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HomeMy WebLinkAbout2024-07-16 Agenda and Supporting Documentation Town Council Evening Meeting1.Call to Order (6:00pm) 2.Public Participation (6:00pm) 2.1 Public Participation 3.Any action as a result of Executive Session 4.Consent Agenda (6:10pm) 4.1 Resolution No. 36, Series of 2024, A Resolution Approving the Purchase of Residential Property Approve, approve with amendments, or deny Resolution No. 36, Series of 2024. Background: The availability of housing for its employees remains an ongoing need for the Town of Vail municipal government. Over the years the Town has taken a wide range of approaches to addressing its employee housing needs. 4.2 Resolution No. 37, Series of 2024, A Resolution Approving a Mutual Release of Restrictive Covenant between the Town of Vail and Freiburg Snow LLC; and Setting Forth Details in Regard Thereto Approve, approve with amendments, or deny Resolution No. 37, Series of 2024. Background: This is an EHU exchange on a home located at 392 Beaver Dam Circle, authorizing the Town Manager to execute a deed restriction release and approving the request VAIL TOWN COUNCIL MEETING Evening Session Agenda Town Council Chambers and virtually by Zoom: https://vail.zoom.us/webinar/register/WN_1sKcrilcT72GxXO9hgzkfA 6:00 PM, July 16, 2024 Notes: Times of items are approximate, subject to change, and cannot be relied upon to determine what time Council will consider an item. Public comment will be taken on each agenda item. Public participation offers an opportunity for citizens to express opinions or ask questions regarding town services, policies or other matters of community concern, and any items that are not on the agenda. Please attempt to keep comments to three minutes; time limits established are to provide efficiency in the conduct of the meeting and to allow equal opportunity for everyone wishing to speak. Public Participation.pdf Resolution No. 36 Series of 2024 Authorizing Residential Propety Purchase 07-16-2024 Exhibit A - 1136 Sandstone Dr A305 Vail CONTRACT TO BUY AND SELL REAL ESTATE - Residential 1 for an exchange of an employee housing unit, pursuant to Section 12-13-5. 4.3 Resolution No. 38, Series of 2024, A Resolution of the Vail Town Council Approving a Municipal Judge Services Agreement Approve, approve with amendments, or deny Resolution No. 38, Series of 2024. Background: The Town wishes to enter into a Municipal Judge Services Agreement with Cyrus "Buck" Allen III. 5.Action Items (6:10pm) 5.1 Resolution No. 35, Series of 2024, A Resolution Approving the Second Amendment and Restated Development Agreement between the Town of Vail and Triumph Timber Ridge, LLC Regarding the Development of Timber Ridge Village (6:10pm) 15 min. Approve, approve with amendments, or deny Resolution No. 34, Series of 2024. Presenter(s): George Ruther, Housing Consultant Background: This agenda item advances the critical actions identified in the Vail Town Council Action Plan, furthers the adopted housing goal for the Town of Vail, and aids Vail in realizing its vision to be the premier international mountain resort community and as a national leader in the delivery of housing solutions for its community residents. 392 Beaver Dam EHU Deed Restriction Exchange VLHA 07-16-2024 392 Beaver Dam Circle EHU Exchange Memo 07-16-2024 Resolution Release of Deed Restriction Resolution No. 37 Series of 2024 07-16-2024 Exhibit A - Resolution No. 37 Series of 2024 Deed Restriction Release 392 Beaver Dam Road 07-16-2024 Resolution No. 38 Judge Contract Exhibit A Resolution No.35 Series of 2024 Second Amended and Restated Development Agreement 07-16-2024 Resolution 35 Series of 2024 - Second Amended Timber Ridge DA 07-16-2024 2nd Amended Triumph DA-A071224 DA Exhibit A Timber Ridge subdivision, Lot 1 DA Exhibit B GMP documents DA Exhibit C Project Budget DA Exhibit D - Deed Restriction Language TRV DA Exhibit E 2nd amended schedule DA Exhibit F 2nd amended Town of Vail residences DA Exhibit G 2nd amended G-A residence pricing for building A DA Exhibit G 2nd amended G-B residence pricing for building B DA Exhibit G 2nd amended G-C residence pricing for building C DA Exhibit G 2nd amended G-D residence pricing for building D DA Exhibit G 2nd amended G-E residence pricing for building E DA Exhibit G 2nd amended G-F residence pricing for building F DA Exhibit G 2nd amended G-G residence pricing for building G DA Exhibit H 2nd amended insurance 2 6.Public Hearings (6:25pm) 6.1 Ordinance No. 08, Series of 2024, Second Reading, An Ordinance Making Budget Adjustments to the Town of Vail General Fund, Capital Projects Fund, Real Estate Transfer Tax Fund, Housing Fund, Dispatch Services Fund, and Timber Ridge Fund of the 2024 Budget for the Town of Vail, Colorado; and Authorizing the Said Adjustments as Set Forth Herein; and Setting Forth Details in Regard Thereto (6:25pm) 5 min. Approve, approve with amendments, or deny Ordinance No. 08, Series of 2024, upon second reading. Presenter(s): Carlie Smith, Finance Director and Jake Shipe Budget Analyst Background: Please see attached memo. 7.Adjournment 6:30pm (estimate) 2024-07-16 Second Supplemental Second Reading Ord #8, 2024 - 2nd Supplemental 2nd Reading Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vailgov.com. All town council meetings will be streamed live by High Five Access Media and available for public viewing as the meeting is happening. The meeting videos are also posted to High Five Access Media website the week following meeting day, www.highfivemedia.org. Please call 970-479-2136 for additional information. Sign language interpretation is available upon request with 48 hour notification dial 711. 3 AGENDA ITEM NO. 2.1 Item Cover Page DATE:July 16, 2024 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Citizen Participation AGENDA SECTION:Public Participation (6:00pm) SUBJECT:Public Participation SUGGESTED ACTION: VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Public Participation.pdf 4 From:John Clary Davies To:Council Dist List Subject:Neighborhood picnic scheduling Date:Thursday, July 4, 2024 8:28:03 AM Hello, My wife, daughter, and I are new to East Vail, and we love the idea of a local’s picnic. What a great way to meet our neighbors and develop a sense of community. Unfortunately, like most of our peers, we both work during the week and won’t be able to attend. I’m writing to suggest hosting future picnics during the evening or on the weekend so those who work traditional hours can attend. Thank you for the consideration. Sincerely, John 5 AGENDA ITEM NO. 4.1 Item Cover Page DATE:July 16, 2024 SUBMITTED BY:George Ruther, Housing ITEM TYPE:Resolution AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:Resolution No. 36, Series of 2024, A Resolution Approving the Purchase of Residential Property SUGGESTED ACTION:Approve, approve with amendments, or deny Resolution No. 36, Series of 2024. VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Resolution No. 36 Series of 2024 Authorizing Residential Propety Purchase 07-16-2024 Exhibit A - 1136 Sandstone Dr A305 Vail CONTRACT TO BUY AND SELL REAL ESTATE - Residential 6 RESOLUTION NO. 36 SERIES OF 2024 A RESOLUTION APPROVING THE PURCHASE OF RESIDENTIAL PROPERTY WHEREAS, (“Owner”) is the owner of certain residential property located in Vail, Colorado (the “Property”); and WHEREAS, the Town wishes to purchase the Property from Owner, and Owner wishes to sell the Property to the Town, pursuant to the terms of the Contract to Buy and Sell Real Estate, attached hereto as Exhibit A and incorporated herein by this reference (the “Contract”). NOW THEREFORE, BE IT RESOLVED BYTHE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1.The Town Council hereby approves the Contract in substantially the same form attached hereto as Exhibit A and in a form approved by the Town Attorney, authorizes the appropriation of the funds necessary to complete the purchase of the Property and authorizes the Town Manager to execute the Contract on behalf of theTown. Section 2.This Resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Vail held this 16 th day of July, 2024. ________________________________ Travis Coggin, Mayor ATTEST: _________________________________ Stephanie Kauffman, Town Clerk 7 Date: 7/11/2024 Berkshire Hathaway HomeServices Colorado Properties Danean Boukather Ph: 970-476-2482 Fax: 970-476-6499 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS1-6-23) (Available 8-23, Mandatory 1-24) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) AGREEMENT 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set forth in this contract (Contract). 2. PARTIES AND PROPERTY. 2.1. Buyer. Town of Vail (Buyer) will take title to the Property described below as Joint Tenants Tenants In Common Other TBD. 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 2.3. Seller. Bruce Rosenberg and Monique Rosenberg (Seller) is the current owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of Eagle, Colorado (insert legal description): HOMESTAKE AT VAIL Unit: A305 BK-0417 PG-0877 QCD 05-20-85 R714335 LET 09-22-99 known as: 1136 Sandstone Dr, A305 Vail, CO 81657 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Inclusions – Attached. If attached to the Property on the date of this Contract, the following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories) and garage door openers (including n/a remote controls). If checked, the following are owned by the Seller and included: Solar Panels Water Softeners Security Systems Satellite Systems (including satellite dishes). Leased items should be listed under § 2.5.7. (Leased Items). If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the Purchase Price. 2.5.2. Inclusions – Not Attached. If on the Property, whether attached or not, on the date of this Contract, the following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys. 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 1 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 8 included in the Purchase Price: Cooktop; Dishwasher; Disposal; Microwave; Refrigerator; Washer/Dryer. Furnished as stated in attached documents in MLS listing If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for additional personal property outside of this Contract. 2.5.4. Encumbered Inclusions. Any Inclusions owned by Seller (e.g., owned solar panels) must be conveyed at Closing by Seller free and clear of all taxes (except personal property and general real estate taxes for the year of Closing), liens and encumbrances, except: n/a 2.5.5. Personal Property Conveyance. Conveyance of all personal property will be by bill of sale or other applicable legal instrument. 2.5.6. Parking and Storage Facilities. The use or ownership of the following parking facilities: 2 unassigned parking space; and the use or ownership of the following storage facilities: Those on record. Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should investigate. 2.5.7. Leased Items. The following personal property is currently leased to Seller which will be transferred to Buyer at Closing (Leased Items): n/a 2.6. Exclusions. The following items are excluded (Exclusions): n/a 2.7. Water Rights/Well Rights. 2.7.1. Deeded Water Rights. The following legally described water rights: n/a Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing. 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1., 2.7.3. and 2.7.4., will be transferred to Buyer at Closing: n/a 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well” used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must complete a registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is n/a. 2.7.4. Water Stock Certificates. The water stock certificates to be transferred at Closing are as follows: n/a 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights Relating to Water), § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable legal instrument at Closing. 2.7.6. Water Rights Review. Buyer Does Does Not have a Right to Terminate if examination of the Water Rights is unsatisfactory to Buyer on or before the Water Rights Examination Deadline. 3. DATES, DEADLINES AND APPLICABILITY. 3.1. Dates and Deadlines. Item No.Reference Event Date or Deadline 1 § 3 Time of Day Deadline n/a CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 2 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 9 Friday Monday Thursday Friday Monday Wednesday Thursday Thursday Thursday Wednesday Wednesday Monday Monday Monday 2 § 4 Alternative Earnest Money Deadline 5 Day`s after MEC Title 3 § 8 Record Title Deadline (and Tax Certificate)7/19/2024 4 § 8 Record Title Objection Deadline 7/22/2024 5 § 8 Off-Record Title Deadline 7/25/2024 6 § 8 Off-Record Title Objection Deadline 7/26/2024 7 § 8 Title Resolution Deadline 7/29/2024 8 § 8 Third Party Right to Purchase/Approve Deadline Owners' Association 9 § 7 Association Documents Deadline 7/17/2024 10 § 7 Association Documents Termination Deadline 7/18/2024 Seller's Disclosures 11 § 10 Seller’s Property Disclosure Deadline 7/18/2024 12 § 10 Lead-Based Paint Disclosure Deadline 7/18/2024 Loan and Credit 13 § 5 New Loan Application Deadline n/a 14 § 5 New Loan Terms Deadline n/a 15 § 5 New Loan Availability Deadline n/a 16 § 5 Buyer’s Credit Information Deadline n/a 17 § 5 Disapproval of Buyer’s Credit Information Deadline n/a 18 § 5 Existing Loan Deadline n/a 19 § 5 Existing Loan Termination Deadline n/a 20 § 5 Loan Transfer Approval Deadline n/a 21 § 4 Seller or Private Financing Deadline n/a Appraisal 22 § 6 Appraisal Deadline n/a 23 § 6 Appraisal Objection Deadline n/a 24 § 6 Appraisal Resolution Deadline n/a Survey 25 § 9 New ILC or New Survey Deadline n/a 26 § 9 New ILC or New Survey Objection Deadline n/a 27 § 9 New ILC or New Survey Resolution Deadline n/a Inspection and Due diligence 28 § 2 Water Rights Examination Deadline n/a 29 § 8 Mineral Rights Examination Deadline n/a 30 § 10 Inspection Termination Deadline 7/17/2024 31 § 10 Inspection Objection Deadline 7/17/2024 32 § 10 Inspection Resolution Deadline 7/22/2024 33 § 10 Property Insurance Termination Deadline 7/22/2024 34 § 10 Due Diligence Documents Delivery Deadline 7/22/2024 CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 3 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 10 Wednesday Friday Monday Wednesday Wednesday Saturday 670,000.00 20,000.00 35 § 10 Due Diligence Documents Objection Deadline 7/24/2024 36 § 10 Due Diligence Documents Resolution Deadline 7/26/2024 37 § 10 Conditional Sale Deadline 38 § 10 Lead-Based Paint Termination Deadline 7/22/2024 Closing and Possession 39 § 12 Closing Date 7/31/2024 40 § 17 Possession Date 7/31/2024 41 § 17 Possession Time Delivery of deed 42 § 27 Acceptance Deadline Date 7/13/2024 43 § 27 Acceptance Deadline Time 5:00 PM(MST) 44 n/a n/a n/a 45 n/a n/a n/a Note: If FHA or VA loan boxes are checked in § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA insured or VA guaranteed loans. 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with “N/A”, or the word “Deleted,” such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box checked in this Contract means the corresponding provision applies. If no box is checked in a provision that contains a selection of “None”, such provision means that “None” applies. The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The abbreviation “N/A” as used in this Contract means not applicable. 3.3. Day; Computation of Period of Days; Deadlines. 3.3.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of Day Deadline is left blank or “N/A” the deadlines will expire at 11:59 p.m., United States Mountain Time. 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the ending date is not specified, the first day is excluded and the last day is included. 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline Will Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended. 4. PURCHASE PRICE AND TERMS. 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: Item No.Reference Item Amount Amount 1 § 4.1.Purchase Price $ 2 § 4.3.Earnest Money $ 3 § 4.5.New Loan $ 4 § 4.6.Assumption Balance $ 5 § 4.7.Private Financing $ 6 § 4.7.Seller Financing $ CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 4 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 11 650,000.00 670,000.00 670,000.00 7 n/a n/a $ 8 n/a n/a $ 9 § 4.4.Cash at Closing $ 10 Total $$ 4.2. Seller Concession. At Closing, Seller will credit to Buyer $n/a (Seller Concession). The Seller Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a Wire Transfer, will be payable to and held by Land Title Guarantee (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction will be transferred to such fund. 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller’s receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer’s receipt. 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in “If Seller is in Default”, § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default. 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and liable to Seller as set forth in “If Buyer is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller’s check and cashier’s check (Good Funds). 4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. 4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, Does Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 4.5. New Loan. (Omitted as inapplicable) CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 5 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 12 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. WARNING: Unless the transaction is exempt, federal and state laws impose licensing, other requirements and restrictions on sellers and private financiers. Contract provisions on financing and financing documents, unless exempt, should be prepared by a licensed Colorado attorney or licensed mortgage loan originator. Brokers should not prepare or advise the parties on the specifics of financing, including whether or not a party is exempt from the law. 4.7.1. Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing, Buyer Seller will deliver the proposed Seller financing documents to the other party on or before n/a days before Seller or Private Financing Deadline. 4.7.1.1. Seller May Terminate. If Seller is to provide Seller financing, this Contract is conditional upon Seller determining whether such financing is satisfactory to the Seller, including its payments, interest rate, terms, conditions, cost, and compliance with the law. Seller has the Right to Terminate under § 24.1., on or before Seller or Private Financing Deadline, if such Seller financing is not satisfactory to Seller, in Seller’s sole subjective discretion. 4.7.2. Buyer May Terminate. If Buyer is to pay all or any portion of the Purchase Price with Seller or private financing, this Contract is conditional upon Buyer determining whether such financing is satisfactory to Buyer, including its availability, payments, interest rate, terms, conditions, and cost. Buyer has the Right to Terminate under § 24.1, on or before Seller or Private Financing Deadline, if such Seller or private financing is not satisfactory to Buyer, in Buyer’s sole subjective discretion. TRANSACTION PROVISIONS 5. FINANCING CONDITIONS AND OBLIGATIONS. (Omitted as inapplicable) 5.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional (for the sole benefit of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be in Seller’s sole subjective discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline , at Buyer’s expense, information and documents (including a current credit report) concerning Buyer’s financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information and documents received by Seller must be held by Seller in confidence and not released to others except to protect Seller’s interest in this transaction. If the Cash at Closing is less than as set forth in § 4.1. of this Contract, Seller has the Right to Terminate under § 24.1., on or before Closing. If Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective discretion, Seller has the Right to Terminate under § 24.1., on or before Disapproval of Buyer’s Credit Information Deadline . 5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver copies of the loan documents (including note, deed of trust and any modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer, this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer has the Right to Terminate under § 24.1., on or before Existing Loan Termination Deadline, based on any unsatisfactory provision of such loan documents, in Buyer’s sole subjective discretion. If the lender’s approval of a transfer of the Property is required, this Contract is conditional upon Buyer obtaining such approval without change in the terms of such loan, except as set forth in § 4.6. If lender’s approval is not obtained by Loan Transfer Approval Deadline, this Contract will terminate on such deadline. Seller has the Right to Terminate under § 24.1., on or before Closing, in Seller’s sole subjective discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in § 4.6. 6. APPRAISAL PROVISIONS. 6.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged on behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 6 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 13 Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal Objection Deadline: 6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification). 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Earnest Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the appraised value of the Property of not less than $n/a. The purchaser (Buyer) shall have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should satisfy himself/herself/themselves that the price and condition of the Property are acceptable. 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the Department of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following Seller’s receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the satisfaction of the Lender Property Requirements is waived in writing by Buyer. 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by Buyer Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender’s agent or all three. 7. OWNERS’ ASSOCIATIONS. This Section is applicable if the Property is located within one or more Common Interest Communities and subject to one or more declarations (Association). 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 7 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 14 REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below), at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon Buyer’s receipt of the Association Documents, regardless of who provides such documents. 7.3. Association Documents. Association documents (Association Documents) consist of the following: 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements, rules and regulations, party wall agreements and the Association’s responsible governance policies adopted under § 38-33.3-209.5, C.R.S.; 7.3.2. Minutes of: (1) the annual owners’ or members’ meeting and (2) any executive boards’ or managers’ meetings; such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 7.3.3. List of all Association insurance policies as provided in the Association’s last Annual Disclosure, including, but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed (Association Insurance Documents); 7.3.4. A list by unit type of the Association’s assessments, including both regular and special assessments as disclosed in the Association’s last Annual Disclosure; 7.3.5. The Association’s most recent financial documents which consist of: (1) the Association’s operating budget for the current fiscal year, (2) the Association’s most recent annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the Association’s last Annual Disclosure, (3) the results of the Association’s most recent available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the Association’s community association manager or Association will charge in connection with the Closing including, but not limited to, any fee incident to the issuance of the Association’s statement of assessments (Status Letter), any rush or update fee charged for the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and 7.3.5., collectively, Financial Documents); 7.3.6. Any written notice from the Association to Seller of a “construction defect action” under § 38-33.3-303.5, C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller’s obligation to disclose adverse material facts as required under § 10.2. (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common elements or limited common elements of the Association property. 7.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer’s sole CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 8 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 15 subjective discretion. Should Buyer receive the Association Documents after Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 24.1. by Buyer’s Notice to Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). 8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE. 8.1. Evidence of Record Title. 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or if this box is checked, an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must furnish to Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price. If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 8.1.3. Owner’s Extended Coverage (OEC). The Title Commitment Will Will Not contain Owner’s Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens, (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other n/a. Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under § 8.7. (Right to Object to Title, Resolution). 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants, conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title Documents). 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the party or parties obligated to pay for the owner’s title insurance policy. 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline. 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer’s objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 9 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 16 Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection, pursuant to this § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller has fulfilled all Seller’s obligations, if any, to deliver to Buyer all documents required by § 8.1. (Evidence of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters not shown by public records, of which Seller has actual knowledge (Off-Record Matters). This Section excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2. (Record Title) and § 13 (Transfer of Title), in Buyer’s sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off-Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off-Record Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge. 8.4. Special Taxing and Metropolitan Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR. The official website for the Metropolitan District, if any, is: n/a. 8.5. Tax Certificate. A tax certificate paid for by Seller Buyer, for the Property listing any special taxing or metropolitan districts that affect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may terminate, on or before Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 24.1. by Buyer’s Notice to Terminate received by Seller on or before ten days after Buyer’s receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the content of the Tax Certificate as satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer’s loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first refusal on the Property, right to purchase the Property under a lease or an option held by a CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 10 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 17 third party to purchase the Property) or a right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the third-party holder of such right exercises its right this Contract will terminate. If the third party’s right to purchase is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer’s sole subjective discretion, based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off-Record Title), § 8.5. (Tax Certificate) and § 13 (Transfer of Title). If Buyer exercises Buyer’s rights to object or terminate based on any such title matter, on or before the applicable deadline, Buyer has the following options: 8.7.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice of Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title Deadline or the Off-Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off-Record Title) the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer’s receipt of the applicable documents; or 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 24.1., on or before the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer’s sole subjective discretion. 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various laws and governmental regulations concerning land use, development and environmental matters. 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, GAS OR WATER. 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND RECORDER. 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES. 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL AND GAS CONSERVATION COMMISSION. 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 11 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 18 excepted, excluded from, or not covered by the owner’s title insurance policy. 8.9. Mineral Rights Review. Buyer Does Does Not have a Right to Terminate if examination of the Mineral Rights is unsatisfactory to Buyer on or before the Mineral Rights Examination Deadline. 9. NEW ILC, NEW SURVEY. 9.1. New ILC or New Survey. If the box is checked, (1) New Improvement Location Certificate (New ILC); or, (2) New Survey in the form of n/a; is required and the following will apply: 9.1.1. Ordering of New ILC or New Survey. Seller Buyer will order the New ILC or New Survey. The New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, certified and updated as of a date after the date of this Contract. 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before Closing, by: Seller Buyer or: n/a 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of the opinion of title if an Abstract of Title) and n/a will receive a New ILC or New Survey on or before New ILC or New Survey Deadline. 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to all those who are to receive the New ILC or New Survey. 9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New ILC or New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13: 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct. 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey Objection before such termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline). DISCLOSURE, INSPECTION AND DUE DILIGENCE 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF WATER. 10.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline , Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed by Seller to Seller’s actual knowledge and current as of the date of this Contract. 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely disclose such adverse fact to Buyer. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 12 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 19 Buyer has the Right to Terminate based on the Seller’s new disclosure on the earlier of Closing or five days after Buyer’s receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.” 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer’s expense. If (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g., heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s sole subjective discretion, Buyer may: 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver an Inspection Objection. Buyer’s Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller pursuant to § 10.3.2.; or 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written description of any unsatisfactory condition that Buyer requires Seller to correct. 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Inspection Objection before such termination (i.e., on or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by executing an Earnest Money Release. 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including Seller’s reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection Resolution. 10.5. Insurability. Buyer has the Right to Terminate under § 24.1., on or before Property Insurance Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and premium for property insurance (Property Insurance) on the Property, in Buyer’s sole subjective discretion. 10.6. Due Diligence. 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline: 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases): n/a 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.7., Leased Items) will be transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. Buyer Will Will Not assume the Seller’s obligations under such leases for the Leased Items (§ 2.5.7., CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 13 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 20 Leased Items). 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are encumbered pursuant to § 2.5.4. (Encumbered Inclusions) above, Seller agrees to deliver copies of the evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due Diligence Documents Delivery Deadline. Buyer Will Will Not assume the debt on the Encumbered Inclusions (§ 2.5.4., Encumbered Inclusions). 10.6.1.4. Other Documents. Other documents and information: n/a 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer’s sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline: 10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection before such termination (i.e., on or before expiration of Due Diligence Documents Resolution Deadline). 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property owned by Buyer and commonly known as None. Buyer has the Right to Terminate under § 24.1. effective upon Seller’s receipt of Buyer’s Notice to Terminate on or before Conditional Sale Deadline if such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller does not receive Buyer’s Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision. 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer Does Does Not acknowledge receipt of a copy of Seller’s Property Disclosure or Source of Water Addendum disclosing the source of potable water for the Property. There is No Well. Buyer Does Does Not acknowledge receipt of a copy of the current well permit. Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER’S WATER SUPPLIES. 10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted] 10.10. Lead-Based Paint. 10.10.1. Lead-Based Paint Disclosure. Unless exempt, if the Property includes one or more residential dwellings constructed or a building permit was issued prior to January 1, 1978, for the benefit of Buyer, Seller and all required real estate licensees must sign and deliver to Buyer a completed Lead-Based Paint Disclosure (Sales) form on or before the Lead-Based Paint Disclosure Deadline. If Buyer does not timely receive the Lead-Based Paint Disclosure, Buyer may waive the failure to timely receive the Lead-Based Paint Disclosure, or Buyer may exercise Buyer’s Right to Terminate under § 24.1. by Seller’s receipt of Buyer’s Notice to Terminate on or before the expiration of the Lead-Based Paint Termination Deadline. 10.10.2. Lead-Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead-Based Paint or Lead-Based Paint hazards, Buyer has a Right to Terminate under § 24.1. by Seller’s receipt of Buyer’s Notice to Terminate on or before the expiration of the Lead-Based Paint Termination Deadline. Buyer may elect to waive Buyer’s right to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead-Based Paint or CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 14 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 21 Lead-Based Paint hazards. If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the condition of the Property relative to any Lead-Based Paint as satisfactory and Buyer waives any Right to Terminate under this provision. 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel-fired heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code. 10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such fact. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 24.1., upon Seller’s receipt of Buyer’s written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer’s test results that indicate the Property has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of the test. 10.13. Radon Disclosure. THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND ENVIRONMENT STRONGLY RECOMMENDS THAT ALL HOME BUYERS HAVE AN INDOOR RADON TEST PERFORMED BEFORE PURCHASING RESIDENTIAL REAL PROPERTY AND RECOMMENDS HAVING THE RADON LEVELS MITIGATED IF ELEVATED RADON CONCENTRATIONS ARE FOUND. ELEVATED RADON CONCENTRATIONS CAN BE REDUCED BY A RADON MITIGATION PROFESSIONAL. RESIDENTIAL REAL PROPERTY MAY PRESENT EXPOSURE TO DANGEROUS LEVELS OF INDOOR RADON GAS THAT MAY PLACE THE OCCUPANTS AT RISK OF DEVELOPING RADON- INDUCED LUNG CANCER. RADON, A CLASS A HUMAN CARCINOGEN, IS THE LEADING CAUSE OF LUNG CANCER IN NONSMOKERS AND THE SECOND LEADING CAUSE OF LUNG CANCER OVERALL. THE SELLER OF RESIDENTIAL REAL PROPERTY IS REQUIRED TO PROVIDE THE BUYER WITH ANY KNOWN INFORMATION ON RADON TEST RESULTS OF THE RESIDENTIAL REAL PROPERTY. AN ELECTRONIC COPY OF THE MOST RECENT BROCHURE PUBLISHED BY THE DEPARTMENT OF PUBLIC HEALTH AND ENVIRONMENT IN ACCORDANCE WITH C.R.S. §25-11-114(2)(A) THAT PROVIDES ADVICE ABOUT “RADON AND REAL ESTATE TRANSACTIONS IN COLORADO” IS AVAILABLE AT: HTTPS://CDPHE.COLORADO.GOV/RADON-AND-REAL-ESTATE. 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] Closing Provisions 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is obtaining a loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing Company, in a timely manner, all required loan documents and financial information concerning Buyer’s loan. Buyer and Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or before Closing. 12.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with this Contract. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 15 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 22 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as the Closing Date or by mutual agreement at an earlier date. At Closing, Seller agrees to deliver a set of keys for the Property to Buyer. The hour and place of Closing will be as designated by Title Company. 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent of service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies). 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue after Closing and Buyer must assume Seller’s obligations under such Leases. Further, Seller must transfer to Buyer all Leased Items and assign to Buyer such leases for the Leased Items accepted by Buyer pursuant to § 2.5.7. (Leased Items). 13. TRANSFER OF TITLE. Subject to Buyer’s compliance with the terms and provisions of this Contract, including the tender of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing: special warranty deed general warranty deed bargain and sale deed quit claim deed personal representative’s deed n/a deed. Seller, provided another deed is not selected, must execute and deliver a good and sufficient special warranty deed to Buyer, at Closing. Unless otherwise specified in § 29 (Additional Provisions), if title will be conveyed using a special warranty deed or a general warranty deed, title will be conveyed “subject to statutory exceptions” as defined in §38-30-113(5)(a), C.R.S. 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special improvements installed as of the date of Buyer’s signature hereon, whether assessed or not, and previous years’ taxes, will be paid at or before Closing by Seller from the proceeds of this transaction or from any other source. 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND WITHHOLDING. 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein. However, if Buyer’s loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for any of the fees contained in this Section, the fees will be paid for by Seller. 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller Other n/a. 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees associated with or specified in the Status Letter will be paid as follows: 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association’s Status Letter must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.3.2. Record Change Fee. Any Record Change Fee must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.3.3. Assessments, Reserves or Working Capital. All assessments required to be paid in advance (other than Association Assessments as defined in § 16.2. (Association Assessments), reserves or working capital due at Closing must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 16 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 23 paid when due by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed $165..00 for: Water Stock/Certificates Water District Augmentation Membership Small Domestic Water Company n/a and must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to Buyer must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.9. FIRPTA and Colorado Withholding. 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller’s proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the amount of the Seller’s tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller IS a foreign person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s foreign person status. If withholding is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or if an exemption exists. 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of the Seller’s proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s status. If withholding is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or if an exemption exists. 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled veteran exemption or Other n/a 16.1.2. Rents. Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after lawful deductions, and notify all tenants in writing of such transfer and of the transferee’s name and address. 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and n/a 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations are final. 16.2. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital. Any special assessment assessed prior to Closing Date by the Association will be the obligation of Buyer Seller. Except however, any special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature hereon, whether assessed prior to or after Closing, will be the obligation of Seller unless otherwise specified in Additional Provisions. Seller represents there are no unpaid regular or special CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 17 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 24 assessments against the Property except the current regular assessments and n/a Association Assessments are subject to change as provided in the Governing Documents. 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession Date at Possession Time, subject to the Leases as set forth in § 10.6.1.1. and, if applicable, any Post-Closing Occupancy Agreement. If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $ 300.00 per day (or any part of a day notwithstanding § 3.3., Day) from Possession Date and Possession Time until possession is delivered. Buyer represents that Buyer will occupy the Property as Buyer’s principal residence unless the following box is checked, then Buyer Does Not represent that Buyer will occupy the Property as Buyer’s principal residence. If the box is checked, Buyer and Seller agree to execute a Post-Closing Occupancy Agreement. General Provisions 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 18.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller’s insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim. 18.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 24.1., on or before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller’s right for any claim against the Association, if any, will survive Closing. 18.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 24.1., on or CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 18 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 25 before Closing Date, based on such condemnation action, in Buyer’s sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or Inclusions, but such credit will not include relocation benefits or expenses or exceed the Purchase Price. 18.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 18.5. Home Warranty. Seller and Buyer are aware of the existence of pre-owned home warranty programs that may be purchased and may cover the repair or replacement of such Inclusions. 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that their respective broker has advised that this Contract has important legal consequences and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel before signing this Contract as this Contract may have important legal and tax implications; (3) to consult with their own attorney if Water Rights, Mineral Rights or Leased Items are included or excluded in the sale; and (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, including deadlines, that must be complied with. 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party has the following remedies: 20.1. If Buyer is in Default: 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty, and the Parties agree the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both. 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is checked. Seller may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER’S ONLY REMEDY for Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 20.2. If Seller is in Default: 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both. 20.2.2. Seller’s Failure to Perform. In the event Seller fails to perform Seller’s obligations under this Contract, to include, but not limited to, failure to timely disclose Association violations known by Seller, failure to perform any replacements or repairs required under this Contract or failure to timely disclose any known adverse material facts, Seller remains liable for any such failures to perform under this Contract after Closing. Buyer’s rights to pursue the Seller for Seller’s failure to perform under this Contract are reserved and survive Closing. 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 19 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 26 must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that party’s last known address (physical or electronic as provided in § 26). Nothing in this Section prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This Section will not alter any date in this Contract, unless otherwise agreed. 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract. 24. TERMINATION. 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate under such provision. 24.2. Effect of Termination. In the event this Contract is terminated, and all Earnest Money received hereunder is timely returned to Buyer, the parties are relieved of all obligations hereunder, subject to §§ 10.4. and 21. 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same. Any successor to a party receives the predecessor’s benefits and obligations of this Contract. 26. NOTICE, DELIVERY AND CHOICE OF LAW. 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, except as provided in § 26.2. and is effective when physically received by such party, any individual named in CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 20 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 27 this Contract to receive documents or notices for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm). 26.2. Electronic Notice. As an alternative to physical delivery, any notice may be delivered in electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or Internet/electronic signature. 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient. 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property located in Colorado. 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 26 on or before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such copies taken together are deemed to be a full and complete contract between the parties. 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance, Record Title and Off-Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability Due Diligence and Source of Water. ADDITIONAL PROVISIONS AND ATTACHMENTS 29. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate Commission.) 1. This Contract to Buy and Sell Real Estate is conditioned and contingent upon the Vail Town Council granting authorization to proceed with the purchase of the Property described in Section 1, subject to the terms of the Contract. Authorization to proceed shall be by consideration of a Vail Town Council Resolution on July 16, 2024. 2. 15.4. Local Transfer Tax: The buyer, The Town of Vail, agrees to forgo the 1% Town of Vail Transfer Tax on the sale of this property. Buyer and Seller shall have no obligation to pay the 1% Town of Vail Transfer Tax at closing. 3. This contract may be assignable to the" Vail Local Housing Authority." 30. OTHER DOCUMENTS. 30.1. Documents Part of Contract. The following documents are a part of this Contract: 30.1.1. Post-Closing Occupancy Agreement. If the Post-Closing Occupancy Agreement box is checked in § 17 the Post-Closing Occupancy Agreement is a part of this Contract. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 21 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 28 n/a 30.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: n/a Signatures Date:7/12/2024 Buyer: Town of Vail By: Russell Forrest, Town Manager [NOTE: If this offer is being countered or rejected, do not sign this document.] Date:7/12/2024 Seller: Bruce Rosenberg Date:7/12/2024 Seller: Monique Rosenberg END OF CONTRACT TO BUY AND SELL REAL ESTATE BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. A. Broker Working With Buyer Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 22 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 29 Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Buyer as a Buyer’s Agent Transaction-Broker in this transaction. Customer. Broker has no brokerage relationship with Buyer. See § B for Broker’s brokerage relationship with Seller. Brokerage Firm’s compensation or commission is to be paid by Listing Brokerage Firm Buyer Other . This Broker’s Acknowledgements and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this provision. Brokerage Firm’s Name: Berkshire Hathaway HomeServices Colorado Properties Brokerage Firm’s License #: EC 28210 Date:7/11/2024 Broker’s Name: Danean Boukather Broker’s License #: FA100000608 Address: 511 E Lionshead Cir Vail, CO 81657 Phone No.: 970-476-2482 Fax No.: 970-476-6499 Email Address: danean@bhhsvail.net B. Broker Working with Seller Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Seller as a Seller’s Agent Transaction-Broker in this transaction. Customer. Broker has no brokerage relationship with Seller. See § A for Broker’s brokerage relationship with Buyer. Brokerage Firm’s compensation or commission is to be paid by Seller Buyer Other . This Broker’s Acknowledgements and Compensation Disclosure is for disclosure purposes only and does CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 23 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 30 NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this provision. Brokerage Firm’s Name: Berkshire Hathaway HomeServices Colorado Propertie Brokerage Firm’s License #: EC 28210 Broker: Date:7/11/2024 Broker’s License #: FA100000608 Address: 511 E Lionshead Cir Vail, CO 81657 Phone No.: Fax No.: 970-476-6499 Email Address: danean@bhhsvail.net CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) CTM eContracts - ©2024 MRI Software LLC - All Rights Reserved CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 24 of 24 7/17/2024 9:51:01 AM CTMeContracts.com - ©2024 MRI Software LLC 31 AGENDA ITEM NO. 4.2 Item Cover Page DATE:July 16, 2024 SUBMITTED BY:George Ruther, Housing ITEM TYPE:Resolution AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:Resolution No. 37, Series of 2024, A Resolution Approving a Mutual Release of Restrictive Covenant between the Town of Vail and Freiburg Snow LLC; and Setting Forth Details in Regard Thereto SUGGESTED ACTION:Approve, approve with amendments, or deny Resolution No. 37, Series of 2024. VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 392 Beaver Dam EHU Deed Restriction Exchange VLHA 07-16-2024 392 Beaver Dam Circle EHU Exchange Memo 07-16-2024 Resolution Release of Deed Restriction Resolution No. 37 Series of 2024 07-16-2024 Exhibit A - Resolution No. 37 Series of 2024 Deed Restriction Release 392 Beaver Dam Road 07-16- 2024 32 To:Vail Town Council From:Town of Vail Housing Department Date:July 16, 2024 Subject:Resolution No. 37, Series of 2024, EHU Exchange, 392 Beaver Dam Circle, Unit West, Pursuant to Title 12, Chapter 13, Section 5, Vail Town Code. I.VAIL LOCAL HOUSING AUTHORITY RECOMMENDATION The Vail Local Housing Authority unanimously recommends the Vail Town Council approves the exchange of an employee housing unit deed restriction located at 392 Beaver Dam Circle, Unit West, (500 sq.ft.) in exchange for the recording of three employee housing deed restrictions on each of the three dwelling units, located 1136 Sandstone Drive, Unit A305 (676 sq.ft.) and 5115 Black Bear Lane, Unit 5 (726 sq.ft.), Vail, CO, 81657. The Vail Local Housing Authority reviewed the proposed exchange at its meeting on July 12, 2024, and found that the proposal complies with intent of the exchange provisions prescribed in Section 12-13-5, EHU Exchange Program, of the Vail Town Code. Further, the proposed exchange triples the square footage of the existing EHU and is three separate dwelling units appropriately configured for local Vail residents living and working in the Vail community. The Vail Local Housing Authority unanimously recommends the following motion: "The Vail Town Council authorizes the Town Manager to execute a deed restriction release and approves the request for an exchange of an employee housing unit,pursuant to Section 12-13-5,Employee Housing Unit Exchange Program,Vail Town Code, to allow for the release of an employee housing unit located at Lot 4, Block 3, Vail Village Filing 3 Subdivision, 392 Beaver Dam Circle, Unit West, in exchange for the recording of employee housing deed restrictions on the three dwelling units located at 1136 Sandstone Drive, Unit A305, Homestake at Vail Condominiums and 5115 Black Bear Lane, Unit #5, Alpen Glo Condominiums. and setting forth details in regard thereto." 33 Town of Vail Page 2 II.ATTACHMENT A.Staff Memorandum dated July 16, 2024 34 75 South Frontage Road West Housing Department Vail, Colorado 81657 970.479.2150 vailgov.com MEMORANDUM To: Vail Town Council From: Town of Vail Housing Department Date: July 16, 2024 Re: Resolution No. 37, Series of 2024 - EHU Exchange Proposal – 392 Beaver Dam Circle/1136 Sandstone Drive/5115 Black Bear Lane I.Purpose The purpose of this memorandum is to present Resolution No. 37, Series of 2024, authorizing the Town Manager to execute a release of a deed restriction on the property located at 392 Beaver Dam Circle for three new deed restrictions on each of the following properties: 1.1136 Sandstone Drive, Homestake Condominiums, Unit A305, 2.5115 Black Bear Lane, Alpen-Glo, Unit 5, and 3.98 square feet of GRFA at $438/sq.ft. In summary, an owner of an existing deed-restricted property will provide the funding needed ($300,000) for the Town of Vail to acquire two new deed restrictions on two, free-market homes totaling more than 1,402 square feet in size, plus an additional 98 square feet at $438.75 per square foot. In addition to the $300,000, other sources of funds to complete the acquisition include Town of Vail Capital Funds ($536,000). This proposal takes a five-party, negotiated approach to the new deed restriction acquisitions (e.g. Vail Town Council, Vail Local Housing Authority, Exchange EHU Owner & Two Proposed EHU Owners/Sellers). In doing so, this proposal furthers the housing goal and policies adopted by the Vail Town Council for the Vail community and as further stated in the recently adopted Town of Vail Strategic Plan and the Vail Housing 2027 Plan. II. Background The Vail Town Code permits the exchange of an existing deed restriction with the replacement of a new deed restriction(s), subject to the provisions of Section 12-13-5, Employee Housing Unit Deed Restriction Exchange Program. The purpose of the Program is to provide occupied, livable, affordable homes within the Town of Vail for year-round and seasonal residents living 35 Town of Vail and working in the Vail community. The Town of Vail and the Vail Local Housing Authority have successfully relied upon the program to better ensure the occupancy of deed-restricted homes for Vail residents. The Exchange Program has resulted in dozens of net new, deed-restricted homes within the Vail community since its creation in 2008. As in previous exchanges, the current proposal contributes positively to local Vail residents. III. Proposal The exchange ehu is 500 square foot, studio apartment and is located at 392 Beaver Dam Circle. The exchange ehu is located within the mapped commercial job core. The proposed ehu’s are 676 square feet and 726 square feet in size and located at Unit A305, 1136 Sandstone Drive and Unit 5, 5115 Black Bear Lane, outside of the mapped commercial job core and within the Town of Vail. As such, the proposed ehu’s need to accommodate at least 1,500 square feet of deed-restricted gross residential floor area, pursuant to section 12-13-5 3(a) of the Vail Town Code. The proposed ehu’s are not within a homeowners’ association that precludes deed restricted homes, does not have a right of first refusal, and does not have a right to approve the sale or sale contract. The proposed ehu’s each contain a full kitchen and bathroom and each meets the parking requirements of the Vail Town Code. None of the ehu’s have interior access to any other dwelling unit and each has its own home entrance. The proposed ehu’s accommodate more than 1,500 square feet of deed-restricted gross residential floor area. The exchange ehu owner is offering to grant the Town of Vail $300,000 to facilitate the acquisition of three, new deed restrictions. The funds would be placed in escrow with the title company with instructions to release said funds upon the recording of the three new deed restrictions and the release of the existing deed restriction. The closing date is July 31, 2024. The value of the grant is based upon the Town’s acquisition of one proposed ehu’s at fair market value of $670,000. The second proposed ehu would be acquired subject to a Vail InDEED deed restriction purchase fully funded with grant funds from the exchange ehu owner. The Town of Vail is under contract to purchase the one new home for $670,000 and A Vail InDEED deed restriction purchase for $123,000, or $793,000 total. The purchase is subject to customary due diligence, home inspection/objection, and Vail Town Council approval on July 16, 2024, to appropriate funds. With the $300,000 grant and the Town’s out-of-pocket expense is $493,000 total. The sources of funds include: 36 Town of Vail $300,000 grant, and $536,000 Capital Funds Upon acquisition, the Town of Vail has several options to pursue as further described in the section below. IV. Recommendation The Vail Local Housing Authority recommends the Vail Town Council approves the ehu exchange, as presented. The proposed exchange furthers the Town’s adopted housing goal and aligns with the adopted housing policy statements. In the end, exchanging the deed restriction on a single, smaller- sized, studio ehu for two larger-sized ehu’s, plus $43,000 better serves the needs of Vail residents and the Vail community. While there is little doubt that the Beaver Dam Circle neighborhood is one of Vail’s nicest residential neighborhoods, most local Vail residents would likely prefer to reside in more traditional local’s neighborhoods in separately defined homes, nearer to community commercial services and amenities. In this instance, the Town is exchanging an accessory studio apartment for three homes with a total of five bedrooms. The following options exist for the future use of the two, new deed-restricted homes and residual funds: #1 Retain ownership of the one home to add to the Town’s inventory of deed-restricted homes for employees of the Town of Vail organization. (out-of-pocket expense - $536,000) #2 Sell the one-bedroom home in a community lottery for approximately $493,000. (out-of-pocket expense - +/-$43,000). #3 Deposit the surplus $43,000 in the Vail InDEED Fund to be used in the next acquisition of e Vail InDEED property. The Vail Local Housing Authority recommends the Vail Town Council pursues Option #2 above. As a result, one real estate contract has been prepared for conditional approval contingent upon Vail Town Council appropriation of funds on July 16, 2024. The acquisition of the Vail InDEED deed restriction purchase has already been approved by the Vail Local Housing Authority and the accepted by the sellers. 37 Resolution No.37, Series of 2024 RESOLUTION NO. 37 SERIES OF 2024 A RESOLUTION APPROVING A MUTUAL RELEASE OF RESTRICTIVE COVENANT BETWEEN THE TOWN OF VAIL AND FREIBURG SNOW LLC; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail (the “Town”), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the “Charter”); WHEREAS, the members of the Town Council of the Town (the “Council”) have been duly elected and qualified; WHEREAS, Freiburg Snow LLC (the “Releasee”) is the owner of that certain property (“the Property”) located within the Town of Vail, Eagle County, Colorado, with a physical address of 392 Beaver Dam Circle, Unit W, Vail, Colorado 81657; WHEREAS, a restrictive covenant (“Restrictive Covenant”) was recorded against the Property for the sole purpose of creating an employee housing unit within the Town of Vail as provided in Chapter 12-13, Vail Town Code; WHEREAS, said Restrictive Covenant was recorded against the Property in the records of the Clerk and Recorder of Eagle County, Colorado on August 5, 1998; WHEREAS, The Town is the beneficiary of said Restrictive Covenant; and WHEREAS, Releasee and the Town, pursuant to Section 12-13-5 of the Vail Town Code, wish to mutually release the Restrictive Covenant in exchange for the recording of an employee housing deed restriction on Unit A305, Homestake at Vail Condominiums/1136 Sandstone Drive and Unit #5, Alpen Glo Condominiums/5115 Black Bear Lane, Vail, Colorado 81657 (the “Proposed EHU’s”). NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado: Section 1. The Council hereby approves the Mutual Release of Restrictive Covenant and authorizes the Town Manager to execute the Mutual Release of Restrictive Covenant Agreement on behalf of the Town in substantially the same form as attached hereto as Exhibit A and in a form approved by the Town Attorney. 38 Resolution No.37, Series of 2024 Section 2. This Resolution shall take effect immediately upon the recording of an employee housing deed restriction in a form approved by the Town on the Proposed EHU’s. INTRODUCED, READ, APPROVED AND ADOPTED this 16th day of July, 2024. Travis Coggin, Mayor ATTEST: Stephanie Kauffman, Town Clerk 39 1 7/18/2024 EXHIBIT A TERMINATION AND RELEASE OF DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF DWELLING UNIT THIS TERMINATION AND RELEASE OF DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF VAIL VILLAGE WEST #RD FILING DWELLING UNIT (the "Release") is made this 16th day of July, 2024 (the "Effective Date") by the Town of Vail, Colorado, a Colorado home rule municipality with an address of 75 South Frontage Road, Vail, Colorado 81657 (the "Town"). WHEREAS, the real property described as Vail Village Filing 3, Lot 40 W, Town of Vail, Colorado (with an address of 392 Beaver Dam Road, Vail, Colorado) (the "Property"); WHEREAS, the Town and the prior owner of the Property entered into a Deed Restriction Agreement recorded against the Property in the records of the Clerk and Recorder of Eagle County, Colorado on August 5, 1998 at Reception No. 665139 (the "Deed Restriction"); WHEREAS, the Deed Restriction runs with the Property, but the Town is the sole beneficiary of the Deed Restriction, and as such, the Town is authorized to terminate and release the Deed Restriction; and WHEREAS, the Town desires to release and terminate the Deed Restriction. NOW, THEREFORE, the Town agrees as follows: 1.Release. The Town hereby terminates and releases the Deed Restriction. As of the Effective Date of this Release, the Deed Restriction shall be of no further force or effect and no longer burden or encumber use of or title to the Property. 2.Recording. This Release shall be recorded with the Eagle County Clerk and Recorder. 3.Other Deed Restrictions. Nothing in this Release shall affect the terms or enforceability of any other recorded deed restriction on the Property. 4.Governing Law and Venue. This Release shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. 5.Severability. If any provision of this Release is determined to be void by a court of competent jurisdiction, such determination shall not affect any other provision hereof, and all of the other provisions shall remain in full force and effect. 6.Future Deed Restrictions. Nothing in this Release shall affect the Town's authority to burden the Property with one or more future deed restrictions. 40 2 7/18/2024 IN WITNESS WHEREOF, the Town has executed this Release as of the Effective Date. TOWN OF VAIL, COLORADO ________________________________ Russell Forrest, Town Manager ATTEST: _____________________________ Stephanie Kauffman, Town Clerk 41 AGENDA ITEM NO. 4.3 Item Cover Page DATE:July 16, 2024 SUBMITTED BY:Stephanie Bibbens, Town Manager ITEM TYPE:Consent Agenda AGENDA SECTION:Consent Agenda (6:10pm) SUBJECT:Resolution No. 38, Series of 2024, A Resolution of the Vail Town Council Approving a Municipal Judge Services Agreement SUGGESTED ACTION:Approve, approve with amendments, or deny Resolution No. 38, Series of 2024. VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Resolution No. 38 Judge Contract Exhibit A 42 RESOLUTION NO. 38 Series of 2024 A RESOLUTION OF THE VAIL TOWN COUNCIL APPROVING A MUNICIPAL JUDGE SERVICES AGREEMENT WHEREAS, the Town wishes to enter into a Municipal Judge Services Agreement with Cyrus “Buck” Allen in the form attached hereto as Exhibit A and incorporated herein by this reference, (the “Agreement”). NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1. The Town Council hereby approves the Agreement in substantially the same form as attached hereto as Exhibit A, and in a form approved by the Town Attorney, and authorizes the Town Manager to execute the Agreement on behalf of the Town. Section 2. This Resolution shall take effect immediately upon its passage. INTRODUCED, PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Vail held this 16h day of July 2024. _________________________ Travis Coggin, Town Mayor ATTEST: _____________________________ Stephanie Kauffman, Town Clerk 43 1 7/11/2024 \\FILESERVER2019\REDIRECTED$\SKAUFFMAN\DESKTOP\JUDGEALLEN-A011724_-JMM_KM (1).DOCX MUNICIPAL JUDGE SERVICES AGREEMENT THIS MUNICIPAL JUDGE SERVICES AGREEMENT (the "Agreement") is made and entered into this ___ day of __________, 2024 (the "Effective Date"), by and between the Town of Vail, 75 South Frontage Road, Vail, CO 81637, a Colorado home rule municipal corporation (the "Town"), and Cyrus "Buck" Allen, an individual with an address of _________________,___________ ("Judge Allen") (each a "Party" and collectively the "Parties"). WHEREAS, the Vail Town Council has determined to re-appoint Judge Allen as the Town's Municipal Judge pursuant to § 7.2 of the Vail Town Charter; WHEREAS, the Vail Town Council desires to set the salary of Judge Allen as set forth in § 7.2 (c) of the Vail Town Charter; and WHEREAS, Judge Allen desires to accept the appointment as Municipal Judge and the salary contained herein. NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which is hereby acknowledged, the Parties agree as follows: 1. Term. Judge Allen is hereby appointed for a 2-year term, commencing on January 1, 2024, and continuing through December 31, 2025. 2. Duties. Judge Allen shall preside as the Municipal Judge over regular and special sessions of the Vail Municipal Court. Judge Allen shall also meet with Town Council bi- annually to provide updates on Municipal Court matters, including without limitation on case load and other issues that need be addressed. 3. Compensation. Pursuant to § 7.2(c) of the Vail Town Charter, Judge Allen shall be compensated at a rate of $5,281.25 per month. This compensation will be split between salary of $3.866.61 plus benefits value of $1,414.64 through June 30, 2024, then effective July 1, 2024 the full compensation value of $5,281.25 will be paid as salary and benefits package will cease. 4. Support Staff. The Town will provide Judge Allen support staff and office space commensurate with need. Such support staff are employees of the Town Manager. 5. Other Covenants. Judge Allen's performance and salary shall be reviewed by the Town Council prior to the expiration of this Agreement. Pursuant to § 7.2(d) of the Vail Town Charter and state law, Judge Allen may only be removed for cause. 6. No Additional Obligation. Nothing herein shall be deemed to create any terms, conditions or obligations in addition to those provided for in the Vail Town Charter or State law, nor is anything herein intended to change the nature of the Municipal Judge position as an appointed position under the Vail Town Charter and State law. This Agreement is simply intended to memorialize the term and salary of the Municipal Judge. 44 2 7/11/2024 \\FILESERVER2019\REDIRECTED$\SKAUFFMAN\DESKTOP\JUDGEALLEN-A011724_-JMM_KM (1).DOCX 7. Insurance and Indemnity. Judge Allen is part-time employee and an appointed official of the Town and is entitled to any and all benefits of law pertaining to judicial or governmental immunity and to coverage by the Town’s insurance applicable to persons holding such a position. The Town hereby declares Judge Allen to be an appointed municipal official of the Town for purposes of including Judge Allen as an insured official subject to the Town’s insurance coverage and for the Town’s obligation to defend and indemnify Judge Allen for claims arising out of injuries sustained from an act or omission of Judge Allen occurring during the performance of his duties and within the scope of his duties, except where such act or omission is willful and wanton. The Town has consulted with its insurance administrator, the Colorado Intergovernmental Risk Sharing Agency, and the Town has determined that Judge Allen will be an insured appointed municipal official within the Town’s policy of insurance, in accordance with and subject to the terms, conditions, limits and exclusions of such policy. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. TOWN OF VAIL, COLORADO ________________________________ Travis Coggin, Mayor ATTEST: _____________________________ Stephanie Kauffman, Town Clerk CYRUS "BUCK" ALLEN ________________________________ Cyrus "Buck" Allen STATE OF COLORADO ) ) ss. COUNTY OF _____________ ) The foregoing instrument was subscribed, sworn to and acknowledged before me this ____ day of _______________, 2024, by Cyrus "Buck" Allen. My commission expires: (S E A L) ________________________________ Notary Public 45 AGENDA ITEM NO. 5.1 Item Cover Page DATE:July 16, 2024 TIME:15 min. SUBMITTED BY:George Ruther, Housing ITEM TYPE:Resolution AGENDA SECTION:Action Items (6:10pm) SUBJECT:Resolution No. 35, Series of 2024, A Resolution Approving the Second Amendment and Restated Development Agreement between the Town of Vail and Triumph Timber Ridge, LLC Regarding the Development of Timber Ridge Village (6:10pm) SUGGESTED ACTION:Approve, approve with amendments, or deny Resolution No. 34, Series of 2024. PRESENTER(S):George Ruther, Housing Consultant VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: Resolution No.35 Series of 2024 Second Amended and Restated Development Agreement 07-16-2024 Resolution 35 Series of 2024 - Second Amended Timber Ridge DA 07-16-2024 2nd Amended Triumph DA-A071224 DA Exhibit A Timber Ridge subdivision, Lot 1 DA Exhibit B GMP documents DA Exhibit C Project Budget DA Exhibit D - Deed Restriction Language TRV DA Exhibit E 2nd amended schedule DA Exhibit F 2nd amended Town of Vail residences DA Exhibit G 2nd amended G-A residence pricing for building A DA Exhibit G 2nd amended G-B residence pricing for building B DA Exhibit G 2nd amended G-C residence pricing for building C DA Exhibit G 2nd amended G-D residence pricing for building D DA Exhibit G 2nd amended G-E residence pricing for building E DA Exhibit G 2nd amended G-F residence pricing for building F DA Exhibit G 2nd amended G-G residence pricing for building G DA Exhibit H 2nd amended insurance 46 75 South Frontage Road West Housing Department Vail, Colorado 81657 970.479.2150 vailgov.com MEMORANDUM To: Vail Town Council From: George Ruther, Housing Consultant Russ Forrest, Town Manager Date: July 16, 2024 Re:Resolution No. 35, Series of 2024 – Second Amended and Restated Development Agreement - Timber Ridge Village I.Purpose The Timber Ridge Village Apartments Redevelopment Committee has been tasked with negotiating an amended development agreement for the redevelopment of Timber Ridge. The purpose of this agenda item is to hold a public hearing on a request for approval of Resolution No. 35 Series of 2024, a resolution of the Vail Town Council approving a second amended and restated development agreement between the Town of Vail and Triumph Timber Ridge, LLC, and authorizing the Town manager to execute the agreement on behalf of the Town. A copy of the Resolution and the Second Amended and Restated Development Agreement have been attached for reference. This agenda items advances the critical actions identified in the Vail Town Council Action Plan, furthers the adopted housing goal of the Town of Vail, and aids Vail in realizing its vision to be the premier international mountain resort community and as a national leader in the delivery of housing solutions for its community residents. II.Amended Development Agreement The Timber Ridge Redevelopment Committee was tasked with negotiating an amended development agreement with Triumph Timber Ridge, LLC, based upon the input and direction received from the Vail Town Council. Key amendments to the amended and restated development agreement include: 47 Town of Vail Page 2 The practical effect of the Second amended and restated development agreement is intended to replace and supersede the First Amended and Restated Agreement in all respects. The total number of parking spaces has been increased from 332 to 346. This will allow some home types to come with more than one parking space. A tri-party agreement between Lender, Developer and the Town regarding the Financial Contribution will be executed as part of the closing of the Loan. The tri-party agreement will be approved and authorized for execution subject to a separate resolution. The approach to the development deal structure has been amended requiring the Town of Vail to fund the first $40,523,046 of total development cost. The remainder of the total development cost is funded by the Lender. The Developer has the option to fund any shortfall in the total amount of earnest money deposits required by the Lender to close on the Loan. The total value of required earnest money deposits is approximately +/-$10M. Differences in earnest money requirements between business buyers and individual buyers factors into the Developer’s ability to meet this requirement. The Town is committed to purchasing a total of $25,449,948 of homes. The Town shall make its home selection prior to making its final payment towards the $40,523,046 of total development cost and prior to the Lender funding its first payment towards the Loan. The Town shall make its selection by written notice to the Developer. The Town shall have the option to terminate the Development Agreement on August 21, 2024, if the Developer fails to reach the $116M fully executed PSA threshold. This is a increase of six additional days and corresponds with a regularly scheduled Vail Town Council meeting. If the Development Agreement is terminated, as described above, the ownership of all plans, specifications, studies, reports and other documents related to the Development shall automatically transfer to the Town, at no cost. The Development Agreement exhibits have been amended to be consistent with the amendments described above. Of equal consideration are the development agreement terms which have not been amended or restated. The following terms have not been amended and remain consistent with the First Amended and Restated Development Agreement: The Guaranteed Maximum Price and Total Development Cost have remained unchanged. These costs, however, are subject to change if the start of construction is not imminent. The Town’s financial obligations and contribution amounts remained unchanged. The Town’s total Reimbursement of $49,061,491 is unchanged. The Town will continue to convey the title to the property at the time of the closing of the Loan. The existing deed restriction and new deed restriction shall remain in the first position in the chain of title. The Developer shall remain a developer at risk in the construction of the development. 48 Town of Vail Page 2 The Developer is still not be entitled to close on the Loan unless and until Developer has produced to the Town fully executed purchase and sale agreements for Units totaling at least $116,000,000. The Developer, however, has requested that the Town reduce the threshold amount to the equal to the threshold required by the Lender (+/-$101M) The Developer shall continue to reimburse the Town an amount not less than $49,061,491 from net sales proceeds. Should there be in shortfall in net sales proceeds, the Town shall continue to accept the value of homes up to $49,061,491 in lieu of cash. The selection of the homes shall be at the Town’s discretion. The Developer shall still commence construction of the development with 30 days of the closing of the Loan. Developer remains responsible for all matters related to the marketing for sale, contracting for sale, and all other matters related to the sale of the Units and all costs related thereto. The compensation as stated in Section 8 of the Development Agreement remains unchanged. The Development Agreement shall terminate upon its terms 2 years following the issuance of the final certificate of occupancy. The Lender and Town continue to maintain cure rights in the event of a default of the Development Agreement by the Developer. This includes granting the Lender a 120-day period to cure. The following liquidated damages continue to apply: for each day beyond 30 days after closing of the Loan that construction is not commenced, Developer shall be assessed the amount of $5,000 per day. III.Discussion Topics The following topics require policy direction from the Vail Town Council: Does the Vail Town Council support a reduction in the required $116M fully executed PSA threshold to match the threshold of the Lender (+/-$97M). If so, the Town staff will be prepared to discuss the pros & cons of doing so and recommendation implementation strategies. Does the Vail Town Council support a potential modification to the current mix of home types? Buyer demand has clearly demonstrated a preference in home types. Some home types have, or are close to, selling out. The modifications would likely result in the creation of more one and two-bedroom homes. A modification in the mix of homes could be explored to fully understand the intended and unintended consequences of the change. IV.Recommendation The Timber Ridge Redevelopment Committee recommends the Vail Town Council approves Resolution No. 35, Series of 2024, as presented. Upon doing so, the town staff and the developer will continue taking the steps necessary to commence construction by no later than August 9, 2024. 49 Town of Vail Page 2 Redevelopment Goals and Objectives The following redevelopment goals and objectives were adopted by the Vail Town Council and will be used to guide future decision-making: Seize the full opportunity - The redevelopment of the Timber Ridge Village Apartments will serve an integral role in strengthening the supply of deed-restricted homes in Vail by providing for a minimum of 200 dwelling units. Deed-restricted homes are the highest priority - 100% of the new homes shall be deed-restricted for resident occupancy with preference granted to employees working at businesses in the Town of Vail. Optimize this housing opportunity - Given the scarcity of developable land for deed- restricted homes in Vail, the density, height, and scale of the redevelopment shall be optimized within the parameters of the Town’s adopted land use regulations, building and fire codes, and other applicable code provisions. Minimize the impacts of the short-term loss of homes- Construction of the redevelopment project shall not begin prior to the issuance of a certificate of occupancy for the Residences at Main Vail to minimize the negative impacts of vacating the Timber Ridge Village Apartments during construction. A market study shall drive the program and design - Timber Ridge Village Apartments shall be redeveloped to meet the current and future housing needs of year- round and seasonal Vail residents based upon the findings and conclusions of an updated housing needs and demand market study. Environmental stewardship is a community value – Environmental sustainability best practices shall be incorporated into the design, construction, and future operations of the new buildings including 100% electrification, solar array installation, car share program, beyond energy conservation code construction, water conservation measures, high efficiency systems, durable materials, etc. Cost is a key consideration - Financial sustainability and fiscal responsibility are key considerations of the long-term affordability of the homes and operational/maintenance needs of the property owner. Time is of the essence - Understanding the critical housing needs of the Vail community and Eagle River Valley as well as the importance of meeting the growing demands, the redevelopment of the Timber Ridge Village Apartments shall be completed within 24 months of its demolition. Prioritize homes over cars - Due to its convenient location to the West Vail community commercial area and ease of access to the primary employment centers in Vail via public transit, emphasis shall be placed on optimizing the number of residential homes rather than maximizing the number of vehicles parking spaces. Lead by example – The process and outcome of the redevelopment of the Timber Ridge Village Apartments shall exemplify leadership in delivering on housing and shall align with Vail’s place amongst leaders in the mountain resort communities. 50 Town of Vail Page 2 51 Resolution 35, Series of 2024 RESOLUTION NO. 35 Series of 2024 A RESOLUTION APPROVING THE SECOND AMENDED AND RESTATED DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND TRIUMPH TIMBER RIDGE, LLC REGARDING THE DEVELOPMENT OF TIMBER RIDGE VILLAGE WHEREAS, on June 16, 2023, the Town and Triumph executed a Development Agreement for the redevelopment of the Timber Ridge Apartments (the "Prior Agreement"); WHEREAS, on May 7, 2024, the Town and Triumph executed an amended and restated development agreement for the redevelopment of the Timber Ridge Apartments (the “First Amended Agreement”); and WHEREAS, the parties now wish to amend the First Amended Agreement to elaborate on the terms of the development process and the parameters of the development, as set forth in the Second Amended and Restated Development Agreement, attached hereto as Exhibit A and incorporated herein by this reference (the “Amended Agreement”). NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO: Section 1.The Town Council hereby approves the Second Amended Agreement and authorizes the Town Manager to execute the Second Amended Agreement on behalf of the Town in substantially the same form as attached hereto as Exhibit A, and in a form approved by the Town Attorney. Section 2.This Resolution shall become effective immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 16th day of July,2024. Travis Coggin Mayor, Town of Vail ATTEST: Stephanie Kauffman Town Clerk 52 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX SECOND AMENDED AND RESTATED DEVELOPMENT AGREEMENT THIS SECOND AMENDED AND RESTATED DEVELOPMENT AGREEMENT (the "Agreement") is made this ___ day of _____________, 2024 (the "Effective Date"), by and between the Town of Vail, a Colorado home rule municipality with an address of 75 South Frontage Road, Vail, CO 81657 (the "Town"), and Triumph Timber Ridge, LLC, a Delaware limited liability company with an address of 105 Edwards Village Boulevard, C201, Edwards, CO 81632 ("Developer") (each a "Party" and collectively the "Parties"). WHEREAS, the Town owns the real property described in Exhibit A, attached hereto and incorporated herein by this reference (the "Property"); WHEREAS, the Town wishes to convey the Property to Developer for the redevelopment of the Property for deed-restricted employee housing (the "Development"); WHEREAS, the Parties wish to elaborate on the terms of the Development process and parameters of the Development, with the mutual understanding that the Development will be at Developer's sole risk, other than the express obligations of the Town set forth in this Agreement; WHEREAS, on June 16, 2023, the Parties executed a Development Agreement for the Development (the "Prior Agreement"), WHEREAS, on May 15, 2024, the Parties executed an Amended and Restated Development Agreement for the Development, which replaced the Prior Agreement; and WHEREAS, this Agreement is intended to replace and supersede the Amended and Restated Agreement in all respects; NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which is mutually acknowledged, the Parties agree as follows: 1.General Terms of Development. a.Design and Layout. The Development will consist of: 294 residential dwelling units (each a "Unit") in 7 individual buildings, with a total of 555 bedrooms; a minimum of 346 enclosed, surface and on-street parking spaces; and associated landscaping, lighting, driveway and walkway improvements. The total number of Units will be comprised of 58 studio Units, 74 one-bedroom Units, 79 two-bedroom Units, 67 three-bedroom Units, and 16 four-bedroom Units. b.Plans. The Guaranteed Maximum Price ("GMP") plans for the Development are attached hereto as Exhibit B and incorporated herein by this reference (the "Plans"). The Parties anticipate that the Plans may be revised to finalize permitting and construction documents, with approval of both Parties, without the necessity of an amendment to this Agreement. 53 2 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX c.Development Costs. The total estimated cost for completion of the Development is set forth in Exhibit C, attached hereto and incorporated herein by this reference, as amended by mutual agreement of the Parties (the "Development Costs"). 2.Definitions. For purposes of this Agreement, the following terms shall have the following meanings: a.Building Permit: includes a building permit, asbestos abatement permit, demolition permit or grading and foundation permit. b.Cash Contribution: the amount of $38,614,769, to be paid by the Town toward the Development. c.Deposit Funds. the earnest money deposits collected by Developer under Developer's contracts with prospective business buyers to purchase Units, in the expected budgeted amount of $10,000,000, which shall be used by Developer to complete the Development. d.Deposit Shortfall: any shortfall in the amount of Deposit Funds. e.Development Plan: the development plan approved by the Town pursuant to the Vail Town Code, with application numbers DRB23-0281, DRB23-0281.001 and DRB23-0281.002. f.Financial Contribution: the total amount of the Cash Contribution and the Transit Stop Costs, which equals $40,523,046. g.Land Contribution: $10,446,722, which equals the value of the land and related entitlements for the Development. h.Legal Challenge: a legal proceeding filed by a third party unrelated to the Parties challenging this Agreement or the zoning, platting or other development approval, an appeal of any zoning, platting or other development approval, or a petition for referendum to repeal any ordinance approving a development application. i.Lender: FirstBank, a Colorado state banking corporation, or its lawful successors or assigns. j.Loan: the amount of construction financing for the Development from Lender in an amount not to exceed $115,000,000. k.Net Sales Proceeds: with respect to each Unit, the gross sale price of the Unit less: (i) the amount required to be paid upon the sale with respect to any loans payable by Developer related to the Development and (ii) customary costs of sale of the Unit, including without limitation prepaid or prorated items, title company charges, closing costs, and other appropriate fees and expenses. 54 3 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX l.Reimbursement: $49,061,491, which equals the Total Contribution less the Transit Stop Costs. m.Reversionary Interest: the interest of the Town that will be retained at the closing of the Loan, which shall allow the Town, at its option, to cause title to the Property to revert to the Town if Developer defaults. n.Total Contribution: $50,969,768, which equals the Financial Contribution plus the Land Contribution. o.Transit Stop Costs: $1,908,277, which is the total actual cost for construction of the Transit Stop Unit. p.Tri-Party Agreement: the agreement among Lender, Developer and the Town regarding the Financial Contribution, which will be executed as part of the closing of the Loan. 3.Obligations of the Town. a.Conveyance. At the closing of the Loan, the Town shall convey the Property to Developer, by special warranty deed subject to statutory exceptions and also subject to the Reversionary Interest. Developer shall provide the Town with at least 7 days' advance written notice of the date of such closing. b.Taxes. Unless the Development is otherwise exempted, the Town shall refund 100% of all amounts paid by Developer for the Town's construction and building materials use tax applicable to the Development, which refund shall be paid by the Town to Developer within 7 days after Developer's payment. c.Deed Restrictions. Currently, the entire Property is subject to an existing deed restriction, dated July 17, 2003 and recorded with Eagle County at Reception No. 840811 (the "Existing Deed Restriction"). Upon completion of construction and prior to a sale of any portion of the Property by Developer, the Parties shall replace the Existing Deed Restriction with new, separate deed restrictions against of each of the newly established condominium Units in the Development. The new deed restriction shall be in the form attached hereto as Exhibit D and incorporated herein by this reference (the "New Deed Restriction"). d.Contributions. Expressly subject to Section 14.h. hereof, the Town shall fund the Total Contribution before Lender funds the Loan. e.Payment. On a monthly basis, on or before the 5th day of the month, the Town shall make payments of the Financial Contribution to Developer's construction draw account with Lender, until the maximum amount of Financial Contribution has been paid to Developer's construction draw account. The Town shall authorize disbursement of all undisputed amounts within 14 days after receipt of the disbursement request. The Town acknowledges that failure to timely authorize disbursement of the Financial Contribution 55 4 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX or any installment thereof may cause a default by Developer under its construction contracts and may jeopardize the timely completion of the Development. Therefore, time is of the essence in the authorization of disbursement of the Financial Contribution. If any disbursement is not authorized by the Town in a timely manner, the Town shall pay a late fee in the amount of 10% of the requested disbursement, and the Town shall be responsible for any interest or other costs incurred by Developer as a result of the untimely authorization of disbursement. 4.Developer's General Obligations. a.Development. Subject to the terms and conditions of this Agreement and the obligations of the Town hereunder, Developer shall be solely responsible for ensuring that the Development is constructed in compliance with this Agreement, the Plans and all applicable law, including without limitation design, engineering, testing, entitlement, and horizontal and vertical construction, at Developer's sole risk. b.Development Plan. Changes to the Development Plan shall be governed by the Vail Town Code. c.Applications, Drawings and Permits. Developer shall prepare all applications, design drawings and plans for the Development, and shall be responsible for obtaining all required Building Permits and other permits for the Development, at Developer's own expense. d.Professional Responsibility. Developer hereby warrants that it is qualified to assume the responsibilities and render the services described herein and has all requisite corporate authority and professional licenses in good standing, required by law. The work performed by Developer shall be in accordance with generally accepted professional practices and the level of competency presently maintained by other practicing professional firms in the same or similar type of work in the applicable community. The work and services to be performed by Developer hereunder shall be done in compliance with applicable laws, ordinances, rules and regulations. The Town's review, approval or acceptance of, or payment for any services shall not be construed to operate as a waiver of any rights under this Agreement or of any cause of action arising out of the performance of this Agreement. e.Applicable Law. In connection with the Development, Developer shall comply with all applicable law, including without limitation all current and future federal, state and local statutes, regulations, ordinances and rules relating to: the emission, discharge, release or threatened release of a Hazardous Material into the air, surface water, groundwater or land; the manufacturing, processing, use, generation, treatment, storage, disposal, transportation, handling, removal, remediation or investigation of a Hazardous Material; and the protection of human health, safety or the indoor or outdoor environmental, including (without limitation) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601, et seq. ("CERCLA"); the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901, et seq. ("RCRA"); the Toxic 56 5 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX Substances Control Act, 15 U.S.C. § 2601, et seq.; the Clean Water Act, 33 U.S.C. § 1251, et seq.; the Clean Air Act; the Federal Water Pollution Control Act; the Occupational Safety and Health Act; all applicable Colorado environmental laws; and all other federal, state or local laws and regulations relating to, or imposing liability or standards of conduct concerning any hazardous, toxic or dangerous waste, substance or material, now or at any time hereafter in effect. f.Books and Records. Developer shall maintain all books and records related to the Development for public inspection. Upon request by the Town or its agent, Developer shall provide evidence of all costs and expenses related to the Development. g.Financing Contingency. Developer shall not be entitled to close on the Loan unless and until Developer has produced to the Town fully executed purchase and sale agreements for Units totaling at least $116,000,000, based on the values set forth in Exhibit G, attached hereto and incorporated by this reference. The total of $116,000,000 may include the Town Units (defined below). As set forth in the Tri-Party Agreement, Developer has caused Lender to provide the Town with the right to cure any default by Developer under the Loan. h.Reimbursement. As provided below, Developer shall reimburse the Town for the Reimbursement. i.Deposit Shortfall. In the event of any Deposit Shortfall, Developer shall provide funds to cover the Deposit Shortfall. 5.Construction. a.Schedule. Developer shall commence construction of the Development within 30 days after the closing of the Loan, and thereafter manage the schedule of construction of the Development and complete and deliver the Development to the Town in compliance with the schedule attached hereto as Exhibit E and incorporated herein by this reference (the "Schedule"). b.General Contractor. The construction contract with the general contractor has been approved by the Town. Developer is authorized to select a replacement general contractor, if necessary, at Developer’s discretion, but only after consultation with the Town. Any other material changes to the construction contract shall require the Town’s prior written approval. c.Warranty. Developer shall cause the general contractor to provide a one- year warranty to the buyers of the Units, commencing on the date of closing of the sale of each Unit. If the closing of the sale of a Unit occurs more than 90 days after issuance of a certificate of occupancy for such Unit, the one-year warranty shall be reduced one day for each day that closing occurs after such 90-day period. During the warranty period, Developer shall manage any work performed by the general contractor or any subcontractor under the warranty. 57 6 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX 6.Public Improvements. a.Construction. i.Developer shall cause to be constructed all required public improvements associated with the Development and approved by the Town, as depicted on the Plans (the "Public Improvements"). The Public Improvements are expected to include sidewalks and stairs, the Transit Stop, street lights and fixtures, and landscaping within the public right-of-way, and South Frontage Road traffic lane improvements, including drainage. ii.The Town may make reasonable engineering observations. Observation, acquiescence in or approval by any engineering inspector of the construction of physical facilities at any particular time shall not constitute the approval by the Town of any portion of such Improvements. iii.Developer shall provide all necessary engineering designs, surveys, field surveys and incidental services related to the construction of the Public Improvements, including reproducible "as-built" drawings certified accurate by a professional engineer registered in the State of Colorado. iv.Developer shall be fully responsible for the prompt repair of any property which may be damaged during construction of the Public Improvements, whether such property is public or private. To the extent any construction traffic damages any Town streets, Developer shall be responsible for repair of such damage or the reconstruction of such streets, as the Town determines appropriate. v.Developer shall not be considered the agent of the Town in the construction, erection or operation of any Public Improvements. b.Delivery and Acceptance. i.Upon completion of any Public Improvements, Developer shall submit to the Town written notice of completion. Within 14 days after the notice, the Town shall either: issue written notice to Developer of completion and acceptance of the Improvements; or issue written notice to Developer that the Town does not accept all or any portion of the Improvements, accompanied by a detailed description of the issues that must be remedied for the Town to accept the Improvements. The Town's failure to issue either notice shall be deemed the Town's acceptance of the Improvements. ii.Upon completion of any remedial work, Developer shall again give notice and the procedures described in this Section will be repeated with respect to such items. iii.Acceptance of Improvements is the binding acknowledgement of the Town that the improvements accepted are complete and Developer has satisfied its 58 7 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX obligations under this Agreement with respect to the construction of same, subject only to the warranty provisions of this Agreement. c.Warranty. Developer warrants and guarantees that, for 2 years from the date of acceptance, each Public Improvement: is not defective; will not fail; has been constructed and installed in a workmanlike manner suitable for its intended uses; and has been constructed in compliance with all applicable law and all applicable land use approvals. d.Transit Stop. The transit stop shall be a separate common interest ownership Unit (the "Transit Stop Unit"). Upon completion, provided that the Town is not in default of this Agreement, Developer shall convey the Transit Stop Unit to the Town by special warranty deed, at no cost. 7.Sale of Units. a.Subdivision. Developer shall be responsible for the preparation and filing of all required applications to subdivide the Property so as to enable the Units to be sold in compliance with the Plans. The subdivision will be subject to the Existing Deed Restriction, which shall be replaced with the New Deed Restriction at the closing of the sale of each Unit. The New Deed Restriction shall be acknowledged by a Transfer of Deed Restriction executed between Developer and the purchaser of the Unit on the Town’s then-current form. b.Common Interest Community. Developer shall be responsible, at Developer's sole expense, for the drafting and recordation of all necessary documents to create a common interest community on the Property. The details of the common interest community and the final documents establishing such community are subject to the Town's approval. The Transit Stop Unit shall not be subject to association dues, and the common interest community association shall not be subject to capital maintenance expenses and operational costs attributable to the Transit Stop Unit. Developer shall be engaged for professional management of the common interest community association and operation of the Development (either through an independent third party or an affiliate or agent of Developer) on commercially reasonable terms. c.Marketing and Contracts. Developer shall be responsible for all matters related to the marketing for sale, contracting for sale, and all other matters related to the sale of the Units and all costs related thereto. Developer shall use the form of each purchase and sale agreement that has been approved by the Town. d.Town Units. i.Developer shall sell to the Town any of the Units identified on Exhibit F attached hereto and incorporated herein by this reference, at the prices set forth in Exhibit F (each a "Town Unit" and collectively the "Town Units"). The Town agrees to purchase at least $25,449,948 worth of Units. The Town shall provide written notice to Developer of which Units the Town will purchase prior to the initial funding 59 8 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX of the Loan. If the Town fails to deliver such notice prior to the initial funding of the Loan, Developer may choose which Units will be purchased by the Town. ii.Developer shall provide a one-year warranty on the Town Units, commencing from the date of closing. If the closing of the sale of a Town Unit occurs more than 90 days after issuance of a certificate of occupancy for such Town Unit, the one-year warranty shall be reduced one day for each day that closing occurs after such 90-day period. iii.The provisions of this Section will be reflected in the purchase and sale agreement between the Parties, which purchase and sale agreement shall be fully assignable by the Town without Developer's consent. e.Other Units. The Town shall have the right, but not the obligation, to purchase any other Units in the Development. For any Units that are not sold and retained by Developer, Developer may lease such Units to qualified occupants subject to the Deed Restriction. 8.Compensation. a.Developer Fee. For planning, staffing, managing and completing the Development in accordance with the Plans and this Agreement, the Developer shall earn a fee of $8,175,000 (the "Developer Fee"). The Developer Fee is budgeted in the Development Costs and is not included in the Financial Contribution. If Developer pays any Deposit Shortfall, the amount of Deposit Shortfall paid by Developer shall be repaid prior to any disbursements under Subsection b. hereof. b.Sales Proceeds. i.In addition to the Developer Fee, following repayment of the Loan, Developer shall retain an amount equal to 30% of the Net Sales Proceeds from the initial sale of each Unit, and the remaining 70% shall be transferred to the Town and applied as repayment of the Cash Contribution. This 70/30 split shall continue until Developer has received $16,400,000 from Net Sales Proceeds and the Town has received the total Cash Contribution. This 70/30 split shall not apply in the case of any assignment of this Agreement, and the Town shall be entitled to 100% of the Net Sales Proceeds, until the Town has received the total Cash Contribution. ii.Once Developer has received $16,400,000 from Net Sales Proceeds and the Town has received the total Cash Contribution, Developer shall transfer 100% of Net Sales Proceeds to the Town, until the Town has received the total Land Contribution, which means the Town will have received the total Reimbursement. iii.Once the Town has received the total Reimbursement, Developer shall transfer 15% of Net Sales Proceeds to the Town, and shall retain 85% of Net Sales Proceeds. 60 9 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX c.Transfer of Units. Upon the later of: (1) 90 days after the date of issuance of a certificate of occupancy for the last completed building in the Development; or (2) the full repayment of the Loan (the "Trigger Date"), if the Town has not received the full amount of the Reimbursement, then Developer shall transfer Units to the Town as a credit (the "Credit") against the remaining amount of the Reimbursement, subject to the following conditions: i.The closing of the transfer of the Units to the Town shall occur no later than 30 days after the Trigger Date. ii.The amount of the Credit shall be the value of the Units being transferred, as set forth in Exhibit G. iii.The Town shall have the option to select the Units it wishes to accept as Credit, until the Town has received the total Cash Contribution. Once the Town has received the total Cash Contribution, if Developer has not received $16,400,000 from Net Sales Proceeds, Developer may retain Units to reach the amount of $16,400,000, using the values set forth in Exhibit G as the basis. Once Developer has retained Units to reach the amount of $16,400,000, if any amount of the Reimbursement remains due and owing to the Town, the Town shall accept Units as the Credit until the total Land Contribution has been paid. 9.Term and Termination. a.Term. This Agreement shall commence on the Effective Date, and, unless otherwise terminated as provided herein, shall terminate 2 years after the issuance of the final certificate of occupancy for the Development, provided that the warranty, insurance and indemnification provisions of this Agreement shall survive its termination. b.Termination. If, by August 21, 2024, Developer has not produced to the Town fully executed purchase and sale agreements for Units totaling at least $116,000,000, based on the values set forth in Exhibit G, either Party shall have the right to terminate this Agreement upon written notice delivered to the other Party. The total of $116,000,000 may include the value of the Town Units, up to the maximum amount of $25,449,948. If the Agreement is terminated under this Section, the ownership of all plans, specifications, studies, reports and other documents related to the Development shall automatically transfer to the Town, at no cost. 10.Insurance. a.Policies. Developer agrees to procure and maintain, at its own cost (included in the Contract Price), a policy or policies of insurance as described on Exhibit H, attached hereto and incorporated herein by this reference, including commercial general liability insurance as an Owner Controlled Insurance Policy (the "OCIP"), fire and extended coverage insurance, which during construction shall be carried in Builder’s Risk form, and pollution insurance. 61 10 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX b.Standards. Such insurance shall be in addition to any other insurance requirements imposed by law. The coverages afforded under the policies shall not be canceled, terminated or materially changed without at least 30 days prior written notice to the Town. In the case of any claims-made policy, the necessary retroactive dates and extended reporting periods shall be procured to maintain such continuous coverage. Any insurance carried by the Town, its officers, its employees, or its contractors shall be excess and not contributory insurance to that provided by Developer. Developer shall be solely responsible for any deductible losses under any policy. c.Certificates. Developer shall provide to the Town certificates of insurance as evidence that the required policies are in full force and effect. The certificates shall identify this Agreement. 11.Indemnification. Developer agrees to indemnify and hold harmless the Town and its officers, insurers, volunteers, representative, agents, employees, heirs and assigns from and against all claims, liability, damages, losses, expenses and demands, including attorney fees, on account of injury, loss, or damage, including without limitation claims arising from bodily injury, personal injury, sickness, disease, death, property loss or damage, construction defect, or any other loss of any kind whatsoever, which arise out of or are in any manner connected with this Agreement if such injury, loss, or damage is caused in whole or in part by, the act, omission, error, professional error, mistake, negligence, or other fault of Developer, any subcontractor of Developer, or any officer, employee, representative, or agent of Developer, or which arise out of a worker's compensation claim of any employee of Developer or of any employee of any subcontractor of Developer. Developer's liability under this Section shall be to the fullest extent of, but shall not exceed, that amount represented by the degree or percentage of negligence or fault attributable to Developer, any subcontractor of Developer, or any officer, employee, representative, or agent of Developer or of any subcontractor of Developer. 12.Developer Default and Remedies. a.Default. Each of the following is a Developer default of this Agreement: i.If Developer fails to perform any of its obligations under this Agreement and fails to remedy the same within 30 days after Developer is given a written notice specifying the same; provided that, if the nature of the violation is such that it cannot reasonably be remedied within 30 days, and Developer provides evidence to the Town that the violation cannot reasonably be remedied within 30 days, then the violation shall be remedied as soon as reasonably practicable, but in any case, within 120 days of the original notice of violation. ii.If an involuntary petition is filed against Developer under a bankruptcy or insolvency law or under the reorganization provisions of any law, or when a receiver of Developer, or of all or substantially all of the property of Developer, is appointed without acquiescence, and such petition or appointment is not discharged or stayed within 90 days after the happening of such event. 62 11 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX iii.If Developer makes an assignment of its property for the benefit of creditors or files a voluntary petition under a bankruptcy or insolvency law, or seeks relief under any other law for the benefit of debtors. b.Remedies. i.If a Developer default occurs, the Town shall first allow Lender to cure the default. The Town shall provide Lender with a written notice of default, specifying the default, and sent by first class U.S. Mail to FirstBank, attn: Nick Brinkman and Matt Gruesbeck, 1234 West Colfax Avenue, Lakewood, CO 80215. Lender shall have 30 days after the mailing of such notice to cure the default; provided that, if the nature of the violation is such that it cannot reasonably be remedied within 30 days, and Lender provides evidence to the Town that the default cannot reasonably be cured within 30 days, then the violation shall be remedied as soon as reasonably practicable, but in any case, within 120 days of the original notice. ii.If Lender fails to cure the default as provided above, the Town may, in its sole discretion and without waiving any other rights under this Agreement or available to the Town, cause construction of all or part of the Development to be completed and recover appropriate damages from Developer. iii.If a Developer default occurs, the ownership of all plans, specifications, studies, reports and other documents related to the Development shall automatically transfer to the Town, at no cost. iv.In addition to the specific remedies set forth herein, the Town shall have all other remedies available at law or equity, and the exercise of one remedy shall not preclude the exercise of any other remedy, and further provided that the expiration of this Agreement shall in no way limit the Town's legal or equitable remedies, or the period in which such remedies may be asserted, for work negligently or defectively performed. c.Liquidated Damages. Because time is of the essence and delayed performance constitutes a compensable inconvenience to the Town and its residents, the liquidated damages established in this Section shall be enforced. The liquidated damages provided hereunder shall not limit the Town's right to pursue other remedies against Developer, at law or in equity, arising out of any default of Developer other than delay. Liquidated damages may be deducted from any payment due to Developer. If the liquidated damages exceed the amount owed to Developer, Developer shall reimburse the Town within 30 days of notice thereof. The following liquidated damages shall apply: for each day beyond 30 days after closing of the Loan that construction is not commenced, Developer shall be assessed the amount of $5,000 per day. 13.Town Default and Remedies. a.Default. The following is a Town default of this Agreement: If the Town fails perform any of its obligations under this Agreement other than its obligation to pay the 63 12 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX expenses and fees of the Development and fails to remedy the same within 30 days after the Town is given a written notice specifying the same; provided that, if the nature of the violation is such that it cannot reasonably be remedied within 30 days, and the Town provides evidence to Developer that the violation cannot reasonably be remedied within 30 days, then the violation shall be remedied as soon as reasonably practicable, but in any case, within 90 days of the original notice of violation. b.Remedies. If a Town default occurs, Developer shall have all remedies available at law or equity, and the exercise of one remedy shall not preclude the exercise of any other remedy, provided that Developer shall not have the remedy of specific performance against the Town. Without limiting the generality of the foregoing, in the event a Town default occurs, Developer may terminate this Agreement upon notice given to the Town, without waiving any of its rights or remedies hereunder. c.Additional Remedy for Non-Disbursement. Subject to Section 14.h. hereof, if any disbursement of the Financial Contribution to Developer's construction draw account with Lender is delinquent by 25 days or more, then Developer shall have the right to stop work on the Development and charge Town for any actual, reasonable costs incurred by Developer and caused by the Town's nondisbursement. In addition, any time periods for Developer’s performance under this Agreement shall be extended cumulatively by one day for each day that work is stopped. 14.Miscellaneous. a.Modification. This Agreement may only be modified by subsequent written agreement of the Parties. b.Integration. This Agreement and any attached exhibits constitute the entire agreement between Developer and the Town, superseding all prior oral or written communications, including the Prior Agreement. c.Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and assigns. d.Severability. If any provision of this Agreement is determined to be void by a court of competent jurisdiction, such determination shall not affect any other provision hereof, and all of the other provisions shall remain in full force and effect. e.Governing Law and Venue. This Agreement shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. f.Assignment. Developer may assign this Agreement to an entity formed by Developer specifically for purposes of fulfilling its obligations under this Agreement. Other than such initial assignment, there shall be no transfer or assignment of any of the rights or obligations of Developer under this Agreement without the prior written approval of the Town. 64 13 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX g.Third Parties. There are no intended third-party beneficiaries to this Agreement. h.Contingency; No Debt. Pursuant to Article X, § 20 of the Colorado Constitution, any financial obligations of the Town under this Agreement are specifically contingent upon annual appropriation of funds sufficient to perform such obligations. This Agreement shall never constitute a debt or obligation of the Town within any statutory or constitutional provision. All obligations of Developer under this Agreement are specifically contingent upon the Town appropriating sufficient funds. i.No Joint Venture. Notwithstanding any provision hereof, the Town shall never be a joint venture in any private entity or activity which participates in this Agreement, and the Town shall never be liable or responsible for any debt or obligation of any participant in this Agreement. j.Independent Contractor. Developer is an independent contractor. Notwithstanding any other provision of this Agreement, all personnel assigned by Developer to perform work under the terms of this Agreement shall be, and remain at all times, employees or agents of Developer for all purposes. Developer shall make no representation that it is a Town employee for any purposes. k.Notice. Any notice under this Agreement shall be in writing, and shall be deemed sufficient when directly presented or sent pre-paid, first class United States Mail to the Party at the address set forth on the first page of this Agreement. l.Recording. This Agreement shall be recorded with the Eagle County Clerk and Recorder. The benefits and obligations of the Parties under this Agreement shall run with the land, and shall be binding on, and enforceable by, any subsequent holder of an interest in the Improvements or in the Property. m.Force Majeure. No Party shall be in breach of this Agreement if such Party's failure to perform any of the duties under this Agreement is due to Force Majeure, which shall be defined as the inability to undertake or perform any of the duties under this Agreement due to acts of God, floods, fires, sabotage, terrorist attacks, strikes, riots, war, labor disputes, pandemics or the authority and orders of government. n.Legal Challenge. If a Legal Challenge occurs, this Agreement will remain in full force and effect through and until the 31st day following entry of a final, non- appealable order resolving such Legal Challenge, unless earlier terminated or modified by a written amendment signed by the Parties. If a Legal Challenge occurs, all deadlines and time requirements in this Agreement shall be tolled until such time as a final, non- appealable order resolving such Legal Challenge is entered. If a Legal Challenge successfully voids, enjoins, or otherwise invalidates this Agreement or a portion thereof, the Parties shall cooperate to cure the legal defect in a manner that most fully implements the intent and purpose of this Agreement; provided, however, that if the Parties do not enter into a written agreement to cure the defect, either Party may terminate this Agreement. 65 14 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX WHEREFORE, the Parties have executed this Agreement as of the Effective Date. TOWN OF VAIL, COLORADO ________________________________ Russell Forest, Town Manager ATTEST: _________________________________ Stephanie Kauffman, Town Clerk TRIUMPH TIMBER RIDGE, LLC _______________________________ STATE OF COLORADO ) ) ss. COUNTY OF _______________ ) The foregoing instrument was subscribed, sworn to, and acknowledged before me this ______ day of __________________, 2024, by _________________________ as the _______________________ of Triumph Timber Ridge LLC. My commission expires: (S E A L)________________________________ Notary Public 66 7/12/2024 C:\USERS\EASYPD~1\APPDATA\LOCAL\TEMP\BCL TECHNOLOGIES\EASYPDF 8\@BCL@940B45AC\@BCL@940B45AC.DOCX EXHIBIT A Legal Description of Property LOT 1, TIMBER RIDGE SUBDIVISION ACCORDING TO THE AMENDED FINAL PLAT RECORDED APRIL 9, 2024 UNDER RECEPTION NO. 202403760, COUNTY OF EAGLE, STATE OF COLORADO. 67 68 69 Timber Ridge Village 5/2/24 EXHIBIT B Triumph Development West Exhibit B : GMP documents GMP package of drawings as provided to Shaw Construction / Blue Corner Construction / Advanced Volumetric Alliance Drawings / specs prepared by the TRV design team:3/18/24 Pure Design Architects - Architecture Alpine Engineering - Civil IMEG Structural Engineers - structure PKMR Engineering - MEP Outside Design - landscaping Drawings sets Building A - Construction set Building B - Design Development set Building C - Design Development set Building D - Design Development set Building E - Design Development set Building F - Design Development set Building G - Design Development set Shaw Construction GMP Budget 4/18/24 Blue Corner Construction GMP Budget 4/17/24 Advanced Volumetric Alliance GMP Budget 4/17/24 Schofield Excavation - Abatement / Demo GMP Budget 4/19/24 70 EXHIBIT 5/13/2024 C Development Costs - Timber Ridge Village Costs: Total Town Financial Contribution $50,969,768 includes Land Value, Town Contribution, and Transit Stop Cost Land Value $10,446,722 Land value, loan repayment, CDOT parcel purchase Town Contribution $40,523,046 Sitework and garage Transit Stop Cost -$1,908,277 (ToV non-reimbursed cost) Vertical Construction $123,376,684 Developer Obligation (does not include the sales and marketing cost) Total Estimated Development Cost $172,438,175 Sales: Gross Sales Proceeds $190,014,175 (includes $1,176,000 of sales and marketing cost) Sales and Marketing Cost $1,176,000 Proceeds less sales costs $188,838,175 Construction Loan Repayment $124,552,684 Remainder: to be split $65,461,491 Split:Town of Vail Developer $38,614,769 $16,400,000 $49,061,491 NOTE: Estimated Development Cost and Sales as of 5/13/24 71 1 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND TRANSFER OF TIMBER RIDGE VILLAGE RESIDENTIAL DWELLING UNITS THIS DEED RESTRICTION AGREEMENT (the "Agreement") is entered into this _______ day of _______________, 20__ (the "Effective Date") by and between the Town of Vail, Colorado, a Colorado home rule municipality with an address of 75 South Frontage Road, Vail, CO 81657 (the "Town"), and Triumph Timber Ridge LLC, a Delaware limited liability company with an address of 105 Edwards Village Boulevard, C201, Edwards, CO 81632 ("Triumph") (each a "Party" and collectively the "Parties"). WHEREAS, Triumph owns the real property described as Unit ___, Timber Ridge Village, Town of Vail, Colorado (the "Property"), and together with the Town, has developed the Property as part of the Timber Ridge Village employee housing development; WHEREAS, Triumph is selling the Property to a third party; and WHEREAS, prior to such sale, the Parties wish to permanently restrict the occupancy, use and resale of the Property. NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which is mutually acknowledged, the Parties agree as follows: 1. Property. The Property is hereby burdened with the covenants and restrictions specified in this Agreement, in perpetuity. 2. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: a. Guidelines means the current version of the Timber Ridge Village Employee Housing Guidelines adopted by the Town. The version adopted as of the Effective Date is attached hereto as Exhibit 1 and incorporated herein by this reference. b. Owner means any person who acquires an ownership interest in the Property. c. Principal Place of Residence means the home or place in which one's habitation is fixed and to which one has a present intention of returning aft er a departure or absence therefrom. In determining what is a Principal Place of Residence, the Town shall consider the criteria set forth in C.R.S. § 31-10-201(3), as amended. d. Qualified Occupant means an individual who: works an average of 30 hours or more per week at a business in Eagle County, Colorado that holds a valid and current business license, or pays sales taxes, or is otherwise generally recognized as a legitimate business; and earns at least 75% of their income from such business. For example, if an individual worked 60 hours per week for one half of the year at such a business in Eagle County, Colorado, and worked elsewhere for the other half of the year, such person would 72 2 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX be a Qualified Occupant. A Qualified Occupant also includes an individual who: was a Qualified Occupant when the individual purchased the Property, but then retired while owning the Property; was 60 years of age or older at the time of retirement; for the 5 years immediately prior to retirement, worked an average of 30 hours or more per week at a business in Eagle County, Colorado that held a valid and current business license, or paid sales taxes, or was otherwise generally recognized as a legitimate business; earned at least 75% of their income from such business during such 5-year period; and does not work for a business outside of Eagle County, Colorado. e. Transfer means any sale, conveyance, assignment or transfer, voluntary or involuntary, of any interest in the Property, including without limitation a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest and an interest evidenced by any contract by which possession of the Property is transferred and an Owner retains title; provided that the lease of a room or rooms within the Property to a Qualified Occupant in accordance with this Agreement shall not constitute a Transfer. 3. Occupancy Restrictions. a. The Property shall be continuously occupied by at least one Qualified Occupant as their principal place of residence. For purposes of this Agreement, the Property will be considered to be continuously occupied if the Property is not vacant for more than 90 total days in any calendar year. b. No business activity shall occur on or within the Property, other than as permitted within the zone district applicable to the Property. c. Occupancy of the Property shall comply with the Guidelines at all times. 4. Transfer. a. An Owner shall first notify the Town that the Owner wishes to Transfer the Property. The Town shall have the first option to purchase the Property, exercisable within a period of 15 days after receipt of notice, and if the Town exercises its right and option, the Town shall purchase the Property from the Owner for the appraised market value. b. Should the Town determine not to purchase the Property, the Owner may list the Property for sale. c. At closing, the buyer shall execute, in a form satisfactory to the Town and for recording with the Eagle County Clerk and Recorder, a document acknowledging this Deed Restriction and expressly agreeing to be bound by it. 5. Consensual Lien; Right to Redeem. For the purpose of securing performance under this Agreement and creating in favor of the Town a right to redeem in accordance with Part 3 of Article 38 of Title 38, C.R.S., as amended, Triumph hereby grants to Town a consensual lien on the Property. Such lien shall not have a lien amount. 73 3 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX 6. Breach. a. It shall be a breach of this Agreement for an Owner or a Qualified Occupant to violate any provision of this Agreement, or to default in payment or other obligations due to be performed under a promissory note secured by a first deed of trust encumbering the Property. b. If the Town has reasonable cause to believe that an Owner is violating this Agreement, the Town may inspect the Property between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, after providing the Owner with 24 hours written notice. This Agreement shall constitute permission to enter the Property during such times upon such notice. c. If the Town discovers a violation of this Agreement, the Town shall notify the Owner of the violation and allow 15 days to cure. 7. Remedies. a. Any Transfer in violation of this Agreement shall be wholly null and void and shall confer no title whatsoever upon the purported buyer. Each and every Transfer, for all purposes, shall be deemed to include and incorporate by this reference the covenants contained in this Agreement, even if the Transfer documents fail to reference this Agreement. b. The Town may pursue all available remedies for violations of this Agreement, including without limitation specific performance or a mandatory injunction requiring a Transfer of the Property, with the costs of such Transfer to be paid out of the proceeds of the sale. c. Upon request by the Town, each Owner authorizes the holder of any mortgage or deed of trust against the Property to disclose to the Town if any payments due are delinquent and the duration and amount of such delinquency. d. In addition to the specific remedies set forth herein, the Town shall have all other remedies available at law or equity, and the exercise of one remedy shall not preclude the exercise of any other remedy. 8. Foreclosure. a. The Owner shall notify the Town, in writing, of any notification received from a lender of past due payments or defaults in payments or other obligations within 5 days of receipt of such notification. b. The Owner shall immediately notify the Town, in writing, of any notice of foreclosure under the first deed of trust or any other subordinate security interest in the Property, or when any payment on any indebtedness encumbering the Property is required to avoid foreclosure of the first deed of trust or other subordinate security interest in the Property. 74 4 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX c. Within 60 days after receipt of any notice described herein, the Town may (but shall not be obligated to) proceed to make any payment required to avoid foreclosure. Upon making any such payment, the Town shall place a lien on the Property in the amount paid to cure the default and avoid foreclosure, including all fees and costs resulting from such foreclosure. d. Notwithstanding any other provision of this Agreement, in the event of a foreclosure, acceptance of a deed-in-lieu of foreclosure, or assignment, this Agreement shall remain in full force and effect. e. The Town shall have 30 days after issuance of the public trustee's deed or the acceptance of a deed in lieu of foreclosure by the holder in which to purchase by tendering to the holder, in cash or certified funds, an amount equal to the redemption price which would have been required of the borrower or any person who might be liable upon a deficiency on the last day of the statutory redemption period(s) and any additional reasonable costs incurred by the holder related to the foreclosure. 9. Miscellaneous. a. Modification. This Agreement may only be modified by subsequent written agreement of the Parties; provided that, if the Town obtains title to the Property, the Town may modify or terminate this Agreement at any time. b. Integration. This Agreement and any attached exhibits constitute the entire agreement between the Parties, superseding all prior oral or written communications. c. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, successors and assigns. d. Severability. If any provision of this Agreement is determined to be void by a court of competent jurisdiction, such determination shall not affect any other provision hereof, and all of the other provisions shall remain in full force and effect. e. Governing Law and Venue. This Agreement shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. f. Third Parties. There are no intended third-party beneficiaries to this Agreement. g. No Joint Venture. Notwithstanding any provision hereof, the Town shall never be a joint venture in any private entity or activity which participates in this Agreement, and the Town shall never be liable or responsible for any debt or obligation of any participant in this Agreement. h. Notice. Any notice under this Agreement shall be in writing, and shall be deemed sufficient when directly presented or sent pre-paid, first class United States Mail to the Party at the address set forth on the first page of this Agreement, or, if the Property 75 5 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX has been transferred to a subsequent Owner, to the Owner's address on file with the Eagle County Assessor. i. Recording. This Agreement shall be recorded with the Eagle County Clerk and Recorder. The benefits and obligations of Triumph under this Agreement shall run with the land, and shall be binding on any subsequent holder of an interest in the Property. j. Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options created by this Agreement are held to be unlawful or void for violation of: the rule against perpetuities or some analogous statutory provision; the rule restricting restraints on alienation; or any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the period of the lives of the current duly elected and seated members of the Vail Town Council, their now living descendants, if any, and the survivor of them, plus 21 years. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. TOWN OF VAIL, COLORADO ________________________________ Russell Forrest, Town Manager ATTEST: _____________________________ Stephanie Kauffman, Town Clerk TRIUMPH By: ________________________________ STATE OF COLORADO ) ) ss. COUNTY OF EAGLE ) The foregoing instrument was subscribed, sworn to and acknowledged before me this ___ day of ___________________, 2024, by ________________ as _____________ of Triumph Timber Ridge LLC. Witness my hand and official seal. ______________________________ Notary Public (S E A L) My commission expires: 76 6 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX EXHIBIT 1 TIMBER RIDGE VILLAGE EMPLOYEE HOUSING GUIDELINES 1. General. These Guidelines are intended to supplement the Deed Restriction Agreement for the Occupancy and Transfer of the Timber Ridge Village Residential Dwelling Units (the "Deed Restriction"). These Guidelines may be updated by Town staff as necessary, and the current version of these Guidelines shall always control over any prior version. In the event of any conflict between these Guidelines and the Deed Restriction, the Deed Restriction shall control. 2. Occupancy. a. Leasing. Each lease shall include a clear reference to the Deed Restriction and a brief summary of the Deed Restriction, and shall by reference incorporate the terms and conditions of this Deed Restriction. No lease shall be for a period of less than 30 days. b. Occupants. Each adult individual occupying the Property shall be named in a lease, and no other occupants are permitted. An individual shall be considered to be occupying the Premises if the individual reasonably appears to be using the Property as a place to live. Indications of occupancy shall include without limitation: coming and going to the Property with the use of a key, providing any third-party with the address of the Property as that person's residential address, receiving mail or deliveries at the Property, keeping clothes or personal effects at the Property, commonly being present in the Premises, or commonly parking a vehicle at or near the Property. An individual may establish unauthorized occupancy of the Premises even if they own or lease other real property. c. Leave of Absence. The Town may grant a leave of absence to a Owner for up to one year, upon clear and convincing written evidence that shows a reason for leaving and a commitment to return to the Property. Such written evidence shall be presented to the Town at least 30 days prior to leaving. The leave of absence may, in the sole discretion of the Town, be extended for up to 2 years. During the leave, the Property must be rented to one or more Qualified Occupants in accordance with the Deed Restriction. c. Disability. Should a Qualified Occupant become an individual with a disability and, because of such disability, be unable to meet the requirements of the Deed Restriction to remain a Qualified Occupant, the Qualified Occupant shall notify the Town, in writing, of the nature of the disability. If the disability is permanent, the Qualified Occupant shall remain a Qualified Occupant despite the disability. If the disability is temporary and the Qualified Occupant becomes able to return to work, then to remain a Qualified Occupant, the Qualified Occupant must return to work when the disability ceases. Notwithstanding anything to the contrary in these Guidelines or the Deed Restriction, the Town will make all reasonable accommodations necessary under the Americans with Disabilities Act. 77 7 7/11/2024 C:\USERS\MEFOS\DROPBOX\TIMBER RIDGE\TOV DEAL\SECOND AMENDED DA\EXHIBITS\DA EXHIBIT D - DEED RESTRICTION LANGUAGE TRV.DOCX 3. Annual Verification. a. Affidavit. No later than February 1st of each year, each Owner shall submit a sworn affidavit, on a form provided by the Town, verifying that the Property is occupied in accordance with the Deed Restriction and these Guidelines. b. Additional Documentation. The affidavit shall be accompanied by the following supporting documentation: i. Verification of each Qualified Occupant's current employment and employment during the prior year (paystubs with employer's name, address and contact information); ii. Signed authorization allowing the Town discuss employment details with each Qualified Occupant's employer; iii. Each Qualified Occupant's federal income tax return from the prior year, together with an executed Internal Revenue Service Form 8821 or equivalent; iv. Copies of all leases of the Property during the prior year. 78 Timber Ridge Village 7/11/24 EXHIBIT E Triumph Development West Begin Date End Date Notes Design and Entitlement Purchase Agreements / pricing options distributed to Businesses with reservations. PSA packages to Individuals as well.5/15/24 6/28/24 All purchasing contracts / building - residence location / pricing options sent to potential buyers Launch of the sales website for Timber Ridge Village 5/24/24 Launch of website with sales options (residence / parking) Triumph Development West to meet with potential buyers and continue outreach to community on available residences.5/17/24 on-going Executed contracts and final non-refundable deposits due Estimated Start Abatement / Demo phase 30 days following closing of Construction loan Mobilization of contractors for this first phase of work Start of grading / site work 90 days following start of abatement / demo Start of earthwork / utilities / excavation IF start date for Abatement / demo move, these following dates will be affected. Estimated closing week for Residences in Building A 12/30/25 1/30/26 Scheduled close dates for Residence in Building A Estimated closing week for Residences in Building B 4/1/26 4/24/26 scheduled close dates for Residence in Building B Estimated closing week for Residences in Buildings E / F 7/6/26 9/18/26 Scheduled close dates for Residence in Buildings E / F Estimated closing week for Residences in Buildings C / D / G 7/24/26 9/18/26 Scheduled close dates for Residence in Building C / D / G 79 Timber Ridge Village 7/11/24 EXHIBIT F Triumph Development West Exhibit F : Town of Vail purchase of residences Per 2nd amended Development Agreement, 7d. Town of Vail has agreed to purchase $25,449,948 of residences at Timber Ridge Village. The residences equally this amount will be selected prior to construction loans initial contribution. 80 81 82 83 84 85 86 87 Timber Ridge Village 7/11/24 EXHIBIT H Triumph Development West Exhibit G : Insurance - Triumph to supply Commercial general liability insurance as an Owner Controlled Insurance Policy (the "OCIP") Fire and extended coverage insurance (the "Builder's Risk") Pollution insurance - independently or through contractors 88 AGENDA ITEM NO. 6.1 Item Cover Page DATE:July 16, 2024 TIME:5 min. SUBMITTED BY:Carlie Smith, Finance ITEM TYPE:Action Items AGENDA SECTION:Public Hearings (6:25pm) SUBJECT:Ordinance No. 08, Series of 2024, Second Reading, An Ordinance Making Budget Adjustments to the Town of Vail General Fund, Capital Projects Fund, Real Estate Transfer Tax Fund, Housing Fund, Dispatch Services Fund, and Timber Ridge Fund of the 2024 Budget for the Town of Vail, Colorado; and Authorizing the Said Adjustments as Set Forth Herein; and Setting Forth Details in Regard Thereto (6:25pm) SUGGESTED ACTION:Approve, approve with amendments, or deny Ordinance No. 08, Series of 2024, upon second reading. PRESENTER(S):Carlie Smith, Finance Director and Jake Shipe Budget Analyst VAIL TOWN COUNCIL AGENDA ITEM REPORT ATTACHMENTS: 2024-07-16 Second Supplemental Second Reading Ord #8, 2024 - 2nd Supplemental 2nd Reading 89 TO: Vail Town Council FROM: Finance Department DATE: July 16th, 2024 SUBJECT: Second Supplemental Appropriation of 2024; 2nd Reading of Ordinance 8, Series of 2024 I. SUMMARY During Tuesday evening’s session, you will be asked to approve the first reading of Ordinance No. 8 making supplemental appropriations and adjustments to the 2024 budget. II. DISCUSSION Changes to the budget supplemental request from first reading General Fund Budgeted revenues will increase by $5,650 to reflect a micro-grant from the Statewide Internet Portal Authority, offsetting the equal increase to expenditures for the e-ticketing software solution to integrate with our current system to meet state-reporting requirements. The expenditure was included in the first reading of this supplemental. Staff is requesting to increase expenditures by $27,500 for the annual cloud and assurance plan for the existing electric bus charging stations in the bus barn and transportation center. The first two years of these plans were included with the original installation contract, and now need to be renewed. Real Estate Transfer Tax (RETT) Fund Staff is requesting to increase expenditures by $30,000 for the Golf Course water quality study, directly offset by a reimbursement of $30,000 from the Vail Recreation District (VRD). The total amended budget for this study is $105,000. This study would include a full review of best management practices (BMPs), conceptual design for riparian area improvements, and recommendations for reducing erosion control and improving buffer zones. 90 - 2 - Repeated from first reading General Fund Budgeted revenues in the General Fund are increased by $137,857. All revenue increases are related to reimbursements and savings for the following expenditures: • A $75,000 High Visibility Enforcement (HVE) grant from the Colorado Department of Transportation will reimburse other Eagle County agencies and Town of Vail police department personnel for costs related to impaired driving enforcement. • An increase of $15,346 in expenditures for activities funded by the Mountain Safe Department of Justice grant. These funds will be used towards program interns and a media awareness campaign. The Town was awarded a total of $150,000 over a three- year period (2022-2024). The Mountain Safe initiative aims to establish a countywide, collaborative program between justice and health services, focusing on targeted interventions for victims and offenders. The total budget expenditures for 2024 will be $53,007, fully offset by grant reimbursements. • $5,650 to build an e-ticketing software solution to integrate with our current system to meet state-reporting requirements. • Utilization of $4,200 Friends of the Library funds, which will be used to increase costs for the Champagne celebration catering ($3,000) and participation in Dolly Parton’s early literacy program ($1,200). Budgeted expenditures in the General Fund are proposed to increase by $300,356 of which $137,857 will be offset by corresponding revenue reimbursements as listed above. The remaining $162,499, includes: • A re-appropriation of $100,000 for the Eco-Trails Dowd Junction Council Contribution specifically designated toward the Vail to Minturn spur section of the Eagle Valley Trail. The contribution was approved by the Council during the 2023 budget process. This portion of the trail was recently finalized in 2024. • $30,000 request from the Police Department for uniform cold-weather uniform jackets for the Vail Police Department. The PD last purchased jackets in 2017. • $15,160 for increased license fees for the Brazos eCitation and eCrash systems due to a change in the vendor contract licensing structure moving from a shared license model to a per-device model. • $12,500 for parking messaging cones related to the reduction of overflow parking on the South Frontage Road (approved by Council on April 16th) • A $15,000 increase in expenditures for the Transit Route Optimization planning, offset by $15,000 in savings from the Transportation Master Plan within the Capital Projects Fund. • A transfer of $2,880 to the Real Estate Transfer Tax fund to fund the volunteer lunch for the May 2nd Clean-Up Day. This will be directly offset by a reduction in contingency funds within the General Fund and has no net impact on total expenditures. The above adjustments to the General Fund budget result in an estimated fund balance of $29.0 million by the end of 2024, or 47% of annual revenues in a normal year. Capital Projects Fund Budgeted revenues will be adjusted by $250,000 for the Colorado Energy Office Geothermal design grant recently awarded to the town for the Vail Civic Area Geothermal District project, including the snowmelt system. Expenditures related to the geothermal project total $400,000, with $250,000 funded by the grant. The remaining $150,000 of funding for 91 - 3 - design costs are being shifted from the sustainable snowmelt boiler replacement placeholder. This has no impact on the current budget. Aside from the $400,000 geothermal design costs listed above, staff is requesting to adjust 2024 expenditures by a total of $921,272, which includes the following: • $936,272 for the re-appropriation of the Enforcer Aerial Ladder Truck purchased in 2023 but to be delivered in 2024. Due to the timing of the delivery, the payments must be recorded in 2024 for accounting accuracy. This is a timing change only, and 2023 actual expenditures have been reduced by the same amount. • A $15,000 reduction in the Transportation Master Plan budget, to offset the $15,000 Transit Route Optimization increase in the General Fund. All the above adjustments will result in an estimated fund balance of $29.4 million by the end of 2024. Real Estate Transfer Tax (RETT) Fund Budgeted revenues in the RETT Fund will be adjusted by $117,880. All revenue increases are related to reimbursements for the following expenditures: • $55,000 reimbursement from Eagle County for wildland fire risk mitigation. • A $30,000 donation from Vicki and Kent Logan will be used towards acquiring the artist in residency Broel sculpture. The total cost of the sculpture is $60,000. The remaining $30,000 is funded by Art in Public Places funds. • $2,880 for a transfer from the General Fund towards the volunteer lunch for the Community Clean Up day held on May 2nd. RETT fund expenditures are proposed to increase by a net total of $152,880, of which $87,880 will be reimbursed as listed above. The remaining $35,000 is requested for an increase in cost for stormwater maintenance expenditures related to semiannual gutter bin cleaning and pesticide monitoring. The springtime cleaning cost more than anticipated. The $35,000 funding request will go towards the fall cleaning. The above adjustments will result in an estimated fund balance of $7.1 million at the end of 2024. Across the 5-year plan, the RETT Fund is projected to reach its lowest fund balance of $2.2M in 2028. Housing Fund Housing Fund revenues are proposed to increase by $625,000 for the estimated revenue related to the re-sale of Pitkin Creek Unit #3B. This is a placeholder, and the exact sale price has yet to be determined. This is directly offset by an increase in expenditures of $785,444 for the purchase of this unit. The “buy-down” variance between the purchase price and estimated re-sale price of $160,444 will utilize Vail InDeed funds. Staff will true this up based on the actual sales price in a later supplemental. Housing Fund expenditures are proposed to increase by a net total of $50,000 to re- appropriate 2023 budget funds for the final Residences at Main Vail opportunity fee payment from 2023 due to timing. The above adjustments will result in an estimated fund balance of $1.1 million at the end of 2024. 92 - 4 - Marketing Fund The Marketing fund reflects re-allocation of budgeted expenditures between the Education and Enrichment, Visitor Draw, Recreation Events, and Signature Events categories based on the actual 2024 sponsorship allocations supported by the Committee on Special Events (CSE) and Event Funding Committee. This has a net-zero impact on the total budgeted expenditure. Dispatch Services Fund Dispatch Services Fund expenditures are proposed to increase by a total of $208,600. This includes the following: • $194,200 for the addition of a Mobile Responder functionality to the current Computer- Aided Dispatch (CAD) software. This tool allows agencies to track the location of their units, as well as gain situational awareness of all open incidents in their area of operations. This addition has been agreed upon by all user agencies of the Vail Public Safety Communications Center. • $14,400 for additional fiber cabling charges for the required link to the State of Colorado Digital Trunked Radio (DTR) system, which has undergone a change from analog to digital. The above adjustments will result in an estimated fund balance of $2.0 million at the end of 2024. Timber Ridge Fund Timber Ridge Fund expenditures are proposed to increase by a total of $4,650 for closing costs related to the CDOT Land Parcel acquisition. 93 Proposed 2024 1st 2024 2nd 2024 Budget Supplemental Amended Supplemental Amended Revenue Local Taxes:40,850,000$ 40,850,000$ 40,850,000$ Sales Tax Split b/t Gen'l Fund & Capital Fund 62/38 62/38 Sales Tax 25,327,000 25,327,000 25,327,000 Property and Ownership 8,445,000 8,445,000 8,445,000 Ski Lift Tax 6,675,000 6,675,000 6,675,000 Franchise Fees, Penalties, and Other Taxes 1,901,156 1,901,156 1,901,156 Licenses & Permits 2,832,032 2,832,032 2,832,032 Intergovernmental Revenue 3,244,333 33,850 3,278,183 133,657 3,411,840 SIPA Micro-grant for e-ticketing solution ($5.7K); HVE Enforcement Grant ($75.0K), Mountain Safe Grant ($53.0K) Transportation Centers 8,930,196 8,930,196 8,930,196 Charges for Services 1,029,992 (2,098) 1,027,894 1,027,894 Fines & Forfeitures 204,116 204,116 204,116 Earnings on Investments 500,000 500,000 500,000 Rental Revenue 1,757,238 32,028 1,789,266 1,789,266 Miscellaneous and Project Reimbursements 518,199 (79,199) 439,000 4,200 443,200 Utilization of Friends of Library donations ($4.2K) Total Revenue 61,364,262 (15,419) 61,348,844 137,857 61,486,701 Expenditures Salaries 28,477,724 39,195 28,516,919 88,000 28,604,919 HVE Enforcement grant costs ($75.0K), Interns funded by Mountain Safe grant ($13.0K) Benefits 8,940,570 15,242 8,955,812 8,955,812 Subtotal Compensation and Benefits 37,418,294 54,437 37,472,731 88,000 37,560,731 Contributions and Welcome Centers 307,200 307,200 307,200 Childcare Program Funding 250,000 250,000 250,000 All Other Operating Expenses 12,503,275 453,379 12,956,654 109,476 13,066,130 Electric Bus charger warranty/cloud plan ($27.5K); Cold- weather uniform jackets for PD ($30.0K); Brazos eCitation and eCrash license fees ($15.2K); increase in Transit Route Optimization planning ($15.0K); parking messaging cones ($12.5K); e-ticketing software solution ($5.7K), Friends of Library-funded programs ($4.2K); Mountain Safe Media Awareness ($2.3K); Reduction in contingency funds to use towards Clean Up Day(-$2.8K) Heavy Equipment Operating Charges 3,352,626 3,352,626 3,352,626 Heavy Equipment Replacement Charges 1,193,175 6,875 1,200,050 1,200,050 Dispatch Services 691,448 691,448 691,448 Total Expenditures 55,716,018 514,691 56,230,709 197,476 56,428,185 Surplus (Deficit) from Operations 5,648,244 (530,110) 5,118,135 (59,619) 5,058,516 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND 94 Proposed 2024 1st 2024 2nd 2024 Budget Supplemental Amended Supplemental Amended TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND One-Time Items: Planning Projects Transit Route & Operations Planning (75,000) (75,000) (75,000) VLMD Transfer for Destination Stewardship Mgmt. Plan 200,000 200,000 200,000 Destination Stewardship Mgmt. Plan (213,815) (13,500) (227,315) (227,315) Civic Area/Dobson Master Plan (350,000) (350,000) (350,000) West Vail Master Plan (98,029) (98,029) (98,029) Contingency (25,000) (25,000) (25,000) Contributions Funded with Reserves ECO Trail- Eagle Valley Trail Contribution (Minturn)(100,000) (100,000) Re-appropriate ECO Trail Council Contribution from 2023 Net Increase /(Decrease) due to One- Time Items: (388,815) (186,529) (575,344) (100,000) (675,344) Transfer to Marketing & Special Events Fund (2,600,000) (2,600,000) (2,600,000) Transfer to RETT (Booth Heights Acquisition)(3,750,000) (3,750,000) (3,750,000) Transfer to/from Other Funds (48,363) (48,363) (2,880) (51,243) Transfer to RETT fund for Clean-Up Day lunch ($2.9K) Transfer from RETT 13,500 13,500 13,500 Timber Ridge Transfer to TR for Site and Podium (23,749,840) (2,472,500) (26,222,340) (26,222,340) Transfer to TR for Building A Subsidy (4,300,000) (4,300,000) (4,300,000) Surplus (Deficit) Net of Transfers and One-Time Items (25,390,411) (6,974,002) (32,364,412) (162,499) (32,526,911) Beginning Fund Balance 61,523,240 61,523,240 61,523,240 Ending Fund Balance 36,132,829$ 29,158,828$ 28,996,329$ As % of Annual Revenues 59%48%47% EHOP balance included in ending fund balance - not spendable 1,542,414$ 16,299$ 1,558,713$ 1,558,713$ 95 Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 Revenue Total Sales Tax Revenue:40,850,000$ -$ 40,850,000$ -$ 40,850,000$ 41,667,000$ 42,500,000$ 43,775,000$ 45,088,000$ 2024: Down 1% from 2023 Forecast (Includes estimates to Residences Inn), 2025/2026: 2% increase, 2027/2028: 3% Increase Sales Tax Split between General Fund & Capital Fund 62/38 62/38 62/38 62/38 62/38 62/38 62/38 Sales tax split 62/38 Sales Tax - Capital Projects Fund 15,523,000$ -$ 15,523,000$ -$ 15,523,000$ 15,833,000$ 16,150,000$ 16,635,000$ 17,133,000$ Updated projections based on YTD actuals, with remainder of the year down 8% from PY; 2% down from 2022 in total; Sales tax split 62/38 Use Tax 2,040,000 - 2,040,000 - 2,040,000 2,081,000 2,123,000 2,165,000 2,208,000 Based on 5-year average; 2024 - 2028: 2% Increase Franchise Fee 205,000 921,672 1,126,672 - 1,126,672 209,000 213,000 217,000 221,000 2024: Utilize 1% Franchise Fee for Holy Cross underground utilities project Federal Grant Revenue - 3,464,882 3,464,882 - 3,464,882 - - - - 2024: Re-appropriate Hickenlooper/Bennet Federal grant award for two electric buses ($1.65M); and 5339 (B) Federal Grant towards two electric buses ($1.8M) Other State Revenue 750,000 2,600,276 3,350,276 250,000 3,600,276 - - - - 2024: MMOF grant towards Mobility Hub Design ($750K); Re-appropriate CDOT grant towards four electric buses ($2.0M), CDOT grant towards four electric bus chargers ($255.7K), remaining MMOF Grant for l&d and bollards($164.4K), fleet charging station grant ($30K); Colorado Energy Office grant towards the design of Geothermal Energy project ($250K) Lease Revenue 172,270 - 172,270 - 172,270 172,270 172,270 172,270 180,884 Per Vail Commons commercial (incr. every 5 years) Project Reimbursement 558,562 215,875 774,437 - 774,437 - - - - 2024: Utilize Holy Cross Enhancement Fund for HCE Underground Utility Project; Total balance $774,437 Timber Ridge Loan repayment 468,933 - 468,933 - 468,933 468,977 3,537,404 - - 2026: Payoff of Timber Ridge Loan using proceeds of new Timber Ridge unit sales Earnings on Investments and Other 289,610 - 289,610 - 289,610 341,734 51,961 59,031 51,334 0.7% returns assumed on available fund balance; Total Revenue 20,007,375 7,202,705 27,210,080 250,000 27,460,080 19,105,981 22,247,635 19,248,301 19,794,218 Expenditures Facilities Facilities Capital Maintenance 469,500 473,487 942,987 - 942,987 265,000 360,000 370,800 381,924 2024 includes: PW 30% roof replacement ($75K), Buzzard Park repairs ($75K), Buzzard Park roof repairs ($50K), transit office windows and doors ($25K), PW overhead garage door ($50K), PW carpet replacement ($50K); Additional funds for Transit Office Air Handler Engineering and Library Air Handler Engineering using 2023 savings from Municipal Complex Maintenance ($473.5K) 2025 includes: Fire Station II Overhead garage doors ($25K), Library Boiler Replacement ($25K); 2026 includes: Lionshead Transit Center Repairs ($50K), Buzzard Park washer/dryer replacement ($15K); Transit Office carpet replacement ($15K); 2027 includes: Lionshead transit center exterior stain ($45k), Lionshead welcome center 1st floor and Grandview flooring replacement ($100k), PW Shop & Bus Barn Roofing 30% ($75K), PW Shop boiler replacement ($35K), ford park lift station pump ($40K); 2028 includes: Fire Station II Sloped Roof Replacement ($50K), public works administration hot water heater replacement ($40K), vail valley drive lift station ($40k); Municipal Complex Maintenance 260,000 1,025,000 1,285,000 - 1,285,000 267,800 275,834 284,109 292,632 2024: Re-appropriate remaining funds for Muni HVAC Replacement ($1.0M); 2025-2028: 3% annual increase Building Energy Enhancement Projects 25,000 25,000 50,000 - 50,000 25,000 25,000 25,000 25,000 2024: Re-appropriate funds for planned energy enhancements to Town buildings; 2024 - 2028: Placeholder for energy enhancements specific to Town buildings Public Works Building Maintenance - 180,000 180,000 - 180,000 - 100,000 - - 2024: Re-appropriate funds towards PW Admin exterior building paint, furnace relocation, and window replacement ($180K) 2026: Roof Replacement ($100K) Welcome Center/Grandview Capital Maintenance 25,000 96,778 121,778 - 121,778 25,000 25,750 26,523 27,318 2024: Re-appropriate furniture upgrade in Lionshead welcome center ($83.7K); Use savings of $13K from Welcome Center displays to go towards furniture upgrades; 2024 - 2028: Annual Maintenance ($25k) Welcome Center display upgrades - - - - - - - - - Purchase of Employee Rental Units 2,000,000 1,224,136 3,224,136 - 3,224,136 2,000,000 2,000,000 2,500,000 2,500,000 2024-2028: Placeholder for purchase of TOV employee housing stock; 2024: Re-appropriate funds towards continuing purchase of TOV employee housing stock ($1.2M) Employee Rental Capital Maintenance 150,000 130,000 280,000 280,000 150,000 75,000 75,000 75,000 2024-2028: Capital Maintenance budget for town owned rental units; 2024: Re-appropriate window replacement Buffehr Creek #6A and #4A ($47.2K) and roof replacement at the Hamlet unit ($72.8K) Geothermal Energy System - - 400,000 400,000 1,500,000 - 3,000,000 - 2024: Utilize placeholder for efficient snowmelt boiler replacements towards the Geothermal Project design, planning, and construction ($150.0K); $250.0K additional design funds offset by grant from Colorado Energy Office; 2025: Placeholder for geothermal component of snowmelt boiler replacement ($1.5M); 2027: Placeholder for geothermal component of snowmelt boiler replacement ($3.0M); Snowmelt Boilers Replacement 1,000,000 1,111,634 2,111,634 (150,000) 1,961,634 1,000,000 - 500,000 - 2024-2027: Placeholder for replacement of BTU boilers at end of life Arrabelle Snowmelt Boilers - 190,000 190,000 - 190,000 - - - - 2024: Re-appropriate funds towards Arabelle Boiler Replacement - Shared with Vail Resorts ($190.0K) Donovan Pavilion Remodel 50,000 - 50,000 - 50,000 - 25,000 - - 2024/2026: Capital Maintenance Placeholders Mountain Plaza Elevator Renovation - - - - - 100,000 - - - 2025: Mountain plaza elevator renovation (shared cost with Vail Resorts) Vail Mobility Hub Expansion 1,500,000 - 1,500,000 - 1,500,000 - 2,000,000 - - 2024: Design for Vail Mobility Hub (VTRC) Expansion ($750K MMOF match grant); 2026: Placeholder for future grant match to construction expansion Fire Sprinkler Upgrades at Bus Barn 500,000 100,000 600,000 - 600,000 - - - - 2024: Update Fire Sprinkler system in bus barn to accommodate needs of expanded electric bus fleet ($500k); Re- appropriate design funds for sprinkler system updates ($100K) Public Works Shops Expansion - 114,543 114,543 - 114,543 - - - - Re-appropriate funds towards architectural feasibility and planning for identified phase two expansion opportunities ($114.5K) Total Facilities 5,979,500 4,670,578 10,650,078 250,000 10,900,078 5,332,800 4,886,584 6,781,432 3,301,874 Parking TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND 96 Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Parking Structures 1,040,000 - 1,040,000 - 1,040,000 1,287,000 1,275,000 1,315,000 1,405,000 2024-2028: Various repairs including deck topping replacement, expansion joint repairs, ventilation, HVAC, plumbing and other structural repairs Parking Entry System / Equipment - 327,191 327,191 - 327,191 - - - 1,045,500 2024: Re-appropriate $114.8K for remaining parking system replacement costs; 2028: Placeholder for parking system update Red Sandstone Parking Structure 70,000 - 70,000 - 70,000 - 50,000 - - 2024: $70K structure resealing; 2026: $50K Concrete patch replacement Total Parking 1,110,000 327,191 1,437,191 - 1,437,191 1,287,000 1,325,000 1,315,000 2,450,500 Transportation Bus Shelters 30,000 202,583 232,583 - 232,583 30,000 30,000 30,000 30,000 2024 - 2028: Bus shelter annual maintenance ($30K); 2024: Re-appropriate funds for Bus Shelter Additions in East Vail ($202.6K) Replace Buses - 7,850,000 7,850,000 - 7,850,000 - - - - 2024: Re-appropriate $7.9M funds for six bus replacements with electric models - Offset by grant funding ($9.6M) Bus Wash Equipment - 650,000 650,000 - 650,000 - - - - 2024: Re-appropriate Bus Wash Replacement ($300K); Increase in cost for bus wash replacement, offset by 2023 savings in Facility Maintenance and Bus Replacements ($350K) Bus Transportation Management System - - - - - - - - 1,000,000 2028: Replacement for Bus Management System ($1.0M) Bus Sign Replacement - 15,025 15,025 - 15,025 - - - - 2024: Re-appropriate $15.0 remaining funds for electric bus signage replacement project Traffic Impact Fee and Transportation Master Plan Updates - 48,943 48,943 (15,000) 33,943 - - - - 2024: Re-appropriate remaining funds to finalize and adopt Go Vail 2045 ($48.9K); 2024: Utilize savings from Transportation Master Plan for the Bus Route Optimization plan. Hybrid / Electric Bus Battery Replacement - 165,000 165,000 - 165,000 - 360,000 - 500,000 2024: Re-appropriate $165K contingency for hybrid bus battery failure; 2026: Scheduled replacement placeholder; Estimated life of 6 years; While batteries are passed their lifecycle replacement has not been needed as of yet; 2028: $500,000 Placeholder for Electric Bus Battery Replacement Bus Camera System - - - - - - 290,000 - - 2026: Replace current fleet of 33 buses with updated camera surveillance system. In 2026 the camera system will be 11 years old and reaching end of life Electric bus chargers and electrical service rebuild 600,000 393,783 993,783 - 993,783 - - - - 2024: $600K New charging station placeholders for additional electric buses added to fleet; Re-appropriate $393.8K for electric bus charging infrastructure project Total Transportation 630,000 9,325,334 9,955,334 (15,000) 9,940,334 30,000 680,000 30,000 1,530,000 Road and Bridges Capital Street Maintenance 1,640,000 - 1,640,000 - 1,640,000 1,450,000 1,743,000 1,457,000 2,145,000 2024 includes surface seal ($310K); asphalt mill overlay ($550K); Drainage Improvement ($105k) Street Light Improvements 75,000 365,000 440,000 - 440,000 75,000 80,000 80,000 80,000 2023: Re-appropriate street light replacements, town now has electrical supervisor to complete work $290K; Town-wide street light replacement; 2024 - 2025: Annual Town-wide street light replacement ($75K); 2026 - 2028: $80K annual Town-wide street light replacement ($80K); 2024: Re-appropriate street light improvements ($365K) Slifer Plaza/ Fountain/Storm Sewer - 70,714 70,714 - 70,714 - - - - 2024: Re-appropriate $70.7k towards water quality smell issues not completed in 2023 Vail Health / TOV Frontage Road improvements - 235,317 235,317 - 235,317 - - - - 2024: Re-appropriate funds for the remaining project: widen sidewalk at Vail International ($235.3K) Neighborhood Bridge Repair - 1,085,599 1,085,599 - 1,085,599 - 500,000 - - 2024: Re-appropriate funds for complete on going projects at Nugget Ln, Lupine Dr, Bighorn Rd at Pitkin and Bighorn Creeks, as well as scour mitigation at Main Gore Dr and Chamonix Rd ($1.1M); 2026: Kinnikinnick East Bridge Rehabilitation Seibert Fountain Improvements - 27,082 27,082 - 27,082 - 100,000 - - 2024: Re-appropriate funds for fountain upgrades ($27.0K) not complete in 2023; 2026: Placeholder for pump replacement Roundabout Lighting Project - 1,236,697 1,236,697 - 1,236,697 - 2,000,000 - - 2026: New lighting at the West Vail roundabout. Current light poles will be replaced with 30' LED light poles and would incorporate smart transportation equipment such as traffic cameras ($2M); 2024: Re-appropriate funds to complete lighting project at Town Center ($1.2M) Neighborhood Drainage Master Plan Update - - - - - 350,000 - - - 2025: Develop Town Drainage Master Plan to be consistent with new East Vail Drainage Master Plan & updated rainfall intensities Neighborhood Road Reconstruction - 1,588,809 1,588,809 - 1,588,809 - - 1,000,000 - 2024: Re-appropriate funds for Meadow Dr culvert lining project, culvert replacement on Black Gore Dr, design for drainage improvements at Meadow Dr/Meadow Ln ($1.6M) 2027: East Vail Road Drainage Improvements West Lionshead Circle Crosswalk - - - - - - 100,000 650,000 - 2026/2027: $750K for crosswalk at Lionshead place East Vail Interchange Underpass Sidewalk - - - - - - - 750,000 - 2027: Request from the Planning and Environmental Commission to construct a pedestrian sidewalk beneath the East Vail interchange; pedestrian count study at the underpass is recommended to be completed before the start of this project. Project deferred from 2020 to 2027; 2027: Request from the Planning and Environmental Commission to construct a pedestrian sidewalk beneath the East Vail interchange; pedestrian count study at the underpass is recommended to be completed before the start of this project. Project deferred from 2020 to 2027 Vail Village Streetscape/Snowmelt Repair 1,500,000 1,433,961 2,933,961 - 2,933,961 - 1,250,000 - - 2024 - 2026: Replacement of 18 yr. old streetscape and snowmelt infrastructure (piping) in Vail Village; Re-appropriate funds for ongoing Vail Village Streetscape/Snowmelt repair ($1.4M) Vail Road Sidewalk Construction - - - - - 100,000 1,000,000 - - 2025: Sidewalk construction on Vail Rd. between Beaver Damn and Forest Rd. ; 2025/2026: Sidewalk construction on Vail Rd. between Beaver Dam and Forest Rd. East Mill Creek Culvert Replacement - - - - - - - 100,000 1,000,000 2025: Replace the metal pipe culvert from Vail Valley drive from Gold Peak to Manor Vail; 2027/2028: Replace the metal pipe culvert from Vail Valley drive from Gold Peak to Manor Vail Sandstone Creek Culvert Replacement at Vail View - - - - - - - 100,000 1,000,000 2025: Replace the metal pipe culvert at Sandstone Creek and Vail View Drive; 2027/2028: Replace the metal pipe culvert at Sandstone Creek and Vail View Drive Lionshead Streetscape/Snowmelt Replacement (VRA)- 250,000 250,000 - 250,000 - - - - 2024: Re-appropriate funds for the completion of 18 yr. old streetscape and snowmelt infrastructure replacement ($250k) Total Road and Bridge 3,215,000 6,293,179 9,508,179 - 9,508,179 1,975,000 6,773,000 4,137,000 4,225,000 97 Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Technology Town-wide camera system 30,000 - 30,000 - 30,000 50,000 50,000 25,000 25,000 $30K Annual maintenance; 2024-2028: Annual maintenance Audio-Visual capital maintenance 150,000 - 150,000 - 150,000 100,000 50,000 50,000 50,000 Annual maintenance / replacement of audio-visual equipment in town buildings such as Donovan, Municipal building, Grand View, LH Welcome Center; Replacement cycle every 3-5 years Cybersecurity 125,000 - 125,000 - 125,000 125,000 125,000 125,000 125,000 Annual 'Investment in cybersecurity, to keeps up with the ongoing changes that are required to maintain a safe and secure computing environment (previously budgeted in software licensing); 2023: Includes additional firewall purchase; Annual 'Investment in cybersecurity, to keep up with the ongoing changes that are required to maintain a safe and secure computing environment (previously budgeted in software licensing) - $125k Software Licensing 865,000 - 865,000 - 865,000 890,950 917,679 945,209 973,565 Annual software licensing and support for town wide systems (3% Annual Increase) Hardware Purchases 75,000 - 75,000 - 75,000 85,000 85,000 85,000 85,000 2024-2028: Workstation replacements (20-25 per year) Website and e-commerce 70,000 - 70,000 - 70,000 67,500 157,500 67,500 67,500 2024-2028: Annual website maintenance ($60K); 2024: New Website ADA Compliance Tool Implementation ($10K); 2025-2028: Website ADA Compliance Tool Continuation ($7,500); 2026: Placeholder to reevaluate current system and assess the need to upgrade ($90k) Fiber Optics / Cabling Systems in Buildings 50,000 745,626 795,626 - 795,626 50,000 50,000 50,000 50,000 2024-2028: Repair, maintain & upgrade cabling/network Infrastructure ($50K); 2024: Re-appropriate funds towards ongoing construction costs for network upgrade ($595.6K); Increase for higher than expected engineering costs ($150K) Network upgrades 150,000 - 150,000 - 150,000 150,000 125,000 50,000 50,000 Computer network systems - replacement cycle every 3-5 years ($50K); Additional labor costs related to network replacement ($15K); Annual Computer network systems - replacement cycle every 3-5 years Data Center (Computer Rooms)150,000 - 150,000 - 150,000 150,000 150,000 150,000 150,000 2024-2028: $150K data center maint Data Center equipment replacement 1,750,000 - 1,750,000 - 1,750,000 - - - - 2024: Replacement of data center main stacks ($1.75M) Broadband (THOR)110,000 - 110,000 - 110,000 125,000 125,000 125,000 125,000 2024-2028: Annual Broadband Expenses Business Systems Replacement - 90,000 90,000 - 90,000 30,000 100,000 30,000 - 2024: Re-appropriate funds for HR performance management system ($17.5K) and budget software ($40K); Budget software price increase funded with 2023 savings from other business systems ($32.5K) 2025/2027: $30K every other year for parking system upgrades; 2026: Placeholder for Business System Replacements ($100k) Total Technology 3,525,000 835,626 4,360,626 - 4,360,626 1,823,450 1,935,179 1,702,709 1,701,065 Public Safety Public Safety System / Records Mgmt. System (RMS) - - - - - 660,000 - - - Town's portion of Dispatch Records Management system Public Safety IT Equipment 40,000 - 40,000 - 40,000 35,000 35,000 35,000 35,000 Annual Maint/Replacement of PD IT Equipment including patrol car and fire truck laptops and software used to push information to TOV and other agencies; TOV portion of annual Intergraph software maintenance; ; Annual Maintenance/Replacement of PD IT Equipment including patrol car and fire truck laptops and software used to push information to TOV and other agencies; Public Safety Equipment 140,600 48,363 188,963 - 188,963 140,600 117,000 117,000 117,000 Axon body camera system ($125K in 2024-2025; $102K in 2026-2028); Flock LPR Cameras ($15K annually); 2024: Reappropriate Acquisition of two police K9s ($41.0K) and associated vehicle modifications ($7.4k) Terradyne Public Safety Vehicle 145,000 - 145,000 - 145,000 - - - - 2024: $145,000 for the Town of Vail contribution towards the acquisition of a terradyne armored vehicle by the Eagle County Special Operations Unit (Maintenance cost to be funded by the Town of Avon) Fire Safety Equipment - - - - - 45,000 51,000 368,000 230,000 2025: $45K knox box system replacement/upgrade; 2026: $16K drone expansion; $35K Extrication Equipment; 2027: Self Contained Breathing Apparatus Replacement ($368k); 2028: Heavy Hydraulic Extrication Equipment Replacement ($130K); Special Rescue Trailer Replacement ($50K); Fire Hose Replacement ($50K) Thermal Imaging Cameras - - - - - - 15,000 - 15,860 For the purchase of 3 cameras (2019,2020,2022) which will allow firefighters to see through areas of smoke, darkness, or heat barriers; 2026/2028: Placeholders for thermal camera replacement ($15K) Event Equipment - 6,007 6,007 - 6,007 - - - - 2024: Purchase of additional storage container for Santa's Village ($6.0K) Radio Equipment replacement/expansion 720,000 (720,000) - - - 1,020,000 - - - Replacements of radios for PW, PD and Fire (approximately every 5 years); 2024: Defer fire department radio replacement to 2025 Fire Truck Replacement - 787,037 787,037 936,272 1,723,309 - - 1,030,000 - 2024: Re-appropriate remaining costs for Type 3 Engine Upfitting ($19.2K), Aerial Apparatus Upfitting ($760.4K); Re- appropriate Enforcer Aerial Ladder Truck received in 2024 ($936.3K); 2027: E3 Regular Fire Engine Replacement ($1.0M) Total Public Safety 1,045,600 121,407 1,167,007 936,272 2,103,279 1,900,600 218,000 1,550,000 397,860 Community and Guest Service Children's Garden of Learning Temporary Facility Relocation - 32,248 32,248 - 32,248 - - - - 2024: Re-appropriate $32.2K towards ongoing gutter and heat tape repairs and replacements Pepi's Memorial - - - - - - - - - Loading and Delivery Capital - 126,815 126,815 - 126,815 - - - - 2024 includes 3 club car purchases, in addition to the four purchased in 2023 Energy Enhancements 52,500 61,630 114,130 - 114,130 110,000 138,000 264,000 200,000 2024-2028: Installation of EV stations to meet increased demand. There is potential for grants to offset the initial capital cost of the equipment and installation; 2024: Re-appropriate funds for Public Works Shop EV Chargers and electrical service upgrade ($61.6K) Pedestrian Safety Enhancements - 366,213 366,213 - 366,213 200,000 2,000,000 - - 2024: Re-appropriate $16K for lighting crossing at Safeway; $350K Construction of RRFB Pedestrian Crossing at Safeway; 2025/2026 Pedestrian Improvements through Main Vail Underpass 98 Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE CAPITAL PROJECTS FUND Bollard Installation Project - 483,536 483,536 - 483,536 - - - Installation of retractable and standard bollards throughout the Vail & Lionshead Villages and Ford Park ($650K) offset by $250K MMOF Grant in 2023; Re-appropriate funds for ongoing bollard installation project less $45K in funds shifted to loading and delivery project ($483.5K) Civic Area Redevelopment- Dobson - 3,896,275 3,896,275 - 3,896,275 50,350,000 - - - 2024: Re-appropriate funds for ongoing Dobson Redevelopment project ($3.9M); 2025: Placeholder for Civic Area Redevelopment / Dobson Underground Utility improvements 1,700,000 2,487,838 4,187,838 - 4,187,838 - - - - 2024: Underground HCE from Main Vail to East Vail in conjunction with fiber conduit ($1.7M) offset by reimbursement above; Re-appropriate unspent 2023 funds towards project ($2.5M) Guest Services Enhancements/Wayfinding - 759,416 759,416 - 759,416 - 800,000 1,200,000 1,200,000 2024: Re-appropriate funds to complete wayfinding signs project ($8.1K); Re-appropriate ongoing parking and transit signage update project ($751.3K); 2026: VMS Replacements; 2027: Updated Wayfinding Signage Program Electric Vehicle Pilot Program - 78,615 78,615 - 78,615 - - - - 2024: Re-appropriate purchase of Ford F150 lightning for pilot testing. Vehicle Expansion 133,000 193,815 326,815 - 326,815 - 60,000 - - 2024: 2 PD take-home vehicles, final stage of program implementation ($133k); 2026: Additional Vehicle for Deputy Chief of Community Risk Reduction Position ($60k) Total Community and Guest Service 1,885,500 8,486,401 10,371,901 - 10,371,901 50,660,000 2,998,000 1,464,000 1,400,000 Total Expenditures 17,390,600 30,059,716 47,450,316 1,171,272 48,621,588 63,008,850 18,815,763 16,980,140 15,006,300 Other Financing Sources (Uses) Debt Service Payment (1,158,592) - (1,158,592) - (1,158,592) (1,157,048) (1,155,240) (1,153,620) (1,200,000) Annual Debt Payment for PW Shops; Debt Payment for PW Shops Transfer from Vail Reinvestment Authority 200,000 4,341,840 4,541,840 - 4,541,840 14,545,870 6,233,304 6,285,961 6,527,702 2024: Re-appropriate transfer from VRA for Dobson renovation ($3.8M); Children's Garden of Learning Relocation ($32.2K); Frontage Road Enhancements ($220.1K); Lionshead Streetscape/Snowmelt Repairs ($250.0K); 2025/2026: Improvements to S. Frontage Rd Medians ($200K); 2025 - 2028: Dobson Transfer to Housing Fund (2,500,000) - (2,500,000) - (2,500,000) (2,500,000) (2,500,000) (2,500,000) (2,500,000) 2024-2028: $2.5M Transfer to Housing Fund for Vail InDeed program Transfer from Marketing Fund - 6,007 6,007 - 6,007 - - - - 2024: Re-appropriate transfer from the Marketing Fund for Kringle Krossing Storage Container Transfer from General Fund - 48,363 48,363 - 48,363 11,000,000 - - - 2024: Re-appropriate Transfer from Police Seizure Funds to cover K-9 acquisitions ($41K) and K9 Vehicle mods (7K); 2025: Transfer from General Fund towards Dobson Total Other Financing Sources and Uses (3,458,592) 4,396,210 937,618 - 937,618 21,888,822 (2,421,936) (3,367,659) 2,827,702 Revenue Over (Under) Expenditures (841,817) (18,460,801) (19,302,618) (921,272) (20,223,890) (22,014,047) 1,009,937 (1,099,499) 7,615,620 Beginning Fund Balance 49,660,965 49,660,965 49,660,965 29,437,075 7,423,028 8,432,965 7,333,466 Ending Fund Balance 48,819,148 30,358,347 29,437,075 7,423,028 8,432,965 7,333,466 14,949,086 99 Includes Changes since the First Reading Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 Revenue Real Estate Transfer Tax 7,000,000$ -$ 7,000,000$ -$ 7,000,000$ 7,000,000$ 7,140,000$ 7,283,000$ 7,429,000$ 2025 flat; 2026-2028 2.0% annual increase Golf Course Lease 175,151 - 175,151 - 175,151 176,903 178,672 180,458 182,263 Annual lease payment from Vail Recreation District; Rent income funds the "Recreation Enhancement Account" below; Annual lease payment from Vail Recreation District; annual increase will be based on CPI; New rate effective 2020 with lease signed in 2019; Rent income funds the "Recreation Enhancement Account" below Intergovernmental Revenue 270,000 495,960 765,960 85,000 850,960 30,000 30,000 30,000 30,000 2024-2028: $30K lottery proceeds used annual for park projects; 2024: $240K CDPHE Grant for water quality projects; 2024: Re- appropriate Eco Trails Reimbursement for Dowd Junction ($150.0K) and remaining ERWSD Reimbursement for Dowd Junction ($312.2K); Re-appropriate remaining CDPHE Water Quality Grant ($22.9K); Re-appropriate unused potion of CPW Bear Education Grant ($10.8K); Eagle County reimbursement for wildfire risk reduction ($55.0K); Reimbursement from the Vail Recreation District for the Golf Course Stormwater Study ($30.0K) Project Reimbursements 75,000 - 75,000 - 75,000 - - - - 2024: Evergreen Redevelopment Project Reimbursement for Middle Creek Restoration Fund ($75K) Donations - - - 30,000 30,000 - - - - 2024: Logan donation towards Artist in Residency sculpture acquisition Recreation Amenity Fees 10,000 - 10,000 - 10,000 10,000 10,000 10,000 10,000 $10K annually Bag Fees 50,000 47,800 97,800 - 97,800 50,000 50,000 50,000 50,000 2024: Re-appropriate utilization of bag fee towards recycling center catwalk replacement ($9.0K); Utilize bag fees for Zero Hero Waste Program ($38.8K) Earnings on Investments and Other 68,667 - 68,667 - 68,667 211,375 42,332 24,983 20,683 2024-2028: 0.7% return assumed Total Revenue 7,648,818 543,760 8,192,578 115,000 8,307,578 7,478,278 7,451,004 7,578,441 7,721,946 Expenditures Management Fee to General Fund (5%)350,000 - 350,000 - 350,000 350,000 357,000 364,150 371,450 5% of RETT Collections - fee remitted to the General Fund for administration; Increase based on YTD collections ($30K); 5% of RETT Collections - fee remitted to the General Fund for administration Wildland Forest Health Management 695,415 - 695,415 30,000 725,415 730,186 766,695 805,030 845,281 Wildland Operations; 2024: Personnel and supply costs reimbursed by Eagle County for wildfire risk reduction ($30.0K) Wildland Fire Equipment - - - - - - - 13,000 53,800 2027: Wildland hose ($13.0K); 2028: VHF radio replacement ($53.8K) Wildfire Mitigation 10,000 - 10,000 25,000 35,000 10,000 10,000 10,000 10,000 2024-2028: $10K annually to support wildfire mitigation projects as identified in the 2020 Vail Community Wildfire Protection Plan; Burn prep and fuels reduction on Bald Mountain Road funded by Eagle County($25.0K) Fire Free Five - Rebate Program 100,000 73,189 173,189 - 173,189 100,000 - - - 2024-2025: $100K annually for the Fire Free Five Community Assistance Program provides funding to community members for the implementation of defensible space within the first five feet of the building; 2024: Re-appropriate remaining funds towards ongoing Fire Free Five rebate program ($73.2K) Wildland Fire Shelter 17,500 (17,500) - - - - 17,500 - - 2024: Wildland shelter safety device; Deferred to 2026; 2026: Placeholder for wildland shelter safety Fire Free Five - TOV Implementation 50,000 30,000 80,000 - 80,000 - - - - 2024: $50K Continuation of Fire Free Five at TOV facilities; Re-appropriate $30K towards ongoing Fire Free Five projects Total Wildland 872,915 85,689 958,604 55,000 1,013,604 840,186 794,195 828,030 909,081 Parks Annual Park and Landscape Maintenance 2,377,001 - 2,377,001 - 2,377,001 2,402,635 2,448,311 2,474,714 2,521,760 Annual: Ongoing path, park and open space maintenance, project mgmt. Includes trail host program ($20K) Park / Playground Capital Maintenance 179,000 40,000 219,000 - 219,000 186,500 169,000 170,000 169,000 2024: Re-appropriate funds towards improvements of deteriorating wooden structures at Sunbird Park ($40.0K) Tree Maintenance 125,000 - 125,000 - 125,000 85,000 85,000 85,000 85,000 Annual on going pest control, tree removal and replacements in stream tract, open space, and park areas Street Furniture Replacement 35,000 72,000 107,000 - 107,000 35,000 35,000 35,000 35,000 2024: $72K to replace blue Covid picnic tables with a more aesthetically pleasing option Village Art Landscape Enhancements - 25,000 25,000 - 25,000 - - - - 2024: Re-appropriate funds for the planting bed at Squash Blossom on Bridge Street ($25K) Stephens Park Safety Improvements - 19,904 19,904 - 19,904 - - - - 2024: Re-appropriate funds for remaining equipment cost ($4.9K); Installation of a split-rail fence between park and frontage road ($15.0K) Ford Park- Betty Ford Way Pavers - 50,000 50,000 - 50,000 - - - - 2023: $116K for remaining project costs under contract; Construction of new concrete unit paver roadway, new steel guardrail, stream walk intersection improvement, and landscaping improvements. This project would be coordinated with BFAG; 2024: Re- appropriate funds towards grading and landscape final touch up at streamwalk entrance and guardrail ($50.0K) Ford Park Enhancement: Priority 3 Landscape area - 5,946 5,946 - 5,946 - - - - 2023: Re-appropriate $5.9K for landscaping at the Nature Center bridge; 2024: Re-appropriate $5.9K towards on-going landscape repairs and plant material replacement Ford Park Playground Improvements 268,000 229,804 497,804 - 497,804 - 300,000 - - 2023: $243K Safety Improvements to the Ford Park play area including wooden bridge to boulder area, expansion to toddler area, ADA upgrades, and replacement of a safety net; 2024: Completion of safety improvements to the Ford Park play area; Re- appropriate $229.8K to go towards safety improvements at Ford Park playground Ford Park Picnic Shelter - - - - - - 350,000 - - 2026: Replace Ford Park picnic shelter Ford Park Master Plan Capital Design 200,000 - 200,000 - 200,000 - - - - 2024: Design for ADA compliant routes and Tennis Center renovation Turf Grass Reduction 150,000 - 150,000 - 150,000 - - - - 2024: Continuation of Turf Grass Reduction projects at Main Vail and West Vail Roundabouts and Municipal Building Donovan Park Improvements - 20,000 20,000 - 20,000 - - - 2024: Re-appropriate funds to complete rock garden renovations ($20.0K) Willow Park Drainage Improvements - - - - - - 125,000 - - 2026: Improvements to drainage and inefficient irrigation system Pirateship Park Improvements 300,000 - 300,000 - 300,000 - - - - 2024: Safety improvements: replace wood siding and add climber Donovan Park Playground Safety Improvements - - - - - - 275,000 - - 2026: Replace decks, worn equipment , etc. TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND 100 Includes Changes since the First Reading Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Gore Creek Promenade Rehabilitation - 408,897 408,897 (40,000) 368,897 750,000 - - - 2025: Planning, design, and rehabilitation of the Gore Creek Promenade caused by excessive guest visitation. Project would include expansion of heated paver walkways, ground-level wood picnic deck, artificial lawn area, landscape enhancements, and a stream walk connection to the Covered Bridge Pocket Park (Deferred from 2023); 2024: Re-appropriate funds for ongoing project; design work for this project to take place in 2024 ($409K); Shift funds to clean steps between Children's Fountain and Gore Creek Promenade ($40.0K) Steps between Gore Creek Promenade and Children's Fountain - - - 40,000 40,000 - - - - 2024: Tree removal and landscaping on steps from Children's Fountain to Gore Creek Promenade ($40.0K) Lionshead Skate Park Capital Maintenance - - - - - 50,000 - - 2025: Replacement of Lionshead skate park fencing ($50K) reimbursed by the Vail Reinvestment Authority Slifer Fountain Feature Four Repair 75,000 - 75,000 - 75,000 - - - - 2024: Repair plumbing leak in feature supply line in Slifer Plaza ($75k) Buffehr Creek Park Safety Improvements - - - - - - - - 400,000 2028: Replacement 20-yr old playground equipment with custom build deferred from 2025 to 2028 Ellefson Park Safety Improvements - - - - - - - 350,000 - 2027: Replacement 15-yr old playground equipment with custom build (deferred from 2025 to 2027) Total Parks 3,709,001 871,551 4,580,552 - 4,580,552 3,809,135 3,787,311 3,514,714 3,210,760 Rec Paths and Trails Rec. Path Capital Maintenance 150,000 25,000 175,000 - 175,000 85,000 85,000 85,000 85,000 Annual Capital maintenance of the town's recreation path system ($85k); 2024: Recreation path improvements ($65k); 2024: Re- appropriate funds towards shouldering improvements ($25K) Recreation Path Safety Improvements 75,000 - 75,000 - 75,000 - - - - 2024: Design of recreation path safety improvements ($75K) Bike Safety 10,000 - 10,000 - 10,000 10,000 10,000 10,000 10,000 $10K annual cost for bike safety programs Bike Path Signage - 46,081 46,081 - 46,081 - - - - 2024: Re-appropriate funds towards replacement of bike wayfinding signage, striping, and etiquette signage town-wide Pedestrian Bridge Projects 550,000 332,988 882,988 - 882,988 - - - 400,000 2024: $550K for pedestrian overpass; Re-appropriate $333.0K for pedestrian overpass rehab Gore Valley Trail Reconstruction - - - - - 80,000 - 80,000 - 2025/2027: Placeholders for Gore Valley Trail Maintenance East Vail Interchange Improvements - 204,543 204,543 - 204,543 - - - - 2024: Re-appropriate funds for development of a landscape improvement plan due to landscaping and drainage issues ($204.6K) Dowd Junction repairs and improvements - 817,663 817,663 - 817,663 - - - - 2024: Re-appropriate funds for ongoing restabilitzation of Dowd Junction retaining wall ($817.7K) Portalet Enclosures 45,000 8,130 53,130 - 53,130 - - - - Re-appropriate funds for installation of screens received in 2023 ($8.1K) Booth Lake Trailhead Parking Restroom - 2,500 2,500 - 2,500 - - - - 2024: Re-appropriate funds for final landscaping costs ($2.5K) Total Rec Paths and Trails 830,000 1,436,905 2,266,905 - 2,266,905 175,000 95,000 175,000 745,000 Recreational Facilities Golden Peak Pickleball Sound Barriers - 1,498 1,498 - 1,498 - - - - 2024: Re-appropriate funds for purchase of remaining panels ($1.5K) Nature Center Operations 112,654 - 112,654 - 112,654 116,033 119,514 121,905 124,343 Nature Center operating costs(Contract with Walking Mountains) Nature Center Capital Maintenance 8,064 - 8,064 - 8,064 26,291 4,990 14,098 - 2024: path and walkway repairs ($8.1K); 2025: signage ($16.6K); regravel access road ($9.8K); 2026: benches and tables; 2027: Slope roofing ($14.1K); Nature Center Redevelopment - 383,522 383,522 - 383,522 - - - - 2024: Re-appropriate $383.5K for further planning and design for a nature center remodel; Nature Center Construction is currently unfunded Total Recreational Facilities 120,718 385,020 505,738 - 505,738 142,324 124,504 136,003 124,343 Environmental Environmental Sustainability 824,626 (13,500) 811,126 2,880 814,006 865,857 909,150 975,608 1,002,338 2024: Annual operating expenditures for Environmental department (4.25 FTEs); includes $50K for hard-to=recycle events, professional dues to organizations such as CC4CA, Climate Action Collaborative, etc.; $14k sustainability intern, $14K Waste Education intern; $14K Water Quality Intern; 2024: Eliminate one intern position and use savings towards a transfer to General Fund to increase budget and scope of Destination Stewardship Management Plan ($13.5K reduction); Clean-up day volunteer incentives ($2.9K) Recycling and Waste Reduction Programs 95,500 104,900 200,400 - 200,400 100,275 105,289 110,553 116,081 2024: Continue Compost Residential Expansion ($15k); Love Vail Website ($8k); Recycling and Composting Hauls to Eagle County ($25k); Recycling Compliance and Education ($7.5k); Actively Green ($40k); Re-appropriate funds towards business compost program funds ($24.0K), residential compost program funds ($24.0K), and ball cup program funds ($12.1K); $6.0K in additional funding for ball cup order of 12oz cups; Continuation of Zero Hero Waste program ($38.8K) - Funded through bag fees Recycling Center Catwalk Replacement - 16,500 16,500 - 16,500 - - - - 2024: Re-appropriate catwalk replacement at recycling center ($16.5K) - Funded with $9K of bag fees Ecosystem Health 234,017 375,000 609,017 - 609,017 235,218 246,979 259,328 272,294 2024: CC4CA Retreat Host Community ($18k); Open Lands Plan Implementation ($32k); Strategic Plan Rollout / Completion ($10k); Sustainable Destination Recertification & Fees ($20k); Sustainable Destination Reporting, Travel, Program ($25k); USFS Front Ranger Program ($29k); Wildlife Habitat Improvements, Wildlife Forum ($100k); Re-appropriate funds towards Dowd Junction Safe Passage Study partnership with CDOT ($175.0K), wildlife habitat improvements ($100.0K), biodiversity study ($50.0K), and ongoing Protect Wildlife bear campaign ($36.8K); additional funds for ongoing Protect Wildlife bear campaign ($13.2K) Energy & Transportation 122,500 15,000 137,500 - 137,500 102,375 107,494 112,868 118,512 2024-2028: Energy Smarts ($40K); Sole Power ($5K); Sole Power App ($50K); Greenhouse Gas Inventory ($25K); Energy-related education and outreach ($2.5K); 2024: Car share feasibility study ($15.0K) E-Bike Programs 243,000 - 243,000 - 243,000 255,150 267,908 281,303 295,368 E-Bike Share$225K; E-Bike Ownership program ($18K); $15K for E-Bike Rebate program E-Bike Share Infrastructure - 14,711 14,711 - 14,711 - - - - E-Bike Share Infrastructure- Gravel pads and bike racks; 2024: Re-appropriate funds for additional gravel pads and bike racks ($14.7K) 101 Includes Changes since the First Reading Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Streamtract Education/Mitigation 30,000 - 30,000 - 30,000 30,000 30,000 30,000 30,000 2024 - 2028: Annual streamtract education programming such as "Lunch with Locals" landscape workshops ($50k), City Nature Challenge and storm drain art Water Quality Infrastructure - 195,007 195,007 - 195,007 - - - - 2024: Re-appropriate funds for ongoing water quality infrastructure project ($195.0K) Water Quality Maintenance 285,000 - 285,000 65,000 350,000 216,300 222,789 229,473 236,357 2024-2028: Annual cleaning and draining of frog gutter bins ($150k) and water quality vaults ($60k); 2024: Placeholder for updated water quality study ($75K); 2024: Increase in cost of cleaning of frog gutter bins and water quality vaults based on higher- than-expected spring-time cleaning costs ($35K); Increase in cost for golf course water quality study, offset by reimbursement from VRD ($30.0K) Streambank Mitigation - 35,000 35,000 - 35,000 - - - - 2024: Re-appropriate funds for streambank planting project ($35K) Middle Creek Restoration Fund 75,000 - 75,000 - 75,000 - - - - 2024: The Evergreen redevelopment project is required to provide a restoration plan for Middle Creek. The property is owned by the Town of Vail. The Town will fund the restoration plan and be reimbursed by the developer (reimbursement included above) Private Streambank Mitigation Program 80,000 - 80,000 - 80,000 50,000 50,000 50,000 50,000 2024 - 2028: Private Streambank Mitigation Program Booth Heights Open Space - 18,778,754 18,778,754 - 18,778,754 - - - - 2024: Re-appropriate acquisition of Booth Heights parcel for open space ($17.6M); Increase acquisition cost for additional legal fees ($1.1M) Gore Creek Interpretive Signage - 222,165 222,165 - 222,165 - - - - 2024: Re-appropriate funds towards ongoing project ($190.5K); New request of $32K for Gore Creek signage using savings from the 2023 streambank restoration project for increased costs Energy Efficiency Performance Contract 150,000 - 150,000 - 150,000 - - - - 2024: Placeholder for an energy audit to facilitate an Energy Efficiency Performance Contract. Total Environmental 2,139,643 19,743,537 21,883,180 67,880 21,951,060 1,855,175 2,089,608 2,049,133 2,120,950 Art Public Art - Operating 188,525 - 188,525 - 188,525 197,951 207,849 218,241 229,153 2024 - 2028: Art in Public Places programming and operations Public Art - General program / art 60,000 83,167 143,167 30,000 173,167 60,000 60,000 60,000 60,000 2024: Re-appropriate funds to purchase sculptures, artwork, art programs and events ($423.2K); Utilize funds for Art Space Studio construction ($360K); Logan donation towards Broel sculpture acquisition- see corresponding revenue above; 2024-2028: Annual funds purchase sculptures, artwork, art programs and events; remainder is re-appropriated each year to accumulate enough funds. ($60k) Public Art - Winterfest 30,000 49,383 79,383 - 79,383 30,000 30,000 30,000 30,000 2024: Re-appropriate donated funds towards 2024 Winterfest program; 2024-2028: $30K Winterfest budget. Seibert Memorial Statue- Maintenance - 11,692 11,692 - 11,692 - - - - 2024: Re-appropriate donated funds towards upkeep of sculpture ($11.7K) Art Space - 1,420,375 1,420,375 - 1,420,375 - - - - 2024: Re-appropriate funds towards construction of Art Space Studio in Ford Park ($760.4K); $660K cost increase funded by $360K of General Program Art Funds and $300K of 2023 RETT savings Artist In Residency - Operating 30,000 - 30,000 - 30,000 62,500 62,500 62,500 62,500 2024 - 2028: Operating costs for artist in residency program utilizing the new Art Space Artist In Residency - Capital Art Acquisitions 20,000 - 20,000 - 20,000 37,500 37,500 37,500 37,500 2024 - 2028: Capital art acquisition costs associated with artist in residency program. Total Art 328,525 1,564,617 1,893,142 30,000 1,923,142 387,951 397,849 408,241 419,153 Community Council Contribution: Betty Ford Alpine Garden Support 79,195 - 79,195 - 79,195 76,142 76,142 76,142 77,665 Annual operating support of the Betty Ford Alpine Gardens; annual increase to follow town's general operating annual increase Council Contribution: Eagle River Watershed Support 42,000 - 42,000 - 42,000 42,840 42,840 42,840 43,697 Annual support of the Eagle River Watershed Council programs Council Contribution: Trail Alliance 17,500 - 17,500 - 17,500 - - - - 2024: Adopt A Trail Council Contribution for trails in or bordering the Town Total Contributions 138,695 - 138,695 - 138,695 118,982 118,982 118,982 121,362 VRD-Managed Facilities & Maintenance Recreation Enhancement Account 175,151 364,170 539,321 - 539,321 176,903 178,672 180,458 182,263 Annual rent paid by Vail Recreation District; to be re-invested in asset maintenance; 2024: Re-appropriate funds to be re-invested in maintenance ($354.9K); Additional $9.3K for lease payment collected over budget Recreation Facility Maintenance 22,000 - 22,000 - 22,000 22,000 22,000 22,000 22,000 facility maintenance Synthetic Turf Replacement - 472,000 472,000 - 472,000 - - - - 2024: Re-appropriate funds towards synthetic turf replacement ($472K) Golf Clubhouse 13,708 (1,224) 12,484 - 12,484 131,323 64,060 - 58,319 2024: Heat tape replacement ($13.7K); 2025: circulation pumps ($98.0K), clubhouse parking lot mill & overlay ($23.9K), clubhouse signage ($9.4K); 2026: Stucco/stone ($37.3K), wood trim ($26.8K); 2028: Clubhouse exterior door replacement ($32.2K), Clubhouse parking lot mill & overlay ($26.2K) Athletic Field Restroom/Storage Building - 1,000,000 1,000,000 - 1,000,000 - - - - 2024: Re-appropriate $1.0M for the replacement of existing restroom/concession with new 2000 sq. ft. restroom/storage building. Golf Course - Other 22,020 410,049 432,069 - 432,069 3,954 237,660 169,325 33,359 2024: Maintenance building Gas Fired Heater ($6.5k); Maintenance building overhead radiant heating ($12.9k); Maintenance building wood privacy fencing ($2.7k); 2024: Re-appropriate $410K for completion of golf course projects; 2025: Maintenance building asphalt driving and parking area; 2026: Maintenance building streambank restoration ($234.1K) exterior doors ($3.5K); 2027: Split costs: 1st hole path planking ($77.6K); 1st hole bridge planking and stone veneer ($53.4K); 2nd hole bridge planking ($14.2K), 11th hole ped bridges ($18.9K); 2028: Maintenance building stucco ($25.2K), Maintenance building asphalt ($4.7K), Maintenance building wood privacy fencing ($3.4K) Drainage Improvements & Fence near Golf Maintenance Building 295,410 - 295,410 - 295,410 - - - - 2024: Drainage and grading improvements and fence repair near golf maintenance building ($295K) Dobson Ice Arena 17,336 626,395 643,731 - 643,731 118,815 - - - 2024: Wood trim repairs ($11.3), chemical feed system repairs ($6.0K); 2025: Boiler and circulation system ($77.2K), Water filtration issues ($27.6K); Exhaust Stacks ($3.7K); 2024: Re-appropriate funds towards repairs not completed in 2023 ($626.4K) 102 Includes Changes since the First Reading Proposed 1st 2024 2nd 2024 2024 Supplemental Amended Supplemental Amended 2025 2026 2027 2028 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE REAL ESTATE TRANSFER TAX FUND Ford Park / Tennis Center Improvements 13,261 137,593 150,854 - 150,854 54,166 1,462,552 - - 2024: Furnace, hot water tank, baseboards replacement ($13.3K); Re-appropriate funds towards incomplete projects ($137.6K) 2025: Wood siding and windows ($54.2K); 2026 includes a rebuild of tennis courts, retaining walls, and court fencing Athletic Fields 9,362 107,185 116,547 - 116,547 99,319 - 26,704 - 2024: Asphalt parking lot repairs ($9.3K); Re-appropriate grading and drainage repairs ($108.2K); 2025: Asphalt parking lot ($99.3K); 2027: Asphalt parking lot repairs ($11.1K), wood structure paint ($9.3K), wood trim, post, & beam repair ($6.2k) Gymnastics Center - 219,399 219,399 - 219,399 59,041 - - - 2024: Re-appropriate ongoing repairs from 2023 ($354.9K); 2025: Furnace ($27.6K), Elevator ($27.6K); concrete stairs and walkways (3.0K); Total VRD-Managed Facilities & Maintenance 568,248 3,335,567 3,903,815 - 3,903,815 665,520 1,964,944 398,487 295,941 Total Expenditures 9,057,745 27,422,886 36,480,631 152,880 36,633,511 8,344,273 9,729,393 7,992,739 8,318,040 Other Financing Sources (Uses) Transfer from/(to) General Fund for Booth Heights (282,199) 3,844,699 3,562,500 - 3,562,500 (200,056) (200,056) (200,056) (200,056) Payback of funds for Booth Heights acquisition costs over 20 years, 2024-2043 - $5.64M; 2024: Re-appropriate transfer of a loan from the General Fund for the acquisition of the Booth Heights Parcel ($5.6M) Transfer from/(to) General Fund - Other - (13,500) (13,500) 2,880 (10,620) - - - - 2024: Transfer to General Fund for increase in budget and scope of Destination Stewardship Management Plan; Transfer from General Fund for Clean-Up Day volunteer incentives Revenue Over (Under) Expenditures (1,691,126) (23,047,927) (24,739,053) (35,000) (24,774,053) (1,066,052) (2,478,445) (614,354) (796,151) Beginning Fund Balance 31,887,550 31,887,550 31,887,550 7,113,497 6,047,445 3,569,000 2,954,646 Ending Fund Balance 30,196,424$ 7,148,497$ 7,113,497$ 6,047,445$ 3,569,000$ 2,954,646$ 2,158,495$ 103 TOWN OF VAIL PROPOSED AMENDED 2024 BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE HOUSING FUND Proposed 2024 1st 2024 2nd 2024 Budget Supplemental Amended Supplemental Amended Revenue Housing Sales Tax 4,950,000$ 4,950,000$ 4,950,000$ Transfer in from Capital Projects Fund 2,500,000 2,500,000 2,500,000 Workforce Housing Sales 475,000 475,000 625,000 1,100,000 Estimated resale revenue for Pitkin Creek #3B (Placeholder) Total Revenue 7,450,000 475,000 7,925,000 625,000 8,550,000 Expenditures Housing Programs InDeed Program 2,500,000 680,089 3,180,089 (160,444) 3,019,645 Utilize $160.4K from InDeed placeholder to purchase Pitkin Creek #3B above estimated resale revenue Buy Down Housing 106,891 106,891 106,891 Future Purchases 1,500,000 1,500,000 1,500,000 Pitkin Creek Unit #14A 4,000 4,000 4,000 Pitkin Creek Unit #3B 785,444 785,444 Utilize resale revenue of $625K and $160.4M of InDeed funds to purchase Pitkin Creek #3B Construction Housing Projects Timber Ridge Redevelopment 80,920 80,920 80,920 W. Middle Creek Development 3,892,046 3,892,046 3,892,046 W. Middle Creek Development Legal Fees Contingency 50,000 50,000 50,000 Residences at Main Vail Opportunity Fee 50,000 50,000 Re-appropriation of remaining RMV opportunity fee Land Purchases for future Housing CDOT Parcel Acquisition Placeholder 5,920,000 5,920,000 5,920,000 Eagle-Vail Parcel Placeholder 50,000 50,000 50,000 Total Expenditures 2,500,000 12,283,946 14,783,946 675,000 15,458,946 Operating Income 4,950,000 (11,808,946) (6,858,946) (50,000) (6,908,946) Other Finance Sources (Uses Transfer to Timber Ridge- Site and Podium (9,000,000) (93,105) (9,093,105) (9,093,105) Transfer to Timber Ridge- CDOT Land Acquisition (1,715,000) (1,715,000) (1,715,000) Total Other Finance Sources (Uses)(9,000,000) (1,808,105) (10,808,105) - (10,808,105) Surplus (Deficit) Net of Transfers and One-Time Items (4,050,000) (13,617,051) (17,667,051) (50,000) (17,717,051) Beginning Fund Balance 18,784,163 18,784,163 18,784,163 Ending Fund Balance 14,734,163$ 1,117,111$ 1,067,111$ 104 TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE VAIL MARKETING & SPECIAL EVENTS FUND Proposed Proposed 2024 1st 2024 2nd 2024 Budget Supplemental Amended Supplemental Amended Revenue Business Licenses 345,000$ 345,000$ 345,000$ Transfer in from General Fund 2,600,000 2,600,000 2,600,000 Earnings on Investments 250 250 250 Total Revenue 2,945,250 - 2,945,250 - 2,945,250 Expenditures Commission on Special Events (CSE) :4 CSE Surveys 54,000 54,000 54,000 Education & Enrichment 154,530 154,530 (18,030) 136,500 Visitor Draw 684,648 684,648 50,622 735,270 Recreation 75,000 75,000 49,000 124,000 Signature Events 1,095,252 1,095,252 (81,592) 1,013,660 Town Produced Events:801,000 (6,007) 794,993 794,993 NYE/4th of July Display 58,000 58,000 58,000 Ambient Event Funding: Music in the Villages 237,978 237,978 237,978 Collection Fee - General Fund 17,250 17,250 17,250 Total Expenditures 3,177,658 (6,007) 3,171,651 - 3,171,651 Other Financing Sources (Uses) Transfer to Capital Projects Fund - (6,007) (6,007) (6,007) Revenue Over (Under) Expenditures (232,408) - (232,408) - (232,408) Beginning Fund Balance 347,609 347,609 347,609 Ending Fund Balance 115,201$ 115,201$ 115,201$ 105 Proposed 2024 2nd 2024 Budget Supplemental Amended Revenue E911 Board Revenue 1,167,993$ 1,167,993$ Interagency Charges 1,598,162 1,598,162 Town of Vail Interagency Charge 691,448 691,448 Earnings on Investments and Other 5,000 5,000 Total Revenue 3,462,603 - 3,462,603 Expenditures Salaries & Benefits 2,867,907 2,867,907 Operating, Maintenance & Contracts 613,342 14,400 627,742 Additional fiber cabling charges ($14.4K) Capital Outlay - 194,200 194,200 Mobile Responder functionality add-on to CAD software ($194.2K) Total Expenditures 3,481,249 208,600 3,689,849 Revenue Over (Under) Expenditures (18,646) (208,600) (227,246) Beginning Fund Balance 2,237,191 2,237,191 Ending Fund Balance 2,218,545$ 2,009,945$ TOWN OF VAIL PROPOSED AMENDED 2024 BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE DISPATCH SERVICES FUND 106 Proposed 2024 1st 2024 2nd 2024 Budget Supplemental Amended Supplemental Amended Revenue Rental Income 466,438$ 466,438$ 466,438$ Other Income 3,681 3,681 3,681 Total Revenue 470,119 - 470,119 - 470,119 Expenditures Operating, Maintenance & Contracts 171,872 125,624 297,496 297,496 Contingency 50,000 50,000 50,000 Total Expenditures 171,872 175,624 347,496 - 347,496 Operating Income 298,247 (175,624) 122,623 - 122,623 Non-operating Revenues (Expenses) Interest on Investments 12,500 12,500 12,500 Loan Principal Repayment to Capital Projects Fund (401,508) (401,508) (401,508) Interest Payment to Capital Projects Fund (61,447) (61,447) (61,447) Total Non-operating Revenues (Expenses)(450,455) - (450,455) - (450,455) Site/Podium/Land Transfer from Housing Fund- CDOT Land Acquisition 1,715,000 1,715,000 1,715,000 CDOT Land Acquisition (1,715,000) (1,715,000) (4,650) (1,719,650) Recording fees for acquisition ($4.7K) Site and Podium- Timber Ridge Redevelopment (32,749,840) (2,529,363) (35,279,203) (35,279,203) Redevelopment Legal Fee Contingency (50,000) (50,000) (50,000) Transfer from Housing Fund- Site and Podium 9,000,000 93,105 9,093,105 9,093,105 Transfer from General Fund- Site and Podium 23,749,840 2,472,500 26,222,340 26,222,340 Total Site and Podium - (13,758) (13,758) (4,650) (18,408) Building A- Debt Service Loan from GF for Subsidy 4,300,000 4,300,000 4,300,000 Building D - Purchase Price (5,847,933) (5,847,933) (5,847,933) Total Building A- Debt Service (1,547,933) - (1,547,933) - (1,547,933) Revenue Over (Under) Expenditures (1,700,141) (189,382) (1,889,523) (4,650) (1,894,173) Beginning Fund Balance 2,898,789 2,979,783 2,979,783 Ending Fund Balance 1,198,648$ 1,090,260$ 1,085,610$ TOWN OF VAIL 2024 PROPOSED AMENDED BUDGET SUMMARY OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE TIMBER RIDGE FUND 107 Ordinance No. 8, Series of 2024 ORDINANCE NO. 8 SERIES OF 2024 AN ORDINANCE MAKING BUDGET ADJUSTMENTS TO THE TOWN OF VAIL GENERAL FUND, CAPITAL PROJECTS FUND, REAL ESTATE TRANSFER TAX FUND, HOUSING FUND, DISPATCH SERVICES FUND, AND TIMBER RIDGE FUND OF THE 2024 BUDGET FOR THE TOWN OF VAIL, COLORADO; AND AUTHORIZING THE SAID ADJUSTMENTS AS SET FORTH HEREIN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, contingencies have arisen during the fiscal year 2024 which could not have been reasonably foreseen or anticipated by the Town Council at the time it enacted Ordinance No. 24, Series of 2023, adopting the 2024 Budget and Financial Plan for the Town of Vail, Colorado; and, WHEREAS, the Town Manager has certified to the Town Council that sufficient funds are available to discharge the appropriations referred to herein, not otherwise reflected in the Budget, in accordance with Section 9.10(a) of the Charter of the Town of Vail; and, WHEREAS, in order to accomplish the foregoing, the Town Council finds that it should make certain budget adjustments as set forth herein. NOW, THEREFORE, BE IT ORDAINED, BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO that: 1. Pursuant to Section 9.10(a) of the Charter of the Town of Vail, Colorado, the Town Council hereby makes the following budget adjustments for the 2024 Budget and Financial Plan for the Town of Vail, Colorado, and authorizes the following budget adjustments: General Fund $ 300,356 Capital Projects Fund 1,171,272 Real Estate Transfer Tax Fund 152,880 Housing Fund 675,000 Dispatch Services Fund 208,600 Timber Ridge Fund 4,650 Interfund Transfers (2,880) Total $ 2,509,878 2. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or 108 Ordinance No. 8, Series of 2024 more parts, sections, subsections, sentences, clauses or phrases be declared invalid. 3. The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. 4. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 2nd day of July 2024, and a public hearing shall be held on this Ordinance on the 16th day of July, 2024, at the regular meeting of the Town Council of the Town of Vail, Colorado, in the Municipal Building of the town. _______________________________ Travis Coggin, Mayor ATTEST: ___________________________ Stephanie Kauffman, Town Clerk 109 Ordinance No. 8, Series of 2024 READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED IN FULL this 16th day of July 2024. _____________________________ Travis Coggin, Mayor ATTEST: ________________________________ Stephanie Bibbens, Town Clerk 110