HomeMy WebLinkAbout1.01 AgreementDEVELOPMENT AGREEMENT FOR BUFFALO VALLEY APARTMENTS SITE-
SPECIFIC DEVELOPMENT PLAN AND VESTED RIGHTS
This AGREEMENT, is made and entered into between the BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF GARFIELD, a body politic and corporate (the
"County"), and PARTNERS III, LLC, a COLORADO limited liability company registered to do
business in Colorado ("Developer"). The County and Developer may hereinafter be referred to
collectively as the "Parties."
RECITALS
1. The Developer is the owner of certain real property located in Garfield County, Colorado,
more particularly described in Exhibit 1 (the "Property").
2. The Developer has entered into a Land Use Application process with Garfield County for
a Limited Impact Review for a Multi Family Dwelling Development known as the
Buffalo Valley Apartments located at 3637 Highway 82, Glenwood Springs, CO 81601.
3. On , , PARTNERS III, LLC received approval for the
Limited Impact Review for a Multi Family Dwelling Development known as the Buffalo
Valley Apartments, memorialized in Resolution No. (recorded in the
records of the Clerk and Recorder at Reception No. ).
4. The Development shall consist of 57 Apartment units per the Land Use Application For
Buffalo Valley Apartments and shall constitute a "site-specific development plan"
pursuant to CRS. Section 24-68-101, et. seq. ("Vested Rights Statute"). In accordance
with the Approval Resolution, the Vested Rights Statute and Garfield County Land Use
and Development Code Section 4-203(J) and 2-202, the BOCC hereby grants and
confirms unto the Applicant and the owners of Buffalo Valley vested property rights,
which vested property rights shall run with the real property depicted on the "Site -
Specific Development Plan" for a period of five (5) years, that is until
, for and with respect to:
(a) all of those rights set forth in the Approval Resolution, as the same may be
amended from time to time; and
(b) the following specific rights existing under the Land Use and Development Code
as in effect on February , 2014:
(i)
"Approval of this [Permit/Plan/Plat] shall create a vested property right
pursuant to Article 68 of Title 24, C.R.S., as amended."
ii) Justification• unknown future economic conditions favorable to this
project.
iii) Phasing. The project may have two or more phases with the last phase to
include the building 2, closest to the West, or otherwise described as
closest to the Roaring Fork River.
5. In light of all relevant circumstances, including but not limited to the size of the
Development, the projected timing of development and the existing uses, the height of
the buildings shown in the Land Use Application deemed compliant with the zone district
height standard, parking as shown on the site plans, site drainage, Floor Area Ratio and
lot coverage, the Development shall be vested against any changes in the Garfield County
Land Use Code which may be contrary to or in conflict with those rights described above.
This Agreement shall be considered a "development agreement" as that term is used in
C.R.S. 24-68-104, and shall include the right to develop and use the property identified
on the in the manner permitted in the Approval Resolution.
IN WITNESS WHEREOF the parties hereto have executed originals of this Agreement
effective the latest date of execution set forth below.
BOARD OF COUNTY COMMISSIONERS OF
ATTEST: GARFIELD COUNTY, COLORADO
By:
DATE:
Clerk
STATE OF
COUNTY OF
) ss.
PARTNERS III, LLC
By: Norm C. Bacheldor
Its: Managing Member
DATE:
The foregoing instrument was acknowledged before me this day of
, 2013 by , for PARTNERS III, LLC.
MY COMMISSION EXPIRES:
Notary
Address of Notary