Resolution 2017-08 - Laserfiche WebLink

Home Browse Search

AGREEMENT THIS AGREEMENT is made and entered into this day of , 2017, by and between the City of Louisville, Colorado, a municipal corporation ("City"), Centennial Valley Business Park Property Owners Association, a Colorado nonprofit corporation ("Centennial"), and Land Title Guarantee Company, a Colorado corporation ("Escrow Agent") . W I T N E S S E T H: WHEREAS, the City is undertaking a project to resurface Centennial Parkway (the "Parkway Project"); and WHEREAS, Centennial has requested that the City install certain enhanced improvements at five intersections on Centennial Parkway within the City, including intersection bulb -outs, e nhanced concrete, striping and signage (the "Enhanced Improvements") ; and WHEREAS, Centennial has agreed to fund the costs of the Enhanced Improvements through an Escrow Account (defined below); and WHEREAS, the City and Centennial anticipate that the Enhanced Improvements will enhance traffic calming along Centennial Parkway; and WHEREAS, Centennial and the City desire to set forth in this Agreement their mutual understandings concerning funding of a project to install the Enhanced Improvements, and concerning o ther matters discussed herein. NOW, THEREFORE, for and in consideration of the recitals, promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Centennial and the City agree as follows: 1. Project and Costs. The parties desire that the City, as owner of Centennial Parkway, act as the lead agency to install the Parkway Project on Centennial Parkway, including the Enhanced Improvements, conforming to the Manual on Uniform Traffic Control Devices and the plans for the Enhanced Improvements set forth here as Exhibit A, attached hereto and incorporated herein by ✓ eference (the portion of the Parkway Project involving the Enhanced Improvements is referred to herein as the "Project"). The currently estimated costs of surveying, planning, labor, materials, and 10 o contingency for the Project is $342, 078 . 00 . The City will undertake the Parkway Project, including the Project, and directly incur the costs thereof. Centennial agrees to pay the Project Costs (as defined below) pursuant to the Escrow (as defined below) . In addition to the Project Costs, Centennial shall be solely responsible for paying when due all fees and expenses incurred by the Escrow Agent in connection with its services as escrow agent as set forth in this Agreement.