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HomeMy WebLinkAbout1.06 Development AgreementFlying M Ranch Planned Unit Development Application Garfield County, Colorado Exhibit F Development Agreement Page 1 of 6 DEVELOPMENT AGREEMENT FLYING M RANCH UNIT DEVELOPMENT THIS AGREEMENT is made and entered into between the BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF GARFIELD (the “County”), EASTBANK, LLC, a Colorado limited liability company (“Developer”). The County and Developer may hereinafter be referred to collectively as the “Parties.” WITNESSETH: A. Developer is the owner of certain real property located in Garfield County, Colorado, more particularly described in Exhibit 1 (“Developer’s Property”). B. By Resolution No. 2023-___, which was approved in a public hearing before the Garfield County Board of County Commissioners on ______________________ and memorialized in a Resolution signed on _______________________, recorded in the real property records of Garfield County as Reception No. ____________________, the Garfield County Board of County Commissioners (the “Board”) approved the Flying M Ranch Planned Unit Development (the “FMR PUD”). The FMR PUD contemplates residential and commercial uses with significant active and passive open space areas (the “Project”), as documented in Resolution ________, recorded in the real property records of Garfield County as Reception No. ______________ and incorporated by this reference. C. The FMR PUD contemplates multiple phases of development for the Project, wherein each phase will require final plat approval. D. The FMR PUD provides that the first phase of development of the Project will consist of Parcel A (Lots A1, A2, A3, and A4), Parcel B, and Parcel D of the Flying M Ranch PUD (together “Phase 1”). E. The FMR PUD provides that the start of construction for each phase is based on the date of approval of each final plat; provided, however, that the final plats for all phases of the Project are approved no later than fifteen (15) years after the date of approval of the Phase 1 Final Plat (the “Phasing Plan”). F. The County has considered and approved the application for approval of the final plat of Phase I (“the Phase 1 Final Plat”) and the request to approve this Development Agreement, after notice and public hearing as required by law, and pursuant to the requirements of ___________________ of the Garfield County Land Use and Development Code (2023) (the “Code”). The County finds and determines that the Phase 1 Final Plat constitutes a “Site Specific Development Plan,” as that term is defined in C.R.S. § 24-68-102(4)(a) and Section 2-202(B) of the Code. G. The Vested Property Rights Statute C.R.S. §§ 24-68-101 et seq. (the “Statute”) and the Code provide for the establishment of vested property rights in order to advance the purposes stated Page 2 of 6 therein, and authorize the County to enter into development agreements with landowners providing for vesting of property development for periods greater than three (3) years. H. Development of the Property in accordance with the FMR PUD, Phase 1 Final Plat, and such future final plats that are approved for the various phases of the Project (collectively, the "Project Plans") will provide for orderly, well planned growth in accordance with the policies and goals stated in the Garfield County Comprehensive Plan, provide significant trails and open space, promote diversity of housing stock, ensure reasonable certainty and stability in the land use planning process, stimulate economic growth within the County, and otherwise achieve the goals and purposes of the Statute and Code. I. Development of the Property will also require substantial investments in infrastructure improvements and public facilities, both on the Property and outside the Property, which will serve the needs of the Property and the County. Such investments can be supported only with assurances that development of the Property can proceed to ultimate completion as provided in the Project Plans and this Agreement. J. In exchange for the foregoing benefits and other benefits to the County contemplated by this Agreement, together with the public benefits served by orderly and well-planned development of the Property, Developer desires to receive vested property rights in the Project Plans in accordance with this Agreement. K. The mutual promises, covenants, and obligations contained in this Agreement are authorized by the statutes of the State of Colorado and the laws of the County. NOW, THEREFORE, in consideration of the promises cited above and the mutual covenants and promises contained herein, the sufficiency of which is acknowledged, the County and Developer agree as follows: 1. Incorporation of Recitals. The Parties agree that the aforesaid recitals are true and correct, and those recitals are hereby incorporated into the body of this Agreement. 2. General Provisions. a. Scope. The terms and conditions of this Agreement shall apply to the Property. b. Phasing. Construction of the Project is anticipated to occur in up to _______ phases, with Phase 1 being the initial phase of the Project, and construction of subsequent phases occurring in accordance with the Phasing Plan set forth in the FMR PUD. 3. Vesting of Certain Property Rights. The County and Developer hereby agree that Developer shall have a vested property right to the extent provided in this Agreement to undertake and complete development and use of the Property. a. Intent of Vesting System. The vesting system set forth in this Section 3 balances the County's obligation to protect the public health, safety and welfare of the community and its desire to facilitate the highest quality development with Developer’s private Page 3 of 6 property rights and Developer's need to rely on County approvals to achieve an economically viable project. b. Overview of Vesting System. i. Nature of Vested Rights. During the term of vested rights set forth in Section 3(d) below, Developer will have the right to develop uses at such densities and in the general locations on the Property described in the approved Project Plans. Upon County approval of any future final plats that are approved for the various phases of the Project, such plats shall automatically be entitled to the same vested rights as have been granted herein for the same period of vesting which remains under this Agreement. c. Rights That Are Vested. The rights identified herein or as may hereafter be acquired by operation of any state or local vested property rights law shall constitute vested property rights under this Agreement and shall not be taken by the County without just compensation. These rights include the following: i. No Downzoning. The maximum number of residential dwelling units and acres for residential use, and the total gross acres and floor area for non-residential uses, as set forth in the Project Plans are hereby vested. ii. Uses, Densities and Locations. The right to develop the Property in accordance with the uses, densities, and general locations set forth in the Project Plans is hereby vested. iii. Site Development Standards. The right to develop the Property in accordance with the design standards, development standards, and terms and conditions set forth in the Project Plans and the resolutions of the Board approving the same is hereby vested. iv. Timing of Development. The right to commence and complete development of the Property at such time in such order and at such rate as set forth in the Phasing Plan of the FMR PUD. This provision of this Agreement supersedes any County rules or regulations that require development to be commenced or completed in any specific time frame. v. Subsequent Approvals. The right to receive all County approvals necessary for development of the Project provided that subsequent final plat submittals or applications for other approvals comply with this Agreement and the Project Plans, and all applicable standards and regulations, including then-current duly- adopted, generally applicable regulations. vi. Site Specific Development Plan. As to the matters vested under this Agreement and the Project Plans, including any future final plats that are approved by the County for the various phases of the Project, shall be considered a site-specific development plan for the purposes of the Statute and Section 2-202 of the Code. The following statement is provided to satisfy the requirements of Section 2-202(D)(2) of the Code: Page 4 of 6 Approval of this plan shall create a vested property right pursuant to article 68 of title 24, C.R.S. as amended. vii. Term of Vested Rights. In recognition of the size of the Project contemplated by this Agreement and the Project Plans, the time required to complete the Project, the need to proceed in phases, and varying economic cycles and market conditions likely to occur during the course of development of the Project, the County agrees that the rights identified as vested rights in this Section 3 shall be vested for a period of fifteen (15) years from the effective date of the County’s approval of this Agreement. viii. Adoption, Notice, and Effective Date. The County has adopted this Development Agreement as a legislative act subject to referendum, as required by C.R.S. § 24-68-104(2). As set forth in and required by C.RS. § 24-68-103(1)(c), within 14 days from the date hereof, the County shall cause to be published in a newspaper of general circulation within the County, a notice advising the general public of the approval of the Phase 1 Final Plat as a Site-Specific Development Plan and the creation of vested property rights pursuant to this Development Agreement and C.RS. §§ 24- 68-101 et. seq. The effective date of the County’s approval of this Development Agreement shall be the date of said publication. 4. No Obligation to Develop. Notwithstanding anything to the contrary contained in this Agreement and the Project Plans, Developer shall have no obligation to develop all or any portion of the Property, except as set forth in the Subdivision Improvements Agreement for Phase 1 as the same may be amended. 5. Severability. If any provisions or parts of this Agreement are judged unenforceable or invalid, to the extent practicable, such judgment shall not affect, impair, or invalidate the remaining parts of this Agreement, the intention being that the various parts and provisions hereof are severable. 6. Recording of Agreement. This Agreement shall be recorded with the Garfield County Clerk and Recorder at Developer's expense and shall be a covenant running with and against all the property, property rights, and improvements contained within the Property described in Exhibit 1.in order to put prospective owners, purchasers, successors, assigns, and others acquiring any interest in the Property on notice as to the terms and obligations herein. 7. Binding Effect. Unless otherwise provided herein, this Agreement shall be binding upon Developer’s heirs, successors, assigns, transferees, and any other person or entity acquiring or purchasing any interest in any of the Property. 8. Notice. Any notice to Developer or the County, which may be given under the terms of this Agreement, shall be in writing and shall be deemed sufficiently given when sent certified U.S. Mail and first class mail, postage prepaid, addressed as follows: TO DEVELOPER: Eastbank, LLC _______________ Page 5 of 6 _______________ TO THE COUNTY: Garfield County Board of County Commissioners Attn: Community Development Director 108 Eighth Street, Suite 401 Glenwood Springs, CO 81601 Phone: 970-945-8212 Fax: 970-384-3470 The Parties shall provide notice of any change in the above-referenced information. 9. Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Colorado 10. Counterparts. This Agreement may be executed in counterparts, each of which will constitute one and the same instrument. IN WITNESS WHEREOF, and agreeing to be fully bound by the terms of this Agreement, the Parties have set their hands below on this day of 2023. DEVELOPER: EASTBANK, LLC, a Colorado Limited Liability Company By: Name: Its: COUNTY: BOARD OF COUNTY COMMISSIONERS OF GARFIELD COUNTY, COLORADO By: Name: Page 6 of 6 Its: