HomeMy WebLinkAbout1987-05 Approving an extension Agreement which Extends the Period of Time During Which the TOV may Exersice a Certain Option for the Purchase of the Single Tree Golf CourseRESOLUTION NO. 5
Series of 1987
A RESOLUTION AUTHORIZING THE APPROVAL DF AN EXTENSION
AGREEMENT WHICH EXTENDS THE PERIOD DF TIME DURING WHICH
THE TOWN OF VAIL MAY EXERCISE A CERTAIN OpTIDN FOR THE
PURCHASE DF THE SINGLETREE GOLF COURSE; EXTENDING THE
TIME DN WHICH THE PURCHASE OF THE SINGLETREE GDLF COURSE
IS SET FOR CLOSING, PROVIDING FDR THE PAYMENT OF
ADDITIONAL EARNEST MONEY BY THE TOWN TO THE SELLERS OF
THE SINGLETREE GOLF COURSE, AND GIVING THE SELLERS THE
SINGLETREE GOLF COURSE CERTAIN RIGHTS, TO PURCHASE
CERTAIN CAPITAL ITEMS REQUIRED TO PREPARE THE SINGLETREE
GDLF COURSE FDR THE UPCOMING SEASON AND 'PROVIDING THAT
THE TOWN OF VAIL SHALL REIMBURSE SAID SELLERS FOR THE
CDST QF SUCH ITEMS .
WHEREAS, the Town of Vail and the Berry Creek Metropolitan District entered into
an agreement entitled "Amendment of Option Agreement" on December 31, 1986; and
WHEREAS, said agreement provided that the Town could exercise an option to
purchase the Singletree Golf Course an or before February 15, 1987; and
WHEREAS, the agreement for the purchase of the Singletree Golf Course provides
that the closing for said purchase was to occur upon March 2, 1987 should the Town
exercise the option; and
WHEREAS, the parties desire to extend the time period for the exercising of said
option from February 15 to February 18, 1987; and
WHEREAS, the parties wish to amend the time for the closing of the purchase of
the Singletree Golf Course as set forth in the Amended Option Agreement from March
2, 1987 to March 20, 1987; and
WHEREAS, as consideration for the extension of the closing date, the Berry Creek
Metropolitan District requires the payment of the sum of five thousand dollars
S,OOD) as additional earnest money for the purchase should the Tawn desire to
exercise its option; and
WHEREAS, the Berry Creek Metropolitan District will expend approximately seventy
thousand dollars ($70,ODO) in the purchase of certain capital items required to
operate the Singletree Golf Course for the current golf season and requires the Town
reimburse the District for all such capital casts and expenses incurred by the
District for the operation prior to January 1, and all salaries general and
administrative expenses after March 1, 1987; and
WHEREAS, the extension agreement attached hereto as Exhibit A and made a part of
this Resolution by reference provides for the changes and amendments set forth
hereinabove.
v ~~
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail,
Colorado, as fol]ows:
1. The extension agreement attached hereto as Exhibit A and incorporated into
this Resolution by reference is hereby approved by the Town Council.
2. The officers of the Town are hereby authorized and directed to take all
action necessary or appropriate to effectuate the provisions of this Resolution and
to comply with requirements of law.
3. This Resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APRROVED AND ADOPTED this day of 1987.
Paul R. Johnston, Mayor
ATTEST:
Pamela A. ~randmeyer, Town Clerk
z-
EXTENSION AGREEMENT
This Extension Agreement is entered into as of this dayofFebruary, 1987, by and between BERRY CREEK 1~.1xOPOLITAN
DISTRICT, a quasi-municipal corporation organized pursuant to
Title 32 of the Colorado Revised Statutes (the "District") and
the TOWN OF VAIL, a Colorado municipal corporation {the "Town"},
RECITALS
By document entitled Amendment of Option Agreement
Amendment") executed December 31, 198&, Town acquired from
District the option to acquire the Singletree Golf Course
pursuant to the terms and conditions of Exhibit B ("Exhibit B")
attached to the Amendment. Town and District desire to further
modify the Amendment and Exhibit B.
AGREEMENT
For good and valuable consideration the receipt of which is
hereby acknowledged the parties agree as follows:
A. The date "February 15, 1987" contained in Paragraph 3
to the Amendment is hereby changed to "February 18, 1987."
B. The date "March 2, 1987" contained in Paragraph 4 of
Exhibit B is hereby changed to "March 27, 1987."
C. The dollar amount of "$I0,000" {whether alphabetical or
numerical) referred to in Paragraph 3 of the Amendment and in
Paragraph 2(a) of Exhibit B is hereby changed to "$ 15.000.00 •"
The dollar amount of $3,290,000.00 (whether alphabetical or
numerical) is hereby changed to "$ 3,285.00 ."
D. Notwithstanding the extensions of time granted herein,
District will continue to prepare far the timely opening of the
Singletree Golf Course for the 3987 summer golf season. Prior to
closing of title District anticipates that it will in the normal,
reasonable and customary course of business have expended or
committed to expend apgroximately $70,000 in the purchase of
certain capital items including, but not limited to, batteries,
tires and maintenance equipment. At closing of title, Town will
assume or reimburse District for all such capital costs and all
non-salaried expenses paid or incurred by District_in the
reasonable operation of the Golf Course between January 1, 1981
determine if the petition complies with Sections 31-12-104 and 31-12-105 C.R.S., as
amended, to establish whether or not said area is eligible for annexation under the
Municipal Annexation Act of 1965, as amended, said hearing to be held at a regular
meeting of the Town Council on the 7th day of April, 1987 at 7:30 p.m., in the
Municipal Building of the Town of Vail.
The Town Clerk is hereby directed to give notice of said public hearing in
accordance with the provisions of 31-12-108(2) C.R.S., as amended.
6. This Resolution shall take effect upon its adoption.
INTRODUCED, READ, APPROVED AND ADOPTED this 17th day of February, 1987.
Paul R. Johnsto Mayar
ATTEST:
nGl,(..~,ylc~~
Pamela ~A. ~Brandmeyer, Town tClerk
2-
Exh~ ~-~ t A ~
AL DESCRIPTION _
A TRACT OF LAN9- BEING A PORTION OF~ WEST OHE-HALF OF SECTION T4 AND A`~
PORTION OF THE SOUTHEAST ONE-QUARTER OF SECTION 15. TOWNSHIP 5 SOUTH,
RANGE 81 WEST OF THE SIXTH PRINCIPAL MERIDIAN. EAGLE COUNTY. CO~.ORA00, AND
BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF THE NORTHWEST ONE-QUARTER OF THE
SOUTHWEST ONE-QUARTER DF SAID SECTION 14, WHENCE THE WEST ONE-QUARTER
CORNER OF SAID SECTION 14 BEARS S87 09`00"W 13$0.06 FEET DISTANT; SAID
POINT BEING ON THE SOUTHEASTERLY RiGNT-OF-WAY LINE OF INTERSTATE HIGHWAY
N0. 70; THENCE ALONG SAID SOUTHEASTERLY RIGHT-OF-WAY LINE FOR THE
FOLLOWING THREE (3} COURSES:
1.} N87 O9'OO'E A DISTANCE OF 111.28 FEET;
2.} N21 37'06"W A DISTANCE OF 73.65 FEET;
3.} N69 34`00"E A DISTANCE OF 111.80 FEET;
THENCE H34 58'26"W A DISTANCE OF 347.34 FEET TO THE SOUTHWEST CORNER OF
GOVERNMENT LOT 21, SECTION 14, SAID POINT BEING ON THE NORTHWESTERLY
RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY N0. 70; THENCE ALONG SAID
NORTHWESTERLY RIGHT-OF-WAY LINE FOR THE FOLLOWING FIVE (5} COURSES:
1.) N67 03'24"E A DISTANCE OF 259.95 FEET;
2.) 285.23 FEET ALONG THE ARC OF A.CURYE TO THE LEFT HAYING A CENTRAL
ANGLE OF 09 17'U8", A RADIUS OF 1760.00 FEET AND A CHORD WHICH
BEARS N59 23'18"E 284.92 FEET DISTANT;
3.) N21 36'24"E A DISTANCE OF 392.37 FEET;
4.} N45 48'18"E A DISTANCE OF 422.13 FEET;
5.} N38 44'00'E A DISTANCE DF 414.59 FEET;
THENCE S19 26'47"E A DISTANCE OF 512.00 FEET TO THE INTERSECTION OF THE
SOUTHEASTERLY RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY N0. 70 AND THE
EAST LINE OF THE NORTHWEST ONE-QUARTER OF SAID SECTIO?d 14; THENCE
SOl 2G'30"E ALONG SAID EAST LINE A DISTANCE OF 1075.47 FEET TO THE
SOUTHEAST CORNER DF SAID NORTHWEST ONE-QUARTER OF SECTION 14; THENCE
SO1 28'45"E ALONG THE EAST LINE OF THE NORTHEAST ONE-QUARTER OF THE
SOUTHWEST ONE-QUARTER OF SAID SECTION 14 A DISTANCE OF 1366.74 FEET TD THE
SOUTHEAST CORNER OF BLOCK 9, YAIL INTERMOUNTAIN DEVELOPMENT 5U8DIYISION, A
SUBDIVISION RECORDED AT RECEPTION N0. 121087 IN THE RECORDS OF THE EAGLE
COUNTY CLERK AND RECORDER; THENCE S87 36'55"W A DISTANCE OF 2708.69 FEET
TO THE SOUTHWEST CORNER OF SAID BLOCK 9; THENCE N47 04'3$"W A DISTANCE DF
54.41 FEET TO THE SOUTHWEST' CORNER OF BLOCKS 5 AND b, YAIL INTERMOUNTAIN
SUBDIVISION, A SUBDIVISION RECORDED AT RECEPTION N0. 114403 IN THE OFFICE
OF THE EAGLE COUNTY CLERK AND RECORDER; THENCE ALONG THE WESTERLY BOUNDARY
OF SAID BLOCKS 5 AND 6 FOR THE FOLLOWING FOUR {4} COURSES:
1.} N20 27'00"W A DISTANCE OF 152.35 FEET;
2.} NO6 35'09"W A DISTANCE OF 102.01 FEET;
3.} N21 23'41"W A DISTANCE OF 50.00 FEET;
4.} N59 4O'35"W A DISTANCE OF 123.89 FEET TO THE SOUTHERLY LINE OF
LOT ] OF SAID BLOCK 5;
THENCE ALONG THE SOUTHERLY AND EASTERLY BOUNDARY OF SAID LOT 1 FOR THE
FOLLOWING TWO (2) COURSES:
1.} Ntil 18'30"E A DISTANCE OF 17T.34 FEET;
2.} N38 00'00"W A DISTANCE OF 163.39 FEET TO THE SOUTHEASTERLY
RIGHT-OF-WAY LINE OF SAID INTERSTATE HIGHWAY N0. 70; THENCE ALONG
SAID SOUTHEASTERLY RIGHT-OF-WAY LINE FOR THE FOLLOWING SIX (6)
COURSES:
1.} 350.15 FEET ALONG THE ARC OF A CURVE TO THE RIGHT HAYING A
CENTRAL ANGLE OF 6 00'00", A RADIUS OF 3344.00 FEET AND A CHORD
WHICH BEARS N55 10'38"E 350.03 FEET DISTANT;
2.} H58 11'06"E A DISTANCE OF 559.86 FEET;
3,) N59 10'09"E A DISTANCE OF 290.30 FEET;
4.} 194.36 FEET ALONG THE ARC OF A CURVE TO THE RIGHT HAYING A
CENTRAL ANGLE OF O4 09'18", A RADIUS OF 2680.00 FEET AND A CHORD
WHICH BEARS N63 31'44"E 194.31 FEET DISTANT;
5.} N67 25'09"E A DISTANCE OF 197.10 FEET;
6,) N87 09'OOE A DISTANCE OF 109,47 FEET TO THE POINT OF BEGINNING.
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