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RESOLUTION NO. 40 <br />SERIES 2024 <br />A RESOLUTION APPROVING ASSIGNMENTS OF <br />DETENTION POND MAINTENANCE AND LICENSE AGREEMENT <br />AND MAINTENANCE AND LICENSE AGREEMENT <br />FOR THE DELO SUBDIVISION <br />WHEREAS, in connection with the Delo Subdivision, certain lands were <br />dedicated to the City for detention pond, park and public purposes, for which the <br />Subdivider and its successors were responsible for maintenance pursuant to a <br />maintenance agreement; and <br />WHEREAS, in 2017, the City entered into two agreements with Delo <br />Apartments, LLC ("Delo Apartments"): a Maintenance and License Agreement; <br />and a Detention Pond Maintenance and License Agreement; and <br />WHEREAS, each agreement requires a Performance Guarantee of <br />$10,000.00 to ensure faithful performance of the obligations under each <br />agreement, which Performance Guarantee; and <br />WHEREAS, each agreement requires inspections and reporting to the City, <br />which does not appear to have been completed by Delo Apartments; and <br />WHEREAS, each agreement requires prior written approval of the City <br />before the agreement may be assigned to any other party, and the City may require <br />the successor to execute its consent to such assignment to be bound by the terms <br />and conditions of the agreement; and <br />WHEREAS, the City has reviewed the assignments of such agreements <br />that accompany this resolution, and desire to approve the same on the conditions <br />set forth herein. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO THAT: <br />1. The proposed Assignment of Detention Pond Maintenance and <br />License Agreement, which assigns such agreement to CT Delo, LLC and HG Delo, <br />LLC (together, "Assignee"), is hereby approved in essentially the same form as the <br />copy accompanying this Resolution, conditioned on the following: <br />A. Prior to execution of the Assignment by the City, the Assignee <br />shall post with the City and maintain for the Maintenance Term of the <br />Agreement (as such term is defined in the Agreement), a cash deposit in the <br />amount of $10,000.00 (the "Performance Guarantee"), for the purpose of <br />assuring Assignees' faithful performance of its obligations under the <br />Agreement. <br />Resolution No. 40, Series 2024 <br />Page 1 of 2 <br />