COST AGREEMENT

 

THIS AGREEMENT is made by and between ______________________ ("Developer") and the Town of Elizabeth, Colorado, a Colorado municipal corporation ("Town").

 

RECITALS:

 

A.         Developer and Town have been discussing Developer's request concerning certain development activities for certain property owned by Developer ("the Property"), as set forth on Exhibit A, attached hereto and incorporated herein.

 

B.         The parties recognize that Developer's request will place an extraordinary burden on the resources of Town, and that this Agreement will facilitate Town's ability to evaluate and process Developer'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 Developer will help offset the burden placed on the resources of Town by Developer's request.

 

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.  Town has retained, or will retain, the services of certain consultants, including planners, engineers, and attorneys, to assist it in evaluating Developer'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 (“Consultants’ Costs”).  In addition to these Consultants’ Costs, Town 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 B.

 

2.          Funds Deposit.            At the time of execution of this Agreement, Developer agrees to deposit with Town the sum of $________________, which is equal to the estimated costs shown in Exhibit B for the land use request of Developer.  This deposit, and any additional amounts deposited with 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 C.  When the deposit is eighty-five (85%) depleted prior to the completion of the review, Developer shall promptly deposit additional monies with Town in a mutually agreeable amount.  The parties understand and agree that the amount deposited with Town is an estimate of costs only, and that Developer shall promptly pay the costs provided for in Paragraph 1 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 may result until such time as the additional monies are deposited.  Additional funds shall be deposited as necessary to cover outstanding balances prior to the recording of any approved final documents.  Additionally, if a negative balance exists at any time and additional funds are not deposited within 30 days after written notice from Town, then the Town may certify to the County Treasurer any amount due pursuant to this paragraph as a lien on the Property for which the application is submitted to be due and payable with the real estate taxes for the Town.  If at any time negotiations on the request terminate, or if upon conclusion of the review, evaluation and processing, any funds remain after payment of the actual costs and administrative expenses incurred by the Town, then any such monies deposited by Developer and remaining shall be refunded to Developer.  Developer agrees to pay costs incurred by the Town, regardless of completion of the Developer’s project, regardless of approval of the Developer’s project, and/or regardless of whether the Town’s land review process as a whole is completed, for all Consultants’ Costs incurred by the Town which are incurred as a result of, or which are otherwise related to, Developer’s land use submission and its subsequent review.

 

3.          No Acquired Rights.   Developer agrees that it does not acquire any rights by virtue of the negotiations or work on the matters contemplated herein, until and unless Town grants any and all approvals required by law.  Any and all negotiations and work concerning the Developer's request concerning the Property shall be final only upon approval by the appropriate actions of the Town Board of Trustees and other governmental entities having jurisdiction, upon the completion of appropriate actions of Developer, and upon expiration of any applicable time periods required for finality under law.

 

4.          Remedies.  In the event the Developer fails to reimburse the Town for all Consultants’ Costs, the Town may impose any or all of the following remedies at its sole discretion:

 

  1. The termination of the review process if payment is not made in full within thirty (30) days of the issuance of the statement indicating the actual cost of Consultants’ Costs;
  2. The applicant being deemed withdrawn if the statement is not paid in full within thirty (30) days of the issuance of the statement indicating the actual cost of Consultants’ Costs;
  3. The imposition of interest on the amount due and outstanding at the rate of one and one-half of one percent (1.5%) per month from the date when due.
  4. The initiation of an enforcement action for nonpayment of Consultants’ Costs in either Elbert County Court or in the Town of Elizabeth Municipal Court to collect unpaid fees.
  5. The refusal to issue a building permit for any portion of the proposed development upon which the Town has not been reimbursed; and/or
  6. The refusal to issue a certificate of occupancy for any portion of the proposed development upon which the Town has not been reimbursed; and/or
  7. The certification of a lien on the Property as set forth in Section 2 hereinabove; and/or
  8. The refusal to accept any further land use applications from any Owner/Developer which has failed to reimburse the Town for Consultants’ Costs for any project.

 

5.                   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.

 

This Agreement is executed effective this _____ day of ____________, 200__.

 

THE TOWN OF ELIZABETH,

a municipal corporation

 

 

By: ______________________________

Its: _____________________________

 

 

 

 

STATE OF COLORADO                                  )

)  SS

COUNTY OF ________________                      )

 

The above and foregoing signature of _______________________ was subscribed under oath before me this _____ day of____________, 200__.

 

Witness my hand and official seal.

 

 

________________________________

Notary Public

 

My commission expires______________________.

 

 

 

 

 

 

 

 

DEVELOPER:________________________

__________________________________

 

 

 

 

By:_______________________________

Title:____________________________

 

 

 

STATE OF COLORADO                                  )

)  SS

COUNTY OF ________________                      )

 

The above and foregoing signature of _______________________ was subscribed under oath before me this _____ day of____________, 200__.

 

Witness my hand and official seal.

 

 

________________________________

Notary Public

 

My commission expires______________________.

 

 

 

 

Land Owner Name:                                                       

 

Mailing Address:                                                            

 

                                                                                   

 

Telephone:                                                                    

 

 

EXHIBIT A

 

PROPERTY DESCRIPTION

 

 

 

EXHIBIT B

 

COST ESTIMATE - TECHNICAL REVIEW AND PUBLICATION

 

                                                                  

Type of Application (Check All That Apply)

Initial Deposit

 

Annexation:

$4,000.00

 

Initial Zoning

$500.00

 

Rezoning

$500.00

 

Use By Special Review:

$1,000.00

 

Site Plan:

$3,000.00

 

Sketch Plan

$2,000.00

 

Subdivision/PUD Preliminary Plat:

$4,000.00

 

Subdivision/PUD Final Plat:

$4,000.00

 

Minor Subdivision:

$1,000.00

 

Site Plan Amendment

$1,000.00

 

Vacation of Recorded Plat

$500.00

 

Variance

$500.00

 

Other                                                              

$

TOTAL COST ESTIMATE:

$

 

(Enter this total amount in blanks on Page 1, Section 2 and Page 6, Section A)

 

 

EXHIBIT C

 

FUNDS DEPOSIT AGREEMENT

 

A.         The undersigned Developer and The Town of Elizabeth hereby deposit with Town, the following, which is to be held and disbursed by Town subject to the terms and conditions hereof:

 

Check written upon the Account of Developer, in the amount of $________________, payable to "Town of Elizabeth", 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.          Town shall place the deposited funds in a bank account subject to the terms and requirements of these instructions, and such funds will be separately accounted for. 

 

2.          Upon Town's receipt of a billing authorized pursuant to the "Cost Agreement" between Developer and Town, Town shall promptly submit a copy thereof to Developer. Backup documentation for each billing shall be furnished to the Developer upon request.  Upon approval of the billing by Developer, Town shall disburse moneys, from the deposited funds, in payment of such billing.  The Developer's failure to respond to the billing, within 15 days after the date the billing is submitted to the Developer by Town, shall constitute approval to make the disbursement. 

 

3.          Any amounts remaining in the deposited funds, less 15% of the total billed, following completion or termination of the work shall be returned to Developer, and all parties shall be relieved from any further liability with regard to this Agreement.

 

4.          This Agreement may be altered, amended, modified or revoked only in writing signed by all parties hereto.  Town agrees to hold the deposited funds described above under the specific terms and conditions of this Agreement.

 

5.          This Agreement shall bind and inure to the benefit of the parties hereto, their heirs, personal representatives, successors and assigns.

 

6.          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 ________ day of ____________, 200__.

 

 

 

 

 

 

 

 

 

 

DEVELOPER:________________________

__________________________________

 

 

By:_______________________________

Title:____________________________

 

STATE OF COLORADO                                  )

)  SS

COUNTY OF ________________                      )

 

The above and foregoing signature of ___________________ was subscribed under oath before me this _____ day of _______________, 200__.

 

Witness my hand and official seal.

 

 

________________________________

Notary Public

 

My commission expires______________________.

 

 

 

THE TOWN OF TOWN,

a municipal corporation

 

 

 

By: ______________________________

Its: _____________________________

 

STATE OF COLORADO                                  )

)  SS

COUNTY OF ________________                      )

 

The above and foregoing signature of ___________________ was subscribed under oath before me this _____ day of _______________, 200__.

 

Witness my hand and official seal.

 

 

________________________________

Notary Public

 

My commission expires______________________.