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HomeMy WebLinkAbout1993-02-16 Support Documentation Town Council Regular Session VAIL TOWN COUNCIL REGULAR EVENING MEETING TUESDAY, FEBRUARY 16, 1993 7:30 P.M. IN TOV COUNCIL CHAMBERS EXPANDED AGENDA 7:30 P.M. 1. CITIZEN PARTICIPATION. 7:35 P.M. 2. Ordinance No. 1, Series of 1993, second reading, an ordinance Shelly Mello repealing and reenacting Ordinance No. 41, Series of 1991, to provide changes to Area A requirements for SDD No. 4 that concern the development plans for The Waterford and The Cornerstone Development Building Sites; and setting forth details in regard thereto. Applicant: MECM Enterprises and Commercial Federal Savings. Action Requested of Council: Approve/deny/modify Ordinance No. 1, Series of 1993, on second reading. Staff Recommendation: Approve Ordinance No. 1, Series of 1993, on second reading. 8:05 P.M. 3. Ordinance No. 3, Series of 1993, first reading, an ordinance Steve Thompson concerning the issuance of Local Improvement Refunding Bonds of the Town of Vail, Colorado for the Booth Creek Local Improvement District; ratifying action heretofore taken in connection therewith; prescribing details in connection with said Bonds and District; prescribing duties of certain Town officials in connection therewith; repealing all ordinances and other action of the Town to the extent inconsistent herewith; and providing other matters relating thereto. Action Requested of Council: Approve/deny/modify Ordinance No. 3, Series of t993. Backaround Rationale: 1st Bank of Vail has agreed to refinance the Booth Creek Bonds. 8:20 P.M. 4. Adjournment. - THE NEXT VAIL TOWN COUNCIL WORK SESSION WILL BE ON TUESDAY, 2/23/93, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL OVERVIEW WORK SESSION WILL BE ON TUESDAY, 3/2/93, BEGINNING AT 6:30 P.M. IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL EVENING MEETING WILL BE ON TUESDAY, 3!2/93, BEGINNING AT 7:30 P.M. IN TOV COUNCIL CHAMBERS. C:U?GENDA.TCE F \I M~' ~9 TOWN OF UAIL ~ 7S South Frontage Road Department of Public Works/Transportation Vail, Colorado 81657 303-479-2158/FAX 303-479-2166 MEMORANDUM TO: Town Council THRU: Ron Phillips FROM: Larry Grafel DATE: February 12, 1993 RE: Westhaven Drive Improvements The Public Works Department has reviewed the information provided by the applicants and analyzed it with regard to the subdivision ordinance standards for public streets. The results follow: • The structural capacity of the existing subsoil, base course and asphalt mat do not meet the Town's standards. An additional 1" - 1~h" of asphalt is required to provide the needed structural integrity. The minimum amount of asphalt that can be placed is 1 ~/2'. • The existing concrete drainage pans do not have the capacity to carry the storm water flows generated from the site. In order to meet the capacity requirements, a curb and gutter system integrated with the existing storm sewer is required. Two additional storm drainage inlets with settling basins, will be required at the bridge. The new curb and gutter must be installed at least one inch higher than the existing pans to accommodate the new overlay. • The final alignment of the right-of-way to be dedicated to the Town will need to be worked out to ensure all encroachments are minimized and a logical right-of- way boundary exists. A revocable right-of-way permit for those remaining encroachments will need to be signed once the right-of-way is dedicated. Memorandum to Town Council February 12, 1993 Page 2 • The estimated costs to bring this road up to standard is $97,500. • Specific requirements and cost estimates are enclosed for your review. Greg Hall, Eustaqio Cortina, Ned Gwathmey, Jerry Mullikin and myself met on Wednesday, February 10, 1993 to discuss the specifics. They are soliciting an estimate from B&B Excavating and should have it by the next reading of the ordinance. I am optimistic that the parties will accept and agree to the costs associated with bringing the road up to standard. Some type of assurance must be provided to the Town, perhaps through performance bonding of 125% of the project cost, would be appropriate. A time frame for completion should also be established and tied to the TCO or CO of the project. Great strides have been made by al! parties to get closer to resolving this issue. I will be available to discuss this with you at the work session of the 16th. LG/dsr Enclosures CF: Shelly Mello, Community Development Ned Gwathmey, Gwathmey Pratt Architects WESTHAVEN DRIVE/TOWN OF VAIL SPECIFIC IMPROVEMENTS REQUIRED 1) All transverse and longitudinal cracks shall be sealed with a pave prep fabric prior to overlay. 2) Any asphalt distress areas, shall be removed and reworked prior to overlay. 3) From Station 0+00 (Bridge) to Station 6+75 (Westin Hotel Entrance) right edge. Remove a 2' of asphalt and recompact the base and place new asphalt. Once the overlay is complete, the minimum section shall be 4" asphalt over 4" basecourse. 4) Station 5+00 (Westhaven Apartments/Parking Structure Exit) to Station 7+00 (lower Cascade Club Entrance) left edge remove 2' of asphalt and recompact the base and place new asphalt. Once the overlay is complete, the minimum section shall be 4" asphalt over 4" basecourse. 5) Station 0+00 - 5+00 right side, remove the existing concrete pan and replace with Type II B curb and gutter. 6) Station 0+00 - 1 +90 left side, remove the existing concrete pan. Install Type II B curb and gutter. Provide appropriate drive cuts and drive pans. Install a 6' sidewalk. 7) Station 1+90 - 5+00 left side, install Type II B curb and gutter. From Station 1 +90 - 2+50, provide appropriate drive cuts and drive pans and install a 6' sidewalk. In the future a 6' walk will be installed from Station 2+50 - 5+00. 8) Station 5+00 - 10+00 left side, remove existing concrete pan and replace with Type II B curb and gutter, provide appropriate drive cuts. and drive pans, and a 6' sidewalk. 9) Station 6+75 right side, rework pan to ensure storm flows stay on Westhaven Drive. 10) Station 8+40 right side, rework curb and drivecut to ensure water does not flow into delivery doors of the conference center. 11) Station 8+60 - 9+80 right side, install Type II B curb and gutter and 6' sidewalk. 12) Repair any broken curb sections in the cul-de-sac area prior to overlaying. Assume 30 I.f. of curb replacement. Westhaven Drive Specific Improvements Required Page 2 13) Overlay entire road with 1 ~/z" hot bituminous pavement.. 14) Station 0+10 left and right side, install 2 hooded inlets with sediment traps and 15" cmp piping to discharge the flows to Gore Creek. 15) Station 5+00 left side convert existing valley inlet to a hooded inlet. 16) Station 2+00 - 3+50 right side rocks and landscaping will need to be modified to improve sight distance. 17) Station 3+00 - 4+75 left side rocks will need to be moved back to improve snow storage capacity. 18) Station 3+50 - 4+75 right side rocks will need to be moved back to improve snow storage capacity. 19) Rework any settled pavers and bring them up to grade. 20) Work to control runoff/icing problem. on the stairs to Cascade Club. a WESTHAVEN DRIVE/TOWN OF VAIL COST ESTIMATE Install Curb and Gutter $ 30,000 Install 2 Inlets with Settling Basin with Discharge Ripe $ 5,000 InstalllMove/Repair Sidewalks $ 17,000 Asphalt Repairs $ 6,000 1 ~/z" Asphalt Overlay $ 20.000 SUBTOTAL $ 78,000 Estimated Miscellaneous Costs ~ 25% $ 19.500 GRAND TOTAL $ 97,500 c . r~ ~ Commercial ~ ~i ~4 Federal Mortgage Corporation RECEIVED FEB t 6 1993 February 12, 1993 Vail Town Council Town of Vail 75 South Frontage Road West Vail, Colorado 81657 Re: Cornerstone/Waterford Rezoning, SDD4 Members of the Council: This letter is to reassure the Town of Vail that Commercial Federal Bank is financially committed to contributing to the Westhaven Road improvement. Commercial Federal has pledged $3,000 to help fund the initial research such as surveys, core borings and engineering reports. Commercial Federal has agreed to fund up to an additional $20,000 to be used to bring the road to town standards so that the road can be deeded to the town. Since Commercial Federal is not planning to build on their parcel in the near future, MECM has agreed to initially fund the obligation. Commercial Federal will than repay MECM over two years. Of course, this will be handled as a separate agreement between Commercial Federal and MECM. Sincerely, Commercial Federal Bank K.-~K,~.. ~-Q.a/ Anne Ross Assistant Vice President AR : rv 2 Steele Street Suite 201 Denver, Colorado 80206 (303) 331-3531 FAX: (303) 331-3581 t ORDINANCE NO. 1 SERIES 1993 AN ORDINANCE REPEALING AND REENACTING ORDINANCE NO. 41, SERIES OF 1991, TO PROVIDE CHANGES TO AREA A REQUIREMENTS FOR SDD NO. 4 THAT CONCERN THE DEVELOPMENT PLANS FOR THE WATERFORD, AND THE CORNERSTONE DEVELOPMENT BUILDING SITES; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, MECM Enterprises and Commercial Federal Savings have requested an amendment to the existing Special Development District No. 4, Area A; and WHEREAS, the Planning and Environmental Commission has recommended that certain changes be made to Special Development District No. 4; and WHEREAS, the Town Council considers that it is reasonable, appropriate, and beneficial to the Town and its citizens, inhabitants, and visitors to repeal and reenact Ordinance No. 41, Series of 1991 to provide for such changes in Special Development District No. 4, Cascade Village. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Ordinance No. 41, Series of 1991, is hereby repealed and reenacted, as follows: Section 1. Amendment Procedures Fulfilled. Planning Commission Report. The approval procedures described in Chapter 18.40 of the Vail Municipal Code have been fulfilled, and the Town Council has received the recommendations of the Planning and Environmental Commission for an amendment to the development plan for Special Development District No. 4. Section 2. Special Development District No. 4 Special Development District No. 4 and the development plans therefore, are hereby approved for the development of Special Development District No. 4 within the Town of Vail. Section 3 Chapter 18.46 Special Development District No. 4, Cascade Village, is hereby repealed and re-enacted with amendments to read as follows: 18.46.010 Purpose Special Development District No. 4 is established to ensure comprehensive development and use of an area in a manner that will be harmonious with the general character of the Town, provide adequate open space and recreational amenities, and promote the objectives of the Town of Vail Comprehensive Plan. Special Development District No. 4 is created to ensure that the development density will be relatively low and suitable for the area and the vicinity in which it is situated, the development is regarded as complementary to the Town by the Town Council and the Planning Commission, and because there are significant aspects of the Special Development District which cannot be satisfied through the imposition of standard zoning districts on the area. 18.46.020 Definitions For the purposes of this chapter, the following definitions shall apply: A. "Special attraction" shall be defined as a museum, seminar or research center or performing arts theater or cultural center. B. "Transient residential dwelling unit or restricted dwelling unit" shall be defined as a dwelling unit located in amulti-family dwelling that is managed as a short term rental in which a!I such units are operated under a single management providing the occupants thereof customary hotel services and facilities. A short term rental shall be deemed to be a rental for a period of time not to exceed 31 days. Each unit shall not exceed 645 square feet of GRFA which shall include a kitchen having a maximum of 35 square feet. The kitchen shall be designed so that it may be locked and separated from the rest of the unit in a closet. A transient dwelling unit shall be accessible from common corridors, walks, or balconies without passing through another accommodation unit, dwelling unit, or a transient residential dwelling unit. Should such units be developed as condominiums, they shall be restricted as set forth in Chapter 17.26 Condominiums and Condominium Conversions. The unit shall not be used as a permanent residence. Fractional fee ownership shall not be allowed to be applied to transient dwelling units. For the purposes of determining allowable density per acre, transient residential dwelling units shall be counted as one half of a dwelling unit. The transient residential dwelling unit parking requirement shall be 0.4 space per unit plus 0.1 space per each 100 square feet of GRFA with a maximum of 1.0 space per unit. 18.46.030 Established A. Special Development District No. 4 is established for the development on a parcel of land comprising 97.955 acres as more particularly described in the attached Exhibit A. Special Development District No. 4 and the 97.955 acres may be referred to as "SDD No. 4. B. The district shall consist of four separate development areas, as identified in this ordinance consisting of the following approximate sizes: 2 Area Known As Devel~oment Area Acreaae Cascade Village A 17.955 Coldstream Condominiums B 4.000 Glen Lyon Duplex Lots C 29.100 Glen Lyon Commercial Site D 1.800 Dedicated Open Space 40.400 Roads 4.700 TOTAL 97.955 18.46.040 Development Plan--Required--Approval Procedure A. Each development area with the exception of Development Areas A and D shall be subject to a single development plan. Development Area A shall be allowed to have two development plans for the Cascade Ctub site as approved by the Town Council. The Waterford and Cornerstone sites shall be allowed one development plan each. Development Area D shall be allowed to develop per the approved phasing plans as approved by the Town Council. The developer shall have the right to proceed with the development plans or scenarios as defined in Section 18.46.103, 1-4. B. Amendments to SDD No. 4 shall comply with the procedures outlined in Section 18.40. C. Each phase of development shall require, prior to issuance of building permits, approval of the Design Review Board in accordance with applicable provisions of Chapter 18.52. 18.46.050 Permitted Uses A. Area A. Cascade Village 1. First floor commercial uses shall be limited to uses listed in 18.24.030 A-C. The "first floor" or "street level" shall be defined as that floor of the building that is located at grade or street level; 2. All other floor levels besides first floor street level may include retail, theater, restaurant, and office except that no professional or business office shall be located on street level or first floor (as defined in Section 18.24.030 A of the Town of Vail zoning code in Area A) unless it is clearly accessory to a lodge or educational institution except for an office space having a maximum square footage of 925 square feet located on the first floor on the northwest corner of the Plaza Conference Center building; 3. Lodge; 4. Multi-family dwelling; 5. Single Family dwelling; 3 6. Two-Family dwelling; 7. Transient residential dwelling unit; 8. Employee dwelling as defined in Section 18.46.220; 9. Cascade Club addition of a lap pool or gymnasium. B. Area B, Coldstream Condominiums 1. Two-family dwelling; 2. Multi-family dwelling. C. Area C. Glen Lvon Duplex Lots 1. Single family dwelling; 2. Two-family dwelling. D. Area D. Glen Lvon Commercial Site 1. Retail; 2. Restaurant and bar; 3. Business and professional offices; 4. Multi-family dwelling; 5. Employee dwelling as defined in Section 18.46.220. 18.46.060 Conditional Uses Conditional uses shall be reviewed per the procedures as outlined in Chapter 18.60 of the Town of Vai( zoning code. A. Area A, Cascade Villaae 1. Cascade Club addition of a wellness center not to exceed 4,500 square feet. 2. Fractional fee ownership as defined in the Town of Vail Municipal Code, Section 18.04.135 shall be a conditional use for dwelling units in the Westhaven multi-family dwellings. Fractional fee ownership shall not be applied to restricted employee dwelling units or transient residential dwelling units. Ownership intervals shall not be less than five weeks. 3. Special attraction; 4. Ski lifts; 5. Public park and recreational facilities; 6. Major arcades with no frontage on any public way, street, walkway or mall area. 4 B. Area B. Coldstream Condominiums 1. Public park and recreational facilities; 2. Ski lifts. C. Area C. Glen Lvon Duplex Lots 1. Public park and recreational facilities; 2. Ski lifts. D. Area D, Glen Lvon Commercial Site 1. Micra-brewery as defined in Town of Vail Municipal code, Section 18.04.253. 18.46.070 Accessorv Uses A. Area A. Cascade Villaae 1. Minor arcade. 2. Home occupations, subject to issuance of a home occupation permit in accordance with the provisions of Sections 18.58.130 through 18.58.190. 3. Attached garages or carports, private greenhouses, swimming pools, tennis courts, patios, or other recreational facilities customarily incidental to permitted residential uses. 4. Other uses customarily incidental and accessory to permitted or conditional uses, and necessary for the operation thereof. 5. Swimming pools, tennis courts, patios or other recreational facilities customarily incidental to permitted or conditional uses, and necessary to the operation thereof. B. Area B, Coldstream Condominiums 1. Home occupations, subject to issuance of a home occupation permit in accordance with the provisions of Sections 18.58.130 through 18.58.190. 2. Attached garages or carports, private greenhouses, swimming pools, tennis courts, patios, or other recreational facilities customarily incidental to permitted residential uses. 3. Other uses customarily incidental and accessory to permitted or conditional uses, and necessary for the operation thereof. 4. Swimming pools, tennis courts, patios or other recreational facilities customarily incidental to permitted or conditional uses, and necessary to the 5 operation thereof. C. Area C, Glen Lvon Duplex Lots 1. Home occupations, subject to issuance of a home occupation permit in accordance with the provisions of Sections 18.58.130 through 18.58.190. 2. Attached garages or carports, private greenhouses, swimming pools, tennis courts, patios, or other recreational facilities customarily incidental to permitted residential uses. 3. Other uses customarily incidental and accessory to permitted or conditional uses, and necessary for the operation thereof. D. Area D, Glen Lvon Commercial Site 1. Home occupations, subject to issuance of a home occupation permit in accordance with the provisions of Sections 18.58.130 through 18.58.190. 2. Attached garages or carports, private greenhouses, swimming pools, tennis courts, patios, or other recreational facilities customarily incidental to permitted residential uses. 3. Other uses customarily incidental and accessory to permitted or conditional uses, and necessary for the operation thereof. 4. Minor arcade. 18.46.080 Location of Business Activity A. All offices, businesses, and services permitted by Sections 18.46.050 through 18.46.070 shall be operated and conducted entirely within a building, except for permitted unenclosed parking or loading areas, and the outdoor display of goods. B. The area to be used for outdoor display must be located directly in front of the establishment displaying the goods and entirely upon the establishment's own property. Sidewalks, building entrances and exits, driveways and streets shall not be obstructed by outdoor display. 18.46.090 Density--Dwelling Units The number of dwelling units shall not exceed the following: A. Area A, Cascade Village In Area A, a minimum of three hundred fifty-two (352) accommodation or transient dwelling units and a maximum of ninety-four dwelling units as defined by the tables in Section 18.46.103 for a tots! density of two hundred seventy (270) 6 dwelling units. B. Area B. Coldstream Condominiums Sixty-five (65) dwelling units C. Area C. Glen Lvon Duplex Lots One-hundred four (104) dwelling units. D. Area D, Glen Lvon Commercial Site Three dwelling units, two of which shall be employee dwelling units as defined by the table in Section 18.46.103F. 18.46.100 Density--Floor Area A. Area A. Cascade Village The gross residential floor area (GRFA) for all buildings shall not exceed 288,695 square feet. B. Area B, Coldstream Condominiums Sixty-five thousand square feet (65,000 s.f.) GRFA. C. Area C. Glen Lvon Duplex Lots GRFA shall be calculated for each lot per Section 18.13.080 density control A and B for the Primary/Secondary district of the Town of Vail municipal code. D. Area D, Glen Lvon Commercial Site The gross residential floor area for the two employee dwelling units shall be 795 square feet and 900 square feet respectively. The gross residential floor area for the free market dwelling unit shall be 1,630 square feet. 18.46.102 Commercial Sauare Footaae A. Area A, Cascade Village Area A shall not exceed 35,698 square feet of commercial area. Commercial uses include retail, office, theater, restaurant, uses listed in Section 18.46.050 A-1, and the special attraction use. B. Area D. Glen Lvon Commercial Site Area D shall not exceed 16,730 square feet of office for Phase I, IA & II or 15,584 square feet of office for Phase III per the approved development plans. The micro-brewery and associated uses shall be constructed per the approved development plan. 7 18.46.103 Development Statistics for Area A. Cascade Viltaae. and Area D, Glen Lvon Commercial Site I CHART 1 Area A Completed Frofects ..:...W..... ...v. ~ I i RetalU Square On Slte Cascade structure AUS DUs I GRF4 I Commercial____ Feet Parking_ Parking _ _ _ _____r_ ~ r Ni{LLRACE I----- I I 16 ~ 20,000 ~ I I 28 1 0 PrtILLRACE II I I 14 I 17,534 I I I 25 I 0 f~tILLRACE IV ~ ~ I I I I Units""' 6 10,450 I I 19 I 0 W~STIN I 148 55,457 0 115 Aliredo's 104 Seats 0 0 ' 74 Seats 0 0 Cafe Little Shop ~ 1,250 I 0 0 Popi Sports I I I 2,491 0 0 W& H Smith, ~/aurnet I l 900 I I 0 C1~1C BUILDING Cascade Winq + I 8 15,870 0 16 ClancY's ~ 1,600 0 I 13.3 Theater 4,220 28 College Classrooms I, ` 0 40 Collego Office I 0 4 TheaterlMeetinq Room 2J~ I 1,387 I 0 11.5 7ERRACE'~lING I Rooms ( 120 58,069 I ~ 0 ~ 105 1 ~ ~ I 5,856 I I 0 I 20 Ret,.il PL6~ZA I I I I I ~ Rooms 20 7,205 I 0 ~ 1G I 1,099 ( 0 4 Retail PLAZA II I I i 1 Conierenco l r I I 0 I 35 I ~ 92~ 0 Retail I CASCADE CLUB Retail 300 0 1 Ear & Restaurant 252 0 3.5 Office in CMC I 828 I 0 3 Wellness Center I I I 1,386 I 0 7 Otticc in Club I I 420 0 1.4 TOTALS I 288 AU ~ 44 DU I 184,585 I 19,173 I I 72 I 426.7 ~ Fcx U:e purlx~ses of calcul:uing C121~A fur d:e Cosgriff P:vccl (htiHrucc IV), no credits shall be given cacept 1'or 30U sq. ft. to lx: allowed for each enclosed parking spncc, per Section 18.gG.210(cX5)(j). 8 _ ~ CHART 2: Area A Proposed Protects ~ On Site Cascade 1. CORNERSTONE I AU orT~_ DU J GRFA I Commerc__i_a1 LSquare Feetl Parking I Structured Parking_ Units 64 TR J 28,110 53 Employee Units' ~ 3 I ~ 1,800 (_11,100 I _ 37 ~ _ _ Retail TOTALS t'>4 TR-I 2(3,110 11,100 93 On-Site Cascade 2. WATERFORD AU orTR DU_ GRFA Commercial Square Feet Parking Structured Parkins Units 27~DU 47,500 56 Employee Units I I 2 1,100 _ ~ 2 TOTALS 27 DU 47.500 58 3. Westhaven On-Site Cascade Condos AU or TR DU _GRFA _C_o__m__m_e_rcia_1 _ Square Feet Parking Structured Parking_ Units 20 22,500 ( 40 Employee Units (Max #1 I I 10 I _ 8,400 I I ~ 20 1 u I tIL I I 20 DU I 22.500 I I I 60 I On-Site Cascade 4. Millrace III AU or TR DU _ GRFA Commercial_~Sguare Feet I Parkins I Structured Parking Units I 3 ~ 6.000 ~ I I 6 ( TOTAL ~3 DU (--6„000 6 5. Cascade Club On-Site Cascade Addltlon AU orTR~DU~. GRFA ( Com_mercia_I LSguare Feetl Parking_ I Structured Parking_ Scenario 1 _ (Wellness Center) 4,500 22.5 or Scenario 2 lGvmnasium) 4.500 0 tvlhLS Scenario 1 ( I I I 4,500 I I I 22.5 Scenario 2 4,500 I On-Site Cascade 6. Plaza Office" AU or TR I__DU 1_~ GRFA_J_ Commercial LSguare Fe_et_l_ Parking I Structured Parking_ - - I I I I 92.i I I I .7 TOTAL ( 64 TR 50 DU I 104,110 I 16,525 I 4,500 I 217 I 23.2 MAXIMUMS • Pmployce units shall not count toward density or GIt1~A fur the purpose of this SI)1). Plaza apace has already beat counted for a retail parking ra{uircment. The new parking rcyuircment is based on dtc difference between the retail and office parking rcyuircmcnls. •"'t'otal figtvcs represent highest density and cottuncrcial scenarii>E. '..:.':::`:;[:.;.:.+':^:;::>~::;'c is :::<.:<:::::>>~::;: R : Area A _ CHA T 3 . Required Parking Parking for Completed Projects Parking Spaces per Chart 1 in Cascade Parking Structure 426.7 Proposed Projects w/ req. parking in the Cascade Parking Struc.: Scenario 1 -Wellness Center 22.5 OR Scenario 2 -Gymnasium 0.0 Plaza Office 0.7 Subtotal I - 449.9 Less 17.5% Mixed-Use Credit -78.7 Total Req. Parking at Build-Out of Area A in Cascade Struc. 371.2 Exist. Parking in Cascade Structure 421.0 Required Parking in Cascade Struc. at Build-Out of Area A With 17.5% mixed-use credit 371.2 9 r Area Utt1tS GI?SA ~.r • (Acres) 16. DU/Acre 35? . . Oril~inal Parccl •15. 6Q 252.00 256, 43? ItobJ~ins Parcel 1.23 19.68 18, 752 ' Cos~~riif Parcel 1.045 1~i.7.P 15.932. ' 17.955 288.40 291,121 F. DE~~FLOPME :.'r FOR AREA D, GLEtJ LYON COMMERCIAL SITE 5DD ~ 4 , AREA ,D DEVELOPMENT SQUARE jF00TAGE AND PARKING PER TOWN OF VA~[L REQUIREMENTS FEBRUARY 26, 1.'390 PHASE Ia PHASE I,Ia & II PHASE I,Ia,II AND III DEVELOPMENT DEVELOPMENT DEVELOPMENT ,Sq.Ft./Parking Sq.Ft. / Parking, Sq.Ft. / Parking Glen Lyon Cff:ice Bldg. (E:t:Lsting) 10,150 X10.6 10,150 40.6 10,150 40.6 e~~ Lyon i Coif ce nldg. 400 1 , 6 400 1.6 i 400 1.6 PHA;7E T - . Gle» Lyon '31 dg O:Eficc 0 2, 400 9. 6 2, 400 9. 6 ~iA:s F z x ?~ic:ra-3rewery --Office 0 3,780 15.1 2,634 10.5 -Receation/ ;Museum 0 480 0.0 ~ 480 0.0 -Retail 0 175 .6 885 3.0 -Fermentation/ :Brewhouse 0 970 0.0 1, 406 0.0 -Beer mall 0 1,700 18.8* 1,700 18.8* (150 seats) (150 seats) -3r~ew Pub 0 1,380 10.0* 1,380 10,0* (80 seats) (80 seats) SUnTOTAL 10,550 42.2 21,435 96.3 21,435 94.1 • ; PRASE IIZ j . East Building ~ ` ' -2 Empaoyee ; ' Units 0 0 0.0 ~ •1, 695 : f 4.0: -1 Dwelling ! ~ Unit 0 0 0.0 ~ 1, 630 2 . D • • • -Office 0 0 ~ 0.0 i~ 2, 400 9.6 ! • ' - 5i)P.TOTAL - 0 0 0.0 ~ 3, 325 ' 15.6 I. • : TOTAL COMMERCIAL AND RESIDE2JTIAIL ~ ~ • CQLIARE FOOTAGE AND PARKIi1G . ~ I ~ l: • .21,435 96.3 ~ 24,760 110,0 • . - aUSED HIGHEST PARY.ING FtEQ. POSSIIILE, i3ASED OIJ ;SEATING 10 18.46.104 Development Plans Site specific development plans are approved for Area A and Area D. The development plans for Area A are comprised of those plans submitted by Vail Ventures, Ltd. and other developers. The development plans for Area D are comprised of those plans submitted by the Glen Lyon Office Building, a Colorado Partnership. The following documents comprise the development plan for the SDD as a whole, Waterford, Cornerstone, Cascade Glub Addition Scenario 1 and 2, Millrace IV, and Area D-Glen Lyon Commercial Site and is not all inclusive: 1. Waterford, Sheet #L-2, dated 11-12-92, Landscape Plan, Dennis Anderson. 2. Waterford, Sheet #1.1, dated 11-13-92, Site/Grading Plan Gwathmey, Pratt, Schultz. 3. Waterford, Sheet #2.1, dated 11-13-92, Plan Level 38/43' 3", Gwathmey, Pratt, Schultz. 4. Waterford, Sheet #2.2, dated 11-13-92, Plan Level 48'-6"/53'-0", Gwathmey, Pratt, Schultz. 5. Waterford, Sheet #2.3, dated 11-13-92 Plan Level 59'-0:/64'-3" by Gwathmey, Pratt, Schultz. 6. Waterford, Sheet #2.4, dated 11-4-92, Plan Level 69'-6"/74'-9", Gwathmey, Pratt, Schultz. 7. Waterford, Sheet #2.5, dated 11-13-92, Plan Level 80'-0"/85'-3" Gwathmey, Pratt, Schultz. 8. Waterford, Sheet #2.6, dated 11-13-92, Plan Level 90'-6" Gwathmey, Pratt, Schultz. 9. Waterford, Sheet #2.7, dated 11-13-92, Plan Level 101'-0" Gwathmey, Pratt, Schultz. 10. Waterford, Sheet #2.8, dated 11-13-92, Plan Level 111'-6" Gwathmey, Pratt, Schultz. 11. Waterford, Sheet #2.9, dated 11-13-92, Plan Level 122'-0" Gwathmey, Pratt, Schultz. 12. Waterford, Sheet #2.10, dated 12-14-92, Roof Plan All Levels Gwathmey, Pratt, Schultz. 13. Waterford, Sheet #3.1, dated 11-13-92, Elevations Gwathmey, Pratt, Schultz. 14. Waterford, Sheet #3.2, dated 11-13-92, Elevations, Gwathmey, Pratt, Schultz. 11 15. Waterford, Sheet #4.1, dated 11-4-92, Sections Gwathmey, Pratt, Schultz. 16. Waterford, Sheet #4.2, dated 11-4-92, Sections, Gwathmey, Pratt, Schultz. 17. Waterford, Sheet #4.3, dated 11-4-92, Sections, Gwathmey, Pratt, Schultz. 18. Waterford, Sheet #9.1, dated 10-20-92, Unit Plans Gwathmey, Pratt, Schultz. 19. Waterford, Sheet #9.2, dated 10-20-92, Unit Plans, Gwathmey, Pratt, Schultz. 20. Waterford, Sheet #9.3, dated 10-20-92, Unit Plans Gwathmey, Pratt, Schultz. 21. Waterford, Sheet #9.4, dated 10-20-92, Unit Plans, Gwathmey, Pratt, Schultz. 22. Waterford, Sheet #9.5, dated 10-20-92, Unit Plans Gwathmey, Pratt, Schultz. 23. Cornerstone, Sheet #L-1, dated 11-13-92, Landscape Plan Dennis Anderson. 24. Cornerstone, Sheet #1, dated 12-21-92, Cascade Village Master Plan Gwathmey, Pratt, Schultz. 25. Cornerstone, Sheet #2, dated 12-29-92, Floor Plans Gwathmey, Pratt, Schultz. 26. Cornerstone, Sheet #3, dated 12-29-92, Floor Plans, Gwathmey, Pratt, Schultz. Schultz. 27. Cornerstone, Sheet #4, dated 12-21-92, Elevations Gwathmey, Pratt, Schultz. 28. Cornerstone, Sheet #5, dated 11-13-92, Site Plan/Grading Plan, Gwathmey, Pratt, Schultz. 29. Cascade Club Addition Site Plan, Roma, 10/10/88. 30. Cascade Club Floor Plan, Roma, 10/10/88. 31. Millrace IV, Scenario I, a/k/a Cosgriff Parcel, Site Plan, Arnold Gwathmey Pratt, 10/28/91. 32. Millrace IV, Scenario I, a/k/a Cosgriff Parcel, Elevations Arnold Gwathmey Pratt, 10/22/91. 33. Millrace IV, Scenario I, a/Wa Cosgriff Parcel, Floor Plans Arnold Gwathmey Pratt, 10/23/91. 34. Millrace IV, Scenario I, a/k/a Cosgriff Parcel, Landscape Plan, Dennis Anderson Associates. 35. Cosgriff Parcel, Survey, Alpine Engineering, Inc., 10/31 /91 stamped. 36. Survey, a part of Cascade Village, Eagle Valley Engineering, Leland Lechner, 6/8/87. 37. Site Coverage Analysis, Eagle Valley Engineering, 10/10/88. 38. Cascade Village Special Development District Amendment and Environmental 12 Impact Report: Peter Jamar Associates, Inc., Revised 11/22/88. Area D, Glen Lvon Commercial Site 1. Area D Master Site Plan, Geodesign by Sherry Dorward, 2/22/90. 2. Landscape Plan for Area D, Geodesign by Sherry Dorward, 2/22/90. 3. Area D elevations, Geodesign by Sherry Dorward, 2/9/90. 4. Vail Micro-brewery, Seracuse, Lawler, and Partners, Denver, CO., sheets A2.1, A2.2, A2.3, A3.1, A3.2, A4.1, A4.2, dated 1 /8/90 and sheet A2.4 dated 12/13/89. 5. Vail Brewery Roof Study, Frank Freyer, 1/8/90. 6. Glen Lyon Parking Garage Floor Plans and Site Plan, Roma, 11/28/88. 7. Glen Lyon Parking Garage Sections/Elevations, Roma, 11/28/88. 8. Glen Lyon Condominium, Roma, 11/28/88. 9. Glen Lyon Condominium East Building, Roma, 11/28/88. 10. Deck Enclosure (Phase IA) to Glen Lyon Office Building, Pierce, Segerberg and Spaeh, dated 9/20/90. 11. Landscape Plan, Phase IA Deck Enclosure, Pierce, Segerberg and Spaeh, dated 8/19/91. 12. Office Addition to Glen Lyon Office Building, Buff Arnold/Ned Gwathmey Architects August 25, 1989 Sheets Al through A4. 13. Cascade Village Special Development District Amendment and Environmental Impact Report: Peter Jamar Associates, Inc., Revised 11/22/88. Letter from Peter Jamar Associates, Inc., dated January 16, 1990. 14. Deceleration lane design for South Frontage Road, RBD, October 18, 1988 as approved by Co. Div. of Hgwys. 15. A resubdivision of Lot 54 amended plat Glen Lyon Sub-division, Eagle Valley Surveying Inc. as approved by T.O.V. 16. Vail Brewery Parking Analysis, TDA Colorado, Inc., August 10, 1988 and Vail Brewery Parking Analysis Update, TDA Colorado, Inc., January 16, 1990 pages 1-8. 18.46.110 Development Standards The development standards set out in Sections 18.46.120 through 18.46.180 are approved by the Town Council. These standards shall be incorporated into the approved development plan pertinent to each development area to protect the integrity of the development of SDD No. 4. They are minimum development standards and shall apply unless more restrictive standards are 13 incorporated in the approved development plan which is adopted by the Town Council. 18.46.120 Setbacks A. Area A, Cascade Village Required setbacks shall be as indicated in each development plan with a minimum setback on the periphery of the property of not less than twenty feet, with the exception that the setback requirement adjacent to the existing Cascade parking structure/athletic club building shall be two feet as approved on February 8, 1982, by the Planning and Environmental Commission. All buildings shall maintain a 50 foot stream setback from Gore Creek. The Waterford building shall maintain a minimum 20 foot setback from the north edge of the recreational path along Gore Creek. B. Area B. Coldstream Condominiums Required setbacks shall be as indicated on the development plan. C. Area C. Glen Lvon Duplex Lots Required setbacks shall be governed by Section 18.13.060 Setbacks of the Primary/Secondary zone district of the Town of Vail Municipal Code. D. Area D. Glen Lvon Commercial Site Required setbacks shall be as indicated on the approved development plans. 18.46.140 Height A. For the purposes of SDD No. 4 calculations of height, height shall mean the distance measured vertically from the existing grade or finished grade (whichever is more restrictive), at any given point to the top of a flat roof, or mansard roof, or to the highest ridge line of a sloping roof unless otherwise specified in approved development plan drawings. B. Area A. Cascade Village 1. The maximum height for the Westin Hotel, CMC Learning Center, Terrace Wing, Plaza Conference Building and Cascade Parking Structure/Athletic Club is 71 feet. 2. Cornerstone Building: Maximum height of 71 feet. 3. Waterford Building: Maximum height of feet as measured from finished grade to any portion of the roof along the north elevation shall be 55' (South Frontage Road) 56' along the west elevation Westhaven Drive), and 65 feet along the south and east elevation as measured from finished grade. 14 4. Westhaven Building: A maximum of 55 feet. 5. Millrace III: A maximum of 48 feet. 6. Millrace IV: A maximum of 36 feet. 7. Cascade Club Addition: A maximum of 26 feet. 8. Cascade Entry Tower: A maximum of 36 feet. 9. The remainder of buildings in Area A shall have a maximum height of 48 feet. C. Area B. Coldstream Condominiums The maximum height shall be 48 feet. D. Area C. Glen Lvon Duplex Lots The maximum height shall be 33 feet for a sloping roof and 30 feet for a flat or mansard roof. E. Area D. Glen Lvon Commercial Site 51% of the roof shall have a height between 32 and 40 feet. 49% of the roof area shall have a height under 32 feet. On the perimeter of the buildings for Area D, height is measured from finished grade up to any point of the roof. On the interior area of any building, height is measured from existing grade up to the highest point of the roof. Development plan drawings shall constitute the height allowances for Area D. 18.46.160 Site Coverage In Areas A and B, no more than 35% of the total site area shall be covered by buildings, provided, if any portion of the area is developed as an institutional or educational center, 45% of the area maybe covered unless otherwise indicated on the site specific development plans. In Area C, no more than 25% of the total site area shall be covered by buildings, unless the more restrictive standards of Chapter 18.69 of the Vail Municipal Code apply. In Area D, no more than 37% of the total site area shall be covered by buildings and the parking structure. 18.46.170 Landscaping At least the following percentages of the total development area shall be landscaped as provided in the development plan. This shall include retention of natural landscape, if appropriate. Areas A and B, fifty percent, and in Areas C and D, sixty percent, of the area shall be landscaped unless otherwise indicated on the site specific development plans. 18.46.180 Parking and Loading A. Area A, Cascade Village 1. Off-street parking shall be provided in accordance with Chapter 18.52, 15 except that 75% of the required parking in Area A shall be located within a parking structure or buildings with the exception of Millrace IV, Scenario I, where 66.6% of required parking shall be enclosed in a .building. If the development table in Section 18.46.103 is amended, the parking requirements shall be amended accordingly. 2. There shall be a total of 421 spaces in the main Cascade Club parking structure. A 17.5 percent mixed-use credit per the Town of Vail parking code, Section 18.52.20 has been applied to the total number of required parking spaces in the Cascade structure. 3. There shall be a total of 58 on-site parking spaces on the Waterford building site with a minimum of 75% of the required space located below grade. No mixed use credit shall be applied to this site. 4. There shall be a minimum of 93 enclosed parking spaces located within the Cornerstone building with 37 of the required spaces available to the public for short-term parking. No mixed use credit has been applied to this lot. 5. The third floor of the Cascade parking structure shall not be used to meet any parking requirements for accommodation units, transient residential dwelling units, employee dwelling units or dwelling units. 6. Phasing: All required parking for Cornerstone and Waterford shall be located on their respective sites. All required parking for the Cascade Club Wellness Center Addition Scenario 1 shall be provided in the Cascade parking structure. 7. Seventy-five percent of the required parking shall be located within the main building or buildings and hidden from public view from adjoining properties within a landscaped berm for Westhaven Condominiums, and Millrace III. 8. All loading and delivery shall be located within buildings or as approved in the development plan. B. Area B. Coldstream Condominiums Fifty percent of the required parking shall be located within the main building or buildings and hidden from public view from adjoining properties within a landscaped berm. C. Area C, Glen Lvon Duplex Lots 16 Off-street parking shall be provided in accordance with Chapter 18.52. D. Area D, Glen Lvon Commercial Site 1. Phase I, IA and II shall include 80 surface parking spaces plus 6 valet parking spaces on the east end of the surface parking lot. Phase IA shall include 2 additional required parking spaces for a total of 43 required parking spaces. 2. Phase III shall include a minimum of 108 parking spaces. A minimum of 100 spaces shall be located in the parking structure. All required parking for the east building shall be provided on-site per Town of Vail parking requirements per Section 18.52.100 for residential and office use. A minimum of eleven spaces shall be located in the garage of the east building and a maximum of 5 surface spaces shall be located adjacent to the east building. 3. Area D development shall meet the operational requirements outlined in the TDA Colorado Inc. Report, Section Parking Analysis Considerations, January 16, 1990. Parking Analysis Considerations pages 1-B. 4. Valet parking shall be prohibited on the west end of the surface parking lot. 5. The Brew Pub shall not be open to the public until after 4:30 p.m. for Phase I and II Monday through Friday. When Phase III development occurs including the parking structure, the brew pub may operate during the weekdays once the parking structure is available for public use. 6. The Beer Hall shall not operate or be used by the public before 4:30 p.m. on weekdays, Monday through Friday at anytime. 7. Once the parking structure is constructed, the parking and access to Area D shall be managed per the TDA Parking Report, Parking Management Section, pages 6 and 7, August 10, 1988, and TDA Report, Vail Brewery Parking Analysis Update, dated January 16, 1990, both written by Mr. David Leahy. 8. No loading or delivery of goods shall be allowed on the public right-of-way along the South Frontage Road adjacent to the Area D development. 9. The owner of the property and brewery management shall prohibit semi-truck and trailer truck traffic to the Glen Lyon Commercial site. The only truck loading that shall be allowed to the site shall be vans having a maximum length of 22 feet. 18.46..190 Recreation Amenities Tax Assessed 17 The recreational amenities tax due for the development within SDD No. 4 under Chapter 3.20 shalt be assessed at a rate not to exceed twenty-five cents per square foot of the floor area in Development Area A; and at a rate not to exceed fifty cents per square foot of GRFA in Development Area B; and at a rate not to exceed fifteen cents per square foot of GRFA in Development Area C; and a# a rate not to exceed seventy-five cents per square foot of floor area in Development Area D; and shall be paid in conjunction with each construction phase prior to the issuance of building permits. 18.46.200 Conservation and Pollution Controls A. The developer's drainage plan shall include a provision for prevention of pollution from surface runoff. B. The developer shall include in the building construction, energy and water conservation controls as general technology exists at the time of construction. C. The number of fireplaces permitted shall be as set forth in Section 8.28 of the Town of Vail Municipal as amended. D. If fireplaces are provided within the development, they must be heat efficient through the use of glass enclosures and heat circulating devices as technology exists at the time of development. E. All water features within Development Area A shall have overflow storm drains per the recommendation of the Environmental Impact Report by Jamar Associates on Page 34. F. All parking structures shall have pollution control devices to prevent oil and dirt from draining into Gore Creek. G. In Area D, a manhole on the brewery service line shall be provided so that the Upper Eagle Valley Consolidated Sanitation District may monitor BOD strength. H. In Area D, the brewery management shall not operate the brewery process during temperature inversions. It shall be the brewery owner's responsibility to monitor inversions. I. All trash compactors and trash storage areas shall be completely enclosed within Special Development District 4. J. Protective measures shall be used during construction to prevent soil erosion into Gore Creek, particularly when construction occurs in Areas A and D. K. The two employee dwelling units in Area D shall only be allowed to have gas 18 fireplaces that meet the Town of Vail ordinances governing fireplaces. 18.46.210 Additional Amenities and Approval Agreements for Special Development District No. 4. A. The developer shall provide or work with the Town to provide adequate private transportation services to the owners and guests so as to transport them from the development to the Village Core area and Lionshead area as outlined in the approved development plan. B. Developer shall provide in its approved development plan a bus shelter of a design and location mutually agreeable to developer and Town Council. Said shelter to serve the area generally. C. Area A, Cascade Village 1. The developer shall be responsible for providing abreak-away bollard for the emergency access road between Eagle Pointe/Park Meadows, 1472 Matterhorn Circle, and Westhaven Drive. The design of the bollard shall he mutually acceptable to the developer and Town of Vail. This improvement shall be constructed when a building permit is requested for the Cornerstone, Millrace III, Millrace IV, Westhaven Condominiums, Waterford buildings, or Cascade Club addition. The bollard shall be included in the permit plans. The bollard shall be constructed subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for the Cornerstone, Millrace III, Millrace IV, Westhaven Condominiums, Waterford buildings, or Cascade Club addition. 2. The developer shall construct a sidewalk that begins at the entrance to the Cascade Club along Westhaven Drive and extends to the west in front of the Westhaven building to connect with the recreational path to Donovan Park. The walk shall be constructed when a building permit is requested for Westhaven Condominiums. The sidewalk shall be part of the building permit plans. The sidewalk shall be constructed subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for Westhaven Condominiums. 3. The developer shall provide 100-year floodplain information for the area adjacent to the Waterford and Cornerstone buildings to the Town of Vail 19 Community Development Department before building permits are released for either project. 4. The conditions for Area A in Sections 18.46.020 B, 18.46.180 A. 1-7, 18.46.200 A - F, I, J, 18.46.210 C, 1-3, and 18.46.220 shall be set forth in restrictive covenants subject to the approval of the Town Attorney and once so approved shall be recorded on the land records of Eagle County. The developer shall be responsible for submitting the written conditions to the Town Attorney for approval before a building permit is requested for the Cornerstone, or Millrace III, or Millrace IV, Westhaven Condominiums, or Waterford buildings, or Cascade Club Addition. 5. Millrace IV, Scenario I. a. The developer shall obtain an easement from the owners of the property adjacent to the eastern boundary of the property commonly called the Cosgriff Parcel, which is more specifically defined in Exhibit A, attached to this ordinance and incorporated herein by reference. The easements shall be sufficient to permit the construction, maintenance and replacement of retaining walls for the purposes of grading and boulder retention all along the western property line of said adjacent property. The easement shall be in a form acceptable to the Town Attorney, shall run with the land, and shall be recorded on the land records of Eagle County prior to Design Review Board review. b. The developer shall provide the Community Development Department of the Town with written consent from the Upper Eagle Valley Water and Sanitation District permitting the encroachment of certain decks specified in the development plan for the Millrace IV condominiums, as set forth in Section 18.46.140(18) of this ordinance into their sewer easement recorded in Book 217, Page 428 of the land records of Eagle County. This consent shall be submitted prior to Design Review Board review. c. The developer shall receive final approval of the site grading plan for the construction of Millrace IV, Scenario I, from the Town Engineer prior to Design Review Board review. d. The Millrace Condominium Map, recorded at Book 326, page 257, 20 of the land records of Eagle County shall be amended so that the access easement shown thereon shaft align with the present location of the roadway on the western property line of the Cosgriff Parcel, and the amendment shall be recorded on the land records of Eagle County. e. The developer shall install 15 (6'-10') evergreens south of the South Frontage Road adjacent to the Cascade Club building, and 5 (6'-10') evergreens to the south of the Westhaven Apartment foundations and north of Westhaven Drive. The developer shall obtain the written approval of the Colorado Department of Highways (CDOH) permitting the installation of these trees along the South Frontage Road prior to said installation. If CDOH approval cannot be obtained, then a minimum of 10 (6'-10') evergreens shall be installed adjacent to the Westhaven Apartments. f. The developer shall apply for and complete the minor subdivision process for the Cosgriff Parcel and a subdivision plat signed by the Town of Vail shall be recorded on the land records of Eagle County prior to the release of any building permits for the construction of any structure on the Cosgriff Parcel. g. Landscaping along the south and west property lines of the Cosgriff Parcel shall be reviewed by the Design Review Board to insure a suitable buffer area between it and the other properties along said property lines. h. The Design Review Board shall review the architecture and landscape plan further for compatibility with the surrounding area. i. The developer and the adjacent property owners shall submit a landscape plan for the area north of the Cosgriff property to the Design Review Board for review. j. For purposes of calculating Gross Residential Floor Area permitted on the Cosgriff Parcel, no credits of any kind (overlapping stairs, mechanical, etc.), except for 300 sq. ft. to be allowed for each enclosed parking space, shall be given. 6. Cornerstone a. Before the building permit is released for the project, the developer shall permanently restrict three employee housing units in 21 accordance with Section 18.46.220 of this ordinance. b. The developer shall complete asphalt borings and an as-built survey and provide them to the Town of Vail for the area of Westhaven Drive adjacent to the Cornerstone site in order to determine the condition of Westhaven Drive. The Town Engineer shall determine when these drawings shall be required. c. The landscape plan set forth in the development plan for Cornerstone between the Terrace Wing and Cornerstone building shall be revised prior to the review of the project by the DRB in the following ways: 1. For emergency services, an access lane shall be provided from the western courtyard to the ski lift. 2. If deemed necessary by the developer and the Community Development Department staff, the water feature on the landscape plan may be removed or revised. The landscaping in this area shall be part of the Cornerstone development and, therefore, it is the Cornerstone developer's responsibility to complete this portion of the project prior to the release of a final Certificate of Occupancy for the project. These plans shall be included in the building permit for the Cornerstone development. d. The area of Westhaven Drive under which parking is located for the Cornerstone project shall be conveyed and transferred to the Cornerstone property and shown on the minor subdivision for the Waterford site. An easement shall be granted to the Town of Vail over this area for public access. The minor subdivision shall be submitted by the developer before a building permit is released for the Waterford or Cornerstone site. e. All fireplaces shall be gas appliances pursuant to Section 8.28 of the Vail Municipal Code. f. Those spaces allocated to commercial areas as short term public parking shall be permanently restricted for the use of the Cornerstone project. All required parking associated with the uses shall not be conveyed, used or leased separately from the uses. 22 Public parking on the Westhaven Drive level of the Cornerstone project shall be made available to the public for short term parking. 7. Waterford a. The developer shalF permanently restrict the two employee housing units provided in the Waterford Development Plan in accordance with Section 18.46.220 of this ordinance. b. A minor subdivision plat shall be completed and recorded prior to the release of any building permits for either the Cornerstone or Waterford developments including the provision outlined in Section 18.46.210 6d. c. The developer shall complete asphalt borings and an as-built survey to determine the condition of Westhaven Drive from the South Frontage Road to the south end of the Cul-de-sac on Westhaven Drive. The developer shall provide stamped, engineered construction drawings for any road revisions that are necessary to meet the Town of Vail Subdivision Standards. These construction drawings shall be reviewed and approved by the Town of Vaii's engineer prior to the release of a building permit. All road improvements shall be completed by the developer for the project prior to the release of a Temporary Certificate of Occupancy (T.C.O.). The road shall be dedicated to the Town prior to the release of a T.C.O. The developer shall dedicate a public access easement for the remainder of Westhaven Drive which shall be conveyed to the Town within 30 days within the approval of the SDD amendment under consideration by the Town Council for MECM Enterprises. The developer shall take all steps necessary to permit the Town of Vaii to enforce its parking ordinances on Westhaven Drive. d. The recreation path shall be relocated as set forth on the development plan and shall be amended on the minor subdivision plat for the Waterford and Cornerstone lots to correspond to the new location. e. The DRB will review the landscaping in the areas of the 23 retaining walls on the west and east ends of the site. The DRB will review the north elevations architectural details. The applicant shall review the possibility of eliminating the skier access on the east end of the project. However, if the applicant can significantly decrease the retaining walls necessary to build the access, the skier access may remain. f. All fireplaces shall be gas logs permitted pursuant to Section 8.28 of the Vail Municipal Code. D. Area D, Glen Lyon Commercial Site. 1. The developer shall agree to construct a bus lane per Town of Vail standards in the area of the porte-cochere of the Micro-brewery in Area D. The specific location for the bus lane shall be mutually agreed to by the Area D owner and/or developer, Colorado Division of Highways, and Town of Vail. The bus lane shall be constructed subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for either the brewery addition, office expansion excluding Phase IA, east office building, or parking structure. The developer and/or owners of area D shall be responsible for maintaining the new bus lane, including snow removal. If the lane is not maintained properly or snow removal is not adequate, the Town will not provide bus service to the site. 2. The developer shall relocate the existing bike path on Area D and provide a new bike path easement across the Glen Lyon property and CDOH property per the development plan for Area D. The bike path shall be constructed per Town of Vail standards. The bike path shall be constructed subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for either the brewery addition, office expansion excluding Phase IA, east office building, or parking structure. Such temporary certificate of occupancies shall be conditional upon construction of the bike path provided for herein. The bike path easement shall be replatted and approval obtained from the Town Council prior to the issuance of a temporary certificate of occupancy for either the Brewery addition, office expansion excluding Phase IA, east office building or parking structure. 24 r 3. The developer shall underground the electrical utilities along the north side of the Glen Lyon property from the northwest corner of the property to the - northeast corner of the property. This utility work shall be constructed subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for either the Brewery addition, office expansion, excluding Phase IA east office building or parking structure. 4. The developer shall be responsible for relocating the 20 foot utility easement on the western portion of Development Area D as well as obtaining approval from the Town of Vail for the relocated utility easement before a building permit is released for the micro-brewery addition. 5. The developer of the Glen Lyon Office property shall not file any remonstrance or protest against the formation of a local improvement district of other financing mechanism approved by the Vail Town Council which may be established for the purpose of building road improvements for the South Frontage Road. 6. The developer shall provide a fire hydrant per Town of Vail Fire Department requirements on the northwest portion of the property. The specific location for the fire hydrant shall be approved by the Vail Fire Department. The fire hydrant shall be provided subsequent to the issuance of a building permit and prior to the issuance of a temporary certificate of occupancy for the brewery addition, office expansion excluding Phase IA, east office building, or parking structure. 7. The Developer shall construct a deceleration lane along South Frontage Road per the CDOH access permit. The developer shall submit plans for the South Frontage Road improvements to the Town of Vail Engineer for review and approval before a building permit is released for either Phase I excluding Phase IA, II, or III construction. 8. The conditions for Area D in Sections 18.46.180 D, 18.46.200 A, B, F - K, 18.46.210 D, 1-7, and 18.46.220 shall be set forth in restrictive covenants subject to the approval of the Town Attorney and once so approved shall be recorded on the land records of Eagle County. The developer shall be responsible for submitting the written conditions to the Town Attorney for approval before a building permit shall be issued for the Micro-brewery, office expansion excluding 25 Phase IA, east office building, or parking structure. 9. The minor subdivision for Area D shall be developed per the following conditions: a. The development of parcels A, B, C, and D, shall be limited to the SDD No. 4 development plan and governed by the SDD No. 4 ordinance as approved by the Town of Vail and on file with the Department of Community Development or as amended and approved by the Community Development Department, Planning and Environmental Commission, and/or the Vail Town Council. b. The minor subdivision plat shall include a statement that development of the four parcels shall be governed by the approved SDD 4 development plan for area D and governing ordinances. c. The Community Development Department and Town of Vail Attorney shall have the right to review and require changes in any "Agreements of Tenants in Common", "Conveyance of Easement and Party wall Agreements", and any other easement or ownership agreements related to the development of parcels A, B, C, and D to ensure that the four parcels are developed per the approved development plan in SDD No. 4 Ordinance. d. The developer shall be responsible for replatting the 20 foot utility easement on the western portion of development Area D as well as obtaining approval from the Town of Vail for the new utility easement before the minor subdivision plat is recorded. Any modifications or amendments to the minor subdivision conditions of approval agreement shall be reviewed as a major amendment under the procedures outlined in Section 18.40 of the Town of Vail Zoning Code. e. The conditions for the minor subdivision in Section 18.46.210 (D9) A, B, C, and E, shall be set forth in restrictive covenants subject to the approval of the Town Attorney and once so approved shall be recorded on the land records of Eagle County. The developer shall be responsible for submitting the written conditions to the Town Attorney before the minor subdivision is recorded on the land records of Eagle County. 26 10. The entire Glen Lyon Office Building and Brewery Building shall be sprinklered and have a fire alarm detection system. Town of Vail Fire Department approval of the sprinkler and fire alarm systems shall be required before a building permit is released for Phase I excluding Phase IA or II. 11. The developer shall submit a set of amended plans to the Colorado Division of Highways for review and approval. The improvements on CDOH property proposed by the developer must receive CDOH approval before Phase I, excluding IA, If, and Ill are presented to the Town of Vail Design Review Board for final approval. 12. The east building including the two employee dwelling units shall be constructed when the parking structure is built to ensure that the employee units are built. 18.46.220 Emglovee Housina The development of SDD No. 4 will have impacts on available employee housing within the Upper Eagle Valley area. In order to help meet this additional employee housing need, the developer(s) of Areas A and D shall provide employee housing on site. The developer(s) of Area A shall build a minimum of 8 employee dwelling units within Area A Westhaven Condominium building, 3 within the Cornerstone Building and 2 within the Waterford Building. Each employee dwelling unit in the Westhaven Condominium Building shall have a minimum square footage of 648 square feet. Each employee unit in the Cornerstone Building shall have a minimum square footage of 600 square feet. There shall be a total of 2 employee dwelling units in the Waterford Building. One shall be a minimum of 300 square feet and the other a minimum of 800 square feet. The developer of Area D shall build 2 employee dwelling units in the Area D east building per the approved plan for the East Building. In Area D one employee dwelling unit shall have a minimum GRFA of 795 square feet and the second employee dwelling unit shall have a minimum GRFA of 900 square feet. The GRFA and number of employee units shall not be counted toward allowable density or GRFA for SDD No. 4. In Area A, the GRFA and number of employee dwelling units shall be restricted as employee dwelling units for 20 years plus the life of Tiffany Christine Lowenthal from the date of final certificate of occupancy for said units except those units in the Cornerstone and Waterford developments. The two employee dwelling units in Area D shall be restricted as rental employee dwelling units permanently. In Areas A & D the following restrictions shall apply to all employee dwelling units except for those 27 units in the Waterford and Cornerstone Buildings. The employee dwelling unit shall not be leased or rented for any period of less than 30 consecutive days, and that if rented, it shall be rented only to tenants who are full time employees in the Upper Eagle Valley. The Upper Eagle Valley shall be deemed to include the Gore Valley, Minturn, Red Cliff, Gilman, Eagle-Vail, and Avon and their surrounding areas. A full time employee is a person who works an average of 30 hours per week. In Area A, if an employee dwelling unit is sold, it shall be sold only to a full time employee in the Upper Eagle Valley. The owner shall occupy the unit or lease/rent as per the requirements in this section. In Areas A & D the employee dwelling unit shall not be divided into any form of timeshare, interval ownership, or fractional fee ownership. A declaration of covenants and restrictions shall be filed on record in the office of the Eagle County Clerk and Recorder in a form approved by the Town Attorney for the benefit of the Town to ensure that the restrictions herein shall run with the land before a building permit is released for the construction of the employee units in either Area A or Area D. Before any building permits shall be released for either the Cornerstone or Waterford developments, the employee housing units shall be permanently restricted per the Town of Vail Housing Ordinance as follows: 1. The EHU shall have a parking requirement of one (1) on-site parking space and the EHU shall be located "on" the Town's bus route (as determined by the Town Zoning Administrator); 2. The EHU shall not be subdivided into any form of time shares, interval ownerships, or fractional fee; 3. The EHU shall be leased, but only to tenants who are full-time employees who work in Eagle County. The EHU shall not be leased for a period less than thirty (30) consecutive days. For the purposes of this Section, afull-time employee is one who works an average of a minimum of thirty (30) hours each week; 4. No later than February 1 of each year, the owner of the employee housing unit shall submit two (2) copies of a report (on a form to be obtained from the Community Development Department), to the Community Development Department of the Town of Vail and the Chairperson of the Town of Vail Housing Authority, setting forth evidence establishing that each tenant whom resides within the employee housing unit is a full-time employee in Eagle County; 5. This agreement shall be recorded at the Eagle County Clerk and Recorder's 28 Office. 18.46.230 Time Reauirements SDD Na. 4 shall be governed by the procedures outlined in Section 18.40.120 of the Town of Vail Municipal Code. Section 4. If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 5. The repeal or the repeal and re-enactment of any provisions of the Vail Municipal Code as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceeding as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section 6. All bylaws, orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency. The repealer shall not be construed to revise any bylaw, order, resolution or ordinance, or part thereof, heretofore repealed. INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 5th day of January, 1993, and a public hearing shall be held on this Ordinance on the 16th day of February, 1993, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, Mayor ATTEST: Town Clerk 29 READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1993. Margaret A. Osterfoss, Mayor ATTEST: 30 r• ~ t„1 • • t XOELa)rL PROPEP•T1' ~ DEV1rLOPi•IE:~T 11REr1 J1 i , - ~Ja3.l-Rose 12.370 acre • ; •.Apart of, the S19 ~./4 NC 1/4 of• Section 12, . "I'ownshin,~'~,5, South, riance 81 t•lest of the 6th P.~1. , desc~:.bed as ~ • follows: • Beginning at a point on the West line of said Sld 1/4 lyE 1/4 from which the North one-quarter corner of said Section bears North OJ15` East 22G9.4E3 feet; thence 1}ort:~ 0°15' East, • along said •West.Line, 152.36 Peet to a point on the Soutl:°~ast:e_'_1 right of way line of., t).S. liigh~~ay t1o. 6; thence, along said ;5outheaste_ly right of way line, as follo~~s • North 52027' East, 102.31 feet; . North 49020' .East, 519.57rfceL-; and • • North 48°13' East, 549.09 fer_t, more or less, to a point on the North line of said Sla 1/4 t•lE l/4; thence North 88°33' East, along the North line of said S1.1 1/4 NE, 365 feet, mare or less, to a point on the centerline of Gore Creek; the^c°, rzlonc the • centerline •of Gore Creek, ns follo~•rs: South 36049' t•test, 101.04 feet; • South 18021' t~test, 54.08 feet; ~ South .1024' t•lest, 205.02 feet; South 12010' t•7est, 110.25 feet; anc South 28041' t•;est, 2.12.35 feet, thence Sout:~ ?5°15' West, 1064:10 feet to the point of beg in:.::,g . • ?lose i'arcel ~ 3.1.90 4crer a1 tract of land situatec in the 51:;?;E~ of Section 11', .TP 5 S. , R. 81:. W. , of ,the 6th P.:•1. , lying Southe_?v or that certain tract of land describes in Book 199,,~Paae 197, t;orther?v and t•~este.rl~ of 'the• center line of Goze 'Cree};, and lying Nort!~erly and Easterly=of those certain tracts des~,cribed in Book 211 At Page 106, Doo}: 211 at Page 108 and Doo}; 215 at! Page 365, described as follot~s: • Beginning at a point on the tdorth-Bouts center line of said Section 12 whence the North quarter corner of said Section 12 bears ti. 00015' E. 2269.48 feet; thence N.c 75°15' E. 346.2;6 feet to the true point of beginning, said point being on the South line o£ L•hat tract describes • • in Dook~•1.99;,: •Pag•e • 197 and. which bears S. 08°26' E. 220a.3~i feet from the north quarter corner of said Section 12; thence N: 75°15' E. 717.134 feet nlong the Southerly line of that L•ract described in Book 199, 1:`age 197 to t2~e center , of Gore~Creek;- thence S. •28°41' W. 130.61 feet along the canter lin° • • thence S. OS°24'30" E. 104.50 feet along the center line of said .Creeks: • thence S. Q9°29' W. 95.50 feet along the center line • thence S. 2204' ~•1. 124.47 feet along the center ling • of said ,Creeks - , thence S. 54000' W. 119..34 feet along the censer tine of said Creeki~to the Southeast corner of that certain tract of • land, described., in:,Dook 211, Page 10D; • thence N. 33°16' 30" tai. 140.12 fact along the Easterly • line of-;tliat.tract described in Dook 211 at page 108; • ~ •~thence t1. "57042' 30" h'. 169.80 Legit along the • Nor~heast•er~ly line~.of thaL• tract described in Book 211 at page 108; • thence ,N: 8G°02' 30" • t•1. '162, 92' f eet nlong the Northerly line oP•,those tracts described in F3ook 211 at xagc lOB Book 211 ''`at Pagc 1OG . to"a point; 'th~ncc N. 32057'30" W. 76.D8 Peet along the Northeasterly line of that tract described. in Doo}: 215 at 'Pngc .365, to the point of beg~,lning'. 31 , - , CO:~TI::UED ' • . AND ' All that part.of the S19;NC'~ ~~of Section 12, lying Southerly of ; the ccrltcr of Core Creek as lE?io:Jn' on the plst'on `file in the ' ' . office of the Eagle County Clerk and Recorder 'as Document tlo. 97.19, described as followss ~ Beginning at L-he Northeast corner of said St•l~t•11:;; • ' thence South 88033' tdLst 131.67 feet to a point in the' center of said C:-ee};; ' thence South 40009' t•lest 94.04 feet along tl;e center of said CreQY.; thence South lII°21' West 5x.08 feet along the center of said Cr~er: thence South 10~a', blest 205.02 feat along the center of said Cre~'r.J ihrncs South 1210' hest 110.25 feet along the center o= said C_ee};; t.henoe South 2II0d1' taest 320.00 feet; thence So'~t.h 5°Za'30" East, 170.00 feet along the'.center of said creel:; ~ ~ . thence South 27°00'02" t•lest ©5.24 feet along the center of said ,creek; . thence Sout:~ 54000' t9est 259.3A feet along the center of said creeks .thence Sout:~ 55034' t~lest 109.62 feet alone the center of said creek; . thence South 6900.1' S1est 1x6.13 feet along the center of said creek; thence Sou t:1 a5°35' Hest .68. flQ feet alone the. center of said creek; thence }lort:~ 77036' West 26.96 feet alone the center of said c_e_k; • thence ilor~h 50033' t•.est 199.19 feet along the cen~er of said c~ee}:; thence 1•Iort`~ 34°q0' Svest 239.09 feet along .the center ox said creek; thence Sou; Z 76°35' t•lest 89.91 feet alo~na+the center of said c_ael-; to ~ roint on the t~lesterly line of said. St•i;I•lE;; thence South 0015' t•ses~ 4G1.90 f.ecL• to!tltc center 'of said Sect:cn 12; tl~c~ice North U9,02' Last 13U2,G5 feet alo»~ t11c :;outl~ezlf line of said 51~;;ii1r, to the Sout:~Last corner of said S1•]!;;•1L`.; t}~en~e t•lorth 0o0G' East 1361,32 f~eeL• alora .t}:e Easterl_! li^° of said St•];I;E~ to the Northeast corner oi~ said Sti'•iA:E~, the point of beginning, ' ~ A21D . • The Nh';SE~ of Section 12, To~onship 5 South, Range Dl l•}est of t::e 6th P.AI.; AND Al). that part of~ the SE'jN1J1a'of Section 12, To:~+nship 5 South, Range • B1 West of the 6t}i P,A}., lying Southerly oi.:the Southerly right of way line of U.S. Iligh:tiay No. 5, as shoc•!n on the plat on file•in the office of the Eagle County Cler!: and Recorder, as Document No. 979f39, ::•escribed ss follows: Beginning at the Southeast corner of said SE;}lt~t;; thence South I39°02' t,test 036.95 feet along .the Southerly line of said SE;NW~z to A point on the Southerly right of way line of said }3iyhway; 'thence North 52035' East 1057.07 feet along the~So'.;therlX right of way line of said highway to a point on the Easterly line of said . sE.Nta~, ; thence South 0°15' West G28.21 feet along the Easterly line of said ' SE?;Nt9; to the Southeast corner of said $E{Nt•1`r, the point of beginning) E?;CEPT T}fE i OLLOtaI1~G •that part described in Beak 188 nt page 545; 1 that part described in .Book 191 at page 291; • tha* part described in I3oo1: 203 At page 231; 32 w • n . r ~ C0:2; 1:1UED ' • "..`that part described in IIooY. 203 at page 531; . that certain""i`s~la;nd adjacent L-o the above-Described .property, anc located in ~ th,e micelle oz Gore Creo?;, .which the par:.ies intend to exclude fr~cm this transac~io~;• Count}• cf Eag),~, S to tc of Colorado. ~'L e , .~i. • i ' • ~ '1 • n f ~ ~ • ~ • ~ • . • ALSO. THE FOLLO:11l;G PARCEL FOF~Ic°LY Y,N0.1~( AS Tflc."COSG;IF~ PA3;CEL" /t tract•~of land situated in the StJ 1/4 h5 1J4 of . -~<.Se,ction,l2, To•~nshio S South, i'tansp &l 'lest of . Ll~c GLh~Frinci•,~al 1•leridian, l~~in~ I~orthwcstcrl)• . ;;;.;,of, the ~ center line oI Core CreeK described .es i''~:, . follo~:s • • ~ 13e~inninc at a oin•ly whence the l:orth Quarter • ,:•Corner:;of :safe ~ection 12 hears 1:. ll°U3' 1~. . -~:2292•.72 feet; thence S. 6G°02'30" L. 6p.50 ' feet; thence•S. 54`42'30" L. 16°.Eb feet;. thenca L • S. 3s`]G'3U" L. ]0.12 feet 'to a point its the • : center ot. said creek; thence S. 65`34' l:. 209.G? • feet ' a] orb the center ] inc of said egret,; th_nce - S '69`(~~}-' t?. ;'C~.78 feet olon~ the c~htc; line of ~ safe; creek; thence 2312'30" W. 3J7.5~; feet ' to the point of hey:nnin~, conrainin~ 1.05 acres, snort o: ]esp. • f:LSU DE~Cr. i E~~ ,'1.~ ~ • . be~innir.t at o F:.inl: ~d~~~r,c~ t:~c P4oYth Quzt'~c~: ' ~ Corner of S~:d Scc~iot; I~ beam N• 1}°03' k~l. z2~2.7Z iedt: tl,e*:ce 8$°43 ~ l4" E • • 84~ Bq d'c;~t; thencE 5. 5i` 25's(~" 1r. 16~.4b feet; t;'~ence S. ~ ~ '32°59'3D" E. 141.47 feet to a point in the. • °"center of said creek; thence 5. b5°31'3b" 1,'. ~ 1Q.9.b2 fECt a]ons the center line of said erect.; " ~ ~ thence 'S. G9°U1 `3G" 1~1. 103.0: feet a]on~ tlic• cNnte; line or szid creek; thence 1+. 23'24'09" 1•:..:~1 9. C~:' f rE t to the psi nt of bepinnin~•. ` •TOGET}i)?1: .~']T}-t cn ea~:enent aF described in •Uocuz,rn;. ' ~ rc'cordEd August 5, 196i~ ~n Eook 30b at ~aFe 44:3 ,and' Ye.Co~deo' i:, ~c+c~~ 307 at Page !3b -o•i tht= ;7, Eof:l~. GovntY ,1'eCOTds. /,L50 including all water and well rights 1 ,.'•appurtenanL to the above described property, incluCinr ~,ithout lirritztion, 1-fzl] Fcrc~it o. y4702, cater rifhts decreed in Civil Action loo. 2375 in Lail c GountS• District Court. ,and • ~ s) l that pc~rtio:~ of grater riphcs dt•cr ccd in • C:~s.e"J3o. ~C~ GW 410, Water DS vision l:o. S, • ((iOrF flo. l 11e11 - U.05 c~~) ' 33 • • Jlcede Parcel ~ 1.260 acres I • County of Eagle and State of Colorado, to wit: ~ J~ tract o£• land situated irr the St~~NE;~, of Section 17., To::nship 5 South, n.~nae S1 t~lesk of the Gth rrii~cioal 1•Jeridian, described as tollo•.~s: Beginning at a point on the tlortli-South center line of said Section 12 whence the North.Quarter Corner of sand Section I2 bears North 00 dogs. l5 rains. East 22G9.4fl feet; thence tlorth 75 deo„ 15 rains. East J~16.2 ~ feet; thence South 32 dogs. 57 miss. 30 secy. East 7G.Ofl Feet; thence South 11' dogs. 00. minx. 30 secs. West 279.9g feet to•a poir'rt in the center'of Gore' Crop}:; thence North 50 legs. 32 miss. ti•rzst 111.31 feet alone the cen.~_ line of said creek; thence t~~rth 3fl dews. 40 rains. S•lest 239.0° feet along t1~e center line o£ said creek; thence ~ Sout1~:~7G.;degs 35 minx. ti•'z?st Gg,gl Legit along the center line of said:~creek to "a :w point on ':.lie North-South center ~1ine of said Section :12; theti~e ~ ' Nor ;.h 00 ciegs. 15 rains. East 13.95 feet along the tJorth=South , • center line of said Section 12 to the point of beginning. Total ,,16.820. „"acres ~ ~ . . ~ . GORE CRET'}: ASS~^,CIlTES PROPERTY llEVDL01,~1L::'r nR%1S B r C G D `80.700 acres • ' . ; i,eaal Descr? otion all that part of Section 12, Toi.;nship 5 South, Rance 81 1,~1est of • t}le Gtli n.:•1. , described as follo::s 1111 that par of the N'; t. E's of Section l2, lyi.ng Southerly of the Southerly right-of-way line of U.S. }ligh•.~ay lto..6 and Northerly • of tl~e S°ut'~^rlv line of said ~~l;ilEL, as shown on the plat on file. in the office of the Eagle County Clex}: and Recorder as Docume.^.t. No. 974fl9, described as follo~•rs: ~ 3eainning aL- the high~•ray survey monument at the intersection oz the Southerly line of said high~:ay and the Easterly line of said 11 ;idE: , wti~nce the Northeast corner of 'said Section 12 bears Nor~h Oo03' ~~est 531 .745 feet; ~ ; • ~ , thence South 73o2G' 30" West 111.13 feet along the Southerly right ' of way line of said highway; . thence South 70°34' West 125,10 feet along the Southerly; right of L:ay line cf said highways ~ , ~clrence Soul}1 69°25' PJest 100.00 feet along the Southerly right of x-ray line of Bait] highway; ' . . , ~ a~}zence South 65050' blast 100.00 feet along the Southerly line of paid highway] •Y_hence South G2o15' West 100,00 feet along the Southerly• right of:~:•::: ~•:ay line of said highway; ~ . thenc? 5ou':h 58°40' West 100.00 feet along the Southerly right of -,:ay 1'.ne cYf said highway; . . ~~henca South 55°05' West 100.00 feet along the Southerly right of way sine of said highway] . thence South 51032' West 100.00 Legit along the Southerly. right of . way J. ne of said highway; 'r .hen~~ South 47°57' West 232,58 feet along the Southerly right of ' way :'_ne of said highway to a point on the Southerly line'oL•'said • 'r~~SNE`= ; ther~oe ttora,.h E3D°33' East 497, G7 feet along the, Southerly line of :,31.G tJ~jitE: to the center of the NESS of said Section 12i . Thence 1Jortli 88°33' East 1379.35 feet along the Southerly •line of said iJ;tJlr~ to the Southeast corner of said 1J;tJE;;, ' thence Idarth 0°03' West 7G0.951 feet along the, Easterly.~line of said 3J131.1LL to its intersection with the Southerly line .of said hig:~way, the point of beginninc~,• • 34 1 - r ORDINANCE NO. Series of 1993 AN ORDINANCE CONCERNING THE ISSUANCE OF LOCAL IMPROVEMENT REFUNDING BONDS OF THE TOWN OF VAII., COLORADO FOR THE BOOTH CREEK LOCAL IMPROVEMENT DISTRICT; RAiir SING ACTION HERETOFORE TAKEN IN CONNECTION THEREWITH; PRESCRIBING DETAILS IN CONNECTION WITH SAID BONDS AND DISTRICT; PRESCRIBING DL i ~S OF CERTAIN TOWN Or r iCIALS IN CONNED: ~ iON THEREWITH; REPEALING ALL ORDINANCES AND OTHER ACTION OF THE TOWN TO THE Ek 1 ANT INCONSISTENT HEREWITH; AND PROVIDING OTHER MAi-i~RS RELATING THERETO. WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado, is a municipal corporation duly organized and existing as a home-rule town under Article XX of the State Constitution and the Charter of the Town (the "Charter"); and WHEREAS, pursuant to the Charter and the Town's Code of Ordinances (the "Vail Code"), the Town Council (the "Council") has by ordinance created within the corporate limits of the Town a local improvement district known and designated as the Town of Vail, Colorado Booth Creek Local Improvement District (the "District"), for the purpose of making certain local and special improvements to mitigate rockfall damage (the "Improvements"), and has determined to assess a portion of the cost thereof to the parcels of property in the District specially benefited thereby; and WHEREAS, the Town has duly advertised for bids for such Improvements based on estimates provided to the Council and has entered into a construction contract for the construction and installation of the Improvements; and WHEREAS, in order to defray in part the costs of the Improvements, the Town has heretofore issued its Town of Vail, Colorado Booth Creek Local Improvement District, Local Improvement Bonds, Series 1989, in the aggregate principal amount of - 1F- . $365,000 (the " 1989 Bonds") which were purchased by Firstbank of Vail (the "Purchaser"); and WHEREAS, because the construction company originally selected to construct the Improvements failed to build the Improvements in accordance with plans and specifications and subsequently brought suit against the Town, the final costs of the Improvements exceeded the original estimate; and WHEREAS, due to the delay caused by such failure and the subsequent litigation, the Town paid the interest due on the 1989 Bonds from Town funds until assessments could be levied against the benefitted properties in the District; and WHEREAS, the Council has heretofore adopted an ordinance (the"Assessment Ordinance") assessing the costs of the Improvements (except for certain costs paid by the Town) against parcels of property in the District (the "assessments") in an aggregate amount not to exceed $ ~8?, i ~ 7 in recognition of special benefits conferred on owners of parcels of property in the District and the amount of assessments remaining unpaid after the expiration of the cash payment period provided by the Code is $ .3'T ~ '7`1 t ;and WHEREAS, the Council has determined, and hereby determines, that it is advantageous to, and in the best interests of, the Town and its citizens and inhabitants that the 1989 Bonds be refunded, paid and discharged as herein provided (the "Refunding Project"), and that the refunding bonds herein authorized (the "Bonds") be issued for the purpose of defraying in part the cost of the Refunding Project, all pursuant to Section 10.7 and 10.8 of the Charter; and WHEREAS, the purpose of the Refunding Project is to reduce the net effective interest rate of the Refunded Bonds, to reduce the total interest payable over the life of the Refunded Bonds by issuing bonds at a lower net interest cost and having a lower net effective interest rate, to reduce the total principal and interest payable on the Refunded Bonds, and to effect other economies; and WHEREAS, the Refunding Project will permit the Town to lower the interest rate on the assessment installments; and -2- WHEREAS, the Purchaser has agreed to exchange the outstanding 1989 Bonds for the Bonds; and WHEREAS, due to the prepayment of assessments during the cash payment period the Town has available $65,000 and will call for prior redemption on April 1, 1993, $65,000 of the 1989 Bonds; and WHEREAS, no election is required prior to the issuance of the Bonds by Article X, Section 20 of the Colorado Constitution since the Bonds will be issued at a lower interest rate than the 1989 Bonds; BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAII,, COLORADO: Section 1. Issuance of Bonds Authorized. The Town and its officers have determined and do hereby determine that it is necessary and for the best interest of the Town and the inhabitants thereof that, pursuant to the Charter and the Vail Code, the Town issue and sell bonds to the Purchaser of the Town of Vail, Colorado Booth Creek Local Improvement District in the aggregate principal amount of $300,000 (the "Bonds") by exchanging the Bonds for the 1989 Bonds in an outstanding principal amount of $300,000, for the purpose of effecting the Refunding Project. Section 2. Exchanse of Bonds. The Town has determined to accept the offer of FirstBank of Vail to exchange all of the 1989 Bonds which will remain outstanding in the amount of $300,000 after the redemption of $65,000 on April 1, 1993, for the Bonds. Section 3. Bond Details. For the purpose of effecting the Refunding Project, there shall be issued in the name of the Town bonds designated '"Town of Vail, Colorado Booth Creek Local Improvement District, Local Improvement Refunding Bonds, Series 1993," in the aggregate principal amount of $300,000. The Bonds shall be issuable in fully registered form (i.e., registered as to payment of both principal and interest) payable to the registered owner thereof, in the denomination of $5,000 each, shall be dated as of their date of delivery, shall be numbered consecutively in regular numerical order from 1 through 60, inclusive, shall mature on April 1, 1999, and shall bear interest from the date of the Bonds until maturity (unless redeemed prior to maturity) at the rate of 7.25% per annum. -3- Bonds which are reissued upon transfer or other replacement shall bear interest from the most recent interest payment date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of the Bonds, such interest being payable to the registered owners of the Bonds semiannually on April 1 and October 1 of each year, commencing October 1, 1993. The principal of the Bonds is payable to the registered owner thereof as shown on the registration books of the Town kept by Central Bank National Association in Denver, Colorado, or its successor (the "registrar"), upon presentation and surrender at the office designated by Central Bank National Association in Denver Colorado, or its successor (the "paying agent"). If, upon presentation of any bond at maturity, payment is not made as therein provided, interest thereon shall continue at the same rate per annum previously borne by the bond, until the principal thereof is paid in full. Payment of interest on any bond shall be made to the registered owner thereof by check or draft mailed by the paying agent on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at his address as shown on the registration books kept by the registrar at the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding the interest payment date: but any such interest not so timely paid shall cease to be payable to the person who is the registered owner thereof at the close of business on such day and shall be payable to the person who is the registered owner thereof at the close of business on a special record date for the payment of any such defaulted interest. Such special record date and the date fixed for the payment of such defaulted interest shall be fixed by the registrar whenever moneys become available for payment of the defaulted interest, and notice of the special record date and the date fixed for the payment of such defaulted interest shall be given to the registered owners of the Bonds not less than ten days prior thereto by first-class mail to each such registered owner as shown on the registration books on a date selected by the registrar, stating the date of the special record date and the date fixed for the payment of such defaulted interest. The paying agent may make payments of interest by such alternative means as may be mutually agreed to between the owner of any bond and the paying agent. All such payments shall -4- be made in lawful money of the United States of America without deduction for the services of the paying agent or registrar. Section 4. Prior Redemption. All of the Bonds shall be subject to redemption prior to maturity at the option of the Town in regular numerical order on any bond interest payment date, at a price equal to the principal amount thereof plus accrued interest to the redemption date. Whenever there are available moneys in the '"Town of Vail, Colorado Booth Creek Local Improvement District, 1993 Bond Retirement Fund" (the "Bond Fund") which is hereby created, in excess of the amount required to pay interest on the Bonds then outstanding on the next interest payment date, the Town shall exercise its option to redeem on the next practicable interest payment date a suitable number of Bonds outstanding. Nothing herein shall preclude the Town from refunding all or a portion of the Bonds or from exercising its right to redeem Bonds prior to maturity from any available source of funds. Notwithstanding the foregoing provisions of this section, there shall be no prior redemption of the Bonds before April 1, 1996 except from the payment or prepayment of assessments. Notice of prior redemption shall be given by the paying agent in the name of the Town by sending a copy thereof by certii•ied or registered first class mail, postage prepaid, to the registered owner of each bond designated for redemption at his address as it appears on the registration books as of the close of business on the day preceding the mailing of such notice. Such notice shall specify the number or numbers of the Bonds to be so redeemed and the date fixed for redemption, and shall further state that on such date there will be due and payable upon each bond so to be redeemed at the office designated by the paying agent the principal amount thereof plus accrued interest to the redemption date, and that from and after such date interest shall cease to accrue. Notice having been given in the manner hereinabove provided, the bond or bonds so called shall become due and payable on the date so designated, and upon presentation thereof at the paying agent, the Town will pay the bond or bonds so called. Failure to give notice by mailing or any defect in such notice shall not affect the validity of the proceedings for the redemption of any other Bonds. Any notice mailed as herein provided shall be conclusively presumed to have been given, whether or not received. Any Bonds redeemed prior to maturity shall be cancelled by the -5- Paying Agent. No notice of redemption shall be given unless the Town has available funds in its custody in an amount sufficient to redeem the Bonds described in such notice. Section 5. Registration and Transfer. The Town shall cause to be kept at the registrar books for the registration and transfer of Bonds. Upon surrender for transfer of any bond at the office designated by the registrar, fully endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the registrar shall authenticate and deliver in the name of the transferee a new bond bearing the same number as the bond being surrendered. All Bonds issued upon any transfer shall be the valid obligations of the Town evidencing the same obligation and entitled to the same security and benefits under this ordinance as the Bonds surrendered upon such transfer. The registrar shall require the payment by the owner of any bond requesting transfer of any tax or other governmental charge required to be paid with respect to such transfer, and the registrar may further impose a reasonable service charge for any transfer of Bonds. The registrar shall not be required to transfer any bond during a period beginning at the opening of business 15 days before the day of mailing by the registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, nor, with respect to a particular bond after the publication or the mailing of notice calling such bond for prior redemption. As to any bond, whether or not such bond be overdue, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for the purpose of making payments thereof and for all other purposes (except to the extent otherwise provided in Section 5 hereof) and neither the Town, the registrar, the paying agent nor any other agent of the Town shall be affected by any notice to the contrary. Except as otherwise provided in Section 5 hereof, payment of either principal or interest on any bond shall be made only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed as hereinabove provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums paid. -6- k ~ If any bond shall be lost, stolen, destroyed or mutilated, the registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it or the Town may reasonably require, and upon payment of all expenses in connection therewith, authenticate and deliver a replacement bond, bearing the same number as the lost, stolen, destroyed or mutilated bond. If such lost, stolen, destroyed or mutilated bond shall have matured or shall have been called for redemption, the registrar may direct that such bond be paid by the paying agent in lieu of replacement. All Bonds surrendered for redemption, payment or transfer, if surrendered to the paying agent, shall be cancelled by the paying agent, and, if surrendered to any person other than the paying agent, shall be delivered to the paying agent for cancellation. Section 6. Negotiability. Subject to the registration provisions of this ordinance, the Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, subject to the registration and payment provisions stated herein, and the owner or owners thereof shall possess all rights enjoyed by holders of negotiable instruments under the provisions of the "Uniform Commercial Code -Investment Securities." Section 7. Execution and Authentication. The Bonds shall be executed in the name of the Town with the manual or facsimile signature of the Mayor, shall bear the manual or facsimile impression of the seal of the Town, shall be attested by the manual or facsimile signature of the Town Clerk, and shall be authenticated by the manual signature of a duly authorized officer of the registrar. The Bonds bearing the signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the registrar), notwithstanding that any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes, the Mayor and Town Clerk shall prior to delivery of the Bonds file with the Secretary of State of Colorado their manual signatures certified by them under oath, if the Bonds are to be executed with their facsimile signatures. No bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form hereinbelow provided, has been duly executed by the registrar. The registrar's certificate of authentication shall be deemed to have been executed -7- by it if manually signed by an authorized officer or employee of the registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the Bonds issued hereunder. By authenticating any of the Bonds delivered pursuant to this ordinance, the registrar shall be deemed to have assented to all of the provisions of this ordinance. Section 8. Payment of Bonds. The Bonds authorized by this ordinance and the interest thereon shall be payable (except as provided in Section 9 hereof) solely from moneys in the Bond Fund, consisting only of moneys collected (principal, interest and penalties, if any) from a portion of the assessments to be levied to pay for the Improvements (except to the extent that such moneys are payable to the Town as a reimbursement pursuant to Section 9 hereof). Any assessments in the Bond Fund remaining after the Bonds, both principal and interest, are paid in full (and after any reimbursement due the Town), shall to the extent required by the Charter be deposited in the Town's surplus and deficiency fund created pursuant to Section 10.8 of the Charter. Immediately upon the collection of any assessments (including interest and any penalties thereon), the moneys therefrom shall be deposited in the Bond Fund (except to the extent that such moneys are payable to the Town as a reimbursement pursuant to Section 9 hereof), and said fund is and will continue to be irrevocably and exclusively pledged for the payment of the principal of and the interest on the Bonds. Section 9. Surplus and Deficiency Fund; Town Payment of Bonds and Reimbursement. Pursuant to Section 10.8 of the Charter, whenever there is a deficiency in the Bond Fund to make the payment of principal and interest on the outstanding Bonds when due, such deficiency shall be paid out of the Town's surplus and deficiency fund created pursuant to Section 10.8 of the Charter. Further, whenever three-fourths of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to take up the remaining Bonds and the interest due thereon, and there is not sufficient money in the Town's surplus and deficiency fund, then the Town shall pay the Bonds when due and interest thereon, and reimburse itself by collecting the unpaid assessments due the District. Because the Town paid interest on the 1989 Bonds until assessments could be levied, the Town may reimburse itself for the amounts paid by the Town by transferring up -8- r to twenty-five percent of the amount of each assessment installment to any fund of the Town as determined by the Town Manager or his designee. In the event that a court of competent jurisdiction enters a final, non-appealable order holding that the assessment levied against any property in the District shall be reduced, then the Town shall not transfer any portion of the assessment payments made with respect to such property to any fund of the Town other than the Bond Fund. Section 10. Bonds Not a Debt of Town. The Bonds shall not be a debt of the Town, and the Town shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payment, nor shall the Bonds be payable out of any funds other than the special assessments and other moneys pledged to the payment thereof, as herein provided. The payment of Bonds is not secured by an encumbrance, mortgage or other pledge of property of the Town except for such special assessments. No property of the Town, subject to said exception, shall be liable to be forfeited or taken in payment of the Bonds. Section 11. Form of Bonds. The Bonds and the registrar's certificate of authentication shall be in substantially the following forms, with such omissions, insertions, endorsements and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this ordinance or be consistent with this ordinance and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto, and provided that any of the text on the face of the Bonds may, with appropriate reference, be printed on the back of the Bonds: -9- (Form of Bond) UN t t ~li STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO BOOTH CREEK LOCAL IMPROVEMENT DISTRICT LOCAL IMPROVEMENT REFUNDING Bonds SERIES 1993 NO. CUSIP Interest Rate Maturity Date Dated as of Number 7.25% April 1, 1999 , 1993 REGISTERED OWNER: PRINCIPAL AMOUNT: $5,000 The Town of Vail (the "Town") in the County of Eagle and State of Colorado, a municipal corporation duly organized and existing, for value received, hereby promises to pay to the Registered Owner identified above, or registered assigns, upon presentation and surrender hereof at such office designated by Central Bank National Association in Denver, Colorado, or- its successors (the "Paying Agent"), the Principal Amount identified above on the Maturity Date identified above (subject to the right of prior redemption hereinbelow mentioned), and to pay interest on the Principal Amount from the most recent interest payment date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of this Bond, at the Interest Rate per annum identified above, payable oc,~~ on f 199f~ nd semiannually thereafter on April 1 and October 1 of each year, until payment of the Principal Amount hereof has been made. Interest on this Bond will be paid on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day) to the registered owner of this Bond by check or draft mailed to such registered owner at the address appearing on the registration books kept for that purpose at the office of Central Bank National Association in Denver, Colorado, as Registrar, at the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding the interest payment date (the "Regular -10- • Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the registered owner hereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date for the payment of any defaulted interest. Such Special Record Date and the date fixed for the payment of defaulted interest shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date and the date fixed for the payment of defaulted interest shall be given to the registered owners of the Bonds of the series of which this is one not less than ten days prior thereto. Alternative means of payment of interest may be used if mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance"). The principal of and interest on this Bond are payable in lawful money of the United States of America, without deduction for the services of the Paying Agent or Registrar. If upon presentation and surrender of this Bond to the Paying Agent at maturity payment of this Bond is not made as herein provided, interest hereon shall continue at the Interest Rate identipied above until the Principal Amount hereof is paid in full. This Bond is one of a series subject to prior redemption in regular numerical order by and at the option of the Town of Vail, on any interest payment date, at a price equal to the principal amount thereof with accrued interest to the redemption date. Whenever there are available moneys in the Bond Fund in excess of the amount required to pay interest on the Bonds then outstanding on the next interest payment date, the Town will exercise its option to redeem on the next practicable interest payment date a suitable number of Bonds outstanding. Notwithstanding the foregoing provisions of this paragraph, there shall be no prior redemption of the Bonds before April 1, 1996 except from the payment or prepayment of assessments. Nothing shall preclude the Town from refunding all or a portion of the Bonds or from exercising its right to redeem Bonds prior to maturity from any available source of funds. -11- J ~ Redemption shall be made upon giving prior notice by mailing to the owner of this Bond at his address as the same appears upon the registration books, in the manner and upon the conditions provided in the Bond Ordinance. The Registrar will not be required to transfer any Bond during a period beginning at the opening of business 15 days before the day of the mailing by the Registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, or, with respect to a particular Bond, after the mailing of notice calling such Bond for prior redemption. This Bond is one of a series of local improvement Bonds numbered consecutively from 1 to 60, both inclusive, issued by the Town of Vail, and maturing on April 1, 1999, all of which are of like designation, and which are in the aggregate principal amount of $300,000. Said Bond series is issued in payment for local improvements made in the Town of Vail, Colorado Booth Creek Local Improvement District pursuant to and in accordance with the Charter and the Vail Code, the ordinance creating the District, and all laws and proceedings thereunto enabling. Pursuant to the Bond Ordinance, reference to which is made for further details, the principal of and the interest on the Bonds of the series of which this is one shall be payable solely from a special fund designated '"Town of Vail, Colorado Booth Creek Local Improvement District, 1993 Bond Retirement Fund" (the "Bond Fund") consisting of a portion of the moneys collected by the Town of Vail from the special assessments (principal, interest and penalties, if any) to be levied against all the assessable parcels of land in the District, to the extent provided in the Bond Ordinance. The Bond Fund is irrevocably and exclusively pledged for the full and prompt payment of all the Bonds. If there is a deficiency in the Bond Fund to meet the payment of the outstanding Bonds and interest due thereon, the deficiency shall be paid out of any moneys available therefor in the surplus and deficiency fund created pursuant to Section 10.8 of the Town's Charter. Whenever three-fourths of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to take up the remaining Bonds and interest due thereon, and there is not sufficient money in the surplus and deficiency fund, then the Town shall pay the Bonds when -12- due and the interest thereon and reimburse itself by collecting the unpaid assessments due the District. All assessments shall be a lien in the several amounts assessed from the effective date of the assessment ordinance to be adopted by the Town upon completion of the local improvements in the District. The lien for such assessments shall be prior and superior to all other liens except general tax liens, other assessment liens, and possibly other liens imposed by the State of Colorado or its political subdivisions or by the United States of America or any agency or instrumentality thereof. In the Bond Ordinance, the Town covenants to levy and collect assessments against all assessable parcels of property in the District and to diligently enforce the lien of the assessments against the property subject thereto. It is hereby certified, recited and declared that the principal amount of the Bonds does not exceed the amount authorized by law to be issued. It is hereby also certified, recited and declared that the proceedings taken to date with reference to issuing the Bonds and to making such local improvements have been regularly had and taken in compliance with law; that all prerequisites to issuing the Bonds have been performed; and that all acts, conditions and things essential to the validity of this Bond exist, have happened and have been done in due time, form and manner as required by law. The Bonds are not a debt of the Town and the Town is neither liable thereon, nor has it pledged its full faith and credit for their payment, nor are the Bonds payable out of any funds other than special assessments and other amounts pledged to the payment thereof as herein stated. The payment of the Bonds is not secured by an encumbrance, mortgage or other pledge of property of the Town except for such special assessments pledged for the payment of the Bonds. No property of the Town, subject to said exception, shall be liable to be forfeited or taken in payment of the Bonds. The Town has designated the Bonds of the series of which this is one as a qualified tax-exempt obligation pursuant to Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended. This Bond is fully transferable by the registered owner hereof in person or by his duly authorized attorney on the registration books of the Town kept at the office of the -13- Registrar upon surrender of this Bond together with a duly executed written instrument of transfer satisfactory to the Registrar. Upon such transfer a new Bond of the same principal amount and bearing the same number will be issued to the transferee in exchange for this Bond, on payment of such charges and subject to such terms and conditions as are set forth in the Bond Ordinance. The Town, the Registrar and the Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether or not this Bond shall be overdue, for the purpose of receiving payment and for all other purposes except to the extent otherwise hereinabove and in the Bond Ordinance provided with respect to the payment of interest, and neither the Town, the Registrar nor the Paying Agent shall be affected by any notice to the contrary. This Bond must be registered in the name of the owner as to both principal and interest on the registration books kept by the Registrar in conformity with the provisions stated herein and endorsed hereon and subject to the terms and conditions set forth in the Bond Ordinance. No transfer of this Bond shall be valid unless made on the registration books maintained at the principal office of the Registrar by the registered owner or his attorney duly authorized in writing. This Bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication hereon. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this Bond to be executed with the manual or facsimile signature of the Mayor, and to be signed and attested with the manual or facsimile signature of the Town Clerk under the manual or facsimile impression of the seal of the Town. Signed: (Manual or Facsimile Signature) Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile Signature) Town Clerk -14- Certificate of Authentication for Bond This is one of the Bonds described in the within mentioned Bond Ordinance, and this Bond has been duly registered on the registration books kept by the undersigned as Registrar for such Bonds. CENTRAL BANK NATIONAL ASSOCIATION Denver, Colorado, as Registrar Date of Authentication: By Authorized Representative -15- ASSIGNMENT FOR BOND FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto the within Bond and irrevocably appoints ,attorney-in-fact, to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: NOTICE: The signature to Signature Guaranteed: this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without any alteration whatsoever. Address: Tax Identification Number or Social Security Number(s): (End of Form of Bond) -16- ? R - Section 12. Delivery and AnDlication of Proceeds. When the Bonds have been duly sold, executed and registered, the Town shall deliver the Bonds to the Purchaser in exchange for the 1989 Bonds. The registrar shall initially register the Bonds in the name of the purchaser, or in the names of such transferees as the purchaser may designate in writing or writings satisfactory to the registrar, or any combination thereof as directed by the purchaser. Section 13. Lew of Assessments. The Town has heretofore caused the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds. The Town hereby covenants for the benei"it of each owner of the Bonds that the principal amount of the assessments remaining unpaid as of the date of delivery of the Bonds is in an amount at least equal to the principal amount of the Bonds. The Town covenants that the assessments will bear interest at a rate which is at least equal to the highest rate of interest on the Bonds and payable in one payment or in ~ D ~ .~nmtai k installments of principal, on March 1 of each year commencing on Mare 1, 199f1!,3with interest on the unpaid principal balance of the assessment, payable annually on March 1 of each year commencing March 1, 199' 3 The 3'own hereby covenants to diligently enforce the lien of the assessments against-the-'property subject thereto. Section 14. Assessment Revenues. All moneys received "from ;such assessments, including interest and any penalties thereon (except to the that such moneys are payable to the Town as a reimbursement pursuant to Section ~'_-eof), shall be deposited into the Bond Fund and said moneys, along with anythey moneys deposited into the Bond Fund ursuant to the rovisions of this ordinance, sh~H lie used for the P P purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever, and as security for such payment the Bond Fund is hereby exclusively pledged. Section 15. Books and Records. So long as any of the Bonds remain outstanding, the Town will keep or cause to be kept true and accurate books of records and accounts showing full and true entries covering the collection and disposition of special assessments as well as any delinquencies in the collection thereof, covering deposits and disbursements in the Bond Fund, the redemption of Bonds, both principal and interest, and disbursements to defray the cost of the Improvements, including incidental expenses; and the -17- w Town will permit an inspection and examination of all books and accounts at all reasonable times by a representative of the original purchaser of the Bonds. Section 16. Resignation of Reistrar or PavinS Aeent. If the registrar or paying agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that said registrar or paying agent has become incapable of fulfilling its duties hereunder, the Town may, upon notice mailed to each registered owner of the Bonds at his address last shown on the registration books, appoint a successor registrar or paying agent, or both. No such resignation or dismissal may take effect until a successor is appointed. Every such successor registrar or paying agent shall be the Town or a bank or trust company located in and in good standing in the State of Colorado. It shall not be required that the same institution serve as both registrar and paying agent hereunder, but the Town shall have the right to have the same institution serve as both registrar and paying agent hereunder. Section 17. Authorized Action. The officers of the Town hereby are authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limiting the generality of the foregoing, the printing of the Bonds (which may include thereon an opinion of bond counsel and related certification by the Town Clerk), the execution of such certificates as may reasonably be required by the initial purchaser thereof or bond counsel, relating, inter alia, to the signing of the Bonds, the tenure and identity of the municipal officials, the absence and existence of factors affecting the exemption of interest on the Bonds from federal income taxation, the accuracy of property descriptions, the delivery of the Bonds and the absence of litigation pending or threatened affecting the validity of the Bonds, if such is in accordance with the facts, and the execution of a bond purchase contract and appropriate agreements with respect to the services of paying agent and registrar. Section 18. Bondholders' Rights and Remedies. Any owner of any one or more of the Bonds may, either at law or in equity, by suit, action, mandamus or other appropriate proceedings in any court of competent jurisdiction, protect the lien created by this ordinance on the proceeds of said assessments and the moneys in the Bond Fund, and may by suit, action, mandamus or other appropriate proceedings enforce and compel the performance of any covenant of the Town or any duty imposed upon the Town by the -18- ~ r ~ r provisions of this ordinance, or any ordinance heretofore or hereafter adopted concerning the District, including, without limiting the generality of the foregoing, the segregation of assessments into the Bond Fund, the proper application thereof and the appointment of a receiver. The failure of any such owner so to proceed shall not relieve the Town, the Council or any of the Town's officers, agents or employees of any liability for failure to perform any such duty. No remedy or right conferred by this ordinance is intended to be exclusive of any other remedy or right, but each such remedy or right is cumulative and may be pursued without waiving any other remedy or right. Section 19. Tax Covenants. The Town covenants for the benefit of the registered owners of the Bonds that it will not take any action or omit to take any action with respect to the Bonds, the proceeds thereof, any other funds of the Town or any facilities financed or refinanced with the proceeds of the Bonds if such action or omission (i) would cause the interest on the Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in calculating the adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment in full or defeasance of the Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law have been met. Section 20. Desienation as Qualified Tax-Exempt Oblieation. The Town hereby designates the Bonds as a qualified tax-exempt obligation for purposes of Section 265(b)(3)(B) of the Tax Code. Section 21. Defeasance. When the Bonds have been fully paid both as to principal and interest, all obligations hereunder (other than the obligations set forth in Section 19 hereof) shall be discharged, and the Bonds shall no longer be deemed to be outstanding for any purpose of this resolution. Payment of any Bonds shall be deemed made -19- , ~ » when the Town has placed in escrow with a commercial bank exercising trust powers, an amount sufficient (including the known minimum yield from Federal Securities) to meet all requirements of principal of and interest on such Bonds as the same become due to maturity or to a designated prior redemption date; and, if the Bonds are to be redeemed prior to maturity, when the Town has given to the Registrar irrevocable written instructions to give notice of prior redemption in accordance with Section 5 hereof. The Federal Securities shall become due prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such bank at the time of creation of the escrow. Federal Securities within the meaning of this section shall include only direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States, and which are not callable prior to their scheduled maturities by the issuer thereof, or interests in such obligations. Section 22. Amendment or Sunnlement of Ordinance. This ordinance may be amended or supplemented by an ordinance or ordinances adopted by the Town Council in accordance with the Charter and the Vail Code with or without the receipt by the Town of any additional consideration, with the written consent of the owners of 75 percent of the Bonds authorized by this ordinance and outstanding at the time of the adoption of such amendatory or supplemental ordinance, provided, however, that no such ordinance shall have the effect of permitting: (a) an extension of the maturity of any bond authorized by this ordinance without the written consent of the owner of the bond; or (b) a reduction in the principal amount of any bond or the rate of interest thereon without the written consent of the owner of the bond; or (c) the creation of a lien upon or a pledge of property, revenues or funds, ranking prior to the liens or pledges created by this ordinance; or (d) a reduction of the principal amount of Bonds required for consent of such amendatory or supplemental ordinance. Section 23. Ratification. All action (not inconsistent with the provisions of this ordinance) heretofore taken by the Town, the Council and the officers of the Town, directed toward the creation of the District, the construction and other acquisition of the -20- Improvements therein, the sale and issuance of the Bonds, and the levy of assessments for that purpose, hereby is ratified, approved and confirmed. Section 24. Ordinance Irrenealable. After the Bonds have been issued, this ordinance shall constitute a contract between the Town and the owner or owners of the Bonds and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 25. Limitation on Challenge. After the expiration of 30 days from the date of final adoption and approval of this ordinance, all actions or suits attacking its findings, determinations and contents or questioning the legality of the Bonds and all proceedings relating thereto shall be perpetually barred, and the ordinance and Bonds shall be conclusive of the facts stated therein and shall be conclusively deemed valid and legal in every court or tribunal and shall not be open to contest for any reason. ction 26. Severability. If any section, paragraph, clause, or provision of this ordinance shall be ld to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any other provision of this ordinance. Section 27. Ren ler. All ordinances, `resolutions, bylaws and regulations of the Town in conflict with this ordi nce ar,~iereby repealed to the extent only of such r inconsistency. Section 28. Reco~ne: Effec 've Date. Immediately upon its 6na1 passage, this ordinance shall be recded in the Town b ok of ordinances kept for that purpose, authenticated by the signatures of the Mayor and th Town Clerk and shall be published in The Vail Trail, a l~al newspaper of general circulatio in the Town. This ordinance shall take effect Eve'days following its publication after final p ssage. i -21- IN txODUCED AND APPROVED ON rtxST READING on February 16, 1993. .'l~ ~ Mayor,~~'"~ 1 (SEAL) Attest: Town Clerk ADOPTED AND APPROVED on March 2, 1993. Mayor (SEAL) "~ll _ 'E Attest: ~ Town Clerk -22- Section 26 If any part, section, subsection, sentence, clause or phrase of this ordinance is for any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this ordinance; and the Town Council hereby declares it would have passed this ordinance, and each part, section, subsection, sentence, clause or phrase thereof, regardless of the fact that any one or more parts, sections, subsections, sentences, clauses or phrases be declared invalid. Section 27 The Town Council hereby finds, determines, and declares that this ordinance is necessary and proper for the health, safety, and welfare of the Town of Vail and the inhabitants thereof. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby shall not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. Section 28 All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, theretofore repealed. 1 INTRODUCED, READ, APPROVED, AND ORDERED PUBLISHED ONCE IN FULL ON FIRST READING this 16th day of February, 1993, and a public hearing shall be held on this Ordinance on the 2nd day of March, 1993, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Margaret A. Osterfoss, Mayor ATTEST: Pamela A. Brandmeyer, Acting Town Clerk READ AND APPROVED ON SECOND READING AND ORDERED PUBLISHED this day of , 1993. Margaret A. Osterfoss, Mayor ATTEST: Pamela A. Brandmeyer, Acting Town Clerk C:10RD93.3 1 E • ORDINANCE NO. 3 Series of 1993 AN ORDINANCE CONCERNING THE ISSUANCE OF LOCAL IMPROVEMENT REFUNDING BONDS OF THE TOWN OF VAIL, COLORADO FOR THE BOOTH CREEK LOCAL IMPROVEMENT DIa i xICT; RA1 tr YING ACTION HERETOFORE TAKEN IN CONNECTION THEREWITH; PRESCRIBING DETAIIS IN CONNECTION WITH SAID BONDS AND DISTRICT; PRESCRIBING DL l ir,S OF CERTAIN TOWN Orr1CIALS IN CONNE~I iON THEREWITH; REPEALING ALL ORDINANCES AND OTHER ACTION OF THE TOWN TO THE Ek t ANT INCONSISTENT HEREWITH; AND PROVIDING OTHER MA i 1 t:RS RELATING THERETO. WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado, is a municipal corporation duly organized and existing as a home-rule town under Article XX of the State Constitution and the Charter of the Town (the "Charter"); and WHEREAS, pursuant to the Charter and the Town's Code of Ordinances (the "Vail Code"), the Town Council (the "Council") has by ordinance created within the corporate limits of the Town a local improvement district known and designated as the Town of Vail, Colorado Booth Creek Local Improvement District (the "District"), for the purpose of making certain local and special improvements to mitigate rockfall damage (the "Improvements"), and has determined to assess a portion of the cost thereof to the parcels of property in the District specially benefited thereby; and WHEREAS, the Town has duly advertised for bids for such Improvements. based on estimates provided to the Council and has entered into a construction contract for the construction and installation of the Improvements; and WHEREAS, in order to defray in part the costs of the Improvements, the Town has heretofore issued its Town of Vail, Colorado Booth Creek Local Improvement District, Local Improvement Bonds, Series 1989, in the aggregate principal amount of - 1 - co~o~~-s s~J~~~ ~ i 1 Y $365,000 (the " 1989 Bonds") which were purchased by Firstbank of Vail (the "Purchaser"); and WHEREAS, because the construction company originally selected to construct the Improvements failed to build the Improvements in accordance with plans and specifications and subsequently brought suit against the Town, the final costs of the Improvements exceeded the original estimate; and WHEREAS, due to the delay caused by such failure and the subsequent litigation, the Town paid the interest due on the 1989 Bonds from Town funds until assessments could be levied against the benefitted properties in the District;. and WHEREAS, the Council has heretofore adopted an ordinance (the"Assessment Ordinance") assessing the costs of the Improvements (except for certain costs paid by the Town) against parcels of property in the District (the "assessments") in an aggregate amount not to exceed $ in recognition of special benefits conferred on owners of parcels of property in the District and the amount of assessments remaining unpaid after the expiration of the cash payment period provided by the Code is $ ;and WHEREAS, the Council has determined, and hereby determines, that it is advantageous to, and in the best interests of, the Town and its citizens and inhabitants that the 1989 Bonds be refunded, paid and discharged as herein provided (the "Refunding Project"), and that the refunding bonds herein authorized (the "Bonds") be issued for the purpose of defraying in part the cost of the Refunding Project, all pursuant to Section 10.7 and 10.8 of the Charter; and WHEREAS, the purpose of the Refunding Project is to reduce the net effective interest rate of the Refunded Bonds, to reduce the total interest payable over the life of the Refunded Bonds by issuing bonds at a lower net interest cost and having a lower net effective interest rate, to reduce the total principal and interest payable on the Refunded Bonds, and to effect other economies; and WHEREAS, the Refunding Project will permit the Town to lower the interest rate on the assessment installments; and -2- ~ J { WHEREAS, the Purchaser has agreed to exchange the outstanding 1989 Bonds for the Bonds; and WHEREAS, due to the prepayment of assessments during the cash payment period the Town has available $65,000 and will call for prior redemption on April 1, 1993, $65,000 of the 1989 Bonds; and WHEREAS, no election is required prior to the issuance of the Bonds by Article X, Section 20 of the Colorado Constitution since the Bonds will be issued at a lower interest rate than the 1989 Bonds; BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VA1L, COLORADO: Section 1. Issuance of Bonds Authorized. The Town and its officers have determined and do hereby determine that it is necessary and for the best interest of the Town and the inhabitants thereof that, pursuant to the Charter and the Vail Code, the Town issue and sell bonds to the Purchaser of the Town of Vail, Colorado Booth Creek Local Improvement District in the aggregate principal amount of $300,000 (the "Bonds") by exchanging the Bonds for the 1989 Bonds in an outstanding principal amount of $300,000, for the purpose of effecting the Refunding Project. Section 2. Exchanee of Bonds. The Town has determined to accept the offer of FirstBank of Vail to exchange all of the 1989 Bonds which will remain outstanding in the amount of $300,000 after the redemption of $65,000 on April 1, 1993, for the Bonds. Section 3. Bond Details. For the purpose of effecting the Refunding Project, there shall be issued in the name of the Town bonds designated "Town of Vail, Colorado Booth Creek Local Improvement District, Local Improvement Refunding Bonds, Series 1993," in the aggregate principal amount of $300,000. The Bonds shall be issuable in fully registered form (i.e., registered as to payment of both principal and interest) payable to the registered owner thereof, in the denomination of $5,000 each, shall be dated as of their date of delivery, shall be numbered consecutively in regular numerical order from 1 through 60, inclusive, shall mature on April 1, 1999, and shall bear interest from the date of the Bonds until maturity (unless redeemed prior to maturity) at the rate of 7.25% per annum. -3- . ~ Bonds which are reissued upon transfer or other replacement shall bear interest from the most recent interest payment date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of the Bonds, such interest being payable to the registered owners of the Bonds semiannually on April 1 and October 1 of each year, commencing October 1, 1993. The principal of the Bonds is payable to the registered owner thereof as shown on the registration books of the Town kept by Central Bank National Association in Denver, Colorado, or its successor (the "registrar"), upon presentation and surrender at the office designated by Central Bank National Association in Denver Colorado, or its successor (the "paying agent"). If, upon presentation of any bond at maturity, payment is not made as therein provided, interest thereon shall continue at the same rate per annum previously borne by the bond, until the principal thereof is paid in full. Payment of interest on any bond shall be made to the registered owner thereof by check or draft mailed by the paying agent on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day), to the registered owner thereof at his address as shown on the registration books kept by the registrar at the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding the interest payment date: but any such interest not so timely paid shall cease to be payable to the person who is the registered owner thereof at the close of business on such day and shall be payable to the person who is the registered ovmer thereof at the close of business on a special record date for the payment of any such defaulted interest. Such special record date and the date fixed for the payment of such defaulted interest shall be fixed by the registrar whenever moneys become available for payment of the defaulted interest, and notice of the special record date and the date fixed for the payment of such defaulted interest shall be given to the registered owners of the Bonds not less than ten days prior thereto by first-class mail to each such registered owner as shown on the registration books on a date selected by the registrar, stating the date of the special record date and the date fixed for the payment of such defaulted interest. The paying agent may make payments of interest by such alternative means as may be mutually agreed to between the owner of any bond and the ~ paying agent. All such payments shall -4- be made in lawful money of the United States of America without deduction for the services of the paying agent or registrar. Section 4. Prior Redemption. All of the Bonds shall be subject to redemption prior to maturity at the option of the Town in regular numerical order on any bond interest payment date, at a price equal to the principal amount thereof plus accrued interest to the redemption date. Whenever there are available moneys in the "Town of Vail, Colorado Booth Creek Local Improvement District, 1993 Bond Retirement Fund" (the "Bond Fund") which is hereby created, in excess of the amount required to pay interest on the Bonds then outstanding on the next interest payment date, the Town shall exercise its option to redeem on the next practicable interest payment date a suitable number of Bonds outstanding. Nothing herein shall preclude the Town from refunding all or a portion of the Bonds or from exercising its right to redeem Bonds prior to maturity from any available source of funds. Notwithstanding the foregoing provisions of this section, there shall be no prior redemption of the Bonds before April 1, 1996 except from the payment or prepayment of assessments. Notice of prior redemption shall be given by the paying agent in the name of the Town by sending a copy thereof by certified or registered first class mail, postage prepaid, to the registered owner of each bond designated for redemption at his address as it appears on the registration books as of the close of business on the day preceding the mailing of such notice. Such notice shall specify the number or numbers of the Bonds to be so redeemed and the date fixed for redemption, and shall further state that on such date there will be due and payable upon each bond so to be redeemed at the office designated by the paying agent the principal amount thereof plus accrued interest to the redemption date, and that from and after such date interest shall cease to accrue. Notice having been given in the manner hereinabove provided, the bond or bonds so called shall become due and payable on the date so designated, and upon presentation thereof at the paying agent, the Town will pay the bond or bonds so called. Failure to give notice by mailing or any defect in such notice shall not affect the validity of the proceedings for the redemption of any other Bonds. Any notice mailed as herein provided shall be conclusively presumed to have been given, whether or not received. Any Bonds redeemed prior to maturity shall be cancelled by the -5- Paying Agent. No notice of redemption shall be given unless the Town has available funds in its custody in an amount sufficient to redeem the Bonds described in such notice. Section 5. Registration and Transfer. The Town shall cause to be kept. at the registrar books for the registration and transfer of Bonds. Upon surrender for transfer of any bond at the office designated by the registrar, fully endorsed for transfer or accompanied by an assignment duly executed by the registered owner or his attorney duly authorized in writing, the registrar shall authenticate and deliver in the name of the transferee a new bond bearing the same number as the bond being surrendered. All Bonds issued upon any transfer shall be the valid obligations of the Town evidencing the same obligation and entitled to the same security and benefits under this ordinance as the Bonds surrendered upon such transfer. The registrar shall require the payment by the owner of any bond requesting transfer of any tax or other governmental charge required to be paid with respect to such transfer, and the registrar may further impose a reasonable service charge for any transfer of Bonds. The registrar shall not be required to transfer any bond during a period beginning at the opening of business 15 days before the day of mailing by the registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, nor, with respect to a particular bond after the publication or the mailing of notice calling such bond for prior redemption. As to any bond, whether or not such bond be overdue, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for the purpose of making payments thereof and for all other purposes (except to the extent otherwise provided in Section 5 hereof) and neither the Town, the registrar, the paying agent nor any other agent of the Town shall be affected by any notice to the contrary. Except as otherwise provided in Section 5 hereof, payment of either principal or interest on any bond shall be made only to or upon the written order of the registered owner thereof or his legal representative, but such registration may be changed as hereinabove provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such bond to the extent of the sum or sums paid. -6- If any bond shall be lost, stolen, destroyed or mutilated, the registrar shall, upon receipt of such evidence, information or indemnity relating thereto as it or the Town may reasonably require, and upon payment of all expenses in connection therewith, authenticate and deliver a replacement bond bearing the same number as the lost, stolen, destroyed or mutilated bond. If such lost, stolen, destroyed or mutilated bond shall have matured or shall have been called for redemption, the registrar may direct that such bond be paid by the. paying agent in lieu of replacement. All Bonds surrendered for redemption, payment or transfer, if surrendered to the paying agent, shall be cancelled by the paying agent, and, if surrendered to any person other than the paying agent, shall be delivered to the paying agent for cancellation. Section 6. Ne¢otiability. Subject to the registration provisions of this ordinance, the Bonds shall be fully negotiable and shall have all the qualities of negotiable paper, subject to the registration and payment provisions stated herein, and the owner or owners thereof shall possess all rights enjoyed by holders of negotiable instruments under the provisions of the "Uniform Commercial Code -Investment Securities." Section 7. Execution and Authentication. The Bonds shall be executed in the name of the Town with the manual or facsimile signature of the Mayor, shall bear the manual or facsimile impression of the seal of the Town, shall be attested by the manual or facsimile signature of the Town Clerk, and shalt be authenticated by the manual signature of a duly authorized officer of the registrar. The Bonds bearing the signatures of the officers in office at the time of the authorization thereof shall be the valid and binding obligations of the Town (subject to the requirement of authentication by the registrar), notwithstanding that any or all of the persons whose signatures appear thereon shall have ceased to fill their respective offices. Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article SS of title 11, Colorado Revised Statutes, the Mayor and Town Clerk shall prior to delivery of the Bonds file with the Secretary of State of Colorado their manual signatures certified by them under oath, if the Bonds are to be executed with their facsimile signatures. No bond shall be valid or obligatory for any purpose unless the certificate of authentication, substantially in the form hereinbelow provided, has been duly executed by the registrar. The registrar's certificate of authentication shall be deemed to have been executed -7- by it if manually signed by an authorized officer or employee of the registrar, but it shall not be necessary that the same officer or employee sign the certificate of authentication on all of the Bonds issued hereunder. By authenticating any of the Bonds delivered pursuant to this ordinance, the registrar shall be deemed to have assented to all of the provisions of this ordinance. Section 8. Payment of Bonds. The Bonds authorized by this ordinance and the interest thereon shall be payable (except as provided in Section 9 hereof) solely from moneys in the Bond Fund, consisting only of moneys collected (principal, interest and penalties, if any) from a portion of the assessments to be levied to pay for the Improvements (except to the extent that such moneys are payable to the Town as a reimbursement pursuant to Section 9 hereof). Any assessments in the Bond Fund remaining after the Bonds, both principal and interest, are paid in full (and after any reimbursement due the Town), shall to the extent required by the Charter be deposited in the Town's surplus and deficiency fund created pursuant to Section 10.8 of the Charter. Immediately upon the collection of any assessments (including interest and any penalties thereon), the moneys therefrom shall be deposited in the Bond Fund (except to the extent that such moneys are payable to the Town as a reimbursement pursuant to Section 9 hereof), and said fund is and will continue to be irrevocably and exclusively pledged for the payment of the principal of and the interest on the Bonds. Section 9. Surolus and Deficiency Fund; Town Payment of Bonds and Reimbursement. Pursuant to Section 10.8 of the Charter, whenever there is a deficiency in the Bond Fund to make the payment of principal and interest on the outstanding Bonds when due, such deficiency shall be paid out of the Town's surplus and deficiency fund created pursuant to Section 10.8 of the Charter. Further, whenever three-fourths of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to take up the remaining Bonds and the interest due thereon, and there is not sufficient money in the Town's surplus and deficiency fund, then the Town shall pay the Bonds when due and interest thereon, and reimburse itself by collecting the unpaid assessments due the District. Because the Town paid interest on the 1989 Bonds until assessments could be levied, the Town may reimburse itself for the amounts paid by the Town by transferring up -8- to twenty-five percent of the amount of each assessment installment to any fund of the Town as determined by the Town Manager or his designee. In the event that a court of competent jurisdiction enters a final, non-appealable order holding that the assessment levied against any property in the District shall be reduced, then the Town shall not transfer any portion of the assessment payments made with respect to such property to any fund of the Town other than the Bond Fund. Section 10. Bonds Not a Debt of Town. The Bonds shall not be a debt of the Town, and the Town shall not be liable thereon, nor shall it thereby pledge its full faith and credit for their payment, nor shall the Bonds be payable out of any funds other than the special assessments and other moneys pledged to the payment thereof, as herein provided. The payment of Bonds is not secured by an encumbrance, mortgage or other pledge of property of the Town except for such special assessments. No property of the Town, subject to said exception, shall be liable to be forfeited or taken in payment of the Bonds. Section 11. Form of Bonds. The Bonds and the registrar's certificate of authentication shall be in substantially the following forms, with such omissions, insertions, endorsements and variations as to any recitals of fact or other provisions as may be required by the circumstances, be required or permitted by this ordinance or be consistent with this ordinance and necessary or appropriate to conform to the rules and requirements of any governmental authority or any usage or requirement of law with respect thereto, and provided that any of the text on the face of the Bonds may, with appropriate reference, be printed on the back of the Bonds: -9- (Form of Bond) UN i i ~D STATES OF AMERICA STATE OF COLORADO COUNTY OF EAGLE TOWN OF VAIL, COLORADO BOOTH CREEK LOCAL IlVIPROVEMENT DID i xICT LOCAL IMPROVEMENT REFUNDING Bonds SERIES 1993 NO, CUSIP Interest Rate Maturity Date Dated as of Number 7.25% April 1, 1999 , 1993 REGIS i BRED OWNER: PRINCIPAL AMOUNT: $5,000 The Town of Vail (the "Town") in the County of Eagle and State of Colorado, a municipal corporation duly organized and existing, for value received, hereby promises to pay to the Registered Owner identified above, or registered assigns, upon presentation and surrender hereof at such office designated by Central Bank National Association in Denver, Colorado, or its successors (the "Paying Agent"), the Principal Amount identified above on the Maturity Date identified above (subject to the right of prior redemption hereinbelow mentioned), and to pay interest on the Principal Amount from the most recent interest payment date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of this Bond, at the Interest Rate per annum identified above, payable on April 1, 1990 and semiannually thereafter on April 1 and October 1 of each year, until payment of the Principal Amount hereof has been made. Interest on this Bond will be paid on or before each interest payment date (or, if such interest payment date is not a business day, on or before the next succeeding business day) to the registered owner of this Bond by check or draft mailed to such registered owner at the address appearing on the registration books kept for that purpose at the office of Central Bank National Association in Denver, Colorado, as Registrar, at the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding the interest payment date (the "Regular -10- Record Date"). Any such interest not so timely paid shall cease to be payable to the person who is the registered owner hereof at the close of business on the Regular Record Date and shall be payable to the person who is the registered owner hereof at the close of business on a Special Record Date for the payment of any defaulted interest. Such Special Record Date and the date fixed for the payment of defaulted interest shall be fixed by the Registrar whenever moneys become available for payment of the defaulted interest, and notice of the Special Record Date and the date fixed for the payment of defaulted interest shall be given to the registered owners of the Bonds of the series of which this is one not less than ten days prior thereto. Alternative means of payment of interest may be used if mutually agreed to between the owner of any Bond and the Paying Agent, as provided in the ordinance authorizing the issuance of the Bonds (the "Bond Ordinance"). The principal of and interest on this Bond are payable in lawful money of the United States of America, without deduction for the services of the Paying Agent or Registrar. If upon presentation and surrender of this Bond to the Paying Agent at maturity payment of this Bond is not made as herein provided, interest hereon shall continue at the Interest Rate identified above until the Principal Amount hereof is paid in full. This Bond is one of a series subject to prior redemption in regular numerical order by and at the option of the Town of Vail, on any interest payment date, at a price equal to the principal amount thereof with accrued interest to the redemption date. Whenever there are available moneys in the Bond Fund in excess of the amount required to pay interest on the Bonds then outstanding on the next interest payment date, the Town will exercise its option to redeem on the next practicable interest payment date a suitable number of Bonds outstanding. Notwithstanding the foregoing provisions of this paragraph, there shall be no prior redemption of the Bonds before April 1, 1996 except from the payment or prepayment of assessments. Nothing shall preclude the Town from refunding all or a portion of the Bonds or from exercising its right to redeem Bonds prior to maturity from any available source of funds. -11- Redemption shall be made upon giving prior notice by mailing to the owner of this Bond at his address as the same appears upon the registration books, in the manner and upon the conditions provided in the Bond Ordinance. The Registrar will not be required to transfer any Bond during a period beginning at the opening of business 15 days before the day of the mailing by the Registrar of a notice of prior redemption of Bonds and ending at the close of business on the day of such mailing, or, with respect to a particular Bond, after the mailing of notice calling such Bond for prior redemption. This Bond is one of a series of local improvement Bonds numbered consecutively from 1 to 60, both inclusive, issued by the Town of Vail, and maturing on April 1, 1999, all of which are of like designation, and which are in the aggregate r.:..cipal amount of $300,000. Said Bond series is issued in payment for local improvements made in the Town of Vail, Colorado Booth Creek Local Improvement District pursuant to and in accordance with the Charter and the Vail Code, the ordinance creating the District, and all laws and proceedings thereunto enabling. Pursuant to the Bond Ordinance, reference to which is made for further details, the principal of and the interest on the Bonds of the series of which this is one shall be payable solely from a special fund designated '"Town of Vail, Colorado Booth Creek Local Improvement District, 1993 Bond Retirement Fund" (the "Bond Fund") consisting of a portion of the moneys collected by the Town of Vail from the special assessments (principal, interest and penalties, if any) to be levied against all the assessable parcels of land in the District, to the extent provided in the Bond Ordinance. The Bond Fund is irrevocably and exclusively pledged for the full and prompt payment of all the Bonds. If there is a deficiency in the Bond Fund to meet the payment of the outstanding Bonds and interest due thereon, the deficiency shall be paid out of any moneys available therefor in the surplus and deficiency fund created pursuant to Section 10.8 of the Town's Charter. Whenever three-fourths of the Bonds have been paid and cancelled and for any reason the remaining assessments are not paid in time to take up the remaining Bonds and interest due thereon, and there is not sufficient money in the surplus and deficiency fund, then the Town shall pay the Bonds when -12- due and the interest thereon and reimburse itself by collecting the unpaid assessments due the District. All assessments shall be a lien in the several amounts assessed from the effective date of the assessment ordinance to be adopted by the Town upon completion of the local improvements in the District. The lien for such assessments shall be prior and superior to all other liens except general tax liens, other assessment liens, and possibly other liens imposed by the State of Colorado or its political subdivisions or by the United States of America or any agency or instrumentality thereof. In the Bond Ordinance, the Town covenants to levy and collect assessments against all assessable parcels of property in the District and to diligently enforce the lien of the assessments against the property subject thereto. It is hereby certified, recited and declared that the principal amount of the Bonds does not exceed the amount authorized by law to be issued. It is hereby also certified, recited and declared that the proceedings taken to date with reference to issuing the Bonds and to making such local improvements have been regularly had and taken in compliance with law; that all prerequisites to issuing the Bonds have been performed; and that all acts, conditions and things essential to the validity of this Bond exist, have happened and have been done in due time, form and manner as required by law. The Bonds are not a debt of the Town and the Town is neither liable thereon, nor has it pledged its full faith and credit for their payment, nor are the Bonds payable out of any funds other than special assessments and other amounts pledged to the payment thereof as herein stated. The payment of the Bonds is not secured by an encumbrance, mortgage or other pledge of property of the Town except for such special assessments pledged for the payment of the Bonds. No property of the Town, subject to said exception, shall be liable to be forfeited or taken in payment of the Bonds. The Town has designated the Bonds of the series of which this is one as a qualified tax-exempt obligation pursuant to Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended. This Bond is fully transferable by the registered owner hereof in person or by his duly authorized attorney on the registration books of the Town kept at the office of the -13- Registrar upon surrender of this Bond together with a duly executed written instrument of transfer satisfactory to the Registrar. Upon such transfer a new Bond of the same principal amount and bearing the same number will be issued to the transferee in exchange for this Bond, on payment of such charges and subject to such terms and conditions as are set forth in the Bond Ordinance. The Town, the Registrar and the Paying Agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether or not this Bond shall be overdue, for the purpose of receiving payment and for all other purposes except to the extent otherwise hereinabove and in the Bond Ordinance provided with respect to the payment of interest, and neither the Town, the Registrar nor the Paying Agent shall be affected by any notice to the contrary. This Bond must be registered in the name of the owner as to both principal and interest on the registration books kept by the Registrar in conformity with the provisions stated herein and endorsed hereon and subject to the terms and conditions set forth in the Bond Ordinance. No transfer of this Bond shall be valid unless made on the registration books maintained at the principal office of the Registrar by the registered owner or his attorney duly authorized in writing. This Bond shall not be valid or obligatory for any purpose until the Registrar shall have manually signed the certificate of authentication hereon. IN TESTIMONY WHEREOF, the Town Council of the Town of Vail has caused this Bond to be executed with the manual or facsimile signature of the Mayor, and to be signed and attested with the manual or facsimile signature of the Town Clerk under the manual or facsimile impression of the seal of the Town. Signed: f Manual or Facsimile Si~naturel Mayor (MANUAL OR FACSIMILE SEAL) Attest: (Manual or Facsimile SignaturPl Town Clerk ~ , _ -14- Certificate of Authentication for Bond This is one of the Bonds described in the within mentioned Bond Ordinance, and this Bond has been duly registered on the registration books kept by the undersigned as Registrar for such Bonds. CENTRAL BANK NATIONAL ASSOCIATION Denver, Colorado, as Registrar Date of Authentication: By Authorized Representative -15- ASSIGNMENT FOR BOND FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto the within Bond and irrevocably appoints ,attorney-in-fact, to transfer the within Bond on the books kept .for registration thereof, with full power of substitution in the premises. Dated: NOTICE: The signature to Signature Guaranteed: this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without any alteration whatsoever. Address: Tax Identification Number or Social Security Number(s): (End of Form of Bond) -16- t Section 12. Delivery and Annlication of Proceeds. When the Bonds have been duly sold, executed and registered, the Town shall deliver the Bonds to the Purchaser in exchange for the 1989 Bonds. The registrar shall initially register the Bonds in the name of the purchaser, or in the names of such transferees as the purchaser may designate in writing or writings satisfactory to the registrar, or any combination thereof as directed by the purchaser. Section 13. Lew of Assessments. The Town has heretofore caused the assessments to be levied and collected as provided by law for the benefit of the registered owners of the Bonds. The Town hereby covenants for the benefit of each owner of the Bonds that the principal amount of the assessments remaining unpaid as of the date of delivery of the Bonds is in an amount at least equal to the principal amount of the Bonds. The Town covenants that the assessments will bear interest at a rate which is at least equal to the highest rate of interest on the Bonds and payable in one payment or in annual installments of principal, on March 1 of each year commencing on March 1, 1994, with interest on the unpaid principal balance of the assessment, payable annually on March 1 of each year commencing March 1, 1994. The Town hereby covenants to diligently enforce the lien of the assessments against the property subject thereto. Section 14. Assessment Revenues. All moneys received from such assessments, including interest and any penalties thereon (except to the extent that such moneys are payable to the Town as a reimbursement pursuant to Section 11 hereof), shall be deposited into the Bond Fund and said moneys, along with any other moneys deposited into the Bond Fund pursuant to the provisions of this ordinance, shall be used for the purpose of paying the principal of and interest on the Bonds and for no other purpose whatsoever, and as security for such payment the Bond Fund is hereby exclusively pledged. Section 15. Books and Records. So long as any of the Bonds remain outstanding, the Town will keep or cause to be kept true and accurate books of records and accounts showing full and true entries covering the collection and disposition of special assessments as well as any delinquencies in the collection thereof, covering deposits and disbursements in the Bond Fund, the redemption of Bonds, both principal and interest, and disbursements to defray the cost of the Improvements, including incidental expenses; and the -17- Town will permit an inspection and examination of all books and accounts at all reasonable times by a representative of the original purchaser of the Bonds. Section 16. Resignation of Reeistrar or Paving Agent. If the registrar or paying agent initially appointed hereunder shall resign, or if the Town shall reasonably determine that said registrar or paying agent has become incapable of fulfilling its duties hereunder, the Town may, upon notice mailed to each registered owner of the Bonds at his address last shown on the registration books, appoint a successor registrar or paying agent, or both. No such resignation or dismissal may take effect until a successor is appointed. Every such successor registrar or paying agent shall be the Town or a bank or trust company located in and in good standing in the State of Colorado. It shall not be required that the same institution serve as both registrar and paying agent hereunder, but the Town shall have the right to have the same institution serve as both registrar and paying agent hereunder. Section 17. Authorized Action. The officers of the Town hereby are authorized and directed to take all action necessary or appropriate to effectuate the provisions of this ordinance, including, without limiting the generality of the foregoing, the printing of the Bonds (which may include thereon an opinion of bond counsel and related certification by the Town Clerk), the execution of such certificates as may reasonably be required by the initial purchaser thereof or bond counsel, relating, inter alia, to the signing of the Bonds, the tenure and identity of the municipal officials, the absence and existence of factors affecting the exemption of interest on the Bonds from federal income taxation, the accuracy of property descriptions, the delivery of the Bonds and the absence of litigation pending or threatened affecting the validity of the Bonds, if such is in accordance with the facts, and the execution of a bond purchase contract and appropriate agreements with respect to the services of paying agent and registrar. Section 18. Bondholders' Rights and Remedies. Any owner of any one or more of the Bonds may, either at law or in equity, by suit, action, mandamus or other appropriate proceedings in any court of competent jurisdiction, protect the lien created by this ordinance on the proceeds of said assessments and the moneys in the Bond Fund, and may by suit, action, mandamus or other appropriate proceedings enforce and compel the performance of any covenant of the Town or any duty imposed upon the Town by the -18- provisions of this ordinance, or any ordinance heretofore or hereafter adopted concerning the District, including, without limiting the generality of the foregoing, the segregation of assessments into the Bond Fund, the proper application thereof and the appointment of a receiver. The failure of any such owner so to proceed shall not relieve the Town, the Council or any of the Town's officers, agents or employees of any liability for failure to perform any such duty. No remedy or right conferred by this ordinance is intended to be exclusive of any other remedy or right, but each such remedy or right is cumulative and may be pursued without waiving any other remedy or right. Section 19. Tax Covenants. The Town covenants for the benefit of the registered owners of the Bonds that it will not take any action or omit to take any action with respect to the Bonds, the proceeds thereof, any other funds of the Town or any facilities financed or refinanced with the proceeds of the Bonds if such action or omission (i) would cause the interest on the Bonds to lose its exclusion from gross income for federal income tax purposes under Section 103 of the Tax Code, (ii) would cause interest on the Bonds to lose its exclusion from alternative minimum taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such interest is required to be included in calculating the adjusted current earnings adjustment applicable to corporations under Section 56 of the Tax Code in calculating corporate alternative minimum taxable income, or (iii) would cause interest on the Bonds to lose its exclusion from Colorado taxable income or Colorado alternative minimum taxable income under present Colorado law. The foregoing covenant shall remain in full force and effect notwithstanding the payment in full or defeasance of the Bonds until the date on which all obligations of the Town in fulfilling the above covenant under the Tax Code and Colorado law have been met. Section 20. Designation as Ouali6ed Tax-Exempt Obligation. The Town hereby designates the Bonds as a qualified tax-exempt obligation for purposes of Section 265(b)(3)(B) of the Tax Code. Section 21. Defeasance. When the Bonds have been fully paid both as to principal and interest, all obligations hereunder (other than the .obligations set forth in Section 19 hereof) shall be discharged, and the Bonds shall no longer be deemed to be outstanding for any purpose of this resolution. Payment of any Bonds shall be deemed made -19- when the Town has placed in escrow with a commercial bank exercising trust powers, an amount sufficient (including the known minimum yield from Federal Securities) to meet all requirements of principal of and interest on such Bonds as the same become due to maturity or to a designated prior redemption date; and, if the Bonds are to be redeemed prior to maturity, when the Town has given to the Registrar irrevocable written instructions to give notice of prior redemption in accordance with Section 5 hereof. The Federal Securities shall become due prior to the respective times on which the proceeds thereof shall be needed, in accordance with a schedule agreed upon between the Town and such bank at the time of creation of the escrow. Federal Securities within the meaning of this section shall include only direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States, and which are not callable prior to their scheduled maturities by the issuer thereof, or interests in such obligations. Section 22. Amendment or Sunnlement of Ordinance. This ordinance may be amended or supplemented by an ordinance or ordinances adopted by the Town Council in accordance with the Charter and the Vail Code with or without the receipt by the Town of any additional consideration, with the written consent of the owners of 75 percent of the Bonds authorized by this ordinance and outstanding at the time of the adoption of such amendatory or supplemental ordinance, provided, however, that no such ordinance shall have the effect of permitting: (a) an extension of the maturity of any bond authorized by this ordinance without the written consent of the owner of the bond; or (b) a reduction in the principal amount of any bond or the rate of interest thereon without the written consent of the owner of the bond; or (c) the creation of a lien upon or a pledge of property, revenues or funds, ranking prior to the liens or pledges created by this ordinance; or (d) a reduction of the principal amount of Bonds required for consent of such amendatory or supplemental ordinance. Section 23. Ratification. All action (not inconsistent with the provisions of this ordinance) heretofore taken by the Town, the Council and the officers of the Town, directed toward the creation of the District, the construction and other acquisition of the -20- i a r Improvements therein, the sale and issuance of the Bonds, and the levy of assessments for that purpose, hereby is ratified, approved and confirmed. Section 24. Ordinance Irrepealable. After the Bonds have been issued, this ordinance shall constitute a contract between the Town and the owner or owners of the Bonds and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 25. Limitation on Challen¢e. After the expiration of 30 days from the date of final adoption and approval of this ordinance, all actions or suits attacking its findings, determinations and contents or questioning the legality of the Bonds and all proceedings relating thereto shall be perpetually barred, and the ordinance and Bonds shall be conclusive of the facts stated therein and shall be conclusively deemed valid and legal in every court or tribunal and shall not be open to contest for any reason. Section 26. Severability. If any section, paragraph, clause, or provision of this ordinance shall be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any other provision of this ordinance. Section 27. Repealer. All ordinances, resolutions, bylaws and regulations of the Town in conflict with this ordinance are hereby repealed to the extent only of such inconsistency. Section 28. Recordine: Effective Date. Immediately upon its final passage, this ordinance shall be recorded in the Town book of ordinances kept for that purpose, authenticated by the signatures of the Mayor and the Town Clerk and shall be published in The Vail Trail, a legal newspaper of general circulation in the Town. This ordinance shall take effect flue days following its publication after final passage. -21- A IN t xODUCED AND APPROVED ON r1tcST READING on February 16, 1993. Mayor (SEAL) Attest: Town Clerk ADOPTED AND APPROVED on March 2, 1993. Mayor (SEAL) Attest: Town Clerk -22-