HomeMy WebLinkAboutB17-0014 DIA Revision.pdf OASIRDOPOSI-rFORRAt
Receipt fundsito; :4egal.bescripitton:-LOI -
Name:Vail Hotel Partners LLC Subdivision:2103-121-00-012
Mailing Address: 'Address:01300:Westhavih.Or,Vail;Co 81657
1300 Westhave Dr ger:Vall',Hotel Partners LLC -
Vail,CO 81657- Perriiit:Number:- DRB17,0235 B17-0014::'
•ProjObt Nurnber:,
IrribtaVeritenf CortipletiOrf Date:AU-Mkt 31120183
.DEVELOPER;IMPROVEMENTAGREEMENT!.
TH_IGREEN1PNT,made'etid entered enteed.iñtdthisj5Ih c4-si ofitokiii
by and among Vail Hotel Partners LLC (the 11)eVialOpern--)„and the Towh of
Vail'(the Town ).
WHEREAS, the ,Developer, as COndition,of approval of Temporary Certificate of
Occupancy for Hotel 1.,Neititaven Or,Vitt:CO 81657
--
(address and legal description)wishes to enter into eDevel6perlimlirovementAgreement and:
‘t1/i7tEF,EAS,,ffie Developer:te,'-bbligated Viproviide secüityorcOIiateaIsYfficientl.in,The
judgement of the%Townto make reasonable provisions for completion of certain improvements set
forth in the attached.estimated?bid(S) in accordancefswittiiiiie approved plans and specifications
filed in th*'bfficebf-t*COnitriikiitiDeVel4pitent DeliOrtrnififibfriff*ToWeebfiVailfaridi
WHEREAS, the Developeriwishes Ito.prOyiciscdOstemi to guarantee performance of
Agreement including COMpletiOn'of,the all improvemenl referredoin this Agreements
:NOW THEREFORE, in consideration.cifithejollbWinglinirtyardoWneritisTand e`greffrieritt
theDéieIoorandtheToinareë
The.Deyeloper agrees,:at its,sole.cost aridexpen.sendiimiktalliiititiiptrientenda
'MateriaWnecesseiy*iiiiiffgriiia dOrniiIiiitOTjrriOrovepier4rqterrOldlitIltifs.,iAgrefiroprIti The
Developeregreeslb complete a0111-79,prpverlifinttefirredtolititiisi§griltementoot'l*Felthe
day of,August 31 _, !shell 'bO'rfi10101- int*;1974.01.
mannefi4aillimproveinentw,:referred to in this Agreemeñt, in accordance with all 40-fitaliiiiit plans
and:.specifications.fileci°,inithw;oince.icitthe.comtnunitii Development Departinenti.cifittiegoikr.di
Vail, 0000 do all work incidental thereto according to andiRqoit!Pliarle64!10*3-Pllo*Alg;''
a: All said worts 0101 be done under the inspection doehci, to
.4* satisfaction of, the Town Planner, the Town Eñineã, the Town Building
-Official, or other official from the Towmof Vail, as affected byfspecialdistriCts:.or
service districts;as their respgctiyetiOttare4m."Yik,pppqr, end:4hal(n9t:00icktemPo.
complete until approved and accepted as ddrAdieteil by the Community
Development-Departmentind Public Works Department ofthel-ovin
2. To secure andiguerentee-petfOrnience-of the obligations as get.fitirtkhereiripthe-
Developer agrees to providebillateral as follows:-
8:1C.ornriluniti DiAieloprrient1FORMSIPItitininalDIA cash farinast-011516:dock POW:1 ror6
. _
A cash deposit account with the,Town;of:Yaii, agent in
: 48,000.00L ‘A'S COliatiatei (125% of the total :0007,"0;- i-f*otxp;oie-tr,
estimated .bid(a)) tribe completion i all4M-Oicements,ieferreCic,to in irthis
Ag reem ant:,in theevent there is a iiefatiltundetthislAgreementibyffietevellibeK
.3. The 7;,Developer may at any sUbstilOte;thec011ateral originallyksetforth above
for another form -of security ,of coltateral:,acceptAbla-'1O'Ahe Town to guarantee.the -faithful
completion ofthose improvements'referred to herein in this Areement and the péi'förmancé.Of
the Aerms,:ot,this Agreement Such ace-Apiiance--Ftiji.ihe-171-own of alternative:sedUritYl'or Collateral-1
.;
shall be at the Town's sole discretion.
4. The Town shall not, nor ShallenyOfficerior employee thereof, be liable or
responsible for any accident, loss ot.qa--mage-jitapprir00-ctuqiN,0-,t4oypri(.00,0Win-J,this
Agreement prior to the completion and,acceptance of the same, nor shall the Town, nor any
officer or employeelthereotibiliable for any persons or injured by,teasonlof7the',Aatute
of said;WOric:butali-of said liabilitiesvshall.beiand..tife,petopy,eatunied by the Developer.
The Developer hereby agrees to indemnify annthold harmlesi-the-Town,and any efAs
ofOcefs; agents and;employees against any loSSissi-Cleifna,,datneges; or liebilkiesAOriiniCif,the
Town Or,any of its officers,,agents or emblayees,may become subject tb,',InsOterras any-such
losses,-Claimsi-damages,orliabilities (or actione,irt(teepecithereof)-iatise!out cifror are;based'oPgrli
anY;perfonnenCe.by the Developer hereunder; and the Developer Shill1;,:eisithliiiiiktfiS'LOWVOI•
any and, all legal or :other expenses reasonably incurred by the Town tii-Trconnection with
investigating or defending any such loss, claim,7 damage,. liability or iaction. This indemnity
f.17'
provision shall be in addition to atf9.o.th:Si(liOpilfiliiiijcifitii*D601004ir
mutually agreed that the mayapplyfor.and;the lowpinay
authorize • collateral deposited with 11.4 Town foreach categoiy Of
improvement after the subject.irriprovementis.'bontiNcted in compliance-:With and
'013,41fiCiitibria as fotof',.Eirancett here 400004 ciicriebleil t Under-f,n4rOndititikishilli the
dollar amount of the collateral that is being FiOlcUqiifij-e,71-0- ii,iiii,*ticovi,below thi..VOtheardai:int
necessary to complete all uncompleted improvenientsiiferiiiito:-;inithis Agreement.
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8. If the Town detkirniffes,lat its sole discretion,that anyiotthetimprovements
referred to In this' AgreempfitiAre':Fiptl.pqn%ructed9n:-..cprpROncel with 'the' approved plans and
specifications-fled in the cifk0*ijif.thotijii)iTf(initi-tiscelekti*fciioi*ot_aft*Town Of
not iEdebte4 by thiS)Townia'S complete on or before the daie_aet:faith in Paragraph 1 of thi*
Agreement,iihe TOwni may,,,A but shall not be required:to, drew upon tmonllhe:sectirity)referred to
AtifeeMentienOcompiete the uncompleted improvements referred to`-i.inlhiaAAteementIT?UrSUant
to Section 12=11-8, Vail:Town"Code, . ,
- the
-„
cupancy referred to in this
Agreement may, be revoked, until jall tinfOrOveinent* referred to herein are :I:OMOjete4,bil2.ftfle
DeVet61*:brtheTtiWnliri,aethrtii_nae•-WitifthiiAgreeineitit
„ „....
If
the costs,9trcompisollpst uncompletedoimpnovernen*.feferred,,to3irmAti*Alreemenp
exceed the 4dollar amount of the Odboaltfhereicets,utliettief WithIniereat**oojiPercent
(124/0)per annum, shall be iilienegeinatthe propia*„siiditniay$eccifeciiicilapiiiiii stiff otdnajrceti
certified to the"treasurer of Eagle COunty tobe collictéd in OitillIrtikifr* lif0q4iie0000s
valorem taxes'levied against such,property. If Developer fails or refuses to coiTlplete'the
improvementtreferred.lblin,ifilS4ogreernent:such failure or refusal shall be itonsidereil.;ttifiolation
of Title 12 (Zorog,„Rebootiplilp);;pf!,,t ,Vail Town Code, and the Developer 000114e49.0.1.0tKtP,
P*2:615
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penalties,pUrsuatitto:SettiOn 12-34.9(Violations:PaneIties).aifitiZhe:RteKl=at,(generalPeriaity),-::of'
ToWif,COile.
The iDeveloperisliall•.warranty.,the'Nork:arici;oatetiiii of all kriprovementS.referred
,tA1o Nirotoefop000n.T9*Joropir*-or*ttilovrov_i-sititi:tig:Wa-Sicfiqt*.9„,,,,ithtftekpigimep,,
8-3, of the VaiI Town !,bilde, 46i a!Prelidiboftwé yearst'afteinithiCITOORevacCePtirialiti'--said
improvemerits.
8. The:parties hereto mutuelly,agree:ffiatthis Agreemerit may,be,amendeit.from•time:
-to timeilarovided that such amenOrierita be in whti: Tig arici,eiteOteCly all parties•he*.
ACorrim unit,/Develoiinitiett1FORMS1PhinitinpA'cititiforinat-`01151 6:do P3 of
Dated:tile day:;andyear-=first above,written.
•
STATE OF4.00 .)
•
LQ Ale er
COUNTY OF 04PM )
The.for of Develo r Im rovement a
foregoing pe pa Agreement;vrts;ac tyra+ledged'before;me:tfiis,
, 2b ' ' .44 H's-es' -
Witness-jny hand'and official,seal
My.commission expires_- .0.4./3 z b z o
ADAM S.GOLDMAN
,•71. - Commission#2138818
Notary Public-California
Z N.V* Los Angeles County
Notary2Pub c"AJ - f, rrol�nti,.l M comm.Ex lies Jan 13.2020
STATE OF,:COLORADO
;)ss.
COUNTY:OF EAGLE, );
The
1^7 -foregbijDeveloperimpomeAgreementwaact`bwedgecefoemetlis:
�Dayof 20JJ.by-- re--,146t
.
Witnessmy hand'and official seal.
commission expires: P rvia 61 / 2r9 9-4
DANIELLE COUCH ,ee'(,"4
NOTARY PUBLIC ____
STATE OF COLORADO tN' `iiC
NOTARY ID 20174006422
MY COMMISSION EXPIRES FEBRUARY 9,2021
SACornmunity 0eireiopriientTORMSIPianning1131A caih tartlet.011518.dcc2cPape 4:i5
Attkaittire001EtOfint.tgflakittitibiSi
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S:leornmunity DirelaiimehtlFORMSTkiiiniiig113(A'ailh foriiiat 13115165366( Page 5-615