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HomeMy WebLinkAbout1990-06-05 Support Documentation Town Council Work Session~~ VAIL TOWN COUNCIL WORK SESSION TUESDAY, JUNE 5, 1990 2:00 P.M. AGENDA 1. Planning and Environmental Commission Report 2. Design Review Board Report 3. Report on Television Translator Issue 4. Information Update 5. Other VAIL TOWN COUNCIL WORK SESSION TUESDAY, JUNE 5, 1990 2:00 P.M. EXPANDED AGENDA 2:00 1. Planning and Environmental Commission Report Kristan Pritz 2:05 2. Design Review Board Report Mike Mollica Shelly Mello 2:10 3. Report on Television Translator Issue Rob Levine 2:25 4. Information Update Ron Phillips 2:30 5. Other PLANNING AND ENVIRONMENTAL COMMISSION JUNE 4, 1990 11:30 Site Visits 1:00 Review Air Quality survey questions. 1:30 A work session for a major subdivision, a request for a variance to the maximum height for retaining walls, and a request for a variance to the maximum percent grade for a road, on a parcel commonly referred to as Spraddle Creek, an approximate 40 acre parcel located north and east of the Main Vail I-70 interchange and east of the Spraddle Creek livery. 3:00 Public Hearing SITE VISITS 1. Approval of minutes from May 14, 1990 meeting. 2. Appeal of a staff decision relating to the number of woodburning fireplaces at Lots 1 & 2, Block 2, Lionsridge Filing 4, 1175 Sandstone Drive. Applicant: Sidney Schultz for Todger Anderson - 3. A request to amend Section 18.12.030 of the Vail Municipal Code to provide for Bed and Breakfast operations in the Two Family Residential(R) District. Applicant: Town of Vail TABLED 4. A request for an amendment to an existing conditional use permit in order to add 868 sq. ft. to the daycare facility at 149 N. Frontage Road, an unplatted site commonly referred to as the Mountain Bell site north of I-70 and west of the Main Vail I-70 interchange. Applicant: ABC School. 1 5. A request for a side and front setback variance in order to construct a garage on Lot 7, Block 3, Vail Village 9th Filing, 898 Red Sandstone Circle. Applicant: Paul Testwuide TABLED 6. A request for a variance from the minimum lot size on a parcel of land described as that unplatted plat of the southeast 1/4 of the southeast 1/4 of Section 1, Township 5 south, Range 81 west, of the 6th Principal Meridian, lying northerly of the Lion's Ridge Loop as shown of the recorded plat of the Lion's Ridge Subdivision recorded July 25, 1969, in case 2, Drawer L, and Book 215, at page 649. Applicant: A. L. Shapiro & Co., A Colorado Nominee General Partnership. 2 7. A request for an exterior alteration and a landscape variance in order to construct an addition to the Bell Tower Building at 201 Gore Creek Drive, Part of Tract A, Block 58 Vail Village 1st Filing. Applicant: Hermann Staufer - Lancelot Restaurant DESIGN REVIEW BOARD AGENDA MAY 30, 1990 3:00 p.m. SITE VISITS 1:30 P.M. 5 1. Sitzmark Lodge - Balcony Paint BR 83 East Gore Creek Drive MOTION: Jamie M. SECOND: George L. VOTE: 3-0 Approved with recommendations. 2. Gramm - Approval of Building Colors MM L 9, Blk 3, Vail Rowhouses/303 Gore Creek Dr. MOTION: Jamie M. SECOND: George L. VOTE: 2-0-1 Approved as submitted. Ned Gwathmey abstained. 2 3. Potato Patch Townhomes - 10 Townhomes Units SM Lot 6, Block 2, Vail Potato Patch. MOTION: SECOND: VOTE: Conceptual Approval. 4 4. Doran - New Primary/Secondary Residence L 3, Blk 1, V. V. 3rd/396 Forest Road MOTION: Jamie M. SECOND: George L. SM VOTE: 3-0 Approved. t 6 5. Caulkins - New Duplex SM L 4, Blk 3, V. V. 11th/3010 Booth Creek Drive MOTION: George L. SECOND: Jamie M. VOTE: 3-0 Recommendation: Lighter colors, break symmetry. Condition of approval: All willows not in excavation area only. 7 6. Ruder - New Duplex SM L 18, Bighorn 4th/4551 Streamside Circle MOTION: Jamie M. SECOND: George L. VOTE: 3-0 Significant site constraints on lot allow separation of units. Approved. 8 7. Arthur - New Single Family Residence MM L lA, Blk 1, Bighorn 5th/5027 Main Gore Drive MOTION: Jamie M. SECOND: George L. VOTE: 3-0 Approved as submitted. 3 8. Cerisola - New Single Family Residence MM L 29, Vail Potato Patch/805 Potato Patch Drive MOTION: George L. SECOND: Jamie M. VOTE: 3-0 Approved as conceptual only. (Conceptual Only) 1 9. Frampton - Addition MM L 3, Blk 3, V.V. 9th/893 Red Sandstone Circle MOTION: George L. SECOND: Jamie M. VOTE: 3-0 Approved as submitted. MEMBERS PRESENT: George Lamb Jamie McCluskie Ned Gwathmey STAFF APPROVALS: MEMBERS ABSENT• Ludwig Kurz (PEC) Pat Herrington Chocolate Factory - Paint door & window the match awning. (Plymouth Red) 304 Bridge Street. McDonald Restaurant - Pavers to replace wooden deck. Hirsh - Enclose loft, 250 addition. Sandstone Park #H-C4. Wilhelm - Interior 250 addition. Lionshead Lodge Unit #160. VAIL TOWN COUNCIL REGULAR MEETING TUESDAY, JUNE 5, 1990 7:30 p.m. AGENDA 1. Approval of Minutes of May 1 and 15, 1990 Meetings 2. CITIZEN PARTICIPATION 3. Resolution No. 13, Series of 1990, a resolution thanking and acknowledging Herb and Nichole Wertheim for their challenge grant for the Vail Cultural Arts Center. 4. Resolution No. 14, Series of 1990, a resolution setting forth the intention of the Town Council of the Town of Vail to make certain land available for the development and construction of a Vail Cultural Arts Center. 5. Action on Contract for Vail das Schone Land Sale 6. Appointment to the Local Liquor Licensing Authority Board 7. Presentation of the 1989 Audited Financial Statements 8. Adjournment VAIL TOWN COUNCIL REGULAR MEETING TUESDAY, JUNE 5, 1990 7:30 p.m. EXPANDED AGENDA 7:30 1. Approval of Minutes of May 1 and 15, 1990 Meetings 7:35 2. CITIZEN PARTICIPATION 7:50 3. Resolution No. 13, Series of 1990, thanking and Ron Phillips acknowledging Herb and Nichole Wertheim for their challenge grant. Action Requested of Council: Approve/deny Resolution No. 13, Series of 1990. Background Rationale: This is a resolution thanking the Wertheims for the 1 million donation for a cultural arts center. Staff Recommendation: Approve Resolution No. 13, Series of 1990. 8:00 4. Resolution No. 14, Series of 1990, regarding the TOV's Ron Phillips intent to make land available for the cultural arts center. Action Requested of Council: Approve/deny Resolution No. 14, Series of 1990. Background Rationale: This is a resolution. expressing the Town's intention to donate land in Lionshead for construction of a cultural arts center. Staff Recommendation: Approve Resolution No. 14, Series of 1990. 8:10 5. Action on Contract for Vail das Schone Land Sale Ron Phillips Larry Eskwith Action Requested of Council: Approve/deny the contract to purchase Lots 2 and 4, Block H, Vail das Schone Filing 2, and contract to purchase Lots 1 and 3, Block H, Vail das Schone Filing 2. Background Rationale: The Council has expressed an interest in purchasing this real estate for park/open space. Staff Recommendation: None. 8:30 6. Appointment to the Local Liquor Licensing Authority Board Pam Brandmeyer Action Requested of Council: Appoint one applicant to the Liquor Authority. Background Rationale: At this time, there are three applicants for the one vacancy: Mike Mathias, John Milligan, and Tim Savage. They have all been interviewed at the May 15 Work Session. 8:40 7. Presentation of the 1989 Audited Financial Statements Steve Thompson Jerry McMahan Action Requested of Council: Review the financial statements and ask any questions you may have. 9:00 8. Adjournment MINUTES VAIL TOWN COUNCIL MEETING MAY 1, 1990 7:30 P.M. A regular meeting of the Uail Town Council was held on Tuesday, May 1, 1990, at 7:30 p.m., in the Council Chambers of the Vail Municipal Building. MEMBERS PRESENT: Kent Rose, Mayor Lynn Fritzlen Jim Gibson Merv Lapin Robert Levine Peggy Osterfoss MEMBERS ABSENT: TOWN OFFICIALS PRESENT: Tom Steinberg, Mayor Pro Tem Charlie Wick, Assistant Town Manager Larry Eskwith, Town Attorney Pam Brandmeyer, Town Clerk The first item on the agenda was approval of minutes of the April 3 and 17, 1990, meetings. Rob Levine moved to approve the minutes as presented, with a second coming from Lynn Fritzlen A vote was taken and the vote passed unanimously 5-0. At this point in the meeting Merv Lapin was absent. Item number two was Citizen Participation. There being no Citizen Participation, the council moved to item number three. Item number three was an appeal of the Planning and Environmental Commission decisions regarding the redevelopment of the Red Lion building (Conditional use permit, Stream setback variance, Site coverage variance, and an Exterior alteration). Kristan Pritz initiated the discussion by calling the Council's attention to an April 27, 1990, memo from Community Development in regard to the appeal of the Red Lion redevelopment approvals and Ordinance No. 16, Series of 1990. She stated five separate motions eventually would be made to deal with various considerations before the council. To be considered prior to the reading of Ordinance 16, 1990, were the following: 1. A site coverage variance to permit a .25 percent increase in this property's site coverage. This request was approved by a Planning Commission 6-1 vote. A motion to uphold or overturn this request would be necessary. 2. A stream setback variance to allow a two foot encroachment into the required thirty foot stream setback. This request was approved by a 6-1 Planning Commission vote. A motion to uphold or overturn this request would be necessary. 3. A conditional use permit for an outdoor dining deck on the east side of the Red Lion bu ilding. This request was approved by a 7-0 Planning Commission vote. A motion to uphold or overturn this request would be necessary. 4. An exterior alteration to add enclosed floor area to the Red Lion building. This request was approved by a 5-2 Planning Commission vote, with 11 conditions as outlined in the April 17, 1990, memorandum to the Town Council. The council asked the applicant to agree to a 12th condition at the May 1st meeting. The 12th condition to be added to this approval would require the owner to pay an incremental increase in parking fees that may be established within two years from the time a building permit is issued for this project. A motion to uphold or overturn this request would be necessary. Merv Lapin arrived at 7:55 P.M. Kristan further specified that if the Planning Commission's approval of these four requests were to be upheld by the Town Council, the Council should condition their approval upon the passage of Ordinance No. 16, Series of 1990, a modification of a View Corridor #1. Kristan stated that the PEC recommended approval of the View Corridor amendment by a vote of 6-1 in favor, with two conditions. She further stated the Ordinance was approved by a 4-2 Council vote at the first reading in April, and a motion to approve or deny Ordinance No. 16, Series of 1990, with two recommended conditions as outlined in the April 17, 1990, memorandum, would be requested. Kristan advised Council to focus on the appeal of the entire project in consideration of each of the variances and the conditional use permit that were being requested in order to complete the project. The first area to be discussed was the exterior alteration review criteria. Included in this was the discussion of the urban design guide plan and urban design considerations which included the following: a: pedestriazation b: vehicular penetration c: streetscape framework d: street enclosure e: street edge f: building height g: views and focal point h: service and delivery is sun/shade j: architectural and landscape consideration. All details were presented as described in the March 19th, 1990, memorandum from Community Development to the Planning and Environmental Commission. Information in regard to the Stream setback variance to allow a two foot encroachment into the required thirty foot stream setback was discussed next, with reference to the March 19, 1990, memorandum. Review criteria for each variance and the conditional use permit were presented for Council consideration. The third item to be considered was a conditional use permit for an outdoor dining deck on the east side of the Red Lion building. The fourth item was a site coverage variance to allow for an entry on the east side of the Red Lion. Kristan explained that at the PEC's regular meeting, April 9, 1990, approvals were given on those items. PEC conditions of approval per the April 17th staff memo for the project included: 1. As a part of this redevelopment, the applicants agree to point and repair the brick wall along Bridge Street and in the area of the small Plaza to the northwest corner of the site. Improvements to this Plaza may also include upgrading existing benches, planters, newspaper box and trash receptacle locations and landscaping. 2. The streetscape improvements shown along Hanson Ranch Road are considered conceptual and the applicants shall agree to work with the Staff and Winston & Associates in refining this design relative to the Vail Village streetscape Plan. This condition shall also apply to the Plaza area referenced in condition #1 and the landscape improvements proposed adjacent to Mill Creek. 3. All windows located on stucco wall plains shall be recessed a minimum of three inches. 4. State-of-the-art venting shall be used to reduce negative impact (smell, smoke, etc.) emanating from the site. 5. The owners/developers of the residential development on this site shall agree to permanently restrict gross residential floor area (GRFA), building height and density on this site to what is permitted by this approval. The Town of Vail shall be a party to this restriction and the restriction shall be recorded with the Clerk and Recorder's Office in Eagle County. These restrictions on GRFA density and height must be acceptable to the Town Attorney as submitted by the owner and approved before recording. 6. Any trees damaged or killed within two years of the completion of this project shall be replaced with similar size and type tree. 7. The Red Lion logo shall be retained as a part of this redevelopment in approximately the same size and location. 8. The developers/owners will be encouraged to participate in developing solutions to traffic, loading, and delivery problems in Vail Village. 9. The Rekord (or other type of window system installed) to the Red Lion Restaurant along Bridge Street, shall remain totally opened during business hours between June 15 and September 15 of each year. These windows may be opened at any other time during the year at the discretion of the restaurant management. 10. The applicant shall complete stream-bank stabilization work on both sides of Mill Creek over the entire length of the Red Lion property. The final design and implementation of these improvements shall be subject to review by the Staff and the Design Review Board. 11. The owners shall agree to participate in, and not remonstrate against, a Special Improvement District, if and when one is formed in the Village. 12. The owners/developers agree to pay any incremental increase in parking fees that may be established within two years from the time a building permit is issued for this project. (This condition was accepted by the applicant's representative, Jay Peterson, at the previous Town Council evening meeting on April 17, 1990.) 13. Approval of this exterior alteration, variances, and conditional use are contingent upon the Council giving final approval to Ordinance No. 16, Series of 1990. Kristan explained that the PEC also recommended approval of the View Corridor Ordinance with the following conditions: 1. That the photo depicting View Corridor No. 1 be modified to reflect the new Red Lion Building at a time when the expansion is completed. The Commission preferred this alternative as opposed to modifying the line that delineates the View Corridor. -2- 2. That the specific reasons just'<Eng this request be included in the preamble of the ordinance autho~°~~:.ing this amendment. At this point in the meeting discussion turned to Item five which was Ordinance No. 16, Series of 1990, second reading, an Ordinance amending Ordinance No. 13, Series of 1983, in order to modify View Corridor No. 1; and setting forth details in regard thereto. Mayor Rose read the title in full. Kristan stated the current remodel falls within the height allowed in the zoning code and that Jeff Winston had stated that in coming up with the original View Corridors, the consideration was to preserve the visual connection between the parking structure and the mountain and to maintain the views of the mountain, the Clocktower, and the Rucksack Tower. It was Jeff Winston's feeling that the line could have been drawn at the Golden Peak House Ridge and the objective of this corridor would have been met. The proposed Red Lion Ridge would not diminish any view of Vail Mountain. In regard to the height of the building, the applicants had provided a cross section of the Village from the Parking Structure to the Golden Peak House. This was done to demonstrate whether any other properties would encroach into the View Corridor, if they were redeveloped within the forty-three foot height limit. Larry Eskwith discussed whether the nonconforming height of the Golden Peak House was Tegal and referenced 18.64.090 under the zoning code, restorations. Also, Larry pointed out a section on structures and site improvements and stated that a nonconforming use cannot become more nonconforming through a remodel. However, the Golden Peak House could be built back to its existing height so long as the area of the roof that was nonconforming was not increased in area or height through a remodel. He stated that this decision regarding the Red Lion would not create a problem. Kent Rose stated he believed the amendment to the view corridor did not go against the intent of the ordinance or the purpose of this specific view corridor. Rob Levine questioned Item No. 4 and the state-of-the-art venting on the roof and received an explanation about the stacked chimney arrangement. Jay Peterson, representing the applicants, Frankie and. Oscar Tang, presented additional information from individuals within the community. Jim Morter, acting as architect for the project and Dan Corcoran, field engineer, spoke on behalf of the project, with Dan Corcoran stating that as a PEC member at the time view corridors were first discussed in the Town of Vail, he had discussed the process used in designations, their history, and their intent. His opinion was that the intent of the view corridor was being met. Further discussion from the audience included Ella Knox and Gordon 8rittan, who spoke out against the. granting of these variances, the conditional use permit and the change or the modification in the view corridor ordinance. Speaking for the project were Oscar Tang, Diana Donovan and Jack Curtin, representing Mrs. Cortlandt Hill. At this time, Merv Lapin moved to uphold the Planning Commission decision to allow the exterior alteration based on the staff memorandum dated April 17 , 1990, and incorporating conditions 1 through 13 as previously stated, in his motion, with amended conditions as follows: 1. Amend condition 5 to say this agreement shall be submitted by the owner and approved by the Town Attorney before a building permit is released. 2. Amend condition # 8 to state if a central trash area is built in the Village, the owners would agree to use the trash facility and "will be encouraged" changed to "will participate in." 3. Conditions # 12 and 13,as previously stated on page 2 of these minutes, are included. 4. Condition 14 was added to state, "The proposed addition of the enclosed deck along Bridge Street will have a glass roof and be as transparent as possible. This motion was seconded by Peg Osterfoss, a vote was taken, and the motion passed unanimously, 6-0 in favor. In regard to the st?.r,a~ setback variance to allow a 2 foot encroachment into the required 30 foot .~,s~am setback, Peggy Osterfoss moved to grant this variance to uphold the Plann~r~rc~ Commission recommendation to approve, based on the fact this was not granting special privilege, was not detrimental to the health, safety and welfare of the community, and there were extraordinary circumstances in that the Red Lion building is already located within the stream tract setback. Jim Gibson seconded this motion. A vote was taken and the motion passed unanimously, 6-0. -3- The third item to be considered was the site coverage variance on the east side of the building. Rob Levine moved to uphold the Planning Commission recommendation based on the April 17, 1990, memo and based on findings that this did not grant special privilege, it was not detrimental or injurious to the public, and there were extraordinary circumstances that would warrant the granting of this motion. Peggy Osterfoss seconded this motion and the motion passed 5 to 1, with Merv Lapin voting against that motion. The last item to be discussed was the conditional use permit for an outdoor patio to the building in Vail Village. Peggy Osterfoss moved to approve the conditional use permit, stating all criteria in the staff memo of April 17, 1990, were met. Merv Lapin seconded this motion. A vote was taken and the motion passed unanimously, 6-0. At this time, Merv Lapin moved to place a further condition on each of the variances and conditional use permit votes that had just been taken, stating that passage of each of these were conditional on passage of Ordinance 16, 1990. Peggy Osterfoss seconded this motion. A vote taken and the motion passed unanimously, 6-0. Item #4 on the Council agenda was Ordinance #16, Series of 1990, a second reading on the ordinance amending View Corridor #1. Peggy Osterfoss moved to pass this ordinance on second reading, with Rob Levine seconding that motion. Peggy stated the intent of the view corridor would be kept intact by modifying View Corridor #1, and adding, there is a provision in the Ordinance for making minor changes to the view corridor and that the change was not specifically for this project. A vote was taken and the motion passed 4-2, with Merv Lapin and Jim Gibson voting against that motion. The means for amending the ridge line is stipulated in Ordinance No. 16, Series of 1990, Section 1. Given the late hour, a 10-minute break was taken. The next item on the agenda was Ordinance #17, Series of 1990, first reading, an ordinance repealing and reenacting Ordinance #32, Series of 1987, to provide changes to Special Development District #16, that concern a reduction of the number of units permitted, adjusting the gross residential floor area per unit, employee dwelling units and architectural guidelines, and setting forth details in regard thereto. Mayor Rose read the title in full. Mike Mollica handled the presentation on behalf of the staff. He stated the Planning Commission on April 9, 1990, had unanimously recommended approval of the amendment to SDD #16 and had unanimously approved the preliminary plan for the Elk Meadows Subdivision. Both were approved by vote 6-0. The applicant's requests were as follows: 1. The current proposal is for a subdivision of the 3.6 acre parcel into five building sites for envelopes. The envelopes would range in size from 3,397 square feet to 6,141 square feet and each envelope would be allowed one single family dwelling plus one employee restricted rental unit as defined in Section V,B,2 of the April 9th memo from Community Development Planning Commission. The remainder of the site would consist of 25,700 square feet for roadway and parking and 2.5 acres to be dedicated as open space. 2. The total gross residential floor area (GRFA) designated for Phase III in The Ualley is 16,000 square feet. This would allow each dwelling unit within the project a maximum of 3200 square feet of GRFA. 3. Access to Lots 1 through 4 would be via a private 22 foot wide common access drive off of Lion's Ridge Loop Road. This road is currently roughed in place. Access to lot 5 would be from an individual driveway cut from Lion's Ridge Loop Road. The individual driveway cut would minimize the amount of asphalt paving in the open meadow. Mike went on to discuss the background for this particular project as well as an evaluation of the criteria for a major subdivision. He discussed Special Development District review criteria and included the following items: a. Reasons for an SDD zoning. b. Design standards which include: 1. Design compatibility and sensitivity to the immediate environment, neighborhood and adjacent properties relative to architectural design scale, building heights, buffer zones, identity, character, visual integrity, and orientation. -4- T 2. Uses, activity, and density, which provide a compatible, efficient, and workable relationship with surrounding uses and activity. 3. Compliance with parking and loading requirements as outlined in Chapter 18.52. 4. Conformity with applicable elements of the Uail Comprehensive Plan Town Policies and Urban Design Plans. Specifically, he stated the Land Use Plan identifies this parcel as one which is suitable for medium density residential uses, allowing from 3 to 14 dwelling units per buildable acre. 5. Identification and mitigation of natural and/or geologic hazards that affect the property on which this Special Development District is proposed, further stating that the site is located within a high severity rock fall zone and specifying the mitigation methods to be used. 6. Site plan, building design and location, and open space provisions designed to produce a functional development, responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community. 7. A circulation system designed for both vehicles and pedestrians addressing on and off site traffic .circulation. 8. Functional and aesthetic landscaping and open space in order to optimize and preserve natural features, recreation, views, and functions. 9. Phasing plan or subdivision plan that will maintain a workable, functional and efficient relationship throughout the development of the Special Development District. He next compared the proposed SDD to underlying residential cluster zone districts and went on to state that the staff recommendation was for approval of the preliminary plan of a major subdivision and the revisions to SDD #16 for Elk Meadows. The staff recommendation for approval of this preliminary plan for the major subdivision includes the following conditions: 1. The development of each building envelope will comply with the rockfall mitigation reports prepared by Nicholas Lampires, project geologist and Donald G. Pettygrove, P.E., project manager with Banner Associates, Inc. Such reports are dated February 23, 1987, February 25, 1987, June 12, 1987, June 15, 1987, Juiy 22, 1987, and March 12, 1990, and will be kept on file in the Town's Community Development Offices. Each individual lot owner will be responsible for completing the hazard mitigation for their lot per the above-named reports. This restriction shall be noted on the final plat. 2. The staff recommendation for approval of the major amendment to SDD #16 included the following conditions: a. That approval of this major amendment to SDD #16 be contingent upon PEC approval of the final plat for the subdivision, and b. That the developer construct a minimum of one (1) employee dwelling unit and that said employee dwelling unit be a part of either the first or second building permit for the project. All employee dwelling units shall meet the criteria listed in Sections V,B,2 of this memo. No portion of the building may overlap the building envelope. Mike further stated prior to the recordation of the final plat, a written agreement between the Town and the subdivider will be required in order to guarantee the construction and maintenance of the proposed improvements. This agreement shall be in accordance with Section 17.16.250 of the Town Subdivision Regulations, and following discussion it was decided a letter of credit would suffice. It was also noted that in respect to SDD approvals the applicant must begin construction of the Special Development District within three (3) years from the time of the project's final approval, according to Section 18.40.120 of the Town of Vail Zoning Code. -5- At this time, Rob Levine moved to approve Ordinance #17, Series of 1990, and Lynn Fritzlen seconded that motion. A vote was taken and the vote was 5-0 in favor of this motion. At this point, Merv Lapin had stepped out of the room. There being no further business, this meeting was adjourned at 12:10 a.m. Respectfully submitted, Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk Minutes taken by Pam Brandmeyer -6- MINUTES VAIL TOWN COUNCIL MEETING MAY 15, 1990 7:30 P.M. A regular meeting of the Vail Town Council was held on Tuesday, May 15, 1990, at 7:30 p.m., in the Council Chambers of the Uail Municipal Building. MEMBERS PRESENT: Tom Steinberg, Mayor Pro-Tem Lynn Fritzlen Jim Gibson Merv Lapin Robert Levine Peggy Osterfoss MEMBERS ABSENT: Kent Rose, Mayor TOWN OFFICIALS PRESENT: Ron Phillips, Town Manager Charles Wick, Assistant Town Manager The first item on the agenda was Citizen Participation. No one addressed the Council. Mayor Pro-Tem Tom Steinberg announced that items #5 and #6 on the agenda would be rescheduled to another meeting, as .the leases were not ready for review by Council. The next item on the agenda .was the second reading of Ordinance #17, Series of 1990, an ordinance repealing and reenacting Ordinance No. 32, Series of 1987, to provide changes to Special Development District No. 16 relating to Elk Meadows. Brad Tjossem, representing Elk Meadows, was in attendance for this discussion. Mike Mollica from the Community Development Department presented the ordinance to the Council, stating that the only change to the ordinance from first reading was on Page 5, Item 11, which was highlighted in bold type in the ordinance. Peggy Osterfoss asked if the ordinance required the employee housing unit to be built in Phase I of the project. Mike Mollica stated that it did not, as it would require the applicant to redesign the home that had already met approvals and this gave the applicant more flexibility. Peg Osterfoss stated that she would be more comfortable with the ordinance if the employee housing issue was required in Phase I. Tom Steinberg asked what the PEC vote was for the project and Kristan Pritz stated that she believed it was a unanimous vote, but that she was not positive. Merv Lapin asked the applicant if he was committed to the log cabin design of the project, stating that there were no other log. cabins in the area. The applicant stated that the project had received conceptual DRB approval as presented. After some further discussion, Lynn Fritzlen made a motion to approve Ordinance #17, Series of 1990, on second reading. Jim Gibson seconded the motion. The motion passed unanimously. The next item on the agenda was the reading of Resolution No. 12, Series of 1990, a resolution authorizing execution of transfer of funds agreement to Central Bank. Steve Thompson presented the resolution to the Council, stating the main purpose of the resolution was for added security and internal controls. After some discussion, Merv Lapin made a motion to approve Resolution #12, Series of 1990, and Peg Osterfoss seconded the motion. A vote was taken and the resolution passed unanimously. The next item on the agenda was the consideration of a purchase contract for West Vail property - Lots 1-4, Block H, Vail das .Shone, Filing No. 2. Mayor Pro-Tem Tom Steinberg stated there would be no discussion on this item until the June 5th meeting. He also stated that the lease for the Old Post Office space and the lease for Verbatim Booksellers for Vail Village Inn Space would be discussed at the June 5th meeting as well. Tom Steinberg stated that if the Council was considering selling this space, this would be a good time to look into it, with the high bids on the parking structure becoming a concern for the Town. Rob Levine and Peg Osterfoss stated their objection to selling and their desire to proceed with the lease. Lynn Fritzlen stated that if the Council was considering selling the space, now would be the opportune time, as the market was on the rise. The next item on the agenda was the appointment of two Liquor Authority board members. A vote was taken and Mitzi Thomas was appointed on first vote. Three additional votes were taken to determine the second appointment. As there was not a majority vote for any candidate after three votes, the Council elected to postpone the vote for the second position until Mayor Kent Rose returned at the June 5th meeting. It was decided to advertise again for additional applicants between now and the meeting of June 5th. Merv Lapin made a motion to approve the appointment of Mitzi Thomas to the Liquor Authority Board for a two-year term expiring in June of 1992. Jim Gibson seconded the motion. A vote was taken and the motion passed unanimously. Merv lapin asked if there was anything new on the Work Session follow-up list. Ron Phillips stated that all changes and additions had been made to the list. Tom Steinberg asked if there was anything further on the West Vail annexation or was it definitely out. Ron Phillips stated that there was nothing that would be happening soon, but that a name had been mentioned to him of someone who might be interested in circulating petitions. Lynn Fritzlen stated that she had given him the name of Cindy Callicrate, a new resident of Intermountain, who might be interested in helping. There being no further business, the meeting was adjourned at 8:05 p.m. Respectfully submitted, Kent R. Rose, Mayor ATTEST; Pamela A. Brandmeyer, Town Clerk Minutes taken by Mary Caster -2- RESOLUTION N0. 13 Series of 1990 A RESOLUTION THANKING AND ACKNOWLEDGING HERB AND NICHOLE WERTHEIM FOR THEIR CHALLENGE GRANT FOR THE VAIL CULTURAL ARTS CENTER. WHEREAS, the Town Council and the Vail community has expressed a strong interest in the development of a cultural arts facility within the community; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously offered a one million dollar charitable contribution to the Town of Vail for the development of a cultural arts center; and WHEREAS, the Town Council wishes to accept the contribution of the Wertheim Foundation and acknowledge the generosity and foresight of Herb and Nichole Wertheim. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The Vail Town Council hereby acknowledges the generosity and foresight of Herb and Nichole Wertheim in offering a one million dollar contribution for the Vail Cultural Arts Center and hereby expresses its sincere thanks and appreciation to Herb and Nichole Wertheim. 2. The Town Council accepts the charitable contribution of the Wertheim Foundation and recognizes that it is the goal of the Wertheims to begin construction on a cultural arts and convention facility no later than 1991. INTRODUCED, READ, APPROVED AND ADOPTED this day of 1990. Kent R. Rose, Mayo r ATTEST: Pamela A. Brandmeyer, Town Clerk RESOLUTION. N0. 14 Series of 1990 A RESOLUTION SETTING FORTH THE INTENTION OF THE TOWN COUNCIL OF THE TOWN OF VAIL TO MAKE CERTAIN LAND AVAILABLE FOR THE DEVELOPMENT AND CONSTRUCTION OF A VAIL CULTURAL ARTS CENTER. WHEREAS, the Town Council and the Vail community strongly supports the development and construction of a cultural arts facility; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously donated a one million dollar challenge grant to the Town of Vail for the development and construction of a Vail Cultural Arts Center; and WHEREAS, the Town Council, the Vail Valley Foundation, the Vail lodging community, and other business interests in Vaii have committed at least twenty-five thousand dollars for preliminary analysis and development of a cultural arts center; and WHEREAS, the Town Council wishes to solicit additional private contributions for the construction and financing of operations for a cultural arts center; and WHEREAS, the Town Council wishes to set forth its intent to make certain land available for the construction of the Vail Cultural Arts Center, which land is located between the Lionshead Parking Structure and the John Dobson Ice Arena. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The Vail Town Council hereby sets forth its intention to provide the land it owns between the Lionshead Parking Structure and the Dobson Ice Arena subject for the development and construction of a Vail Cultural Arts Center subject to: A. Preliminary analysis indicating the feasibility for such a cultural arts center. B. The completion of a design and site plan for the Vail Cultural Arts Center which is acceptable to the Town Council. C. The receipt of private charitable contributions to finance both the construction and operations of the Vail Cultural Arts Center which is deemed sufficient by the Town Council. D. A written agreement between the Town Council and an appropriate party for the ongoing operation of the Vail Cultural Arts Center. INTRODUCED, READ, APPROVED AND ADOPTED this day of 1990. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk The printed portions of chic form ap roved by the I Colorado Real Estate Commission (~BS3 5/89) THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. VACANT LAND CONTRACT TO BIIY AND BELL REAL ESTATE Seller's remedy Liquidated Damages or Specific Performance (Section 16) ,19 1. PARTIES AND PROPERTY. Town of Vail purchaser(s) [Purchaser], (as joint tenants/tenants in common) agrees to buy, and the undersigned seller(s) [Seller], agrees to sell, on the terms and conditions set forth in this contract, the following described real estate in the County of ,Colorado, to wit: Lots 1 and 3, Block H, Vail das Schone Filing 2 known as No. (Street Address) (City, State, Zip) together with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, all improvements thereon and all attached fixtures thereon, except as herein excluded, and called the Property. 2. INCLUSIONS. The purchase price includes the following items (a) if attached to the Property on the date of this contract: lighting, heating, plumbing, ventilating, and air conditioning fixtures, TV antennas, water softeners, smoke/fire/burglar alarms, security devices, inside telephone wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, and sprinkler systems and controls; (b) if on the Property whether attached or not on the date of this contract: built-in vacuum systems (including accessories), storm windows, storm doors, window and porch shades, awnings, blinds, screens, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating staves, storage sheds, all keys and garage door openers including remote controls; and (c) (d) Water Rights. Purchase price to include the following water rights: N/A {e) Growing Crops. With respect to the growing crops Seller and Purchaser agree as follows: N /A The above-described included items (Inclusions) are to be conveyed to Purchaser by Seller by bill of sale, deed or other applicable legal instrument(s) at the closing, free and clear of all taxes, liens and encumbrances, except as provided in section 10. The following attached fixtures are excluded from this sale: None 3. PURCHASE PRICE AND TERMS. The purchase price shall be $ 109 , 000.00 ,payable in U.S. dollars by Purchaser as follows (complete the applicable terms below): (a) EARNEST MONEY. $ 10 , 000.00 in the form of Town of Vail check . as earnest money deposit and part payment of the purchase price, payable to and held by Vail Associates Real Estate , bralc^, ;r, broker's trust account on behalf of both Seller and Purchaser. Broker is authorized to deliver the earnest money r'= _. the closing agent, if any, at or before closing. `: ~ CASH AT CLOSING. __`w , 800.00 to be paid by Purchaser at closing in cash, electronic transfer funds, certified check, savings and an teller's check, or cashier's check. Subject to the provisions of section 4, if the existing loan balance at the time of closing shall be different from the loan balance in section 3, the adjustment shall be made in cash at closing or paid as follows: (c) NEW LOAN. $ N/A by Purchaser obtaining a new loan. This loan will be secured by a (1st, 2nd, etc.) deed of trust. The new loan to Purchaser shall be amortized over a period of years at approximately $ per including principal and interest not to exceed % per annum, plus, if required by Purchaser's lender, a deposit of of the estimated annual real estate taxes, property insurance premium, and mortgage insurance premium. If the loan is an adjustable interest rate or graduated payment loan, the payments and interest rate initially shall not exceed the figures set forth above. , No. CBS3 5189 VACANT LAND~FARM AND RANCH CONTRACT TO BUY dt SELL REAL ESTATE Page 1 of 6 McAllister Publishing, 502 Main t., Carbondale, CO 81623 (303)963.1027 Loan discount points, if any, shall be paid to lender at closing and shall not exceed % of the total loan amount. The first (1, 2, etc.) loan discount points shall be paid by ,and the balance, if any, shall be paid by Purchaser shall timely pay a loan origination fee not to exceed % of the loan amount and Purchaser's loan costs. Cost of any appraisal for loan purposes to be obtained after this date shall be paid by upon loan application as required by lender. (d) ASSUMPTION. $ N/A by Purchaser's assuming and agreeing to pay an existing loan in this approximate amount, presently payable at $ per including principal, interest presently at % per annum, and including escrow for the following as indicated: ^ real estate taxes, ^ property insurance premium, ^ mortgage insurance premium, and Purchaser agrees to pay a loan transfer fee not to exceed $ At the time of assumption, the new interest rate shall not exceed % per annum and the new payment shall not exceed $ plus escrow, i[ any. Seller ^ shall ^ shall not be released from liability on said loan. If applicable, compliance with the tequiremenls [or release from liability shall be evidenced by delivery at closing of appropriate letter from lender. Cost payable for release of liability shall be paid by in an amount not to exceed $ (e) SELLER OR PRIVATE THIRD-PARTY FINANCING. $ 87 , 200.00 by Purchaser executing a promissory note payable to: Dixon and Lucille Keyser on the note form as indicated: (check one box) ~X Right-to-Cure NTD 82-11-83 ^ secured by a (lst,2nd,etc.) deed of trust encumbering the Property, using the form as indicated: (check one box) Strict Due-on-Sale ('TD 72-11-83) ^ ^ Assumable -Not due on Sale (TD 7411-83) ^ Creditworthy (TD 73-11-83) The promissory note shall be amortized on the basis of 3 years, payable at $ per including principal and interest at the rate of 8 % per annum. Payments shall commence July 5 , 1991 and shall be due on the 5th day of each succeeding July _ _. If not sooner paid, the balance of principal and accrued interest shall be due and payable July 5 , 1993 after closing. Payments ^ shall ~ shall not be increased by of estimated annual real estate taxes, and ^ shall ~ shall not be increased by of estimated annual property insurance premium. The loan shall also contain the following terms as indicated: If any payment is not received within 15 calendar days after its due date, a late charge of 18 % of such payment shall be due. Interest on lender disbursements under the deed of trust shall be 18 % per annum. "Default interest rate shall be 18 % per annum. Purchaser may prepay without a penalty except None a) Loan Application(s). If Purchaser is to pay all or part of the purchase price as set forth in section 3 by obtainin ew loan or r existing loan is not to be released at closing, Purchaser, if required by such lender, shall make written placation within lendar days from acceptance of this contract. Purchaser shall cooperate with Seller and len to obtain loan approval, diligentl d timely pursue same in good faith, execute all documents and furnish all info lion and documents required by the lender, a subject to section 3, timely pay the costs of obtaining such loan or lend nsent. (b) Loan Approval. If aser is to pay all or part of the purchase price by obtainin new loan as specified in section 3, this contract is conditional upon der's approval of the new loan on or before , 19 If not so approved by said date, this contr shall terminate. If the loan is so ap ed, but such proceeds are not available to Purchaser as required in section 5 (Good Fun t the time of closing, closi all be extended one time for calendar days (not to exceed (5) five). If sufficient funds are n (c) Existing-Loan Review. If an existing loan is n documents (including note, deed of trust, modifications) contract shall terminate. ed at closing, Seller shall provide copies of the loan within calendar days from acceptance of this contract. This contract is conditional upon Purchaser' view and app 1 of the provisions of such loan documents. Purchaser consents to the provisions of such loan docu is if no written objectr is received by Seller or Listing Company from Purchaser within calendar days. Purchaser's receipt of such docum . If the lender's approval of a transfer of the Property is required, this contrac conditional upon Purchaser's obtaining such royal without change in the terms of such loan, except as set forth ' ection 3. If lender's approval is not obtained on or be , 19 ,this contract all be terminated on such date. if Seller is to be released from liab ' under such existing loan and Purchaser does obtain such compliance as set forth in section 3, this wntract may be termin at Seller's option. (d) Ass lion Balance. If Purchaser is to pay all or part of the purchase price by assuming an exists oan and if the actual rpal balance of the existing loan at the date of closing is less than the amount in section 3 b ore than $ then Purchaser may terminate this contract effective upon receipt by Seller or Listing Co any ^ No Right-to-Cure NTD 81-11-83 No. C[3S3 5189 VACANT LANDJFARM AND RANCH CONTRACTTO t1UY & SELL 1tFAL ESTATE Page 2 of 6 McAllister ubliching, 502 Main t., Carbondale, CO 81623 (303)963.7027 Seller or cisting loan is not to be released at closing, this contract is conditional upon Seller's approva c aser's financial ability and ere iness, which approval shall be at Seller's soft and absolute discreti c - case: (1) Purchascr shall supply to Seller on or befor 19 -aser's expense, information and documents concerning Purchaser's financial, emp and credi on; (2) Purchaser consents that Seller may verify Purchaser's [financial ability and creditworthiness; 3 m 'nand documents received by Seller shall be held by Seller in confidence, and not release rs except to protect Seller's to this transaction; (4) if Seller does not provide written notice o -sppproval to Purchaser on or before 19 ,then Seller waives t~ -on. If Seller does provide written notice of disapproval to Purchaser on or before said date, tract shall 5. GOOD FUNDS. All payments required at closing shall be made in funds which wmply with all applicable Colorado laws. 6. NOT ASSIGNABLE. This contract shall not be assignable by Purchaser without Seller's prior written consent. Except as so restricted, this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the panics. 7. EVIDENCE OF TITLE. Seller shall furnish to Purchaser, at Seller's expense, either a current ~mmitment for owner's title insurance policy in an amount equal to the purchase price or at Seller's choice, an abstract of title certified to a current date, on or before ,19 . If a title insurance commitment. is furnished, Purchaser may require of Seller that copies of instruments (or abstracts of instruments) listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be furnished to Purchaser at Seller's expense. This requirement shall pertain only to instruments shown of record in the office of the clerk and recorder of the designated county or counties. The title insurance commitment, together with any copies or abstracts of instruments furnished pursuant to this section 7, constitute the title documents (T'itle Documents). Purchaser must request Seller to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than ,~_ calendar days after Purchaser's receipt of the title insurance commitment. If Seller furnishes a title insurance commitment, Seller will have the title insurance policy delivered to Purchaser as soon as practicable after closing and pay the premium at closing. 8. TITLE. (a) Tile Review. Purchaser shall have the right to inspect the Title Documents or abstract. Written notice by Purchaser of unmerchantability of title or of any other unsatisfactory title condition shown by the Title Documents or abstract shall be signed by or on behalf of Purchaser and given to Seller or Listing Company on orbefore =_~ calendar days after Purchaser's receipt of Title Documents or abstract, or within five (5) calendar days after receipt by Purchaser of any Title Document(s) or endorsement(s) adding new Exception(s) to the title commitment together with a copy of the Title Document adding new Exception(s) to title. If Seller or Listing Company does not receive Purchaser's notice by the date(s) specified above, Purchaser shall be deemed to have accepted the condition of title as disclosed by the Title Documents as satisfactory. (b) Matters Not Shown by the Public Records. Seller shall deliver to Purchascr, on or before the date set forth in section 7, true copies of all lease(s) and survey(s) in Scllcr's possession pertaining to the Property and shall disclose to Purchascr all casements, liens or other title matters not shown by the public records of which Seller has actual knowledge. Purchaser shall have the right to inspect the Property to determine if any third party(s) has any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary line discrepancy). Written notice of any unsatisfactory wndition(s) disclosed by Seller or revealed by such inspection shall be signed by or on behalf of Purchaser and given to Seller or Listing Company on or before ,19 . If Seller or Listing Company does not receive Purchaser's notice by said date, Purchaser shall be deemed to have accepted title subject to such rights, if any, of third parties of which Purchaser has actual knowledge. (c) Right to Cure. If Seller or Listing Company receives notice of unmerchantability of title or any other unsatisfactory title condition(s) as provided in subsection (a) or (b) above, Seller shall use reasonable effort to correct said unsatisfactory title eonditions(s) prior to the date of closing. If Seller fails to correct said unsatisfactory title condition(s) on or before the date of closing, this contract shall then terminate, subject to section 17; provided, however, Purchaser may, by written notice received by Seller or Listing Company on or before closing, waive objection to said unsatisfactory title condition(s). 9. DATL' OF CLOSING. The date of closing shall be July 5 , 19 90 or by mutual agreement at an earlier date. The hour and place of closing shall be as designated by Purchaser and Seller 10. TRANSFER OF TITLE. Subject to tender or payment on closing as required herein and ~mpliance by Purchaser with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient General Warranty decd to Purchascr, on closing, conveying the Property free and clear of all taxes except the general taxes for the year of closing, and except None free and clear of all liens for special improvements installed as of the date of Purchaser's signature hereon, whether assessed or not; except distribution utility easements, including cable TV; except those matters reflected by the Title Documents accepted by Purchaser in accordance with subsection 8(a); except those rights, if any, of third parties in the Property not shown by the public records in accordance with subsection S(b); and subject to building and zoning regulations. 11. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before the time of settlement from the proceeds of this transaction or from any other source. 12. CLOSING COSTS, DOCUMENTS AND SERVICES. Purchaser and Seiler shall pay their respective closing costs at closing except as otherwise provided herein. Purchaser and Seller shall sign and complete all customary or required documents at or before closing. Fees for real estate closing and settlement services shall not exceed $ 200.00 and shall be paid at closing by Purr•ha e and SP1 1 er 13. PROBATIONS. General taxes for the year of closing, based on the most recent levy and the most recent assessment, rents, water and sewer charges, owner's association dues, and interest on continuing loan(s), if any, and West Vail Road Improvements shall be prorated to date of closing. Any sales, use and transfer tax that may accrue because of this transaction shall be paid by Purchaser . No. CBS3 5189 VACANT LAND~FARM AND RANCH CONTRACT TO BUY ~ SELL REAL ESTATE Page 3 of 6 McAllicter ubiiching, 502 Main t., Carbondale, CO 87623 (303)963.7027 14. POSSESSION. Possession of the Property shall be delivered to Purchaser as follows: On the date of closing subject to the following lease(s) or tenancy(s): None If Seller, after closing, fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be additionally liable to Purchaser for payment of ~ 200.00 per day from the date of agreed possession until possession is delivered. 15. CONDITION OF AND DAMAGE TO PROPERTY. The Property and Inclusions shall be conveyed in their present condition, ordinary wear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior to time of closing, in an amount of not more than ten percent o[ the total purchase price, Seller shall be obligated to repair the same before the date of closing. In the event such damage is not repaired within said time or if the damages .exceed such sum, this contract may be terminated at the option of Purchaser. Should Purchaser elect to carry out this contract despite such damage, Purchaser shall be entitled to credit for all the insurance proceeds resulting from such damage to the Property anti Inclusions, not exceeding, however, the total purchase price. Should any Inclusion(s) or service(s) fail or be damaged between the date of this contract and the date of closing or the date of possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such Inclusion(s) or service(s) with a unit of similar size, age and quality, or an equivalent credit, less any insurance proceeds received by Purchaser covering such repair or replacement. The risk of loss for any damage to growing crops, by fire or other casualty, shall be borne by the party entitled to the growing crops, if any, as provided in section Z and such party shall be entitled to such insurance proceeds or benefits for the growing crops, if any. 16. TIME OF ESSENCE/REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due hereunder is not paid, honored or tendered when due,or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: (a) IF PURCHASER IS IN DEFAULT: IF THE BOX IN SUBSECTION (1) IS CHECKED, SELLER'S REMEDIES SHALL BE AS SET FORTH IN SUBSECTION (1) [SPECIFIC PERFORMANCE]. IF SAID BOX IS NOT CHECKED, SELLER'S REMEDIES SIiALL BE AS SET FORTH IN SUBSECTION (2) [LIQUIDATED DAMAGES]. ^ (1) Specific Performance. Seller may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both. (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Purchaser and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as provided in subsection (c)) are SELLER'S SOLE AND ONLY REMEDY for Purchaser's failure to perform the obligations of this contract. Seller expressly waives the remedies of specific performance and additional damages. (b) IF SELLER IS IN DEFAULT: Purchaser may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be returned and Purchaser may recover such damages as may be proper, or Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to specific performance or damages, or both. (c) COSTS AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any litigation or arbitration arising out of this contract, the +:ourt shall award to the prevailing party all reasonable costs and expense, including attorney fees. 17. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Purchaser and Seller agree that, in the event of any controversy regarding the earnest money and things of value held by broker or closing agent, unless mutual written instructions are received by the holder of the earnest money and things of value, broker or closing agent shall not be required to take any action but may await any proceeding, or at broker's or closing agent's option and sole discretion, may interplead all parties and deposit any moneys or things of value into a court of competent jurisdiction and shall recover court costs and reasonable attorney fees. 18. INSPECTION. Purchaser or any designee shall have the right to have inspection(s) of the physical condition of the Property and Inclusions, at Purchaser's expense. if written notice of any unsatisfactory condition, signed by Purchaser, is not received by Seller or Listing Company on or before ,19 ,the physical condition of the Property anti Inclusions shall be deemed to be satisfactory to Purchaser. If written notice of any unsatisfactory condition, signed by Purchaser, is given to Seller or Listing Company as set forth above in this section, and if Purchaser and Seller have not reached a written agreement in settlement thereof on or before ,19 ,this contract shall then terminate, subject to section 17. Purchaser is responsible and shall pay for any damage which occurs to the Property and Inclusions as a result of such inspection. No. CBS3 5/89 VACANT LANDJFARM AND RANCH CONTRACT' TO BUY dt SELL REAL ESTATE Page 4 of 6 McAllister ubliching, 502 Main St., Carbondale, CO 81623 (303)963-]027 19. AGENCY DISCLOSURE. The listing broker, Vail Associates Real Estate, Inc. ,and its sales agents (Listing Company) represent Seller. The Listing Company owes duties of trust, loyalty and confidence to Seller only. While the Listing Company has a duty to treat Purchaser honestly, the Listing Company is the Seller's agent and is acting on behalf of Seller and not Purchaser. BY SIGNING BELOW, PURCHASER ACKNOWLEDGES PRIOR TIMELY NOTICE BY LISTING OR SELLING COMPANY THAT LISTING COMPANY IS SELLER'S AGENT. The sell;ngbroker, Vail Associates Real Estate . and its sales agents (Selling Company) represent: [IF THE BOX ]N SUBSECTION (b) IS CHECKED, SELLING COMPANY REPRESENTS PURCHASER ONLY, AS SET FORTH IN SUBSECTION (b). IF THE BOX IN SUBSECTION (b) IS NOT CHECKED, SELLING COMPANY REPRESENTS SELLER ONLY, AS SET FORTH IN SUBSECTION (a).J (a) Seller. The Selling Company owes duties of trust, loyalty and confidence to Seller only. While the Selling Company has a duty to treat Purchaser honestly, the Selling Company is Seller's agent and is acting on behalf of Sellcr and not Purchaser. BY SIGNING BELOW, PURCHASER ACKNOWLEDGES PRIOR TIMELY NOTICE BY SELLING COMPANY TIiAT SELLING COMPANY IS SELLER'S AGENT. ^ (b) Purchaser. If the box is checked: The Selling Company owes duties of trust, loyalty and confidence to Purchaser only. While the Selling Company has a duty to treat Seller honestly, the Selling Company is acting on bchalf of Purchaser and not Seller. SELLER AND LISTING COMPANY ACKNOWLEDGE PRIOR TIMELY NOTICE BY SELLING COMPANY THAT IT IS PURCHASEK`S AGENT. 20. ADDITIONAL PROVISIONS: See Addendum A attached and incorporated in this Agreement by reference. 21. RECOMMENDATION OF LEGAL COUNSEL. By signing this document, Purchaser and Seller acknowledge that the Selling Company or the Listing Company has recommended that Purchaser and Seller obtain the advice of their own legal counsel regarding examination of title and this contract. 22. TERivfINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the parties shall be relieved of all obligations hereunder, subject to section 17. Na. C1353 Sj89 VACANT LAND/FARM AND RANCH CONTRACT TO BUY do SII.L 1tBAL ISI'ATB Page 5 of 6 McAllicter Publishing, 502 Main t., Carbondale, CO 81623 (303)963.1027 23. NOTICE OF ACCEPTANCE/COUNTERPARTS. If this proposal is accepted by Seller in writing and Purchaser receives notice of such acceptance on or before ,19 ,this document shall become a contract between Seller and Purchaser. A mpy of this document maybe executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties. Purchaser Town of Vail Date Purchaser Date Purchaser's Address Purchaser's Address [TO BE COMPLETED BY SELLER AND LISTING COMPANY] 24. ACCEPTANCE/COMMISSION. Seller accepts the above proposal this day of , 19 Seller shall pay to the Listing Company a commission of % of the gross purchase price or as agreed upon between Seller and Listing Company for services in this transaction. In the event of forfeiture of payments and things of value received hereunder, such payments and things of value shall be divided between Listing Company and Seller, one-half thereof to Listing Company, but not to exceed the commission, and the balance to Seller. Seller Dixon Keyser Date Seller Lucille Keyser Date Seller's Address Seller's Address The undersigned Selling Company acknowledges receipt of the earnest money deposit specified in section 3 and both Selling Company and Listing Company confirm the respective agency disclosure set forth in section 19. Selling Company Address By Date Listing Company Address By Date No. CBS3 5/89 VACANT LAND\FARM AND RANCH CONTRACT TO BUY dr SELL REAL ESTATE Page 6 of 6 McAllister Publishing, 502 Main 51., Carbondale, CO 81623 (303)963-1027 ' ADDENDUM A 1. This contract is conditioned upon its approval by the Town Council of the Town of Vail, Colorado. 2. The title insurance policy to be delivered to Purchaser by Seller in accordance with paragraph 7 of this Agreement shall have standard exceptions 1 - 4 deleted. 3. The promissory note referred to in paragraph 3 of the contract shall provide for partial releases to be conveyed to the Purchaser upon each installment payment made to Seller as set forth in said paragraph. Further, the promissory note shall be non-recourse against the Purchaser. The promissory note and deed of trust shall be prepared by Purchaser's attorney and shall be submitted to Seller for review a reasonable time before the date of closing. This contract is conditioned upon the promissory note and deed of trust being acceptable in their terms and form to Seller and Purchaser. 4. Purchaser hereby represents and warrants to Seller that there are no hazardous substances on the property including, but not limited to, asbestos, or PCB in its various forms. 1 The printed portionc o[ this torm a roved b~ the Colorado Rcal Estate Commiccion (~BS3 5/89) THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. VACANT LAND CONTRACT TO BUY AND BELL REAL EBTATE Seller's remedy Liquidated Damages or Specific Performance (Section 16) ,19 i. PARTIES AND PROPERTY. Town of Vail purchaser(s) [Purchaser], (as joint tenants/tenants in common) agrees to buy, and the undersigned seller(s) [Seller], agrees to sell, on the teens and conditions set forth in this ~ntract, the following described real estate in the County of , Colorado, to wit: Lots 2 and 4, Block H, Vail das Schone Filing 2 known as No. 2487 and 2477 Garmish Drive (Street Address) Vail, CO 81657 , (City, State, Zip) together with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, all improvements thereon and all attached fixtures thereon, except as herein excluded, and called the Property. 2. INCLUSIONS. The purchase price includes the following items (a) if attached to the Property on the dale of this contract: lighting, heating, plumbing, ventilating, and air conditioning fixtures, TV antennas, water softeners, smoke/fire/burglar alarms, security devices, inside telephone wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, and sprinkler systems and t~ntrols; (b) if on the Property whether attached or not on the date of this contract: built-in vacuum systems (including accessories), storm windows, storm doors, window and porch shades, awnings, blinds, screens, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, all keys and garage door openers including remote controls; and (c) (d) Water Rights. Purchase price to include the following water rights: N/A (e) Growing Crops. With respect to the growing crops Seller and Purchaser agree as follows: N/A ~he above-described included items (Inclusions) are to be conveyed to Purchaser by Seller by bill of sale, deed or other applicable legal instrument(s) at the closing, free and clear of all taxes, liens and encumbrances, except as provided in section 10. The following attached fixtures are excluded from this sale: None 3. PURCHASE PRICE AND TERMS. The purchase price shall be S 109.000.00 .payable in U.S. dollars by Purchaser as follows (complete the applicable terms below): (a) EARNEST MONEY. S 10.000.00 in the form of Town of Vail check . as earnest money deposit and part payment of the purchase pria, payable to and held by Vail AGGOCiates Read Estate broker, in broker's trust account on behalf of both Seller and Purchaser. Broker is authorized to deliver the earnest money deposit to the closing agent, if any, at or before closing. (b) CASH AT CLOSING. $ 11 .800.00 to be paid by Purchaser at closing in cash, electronic transfer funds, certified check, savings and loan teller's check, or cashier's check. Subject to the provisions of section 4, if the existing loan balance at the time o[ closing shall be different from the loan balance in section 3, the adjustment shall be made in cash at closing or paid as follows: (c) NEW LOAN. $ N /A by Purchaser obtaining a new loan. This loan will be secured by a (1st, 2nd, eta) deed of trust. The new loan to Purchaser shall be amortized over a period of years at approximately $ per including principal and interest not to exceed % per annum, plus, if required by Purchaser's lender, a deposit of of the estimated annual real estate taxes, property insurance premium, and mortgage insurance premium. If the loan is an adjustable interest rate or graduated payment loan, the payments and interest rate initially shall not exceed the figures set forth above. No. CBS3 5189 VACANT LANDJFARM AND RANCH CONTRACT TO BUY 6c SELL REAL ESTATE Page l of 6 McAllister Publishing, 502 Main St., Carbondale, CO 8]623 (303)963-1027 Loan discount points, if any, shall be paid to lender at closing and shall not exceed % of the total loan amount. The first (1, 2, etc.) loan discount points shall be paid by ,and the balance, if any, shall be paid by Purchaser shall timely pay a loan origination fee not to exceed % of the loan amount and Purchaser's loan costs. Cost of any appraisal for loan purposes to be obtained after this date shall be paid by upon loan application as required by lender. (d) ASSUMPTION. $ N/A by Purchaser's assuming and agreeing to pay an existing loan in this approximate amount, presently payable at $ per including principal, interest presently at per annum, and including escrow for the following as indicated: ^ real estate taxes, ^ property insurance premium, ^ mortgage insurance premium, and Purchaser agrees to pay a loan transfer fee not to exceed $ At the time of assumption, the new interest rate shall not exceed % per annum and the new payment shall not exceed $ plus escrow, if any. Seller ^ shall ^ shall not be released from liability on said loan. If applicable, compliance with. the requirements for release from liability shall be evidenced by delivery at closing of appropriate letter from lender. Cost payable for release of liability shall be paid by in an amount not to exceed $ (e) SELLER OR PRIVATE THIRD-PARTY FINANCING. $ 87 .200.00 by Purchaser executing a promissory note payable to: Robert W. and Fern F . on the note form as indicated: (check one box) may, Right-to-Cure NTD 82-11-83 ^ No Right-to-Cure NTD 81-11-83 - ^ secured by a (lst,2nd,etc.) deed of trust encumbering the Property, using the form as indicated: (check one box) ~X Strict Due-on-Sale (TD 72-11-83) ^ Creditworthy (TD 73-11-83) ^ Assumable -Not due on Sale (T'D 7411-83) ^ The promissory note shall be amortized on the basis of 3 years, payable at $ per including principal and interest at the rate of 8 % per annum. Payments shall commence July 5 . 1991 and shall be due on the 5th day of each succeeding July . If not sooner paid, the balance of principal and accrued interest shall be due and payable Jules 5 . 1993 after closing. Payments ^ shall ®Xshall not be increased by of estimated annual real estate taxes, and ^ shall ~ shall not be increased by of estimated annual property insurance premium. The loan shall also contain the following terms as indicated: If any payment is not received within t ~ calendar days alter its due date, a late charge of _ 18 _ % of such payment shall be due. Interest on lender disbursements under the deed of trust shall be 18 % per annum. Default interest rate shall be ~_ per annum. Purchaser may prepay without a penalty except None a) Loan Application(s). If Purchaser is to pay all or part of the purchase price as set forth in section 3 by obtaining w loan or t existing loan is not to be released at closing, Purchaser, if required by such lender, shall make written tcation within lendar days from acceptance of this contract. Purchaser shall cooperate with Seller and lend o obtain loan approval, diligently d timely pursue same in good faith, execute all documents and furnish all info ion and documents required by the lender, an object to section 3, timely pay the. costs of obtaining such loan or lende nsent. (b) Loan Approval. if P aser is to pay all or part of the purchase price by obtainin ew loan as specified in section 3, this contract is conditional upon er's approval of the new loan on or before lq if not so approved by said date, this contra hall terminate. If the loan is so appr d, but such proceeds are not available to Purchaser as required in section 5 (Good Funds the time of closing, closin all be extended one time for calendar days (not to exceed (5) five). If sufficient funds are n en available, t 'contract shall terminate. (c) Existing-Loan Review. If an existing loan is no be eased at closing, Seller shall provide copies of the loan documents (including note, deed of trust, modifications) to r er within calendar days from acceptance of this contract. This contract is conditional upon Purchaser's yew and app I of the provisions of such loan documents. Purchaser consents to the provisions of such loan docu if no written objectio 's received by Seller or Listing Company from Purchaser within calendar days f Purchaser's receipt of such docum . If the lender's approval of a transfer of the Property is required, this contrac 'conditional upon Purchaser's obtaining such a oval without change in the terms of such loan, except as set forth ' ection 3. If lender's approval is not obtained on or befo , 19 ,this contrac all be terminated on such date. If Seller is to be released from liab~ under such existing loan and Purchaser does obtain such compliance as set forth in section 3, this contract may be terming at Seller's option. (d) Ass lion Balance. If Purchaser is to pay all or part of the purchase price by assuming an existin an and if the actual cipal balance of the existing loan at the date of closing is less than the amount in section 3 by re than $ then Purchaser may terminate this ~ntract effective upon receipt by Seller or Listing Co No. CBS3 5189 VACANT LANDf FARM AND RANCH CONTRACT TO IIUY Ec SELL REAL ESTATE Page 2 of 6 McAllister Publishing, 502 Main St., Carbondale, CO 8]623 (303)963.1027 Seller o xsting loan is not to be released at closing, this contract is conditional upon Seller's approv~a '~ c aser's financial ability and cr thiness, which approval shall be at Seller's sole and absolute discreti c5ii h case: (1) Purchaser shall supply to Seller on or be o 19 aser's expense, information and documents concerning Purchaser's financial, emp and credi ' ron; (2) Purchaser consents that Seller may verify Purchaser's financial ability and creditworthiness; 3 r 'on and documents received by Seller shall be held by Seller in confidence, and not release ers except to protect Seller's to ' i this transaction; (4) if Seller does not provide written notice o s isapprova( to Purchaser on or before 19 ,then Seller waives th' ron. If Seller does provide written notice of disapproval to Purchaser on or before said a ntract shall 5. GOOD FUNDS. All payments required at closing shall be made in funds which comply with all applicable Colorado laws. 6. NOT ASSIGNABLE. This contract shall not be assignable by Purchaser without Seller's prior written consent. Except as so restricted, this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties. 7. EVIDENCE OF TITLE. Seller shall furnish to Purchaser, at Seller's expense, either a current commitment for owner's title insurance policy in an amount equal to the purchase price or at Seller's choice, an abstract of title certified to a current date, on or before 19 . If a title insurance cemmitment is furnished, Purchaser may require of Seller that copies of instruments (or abstracts of instruments) listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be furnished to Purchaser at Seller's expense. This requirement shall pertain only to instruments shown of record in the office of the clerk and recorder of the designated county or counties. The title insurance commitment, together with any copies or abstracts of instruments furnished pursuant to this section 7, constiWte the title documents ('1'itlc Documents). Purchaser must request Seller to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than ,~tL calendar days after Purchaser's receipt of the title insurance commitment. If Seller furnishes a title insurance commitment, Seller will have the title insurance policy delivered to Purchaser as soon as practicable after closing and pay the premium at closing. 8. TITLE. (a) Title Review. Purchaser shall have the right to inspect the Title Documents or abstract. Written notice by Purchaser of unmerchantability of title or of any other unsatisfactory title condition shown by the Title Documents or abstract shall be signed by or on behalf of Purchaser and given to Setter or Listing Company on or before ~!Z calendar days after Purchaser's receipt of Title Documents or abstract, or within five (5) calendar days after receipt by Purchaser of any Title Document(s) or endorsement(s) adding new Exception(s) to the title commitment together with a copy of the Title Document adding new Exception(s) to title. If Seller or Listing Company does not receive Purchaser's notice by the date(s) specified above, Purchaser shall be deemed to have accepted the condition of title as disclosed by the Title Documents as satisfactory. (b) Matters Not Shown by the Public Records. Seller shall deliver to Purchaser, on or before the date set forth in section 7, true copies of all lease(s) and survey(s) in Scllcr's possession pertaining to the Property and shall disclose to Purchaser all casements, liens or other title matters not shown by the public records of which Seller has actual knowledge. Purchaser shall have the right to inspect the Property to determine if any third party(s) has any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary line discrepancy). Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by such inspection shall be signed by or on behalf of Purchaser and given to Seller or Listing Company on or before ,19 . If Seller or Listing Company does not receive Purchaser's notice by said date, Purchaser shall be deemed to have accepted title subject to such rights, if any, of third parties of which Purchaser has actual knowledge. (c) Right to Cure. If Seller or Listing Company receives notice of unmerchanlability of title or any other unsatisfactory title condition(s) as provided in subsection (a) or (b) above, Seller shall use reasonable effort to correct said unsatisfactory title conditions(s) prior to the date of closing. If Seller fails to correct said unsatisfactory title condition(s) on or before the date of closing, this contract shall then terminate, subject to section 17; provided, however, Purchaser may, by written notice received by Seller or Listing Company on or before closing, waive objection to said unsatisfactory title condition(s). 9. DATE OF CLOSING. The date of closing shall be July 5 , 19 90 or by mutual agreement at an earlier date. The hour and place of closing shall be as designated by Purchaser and Seller 10. TRANSFER OF TITLE. Subject to tender or payment on closing as required herein and compliance by Purchaser with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient General Warranty deed to Purchaser, on closing, conveying the Property free and clear o[ all taxes except the general taxes for the year of closing, and except None free and clear of all liens for special improvements installed as of the date of Purchaser's signature hereon, whether assessed or not; except distribution utility easements, including cable TV; except those matters retlcctcd by the Title Uocumcnts accepted by Purchaser in accordance with subsection 8(a); except those rights, if any, of third parties in the Property not shown by the public records in accordance with subsection 8(b); and subject to building and zoning regulations. 11. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shat( be paid at or before the lime of settlement from the proceeds of this transaction or from any other source. 12. CLOSING COSTS, DOCUMENTS AND SERVICES. Purchaser and Seller shall pay their respective closing costs at closing except as otherwise provided herein. Purchaser and Seller shall sign and complete all customary or required documents at or before closing. Fees for real estate closing and settlement services shall not exceed ~ 200.00 and shall be paid at closing by - PurchaGer and Seller 13. PROBATIONS. General taxes for the year of closing, based on the most recent levy and the most recent assessment, rents, water and sewer charges, owner's association dues, and interest on continuing loan(s), if any, and West Vail Read Tmvrovements shall be prorated to date of closing. Any sales, use and transfer tax that may accrue because of this transaction shall be paid by Purchaser . Vo. CQS3 5189 VACANT LANDJFARM AND RANCI I CONTRACT TO BUY do SELL REAL ESTATE Page 3 of 6 ~r111icter ubliching, 502 Main St., Carbondale, CO 8]623 (303)963.1027 14. POSSESSION. Possession of the Property shall be delivered to Purchaser as follows: On the date of closing subject to the following lease(s) or tenancy(s): None If Seller, after closing, fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be additionally liable to Purchaser for payment of ~ 200.00 per day from the date of agreed possession until possession is delivered. 15. CONDITION OF AND DAMAGE TO PROPERTY. The Property and Inclusions shall be conveyed in their present condition, ordinary wear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior to time cif closing, in an amount of not more than ten percent of the total purchase price, Seller shall be obligated to repair the same before the date of closing. In the event such damage is not repaired within said time or if the damages exceed such sum, this contract may be terminated at the option of Purchaser. Should Purchaser elect to carry out this contract despite such damage, Purchaser shall be entitled to credit for all the insurance proceeds resulting from such damage to the Property and Inclusions, not exceeding, however, the total purchase price. Should any Inclusion(s) or service(s) fail or be damaged between the date of this contract and the date of closing or the date of possession, whichever shall be earlier, then Seller shall be liable for the repair of replacement of such Inclusion(s) or service(s) with a unit of similar size, age and quality, or an equivalent credit, less any insurance proceeds received by Purchaser covering such repair or replacement. The risk of loss for any damage to growing crops, by Lire or other casualty, shall be borne by the party entitled to the growing crops, if any, as provided in section 2 and such party shall be entitled to such insurance proceeds or benefits for the growing crops, i[ any. 16. TIME OFESSENCE/REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due hereunder is not paid, honored or tendered when due,or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: (a) IF PURCHASER IS IN DEFAULT: IF THE BOX IN SUBSECTION (1) IS CHECKED, SELLER'S REMEDIES SHALL BE ASSET FORTH IN SUBSECTION (1) [SPECIFIC PERFORMANCE). IF SAID BOX IS NOT CHECKED, SELLER'S REMEDIES SHALL BE AS SET FORTH IN SUBSECTION (2) [LIQUIDATED DAMAGESJ. ^ (1) Specific Performance. Seller may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to specific performance or damages, or both. (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Purchaser and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as provided ir- subsection (c)) are SELLER'S SOLE AND ONLY REMEDY for Purchaser's failure to perform the obligations of this contract. Seller expressly waives the remedies of specific performance and additional damages. (b) IF SELLER IS IN DEFAULT: Purchaser may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be returned and Purchaser may recover such damages as may be proper, or Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to specific performance or damages, or both. (c) COSTS AND EXPENSES. Anything to the conUary herein notwithstanding, in the event of any litigation or arbitration arising out of this contract, the court shall award to the prevailing party all reasonable costs and expense, including attorney fees. 17. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Purchaser and Seller agree that, in the event of any controversy regarding the earnest money and things of value held by broker or closing agent, unless mutual written instructions are received by the holder of the earnest money and things of value, broker or closing agent shall not be required to take any action but may await any proceeding, or at broker's or closing agent's option and sole discretion, may interplead all parties and deposit any moneys or things of value into a court of competent jurisdiction and shall recover court costs and reasonable attorney fees. 18. INSPECTION. Purchaser or any designee shall have the right to have inspection(s) of the physical ~ndition of the Property and Inclusions, at Purchaser's expense. If written notice of any unsatisfactory condition, signed by Purchaser, is not received by Seller or Listing Company on or before .19 .the physical condition of the Property and Inclusions shall be deemed to be satisfactory to Purchaser. If written notice of any unsatisfactory condition, signed by Purchaser, is given to Seller or Listing Company as set forth above in this section, and if Purchaser and Seller have not reached a written agreement in settlement thereof on or before ,19 ,this contract shall then terminate, subject to section 17. Purchaser is responsible and shall pay for any damage which occurs to the Property and Inclusions as a result of such inspection. '~ o. CBS3 5189 VACANT [ANDf FARM AND RANCN CONTRACT TO BUY g SELL REAL ESTATE Page 4 of 6 ' ' Allister ubtiching, 502 Main St., Carbondale, CO 81623 (303)963-1027 19. AGENCY DISCLOSURE. The listing broker, Vail Associates -Real Estate, Inc. ,and its sales agents (Listing Company) represent Seller. The Listing Company owes duties of trust, loyalty and confidence to Seller only. While the Listing Company has a duty to treat Purchaser honestly, the Listing Company is the Seller's agent and is acting on behalf of Seller and not Purchaser. BY SIGNING BELOW, PURCHASER ACKNOWLEDGES PRIOR TIMELY NOTICE BY LISTING OR SELLING COMPANY THAT LISTING COMPANY IS SELLER'S AGENT. The selling broker, Vail Associates Real Estate ,and its sales agents (Selling Company) represent: [IF THE BOX IN SUBSECTION (b) IS CHECKED, SELLING COMPANY REPRESENTS PURCHASER ONLY, AS SET FORTII IN SUBSECTION (b). IF TIIE BOX IN SUBSECTION (b) IS NOT CHECKED, SELLING COMPANY REPRESENTS SELLER ONLY, AS SET FORTH IN SUBSECTION (a).J (a) Seller. The Selling Company owes duties of trust, loyalty and ~nfidence to Seller only. While the Selling Company has a duty to treat Purchaser honestly, the Selling Company is Seller's agent and is acting on behalf of Seller and not Purchaser. BY SIGNING BELOW, PURCIASER ACKNOWLEDGES PRIOR TIMELY NOTICE BY SELLING COh1PANY TIIAT SELLING COMPANY IS SELLER'S AGENT. ^ (b) Purchaser. If the box is checked: The Selling Company owes duties of trust, loyalty and confidence to Purchaser only. While the Selling Company has a duty to treat Seller honestly, the Selling Company is acting on behalf of Purchaser and not Seller. SELLER AND LISTING COMPANY ACKNOWLEDGE PRIOR TIMELY N01'ICE BY SELLING COMPANY THAT IT IS PURCHASER`S AGENT. 20. ADDITIONAL PROVISIONS: See Addendum A attached and incorporated in this Agreement by reference. 21. RECOMMENDATION OF LEGAL COUNSEL. By signing this document, Purchaser and Seller acknowledge that the Selling Company or the Listing Company has recommended that Purchaser and Seller obtain the advice of their own legal counsel regarding examination of title and this contract. 22. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the parties shall be relieved of all obligations hereunder, subject to section 17. _. . CBS3 5/84 VACANT LAND/FARM AND RANCH CON'T'RACT' TO BUY g SELL RPAL ESTATE Page 5 of 6 ~= E1llister Publishing, 502 Main t., Carbondale, CO 81623 (303)963-1027 23. NOTICE OF ACCEPTANCE/COUNTERPARTS. If this proposal is accepted by Seller in writing and Purchaser receives notice of such acceptance on or before ,19 ,this document shall become a contract between Seller and Purchaser. A spy of this document may be executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties. Purchaser Town of Vail Date Purchaser Purchaser's Address Date Purchaser's Address (TO BE COMPLETED BY SELLER AND LISTING COMPANY) 24. ACCEPTANCE/COMMISSION. Seller accepts the above proposal this day of , 19 Seller shall pay to the Listing Company a commission of %of the gross purchase price or as agreed upon between Seller and Listing Company for services in this transaction. In the event of forfeiture of payments and things of value received hereunder, such payments and things of value shall be divided between Listing Company and Seller, one-half thereof to Listing Company, but not to exceed the commission, and the balance to Seller. Seller Robert W. Glake Date Seller Fern F. Glake Date Seller's Address Seller's Address The undersigned Selling Company acknowledges receipt of the earnest money deposit specified in section 3 and both Selling Company and Listing Company confirm the respective agency disclosure set forth in section 19. Selling Company Address By Listing Company Date Address By Date ' :c,. CBS3 5189 VACANT LAND`` FARM AND RANCH CONTRACT TO BUY do SELL REAL ESTATE Page 6 or 6 '<;,Atlicter Publishing, 502 Main Si., Carbondale, CO 8]623 (303)9631027 ADDENDUM A 1. This contract is conditioned upon its approval by the Town Council of the Town of Vail, Colorado. 2. The title insurance policy to be delivered to Purchaser by Seller in accordance with paragraph 7 of this Agreement shall have standard exceptions 1 - 4 deleted. 3. The promissory note referred to in paragraph 3 of the contract shall provide for partial releases to be conveyed to the Purchaser upon each installment payment made to Seller as set forth in said paragraph. Further, the promissory note shall be non-recourse against the Purchaser. The promissory note and deed of trust shall be prepared by Purchaser's attorney and shall be submitted to Seller for review a reasonable time before the date of closing. This contract is conditioned upon the promissory note and deed of trust being acceptable in their terms and form to Seller and Purchaser. 4. Purchaser hereby represents and warrants to Seller that there are no hazardous substances on the property including, but not limited to, asbestos, or PCB in its various forms. WORK SESSION FOLLOW-UP ESTIONS 6/1/90 Page 1 of 2 FOLLOW-UP SOLUTIONS 8/8 WEST INTERMOUNTAIN ANNEXATION request: Lapin) 2/20 JOINT MEETING COUNCIL/VMRD 2/27 SATELLITE POST OFFICE (request: Osterfoss) 3/27 COMPENSATION FOR PEC, DRB, LIQUOR AUTHORITY/RAISING COMPENSATION FOR MAYOR TO $1,000/ MONTH 4/10 CML CONFERENCE/Colorado Springs 5/8 tENNENBAUM RESOLUTION 5/1 RECYCLABLE PAPER PRODUCTS (request: Rose) 5/1 ANNUAL CHUCK ANDERSON YOUTH AWARD (request: Lapin) 5/1 UNUSED COMMON GRFA IN CONDOMINIUM PROJECTS (request: Lapin) LARRY: Proceeding w/legal requirements for annexation. PAT: Apply in writing to Council re: ground lease of Booth Creek 9 hole par 3 golf course. RON: Pursue station "in town" and/or increase summer bus service? RON/KRISTAN/LARRY: Should additional compensation be considered for appointed, standing Town boards? COUNCILMEMBERS: Conference will be held June 20-23 this summer - reservations should be made as soon as possible. RON: Contact entities re: similar resolution signed by Eagle County Commissioners. STEVE BARWICK: What is cost differential and degree of difficulty involved in purchasing all recyclable paper products? Has the TOV already pursued this? BRIAN JONES/JOANNE MATTIO/PAT: Apparently this youth award fell through the cracks last year; pursue selection and presentation for BOTH years. LARRY/KRISTAN: Devise notification procedure for individual owners in condo. projects where collective GRFA may be required on an individual case-by-case basis. EXAMPLES: Crossroads, Northwoods A new advocate for petition circulation is being sought. Cindy Callicrate to be contacted. Kent sent letter outlining proposed process to Tim Garton. VMRD has revised and TOV/VMRD Committee will tentatively meet Tuesday, June 5, 10:00 a.m., in the Downstairs Conference Room. Meeting to be set up with Ernie Chavez. Will prepare alternatives and recommendation far Council by 6/15/90. Will prepare ordinance far adoption by November 1991, re: Mayor. Ron, Tom, and Larry signed up so far. Send similar resolutions for their adoption to Aspen, Crested Butte, CAST, TOA, etc., re: transfers of publicly held land for personal gain. Staff will investigate. Set up meeting w/Kent Rose to select individuals and schedule for evening Council meeting in June. Caroline Fisher to submit application. This will be included with the zoning code revisions. PIC 5/1 AMEND CODE, 12.04.240, STREET CUT PERMITS 5/15 REDUCTION OF COUNTY-WIDE LONG DISTANCE TELEPHONE RATES (request: Steinberg) 5/15 SITE VISIT FOR MARRIOTT'S MARK (request: Gibson/Lapin) 5/22 SITZMARK REQUEST FOR SUMMER PARKING WORK SESSION FOLLOW-UP STAN/LARRY/KRISTAN: Per Council direction, proceed. CHARLIE/STEVE B.: Investigate why the telephone company is "dragging its collective feet" in lowering rates for countywide usage? KRISTAN/MIKE: Alert Council to the PEC site visit schedule for the proposed Marriott Mark addition. RON: This letter has been referred to the Parking and Transportation Task Force for review and recommendations. fi/1/9.0 Page 2 of 2 Will be developed by July, 1990. Will do. Tentatively scheduled for Monday, June 11. Council to receive notice. Parking and Transportation Task Force denied the request and suggested cooperating with other private lot owners and/or provide his own valet service. Bob Fritch wants to appeal to the Council (letters to Council included in your packets 6/1. 5/22 CENSUS FEEDBACK (request: RON: Tom will speak about this since it's slated Council decided to protest now. Ron to draft letter Steinberg) for review at the NWCCOG meeting 5/23/90. Ron to outlining problems. follow up w/CAST re: our local concerns and a request to redo in this area. PRESENT: Steve Simonett Kevin Cassidy Bill Bishop Pam Brandmeyer AGENDA SPECIAL MEETING LOCAL LICENSING AUTHORITY TUESDAY, MAY 29, 1990 10:00 A.M. 1. Consideration of the Board of the following modifications of premises: a. Woo's Co., Inc., dba, the May Palace Restaurant b. Up the Creek Bar and Grill, Inc., dba, Up the Creek Bar and Grill ABSENT: Mitzi Thomas Larry Eskwith Continued to 6-13-90 Approved Unanimously, 3-0. 2. PUBLIC HEARING - Consideration of the Board of Approved contingent upon a 1007 transfer of ownership of the Hotel receipt of TOV business Restaurant held by M.E.L. Enterprises, Inc., dba, license and food service David's Deli, to HY-C, Ltd., dba, Alfonso Packchez's, license. Unanimous, at the location of 536 West LionsHead Circle, Vail, 3-0. Colorado. The officers, directors, shareholders, and registered manager are as follows: a. President/Director/58.857 Shareholder - Roger B. Hyatt b. Vice-President/Director/25.707 Shareholder - Cory S. Chambers c. Secretary/Treasurer/Director/3.097 Shareholder - Joseph T. Wensus d. 12.367 Shareholder - P.J. Plauger e. Registered Manager - Roger B. Hyatt 3. Notification of the Board of recent renewals: a. Jackalope, Inc., dba, the Jackalope Cafe and Cantina b. Village Inn Plaza Liquors, Inc., dba, Village Inn Plaza Liquors 4. Notification of the Board of sales tax matters regarding Koumbaros, Inc., dba, the C.J. Capers 5. Any other matters the Board wishes to discuss. Approved unanimously. Approved Unanimously, 3-0. Approved Unanimously, 3-0. Letter of previous stipulated agreement to be sent to licensee. EAGLE COC]NTY 551 Broadway Eagle, Colorado 81631 (303) 328 7311 June 4, 1990 Timothy E. Wirth U.S. Senator for State of Colorado Senate .Office Building Washington, DC 20510 Ben Nighthorse Campbell - U.S. Representative for State of Colorado House Office Building Washington, DC 20515 ,Kent Rose, Mayor Town of Vail ' 75 S. Frontage Rd. W. Vail, Colorado 81657 RE: Eagle County Resolution No. 90-60 Dear Sirs: Enclosed please find an original Resolution concerning a proposed land exchange between the U.S. Forest Service and Mr. and Mrs. Michael Tennenbaum which was adopted May 30, 1990 by the Board of County Commissioners of the County of Eagle, State of Colorado. After extensive .review of the proposed land exchange, the Board of County Commissioners concluded that it does not support this exchange as it is a subversion of the integrity of established municipal land boundaries and established avenues for municipal and county land use planning and land development. The Board of County Commissioners also identified that the proposed land trade establishes an unacceptable precedent which threatens and undermines the efforts of the Town of Vail to preserve open space for its community, Eagle County, and for the State of Colorado. Board of County Commissioners Assessor Clerk and Recorder Sheriff Treasurer P.O. Box 850 P.O. Box 449 P.O. Box 537 P.O. Box 359 P.O. Box 479 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Timothy E. Wirth Ben Nighthorse Campbell Kent Rose June 4, 1990 - Page 2 If you have any questions, comments or concerns regarding the. Boards' decision, please feel free to contact me at ( 303 ) 328-7311 (Ext. 515) , or P.O. Box 850, Eagle, Colorado, 81631. Sincerely, _ Kevin Lindahl County Attorney KL/mpw Enclosure cc: William L. Armstrong Hank Brown David E. Skaggs Patricia Schroeder Dan Schaefer Joel Hef ley James R. Fritze Commissioner ~,~~Tig-~~d ~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90- CONCERNING A PROPOSED LAND EXCHANGE BETWEEN THE U.S. FOREST SERVICE AND THE TENNENBAUMS WHEREAS, Mr. and Mrs. Michael Tennenbaum have proposed the purchase and exchange of approximately 2,000 acres of private land for one acre of United States Forest Service land located on Rockledge Road at the base of Vail Mountain, in Eagle County, Colorado (the "Bear Tree Parcel"), and the annexation of said one acre of land into the Town of Vail; and WHEREAS, Congressional action has been requested to effectuate this exchange; and WHEREAS, the Bear Tree Parcel is located within unincorporated Eagle County and subject to the land use regulations promulgated by Eagle County pursuant to the. Colorado Land Use Act; and WHEREAS, the Board of County Commissioners is not opposed to the concept. of federal land trades; and WHEREAS, the Board of County Commissioners and the citizens and visitors of Eagle County place a high value on the preservation of open space, wilderness areas and the natural beauty of Eagle County and the State of Colorado; and WHEREAS, the Town of Vail is a Home Rule municipality under the Constitution and laws of the State of Colorado with the right and responsibility of maintaining the integrity of its own boundaries without intervention from other governmental entities; and WHEREAS, the Board of County Commissioners supports the concept of intergovernmental cooperation in planning the use to which land may be put when the land is contiguous to and under the jurisdiction and control of separate governmental entities; and WHEREAS, the County, the municipalities within the County, private land owners, and the United States Forest Service, work in partnership to preserve the outdoor experience which millions of individuals enjoy annually in Eagle County; and local planning processes and zoning regulations are in place to ensure protection of this natural resource, while providing for controlled growth and development; and WHEREAS, the Board of County Commissioners encourages the United States Forest Service to work with local governments adjoining public lands in establishing "no land-trade zones" for said public lands unless such trades are endorsed by the local government. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board of County Commissioners does not support the proposed land exchange, as it is a subversion of the integrity of established municipal land boundaries and established avenues for municipal and county land use planning and land development. THAT, the proposed land trade. establishes an unacceptable precedent which threatens and undermines the efforts of the Town of Vail to preserve open space for its community, Eagle County, and for the State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commission rs of the County of Eagle, State of Colorado, at its regular meeting held the ~_ day of May, 1990. COUNTY OF EAGLE, STATE OF COLORADO,. By and Through Its BOARD OF COUNTY COMMISSIONERS By: Jerk to the Board of Donald .Welch, Chairm n Commissioners ates, Commissioner Richard L. G~fafs~fS, Comr~f~sioner Commissioner _~ ~{-T-P-~ seconded adoption of-fhe foregoi~~ resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch ~-~ ~ Commissioner George A. Gates ~4-~~e--- Commissioner Richard L. Gustafson ~~ u~~ This Resolution passed by 1~c1~-~%~I~c0u5 vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. -2- HANK BROWN OFFICE ADDRESS: 4TH DISTRICT, COLORADO 1424 LONGWORTH BUILDING WASHINGTON, DC 20516 COMMITTEE ON (202) 225-4876 WAYS AND MEANS ~Col~gre~~ of t~je ~l~iteb ~tate~ DISTRICT OFFICES: 1015 37TH AVENUE COURT SUITE 101A gouge of ~e~re~elttdtibe~ GREELEY, CO 90634 (303) 352-4112 301 S. HOWES, Roots 203 ~~ 20515 ~~$~jittQ~tott FORT COLUNS, CO 60521 , (303) 493-9132 243 POST OFflCE BUILDING Lw JUNTA, CO 81060 (718) 384-7370 311 E PuTTE AvE. FORT MORGAN, CO 80701 (303) 887-8909 ADAMS AND ARAPANOE COUNTIES May 2 5 , 19 90 (3D3) z9a-71oo The Honorable Kent Rose, Mayor Town of Vail 75 South Frontage Road Vail, CO 81657 Dear Mayor Rose: Thank you for your letter apprising me of the pollution problem with the Eagle River. I appreciate you taking the time to share your concerns with me about this important matter. To express interest, I have sent a copy of your letter to the Colorado Department of Health asking them to provide us with their response to your comments. When we receive a reply, we will be back in touch. If w ay be of further assistance, please do not hes' to contact us. ly, Hank Brown Member of Congress HB/shj ~, ~AGL~ CO~INTY 551 Broadway Eagle,Colorado 81631 (303) 328 7311 June 4, 1990 Timothy E. Wirth U.S. Senator for State of Colorado Senate .Off ice Building Washington, DC 20510 Ben Nighthorse Campbell - U.S. Representative for State of Colorado House Office Building Washington, DC 20515 ,/Kent Rose, Mayor Town of Vail ' 75 S. Frontage Rd. W. Vail, Colorado 81657 RE: Eagle County Resolution No. 90-60 Dear Sirs: Enclosed please find an original Resolution concerning a propased land exchange between the U.S. Forest Service and Mr. and Mrs. Michael Tennenbaum which was adopted May 30, 1990 by the Board of County Commissioners of the County of Eagle, State of Colorado. After extensive review of the proposed land exchange, the Board of County Commissioners concluded that it does not support this exchange as it is a subversion of the integrity of established municipal land boundaries and established avenues for municipal and county land use planning and land development. The Board of County Commissioners also identified that the proposed land trade establishes an unacceptable precedent which threatens and undermines the efforts of the Town of Vail to preserve open space for its community, Eagle County, and for the State of Colorado. Board of County Commissioners Assessor Clerk and Recorder Sheriff Treasurer P.O. Box 850 P.O. Box 449 P.O. Box 537 P.O. Box 359 P.O. Box 479 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Eagle, Colorado 81631 Timothy E. Wirth Ben Nighthorse Campbell Kent Rose June 4, 1990 Page 2 If you have any questions, comments or concerns regarding the Boards' decision, please feel free to contact me at ( 303 ) 328-7311 ( Ext. 515) , or P.O. Box 850 , Eagle, Colorado, 81631. Sincerely, _ Kevin Lindahl County Attorney KL/mpw Enclosure cc: William L. Armstrong Hank Brown David E. Skaggs Patricia Schroeder Dan Schaefer Joel Hefley James R. Fritze Commissioner ~~STf~-~sa ~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 9(~ CONCERNING A PROPOSED LAND EXCHANGE BETWEEN THE U.S. FOREST SERVICE AND THE TENNENBAUMS WHEREAS, Mr. and Mrs. Michael Tennenbaum have proposed the purchase and exchange of approximately 2,000 acres of private land for one acre of United States Forest Service land located on Rockledge Road at the base of Vail Mountain, in Eagle County, Colorado (the "Bear Tree Parcel"), and the annexation of said one acre of land into the Town of Vail; and WHEREAS, Congressional action has been requested to effectuate this exchange; and WHEREAS, the Bear Tree Parcel is located within unincorporated Eagle County and subject to the land use regulations promulgated by Eagle County pursuant to the Colorado Land Use Act; and WHEREAS, the Board of County Commissioners is not opposed to the concept of federal land trades; and WHEREAS, the Board of County Commissioners and the citizens and visitors of Eagle County place a high value on the preservation of open space, wilderness areas and the natural beauty of Eagle County and the State of Colorado; and WHEREAS, the Town of Vail is a Home Rule municipality under the Constitution and laws of the State of Colorado with the right and responsibility of maintaining the integrity of its own boundaries without intervention from other governmental entities; and WHEREAS, the Board of County Commissioners supports the concept of intergovernmental cooperation in planning the use to which land may be put when the land is contiguous to and under the jurisdiction and control of separate governmental entities; and WHEREAS, the County, the municipalities within the County, private land owners, and the United States Forest Service, work in partnership to preserve the outdoor experience which millions of individuals enjoy annually in Eagle County; and local planning processes and zoning regulations are in place to ensure protection of this natural resource, while providing for controlled growth and development; and WHEREAS, the Board of County Commissioners encourages the United States Forest Service to work with local governments adjoining public lands in establishing "no land-trade zones" for said public lands unless such trades are endorsed by the local government. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board of County Commissioners does not support the proposed land exchange, as it is a subversion of the integrity of established municipal land boundaries and established avenues for municipal and county land use planning and land development. THAT, the proposed land trade establishes an unacceptable precedent which threatens and undermines the efforts of the Town of Vail to preserve open space for its community, Eagle County, and for the State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commission rs of the County of Eagle, State of Colorado, at its regular meeting held the ~_ day of May, 1990. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Jerk to the Board of Donald .Welch, Chairm n Commissioners ates, Commissioner L. Gi'~~fafsd~fS, Comr~'i~sioner Commissioner ~ ~q-T~-~ seconded adoption o~~f-the foregoi~~ resolution. The roll having b- a called, the vote was as follows: Commissioner Donald H. Welch ~-~ ~ Commissioner George A. Gates ,4 ~~ ce--- Commissioner Richard L. Gustafson ~Gi ct/- This Resolution passed by ~1~1-~1~ ~ u 5 vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. -2- a... .~....+. MAXIMUM COMFORT POOL & SPA - 40928 U. S. HWY. 6 & 24, AVON, COLORADO 81620 E,4vLE-NAIL BUSINESS CENTER de~f~C~OX 2666 • NAIL, COLORADO 81658 • (303) 949-6339 Mr. Stan Berryman June 4, 1990 Town of Vail RE: Intermountain Pool Dear Stan: On June 4, 1900, I have visually inspected the remains of the swimming pool located on Kinnickkinnick Road in the Intermountain Subdivision. The only salvageable part of the system would be the pool vessel itself and there is some doubt about that since there is a crack running from the plastered area through the the on the south side pool wall. This might indicate a structural flaw. It occurs where the pool depth changes to the deep end. This is a common place for a crack to occur in a unfilled pool that has been subject to freeze-thaw cycles from season to season. In any event, to make the pool usable would require a near total rebuilding of .the pool and the equipment. A total rebuild would include replacing all fittings in the pool walls and floor, replumbing all new recirculation lines, replastering the entire pool surface, possibly replacing all the and coping, removal and replacement of all deck areas, removal and reconstruction of the retaining wall structure on the northwest corner of the facility, installation of all new pool equipment, i.e., pumps, filters, heater, sanitization system, etc., and reconstruction of public dressing rooms and restrooms. Virtually everything except the pool vessel would have to be reconstructed. The pool vessel itself will require replumbing and resurfacing as well. I estimate the cost to rebuild this pool facility for public use to be somewhere between $150,000.00 and $200,000.00. This may seem a relatively high price but when one considers the need to remove much of the existing building structure and all of the pool deck and reconstruct most of the existing facility, it should prove to be an accurate estimate. Having been involved in several pool reconstruction projects here in the Vail Valley, I believe if this amount to money is to be spent, a more suitable location might be considered where construction would be less difficult and also suitable parking space can be provided. To summarize my evaluation, there is no advantage to using the salvageable pool vessel to ultimately provide a public swimming pool facility at that location. If I can be of further assistance should a decision be made to reconstruct this facility or design and construction of a new facility might be considered. Please call. Best Reg , Mic ael C. Povroznik President/Owner MCP/tkg ~ •ENT OF C~4- O F~ June 1, 19 9 0 °:~o ~~~ ~~*es of ~ Ron Phillips Town Manager, City of Vail 75 .South Frontage Road Vail, Colorado 81657 Dear Mr. Phillips: UNITED STATES DEPARTMENT OF COMMERCE Bureau of the Census Regions{ Census Center Lakewood, CO 80235-2307 RECD J U N - 41990 I am writing to explain the circumstances which caused problems with mail delivery of census questionnaires in Vail, and to outline census procedures to assure you of a complete enumeration in Vail. As you may be aware, many questionnaires mailed to Vail residents were returned by the Postmaster as undeliverable for various reasons. The Grand Junction district office staff retrieved the undeliverable questionnaires and readdressed and re-mailed all the questionnaires. Of these, many were again returned as undeliverable. Meanwhile, the Vail Postmaster provided a form D-13, Advance Census Report (ACR), to every boxholder in Vail. We provided the Postmaster a quantity of ACRs for areas served by the Vail Post Office which are not in mail-back census areas. We did not request nor authorize the Postmaster to mail ACRS to boxholders in mail census areas of Vail, Unfortunately, since the ACR is intended for use in non-mail census areas, it contained the message to complete the form, but hold on to it until a census worker comes to pick it up. Consequently, some Vail residents received as many as three forms and in a few instances, some residents did not receive a questionnaire. Since Vail is a mail census area, we began a follow-up operation on May 3 for every address in our control file for which we had not received a questionnaire. We are still working in Vail on that procedure. If any residents are not contacted by mid-June, there is still an opportunity to be counted during the "Were You Counted?" campaign. This campaign will allow residents to complete a form and mail it in, or call a toll-free number to provide information by telephone. We apclcgize for the carfusion cau ,ed by the problems witri maili:,g~ census questionnaires. However, we wish to reiterate that all housing units in Vail will be enumerated. If you have any questions, or if you would like additional information on how the Town of Vail can participate in the "Were You Counted Campaign", please call Patricio Cordova,. Regional Census Information Officer, at (303) 969-7750. Thank you for your interest in ensuring a complete count for Vail. Please do not hesitate to call if we can be of assistance to you. i . 'elY, William F. dams Regional Director w tuwo 75 south frontage road vail, Colorado 81657 (303) 479-2100 office of mayor May 29, 1990 Mr. Andy Wiessner Kogovsek & Associates, Inc. 1420 Trinity Place 1801 Broadway Denver, Colorado 80202 Dear Mr. Wiessner: During the May 21, 1990 debate concerning the Tennenbaum land exchange you made an allegation which is of grave concern to the Vail Town Council and which must be clarified for the benefit of all involved in the issue. In reference to the apparent unavailability of one of the parcels proposed for the land exchange, you alleged that someone in Vail had coerced or pressured one of the owners to change his or her mind about the exchange agreement. As you know, we received a letter from Mrs. Queeda Mantle Walker, one of four owners of the Mantle property, which stated the Mantle property was not for sale. This, of course, contradicts your contention that the owners of each proposed parcel were committed to the deal. Your inference that a Town Councilmember, or any other party opposing your proposal, pressured Mrs. Walker into writing this letter is absurd. We ask that you retract this false allegation, in writing, based on the actual facts of the situation. You are inevitably aware of these facts, however, I will clarify them once again: Possible problems regarding the availability of the Mantle property were brought to our attention by Mr. Lou Livingston, a part-time Vail resident, following Vail's first public meetings concerning the Tennenbaum proposal. Mr. Livingston indicated he had learned from a conversation with Mrs. Walker that she knew nothing about the Tennenbaum's possible purchase of the Mantle Ranch, to be exchanged for land in Vail. ~. Mr. Andy Wiessner May 29, 1990 Page 2 Because her statement did not match the information you had given the Town Council publicly, we felt it was important to have Mrs. Walker give us that information in writing. Her first letter, a copy of which you have, was written at Mr. Livingston's request to Vail Town Manager Ron Phillips. Ron Phillips made contact with Mrs. Walker by telephone the week before the May Z1 Eagle County Environmental Alliance debate to try and clarify the matter further. The result of that telephone conversation was her second letter, copies of which were handed out at the debate. .Since that time, Ron Phillips has also talked with Mr. Tim Mantle by telephone in an effort to further clarify the Mantle family's position. I must emphasize that at no time did the Town of Vail contact a member of the Mantle family, or any other owner, in an effort to change their mind about making their land available. Our only interest and only discussions have been an effort to determine the facts in this case and to clarify what their actual position is regarding the disposal of their property. Again, we resent your allegation that we have worked to change anyone's mind, and request that you clarify the facts in this matter to the Town Council and the news media. Sincerely, ~ J ~~Y~- Kent R. Rose Mayor KRR/bsc r._._,~,._.._. ,.... . ^ . c~~es k resort assn can't afford to move, council to pay .cost of office work by Mark Huffman Mayor Champions ACRA Ap1ea of poverty by the Aspen Oddly, but luckily. for the Chamber Resort Association ACRA, it was Mayor Bill Stir- ` Tuesday convinced the city ling who led the debate in favor council to pay the cost of finish- ' of bailing.. out the `.resort ing the resort group's new quay- association.. tars in the Rio Grande parking Stirling has. often dueled over garage. political issues with ACRA, and " Council's decision to pay up to has frequently been on the $160,OOOofthefiniahingcostsof receiving end of business- - the new otlicea for the resort community jabs. group came after ACRA rape 'But Tuesday he called the said the association - a combi- subsidy for ACRA "in the long- °°.:. nation of business marketing term best interests of the town. group and chamber of commerce "They're top political at times, ~ -said they couldn't come up but they serve a vital function," with even a small part of the Stirling said, adding that the cast. ~ resort group is ' "in jeopardy" Council agreed after a long because of a bad winter. and unhappy discussion to pay 'ACRA board chairman Don ~- the price to prepare the unfin- Sheeley blamed a sharp drop in fished space and to regain only a bookings late in the season for small portion of the cash the group's current financial through increased rent. problems. Until Tuesday's meeting„the WVe do not have'any cash we ' city was going to pay about can put into the move," Sheeley $100,000, the coat of finishing told the dismayed. council the apace for any tenant, and not members. to prepare it for the particular - Who Pays What '' needs of the ACRA.. Just last week, council and The space will combine ACRA ACRA officials were haggling of&cea with its now-separate cem over how. much the resort group tral reservations division. There could afford and who would pay, will also be a visitors' informs- what t o p r e p a r e t h e tion center connected to tie 3,200-square foot space in the ofSoea. Rio Grande garage. ."~"f~e'~A~rh Ar~io~ I~A2iy~1;'~1990 y`$~h~~sF9-B ^ ^ ~ nic~sin aor cou c .. a ACRA's lease on its Main projec~~ng it would lose only Unhappy Agreement Street Victorian is up at the end about $1,250 because of poor Despite an eventual unanim- of May. bookings through its central ous vote by council, there was Sheeley and ACRA staffer -reservations department. ~ unhappiness. Tom Hines had to wheedle to get Under the deal that's still tak- Councilwoman Margot Pend- council to agree to take on the ing form, ACRA will move and leton was reluctant, and after costs, especially with stall' warn- pay nothing, not even for parti- initial talk of a complete grant of ings that the city is moving in a tions and phone lines that it was the cost led the way to demand tenant before there's a lease. promising last week to punch- some partial repayment. But they pledged the ACRA ass.. Instead, the city will com- "There should be some sort of payback," she said. "I have a hard time .being convinced we should pay for every damn thing "We'll help. in any way we can -- ' that goes in there." excepting cash." Councilman Frank Peters came closest to voting no, .say- - ACRA board chairman Don Sheeley ing, "I can't tell you how disap- pointed I am" bythe last-minute cry of no money from ACRA. "I think we went pretty far will act in good faith and said mit to pay up to $160,000 for the last week to close the gap,"- .. they don't think current finan- -move and the cost of finishing Peters said of negotiations about cial problems are goinig to last.:. the space. who would pay what. "Now The group has shown a profit , ACRA will sign an initial five- we're told we have to completely every year since being created in year lease that calls foT a first- close the gap or it's no deal." its current form in 1983, Hines year rent of $30,000, with that And, noting ACRA money said. Only because of a poor amount to increase each year problems, he called the council's winter is ACRA having to beg, according to the Consumer Price commitment a "tremendous. act he said. Index. In the second year of the of faith. "Because of this one single lease, ACRA will begin repaying "Instinct tells me no com- year out of seven we're not in a -the cost of the, partitions and ~ ..promise, forget it," Peters said. position to be cash providers for,. phone service. "But I'll support it" this move,°.. Hines said. ~ ACRA now pays $22,000 a "We've had one bad year. I'd ACRA's Hines estimated was Year for its Main Street main hate to see this ruin everything." ' hopeful that combined cost office and also has free apace Sheeley said. "We'll help in any would be less than $25,000. from the city for the building on way we can -excepting cash." Others put. it at closer to Aspen Street where its central Deep lited $40,000. - reservations office is located. The ACRA finished the year .The deal includes two five- Total. space in the two locations $343,000 in the red after earlier year options, is about 3,600 square feet. - wvy RECD JUN - 4 ~qgp ROARING FORK FORUM P.O. BOX 5010 SNOWM?~SS VILL~-GE, CO 81615 (303) 923-3777 TO: Roaring Fork Consensus Members FROM: Carol O'Dowd, Coordinat`Z/~ ~~ DATE: May 31, 1990 RE: ROARING FORK FORUM OPERATIONS AND ORGANIZATIONS ------------------------------------------------------------------------------------------- I apologize for not sending this notification to you sooner; however my transition _ occupied more of my time than I had expected. Although I am not entirely organized, I am attempting to get back into the swing of things. As you directed at our first meeting a little over a year ago, we have operated on a strictly voluntary nature and on a trial basis. Some of the Mayors and Managers in the valley met last week to discuss how the forum should continue for the upcoming years: The consensus of that group was to recommend to you that the forum continue on an informal basis with volunteer staffing arrangements with the Roaring Fork managers. The one change recommended was that the forum file with the state and obtain a Tax ID number. Also, they recommended use of the operating rules that were adopted by consensus at the first meeting. I have attached the operating rules for your reference. When the forum was first created, we had one overriding goal. That goal was to promote intergovernmental cooperation ors valley-wide issues without creating another layer of government. In addition, you identified three specific issues for the forum to address. These issues are: housing, transportation, solid waste. The issues of solid waste and transportation are large enough to keep us busy for the upcoming year. Therefore, we are recommending you to direct that the forum to continue with the same goals and operating proced~~res as it has fur the past year and a half. However, we do have recommendations that might improve our efforts. We recommend an annual meeting schedule focusing efforts on transportation and solid waste. A regular newsletter be distributed bi-monthly, that forum information items be included on local council and commission agendas, and lobbying efforts. Finally, the new activity we are proposing is an annual Forum meeting which will encourage attendance by the entire membership of each council/board. Our first regularly scheduled meeting will be June 14, 1990 at 6:30 p.m. and will be held at the Basalt Town Hall Commissioners Room. Attached is a copy of the Forum agenda. . If you have any questions, please call me at 920-5199. Thank you. MEMBffit GOV'ERNl~NTS GARFIELD COUN'~'v s lAGLE QTY • pITKIN COUNTY GLENWOOD SPRINGS • CARBONDALE • 11SPEN • SA.SJILT • SNOWNl1SS VILLJIGE ROARING FORK FORUM P.O. BOX 5010 SNOWIS?-SS VILLP-GE, CO 81615 (303) 923-3777 Roaring Fork Forum Agenda June 14, 1990 Agenda 7:00 p.m. I. Introduction II. Review of May 23, 1990 Meeting Summary 7:10 p.m III.. Solid Waste Committee Report -- Funding for Engineering Specifications Davis Farrar, Jim Duke 8:00 p.m. N. Regional Transportation System Objectives -- Review of Project Managers Job Description -- Review of Role of Forum Carol O'Dowd, Dan Biankenship 8:30 p.m. V. Forum Operation and Organization -- Goals -- Operating Procedures -- Membership Categories -- Schedule for 1990-1991 MEPIBffit GOVERNNEI~TS GARPIELD COUM'"r • E1~GLE COUNTY • DITKIN COUNTf GLENWOOD SPRINGS • C]1RSONWILE • ASPEN • 8]~SALT * SNOitN11.S3 VILLJIGE SUMMARY OF ROARING FORK FORUM FEBRUARY 22, 1989 PURPOSE After a brief introduction of attendees (see attached list) the group discussed its goal and purpose as provided in the agenda packet. The group agreed to create a Roaring Fork Forum with the following purpose statement: The consensus was to try to address problems via the Forum for a trial period of one year with monthly or bi-monthly meetings. MEMBERSHIP Other comments on the purpose and operating .structure included concerns about not allowing it to become a new .valley super government. The desire of the group was to use the Forum opportunity to solve valley wide problems without creating a new mega-government or another bureaucracy. The financial commitment of the members was agreed on being contribution of their respective staffs time. The operating structure for the Forum which was agreed to was: Each incorporated government in the Valley will be responsible. for designating an elected official, and an advisory representative(s) as needed to participate in Council meetings by issue. Therefore, Councils are not expected to designate one elected official to attend all meetings. Elected officials interested in a particular issue can attend those meetings on the issue of interest.. Elected officials will serve as the consensus decision making group. The advisory representative's positions may be used by communities to include key people that may have an impact on a particular issue. The representatives may be citizens of the community who represent an organization or group of citizens actively working on the issue being addressed by the Council. For example, in addressing solid waste, a Council may want to designate a member of a volunteer group that has organized recycling efforts. Also, communities may want to include key people that may have an impact on a particular issue. For example, on a discussion of Hic}~ay 82 improvements, a community may want to invite a Highway Department representative, senator, major land ownerjdeveloper or local organization. The only commitment of the government members will be that they. insure active r . FSUM2-22 Page 2 participation at meetings by at least one elected official. Decision Making Decisions should be reached used. The meetings will be Requirements Local governments must send and their Manager or the Ma'. official to each meeting. by consensus. Voting will not eb informal. at least one elected official Wager's designated elected Staf f ina Managers of the local governments serve as the technical staff to the Council. They will participate at meetings and coordinate assigned work projects and draft proposals for Council approval. in7ith regard to costs for projects undertaken by the Forum, the group agreed to make grant applications to various agencies such as the Aspen Foundation and the Kellog Foundation as appropriate. Seed money from each government will not be expected other than staff time contributions for the immediate future. No big money will be requested the first year. The first year will focus on projects that require minimal cost such as solid waste and recycling. For example, projects would include distributing mailings, maps, etc. to the public. Operating Structure The group agreed that the consensus group will be• elected • officials. The advisory group will fluctuate with representatives from entities such as U.S.F.S., water and sanitation districts, citizen activists etc. The staff group will be composed of the managers and their designees. The meeting topic will be selected at-each meeting. Staff will frame issues and bring recommendations for specific actions to the Forum. Each local government should send one representative. The Forum meetings will work towards. accommodating differences between entities. Forum members will be .responsible for taking recommendations to their local council and then bringing their local council's views back to the Forum. If consensus cannot be reached, then the Forum would not address the issue. If the Forum is successful, it may be appropriate to operate by vote later. If one given entity does not agree, the consensus can be that the other entities will proceed with a particular proposal. The overall benefit will be to solve problems and talk about them. By shifting elected officials participation, elected . FSUM2-22 ' Page 3 officials may not have the continuity that a group has with always the same members. ....After some discussion, the consensus was that the chance would bring different perspectives to the meetings. Different elected officials are interested in different topics.- Also, the agreement was that the staff will provide continuity.- The Advisory group members will not usually participate in the consensus group unless appointed to do so by elected officials. The final agreement was to experiment with the Forum process. It will be loose, relatively informal and operate without a majority. rule. The group discussed the relative spheres of influence between the valley communities. Proposed Meeting Dates June 14, 1990 -- Basalt Town Hall Commissioners Room September 13, 1990 -- Carbondale Town Hall Meeting Room (not confirmed) January 10, 1991 -- Carbondale Town Hall Meeting Room (not .confirmed) March 14, , 1991 -- Carbondale Town Hall Meeting Room (not confirmed) Newsletters Bi-monthly 1!?ewsletters to be. distributed beginning July, 1990. Information for the newsletter to be recieved by Keren Martin, City of .Aspen, City Manager's Office, 130 South Galena Street, Aspen, CO 81611, by June 28, 1990. RESOLUTION N0. 13 Series of 1990 A RESOLUTION THANKING AND ACKNOWLEDGING HERB AND NICHOLE WERTHEIM FOR THEIR CHARITABLE CONTRIBUTION FOR THE VAIL CULTURAL ARTS CENTER. WHEREAS, the Town Council and the Vail community has expressed a strong interest in the development of a cultural arts facility within the community; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously offered a one million dollar charitable contribution to the Town of Vail for the development of a cultural arts center; and WHEREAS, the Town Council wishes to accept the contribution of the Wertheim Foundation and acknowledge the generosity and foresight of Herb and Nichole Wertheim. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The Vail Town Council hereby acknowledges the generosity and foresight of Herb and Nichole Wertheim in offering a one million dollar contribution for the Vail Cultural Arts Center and hereby expresses its sincere thanks and appreciation to Herb and Nichole Wertheim. 2. The Town Council accepts the charitable contribution of the Wertheim Foundation and recognizes that it is the goal of the Wertheims to begin construction on a cultural arts and convention facility no later than 1991. INTRODUCED, READ, APPROVED AND ADOPTED this day of 1990. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Clerk k RESOLUTION NO. 14 Series of 1990 A RESOLUTION SETTING FORTH THE INTENTION OF THE TOWN COUNCIL OF THE TOWN OF VAIL TO MAKE CERTAIN LAND AVAILABLE FOR THE DEVELOPMENT AND CONSTRUCTION OF A VAIL CULTURAL ARTS CENTER. WHEREAS, the Town Council and the Vail community strongly supports the development and construction of a cultural arts facility; and WHEREAS, the Herb and Nichole Wertheim Foundation has generously made a one million dollar charitable contribution to the Town of Vail for the development and construction of a Vail Cultural Arts Center; and WHEREAS, the Town Council, the Vail Valley Foundation, the Vail lodging community, and other business interests in Vail have committed at least twenty-five thousand dollars for preliminary analysis and development of a cultural arts center; and WHEREAS, the Town Council wishes to solicit additional private contributions for the construction and financing of operations for a cultural arts center; and WHEREAS, the Town Council wishes to set forth its intent to make certain land available for the construction of the Uail Cultural Arts Center, which land is located between the Lionshead Parking Structure and the John Dobson Ice Arena. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, that: 1. The Vail Town Council hereby sets forth its intention to provide the land it owns between the Lionshead Parking Structure and the Dobson Ice Arena for the development and construction of a Vail Cultural Arts Center subject to: A. Preliminary analysis indicating the feasibility for such a cultural arts center. B. The completion of a design and site plan for the Vail Cultural Arts Center which is acceptable to the Town Council. C. The receipt of private charitable contributions to finance both the construction and operations of the Vail Cultural Arts Center which is deemed sufficient by the Town Council. D. A written agreement between the Town Council and an appropriate party for the ongoing operation of the Vail Cultural Arts Center. INTRODUCED, READ, APPROVED AND ADOPTED this day of 1990. Kent R. Rose, Mayor ATTEST: Pamela A. Brandmeyer, Town Cierk 4 '~\~/ VAIL VILLAGE INN Village Inn Plaza Condominiums June 4, 1990 Dr. Thomas Steinberg Vail Mountain Medical 181 W. Meadow Drive Vail, CO. 81657 Dear Tom: ....,..;~ ....~p:~~, , ,.. REC'0 JUN - 51990 It is my understanding that some members of the Council and Town staff are proposing to resell the recently purchased Edwards property in light of ._ the failed bond election. I hope these rumors are unfounded and that the Town of Vail will not only continue owning the property but make it useable as soon as possible by providing a few neighborhood softball fields at a nominal cost. Since there is an acute shortage of softball fields, there is every justification for the Town to provide more. since most of the people using them are either in business or work in the Town of Vail. I am writing to you personally because you were on the Council when I originally suggested that the Town of Vail should buy Ford Park. Although the then Town Manager's reaction was that the Town of Vail should not be in the "business of buying real estate", it was with the help of yourself and then Councilmen Langmaid and Donovan that we were able to bring the issue to the citizens of Vail for a vote. The vote to purchase Ford Park was 207 for, and 37 against. Although some questions were raised at that time as to what the Town would do with that property, 15 years later the Town of Vail without Ford Park would be inconceivable. I predict that the Edwards property will play an important role in the near future, and even if there are no concrete plans for its use right now, its potential will materialize by itself. Uses which, at this time, we cannot envision, will become of vital importance to our community in the future. - I urge you to share a little bit of history with the rest of the Council and hopefully convince them that the ownership of the Edwards property is a matter of great importance to the Town of Vail. P Since e y yours, i Josef; taufer ~, i Copy ~ ~~Council Members -Town of Vail The Vail Daily The Vail Trail ,, 100 East Meadow Drive Vail, Colorado 81657 (303) 476-5622 RECD J U N - 41990 COLORADO WEST PROFESSIONAL COUNSELING CENTER an affiliate of Colorado West Regional Mental Health Center P.O. Box 1620 Eagle, Colorado 81631 Telephone (303) 328969 YOU ARE INVITED TO... A PUBLIC FORUM Presented by COLORADO WEST REGIONAL MENTAL HEALTH CENTER June 22, 1990 HOLIDAY INN AT VAIL 395 E. Lionshead Circle Vail, Colorado 81657 Telephone (303) 476-0930 On June 22, 1990, the Board of Directors of Colorado West Regional Mental Health Center will convene in Vail. The Board is inviting people from Eagle County to attend a public forum to provide feedback and constructive suggestion s regarding the services this agency provides through Colorado West Professional Counseling Center. The meeting will begin at 7:30 p.m. at the Holiday Inn at Vail. If you are unable to attend, please convey comments verbally or in writing to me through Colorado West Professional Counseling Center at 476-0930 or 328-6969. Judy Bapp will be glad to take your message. Thank you for your interest. Hope to see you the 22nd. Sincerely, / ~T _-- Nuffer~; L~S1~ Assistant Executive Director VAIL VALLEY EMPLOYEE HOUSING PROPOSAL PRESENTED BY: PROFESSIONAL DEVELOPMENT CORPORATION 6685 QUINCE ,SUITE 111 MEMPHIS, TENNESSEE 38119 TABLE OF CONTENTS 1. PROPOSAL 2. EXHIBIT - A DEVELOPER'S RESUME 3. EXHIBIT - B BOND FINANCING WITHOUT ASSISTANCE. 4. EXHIBIT - C RENTS WITH D.O.L.A. GRANT OF $500,000.00 5. EXHIBIT - D RENTS WITH D.O.L.A. GRANT AND NO LAND COST. 6. EXHIBIT - E UNDERWRITER'S RESUME 7. EXHIBIT - F ARCHITECTURAL FLOOR PLANS AND ELEVATIONS ' VAIL VALLEY MULTI-FAMILY HOUSING ' PROPOSAL: TO SECURE AN INDUCEMENT RESOLUTION FOR INDUSTRIAL REVENUE BONDS FOR THE DEVELOPMENT OFMULTI-FAMILY HOUSING IN THE VAIL VALLEY. ' ~~ AFFORDABLE HOUSING FOR THE EMPLOYEES IN THE VALLEY, A NEED OFFICIALLY RECOGNIZED BY THE COLORADO DEPARTMENT OF LOCAL AFFAIRS (DOLA) & ' COLORADO HOUSING AND FINANCE AUTHORITY (CHFA). DEVELOPMENT: ' PRIVATE DEVELOPER WITH EXTENSIVE EXPERIENCE IN MULTI-FAMILY HOUSING. SEE RESUME OF PROFESSIONAL DEVELOPMENT CORPORATION EXHIBIT -A. FINANCING: NO LOCAL FUNDS REQUIRED ; NON RECOURSE ,TAX EXEMPT BOND ASSISTANCE. (a.) IF A GRANT IS RECEIVED FROM DOLA TO ASSIST IN THE DEVELOPMENT OF THE SITE ,LOCAL COUMMNITY MAYBE REQUIRED TO PROVIDE SOME WAIVERS OF FEES, AND/OR ; ~ (b.) PROVIDE SITE FOR PROJECT. TOTAL UNITS: THREE HUNDRED AND FOUR (304) a. 100 EFFICIENCY (20%) LOW (NOME 20 UNITS b. 100 ONE BED ROOM (20%) LOW INCOME 20 UNITS c. 104 TWO BEDROOM (20%) LOW INCOME 21 UNITS FEASIBILITY: EXHIBIT - B DEMONSTRATES THAT THE PROJECT WORKS WITH BOND FINANCING WITHOUT ASSISTANCE FROM DOLA IN THE FORM OF A GRANT. EXHIBIT - C DEMONSTRATES THE LOWER RENT LEVELS FOR THE PROJECT WITH THE DOLA GRANT OF $500,000.00 . ' EXHIBIT - D DEMONSTRATES THE RENTAL STRUCTURE WITH THE DOLA GRANT AND COMMUNITY SUPPORT IN THE FORM OF WAIVER OF FEES AND WITH A SITE PROVIDED AT NO COST TO THE PROJECT. INDUSTRIAL REVENUE BONDS: ISSUED BY LOCAL COMMUNITY. (NON-RECOURSE) ' UNDERWRITER: MORGAN KEEGAN & COMPANY: SEE EXHIBIT - E. BOND COUNSEL: KUTAK,ROCK AND CAMPBELL, DENVER OFFICE. ' FEES: ALL OF THE LOCAL BOND ISSUE FEES WII I BE BORNE BY THE PROJECT. ARCHITECTURE: DESIGN WILL CONFORM TO LOCAL COMMUNITY AESTHETIC VALUES. ' SEE EXHIBIT - F FOR FLOOR PLANS AND ELEVATIONS. SITE: THE PROJECT DESIGN WILL ENABLE IT TO BE LOCATED ON EITHER A SINGLE OR ' MULTIPLE SITES. ' EXHIBIT A RESUME ^ PROFESSIONAL DEVELOPMENT CORPORATION PROFESSIONAL DEVELOPMENT CORPORATION is a Tennessee Corporation. ' It was formed in 1980 and has developed sixty (60) million dollars in rental housing, single family housing and retail space. Financing for its developments has been secured from the Department of Housing & Urban Development, The Department of Agriculture, ' Farmers Home Administration, Tax Free Municipal Bonds, and Conventional Lenders, with recourse and non-recourse funding. ' Professional Development Corporation has developed the capability to develop, construct, finance, own, and manage all its properties, regardless of size, location, or type of development. The management of these projects is under contract to Campbell Properties, a sole proprietorship owned by Thomas H. Campbell, which has an established home office staff to handle this function. Professional Development Corporation throughout its history, has maintained a policy of close contact with the management of all its projects to assure compliance with all the regulatory agreements, requirements of the lenders, FMHA, and HUD guidelines, and to assure the financial and physical stability of all its projects. Professional Development Corporation has never had a project fall into a cash deficit position, for had a project in default of any of the above regulatory agreements. THOMAS H. CAMPBELL Mr. Campbell is, by degree, an Electrical Engineer, with a B.S. in Electrical Engineering from Christian Brothers College, 1959. He was the owner of Campbell & Campbell Consulting Engineers from 1963 to 1972, and was involved in the Architectural Engineering of various projects, a partial list of which is attached, representing a cross section of the various projects. Since 1972, Mr. Campbell has been involved in the real estate development business, and was the President of UMIC Real Estate Development Corporation from 1976 to 1980. While serving in this position, he was involved in the development of approximately 3000 units of housing. From 1980 to present, Mr. Campbell has been the President and Chairman of Professional Development Corporation, and has developed approximately $60,000,000 in new developments, incorporating some 1600 units of housing, 150,000 square feet of retail space and several single family subdivisions and single family housing. C Mr. Campbell is 58 years of age, and carries $1,700,000 of key man insurance for his company. All construction is personally monitored by Mr. Campbell, and the company~s Project Managers. Personal inspections of all occupied projects are made by Campbell Properties staff on a monthly basis. A list of the properties developed by Professional Development Corporation and managed by Campbell Properties follows: ' LOCATION UNITS 24 36 147 78 40 50 25 25 48 48 37 36 31 396 12 37 98 80 24 48 32 50 50 36 37 FORT MORGAN, CO 25 THE WILLOWS, MPHS (S.F.) 56 THE WILLOWS, MS (S.F.) 84 ROSEDALE, MS DREW, MS MEMPHIS, TN IUKA, MS CLEVELAND, MS HOLLY SPRINGS, MS BYHALIA, MS RED OAKS, MS HORN LAKE, MS GREENVILLE, MS FORREST CITY, ARK WINDSOR, CO BERTHOUD, CO MEMPHIS, TN FT. LUPTON, CO CLEVELAND, MS MEMPHIS, TN TUNICA, MS WEDOWEE, AL DALEVILLE, AL MEADOWOOD, AL SUNRISE I SUNRISE II EAGLE, CO LAMAR, CO DATE OCCUPANCY MORTGAGE* 1981 1982 1984 1983 1983 1983 1984 1984 1984 1985 1985 1984 1984 1985 1985 1986 1986 1986 1985 1985 1985 1986 1986 1986 1986 1986 1987/88 1989/90 1989 1989 1989/90 98~ 92~ 98~ 96~ 98~ 98~ 98~ 98% 98~ 98~ 98$ 98~ 98$ 98~ 98~ 98~ 98~ 98~ 88~ 98~ 98~ 98~ 97$ 98~ 98~ 98~ 100 (U.C.) 100 (R.S.) (R.S.) $537 $865 $5,050 $1,443 $1,045 $1,083 $660 $663 $1,292 $1,283 $1,120 $1,193 $958 $7,254 $300 $989 $6,400 $2,376 $584 $1,045 $580 $1,268 $1,305 $1,031 $989 $800 $1,548 $ 958 $369 $3,300 $3,700 LAJUNTA, CO 24 WESTWIND, MS 92 WILLOW GROVE, MPHS. (S.C.) * Thousands (S.F.) - Single Family subdivision and Single Family residences. (S.C.) - Shopping Center (R.S.) - Renting Stage (U.C.) - Construction Stage r LIST OF PROJECTS: APARTMENTS Amarillo, Texas Little Rock, Ar. Albuquerque, N.M. El Paso, Texas Lexington, Ky. Louisville, Ky. Evansville, Ind. Nashville, Tn. Hot Springs, Ar. NURSING HOME FACILITIES: 12-story high-rise 12-story high-rise 10-story high-rise 10-story high-rise 14-story high-rise 10-story high-rise 12-story high-rise 12-story high-rise 12-story high-rise Greenville, N.C. Fairhope, Alabama Richmond, Virginia Spartanburg, S.C. Towson, Md. Columbia, S.C. Cherry Hill, N.J. Wilmington, S.C. Greensboro, N.C. Tampa, Fla. Winston-Salem, N.C. Lafayette, Ind. Gastonia, N.C. MOTEL PROJECTS: Miami Springs, Fla. Bloomington, Ind. Tucumcari, N.M. Shreveport, La. Lancaster, Ohio Indianapolis, Ind. OFFICE BUILDINGS: Cincinnati, Ohio 3 five-story Indianapolis, Ind. 12 story Louisville, Ky. 5 story Paducah, Ky. 4 story Kansas City, Mo. 5 story St. Louis, Mo. 5 story Houston, Texas 3 story Atlanta, Ga. 10 story New Brunswick, N.J. 6 story Memphis, Tn. 14 story SCHOOL PROJECTS: (Architectural Engineering Design) ' Twelve (12) in the Memphis, Shelby County Area EXHIBIT - B NON-RECOURSE BOND FINANCING EXHIBIT B PROFESSIONAL DEVELOPMENT CORPORATION VAIL COLORADO 304 UNITS USE OF FUNDS $15,000,000 100.00$ ISSUANCE COST (UNDERWRITER) 300,000 2.00$ LAND 2,920,500 19.47$ CONSTRUCTION 8,085,000 53.90$ ARCHITECT 280,500 1.87$ CONSTRUCTION INTEREST 1,713,000 11.42$ DEVELOPERS COUNSEL 54,000 0.36$ BOND COUNSEL 63,000 0.42$ BOND PURCHASERS COUNSEL 31,500 0.21$ DEBT. SERVICE RESERVE 1.,500,000 10.00$ ISSUERS COUNSEL 37,500 0.25$ TRUSTEE 4,500 0.03$ TRUSTEES COUNSEL 6,000 0.04$ BOND PRINTING 3,000 0.02$ OFFICIAL STATEMENT 1,500 0.01$ TOTAL $15,000,000 100.00$ 5/31 /90 PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 111 EXHIBIT - B MEMPHIS, TENNESSEE,38119 TEL 901-753-1100 FAX 901-753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE RENTS 20 EFFICIENCY CHFA $323 77,520 0.71 20 1 BEDROOM CHFA $347 83,280: 0.60 21 2 BEDROOM CHFA $416 104,832 0.55 80 EFFICIENCY $582 559,065 1.28 80 1 BEDROOM $742 712,317 1.28 83 2 BED ROOM $971 966,716 1.28 304 GROSS INCOME 2,503,730 VACANCY ALLOWANCE 5% ($125,175) NET OPERATING INCOME 2,378,556 EXPENSES OPERATING EXPENSES 486,400 AMOUNT AVAILABLE FOR DEBT SERVICE 1,892,156 DEBT. SERVICE RATIO 1.25 VAIL300R.XLS 1 5/30/90 ' PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE, SUITE 111 MEMPHIS, TENNESSEE,38119 ' 901-753-1100 FAX 901-753-1127 ' VAIL COLORADO CONSTRUCTION COST BREAKDOWN AND LAND VALUE ' THE FOLLOWING ESTIMATED COSTS WERE OBTAINED FROM THE OWNER'S RECORDS AND INFORMATION, AND REPRESENT THE OWNER'S ESTIMATE OF ' OR THE ACTUAL COSTS. % COST ' TOTAL OF TOTAL PER S.FT. LAND /OFF SITE IMPROVEMENTS $2,920,500 19.47% 7.00 HARD COSTS ' SITE UTILITIES 275,419 1.84% 1.51 PAVING 436,020 2.91% 2.39 ' SITE IMPROVEMENTS 215,630 1.44% 1.18 BUILDINGS 7,157,931 $8,085,000 53.90% 39.17 ' SOFT COSTS o.ao°i° o.oo ARCHITECT/ENGINEER 280,500 1.87% 1.53 ' UNDERWRITER 300,000 2.00% 1.64 LEGAL,ETC 201,000 1.34% 1.10 $781,500 5.21 % 0.00 INTEREST ' 0.00% 0.00 INTEREST 3,213,000 $3,213,000 21.42% 17.58 ' BOND/LOAN $15,000,000 73°k 82.08 TOTAL PROJECT VALUE $20,455,735 100% 111.94 VAIL300R.XLS 1 1 1 5/30/90 VAIL COLORADO ANNUAL OPERATION & MAINTENANCE EXPENSES: CARETAKER 31,616 SUPPLIES 2,432 PAINTING & DECORATING 13,376 GENERAL MAINTENANCE 12,160 GROUNDS MAINTENANCE 38,912 SERVICES 9,728 FURNITURE & FURNISHING RELACEMENT 0 MISC OPER. COST 4,864 SUB TOTAL 113,088 0 ELECTRICITY 27,968 WATER 17,024 SEWER 17,024 HTR.FUEVOTHER (TELE.) 0 TRASH REMOVAL 7,904 SUB TOTAL 69,920 0 MANAGER SALARY-RESIDENT 26,266 MANAGEMENT FEE 84,050 ACCOUNTING 7,296 LEGAL 3,648 OTHER ADMINSTRATIVE 6,080 SUB TOTAL 127,340 0 REAL ESTATE TAXES 95,213 SPECIAL ASSESSMENTS 0 OTHER TAXES FEES PERMITS 0 SUBTOTAL 95,213 0 PROPERTY INSURANCE 77,192 COMPENSATIONS 0 BOND PREMIUMS 3,648 SUB TOTAL 80,840 0 INTEREST EXPENSE 0 OTHER EXPENSES 0 SUB TOTAL 0 0 TOTAL $486,400 VAIL300R.XLS 1 ' 5/30/90 ' CONSTRUCTION TRADE ITEM BEAKDOWNS ~ PROJECT: VAIL COLORADO TRADE ITEM AMOUNT 1 2 LANDSCAPING 3 INT. TRIM DOORS WINDOWS 4 CABINET-TOP-VANITY-PANTRY 5 INSULATION 6 CAULKING & SEALANTS 7 FINISH HARDWARE 8 DRYWALL 9 CARPET 10 PAINTING 11 FIREPLACE 12 HOUSE NUMBERS 13 TOILET ACCESSORIES 14 MIRRORS 15 METAL CLOSET SHELVING 16 KITCHEN EQUIPMENT 17 PLUMBING 18 19 ELECTRICAL 20 CEILING FANS 21 CONCRETE/STEEL 22 CERAMIC TILE 23 ROUGH CARPENTRY 24 ROOFING/SHEET METAL 25 GUTTERS & DOWN SPOUTS 26 MISC. 27 SEWER/WATER/STORM 28 WALKS 29 PAVING GRAVEVDIRT 30 BLINDS 31 PLAYGROUND 32 33 34 GENERAL REQUIREMENTS 35 GENERAL OVERHEAD 36 37 TOTAL 8,085,000 VAIL300R.XLS 1 J ' ' REMiKS - Jo It-07 Isle of NNl frialoots 12-11 IaloolClfARo{orls 01-10 -~_-~ _ ---- IMCINE 1 IE1T Ti1lE /F MEIIAM INCiME 14 MYI'1 lIN-INCINE IINITi q03 1F NEIIINI l PERSQN 2 fE1i0M 3 PEISON 1 /ERS01 F11 503 iNi 113 MIYIEMIl1 ilfE MItINNN 0 INMM 1 YRII ENTS 2 iiRM 3 IIRN MCONE UNITS 1 PEISOM 2 PERSON 3 PERSON 1 PEASOM S PER; Corley 11/.951 117,IN H4.IN 121,351 SOI 1231 1251 1300 1317 19,311 110,6N 112,000 113,311 011,1 183 12N 0300 1310 N11 111,213 112,125 111,100 011,013 Oq,; Crslar {!4.150 117,IN ON,211 /21,350 S13 0231 1250 13N 1317 11,341 110,6N 012,ON /13,3N 111,1 _ 101 0211 13N 1319 N11 111,213 112,!25 111,100 116,OIJ 111,; ' Ielta I11,t50 117,tN 114,2N 021,IS1 303 1231 1250 13N {317 N,3N 010,6N 112,ON 013.311 111,4 IOI 02N 1300 13N N11 011,213 112,125 111.100 111,013 117,7 Ialcres 111,450 017,IN 111.211 121.331 S03 1231 12`,'0 1100 1311 19,344 11/,6N 112,001 113,31/ 011,1 103 0211 13N 1311 M11 111,!13 112,i2S 0!1,100 111,013 117,2 Exile ~ IIO,)N 123.IN 121.IS1 024,111 303 1323 1317 N11 N/1 112,131 111,113 111,156 OIi,SN 111,9 ' 103 A11 N11 fS00 1377 IIS,523 117.775 119.911 /22,2N 123,1 Ellort 117,151 111.451 122.150 021,461 54-1 OI13 1241 0351 NOS •10.101 112,/N 111,031 011,511 116,1 Ml R2I ONt N21 04e17 il3,OM 111,463 IIL,131 111,113 020,2 ' Frooosrt ~ 01/.151 111,IM 019.210 021,351 503 1231 1250 0,100 1311 N,311 010,6N /t2,eN 113,311 111,1 i0i 1211 1100 13N N11 11!.217 112,125 111.101 111,013 117,2 iariiele It1,IN I21,0S0 123,130 121.310 SOt 02N 13N 1370 1427 III,S00 III,IS6 111,111 111,131 117,7 103 0311 1370 N13 K13 013,100 115,111 117,731 014,123 021.3 iil0io 011.150 OII,M1 112.161 02!,511 103 0211 12/7 1315 0391 010,711 112,231 013,111 115,313 OILS ' 103 1322 O31S NI1 N71 112,N3 111,1N 111,531 111.375 119,1 iraal 111,101 f21,OS0 t2I.IS0 121,111 i0i i2N 1311 1371 N27 111,501 113,IS6 111,711 011,131 117.7' 103 1315 "1310 N13 1513 /13,N4 015.1/1 011.131 111,723 121,3 iwaisa 111,1N 120,250 i22,7S0 12S,3N 103 0211 1211 1355 N11 011,063 112,151 011,219 IIS,t q 017,0 M1 1332 1351 NI) Nt3 113,2>S OIS,IN 117,013 111,175 120,1 ' Niasl~la 011,154 Ol7,lN 111,2N IIl,3S0 511 1411 1231 0210 O2S0 13N /3N 13M 1317 Nlb 19,341 111,213 110,610 /!2,123 112,100 /U,100 113,341 011,013 111,1 011,2' Nuerlaao 111,950 111,100 It1,2N 121,IS0 S03 1231 1254 13N 1311 19,311 /11,610 112,000 /tJ,314 114,1. NI 1210 1300 0360 N16 111,213 112,125 011,100 11/,013 117,2' ' iutsaa 115,1`.A Oli,lN 110,410 122,650 SO3 0241 1265 O;t1 1361 19,106 111,313 /II,7S0 011,156 015,21 603 1241 1311 0313 N/2 111,111 1 W,S75 015,300 116,9N 1I1,3~ Kiaa 11/,950 117,100 114,2N 121,350 SOi f:;4 1P50 1;04 I;/1 19,311 110,618 N2,000 111,3// 114,4 103 1280 1?N 0:60 1116 111,213 012,!25 111,400 116,013 /11,:' ~1 EXHIBIT -C RENTS WITH DOLA GRANT OF $500,000.00 5/31 /90 PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 111 EXHIBIT - C~ MEMPHIS, TENNESSEE,38119 TEL 901-753-1100 FAX 901-753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE RENTS 20 EFFICIENCY CHFA $323 77,520 0.71 20 1 BEDROOM CHFA $347 83,280 0.60 21 2 BEDROOM CHFA $416 104,832 0.55 80 EFFICIENCY $565 542,425 1.24 80 1 BEDROOM $720 691,115 1.24 83 2 BED ROOM $942 937,942 1.24 304 GROSS INCOME 2,437,115 VACANCY ALLOWANCE 5% ($121,856) NET OPERATING INCOME 2,315,259 EXPENSES OPERATING EXPENSES 486,400 AMOUNT AVAILABLE FOR DEBT SERVICE 1,828,859 DEBT. SERVICE RATIO 1.25 f VAILC300.XLS 1 i C DOLA and CHFA are willing to match the local private sector contribution dollar for dollar up to approximately $3,000,000. DOLA will provide up to $500,000 in State funds to help pay for infrastructure and/or site development. CHFA will allocate up to $500,000 in 1990 Federal Low Income Housing Tax Credits. The LIHTC provides a toll for raising cash equity for the housing project. The developer can sell the tax credits to investors who will receive a ten year stream of credits against Federal Income Taxes. In return, they become limited partners in the housing development, paying in a discounted value of roughly fifty cents on the tax credit dollar to the project. ($500,000 in tax credits times 10 years times $.50 equals $2,500,000.) Protect Selection Criteria SELECTION WILL BE BASED ON THE XE TENT TO WHICH THE FOLLOWING CRITERIA ARE ADDRESSED: 1) FINANCIAL COMMITMENT FROM THE LOCAL INDUSTRY. The minimum is one dollar for each dollar requested from DOLA and CHFA. Zt is critical to the positive evaluation of the project that the local business interests demonstrate a,significant financial contribution. In order for a project to work and for the proposal to meet this first criterion, commitments from the private sector may be included that have real economic value but are difficult to quantify with an exact dollar figure. An example may be a commitment to cover some portion of a development's operating losses during rent-up or slow periods, to share in a loan guarantee, or to invest in tax credits. With that in mind, DOLA and CHFA are open to reviewing proposals with creative or unique financial commitments. 2) FINANCIAL COMMITMENT FROM THE LOCAL GOVERNMENT(S). This is a competitive process and the commitment should be appropriate to the scale of the project. For example, local governments could provide cash, donate ' land, provide services, or waive fees. Proposals will only be considered that have the full support of the local governments. ' 3 ) A COMMITMENT TO SERVE THE LOWEST INCOME PERSONS FOR THE LONGEST TERM. For example, with all other things being the same, a project that includes 150 low income units is better that one with 100 units. Likewise, a project that commits to reserving the units for low income t persons for 20 years is better than one that includes a 15 years commitment. The LIHTC allocation plan provides specific criteria for evaluation of this criteria. ' 4) SITE CONTROL. This means ownership of the site or an option to buy the site. This criterion will be evaluated based on the degree of certainty that the site is available for development within the constraints of the proposed schedule. RENTALS - ~e 11-07 INCOM OF M E 0 B EI ENT T AILE fD8 SO1 AMI 601 IAM IMCI NE t1 YBYSEN8l1 I IfE Isle of NW ~rielouls 12-18 • ' IaltaICNFARgortt 01-90 N8 1'1 L8N-tM CONf AREA lIN1 1 PERS011 Ti 1101 2 PERSON /F NE 3 PER58M IIANI 1 PERSON MAf 1 A8R11 INUN I IOAN RENiS 2 ADRM 3 NRN IN COME LIMI TS -~_ "__. 1 PERSON 2 PERSON 3 PEASDII / PERSON S PERSI ' Crorle~ 111,950 I17,IN ON,2N 121,350 SO1 - 1231 -------- 1250 ------------ 13N ------ 1317 ---------- N,3/1 --------- 110,601 --------- 112,000 --------- (13,341 ------ 111,1 601 1211 1310 1360 N16 111,213 112,125 111,100 116,013 117,2' Cutler 111,951 111,IN fN,2N 121,3S1 S1I 1231 1251 f3N 1317 14,311 /10,6N Il2,ON 113,311 111,1 ' 601 i2N i3N f364 N16 111,113 111,825 111,/N (16,013 117,2' Della f11,1S0 117,IN 114,2N 121,351 SO1 1231 1251 13N 1317 N,3N 110,681 112,000 11I,3N 111,1. 601 1281 13N 1361 N16 111,213 (12,825 fl/,/N 116,013 117,2' ' Oelcres 111,930 II7,IN (19,201 f21,3S1 SOl 1231 12`JO 1301 (341 19,3// 110,688 112,001 (13,311 (11,1. 601 (281 f3N 1360 N16 111,213 112,125 111,100 (16,013 117,2' Ea11e f20,7N 123,IN 126,651 129,600 SI1 1323 IS/7 1116 1481 112,138 114,113 (16,656 118,501 114,91 611 1381 NIL 1511 15)7 115,525 117,I7S 119,981 122,201 123,9; El1er1 117,151 119,951 122,IS1 121,951 301 1273 1292 1351 ~ 1106 (11,906 112,4N 111,031 fIS,591 116,ar 6K 1317 /3S1 1121 NN II3,OM 111,4N 116,131 118,713 120,2; ' Freeoe/ 111,931 i17,1N 114,IN 121,351 511 0231 1251 1301 134) 19,3N 111,6N 112,ON fI3,3N 111,11 60t 1211 1311 13N N16 111,213 112,125 i1/,100 116,013 111,27 ' iar(iel! (18,101 121,050 123,631 126,301 SO1 1281 1301 1370 N27 il1,SN 113,156 f1/,781 116,138 fi7,7. 611 1315 1371 N/3 IS13 113,100 fIS,7N 117,738 111,725 121,31 iil~ie 111,150 119,111 f22,IS1 121,501 511 1261 1287 1315 1398 110,719 (12,250 113,181 (13,313 116,5? t 601 1322 1343 N13 NTt 112,863 /II,1N (16,538 {18,173 111,81 kael 018,4N (21,051 123,631 126,3N SII (281 13N 1310 N21 111,501 113,136 111,781 116,131 {11,1' • 101 ISIS "1311 N13 IS13 113,800 115,718 117,738 119,725 121,31 ' 6unnisce 117,700 120,250 122,750 123,3N SOI 1271 1296 1355 /Ill 111,063 112,656 011,219 115,813 117,07 601 1332 1356 N27 N43 113,2)<r /15,188 (17,063 118,975 120,45 NilsAale (1/,954 (17,100 119,2N 121,350 501 1231 1230 f3U0 1317 19,3// (10,688 f12,000 113,314 fl/, 41 ' 601 1280 1300 ~ 1361 (116 (11,213 112,825 114,100 111,013 117,29 Nuer(aeo 111,950 (17,100 119,2N 121,350 501 123/ f25i- 1300 1347 19,311 110,688 (12,000 /13,3// 111,11 601 1280 1300 1360 1116 111,213 112,125 111,100 116,013 117,29 ' Jacksoe fIS,850 IlB,IN f20,4N (22,630 SO1 1218 1265 1;19 1368 19,906 111,313 (12,750 /11,156 IIS,28 601 1297 1311 1383 N12 {11,888 113,STS 115,300 116,988 118,3/ Kiora /1/,950 {17,100 f14,2N 121,350 SOI 12;1 1254 1;00 (347 19,311 (10,688 112,000 (11,141 f1/,11 ', 601 1280 1'00 f •b0 1116 ft1,213 112,825 111,100 (16,013 111,29 EXHIBIT - D RENTS WITH DOLA GRANT OF 500,000.00 LAND AT NO COST TO PROJECT. 5/31 /90 PROFESSIONAL DEVELOPMENT CORPORATON 6685 QUINCE ,SUITE 111 EXHIBIT - D MEMPHIS, TENNESSEE,38119 TEL 901-753-1100 FAX 901-753-1127 VAIL, COLORADO PRO FORMA OPERATING STATEMENTS REVENUE RENTS 20 EFFICIENCY CHFA $323 77,520 0.71 20 1 BEDROOM CHFA $347 83,280 0.60 21 2 BEDROOM CHFA $416 104,832 0.55 80 EFFICIENCY $461 442,931 1.01 80 1 BEDROOM $588 564,349 1.01 83 2 BED ROOM $769 765,902 1.01 304 GROSS INCOME 2,038,815 VACANCY ALLOWANCE 5% (;101,941) NET OPERATING INCOME 1,936,874 EXPENSES OPERATING EXPENSES 486,400 AMOUNT AVAILABLE FOR DEBT SERVICE 1,450,474 DEBT. SERVICE RATIO 1.25 VAILD300.XLS 1 1 AEMiKS - H 11-07 INLINE 0 RENT TAIIE f11 501 AMI E03 ' 1F M EIIAN IMCI IE 1/ MIYSEMIl1 I ItE /ale oI 1111 ~ri~lnlr ~i • Iitoo113lfANgarl: 01-N MY I'i l0N-IM CINE ' AREA llNl 1 PERS011 it 1101 2 ~AiN IF NE 3 PENSd IIAN- 4 PERSON MAI INNN LENTS IM CINE IINI TS Y _»A 0 11111 t IIAII 2 IOAIt 3 IIRII t PERSON 2 PERSON 3 PERSON 1 PERSON S PERS GarleT 11/,151 117xIN 111x2M 021,350 SOI; 0231 1250 0300 1317 N,311 IIO,LN 112.000 013,341 111,1 ~Ol 1211 1310 03L0 N1E 111,213 112,125 111xIN 11/,013 017,2 Crsler 111,151 OI1xIN 1Nx2N 121x350 511 0231 1250 03N 0347 11,341 IIO,E/1 012xON 013x3N 114,1 E11 0211 1301 13E9 NIL 011,213 112,123 011,4N OIL,013 117,2 ' ieli• 111,150 117xIM 111x2N 021,351 511; 0231 1250 03N 1317 N,3N IIO,E01 012,000 111x314 111,1 MII 12N '0300 03N N1L 011,213 112,125 114,/N itL,013 117,2 ' Ielorp 011,131 111,IN 111x2N 021,350 SIl 0231 02`.A 0100 0311 Nx34/ IIO,L/I 112,ON 013,311 111,1 Mt 0211 1301 •f3E1 NIL 011,213 /12.125 111,100 IIL,Ol3 117,2 Emile {20x711 113x7N 12Exti51 121xL10 501 0323 1341 NlE 0411 012,1]1 111,113 IlExL51 011,501 0H,9 ' L01 13M NIL OSN 1577 115x521 011,775 011,111 122,2N 023,1 ElNrl 117x151 011,150 022,110 121,150 i1t 02T3 0212 O3S1 NOS 110,10E 112xN/ 011,131 OISxSM OILxO 111 1327 0351 0121 NR7 013x111 111x1N OIEx131 111x713 020,2 Frawrl ~ 011,151 117xIN 1H,2N 121x110 i1i 0231 1250 0300 0317 Nx3N f11,LM 012,000 013,3N 111,4 00Z 1201 pM 13N NIL 111x213 012,023 I1/x/01 11L,013 017,2 W1iou OIIxIN 121x151 123xL30 t2Ex3N 501 1201 13N 0371 N27 011,501 111,15E IU,flI 11L,/3/ 1A,1' ' 111 0313 13» N13 1313 113x100 113x111 IU,7A 111x725 121x1 iillio /17x150 111x611 122,051 02/x110 501 12Y 1211 0313 13M 010x711 112,251 013,701 115,113 11Lx5; A0I 1322 1315 N13 N7R i12,K3 111x1N 11L,531 011,315 011x1 ' ~~ 011,100 021,151 023xGS1 12L,3N S0I 0211 1318 0370 N21 011,501 113,15E 014.711 O1L,131 011,7; A03 1315 0370 N13 0513 i13,N4 115,111 017x731 011,725 021,31 ' tiwcisa 111x7N 020,250 022,111 125x110 501 0271 021E 0355 N11 011,063 012,LS6 014,219 115,113 017,0; N1 1332 0JS1 N27 N43 013,:15 115,111 011x013 111,115 020,1' Nips/ale 111x154 117,IN 011,2N 121x350 511 0234 0250 0340 0317 N,3/1 110,E11 112,000 113,314 111,1: 101 0210 0300 03N NIE 111,213 112,/25 111,100 IIL,0l3 111,2' Nuerl~o 011,150 017,IN Ot1x2N 021,350 511 f231 125u 1300 /311 09x]41 111,LN 112,000 /13,311 011,11 EOi 1210 1300 0360 NIL 111x213 012x125 111,100 01L,013 017,2! ' ~utsa 015,150 111,104 120xIN 122x/50 SO1 02/1 1265 0;19 1368 19x101 011,313 112,750 011,156 115,2E 103 1291 /311 1313 NI2 011x111 013,575 N5,300 116,101 111, 3i ' Kior~ 011,950 /11,100 1 Hx2N 021,350 SOI 02;1 1'SO 1100 0;41 N,341 010,618 112,000 111,7/4 011,11 601 1:14 1;00 0;b0 1116 111,213 /12,125 111,100 116,013 111,2' ' EXHIBIT E UNDERWRITER'S RESUME Morgan Keegan & Company, Inc. ("Morgan Keegan") is a full service investment banking firm based in Memphis, Tennessee, serving clients nationally and internationally. The firm has twenty offices in ten states and employs over 850 people. Morgan Keegan is a member of the New ' York Stock Exchange and its parent, Morgan Keegan, Inc., is publicly traded with its stock listed on the New York Stock Exchange. The firm's sales department has over 400 registered representatives including over 100 institutional salespersons. Morgan Keegan is the nation's ' largest underwriter of taxable municipal bonds; the only firm based outside of New York in the list of top ten underwriters of municipal housing bonds; and the 52nd largest underwriter of long term municipal bonds. ' The Public Finance Division is responsible for structuring and managing municipal bond underwritings and placements. The Public Finance Division is part of the firm's Investment Banking Division which maintains offices in Memphis, Little Rock, and New Orleans. A lisitng of ' Morgan Keegan's senior management transactions is available upon request, along with references. James M. Fowler. Jr., First Vice President, works out of Morgan Keegan's T. J Raney & Sons Division in Little Rock, Arkansas. Mr. Fowler is a graduate of Hendrix College where he earned a B. A. degree, the University of Arkansas at Fayetteville School of Law where he earned a J. D. degree, Southern Methodist University where he earned a Master of Law degree and the Goethe tnstitute in Staufen-im-Breisgau, West Germany. Prior to joining T. J. Raney & Sons in 1983, Mr. Fowler was a member of the Rose Law Firm, a professional association, where he practiced in the municipal and corporate securities law area. Mr. Fowler has specialized in multi-family housing revenue bonds. 1 `ice' Gor~ticoNS A ~E `ir r A A rb µou: ~~ ~, ..~-~ 1~'I~~ Z .~ -+° I m l X 1 2 ~O 104 ' 304 unrrTS ~~~ DAY CARE ~ 'r pa,cY YnR.n • h-rc~~.T u I O MM G O P P-O P g S E D ~ A` SITE °- - N 57R~ET - A TYPICAL 10 Ac. SITE - 96 UNITS 2 BEDROOM 760 S. F (64 S.F. I/2 STAIR ) (8) 2 BEDROOM r 1 1 1 L' I BEDROOM 606 S.F. (34 S.F. I/2 STAIR) (8) I BEDROOM ~ ~. ki \ 0 O BEDROOM 481 S.F (34 S.F I/2 STAIR) ' (81 O BED R OONiS ~ 1 1 1 1 1 1 I( 1 1 1 1 v ' -i \~ ;`. .~ `.' ~ ~ .t :,- ,,; ., .. .. G 1 1 1 1 1 1 1 (' 2 BEDROOM 760 S.F :~ 4 BEDROOM 150 S. F• CONVERSION (4) BATH (LIVING,DINING,DEN) 29 - 9 29~-9~~ ~, 18-10~~ ~ 10-5~~ _' N ~, BEDROOM (BATH ;BEDROOM KIT. DINING M ~ B~ _ LIVING 2 BEDROOM 760 S.F. 29 -9~~ 3 BEDROOM 1366 S. F. CONVERSION 2!~ BATH (LIVING, DINING, DEN) ~- ~, ~- 29~- 9~~ 2 BEDROOM 760 S. F -10~~ _~ i ,~ N ti 1 If) N 3 BEDROOM 1241 S.F. CONVERSION (LIVING.KITCHEIV,DINING. 21~ BATHS 10 -II~~ 1 1 1 1 1 1 1 1 1 0 BEDROOM 48l S.F. i i _I iI N _~ M _~ _~ N 2 BEDROOM b87~ S.F. CONVERSION (LARGE MASTER BEDROOM, BREAKFAST)