HomeMy WebLinkAbout 15-11 Approving Modified Cost Agreement and Funds Deposit AgreementRESOLUTION NO. 15- ►r
A RESOLUTION APPROVING A MODIFIED COST AGREEMENT AND
FUNDS DEPOSIT AGREEMENT FOR WEST VIEW LLC
WHEREAS, West View LLC (the "Landowner") desires to construct and operate a
business in the Town of Firestone (the "Town") and has requested business assistance for certain
development activities for certain property to be developed by Landowner ("the Property"); and
WHEREAS, the Town desires to recruit businesses and employers within the Town
thereby stimulating the economy of and within the Town; and
WHEREAS, the Town wishes to provide certain business assistance in connection with
Landowner's construction and opening of a stand-alone full service restaurant located at 8274
Colorado Boulevard, Firestone ("Project"); and
WHEREAS, the Town Board of Trustees finds that providing a pat•tial waiver of costs
otherwise required to be reimbursed to the Town under the Town's development cost agreement
will serve to provide a benefit and advance the public interest and welfare of the Town and its
citizens by helping to secure this economic development project within the Town,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO.
Section 1. The Town Boat•d of Trustees hereby approves the modified cost agreement
for the development activities for Landowner's Properrty, attached hereto, for the purpose of
providing business assistance in connection with the construction and opening of the Project.
Section 2. This Resolution shall be in full force and effect from and after the date of
its passage and approval.
INTRODUCED, READ AND ADOPTED this
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Medina
Town Clerk
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OF FIRESTONE, COLORADO
Paul Sorensen
Mayor
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COST AGREEIVIENT
THIS AGREEMENT is made by and between Wes View LLC ("Landowner") and the Town of
Firestone, Colorado, a Colorado municipal corporation ("Firestone").
RECITALS:
A. Landowner and Firestone have been discussing Landowner's request concerning certain
development activities for certain property owned by Landowner ("the Property"), as set forth on Exhibit A,
attached hereto and incorporated herein.
B. The parties recognize that Landowner's request will place an extraordinary burden on the
resources of Firestone, and that this Agreement will facilitate Firestone's ability to evaluate and process
Landowner's request in a timely fashion, and accordingly, the parties recognize that this Agreement will be
mutually beneficial.
C. The parties desire to provide for a method by which Landowner will help offset the burden
placed on the resources of Firestone by Landowner's request.
D. The Town wishes to provide certain business assistance in connection with Landowner's
construction and opening of a stand-alone full service restaurant located at 8274 Colorado Boulevard, Firestone
("Project"), and the Town Board of Trustees finds that providing a partial waiver of costs otherwise required to
be paid under this Agreement will serve to provide a benefit and advance the public interest and welfare of the
Town and its citizens by helping to secure this economic development project within the Town.
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein and for
other good and valuable consideration, the parties do hereby stipulate and agree as follows:
1. Consultant and Other Costs. Firestone has retained, or will retain, the services of
certain consultants, including planners, engineers, and attorneys, to assist it in evaluating Landowner's request
and to assist it in negotiations; reviews of maps, plans and other documents; drafting of reports, notices and other
documents; consultation, and advice. In addition to these consultant costs, Firestone also will incur certain other
related costs, including but not limited to legal publication costs and administrative costs. Estimates of the costs
related to each type of land use request are set forth on Exhibit A.
2. Funds Deposit. At the time of execution of this Agreement, Landowner agrees to
deposit with the Town the sum of $3,000.00 ,which shall be applied to the estimated costs shown in
Exhibit A for the land use request of the Landowner. The Town agrees to waive an amount not to exceed the
first ten thousand dollars ($10,000) of reimbursable costs incurred for Town processing of the application for
this Project. If costs incurred are beyond the $10,000 waiver and the funds on deposit, additional funds will need
to be deposited with the Town in order to cover the costs provided for in paragraph 1 for the land use request of
Landowner. This deposit, and any additional amounts deposited with the Town pursuant to this Agreement,
shall be used to pay the costs provided for in paragraph 1 above as they become due, in accordance with the
Funds Deposit Agreement attached hereto and incorporated herein as Exhibit B. If the deposit is depleted prior
to the completion of the review, Landowner shall promptly deposit additional monies with the Town in a
mutually agreeable amount. The parties understand and agree that the amount deposited with the Town is an
estimate of costs only, and that Landowner shall promptly pay the costs provided for in Paragraph 1 that are in
excess of $10,000 through the initial deposit and additional deposits, if necessary. If such additional monies are
not deposited when necessary, suspension or termination of work on the request will result until such time as the
additional monies are deposited. Additional funds shall be deposited as necessary to cover outstanding balances
prior to recommencement of any work on the request. Landowner acknowledges and agrees that setting of
further public hearings and/or recording of any approved final documents relating to the request shall not occur
until any outstanding balances are paid in full and, in the case of a request not yet finally approved, an additional
deposit is made. Additionally, if a negative balance exists at any time and additional funds are not deposited
within 15 days after written notice from the Town, then a five percent (5%) penalty shall be added to such
balance and such balance shall bear interest at the rate of one and one-half percent per month. If at any time
negotiations or work on the request terminate, then any monies deposited by Landowner and remaining after
payment of the costs incurred by Firestone shall be refunded to Landowner; however, at no time will any portion
of the $10,000 in reimbursements waived by the Town be paid to the Landowner.
3. No Acquired Rights. Landowner agrees that it does not acquire any rights by virtue of
the negotiations or work on the matters contemplated herein, until and unless the Town grants any and all
approvals required by law. Any and all negotiations and work concerning the Landowner's request concerning
the Property shall be final only upon approval by the appropriate actions of the Town Board of Firestone and
other governmental entities having jurisdiction, upon the completion of appropriate actions of Landowner, and
upon expiration of any applicable time periods required for finality under law. This Agreement does not create
any vested property rights, which rights may only be established in the manner provided by the Firestone
Municipal Code and applicable state law.
4. Miscellaneous.
(a) In the event of any litigation arising from this Agreement, the prevailing party shall be
entitled to its reasonable attorneys' fees and court costs.
(b) This Agreement supersedes all prior negotiations between the parties concerning matters
addressed herein.
(c) This Agreement shall not be modified except in writing executed by each of the
parties.
(d) All notices, billings, invoices and other transmittals to Landowner under this
Agreement and the Funds Deposit Agreement shall be hand delivered or sent by facsimile transmission or
regular United States mail, postage prepaid, to the Landowner's mailing address set forth below. All notices
by hand delivery shall be effective upon receipt. All facsimile transmissions shall be effective upon
transmission, as evidenced by sender's transmission receipt. All notices by mail shall be considered effective
48 hours after deposit in the United States mail, postage prepaid, to the Landowner's mailing address as set
forth below. The Landowner by written notice to the Town of Firestone, attn: Finance Director, 151 Grant
Ave., Firestone, Colorado, 80520, may change the address to which future notices, billings, invoices and
other transmittals shall be sent. Failure to receive notice given in accordance with this paragraph shall not
affect the validity of such notice, or constitute cause for any delay of payment or other performance required
of Landowner.
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This Agreement is executed effective this day of , 2015.
THE TOWN OF FIRESTONE,
a municipal corporation
ATTEST:
Town Clerk
LANDOWNER:
Title:
Landowner Mailing Address and fax:
fax number:
STATE OF COLORADO
COUNTY OF
The above and foregoing signature of
this day of , 2015.
Witness my hand and official seal.
Notary Public
My commission expires
was subsct•ibed under oath before me
Any fiends deposited via a check, by paying with a check, you authorize us to make aone-time electronic debit
from your bank or asset account for the amount of the check. For inquit•ies, please call 303-833-3291.
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EXHIBIT A
COST ESTIMATE -TECHNICAL REVIEW AND PUBLICATION
Review consists of Planning, Engineering and Legal
Type of Application (Check All That Apply) Initial Minimum Deposit
Amount:
Annexation/ODP:
Preliminary Development Plan/PDP:
Final Development Plat (FDP)/Plan (Residential):
Final Development Plan(FDP)/Plat (Commercial):
X Site Specific FDP(Commercial Infill):
Minor Subdivision:
Vacation of Easement/Right-of--Way:
Special Use Permit (Other than Oil &Gas):
Access Permit:
Construction Inspection
TOTAL COST ESTIMATE:
(Enter this total amount in blanks on Page 1, Section 2
and Page 5, Section A)
Less Credit (first $10,000 of cost incurred)
REQUIRED DEPOST:
L!
$243.00 per acre or $14,300.00
(Whichever is greater.)
$104.00 per acre or $16,900.00
(Whichever is greater.)
$901.00 per acre or $20,150.00
(Whichever is greater.)
$1,040.00 per acre or $16,900.00
(Whichever is greater.)
$13,000.00 each
$10,400.00 each
$3,900.00 each
$10,400.00 each
$2,600.00 each
$735.00 per acre/minimum $6,500.00
(Residential and Major Commercial)
$13,000
_$3,000
EXHIBIT B
FUNDS DEPOSIT AGREEMENT
A. The undersigned Landowner and The Town of Firestone hereby deposit with Firestone, the
Following which is to be held and disbursed by Firestone subject to the terms and conditions hereof.
Check written upon the Account of Landowner, in the amount of $ 3,000.00 , payable to
"Town of Firestone", and such additional funds as may be deposited subsequently (all such funds are
referred to herein as the "deposited funds").
B. The deposited funds shall be subject to the following instructions:
1. Firestone shall place the deposited funds in Town fund or account and shall
separately account for such funds subject to the terms and requirements of these instructions.
1. Upon Firestone's receipt of a billing authorized pursuant to the "Cost Agreement"
between Landowner and Firestone (exclusive of the first $10,000 of Town costs), Firestone shall
promptly submit a copy thereof to Landowner. Backup documentation for each billing shall be
furnished to the Landowner upon request. Upon approval of the billing by Landowner, Firestone
shall disburse moneys from the deposited funds in payment of such billing. The Landowner's
failure to respond to the billing, within 15 days after the date the billing is submitted to the
Landowner by the Town, shall constitute approval to make the disbursement.
2. Any amounts remaining in the deposited fiords following completion or termination
of the work shall be returned to Landowner, and all parties shall be relieved from any further
liability with regard to this Agreement. At no time shall any portion of the $10,000 in
reimbursements waived by the Town be paid to the Landowner.
3. This Agreement may be altered, amended, modified or revolted only in writing
signed by all parties hereto. The Town agrees to hold the deposited funds described above under
the specific terms and conditions of this Agreement.
4. This Agreement shall bind and inure to the benefit of the parties hereto, their heirs,
personal representatives, successors and assigns.
5. This Agreement shall be construed and enforced in accordance with the laws of the
State of Colorado.
WHEREFORE, this Funds Deposit Agreement is executed effective this
, 2015.
LANDOWNER:
Title:
STATE OF COLORADO )
SS
COUNTY OF )
The above and foregoing signature of
before me this day of
Witness my hand and official seal.
Notaty Public
My commission expires
ATTEST:
Town Cletk
2015.
day of
was subscribed under oath
THE TOWN OF FIRESTONE,
a municipal corporation
By:
Its:
Any funds deposited via a check, by paying with a check, you authorize us to make cone -time
electronic debit from your bank or asset account for the amount of the check. For inquiries, please
call 303-833-3291.
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