HomeMy WebLinkAboutB07-0275 Development Improvement Agreement 110107 , �
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IRREVOCABLE LETTER OF CREDIT FORMAT
Legal Description: Attached hereto as Exhibit A
Subdivision: Vail Villape First Filin4
Address: 141 & 143 E. Meadow Drive
Developer: Solaris Prooertv Owner. LLC
Project Number: PRJ05-0569
Permit Number: D07-0001
Improvement Completion Date: November 1, 2007
DEVELOPER IMPROVEMENT AGREEMENT
THIS AGREEMENT, made and entered into this 6th day of September 2007, by and
among Solaris Property Owner, LLC (the "Deve/ope�"), and the Town of Vail (the "Town").
•
RECITALS
WHEREAS, the Developer wishes to secure a addendum to the demolition permit issued
April 27, 2007, (the "Addendum") for the mixed-use condominium project commonly referred to
as the Crossroads of Vail (the "Crossroads") an�ted at 141 & 143 East Meadow Drive, Vail,
Colorado 81657 (the "Propert�');
WHEREAS, the ow req s all develop�� provide security or collateral ensuring the
completion of certain i ro men rior to issuing demolition permits for existing structures (the
"Security'); and ��
.
WHEREAS, the Developer i o furnish such S c y ��t to the iss c of the
Addendum and the terms and conditions set forth below. .
•
•
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth, the Developer and the Town agree as follows:
1. Security for Improvements. Subject to the Town's issuance of the Addendum for
Crossroads, the Developer shall provide the Town with an irrevocable letter of credit sufficient, in
the Town's judgment, to secure the restoration of the Property to a Park-Like Condition (as
hereinafter defined) should the Developer fail to redevelop the Property subsequent to the
demolition (the "Restoration").
2. Property Restoration. For purposes of this Agreement, restoring the Property to
a "Park-Like Condition" means grading, adding topsoil, installing surface irrigation and
hydroseeding the Property in accordance with the approved plans and specifications filed in the
office of the Community Development Department of the Town of Vail and the proposal attached
hereto as Exhibit B and incorporated herein by this reference.
3. Letter of Credit. To secure completion of the Restoration, the Developer agrees
to establish an irrevocable letter of credit in the amount $191,241.88 in the form attached hereto
as Exhibit C (the "Letter of Credit"). Should the Developer fail to perform its obligations pursuant
to this Agreement, the Town shall be permitted to draw on such Letter of Credit to complete the
Restoration.
Page 1 of 5
4. Scope of Work. The Developer agrees, at its sole cost and expense, to furnish all
equipment and materials necessary to demolish Crossroads and, if necessary, complete the
Restoration in accordance with the provisions of this Agreement. If the Developer demolishes
Crossroads, the Developer shall, on or before November 1, 2007, either(a) submit an application
for an Excavation/Grading Permit, (b) complete Restoration of the Property or (c) furnish the
Town with a new letter of credit securing the completion of the Restoration. If Developer fails to
satisfy the foregoing condition, the Town shall be entitled to draw on the letter of credit to
complete the Restoration.
5. Standard of Performance. The Developer shall complete, in a good workmanlike
manner, all improvements referred to in this Agreement, in accordance with all approved plans
and specifications filed in the office of the Community Development Department of the Town of
Vail, and to do all work incidental thereto according to and in compliance with the following:
a. in the event work is required pursuant to the terms of this Agreement, all
said work shall be done under the inspection of, and to the reasonable satisfaction
of, the Town Planner, the Town Engineer, the Town Building Official, or other
official from the Town of Vail, as affected by special districts or service districts, as
their respective interest may appear, and shall not be deemed complete until
approved and accepted as completed by the Community Development
Department and Public Works Department of the Town of Vail.
6. Substitution. The Developer may at any time substitute the security originally set
forth above for another form of security or collateral acceptable to the Town to guarantee the
faithful completion of those improvements referred to in this Agreement and the performance of
the terms of this Agreement. Such acceptance by the Town of alternative security or collateral
shall be at the Town's sole discretion. _
7. Liability. The Town shall not, nor shall any officer or employ�ee thereof, be liable
or responsible for any accident, loss or damage happening or occurring to the work specified in
this Agreement prior to the completion and acceptance of the same, nor shall the Town, nor any
officer or employee thereof, be liable for any persons or property injured by reason of the nature
of said work, but all of said liabilities shall and are hereby assumed by the Developer.
8. Indemnity. The Developer hereby agrees to indemnify and hold harmless the
Town, and any of its officers, agents and employees against any losses, claims, damages, or
liabilities to which the Town or any of its o�cers, agents or employees may become subject to,
insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise
out of or are based upon any performance by the Developer hereunder; and the Devetoper shall
reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in
connection with investigating or defending any such loss, claim, damage, liability or action. This
indemnity provision shall be in addition to any other liability which the Developer my have.
9. Partial Release. It is mutually agreed that the Developer may apply for and the
Town may authorize a partial release of the security provided to the Town for each category of
improvement at such time as such improvements are constructed in compliance with all plans
and specifications as referenced hereunder and accepted by the Town. Under no condition shall
the dollar amount of the security provided to the Town be reduced below the dollar amount
necessary to complete all uncompleted improvements referred to in this Agreement.
Notwithstanding the foregoing, upon issuance of a full Building Permit for the Property, the
security provided hereby shall be immediately released by the Town to the Developer.
Page 2 of 5
. �
10. Compliance. In the event that work is required pursuant to the terms of this
Agreement and if the Town determines, at its reasonable discretion, that any of the improvements
referred to in this Agreement are not constructed in compliance with the approved plans and
specifications filed in the office of the Community Development Department of the Town of Vail or
not accepted by the Town as complete on or before the date set forth in Paragraph 1 of this
Agreement, the Town may, but shall not be required to, draw upon the security referred to in this
Agreement and complete the uncompleted improvements referred to in this Agreement.
11. Self-Help; Town. In the event that work is required pursuant to the terms of this
Agreement and the Town completes all or any portion of the improvements referred to in this
Agreement and if the costs of completing the uncompleted improvements referred to in this
Agreement exceed the dollar amount of the security provided to the Town, the excess, together
with interest at finrelve percent (12%) per annum, shall be a lien against the property and may be
collected by civil suit or may be certified to the treasurer of Eagle County to be collected in the
same manner as delinquent ad valorem taxes levied against such property. If the Developer fails
or refuses to complete the improvements referred to in this Agreement, such failure or refusal
shall be considered a violation of Title 12 (Zoning Regulations), of the Vail Town Code, and the
Developer shall be subject to penalties pursuant to Section 12-3-10 (Violations: Penalties) and
Chapter 1-4 (General Penalty), Vail Town Code. In the event that Developer has received written
notice from the Town of Developer's failure to complete any improvements hereunder and
Developer has commenced to cure such failure within fifteen (15) days (the "Cure Period'),
Developer shall be allowed to extend the Cure Period for such reasonable period as is required
for Developer to cure the failure.
12. Warranty. The Developer shall warranty the work and materials of all
improvements referred to in this Agreement located on Town property or within a Town right-of-
way, pursuant to Chapter 8-3, of the Vail Town Code, for a period of two years after the Town's
acceptance of said improvements.
13. Amendment. The parties hereto mutually agree that this Agreement may be
amended from time-to-time, provided that such amendments shall be in writing and executed by
all parties hereto.
14. Successors; Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Developer may
assign this Agreement in whole or in part, without the prior consent of the Town, to any entity or
person who may obtain title to the Property from Developer.
[Proceed to Signature Page]
Page 3 of 5
SOLARIS PROPERTY OWNER, LLC
By: Ree Weil its A orized Agent
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
/t�
The foregoing Developer Improvement Agreement was acknowledged before me this (�
day of September 2007 by Reed Weily, the Authorized Agent of Solaris Property Onwer, LLC.
Witness my hand and official seal.
My commission expires D�-[�Ll �`Y�l 0
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STATE OF COLORADO )
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COUNTY OF EAGLE )
The foregoing Developer Improvement Agreement was acknowledged before me this ��"
day of September 2007 by re� �►Y,obri l � , the � for the Town of
Vail. �-' �'�^�
Witness my hand and officiat seal.
�,�, mission expires: u
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Page 4 of 5
ATTACHED COPIES OF THE LEGAL DESCRIPTION. ESTIMATED BID
AND LETTER OF CREDIT
Page 5 of 5
LEGAL DESCRIPTION
CROSSROADS I: .
'FHAT CBRTAIN C�MMERCIA�,CRV j,2Y THE CROSSROADS OF VAIL, A CONDOMINIUM,IN
ACCORDANCE WI"FH THE CO�UM DECLARATIQN RECORDED DECEMBER 2, 1968 TN BOOK
214 AT PAGfi 261 AND THE FRtST AMENDMENT THERETO RECORDED FEBRUARY 7, 1977 IN
BOOK 252 AT PAGE 353 AS SHOWN ON THAT CERTAIN COND4MINIUM MAP OF CROSSROADS OF
VAIL RECORDED DECEMBER 2, 1968 IN BOOK 214, AT PAGE 262, AND THE CORRECTED
CONDOMII�IIUM MAP OF CROSSROADS OF VAIL RECORDED ON FEBRUARY 25, 1969 IN BOOK
214, AT PAGE 686,TOGETHER WITH THE UNDIVIDED INTERESTS THEREIN, WHICH SUCH
COMMERCIAL CRV IS LOCATED ON THAT CERTAII�1 PARCEL 4F PROPERTY MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
A PORTION OF LOT P, BLOCK SD VAIL VILLAGE, FIRST FILING, A SUBDIVISION IN THE
TOWN OF VATL, COUNTY OF EAGLE,STATE OF COLORADO DESCRIBED AS FOLLOWS:
C4MMENCING ON THE NORTHWEST CORNER OF SAID LOT P;THENCE SOUTH 79 DEGREES 46
MINUTES 00 SECONDS EAST AND ALONG THE NORTHERLY LTNE OF SAID LOT P A DISTANCE
OF 44.90 PEET TO THE TRUE POINT OF BEGINNING;THENCE CONTINUING ALONG'fHE
AFORESAID COURSE A DISTANCE OP 259.07 FEET;THENCE SOUTH 10 DEGREES 09 MIIVUTES
34 SECONDS WEST A DISTANCE OF 274.87 FEET TO A POINT OF INTERSECTION WTTH THE
SOUTHERLY LTNE OF SAID LOT P;THENCE ON AN ANGLE TO THE RTGHT OF 65 DEGREES 10
MINUTES 31 SECONDS AND ALONG THE SOUTHERLY LINE OP SAID LOT P AND ALONG A CURVE
TO THE RIGHT HAVING A RADIUS OF 336.71 FEET, A CENTRAL ANGLE OF 22 DEGREES 04
MINUTES 55 SECONDS,AN ARC DISTANCE OF 129.77 FEET TO A POINT OF TANGENT;
THENCE NORTH 82 DEGREES 35 MINUTES 00 SECONDS WEST AND ALONG THE SOUTHERI..Y LINE
OF SAID LOT P A DISTANCE OF 120.83 FEET TO THE SOUTHWEST CORNER OF SATD LOT P;
THENCE NORTH 00 DEGREES 23 MINUTES 00 S�CONDS WEST AATD ALONG THE WESTERLY LINE
OF SAID LOT P A DISTANCE OF 216.28 FEET;THENCE NORTH 50 DEGREES 11 MINUTES 32
SECONDS EAST A DISTANCE OF 44.41 FEET;'THENCE NORTH 08 DEGREES 17 MINUTES 43
SECONDS EAST A DISTANCE OF 65.12 FEET TO THE TRUE POINT OF BEGINNING.
CROSSROADS II:
A PORTION OF LOT P, BLOCK SD AND TRACT C, VAIL VILLAGE, FIRST FILING, A
SUBDMSION IN THE TOWN OF VATL,COUNTY OF EAGLE, STATE QF COL�RADO,DESCRIBED
AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT P, WHTCH IS ALSO THE NOR'FHWEST
CORNER OF SAID TRACT C AND A POINT ON THE SOUTHERLY LINE OF INTERSTATE HIGHWAY
NO. 70 RiGHT OF WAY;THENCE SOUTH 79 DEGREES 46 MINUTES 00 SECONDS BAST 73.30
FEET ALONG SAID SOUTHERLY LINE WHICH TS ALSO THE NORTHERLY LINE OF SAID TRACT
C; THENCE SOI3TH 9 DEGREES 53 MINUTES 55 SECONDS WEST 111.54 FEET TO A POINT OF
CURVE;THENCE 27.37 FEET ALONG THE ARC OF A 40.00 FOOT RADIUS CURVE TO THE
RIGHT WHOS�CENTRAL ANGLE TS 39 DEGREES 12 MINUTES OS SECONDS AND WHOSE LONG
CHORD BEARS SOUTH 29 DEGREES 29 MINUTES 58 SECONDS WEST 26.84 FEET TO A POINT
OF TANGENT;'i'HENCE SOUTH 49 DEGREES 06 MINUTES 00 SECOI�IDS WEST 50.99 FEET TO
THE SOUTHEAST CORNER OF SAID LOT P, WHICH IS A POINT ON THE NORTHERLY LINE OF
EAST MEADOW DRTVE; THENCE CONTINUING SOUTH 49 DEGREES Q6 MINUTES 00 SECONDS
WEST 5.36 FEET ALONG SAID NORTHERLY LINE TO A POINT OF CURVE;THENCE CONTINUING
ALONG SAID NORTHERLY LINE 154.17 FEET ALONG THE ARC OF 336.71 FOOT RADNS CURVE
TO THE RIGHT WHOSE CENTRAL ANGLE IS 26 DfiGREES l4 MINUTES OS SECONDS AND WHOSE
LONG CH0�2D BEARS SOUTH 62 DEGREES 13 MINUTES 03 SECONDS WEST 252.83;THENC�
NORTH 10 DEGREES 09 MTNUTES 34 SECONDS EAST 274.87 FEET TO A POTNT ON SAID
SOUTFiERLY LINE OF TNTERSTATE HIGHWAY NO, 70 RIGHT OF WAY,WHICH IS THE
LEGAL DESCRIPTIOAI
NORTHERLY LINE OF SAID LOT P;THENCE SOUTH 79 DEGREES 46 MINUTES 00 SECONDS
EAST 91.03 FEET ALONG SAID NORTHERLY LINE TO THE TRUE POINT OF BEGINNING,
COUNTY OF EAGLE, STATE OF COLORAD4.
AND
CONDOMINIUM UNITS A-1, A-2, A-3, A-4, A-5, A-6,B-i, B-2, C-1,C 2, C-3, C-4,
D-1,D-2,D-3, D-4, E-1, E-2, E-3, E-4, E-5 AND B-6, CROSSROADS OF VAIL,
ACCORDING TO THE CONDOMINNM MAP THEREOF RECORbED DECEMBER 2, 1968 IN BOOK 214
AT PAGE 262 AND THE CORRECTED CONDOMINIUM MAP THEREOF RECORDED FEBRUARY 25,
I969 IN BOOK 214 AT PAGE 686 AND AS DEFINED AND DESCRIBED IN THE CONDOMINTUM
DSCLARATION RECORDED DECEMBER 2, 1968 IN BOOK 214 AT PAGB 261,AND FTRST
AMENDMENT THERETO RECORDED FEBRUARY 7, 1977 IN BOOK 252 AT PAGE 353,COUNTY OF
EAGLE,STATE OF COLORADO.
. .Sigrtature l.and5cap►nq 5ince (979 � �
� 1925 Airport Road, Breckenridge,CO 804z4
post o��e box 9190,Breckenridge,CO 8U424
� � �� � Phone 970.453.1�039
� � i � Facsimile 970.453.0274 �
� : a� 5ca � .�n � �
.F'r3l1��S: M2l��iS � . BillTo: 'W.eitz�Construction � 13-Jun-07 .
WEITZ � PO Box 4543 � . �
Frisco; CO 80443 � � � Nrisco,..CO,80443 . .
� . - 668-4700 Home/Businass
. 668-9400 Fax
� , : � (303)�503.-3578 Motiile
. . Price is 9.H9Ct1ve untii: 11.3ep-07'� , •
Crossroadf Rede�+elop�nt;Vnil Colorodo � �� �
. � :� � � .•Item�Descri 'oii�..� .....::�� - ::��.. ,. .��Size�� � 'Each:�., Total�P�k;e��.�
.Qu
pi��a�-r��-r�-,���L � , � � . � . �.
• . Hydromulch-NaGve Grass High Altihide Mix '. ' SF . 104000 � . 0.16 i6,120.�0 '
.596 Canada Blue Gress . , . , � � . .
10q6�nter Wheat ' :
10%Timothy . ' ' .
1096'archerd Grass � . � .
2096 Smooth Brome ' .
30%Tall Fescue � .
Land����n-�a15_ w�stallei) ' , . .
Un�Sc�eened Topsal for native areas at 2"'depih ' CY � 642 60.00 38,518.52
Biasol organic sbw release�(�rtilizer for native areas Lb. •1U4000 •: . 0.020 Z080.00
Drip Irrigation Zones with Materials'8�l�bor• Zones . p ' 1485.00 � -
: ��Ild1 . . � .
Bed preparation for perennial areas • . SF ' 0 1.10� . -
Gfade&prep for nat'tve areas 104,000 0_08 7.,SOU.00
. Remove existing vegetation � • = 60.00 -
Ger�eral Ca�d� ' � . .
Mobi��zation,Equipment.Layout, Delivery and Supenrision 9,677.78�
Credit For graphic design charpes � � , 0.00
CALGULATED CONSTRUCTION DAYS,:29..4 � . �� � .Sub Total 74,196.30
� . . � State at�d.County Seles Tax 1;2$7.21
"'Ouiside irri�gation tap and check value provided by own¢r. . • � Ftisco•Ssles Tax ' . - �
�'FT11aI bt7ltng based on actuaC materiai and Iabor accrued. �. � ' Total."" ?5.48�3.51. .
Trees and shrubs are guamnt�eed for 1 year if they are pIanred ..
� � within a fuUy operational irrigation system. � , � . Deposit Required 37,749.75 .
Slunmit Landsacaping must provide ali irrigation seraice durvtg warranty gereod. � .
Grass,perennials and annuals are not under warranty. , . •
� � www.summitlandsca�pingo�breck.com � �
Email at:summitlandstaping@yahoo.com�
Pape 1
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.._ ._.....__.,.._ .........._x..".�...�.<.x.�..,F�. ..:-c:�_.....,xa.,.�-.�:;xs..���.=_�5.....,::tr,�-+�^s�r.��s:.��f�a.,:->cz:
Earthworlc&Demolition
� �10�� � S O��� ���. Environ ental Remediafion
730 W.62 AVENUE • DENVER,CO 80216 • �29-8893 • FAX 3Q3-429-3035
Proposal
To: Weita Construction Job: Site work and Gradi� .
�
Attn.: PhN Perry Date: July 1,2007
� Fdlowing is our estimafie#ar tfie site work and grading af the Sotaris projed in the Taim of Vail CO.
i
�
.I
Demdition
'f) Mobil¢ation and supervision � �g�28p,00
2} Overlot S 52,450.00
' 3) Sibe grading $ 9,800:00
4)
5)
6) •
I 7� $ -
S -
$ -
' � -
TOTAL BASE BID � TT,510.00
Exclusions:
Swvey and layout;all testing;any work associated with uhlity installation,protectivn,pothoting,spoils
regradin9 or exPor'�dewaterin9;re�adin9,�eworkir�9,cleat�ng or other such�fats due to weather related
issues:over excavation and replacement of unsuitable material;traffic coMrol;saw cxrtting;asphalt
patchln9��PF��9 of hard sois,scarificatl�on of any graded surfaces;pe�mifs,fees;site securiiy,Proter,Lon,
aacess and street repair�hidden or buried debris;damage to public or private utfl�ies�utNity d�neds;
demditi�on of structures containing hazardous materiais;any work associated with contaminated soils;
Export of any material to balance the site.
Thank you for the opportuniry to quote this waic. If y�ou have any questions regarding this information
please c�rrtact me af 428-8893,fax at 429�035.
i
hnson
Proj ManaAer
'� Se,p. 6. 20Q1 2: 28PM US BANK AVON " No. 4645�"� P. 2 �'�`
� ' tr.s. SAi�rK NATZONAL ASSOCrATZON ��� P � {p .� ;�.5�
INTE�tNATZONAL DEPT. PD-OR-TSCE, SUI'I F�x ,.�j` S �� 7
11X SW FYFTH AVENUE, PORTLANU, dR 9i
P.O. BOX 4�k�Z, PORTI�AND, C}lt 97228-441.�' N[�x: Suj-�'75-51j�
09/06/07
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zRRSVOCABLfi STANDBY LETTER OF CREDIT
=�r======_==___���____�===�t==�at=-�a=�=
-�--------------------------------�-------------,-----------�------�--- -
8�3EFTCIARY: p,ppLZC�NT: -
TdWN OF VAIL SOLARIS BROPERTY OWNER, LLC
75 SOUTH FRONTAGE ROAD WEST 143 E, M�ADOW CREEK DR. , SUTTE 400
VAIL, Cp 81557 VAIL, CO 81657
=�����a===�s=�==a=�c��====aco^=mcc==�`==:x=c�at===acc�=at==�sc===�===as=-
LETT�R OF CR.EDTT NUMBER: $LCPPDX03982
EXPIRY DATE: NOVEMBER 1, 2007
AT: ISSUINCs� HANK�S IN'�ERNATIONAL BANKING COLTN'�'ERS
LOCATED AT �'HE ADDRESS LISTED A'BOVE.
.�.l==_.�'1.i�^c=9�:��i=_==�tc�=�t=_�a^===�����.�t===�����y==s=i����l===�L�==��.��
AMOUNT: USD 191,Z 41.8 8 (ONE HiTNDRED NxN�TY�ONE x`HOUSAND
TWO H[TDNRED FORTY�ONE AND 88/100 U.S. DO�,LARS)
�=___��=__��=__-___�=�__�_�__=���__��___;____�:__=�=__==t====�___�=_���__
WE HERESY ISSUE THTS Ik�2EV4CABLE STANDBY LETTER 0�' CREDIT AVAILABT,E
BY PAYMENT BY DRAFT($} DRAWN AT SIGH�' ON U.S. BANK NATIONAL
ASSOCZAT70N AND ACCOMPANIEA $Y TI3E FOLLOWING DOCUMENT$:
A STATEI�+�NT SSSUF.1� AND SIGNED SY TEiE B�NEFICrP,RY CERTxFYING AS FOLX�OWS:
"SOLARIS PKQPERTY OWNER, LLC HAS FAILED TO COMPLETE TH$ LAN73S'CA.L�ING�
GRADZNG AND R�-VEGETATION PROJECX' NAME: "SpY,ARIS. ""
spECiA� cor�DrTxoNS:
THIS OR7GINAL LE'I'T�R OF CREDTT MUS'S ACCOMP,ANY THE DRAWIP7G.
=�e�-=e�==�=�=====�___°�==-�=__�;�=___�_=--=�c===�=__��==-_=-_ _- --
� c�ev .r;l=--�t
P�LSUANT TO V.S. LAW WE ARE pROHIBITED �'ROM �SSIIING, TRANSF�RRING,
ACCEPT��TG OR PAYxNG LETTERS OF CREI]IT TO �NY �ARTy OR E�S'ZTY IDENTIFIED
BY TF� OFFIC� OF FOREYGN A9SETS CONTROL, CJ.S. DI3FT OF TREASURY, pR
St?BJECT TO THE DENZAL OF' EXPORT PRIVXL�GES By THE U.3. DTPT. QF CONA4ERCE.
DRP�FTS DRAWN UNDFR xFiIS CREDTT MUST BEAR THE CI,P�IISE: "DRAWN UNDER V.S.
BA�C NATxQNAL ASSQCIATION IRREVpCAHLE STANDBY LETTER OF CREDIT NUMBER
SLCPPI?X03 982 .
***THIS P1�iGE 1 FORMS AN YNTEGRAL PART OF CRFDYT SLCPPDX03982***
Se�. 6. 2007 2: 29PM US BANK AVON No, 4645 P. 3
, , , ' Z'HI9 CREDZT IS SUBJECT TO "'I'HE tTNI�'ORM CUSTOMS AND PRACTICE Fp1�
DpCUMENTARY CREDITS" {200'7 REVZSIONj 2NTER1QATZOI�AL CF;ANlBER OF COI�IERCE
PT]BLICATION NO. 640
WE HEREBY ENGAO$ WITS Y�U THAT DRAFTiS) DRAWN AIdD/OR DOCOMSNT$ pFt�SENTED
AND NEGOTIATED UNDE12 ANb �N' COMPLIAI�'CE WITH THE TERMS QF THIS
ZRREVOCAAL�S STANDBX LETTER OF CREDIT W�LL B� DTTl,y HpNpRED UpON
PRESENTATION TO IIS.
U.S. HANIC NATIONA�, .ASSOCxATXON
A MEMBER OF TI� FEDERAL RESERVE SYSTPM
STANDBY LETTE OF CRLDTT
*�*THIS PAGE 2 FORMS AN INTEGRAL PART OF CREDIT SLCppbX03982***
Se,p. 6. 2001i�2 29PMp; �US_B�NK �AVON�be1 No. 4b45 P. 6
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TnWN OF YAIL `
D�artment of Community Development
75 South Frontage Road
[/ail, Colorado 81657
970-479-2138
F�4X 970-479 2452
www.vailgov.com
December 20, 2007
Ms. Nancy R. Tousignant
U.S. Bank National Association
International Dept. PD-OR-T5CE, Ste. 500
PO Box 4412
Portland, OR 97228-4412
Re: Irrevocable Letter of Credit#SLCPPDX03982
Applicant: Solaris Property Owner, LLC
Dear Ms. Tousignant:
The above mentioned letter of credit has been released. Please find the original letter
enclosed. If you have any questions please call Bill Gibson, planner for the Town of Vail
at 970-479-2173.
Sincerely,
�/�-C., �
Lynne Campbell
Office Manager
Enclosure
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