HomeMy WebLinkAbout2024-51 A Resolution Approving a First Amendment to Second Amended and Restated Development Agreement between Town of Vail and Triumph Timber Ridge LLCRESOLUTION NO. 51
Series of 2024
A RESOLUTION APPROVING A FIRST AMENDMENT TO SECOND AMENDED AND
RESTATED DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND
TRIUMPH TIMBER RIDGE, LLC
WHEREAS, on July 26, 2024 the Town of Vail and Triumph Timber Ridge, LLC
entered into the Second Amended and Restated Development Agreement (the “Restated
Agreement”);
WHEREAS, the parties wish to amend the Restated Agreement pursuant to the
terms set forth in Exhibit A, attached hereto and incorporated herein by this reference
(the "First Amendment").
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL, COLORADO THAT:
Section 1. The Town Council hereby approves the First Amendment 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 First Amendment
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 5th day of November, 2024.
_________________________
Travis Coggin, Mayor
ATTEST:
Stephanie Kauffman, Town Clerk
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FIRST AMENDMENT TO SECOND AMENDED AND RESTATED DEVELOPMENT
AGREEMENT
This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED
DEVELOPMENT AGREEMENT (the "First Amendment") is entered into as of
__________, 2024 (the "Effective Date"), by and between the Town of Vail, a Colorado
home rule municipality (the "Town"), and Triumph Timber Ridge, LLC, a Delaware limited
liability company ("Developer") (each a "Party" and collectively the "Parties").
WHEREAS, on July 26, 2024, the Parties entered into the Second Amended and
Restated Development Agreement, which was recorded in the office of the Clerk and
Recorder for Eagle County, Colorado, on July 30, 2024 at Reception No. 202408467 (the
"Development Agreement");
WHEREAS, the Parties wish to amend the Development Agreement.
NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties agree as follows:
1. Section 1.a of the Development Agreement is deleted in its entirety and replaced
with the following:
a.Design and Layout. The Development will consist of: 302 residential
dwelling units (each a "Unit") in 7 individual buildings, with a total of 539 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, 90 one-bedroom Units, 79 two-bedroom
Units, 67 three-bedroom Units, and 8 four-bedroom Units.
2. Section 1.b of the Development Agreement is deleted in its entirety and replaced
with the following:
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, or in connection with any direction
or approvals of the Town of Vail Design Review Board, with approval of both
Parties, without the necessity of an amendment to this Agreement."
3.Exhibit C attached to the Development Agreement is hereby deleted in its entirety
and replaced with the document attached to this First Amendment as Exhibit C.
4.Exhibit G attached to the Development Agreement is hereby deleted in its entirety
and replaced with the document attached to this First Amendment as Exhibit G.
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5. Except as provided in this First Amendment, the terms and provisions of the
Development Agreement are unmodified and in full force and effect, and the Parties ratify
and acknowledge the Development Agreement as amended hereby.
IN WITNESS WHEREOF, the Parties have executed this First Amendment as of
the Effective Date.
TOWN OF VAIL, COLORADO
________________________________
Russell Forest, Town Manager
ATTEST:
____________________________
Stephanie Kauffman, Town Clerk
TRIUMPH TIMBER RIDGE, LLC
By: Triumph Development West, LLC,
its Manager
By: _____________________________
Name: __________________________
Title: ___________________________
STATE OF ___________________ )
) ss.
COUNTY OF _________________ )
Subscribed and sworn to before me this ______ day of _________, 2024, by
____________ as ______________________ for Triumph Development West, LLC, as
Manager of Triumph Timber Ridge, LLC.
WITNESS MY HAND AND OFFICIAL SEAL.
My commission expires: _______________________________
Notary Public
EXHIBIT
5/13/2024 REV 9/24/2024 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 $123,874,084
Developer Obligation (does
not include the sales and
marketing cost)
add $497,400
for Building A
revisions
Total Estimated Development Cost $172,935,575
Sales:
Gross Sales Proceeds $190,700,860
(includes $1,176,000 of sales
and marketing cost)
Sales and Marketing Cost $1,176,000
Proceeds less sales costs $189,524,860
Construction Loan
Repayment $125,050,084
Remainder: to be split $65,650,776
Split:Town of Vail Developer
$49,061,491 $16,400,000
NOTE: Estimated Development Cost and Sales as of 9/24/24