 27,1994
THE FOLLOWING LISTED ITEMS WERE RECEIVED THIS DATE
IN THE OFFICE OF THE CITY CLERK, FROM OFFICIALS OF
WHEELS CORPORATION:
DEED OF TRUST
MINUTES OF THE BOARD OF DIRECTORS OF WHEEEL,STAR CORPORATION
CERTIFICATE FROM DEPATITI' OF STATE OF THE STATE OF COLORADO
AUTHORIZING THIS COMPANY TO CONDUCT BUSINESS IN THE STATE
OF COLORADO.
CERTIFICATE FROM DEPAFdMU OF STATE OF THE STATE OF COLORADO
CERTIFYING TO THE CORPORATION NAME CHANGE.
QUITCLAIM DEID DATED OCTOBER 6,1994
WIEELSTAR CORPORATION GENERAL LEDGER ACCOUNT INQUIRY AS OF
12 27 - 94.
CITY CLERK'S OFFICE
BY:
ALMA DEAN
OFFICE OF CITY CLERK
P.O. Box 1427 Pueblo, Colorado 81002 (719) 584 -0840
IterurtleJ it - .. -... _ _ u'cluek _ ---- ..- \1.,.....
li ei ,•pUull Nu.
•1 Dr: Kll OPT 1(1 Made tItis 21 st tl:,y,.r December 1: 1„'tti..•.•11
Iron Phoenix Corporation, a Colorado Corporation
fl it- ,;t an it, rIwra•IIIWII Usk :Id(Iret,sI.,
it 600 Old Smelter Road, Pueblo, Colorado
I� COUllty 1(1' Pueblo :,11,1 vl t
:4111% ill(- VUB IAC 11%OS'I'EE of OW CLAIM) 1(1' City :411(11 "Allity in whieh Cllr pruprrly 41, scribed t..•I..'.,' is �ilu :IteJ, 111 it.,.
i
"`''i11i'I "' "'1IF. p arm p } t rid p erformance
j ' 1y itnr�. C 1 artful'l1( SeClll'l' �+ t e ltt'(M1i,ti01 nuts* Ije:u'Ihgr\',•li..L•Uc her,•N•tll,, I.•r t11,• total 11ril.cipal
j sil t.rFour hundred thousand and no /100 (400 tIt11ar..
t ntlie l,rJer11rPueblo, a Municipal Corporation
t1l,• 1 , eneficiary lit ! re.;51% 1 City Hall Place, Pueblo, Colorado 81003
, "I 1,-I Ill, dal, thervui,
with �lt. - IOst (IwreuII fru"1 thodctell:rrcul ' at tike rate�{I tD&►�C•�a{Ixy.?iX�LXWL1iy� X . }iXX?G.yCNiX];KX
specified in the promissory note, payable in accordance with
"h " provisions of the promissory note
Juts hereby grant and cunvey unto aiti Public Trustee the following described propel ty, n,tuiity it, f l„:
Cunttty or Pueblo ,:hate of culuratlu, to wit:
Lot 2, Wheelstar Subdivision, according to the recorded plat thereof
filed for record October.18, 1994 in Book 2762, at Page 950 in the
records of Pueblo County Clerk and Recorder
* For purposes of this Deed of Trust the term "note "or "promissory
note" shall mean the Agreement dated October 11, 1994 between Pueblo,
a Municipal Corporation and Wheelstar Corporation, a Colorado Corpora-
tion (herein the "Agreement "). Iron Phoenix Corporation does hereby
assume and agree to perform all covenants and make all payments
required to be made and performed by Wheelstar Corporation under
the Agreement. This Deed of Trust is given to secure the performance
and payment under the Agreement by Wheelstar Corporation and
Iron Phoenix Corporation.
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C
Attest;_ Trnn Phoenix Cor a nn _
cretar
"CAL)- _ B �
1. \'1 h: 1(F' t 11LU11: \i/f •,
Pueblo
-._
'f hr fana,!uu.g 111 ,U'uu. ant elm arkuuwledgeu Lef..e 1(,r :,u .1.Y .d
December ..,2 __ __, ,L, Carl Pasauin as President and Todd PaG quin
as Secretary of Iron Phoenix 01 Corporation, a Colorado Corporation.
lit ('.41. won vxjorrs 1•
NlU.e 1(y' LanJ wad ulllrlal .,cal.
N..1-) Vold.,. I
My commission expires: 10 - 26 -95
Nil. Rev. 'Is - I)1.1.it 41r 1'%L ;iTYI•1•01ILICTkU1113'.. 1 So- Due ..n Sde 1•Isa,el-%hurlpun.-
u. ..t..•I,I Yul,h,hu.g. •a ?: N'. .•d. . \.,.. L.. k. ow,J, t'V so'Ir .. 1 111;1:1. I. o.s. • - : ,- C,
Reception #: 1059551 Date: 10/18/1994 Time: 810 Book: 2762 Page: 952 Chris C. Munoz
Inst.: QUIT Rec Fe e: 5.00 Doc Fee: 0.00 Paqe: 1 of 1 Pueblo Co.Clk• &Rec.
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QUIT CLAIM DEED
THIS DEED, Made this
between
ROCK64OOL Ii1DUSTRIES, INC.
day of October ' 19 04,
Delaware
a corporation duly organized and existing under and by virtue of the laws of the State of (341a!fr=
grantor, and
IRON r11004IX CORPORATIC
whose legal address is 600 Old Smelter Roar:
Pueblo, Colorado
ofthe ' County of Pueblo State of Colorado, grantee,
WITNESSETII, That the grantor, for and in consideration of the sum of
One Dollar and other good and valuable consideration - - - - - - - - - - DOLLARS,
the receipt and sufficiency of which is hereby acknowledged, has remised, released, sold and QUIT CLAIMED, and by these presents does remise,
release, sell and QUITCLAIM unto the grantee, his heirs and assigns forever, all the right, title, interest, claim and demand which the grantor has in and
to the real property together with improvements, if any, situate, lying and being in the County of
Pueblo and State of Colorado, described as follows:
Lot 2, WFJ=STAR SUBDIVISION, according to the recorded plat thereof
filed for record October i.3 , 1994, in Book at
Page ISD % 5'S'/ in the records of the Pueblo County, Colorado,
Clerk and Recorder.
also known by street and number as: 600 Old Smelter Road, Pueblo, Colorado
TO IIAVE AND TO 11OLD the same, together with all and singular the appurtenances and privileges thereunto belonging, v.144Y.Wvolherounlo
appertaining, and all the estate, right, title, interest and claim whatsoever, of the grantor, either in law or equity, to the only propeNtt;Qti f t anc) I -Qll( ••• ;
of the grantee, his heirs and assigns forever. The singular number shall include the plural, the plural the singular, and the U&,* Ar�genderjspall W
r -
applicable to all genders. ? ' . p C" ; t
IN WITNESS WHEREOF, The grantor has caused its corporate name to be hereunto subscribed by its = i esident,_yld its j
corporate seal to be hereunto affixed, atteste by its Secretary, the day and year first above written. ' '� 0 j}}
Attest: ,�. •i0�
an Carpentier, Secretary
By
- n �1c "'•-Y`' -•eti Y'": "�.!r :.l
j �rf zFt(. , r + .: (.. nrr^^1!•A } `�i`3 t ss.
- 1 17 -- my y o
- 1
Jean /Carpentier, President
The foregoing instrument was acknowledged befoce this day of Oc tober ' 9 94
by Jean Carpentier,./ . as —President and
�.
Jean Carpentier `' f 1 '� ` as Secretary of
r�4.,:. �� \1 \ ROCKWOOL INDUSTRIES, INC. ,a,orporation,
' ... t
Witness my hand and official seal. ' 1. - %
My notary commission expires; / N •� u I -
• 1 n� Nuta Public
•If in Denver, insert "City and ". 1 r, f 1 t i p •
i.* r
and Address of Person Creating Newly
No. 108B. Rev. 12 -92.
America
QUIT CLAIM DF.F,D (Co"reflon)
Bradford Publishing, 1743 Wazee St., Denver, CO 80202 — (303) 292 -2500 — 12 -92
SUBDIVISION IMPROVEMENTS AGREEMENT
THIS AGREEMENT made and entered into this day of , 199_,
by and between the CITY OF PUEBLO, a Municipal Corporation, hereinafter referred to as "City ", and
Rockwool Industries, Inc.
hereinafter referred to as "Subdivider".
WITNESSETH:
WHEREAS, Subdivider has subdivided or is about to subdivide 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, the Subdivider, as a condition of approval of the final plat of wheel crar
Subdivision, wishes to enter into this Subdivision Improvements Agreement as
authorized by Chapter 4, Title XII of the 1971 Code of Ordinances; and
WHEREAS, Subdivider is required pursuant to Section 12- 4 -7(J) of the 1971 Code of Ordinances of the
City to construct and install certain public improvements as set forth in Exhibit "B ", which is attached hereto
and incorporated herein; and
WHEREAS, pursuant to Chapter 4, Title XII of the 1971 Code of ordinances Subdivider is obligated to
provide security or collateral sufficient in the judgment of the City Council to make reasonable provisions for
the construction and completion of the required public improvements set forth in Exhibit "B"
NOW, THEREFORE, in consideration of the following mutual covenants and agreements, the City and
Subdivider agree as follows:
1. Subdivider agrees within one hundred and eighty (180) days after application for a building permit
to construct any building or structure on any building site within the subdivision, or upon the issuance of a
certificate of occupancy for any such building or structure, whichever is sooner, to construct and install at his
sole cost and expense all of those public improvements set forth in Exhibit "B ", which is attached hereto and
incorporated herein.
2. In lieu of installing the required public improvements set forth in Exhibit "B" within one hundred
eighty (180) days, Subdivider or any subsequent owner of the land or any portion thereof shall deposit cash
or other collateral with the Director of Finance of the City, or with any bank or trust company licensed in the
State of Colorado, subject to an escrow agreement approved by the City Attorney. The holder of such cash or
collateral shall pay all or any portion thereof to the City upon demand after the time for completion of all
required improvements by Subdivider or subsequent owner shall have expired. Such deposit or escrow
agreement shall be hereinafter referred to as the "deposit."
3. The amount of the deposit shall be computed by the City's Director of Public Works by estimating
the total costs of all uncompleted improvements required by this section within the block at the time
application for building permit is made. The amount of the deposit required by this alternative shall be not
less than 25% of such estimate plus the costs of extending all required sewer and water lines from the
nearest existing sewer and water lines to the proposed building site for which a building permit is sought, plus
the costs of extending curb, gutter, sidewalk and paving from the edge of the subdivision or existing
improvements of a like nature whichever is nearer to the proposed building site. In any case where the block,
as hereinafter defined, shall exceed one thousand (1,000') feet in length between intersecting streets, the
estimate of the City Director of Public Works under this paragraph may be reduced to the total costs of all
uncompletea improvements in at least one -half of such block, and the required deposit shall be based upon
such decreased estimate, provided, however, Subdivider shall undertake to provide a turnaround of at least
sixty (60') feet in diameter at the mid -block point and barricade said streets so that no through traffic shall be
permitted beyond the point to which the estimate of the Director of Public Works is based.
4. Within one hundred eighty (180) days after subsequent application for a building permit to construct
any building or structure upon any building site within the block, or upon the issuance of a certificate of
occupancy for any such building or structure, whichever is sooner, Subdivider shall likewise deposit an
amount not less than the estimate of the Director of Public Works for all required improvements from existing
improvements to the proposed building site, less any previous deposits made hereunder upon building sites
lying between the most recently proposed site and existing improvement.
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5. The City may treat the amount of such deposit as a debt due the City from Subdivider or
subsequent owner, which debt shall be a lien upon all the land in the Subdivision and notice of lien may be
filed for record in the office of the County Clerk and Recorder at any time after such default. Action upon
such debt may be instituted by the City within six (6) years from the date of filing such lien for record. All
remedies provided for herein are cumulative and the use of one shall not prohibit the use of another.
6. Upon payment of each such deposit, the City Director of Public Works shall release the proposed
building site from the terms of this Agreement.
7. As a condition of approval of this Subdivision, and to meet the requirements of Section 12- 4-7(J) of
the ' 1971 Code of Ordinances, Subdivider specifically agrees that no certificate of occupancy shall be issued
by the Pueblo Regional Building Department until a certificate of compliance has been approved and issued
by the City Director of Public Works and duly recorded in the Office of the Pueblo County Clerk and Recorder
which certifies that those public improvements set forth in Exhibit "B ", or that portion of said improvements as
shall be necessary to totally serve specific lot(s) or block(s) for which building permits or certificates of
occupancy are sought and which are covered by a particular certificate of compliance, have been property
designed, engineered, constructed, and accepted as meeting the specifications and standards of the City.
These restrictions on the issuance of certificates of occupancy shall run with the land and shall extend
to and be binding upon the heirs, executors, legal representatives, successors and assigns of Subdivider and
may be specifically enforced by the City.
8. Acceptance of this Subdivision by the City does not constitute an acceptance of the roads, park,
and other public improvements for maintenance by the City. Until such roads and other park and public
improvements have been installed and meet the requirements, standards, and specifications of the City, its
Subdivision ordinances, and any applicable Parks Department specifications, and such are specifically
approved and accepted in writing by the City Director of Public Works, and, H appropriate, the City Director of
Parks and Recreation, the maintenance, construction, and all other matters pertaining to or affecting said
roads, park and other public improvements and rights of way are the sole responsibility of the Subdivider or
any subsequent owner(s) of the land within this Subdivision.
9. The required time for completion of all such improvements by Subdivider within such block shall be
one (1) year from the date of application for the first building permit issued within such block. Upon
completion and written approval and acceptance of such improvements within the required time and the
payment of all inspection costs by Subdivider, the Director of Public Works shall cause all obligations of
Subdivider relating to such improvements within such block to be released. If said improvements are not
completed within the required time, the City Director of Public Works may cause the proceeds of all deposits
or other collateral or monies in escrow to be used to complete the same. If sufficient monies are available at
the end of the required time to complete all such improvements herein required for the entire length of such
block, the Director of Public Works shall cause all collateral or monies in escrow to be reduced in cash and
shall deposit the same with the Director of Finance and such cash shall be used to complete that portion of
the improvements the Director of Public Works shall determine. Until all improvements are completed and
approved by the Director of Public Works, Subdivider and the subdivided land shall remain liable and
responsible therefor.
10. For purposes of this Agreement, the word "block" shall mean both tiers of lots fronting or abutting
upon the street which the proposed building or structure shall front to the rear property line of such lots, or
the center line of the alley, if there is an alley, enclosed at either end by a street which intersects both tiers
of lots, and shall include the full width of all streets upon which such lots abut.
11. Subdivider agrees to provide the City with a current title insurance commitment at the time of final
platting evidencing that fee simple title of all lands in the Subdivision is totally vested with the Subdivider free
and clear of any and all encumbrances. If such land is not free and clear, the holder of such indebtedness
shall subordinate its interest or encumbrance to this Agreement and all its terms, conditions, and restrictions.
12. it is mutually agreed that the City or any purchaser of any lot(s) within this Subdivision shall have
the authority to bring an action in any Court of competent jurisdiction to compel the enforcement of this
Agreement or any amendment thereto. Such authority shall include the right to compel rescission of any sale,
conveyance, or transfer of any lot(s) or tract(s) contrary to the provisions of the Ordinances of the City or this
Agreement.
13. The parties hereto mutually agree that this Agreement may be amended from time to time by
mutual consent provided that such amendment be in writing and be signed by all parties hereto.
14. This Agreement shall extend to and be binding upon the successors and assigns of the City and
upon the heirs, administrators, executors, successors, assigns, and legal representatives of Subdivider, and
shall be placed on record in the office of the County Clerk and Recorder of Pueblo County, Colorado, and
shall constitute an agreement running with the land until released as hereinabove set forth.
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1ITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and attested by its
authorized and acting officers and the seal of the Subdivider set hereon.
ROCKWOOL INDUSTRIES, INC.
ubdivider
B y
(S E A L) J a pentie , Presiden
STATE OF C =PUEBL ELIC OF I^AN CE CiT`.' C 7 FA-Z 1 SSY O;' i as
C T OF
The foregoing instrument was acknowledged before me this —(e day
Of October 199— . by Jean Carpentier, President o fSubdivider.
My commis expires:
Notary Public
(S E A L) Address:
Andrew Snow
Vice Consul of the United
States of America
CITY OF PUEBLO, a Municipal Corporation
By
President of the Council
ATTEST:
City Clerk
STATE OF COLORADO) .
) ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this day
Of 199_, by , as President of City
Council, and as City Clerk of the City of Pueblo, Colorado.
My commission expires:
Notary Public
(S E A L) Address:
APPROVED AS TO FORM:
City Attomey
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