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VAIL TRANSPORTATION CENTER
' VAIL, COLORADO
' STRUCTURAL STABILITY STUDY
AND
t REMEDIAL SCHEMATIC
DESIGN OPTIONS
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December 11, 2000
Mr. Greg Hall
Director
Department of Public Works / Transportation
1309 Elkhorn Drive
Vail, CO 81657
Dear Mr. Hall,
We have completed our structural assessment of the parking garage structure at the
Vail Transportation Center, located in the Town of Vail, Colorado. The following report
considers the proposed removal of a section of earth berm along East Meadow Drive
from the southwest corner of the parking garage to the main stairway of the original
structure, a distance of approximately 270 feet. Our report includes a brief description
of the structure, stability assessment of the structure with the berm removed, options for
modifications and schematic designs to maintain stability of the structure. We have
included recommendations for geotechnical investigations.
Please call us with any questions or additional information that you may need. We
appreciate the opportunity to work with the Town of Vail in providing this report.
The Office of
Loris and Associates, Inc. Reviewed By
Robert E. Borden, P.E. Julian J.B. Lineham, P.E.
Project Manager Associate
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VAIL TRANSPORTATION CENTER
p STRUCTURAL STABILITY STUDY
AND
r REMEDIAL SCHEMATIC DESIGN OPTIONS
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LOWS AND ASSOCIATES, INC.
5775 FLATIRON PARKWAY, SUITE 207
BOULDER, CO 80301
(303) 444-2073
DECEMBER 11, 2000
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1 Table of Contents
DESCRIPTION
STABILITY ASSESSMENT 1
MODIFICATIONS AND SCHEMATIC DESIGNS 1-3
' A.TIE-BACKS AT NORTH WALL
B. COUNTERFORTS AT SOUTH WALL
C. INTERNAL SHEAR WALLS
D. SOIL INJECTION GROUTING AT NORTH WALL
' RECOMMENDED GEOTECHNICAL INVESTIGATION 3
COST ESTIMATES 3
APPENDIX A
SITE PLAN - S1
TIE-BACKS AT NORTH WALL - S2
' COUNTERFORTS AT SOUTH WALL - S3
INTERNAL SHEAR WALLS - S4
SOIL INJECTION SYSTEM - S5
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DESCRIPTION
The Vail Transportation Center is composed of two
parking structures totaling approximately 135,000
square feet. It has four levels of parking, bounded 30
feet north of the structure by a Frontage Road that had
been U.S. Highway 6, and on the south by East
Meadow Drive. The north wall retains approximately
36.5 feet of earth backfill, making Level 4 accessible
from the Frontage road. The south wall retains a 36-ft.
high earth berm that slopes down to the south with its
toe at approximately the elevation of Level 1 just north
of East Meadow Drive.
The original parking structure, built around 1975, is 783
feet long in the east-west direction and 129 feet wide in
the north-south direction. It consists of cast-in-place
concrete spread footings and foundation walls with
precast concrete exterior walls and one interior column
line running east and west. The footings for the north
walls and columns are sized to carry only gravity loads.
Cast-in place concrete pilasters are constructed on the
exterior of the north and south walls at 9-ft intervals,
and align with the interior columns. The floors are
prestressed concrete double tee girders extending north
and south in a two-span configuration with a composite,
cast-in-place concrete topping. Precast concrete utility
chases are attached to the exterior of both the north and
south walls by means of embeded weld plates.
A parking structure addition, constructed in the early
1990's, attached at the east end of the original structure,
adds approximately 300 feet in length. It includes an
information center, modifications to the original stairs
on the south side, modifications to the entrance ramps
and modifications to the original passenger terminal.
The addition is built in a configuration similar to the
original structure except along the north side. The north
wall includes a large 16-ft. wide cast-in place concrete
footing and 6 ft wide precast concrete counterforts
extending the full height of the north wall. The
counterforts are spaced at 10-ft. intervals and align with
the interior columns. The counterfort footings are sized
to resist lateral pressures of backfill material placed to
approximately Level 2, therefore are believed to have
been constructed for the purposes of backfill operations.
There are no pilasters on the south wall.
Underground utilities are located near the structure on
both the north and south sides. A 16-inch ductile iron
water pipe under the Frontage Road feeds the fire
hydrants on the north side. Also, a 10-inch ductile iron
water pipe has been placed for future use extending
northeast under the Frontage road from the north side of
the building. These water pipes are believed to be
approximately 6 feet below grade. In addition, there is
a 24-inch storm sewer that picks up storm water from
inlets on the south edge of the Frontage Road and
passes under the building from the north side, picking
up the floor drain risers on the south side of the
building. A storm sewer system on the north side of
side of East Meadow Drive consists of drop inlets
connected by a 12-inch pipe approximately seven feet
below street grade. The 12-inch pipe flows to the east
and is also tied into the 24-inch storm sewer.
Enclosed in Appendix A is Site Plan Sketch Sl
including some of the surrounding topographic features.
STABILITY ASSESSMENT
The Town of Vail is considering removing the earth
berm along the south side of the original structure to
allow construction of new retail and living space. The
berm would be removed from the west end of the
original structure for a distance of approximately 270
feet. The parking structure addition will not be
disturbed.
The original parking structure has very little capacity to
resist lateral loads by itself. Pressure exerted on the
north wall from the backfill material is equalized by
pressure exerted on the south wall by the berm. It
utilizes the earth pressures on both the north and the
south sides to resist traction forces from vehicles in the
garage and provide lateral stability to the structure.
Connections between the girders and the walls cannot
safely resist lateral loads by themselves. The footing
sizes and connections between the walls and footings do
not provide lateral resistance.
It appears that the original construction sequence
required placing backfill material behind the north wall
simultaneously with the earth berm at the south wall.
This would allow the structure to remain stable during
the backfill operations. As a result of this procedure,
the backfill material would exert an `at rest' lateral soil
pressure on the walls that we estimated at 50 pounds per
cubic foot. It also appears that no provision has been
made to drain ground water behind the walls, thus
additional hydrostatic pressures may need to be resisted
as well. Due to the proximity of the Frontage Road on
the north side, surcharge loads from traffic adds to the
lateral pressures to be resisted.
MODIFICATION AND
SCHEMATIC DESIGNS
Removal of the berm on the south side of the structure
will require remedial measures to provide lateral
stability. Remedial measures can be incorporated into
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the structure by either stabilizing the north wall,
stabilizing the south wall or an internal system of braces
or transverse shear walls. We have investigated
possible solutions and have provided four schematic
designs that are feasible to provide lateral stability.
A. TIE-BACKS AT NORTH WALL
A tie-back anchor system can be constructed at the
north wall. This will allow the lateral earth pressure
from the backfill behind the north wall to be resisted by
anchor rods secured in the soil under the Frontage road.
The tie back anchors would consist of steel rods
approximately 50 feet long that are grouted into the soil
beyond the slip surface of the backfill. The steel rods
are secured to the inside face of the north wall
approximately 2 feet above the floor elevation to
accommodate construction equipment. The anchors
need to be placed at Levels 2, 3 and 4, spaced
approximately 4.5 feet between column lines 1 and 11.
We estimated that the slip surface of the backfill
material is 25 to 30 feet from the north wall at grade.
We also estimated that 25 feet of pressure grout at the
ends of each rod needs to be placed beyond the slip
surface to carry the anchor rod tensile forces. Each tie-
back anchor needs to be load tested in place to
withstand 150% of the design force.
The north wall is reinforced to carry the lateral earth
pressures by spanning vertically between the floor
levels. Placing the tie-back anchors 2 feet above the
floor level shifts the location of the forces acting on the
wall. Modifications to the north wall will be required at
Level 2 consisting of a reinforced concrete wall
between Level 2 and Level 3 and can be incorporated
into the anchorage system of the tie-backs at the wall.
We believe that the soils under the Frontage road may
have cobbles and boulders. This in itself should not
prohibit the installation of this system, but will increase
costs. Additional soil investigation needs to be done to
confirm the soil type, design pressures, water table and
moisture content. Design of this type of system will
require additional information regarding locations and
depths of waterlines, storm sewers and other utilities
under the Frontage Road. In addition, investigation will
need to be made into the right of way implications of
the anchors extending under the Frontage Road and
possibly underneath Interstate Highway 70.
Enclosed in Appendix A is schematic sketch S2 of the
Tie-Back Anchor system.
B. COUNTERFORTS AT THE
SOUTH WALL
The resisting lateral earth pressures developed by the
berm on the south wall can be replaced by counterforts
placed perpendicular to the south wall. The schematic
design for this system includes 1-ft. thick, cast-in-place
concrete counterfort walls approximately 35 feet long
and 36 feet high, spaced at 27-ft. intervals to match the
pilasters on the south wall. The counterforts are
founded upon 48 inch diameter drilled caissons placed
near the end of each counterfort. The overturning loads
produced from the lateral earth pressures are resisted by
a force couple developed by the drilled caissons. The
caissons need to be drilled deep enough into suitable
soils to produce an uplift capacity on the caisson near
the south wall, as well as high bearing loads at the south
end of the counterfort. Transfer beams placed
horizontally at each floor level on the outside of the
south wall would carry the forces to the counterfort
walls.
The dead load of the structure carried by the south wall
is engaged by reinforcing dowels from the counterforts
into the existing pilasters to maintain an additional
factor of safety against overturning. The horizontal
forces produced by lateral earth pressures are
transferred through the counterforts to the drilled
caissons producing shear and bending in the drilled
shafts.
The counterfort system may be built integrally with a
future building to be placed against the south wall in
this area. The construction of each counterfort will
require installation of shoring to minimize over
excavation of the earth berm and maintain stability of
the structure. Construction excavation should begin at
the west end of the structure after placing the shoring
system for the first counterfort The first counterfort
needs to be constructed 27 feet from the west wall.
Similarly, excavation for the second counterfort may
begin after removing the shoring and resetting it east of
the second counterfort location. This precedure should
be utilized for each conterfort, working from west to
east along the south wall.
The spacing of the counterforts may be widened to a
maximum of 35 feet but will require placement of very
large transfer beams at the floor levels and may include
additional drilled caissons.
A similar system was investigated using spread footing
foundations. This system required counterfort lengths
extending into East Meadow Drive and very large
footing sizes to resist the overturning forces. Therefore,
it was not considered as a feasible option.
Enclosed in Appendix A is schematic sketch S3 of the
Counterfort System.
C. INTERNAL SHEAR WALLS
A system of shear walls can be constructed inside the
structure. This scheme includes 1-ft. thick concrete
walls extending vertically from floor Level 1 to Level 4.
The shear walls would be placed perpendicular to the
north and south walls of the parking structure extending
the entire width of the structure. The walls will be solid
except for two openings approximately 30 feet wide and
7 feet high for traffic movement. The spacing of the
walls is every 27 feet aligning with the exterior
pilasters. Final placement of the shear walls will need to
maintain clearance around the internal utility pipes and
conduits. At Level 1, a portion of the concrete slab
would be removed to allow for a new wall footing. At
Levels 2 through 4, a portion of the double tee flanges
and concrete topping would be removed to allow a
continuous wall extending from level 1 to level 4. The
north wall of the parking structure would be fastened
with reinforcing dowels from the shear walls to engage
the weight of the structure to resist overturning. The
flanges and concrete topping would be doweled into the
shear walls to transfer the lateral forces through each
floor into the shear walls.
The forces transferred to the shear wall footing require
high soil bearing capacities. This may require grouting
of the soils beneath the new footings to increase the
allowable bearing pressure. Additional investigations of
the soil beneath the floor slab at Level 1 will be
necessary to confirm this.
Enclosed in Appendix A is schematic sketch S4 of the
Internal Shear Wall System.
D. SOIL INJECTION GROUTING
AT THE NORTH WALL
A method of injecting structural chemical grout into the
soils is available that produces a solid sandstone-like
material. This method can be employed at the north
side of the transportation center and will essentially
create a large gravity retaining structure adjacent to the
north wall. An area, 30 feet wide by 270 feet long will
need to be grouted from the footing at Level 1 to the
grade near Level 4. This area will lie immediately north
of the north wall and extend to the south side of the
Frontage Road.
Prior to grouting, a mud slurry will need to be placed
adjacent to the exterior face of the north wall for
approximately 270 feet. Injection of the grout should
begin nearest the south edge of the Frontage Road.
Injection should procede east and west until an entire
grout curtain has been placed. The injection should
continue in a like manner working toward the north
wall. This procedure allows the soils north of the
structure to be densified and displaced without applying
additional lateral pressures to the north wall. After the
grouting is complete, flow-fill concrete replaces the
mud slurry by pumping the flow fill to the bottom of the
slurry and displacing the mud. Grouting operations are
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dependent upon locations of underground utilities which
must be located prior to design of this system. The
north wall will need to be sealed to prevent the slurry
from leaking into the structure. The utility chases on
the north wall may also be sealed, or may require
pumping and cleaning of slurry material that may have
leaked into them.
The soils must accept injection of the chemical grout at
a rate high enough to make the process feasible. The
primary guide to groutability of the soils is
permeability. Soils in the range of 0.10 cm/sec to 0.001
cm/sec are easily grouted. Soils with permeability in the
range of 0.0001 cm/sec to 0.00001 cm/sec are near the
limit for grouting and may not be suitable for this
method. Ph of the soils needs to be determined to
account for reaction between the soil and the chemical
grouts. Also, soil investigation will need to be made to
determine the permeability, porosity, water table and
moisture content.
Enclosed in Appendix A is schematic sketch S5 of the
Soil Injection System.
RECOMMENDED
GEOTECHNICAL
INVESTIGATIONS
Soil borings should be taken on the north side of the
structure in the backfill material to confirm soil type,
gradation, moisture content, water table and design
parameters including permeability, porosity and Ph.
Borings should be taken on both the north and south
sides of the Frontage Road and in the backfill material
placed against the north wall, extending approximately
20 feet below level 1. The soil borings on the south
side need to extend to bedrock to establish suitable
bearing for drilled caissons. Core holes should be
drilled through the concrete slab at Level 1 to allow soil
samples to be taken beneath the floor slab.
COST ESTIMATES
Each schematic design option relies heavily on the
geotechnical parameters that are largely unknown at the
present time. Cost estimating will be provided in a
subsequent design development phase once the field
work is completed and soil data has been gathered.
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~ APPENDIX A
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■WIL] ENGINEERING
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ENGINEERING
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SECTION
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SOIL INJECTION GROUTING
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1124
STATE OF COLORADO, f
EAGLE COUNTY. ss.
I hereby certify that this instrument
was filed for record in my office the
...day of 1970._at
-'~%3ko clock :M_ and is duly recorded
Original 49-year lease from
VA to TOV/Village Parking
Structure, Tracts B & C,
Vail Village 1st Filing/
PRE-EMPTED BY PURCHASE OF LAND
7'!547
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LEASE
This LEASE, made and entered into as of the 74th
day of February 19 70 (hereinafter referred to as
"the date of this lease"), by and between VAIL ASSOCIATES, INC.,
a Colorado corporation (hereinafter called "LESSOR"), and the
TOWN OF VAIL, a municipal corporation (hereinafter called "LES-
SEE
W I T N E S S E T H:
1. LETTING OF PREMISES
LESSOR, for and in consideration of the rents,
covenants and agreements hereinafter mentioned to be paid, kept
and performed by LESSEE, has let and leased, and does hereby let
and lease unto LESSEE the real property situate in the County of
Eagle and State of Colorado which is described in Exhibit A at-
tached to and made a part hereof, which real property is herein-
after referred to as the "premises", or as the "leased premises",,
TO HAVE AND TO HOLD the leased premises unto LESSEE, subject to
r easements, restrictions, rights-of-way and protective covenants
either existing or of record and subject to the terms, covenants
and conditions hereof, for a term of forty-nine (49) years, com-
mencing at noon on the date of this lease and extending to noon
on the forty-ninth (49th) anniversary of the date of this lease,
unless,sooner terminated as hereinafter provided. The said
forty-nine (49) year period is hereinafter sometimes referred to
either as "the term of this lease" or as "the lease term." Each
lease year shall commence at noon on the day and month of the date
of this lease and end at noon on the day and month of the date of
this lease in the following year.
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2. WARRANTIES OF LESSOR
LESSOR WARRANTS that it has the right to lease the
leased premises and LESSOR covenants with LESSEE that, subject
to the observance by LESSEE of the terms, covenants and condi-
tions hereof, LESSEE shall have, from the date of this lease,
quiet and peaceable possession of the leased premises during the
lease term, subject to this lease, and LESSOR will defend LESSEE's
posses-lion against any and all persons whomsoever. This lease and
the lease term shall, however, unless renewed or extended as pro-
vided herein, expire and all rights of LESSEE hereunder terminate
automatically upon the expiration of the term of this lease, with-
out notice or demand.upon LESSEE.
3. COVENANTS OF LESSEE
LESSEE has and does hereby hire and lease the leased
premises, subject to the terms hereof, for the term of this lease
and agrees with LESSOR, its agents, successors and assigns, that,
as payment and consideration to LESSOR for the benefit accruing to
LESSEE from the use and occupancy of the leased premises, LESSEE
covenants and will, and hereby does, bind itself, its successors
and assigns, as follows:
3..1 Use of the Leased Premises. LESSEE will use
and maintain the premises for and as a public parking area. LESSEE
shall maintain a minimum of at least 10.0 spaces for the 1 day s*le r*
LESSEE shall at its expense remove snow, trash and debris from the
premises so that the public parking area will at all times be avail-
able for parking. Prior to November 15, 1970, LESSEE shall cause
at least one-third (1/3)of the premises to be paved, at LESSEE`s
expense, in the same manner as the paved public streets within the
*as opposed tp Village employees, Village owners, and/or long stay
skiers. _ 2 -
;boundaries of the Town of Vail, Colorado. An additional one-third
of the leased premises shall be paved in a similar manner prior to
December 1, 1971, and the balance paved by December, 1972. LES-
SEE shall, within a reasonable time and at its expense, landscape
the public parking area in an attractive manner in accordance with
landscaping plans submitted to and approved by the Vail Architect-
Ural Control Committee acting in good faith. No permanent build-
ings or other improvements of any kind, except such paving and
landscaping, shall be constructed or maintained on the leased
premises without LESSOR's prior written consent thereto and ap-
proval of the plans therefor having been given by LESSOR and the
Vail Architectural Control Committee acting in good faith. No
portion of the premises shall be used for commercial use, perma-
nently parking rental cars or storing any motor vehicle of any
kind without the prior written consent of LESSOR. LESSEE shall per-
mit no person to camp, sleep, cook or loiter on the premises or with-
in or upon any motor vehicle, trailer or other device located or
parked upon the premises. LESSEE may, at its sole expense and
after receiving the prior written consent of LESSOR, locate -
and construct a public road across the premises and extend or
widen the existing public road adjoining the Southerly boundary
of the premises and LESSOR shall dedicate any portion of the premises
so used to the public for road purposes; provided that LESSOR
shall bear no costs or expenses of any such road construction.
LESSEE will supervise all parking upon the premises and will
conform to and observe all statutes, ordinances, rules or regu-
lations which may be adopted by the state, county and local
governments or their authorities relating to the use or mainten-
ance of the leased premises within their respective jurisdictions,
and will not, during the lease term, permit the same to be used for
any illegal or immoral purposes, businesses or occupations whatever.
LESSEE shall, at no time during the term of this lease, or any ex-
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tension or renewal thereof, impose any charge upon any person for
using the leased premises for parking or other purposes without
the prior written consent of LESSOR and a mutually acceptable ad-
justment in the amount of annual rentals to be paid hereunder.
3.2 LESSEE Not to Commit Waste. During the term
of this lease LESSEE shall keep and maintain the lease3premises
as improved in accordance with paragraph 3.1 in a first class
condition, and LESSEE hereby covenants and agrees not to commit
waste of the leased premises or any part thereof.
3.3 Annual Rentals. LESSEE will, during the
lease term, pay to LESSOR as rent an annual rental amount of Ten
Dollars ($10.00) per year payable in advance on the date of the
execution hereof and on December 1 of each successive year dur-
ing the term of this lease at such address as LESSOR shall from
time to time designate in writing. Said annual rental amounts
shall be fully net to LESSOR and no costs, expenses or other
charges shall be deducted from or charged against said rentals
by LESSEE prior to payment thereof to LESSOR.
3.3.1 Additional Consideration. As additional
consideration for the granting of this lease, LESSOR shall have
and LESSEE hereby grants to LESSOR an option which may be exer-
cised from time to time and at any time.to_ reserve up to a total
.of twenty (20) parking spaces designated by LESSOR for its use and
the use of LESSOR's employees, customers and guests. Upon receiv-
ing written request from LESSOR for the use of such spaces, LESSEE
shall mark such spaces and maintain them available for LESSOR's
use. Such spaces shall remain available to LESSOR until LESSEE
shall receive written notice from LESSOR that it no longer requests
the spaces, provided that such action by LESSOR shall not prevent
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it from requesting the spaces from time to time thereafter.
3.4 Taxes and Other Public Charges. LESSEE will
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pay all ad valorem taxes, assessments, and other public charges
levied or assessed by the federal, state or local governments
upon the leased premises, this lease, the rents herein reserved,
and any improvements erected thereorr, and will at all times save
LESSOR harmless from the payment thereof; provided that no lia-
bility for the payment of taxes, assessments or other charges
imposed by federal, state or local government laws, or the laws
of any foreign country, upon the income of LESSOR or upon the
passing or transfer of LESSOR's interest in the leased premises
is assumed by LESSEE by reason of this provision. Nothing in
this lease shall be construed so as to prevent LESSEE from con-
testing, at its own expense, any lien, claim or charge of any
kind with regard to the leased premises or any improvements
thereon. LESSOR may, at its election, require LESSEE to furnish
reasonable security for the payment of any liability, cost or
expense resulting from such contest by LESSEE. At the date of
this lease the parties are unaware of any public charges other
than those assessed on an ad valorem basis which LESSEE is to pay,
but if any such public charges should become payable by reason of
LESSEE's use and occupancy of the leased premises, LESSEE will at
all times save LESSOR harmless from the payment thereof.
3.5 Possession and Liability. LESSEE will enter
into possession of the premises immediately upon commencement of.
the term of this lease and will thereafter during the term of this
lease occupy and hold possession of all of the premises, indemnify-
ing LESSOR against and holding it exempt and harmless from any dam-
age or injury and from all expenses of LESSOR incurred by reason of
- 5 -
any such damage or injury, to any person or personalty, by reason
of the operation and maintenance of the premises as a public park-
ing area, or any of LESSEE's other operations conducted upon the
premises, except as such injury or damage may result from the negli-
gence of LESSOR itself.
3.6 Insurance. LESSEE shall, at its sole cost_and
expense, maintain in force during the term of this lease a policy
or policies of comprehensive general liability insurance covering
LESSOR and LESSEE with respect to the leased premises with minimum
limits as determined by the LESSEE, but in no event shall such
limits be less than $500,000.00 for injury to more than one per-
son, nor less than $500,000.00 for injury to more than one person
in any accident, and also a policy of insurance in the sum of not
less than $100,000.00 for claims for property damage. LESSEE
shall also carry such employee compensation insurance as shall be
required by the laws of the Stateof Colorado. • LESSEE shall supply
LESSOR certificates evidencing such insurance as the same shall be
in force protecting LESSOR. Such insurance shall not be deemed to
be the limit of LESSEE's liabilities and obligations under para-
graph 3.5 hereof. Nothing in this paragraph 3.6 shall be construed
as requiring LESSEE to maintain in force during the term of this
lease a separate policy or policies of insurance with respect to
the leased premises if LESSEE maintains in force during the term
of this lease another policy or policies of insurance with respect
to other real property leased from LESSOR, the coverage of which
policy or policies of insurance extends by the terms of such policy
or policies to the leased premises.
3.7 Minerals and Water. LESSEE shall have no right
to prospect in, drill, mine or operate for, or take and remove from
- 6
the leased premises or any part thereof any oil, gas, rock, sand
and gravel, and other minerals or water, except such as may be
taken or removed in connection with the maintenance of the leased
premises as a parking area.
3.8. Entry for Inspection. LESSOR, or its agents,
may at its option go upon the premises at any reasonable time to
inspect the same.
3.9 Expenses. LESSOR shall have no liability for
any of LESSEE's expenses of paving landscaping or maintenance of
the premises, including snow and trash removal and parking super-
vision. In addition, if at any time it becomes necessary to re-
locate any utility pipes or lines by virtue of LESSEE's occupation `
or improvement of the premises, any expenses for such relocation
shall be entirely borne by LESSEE.
4. COVENANTS OF LESSOR
It is further agreed by LESSOR, in consideration of
the rents and covenants to be paid or herein made to be kept by
LESSEE, that LESSOR covenants and will, and hereby does, bind it- .
self, its successors and assigns, as follows:
4.1 Use of the Lease Premises. LESSOR covenants
that the leased premises may be used for the purposes set forth
herein and that LESSEE shall have exclusive use of the leased
premises, subject to the termsof this lease.
4.2 Interference with Use. LESSOR will not take
any other action which would prohibit or restrict LESSEE's use of
the leased premises in accordance with paragraph 3.1 hereof.
5. CONDITIONS OF GRANT
This lease is made upon the condition that LESSEE
shall perform all the covenants and agreements herein set forth to
- 7 -
be performed by it. If there shall be default on the part of LESSEE
in the payment of rent, taxes, assessments or other charges and pay-
ments to be made by it or in the performance or observance of any of
the remaining covenants or agreements to be observed or performed by
it and such default shall continue for sixty (60) days after written
notice of such default and demand for performance is given by LESSOR
to LESSEE and to any mortgagee or grantee in trust who has given LES-
SOR written notice of the interest held by him in the leasehold of
LESSEE, LESSOR shall have full right, without further demand or no-
tice, which are hereby waived, to enter upon the leased premises
and to take immediate possession thereof and to bring suit for and
collect all rents, taxes, assessments, payments or other charges `
which shall have been accrued to and from the time of entry. Upon
such default this lease and all rights herein granted shall become
void to all intents and purposes whatsoever and all improvements
made on the leased premises shall be held by LESSOR as security for
the payment of amounts due under this lease by LESSEE.
6 OPTION TO RENEW
In consideration of the premises, LESSOR hereby
grants to LESSEE the exclusive right and option to renew or extend
this lease on the entire leased premises for a further term of forty-
nine (49) years, commencing at the expiration of the term of this
lease, on the same terms and conditions as shall be existing during
the last year of the basic forty-nine (49) year term hereof. Notice
of the desire of LESSEE to exercise such option shall be given by
LESSEE to LESSOR at least one (1) year before the expiration of the
term of this lease, which notice must be in writing; and it is ex-
pressly agreed by and between the parties hereto that time is of
the essence in the giving of said notice.
- 8 -
7. MUTUAL AGREEMENTS
It is further mutually agreed by and between the
parties hereto as follows:
..rr
7.1 Improvements at Expiration of Term. At the.
expiration of the term of this lease or any renewal or extension
thereof, or upon termination as elsewhere provided herein:
7.1.1 Ownership of the paving and landscaping
shall pass to LESSOR. LESSOR shall pay to LESSEE an amount equal to
the actual cost of LESSEE in originally paving the premises (which
cost shall be fixed by LESSOR and LESSEE prior to April 1, 1973 and
shall be attached hereto) less a sum equal to the costs of needed
repairs to the paving on the date of the expiration or termination
of this lease.
7.1.2 LESSEE may, at its option, remove any
buildings and structures located on the leased premises at the
time of expiration, provided that LESSEE shall not at such time
be in default in the performance of any of the terms and covenants
of this lease. LESSEE shall have three (3) months after the date-
of such expiration or termination of this lease in which to re-
move all such buildings and structures. In the event that LESSEE
shall not remove such buildings or structures, or both, within said
three (3) month period, then all of the buildings and structures so
remaining on the leased premises shall become the property of LESSOR.
7.2 Indemnity Against Cost of Litigation. LESSEE
will pay to and indemnify LESSOR against the payment of all legal
costs and charges, including all reasonable counsel fees, lawfully
and necessarily incurred by LESSOR in the defense of any suit to
discharge the leased premises, or any part thereof, from any liens,
judgments or encumbrances created by LESSEE against the same, or
against LESSEE's leasehold estate, or any legal costs and charges,
including all reasonable counsel fees, lawfully and necessarily in-
- 9 -
curred by LESSOR on account of proceedings to obtain possession
of the leased premises by LESSOR from LESSEE after.termination of
the lease term by forfeiture or otherwise.
7.3 LESSOR May Cure Certain Defaults of LESSEE. In
the event that LESSEE shall fail or refuse to pay any sum or sums
when due as required by the terms of this lease, except for the
payment of rents, LESSOR may, at its election, pay any such sum
or sums, including insurance premiums for policies required by the
provisions of this lease. Any sums paid by LESSOR on behalf of
LESSEE shall be immediately due and payable by LESSEE to LESSOR,
together. with interest thereon at the rate of ten percent (10Y.)
per annum from the date of-payment by LESSOR,.and in the event
that LESSEE shall fail to pay any and all such sums to LESSOR with-
in ten (10) days after written demand is made by LESSOR, then LES-
SOR may elect to terminate this lease.
7.4 LESSOR's Interest in the Premises. No act done
or suffered to be done by LESSEE shall in any manner affect the re-
versionary estate of LESSOR in the leased premises or the lien
hereby created. Unless specifically provided for herein, nothing
herein contained shall authorize LESSEE to perform any act on LES-
SOR's behalf which may in any way encumber or change the title of
LESSOR's interest in the leased premises.
7.5 Rights of Parties in Case of Appropriation to
Public Use.
7.5.1 If, during the term of this lease, the
title to more than fifty percent (50%) of the leased premises shall
be taken, or if the leased property shall be deprived of any possible
tv means of ingress or egress to and from the streets and highways or
any of them, abutting the leased property as the result of the exer-
- 10 -
cise of the power of eminent domain (hereinafter referred to as
"proceeding") which shall include the taking by the condemning
authority or voluntary conveyance in lieu thereof, the LESSEE
shall have the right to terminate this lease upon giving written
notice to LESSOR of its intent to terminate not later than ninety
(90) days following the date such public authority acquires pos-
session to the part so taken.
7.5.2 If, during the term of this lease, title
to fifty percent (500%) or less than fifty percent (500%) of the
leased premises shall be taken in any such proceeding, this lease
shall not terminate; the rent thereafter due and payable by LESSEE
and the parking to be maintained by LESSEE under this lease shall
be reduced in such proportion as the nature, value, and extent of
the part so taken bears to the whole of the leased premises, and
LESSEE shall, as necessary, proceed to repair, restore and place
,moo
in proper condition for use and occupancy the part of the leased
premises not so taken.
1.5.3. In any award given pursuant to any such
proceeding, LESSOR shall be entitled to the amount of the award given
for the taking of the land and improvements on the land constructed
by LESSOR, and the LESSEE shall be entitled to the amount of the award
given for the taking of any improvements on the land constructed by
LESSEE; provided that the value of this lease or its effect upon the
value of the land or improvements thereon shall not be considered in
determining the division of any such award between LESSOR and LESSEE.
In the event the award in any such proceedings does not specify and
allocate the award between land, LESSOR's improvements, and LESSEE's
improvements, as provided herein, and in the event LESSOR and LESSEE
- 11 -
L
are unable to reach an agreement with respect to such applica-
tion, the question shall be submitted to arbitration as pro-
vided hereinafter.
7.6 Notice. All notices, requests, consents and
r
other communications under this lease shall be in writing and
shall be deemed to have been sufficiently given or served if
delivered or mailed by first class registered or certified mail,
sufficient postage prepaid, addressed as follows:
If to LESSEE:
If to LESSOR:
Town of Vail
Vail,
Colorado 81657
Vail Associates, Inc.
Vail,
Colorado 81657
The addresses herein given may be changed by the party affected
thereby by notice given pursuant to the provisions of this para-
graph.
7.7 Waiver. No waiver, express or implied, of any
breach of any covenant, condition or stipulation hereunder shall
be taken as a waiver, express or implied, of any succeeding breach
of the same covenant, condition or stipulation. The acceptance of
rent by LESSOR shall not be deemed to be a waiver (except as to any
default arising out of the failure to pay the rent so accepted by
LESSOR), of any breach of LESSEE of any covenant herein contained or
of the right of LESSOR to re-enter for breach of condition. No act
or acts, omission or omissions, or any waiver, acquiescence or for-
giveness by LESSOR as to any default or breach in the failure of the
performance, either in whole or in part, by LESSEE of any of the
terms, covenants or conditions of this lease shall be deemed.or
construed to be an extinguishment of such covenant or condition, the
- 12 -
breach whereof has been waived, or a waiver by LESSOR of its right
to declare a termination of this lease for any subsequent breach, j
or a waiver of the right of LESSOR at all times in the future to
insist upon the full complete performance by LESSEE of each and all
of the terms, covenants, and conditions to be performed by LESSEE
according to the provisions of this lease in the manner and to the
same extent as the same are herein covenanted to be performed by
LESSEE.
7.8 Covenants Against Liens.
7.8.1 By LESSEE. During the term of this
lease, LESSEE covenants to promptly discharge or cause to be dis-
charged every lien, charge or encumbrance of any nature whatsoever
created by LESSEE' including any liens arising under the provisions
of paragraph 3.4, the payment of which is assumed by LESSEE, which
may be filed against the leased premises, and LESSEE will indemnify
and save LESSOR harmless from all loss, cost abd expense, including
reasonable attorneys' fees, which LESSOR may sustain by reason of
such lien, charge or encumbrance, or in defending against such lien,
charge or encumbrance. It is expressly understood and agreed that
the right of LESSEE or of any person claiming through or under LES-
SEE to charge any mechanic's or similar lien upon or against LESSOR's
interest in the leased premises is hereby expressly denied.
7.8.2 By LESSOR. During the term of this lease
LESSOR covenants to promptly discharge or cause to be discharged
every lien, charge or encumbrance of any nature whatsoever created
by LESSOR, which may be filed against the leased premises, and LES-
SOR will indemnify and save LESSEE harmless from all loss, cost and
expense, including reasonable attorneys' fees, which LESSEE may sus-
tain by reason of such lien, charge or encumbrance, or in defending
- 13 -
C against such lien, charge or encumbrance.
7.9 Assignments by LESSEE. The interest of LESSEE
in the premises and LESSEE's obligations hereunder may not be con-
veyed, assigned or transferred by LESSEE without the express written
consent of LESSOR, which may be withheld for any reason, and any
conveyance, assignment or transfer by LESSEE without such consent
shall immediately cause this. lease to terminate and., notwithstand-
ing the provisions of paragraph 7.1, all improvements upon the premi-
ses shall become LESSOR's without payment therefor.
8. SECURITY HOLDERS
Nothing herein contained shall be construed to re-
strict or limit the right of any owner of a security interest in
the leased premises from selling the same at a foreclosure sale or
through others judicial proceedings designed to secure for the secur-
ity holder the benefits of his lien.
9. PARTIES IN INTEREST
All covenants and agreements in this lease by or on
behalf of any of the parties hereto shall bind and inure to the
benefit of the respective heirs, successor trustees, personal repre-
sentatives, devisees, grantees, successors and assigns of the parties
hereto, whether so expressed or not.
10. MODIFICATIONS
Unless otherwise expressly permitted herein, none of the
terms, covenants or conditions of this lease to be kept and performed
by either party shall in any manner be altered, waived, modified,
changed or abandoned except by written instrument to be signed and
delivered by both parties and not otherwise.
11. CONSTRUCTION OF AGREEMENT
- 14 -
When necessary for proper construction, the masculine.
of any word used in this lease shall include the feminine and neuter
gender, and the singular the plural, and vice versa. The entire
lease shall be construed in accordance with the laws of the State
of r-olor.a.do- A FL paragraph and subparagraph headings in this lease
are intended for convenience only and shall in no way be construed
to-modify or be interpretative of the language of this lease.
12. ARBITRATION
In the event of a dispute between the parties-
hereto as to the interpretation of any provision of this lease,
including those specifically subject to binding arbitration under
the provisions of paragraph 7.5, the same shall be determined by
three arbitrators, one of whom shall be selected by LESSOR, one
of whom shall be selected by LESSEE, and the third shall be a
person selected by the first two arbitrators. The parties shall Iwo
notify the other parties of their choices within five (5) days
after the same is made. Should either party fail to so select
and notify the other within a period of five (5) days after being
so notified of the selection of the other, then the right to select
a second arbitrator as if selected by the defaulting party shall be
vested in the person then occupying the position of the presiding
judge of the judicial district of the State of Colorado having gen-
eral jurisdiction over the leased premises. The three arbitrators
so selected shall proceed to determine the proper interpretation and
make their report in writing to the parties. The report and award
of any two of them shall be binding upon the parties. The arbitra-
tion shall be held in Eagle County, Colorado, and the report and
J
- 15 -
award shall be made within ten (10) days thereafter, all according
to the rules of the American Arbitration Association.
13. SEVERABILITY
If any provision of this lease, or the application
thereof to any person or circumstance, is held to be invalid by any
court of competent jurisdiction for any reason, such invalidity.shall
not be deemed or construed to affect other provisions or applications
of this lease which can be given effect without the invalid provi-
sion or application, and to this end the provisions of this lease
are declared to be severable from other provisions in the same or
different paragraphs where such effect can be given.
IN WITNESS WHEREOFf the parties hereto have executed
this lease, all as of the date first above written.
VAIL ASSOCIATES, INC.
7
Attest:
BY
Vic President
Secretary
TOWN OF VAIL
Attes : CSC
` Mayor
Town lerk
STATE. OF COLORADO f' )
ss.
COUNTY OF Ea7_1e )
The foregoing instrument was acknowledged before me this
2.4 day of February 19 70 by Clams Simon
as Vice-Pres. & Gen. Mgr. of VAIL ASSOCIATES,
INC.
c
WITNESS my hand and official seal.
My commission expires October 2, 1973
Notary Public
16 -
- i
STATE OF COLORADO )
ss.
COUNTY OF Eagle )
The foregoing instrument was acknowledged before me
this 24th day of February 19__7 Q, by
John A. Dobson as Mayor of the Town of Vail.
j
WITNESS my hand and official seal.
My commission expires October 2. 1973
I
Notary Public
17 -
EXHIBIT A
That part of Tract C and Tract B, Vail Village First Filing, County of
Eagle, State of Colorado, more particularly described•as follows:
Coci,ng at the. Northeast corner of Lot P, Block 5-D, said Vail Village
First Filing; thence Southeasterly along the Northerly line of said
Tract.C 133.36 feet to the true
point of beginning; thence on an angle
to the right of 89°39'23", 190.54 feet to a point of intersection with
the Northerly line,of Gore Creek Road; thence on an angle to the left
' of 63°57'27" and along said Northerly line and along a curve to the
right having a radius of 119.58 feet, a central angle of 17°16'02",
an arc distance of 36.04 feet to a point•of reverse curve; thence
along said Northerly line and along•a curve to the left having a radius
of 95.77 feet, a central angle of 57°51'40", an arc distance of 96.71
feet to a point of tangent; thence along said Northerly line and along
said tangent 129.50 feet to a point of curve; thence along said Nor-
therly Une and along a curve to the right having a radius of 135.00
feet-, acentral angle of 32°48'15", an arc distance of 77.29 feet to a
point of reverse curve; thence along said Northerly line and along a
curve to the left having a radius of 193.01 feet, a central angle of
` 26°03`31", an arc distance of 87.78 feet to a point of tangent; `
thence along said Northerly line and along said tangent 226.46 feet
to a point of curve; thence along said Northerly line and along a.curve
to the right having a radius of 89.96 feet, a central angle of 34°13'41",
an arc distance of 53.74 feet to a point of reverse curve; thence
along said Northerly line and along a curve to the left having a
radius of 88.00 feet, a central angle of 29°51'36", an are distance
~I of 45.86 feet to a point of tangent; thence along said Northerly line
and along said tangent 170.30 feet; thence on an angle to the right of
56°19'31" and along said Northerly line 44.16 feet; thence on an angle
to the left of 64°19'12", 75.21 feet; thence on an -angle to the right
of 82°22'42", 41.67 feet; thence on an angle to the left of 70°36'06",
6.76 feet to a point of intersection with the Southerly line of Tract
B, said Vail Village First Filing; thence on an angle to the left of
25°57'47" and along said Southerly line 100.00 feet; thence on an angle
to the right of 25°58'00" and along said Southerly line 75.00 feet;
thence on an angle to the left of 90°00'00", 198.31 feet to a point of
intersection with the Northerly line of said Tract B; thence on an
angle to the left of 89°59'45" and along said Northerly line 1185.66
feet to the true point of beginning; containing 240,553.522 square feet
or 5.5223 acres, more or less.
4
LOCATOR FOR LARGE ~
SCALE MAP/DRAWING
REPLACE THIS PAGE
WHEN LARGE SCALE SCAN
I S ENTERED
ORIGINAL IN FILE AT
TOWN OF VAIL CLERKS J
OFFICE
ATi4
CORE ckbeko* Rd
li
OF COLC);t,'11)1)
)
1'O;C:~ CJi' 'dAI )
i71•c 'Porn Council o the Tol,,:n Of V; il, Cr;laracio, mec in
i
1
rcC;ul.c r session at tho i'iu'_11cipzl Built ing is sai(1 Town on
' j .
the 19th 6i.iy of Pe )ruary, 197-1, at the hour of o'clocl: ~.i9.
Upon roll call the folloaring ue-re present:
Payor: John
Coil ncilr.;er.: Kathlc^n i;l.ug !
John Donovan
1
E
Josef Ctaufcr {
Thomas Cteinbcrg 1
z
Elbert White
Absent
Councilman ~L ~li3 intro ocod and Council.a;z }
L(~ moved the approval on first read=ng of an Ordinance
which N.,-as reed in full and is as follows:
f
K
S tr i0
,y
~5j,' (IJ,COt'+ .".'i!;:1'. ?'i.'
T.'.t7
It~C]:iil.i:~!':,".S; I,!'_:£'C'..7:..1'•i(= ?'Jilt O.' .`.~r:.~1) i;0;_'): ;
T:1~J P;2O'iJI?+Ic:G r"OI'. `i5.. LI:\%Y O 1:...-:S -XD 'OP. Ti!i'.
OF Si/ 'LS `1T13\ 101--l] 01'
VEIL TO PAY STAID PONDS T':~ TL., Ihl'L i S'_ lI3t:1:L'O;d.
at a sp:-'cial election or t'.':e queal.ificld, reaist-rc'd
electors of the To;an of Vail , Colorado, duly callecl and hcld on
lUasdcy, f.}:2 25th C:--y of SC`LJte-r:ber, 1-975, in riuco.rcizinc,: Frith law
and purs--3nt to du^_ notice, there said c7cc.;i_ors t
the fo?.lc: inq question:: 1
t
"Shall the To•;n; of Vail, Colorado, ba &uthorixod
to issue :its negotiable, iliterecL. ?;ez;rin_, Gen.c.ral
obligation Ponds in one series or r.-,)re -Ln an
<q<<i-egat'; aril ir:cl mount not to exceed $5,500,000
or so muc'-, tl:creof as SIlay be for the pur-
pose of (lufrayino, in F:ho1c, or ill the CO::t Of
dCC1u].I,J.Ii~ , C.Gnl~,tr.. ~I1=3 ai:U cUUl.~J:~aiiCj a 1;{l1lllCl;~u.l
public p-ri.ing facility and site chere`or, together
with all necessary incidental and ap ri,.-tenant
facilities, structures and eauipm,-,nt, to provide
facilities in the ToF:n for vehicle parkinr.,, aria
including costs incirental to the authorization and
issuance of said bonds and the- coast_uction of
such facil4.4-i.es, such bones to bear interest at a
maximum nct effective interest rate not exceeding
10 percent per annum;, and to inature serially during
a period of not more than 25 years from the date or
respective dates of tare bonds, such bona's to be
payable from general ad valorem taxes, except to
the extent other funds are available therefor, and
such bonds to be sold and issued at one time or from
time to time, in such a manner and ar.;oun?.s and upon
such terms and con.3itions as the To-an Council may
det.err,:inc, including at the op tion of the To,,-:n
Council provisions for the redemption of bonds prior
to maturity with or without ti-e payment of a premium?"
and
1:'HERLAS, more than a majority of such qualified, registered
electors voti.u] on said question voted in favor of creating such
debt and issuing said Blonds and;
14IIERI AS, the Town Counc:i.l of the TovTn of Vail has deter-
mined, and clods hereby dctc.rimine, to issue at this time the general
obligation hnnQ:: for municipal public parking faci.lit.ies for the
-2-
u
}c'73,
Z!!; I: C:_..•...._;. er ..,.;t iOrta 1 1- t:Iis
t:r!1ItI:;.S , IrT., su:.: t to (--:di.r,'.r,c( 11. (Scric.-, of 197-1) of
d
Of Va..l, them: N,C._, to q :a3.ific.•u, rc, SKr--r(!
of hi: of V :1, CC-3orod~), ct a:) id 51?cC.'-3F'.}, elect".,
head c,,] the 25th day of Scpt`,i2r, 1!173, the cucCtioa of the ir.;o-
„ition of -a sales ta:c on the sale of tan ihle personal property at
rat :i.} ,~r.c] the fu ni<.Ili.nc, of servlc,' ithin L c, To,. ..-n of Vail; and
14IIL''II;7,S, more than a majority of such qualified, reciistered
6i
electoz vot r.g on said sa'.es tan quo_;tion vot.c:d in ir:.°or of i;lposinr
tl.., sr..:id .;r:le-_ tax; and
1~JILI?i,J.S, fl~o Tovnn Council Of the T .„n of Vbil has esti.:.,.] -ed
ali.d clog>rr,:.ned anc does h-rcby estimate and determine that the princi-
pal Y(la tul:ing and -she interest accruil]g on S.i_d ;5,500,000, the princi-
pal zmv:wnt of bonds for municipal pnhlic parking facilities, may he met
from revenues derived fro:a sources ot;;er th.a-n general cbl.i_gai..iu:1
ad valorea;l property taxes, including without limitation the revenues
to be derived fror., the sales tax authorized by said Town of Vail Q
Ordinance No. 11 (Series of 1973) and approved by the said electors
of the '.o~•:n of. Vail votil.g at said special election; and
WHERE.%S, the Town Cou-ncil of the Town of Vail, Colorado,
has determined, and does hereby determine, that it is necessary and $
for the best interest of the To-,.,n of Vail anci the inhabitants thereof
that said Bonds for municipal public parking facilities in the total !
principal amount of $5,500,000 be now issuer, in accordance %-.ith the ~
provisions of this ordinance.
NOW, THEMIFORE, BE IT ORDAINF,D 13Y T}IE TOWN COUNCIL OF TIIE
TOMN 01•' WIL, COL:~RLDO, THAT:
1. For the purpose of providing funds to defray in :.,hole
or in past the cor.t of acquiring, constructing and equipping a
municipal public parking facility and site therefor together with
all nee, ::;:;r]ry irlcidenta]_ arid appurLenar,t facilities, structures and
3
0
c. lui.l to for. )1;_Cl.:: !'C
a i::~ ir;t, U". al.-'i r. :1Ital t:G t_l:c f:u L,i1. F1st I, c:..
o 1'a: Ci t';c ..'i(al "....:i:1i .:i.t t:":c t'C7?ii of
IZ].l . o o' ._i:i.C
1. r, E". t`1"a;1. T1iCU. t Ol
$5,500,0010 (a itcci 111ar.ch 1, 1974, consisting of. 1,100 l.;onds in
the denomination of $5,000 each, nuanbc,red 1 to 1,100, inclu,-:iv,2,
pa_. l)le in 1at,Iti1 r,'.7::c of the 1,1r111:od Si:<::t._.. c Said
Bo:~. shall bear interest as evidenced by ono set of bearer interest
and fcr certain bonus:, two sets of 1_;~z::rcr intere:,t coupons
171L_'1 one of sa.i.d sets des1Gjn8LCCi %77;1 the other SU;-1 ?.CailC`n t.:a
Set CCsiUnz.-L(c:c1 "TS", all attachCid to sa-i.O a.: hcrc. Lr. ~-4£)•i:
f ort "I.
Bonds numbered 1 to 772, inclusive, will bear only one
set of interest cot pons. Bonds nwnb red 1 to 463, inclusive,
sill.:.! I licar J1iLE=1c~;;'i:. ti, a:cUt; frUltt i`jarch 1, 1174, tU i..he
of their principal sLnn at the rate of seven per centuni (7.) per
annuls. Bolds numbered 464 to 593, inclusive, shall bear interest
the.rron from March 1, 1974, to the payment of their principal
sum at the rate of five and thirty five hundredths p.or centum (5.356)
per annum. Bonds numbered 594 to 740, inclusive, shall bear int?rest
thereon from ;:arch 1, ].974, to the payment of their principal
suit at the rate of five and four tenths per centum (5.411) per
annum. Bonds numbered 741 to 772, inclusive, shall. bear interest
thereon from March 1, 1974, to the payment of their principal
uni at the rate of five and five tenths per centum (5.5.) per
annul:;. Said interest shall be payable December 1, 1.974, and semi-
annually thereafter_ on the lst. day of June and the 1st day of
December of each year.
Bonds numbered 773 to 1,100, inclusive, will bear two sets
of interest coupons, with or:e of said scts designated "A" and the
oth(ar :supplemental set de:.i.gnated "B". The "n" coupon interest on
0
-4
•
•
u!li , .-1
of ,.)1C'
On
t.!i 1 el i.'. of Jun'! and 'i,1:!'. 1.`:i: C::.y C;s of t::. C')1 y^A)•. `P 11
u~lr co'.- pc -1? ..+.6•,'Ct.{. C11 .:Li: l:. Wi3 ~.o (i0i', lllC:'.,...;]"VC, _..,..1.
i
a:: t)i:, rate O two and f iv c tc11th8 per P or
annfor the period from April 1, 1974, to April 1, 1984, payable Z
DC!_Y~li!))itr 1, 19'/`l, and >el'u 1. 31)1'111:c1iy t-11C::.. C'8 i-'.^!: on the 1`,t day 0 k~
F
June and they Ist day of Docc b--,r of cz,ch ye.~..1 with the "B" coupon #
int(,)-(~sl- d1',0 On April 1, oil
Sho "A" coli}i.'; i] 1 ):F Wit On BOLOS I1L1tkJ::I eC3 9,^•9 tc' 1,100, 1.11 c 111 r. i.', •.'r
t
s hz.ll be piny'- ble &t th:c rcite of for- fivo teii-lis
y
o
(4.5j) Grlrun from 2;a):ci1 1, 197t, to the pr__Tmer.t of the principal s
of said Bond-1, wit); said interest payable December 1, 1974, and semi-
annually thcreaf:tei: on the 1.st day of Jun( and the 1st day of
of caC] year. Th,. "L" co;'~: n inte-C:,t or.
909 to 1,100, inclusive, shall be payable at the rate of three and
five tenths per ccntum (3.5'x) per annum, for the period fl:r:n April
1, 1974, to April 1, 1984, payable December 1, 1974, and semi-
annually thereafter on the lst day of June and the 1st day of i!
Decenl))cr of each year, with the "B" coupon interest coming due on
Illi
April 1, 1964 being payable on April 1, 1981.
The subject Bonds shall mature serially in regular numerical
order on December 1 of each year, as follows:
Bonds Numbered
(both inc"lusi.vc) Amount Maturity
1 to 3 $ 15,000 1.975
4 to 13 50,000 1976
14 to 45 160,000 1977
46 to 80 175,000 1978
81. to 120 200,000 1979
121. to 163 215,000 1980
164 to 20G 215,000 1981
207 to 251 225,000 1982
252 to 299 240,0?0 1983
300 to X50 255,OD9 191,14
351 to 405 275,000 1985
406 to 463 290,000 1986
-5-1
0
!'^7
52-1
l) C.0
6 6 5 -1- 0
19`. 0
1; 2 to 43 000
1001 to 1."'i) 5o Oi?0
lg~,n
Bond:; of this issue r:aturi..nd on or
before December a, 19 6,
are not rc,,.ccr:abl.e prior to thci_r respective
maturity dates. Bonds
of thin issue titc yc:a rs 1987 r-nd
thcreafter ara
redeemable at the option of the Tocni Council_
on Deccmber 1, 3.986,
end on :i_ntcrest: payment. c:ztes thorc-after, i-r?
i.nvcrso nu:::er.: cal
of pa.r_ and acC`:uL-'d lntc5rest o711y.
2. '1`t.c of z;nll.. interest.
on z-.1.:L of
O:~li< icn Fo.... Seric~7 :March 1, 1474, shall be pa.,,abl.e in
lawful money of t':o United. States of Awc):ica
at Security Nations 1 •
Denver, Colorado, %AAch is h re
Ban;•
by de: i;nated th,o p-)yi._ig
,
agent for this l;ona Issue.
The net effective interest rate on
Bonds of this issue
is i.. ].1
Said Bo: ds shall be general. obligations ' of the Town of
Vail, and shall i;e payable from ad valore;n taxes, except as they
may actually be paid fron. other revenues as provided herein.
3. Said Bonds shall be executed in the name and on
behalf of said Town with the facsimile signature of its Mayor,
stall bear an impression of the seal of the Town, shall be attested
by the manual signature of the Te.m Clcrl', of the Town, and each
of said ;scncas shall have attached thereto_a7 appropriate number
of interest coupons blaring the facsimile signature of the Mayor.
Said coupons shall be lettered and shall be numbered consecutively
from one t:pwards for each Bond as appropriate. When issued as
aforesaid an part of said Bonds, said coupons shall. be the lawful
binding promises and obligations of the TOC;'n accoxfling to their
import securing the paymont of the i.ntr_rest: as it bocomcs due.
-C-
,'t:'_~i'i. <7 ._.`Y C~'- ...Q .'1" .'~7 G~'. f.. '11C U.l" f', .l l.l: 'i r•'~ . all"i. i:.~'~; ?ar:
till'
oyT .-ii' !';::;c'.`
k . t;cc,
..'ac}, l,t:,......1 fi..
- f
S
V
),.c Vi.i:i.c: m:•. _.;Xj-o.... rCY:. L-11, Puri -
4't i.nl:c. esc: c.:?•c, s :.ti._:; d '[,1Gr.::i;
F
!:.Lall L, an sul)si.z,r:tially the ollo;ri:;,:
•
0
•
01 ; C 1.
i
`.l r,.,:, ( '.,7 1,'
O.
: h of v,~.i 1 , in the Count}! Of hag7.e ..nd State of
Colorado, for value received, here):jy aehnc'%.7'.ec:cj~c s itself indobteci
and } romi c::, i:c• p :y to ;a:c ):•~ar ),ereo" t':e sraa of
D7.LL^.i:S
1~•1-. C.~..~'
in i.<Lh:l'ul mono y U~ T.hJ 1;:._ite a SLz;"7-., of ("n the
9 r V-73 t'! r' the M'i c`e.' i.n
tt,C yayuY.:nt r:: Sc_d p':.i:,ci;.•zcl s'u.t;, as (onc ^_t o.- i)I-
terest ca:ao:~s hereto .:ttac)zec e'L the vale of sever-: pc:c c n u:a
(7%) por annu:r,, p yable December 1, 197,, anci scrtiarnually there-
afar::- on th- ].:,t d, y of June anc' the,, le.t city of December of e«c)i
year) (i.nterest coupons desicnated "A" he=reto attached, at
the rate of ****five and five tenths per centum (5.5;.) per annum:,
payable Decei,.bper 1, 1974, and semiannually thereafter on the
1st day of June and the lst day of December of each year, and
additional interest as evidenced by supplemental interest coupons
designated "B" at the rate of tt•:o and five tenths per centum
(2.5e) per annum for the period from April 1, 1974, to April 1,
1964, said "B" coupon interest payable December 1, 1974, and semi-
annually thereafter on the 1st day of June and the lst day of
Dece:rLer of each year, with the "B" coupon interest coning due on
April 1, 1,984 being payable on April 1, 1984).
Both principal of and interest on this. Bond are payable at
Security "rational Bank, Dcnver, Colorado, upon presentation and
surre.rde:r of said coupons and this Bond as they severally become due.
Bonds of this issue maturing on or before December 1, 1986,
are not rcdecmable prior to their respective maturity daten. Donds
of this; issue maturing in the ycars 1907 i r.d thereafter are
0
0
- S--
F- r -I
L-A
I'C: .l; LiC.n C)t. LbC .'O',.. C ,I n, llc..,,~'.'Y.
C.'..~.. 1. , lJ .:i L.' lVi i,?; ,lr:' [-C: ~.t''C-i. ....tt C`i,.~ J_
..'l l...., :I. .7 it C)i
t:j•.. r'•C''.. :1 V:4..., Col c-'f. C..,, on o'. i-J linos t:
C'. . ti LiIE_i2o~ for '01C• or i.C'.i;1' ._.'.J.(~,• i.0
or 111 part the COSt of ac;uiri.ny, co:_ Gruc-i11C! and eoull-. )P .lig a
municipal public parki.i1g i:acility and site therefor together with
and aj);;lll: •_...(nt: ii ~..~.:i i:.1C'^, i1Ct'arCf.. i~11 C1
equip;:,,ctile., to provide facilities in the Tocan for vehicle parhing,
o:C J.11 {:t'.._.1 chili o.:ai` Cy ..11 "i.}'.. _`C :nF"'-AA:i.:-LJ-o:1 oi:
CC..o)_i Uo, j1Uli1•b .la;1C C~72'_j'{.C`.. of 'ij''Oi Va:..l ,
l.:ii, itJ"i:: clcC J , Col_C) ;P .:O 3 , its i.~
r__... r,11 other lir ws o. thf-- S .RtC of C oU orElC o 'GilGreunt".o CfiablinCr, and
pursuant to an Ordinance of said Town duly adopted, published and,
l d.c, a law of said Tol:T1 prior to t'... issuan-!c of th:i . Ron d; and it
1S Cel-tific i and Llt&t all Lbe, rouuilt;naUI1Ls
of law have been fully complied with by the proper officers of the
Town of Vail in issuil:*g this Bond.
It is further hereby recited, certified and warranted
that the total indebtedne.:s of said Town, including that of
this Load, does not exceed any constitutional or statutory limita-
tion of tha State of Colorado and does not exceed any limitation
of the Town of Vail Charter; that at a special election lawfully
held in the To,,n on the 25th day of Septezb:r, 1973, the issuance
of this !Bond was duly authorized by the qualified, registered
electors of the To'::n voting at said electron; and that provision
has been trade for the levy and collection of an annual tali on all
the to%Lble property within the Town and the application of certain
sales tai: revenues of the To'.,7n sufficient to pay the interest
on anti the principal of this Bond as the samic respecLi vely become
due.
The Lull faith and credit of the 1'own of Vail, in the
0
.ati.c.. .,.n t)..
,
1, t. •i
1;J{...
u'n
' A C11 of
t
, T ,
Of j
1:0 k~- <]tccscCd by
ii'c
l:C..a'..:1 S1c,17uUL:."C of ti..
. C1`:T):
.
,
.
thereof, and
has caused the int
erest
coupons attached Y:e7:eCo to
..)7 tl7^ fL...>?..It71Ic
all
Lurr. of it
a., of
the 1st day o
.
f 1.7arch, 197411
L
1 t t;.
[L'nd of Form of Eo:.dl
0
0
•
o::7 oil
1 .1. _..1' 1. ...A S.. `)(1 ~~i. l,.. ::1:'.. Si.• , c i (1 l~l'.J~7j).~i l'\~ , l f) ! ! '.y
CC, t'J ~J~'." r i.nc.VU_.. ).)C"i. .Ct//
r: _
•'i:i,'.. i. ...L ? , r' rl i a fli'.L ( t"'.i)i: J; i. `3: Ct?7;';a'
_..L\'.-:. <..J:
Y )f 'L .i C7nd:S 1i11:ilJC)"C'a 77,3 ~to 1,106, 1 n c 111:: 1.\'is, [4 J.ll }.).a(r ),O{.il ui[n
and. "B" in'-crest coupons. 'ihus, ir. ;ert: the inforrlati.cnl
conta.'ircd t:?itilin the braekeis in said Lionel.s, num'aei:cd 773
tv 3.,100, only.
i•ojuis n.L'.11:~✓~~I:f ra 91011, 1,:o 1,107, incliisivc;, bear interest on
their "Al' coupons at the rate of lour and fi-.,)c tenths yc=r
CE?nl'L'.a 5'o) pe.r i.ril1L1, and Oil t11Cli,: "DO, coilj,'onS at Lh
Jive 'i• ])thr, ]>e
1~
i
I
o:)
i,...., is C~1 1.•. ~ t J. .'i',. ~a"`.1,. ~ c , L;."_, C:t l ~ C:? I:C>':' 1~:: ~ ~ i7•
o:.. vi!~._t In ti._ ]?~:_l 1,=:~.3. ( ~i.."i.<• U
Color~'do, l'iall pa;y t0 mho sI:uxl" in Z.a ful It1o: cy
of 1".hc un:itc-d Si.c:tcs of America, at security T)ank,
L
1):'.nVe]", CO.LorB(tor being lllt^YCSL then 6-u(-- Oa :,tom C ('.nG'--)_~ 1 Ohl:Lc,~a1:'{Ci!t .
J3on:3, Scri s March 1, 1974, det .ed %!arch 1, 1971. , bearing
J~Ct.
O_aCSa1:L'.1:° Sicmaturu)
Town of Va CoaoraCo
[End of Interest Coupon Form]
0
--1 2-
C' 3-
0
1
#i
"t..:. i l 7 !1 i..' is ~ . , ( ~ h,:
fol. the 1311`7 J1:CS {:CC( herci?l, tl:at znly portion
of the Bond proceeds :ay, be temporarily inverted pending such use
in recur .r. i. Or OJliy(.t:ionrs w1iich t. yo .lr~,_°l l invc; -.,;ent:; for the
To1an of Vail, with such tcm >ara y rove tnlen to be mz1de consistent
31C::i.'i.n. th'-. (::f Si; A l',U:7•'1:, ??C?,. .:h.:'. 1!....C'i... of z'.11y o?: t:.'_:.'.:i
ol` by the o1'rn or r n" of its, Officer:..
6. If required, the interest and principal •to h,:~ccme
d.n:'~ on sEid Blonds in 3.974 shz).i. be adv~rc~~d s`ro-i on,, rep*enuc•s
Oi flt])CI Ol`. 'C he -Own 1'-lt•;fuily iivai.lL1A- tliel"4 G: 1'UY tiller 1 U.Lv u
of reimbursing any such advance and also for the purpose of paying
the interest on and principal of said Bonds as the same become
due and payable respectively, the To~•;n Council of the Town of Vail
shall annually fix and certify a rate of levy for ad valorem taxes
to the Board of County Co=iissioners of Eagle County, Colorado,
which taxes, in additian to all other tuxes, when levied on all
of the taxable property in the Town, in each of the years 1974
to 1993, inclusive, will raise ad valorem tax revenues sufficient
to make such reimbursement and to pror,t)tly meet and pay such Bond
principal and interest payments as the same bccole due.
Said taxes when collected shall be applied solely for
the payincr:t of the interest and princip;';1 of said Bonds, respectively,
until the Bonds, both principal and interes::, shall be fully paid,
satisfied alld discharged; provided, hc-::aver, that nothing herein
contained shall be so cons.trucd to revent the Town from commitLinq
and applying any other funds or revenue:; that m.y now or hc,reafter
~161
YIL
...V
r .i.. r..
7. I' OtP71t1L~ti.2. t}'C' ':C C:CO?.I1C 1;r0~':._=].C". ft r Ct valore."a
tax levies, the To.,,n }}cr`by furtl er covenants and agrees that so long
7i c..."
%
as .11e Gc?nc:ral. 1 , 197-t , pro
for herein, remain outstanding and unpaiJ, it will levy, aCl llI"i:L e: ,
C,T7 r, :r.?':~: G71.1CCt t}}^ LA`: -I;- C_ Vi17 _1- C~_.....Ii anc.,
No. 11, Saris°:_ c' 1973, ;.o the. e... <'Ii to h~ l c....., tht:n
r,r•-
ty inc. furnish i.ng of services r:o-: or hr _c `tc}: (,xi'JDj cL to i
sales tax. The Town of Vail has, by Ordinr(nca No. 19, Ser7.r:s of - '
1973, previ-ci:sly issued its General Cbligatio: i 13o:, s, Series ?'ove'mbe.r
1, in the psincij%al a. Ot::i':. or i:.i,QQ~I rt l w:'.,.Ci'. ....Ult`:° 5
fully outstanding. The Town has covenanted and agreed in said
Ordinance No. 19, Series of 1973, to pledge and set aside all the
sales tax revenues, derived from the above stated 20- of gross receipts
authorized by said Ordinance No. 11, Series of 1973, to pay the
interest, c:I and the principal of said General Obligation Bonds,
Series NovemL'cr 1, 1973. Ordinance 21o. 19, Series of 1973, provides
further that said pledged sales tax revenues may also be pledged
and used for the payment of the debt service on any other or additional
general obligation bonds of the To%..n of Vail vhich may be issued
on a parity with said General Obligation Bones, Series tvovember
1, 3.9713. The To-,•m of Vail covenants and as?-I-es that all the sales
tax revel:,?es, derived from said 2`3 of said dross receipts
as authorized in To`„n of Vail Ordinance No. 11, Series of 1973, shall
be and hereby is irrevocably and solely pledged and set aside to
pay the interest on and the principal of the subject General
Obligation Londe, Series Match 1, 1914, as the saiac become due and
r.1
t. ~t•r1!• i. ~a,' i.!n L'!` Y„i _ j~i, 1''r ~J , r:1.a a(~ i
i . _ 1 7 t .1~y' i
• i "
C'CI"SC;:a1. 01)1:C ion o- i:):c 'Pov9n of Vai.l. ,.''i;ch 1 . f. f)"Cm
time to time, provided such other or additional genc.ral obligation
i:i ,.._7")i or :il).1o (~i 7i ;-C to nog. O;
,
sup, ri.or to) the Gencral. Obligation Bonds, ,.cries March 1, 197A
to ')i_. t: x r'-~r., ili"St he__,:; 2'.
L:. 'o flic c::. ~i)t t))at (_<bt rv r; C-- O)i 1:1.1. of t),:1
i'oi:,. O t'L z.l. C'L'. U;! t', iC.~: ) i..,•UG. 1'i'C,_. i".l?C
to t:1..,iC (i_liC.l'u:i J_nC] but not limited. to the rolicus ci Ll-Lflo11'L Cd li"d e:!.li) i'.SI C:
which ara payable in whole or in part from the subject pl,cdred <<tes•
tCi`: rOVeMl(=s, i:5 fully ),)?"evided for in any fiscal year by ta:: revenues
, 41"11 1V~', n 1•!
tiu l:: 411.:. 1: 1r . C., j: _1'
al"id o'L icy laUrly ie ;i 1 a V a 11 •
authorize,i to use any revenues remaining from the subject pledged
sales tai: reveniics for other purposes (but only after al' of the
debt service on said general obligation bonds, which are so payable
from said pledged sales tax revenues, has been fully provided for in
said fiscal year), including, but not limited to, payment of special
non-gelieral obligation bonds, which special non-general obligation
bonds in any event, however, -shall not be on a parity with and shall
be subordinate and inferior to the General. Obligation Bonds, Series
March. 1, 1974, with respect to the sales tax revenues herein
nledgccl.
So lolls; as the General Obligation Bonds, Series March
1, 1974, remain outstanding and unpaid, the Toi'ai of Vail shall not
repeal its Ordinance No. 11, Series of 1973, and the Town shall
not amend said Ordinance in a manner vhi.ch, taking into account
other revenue of the To,,-,,n which is legally dedicated and available
to pay the principal and interest payments on said ]fonds, t':ould
u
1: t 1!+. .....~t..'t;. 1:'!~• _ )t t>; V;. 4 .i. C' F[' . - .:i".•'i;;.f ..,~']c`.:. C+.F
i
F
G. 5`}:e lr hcrcinlneyore provieir.d to nlz?e.t the .rt :crec;L
on said Lond:: and to di.r;charge the principal thereof, when due,
- t1;'
purpa..o, L1-, t-rrour,i.s `n_- ec.c:h
year sh~Al be inciraed in the ennual budget ;md the zt.,P opriation
1 i7 i.:• O~:' i.o n. Ci:i~.: C. c;r:% pi-.c ID' ti... `~.+0'':dll CcA"Gic..i.l-
t > c .,c l t: 1. n
.:).-c 14.!•i isrr.. +tj c,ifi _
ho prov.-.s=Ans o : any eO11Sti.t1"1:i01?, stattltc, c1la.::ter,
ordinance, 'resolution, or other order or measure efiacted after
•
(-14 th- £iorac'.5 h(-,re ':n eat)-joa _J-..c:,0 O)iill in r., nI r+7)i-')
be construed as Limiting or impai-rin., the obligation of the Town
to icv ad valorem ti:.xes, withcut limitation of rate or amount, or
as limiting or irlpairing the obligation of the Torn to levy, administer,
enforce and collect the sales tax as provided herein, for the
pa,,;:,~,: o t'-a principal of and interest on the Bonds herein authorized.
It shall be the duty of the To-,:n Council annually, at the
time and. in the manner provided by law for levying other taxes, if
such action shall be necessary to effectuate the provisions of this
Ordinance, to ratify and carry out the provisions hereof with
reference to the levy and collection of the ad valorem and sales
taxes herein spc.ci icd, and that said Coui-Xil shall require the
officers of and for the said Town to levy, extend and collect said
taxes in the manner provided by lae: for the purpose of providing
funds for the payment of the principal of the Bonds authorized
heroin and interest accruing thereon promptly as the same,
Saa.6 tt..txes, l;lic'!1 col.lectetl, hall bz
kept fur aTid applied only to tiles payment of the i.ntorest and
of '-'ai(l ilond;: as horoinbefore
u
C" 1:
L Sic;i o;1 1.1.03-13 :._C't U: I 10-'1•? C" tam dua.a'l.2(.>:/.~ p:. .^.i:O:=•C
for such purpose by the Un i:-ct= States Trea-,Ury Department or, after
the ccrrespnnding provisions o_` such p>imtancnt regulations unless,
pc -ci on the
rc4;;"rd to V iC.tl:Gr aL J7vt pones &:•:c % (b)
shall be c.-%:r.pt fron.i all inca.?e to ratio:,.
10. All. action I-Jr:)c,.-of.ore ti~',,.n ny '.i'm:n of Jl and
l.i:. 1U\', :1 (:_V 1:•va... _Gtt:..iL •ll _4'.._,....i/ l-.iiL~v.
by L.1-' of
toward the authorization of bonds for the purpose of providing
funds to defray in whole or in part the cost o acquiring,, constructing
and equipping a municipal public parking facility and site therefor.,
together with all necessary incidentals, be and the sa;ie is, herel-yy
ratified, approved and confirmcl, including, without limiting the
generality of the forogoirg, the acceptance of the proposal for
the purchase of the Bonds authorized herein submitted by Boettcher
and Company, Denver, Colorado.
11. Pursuant to the Unifor;- Facsimile Signature of Public
Officials Act, Colorado Revised Statutes y 125-6•-1 et seg., 1.963,
as amended, on Octolicr 18, 1973 there was filed with the Colorado
Secretary of State a Facsimile Signature Certificate bearing the
manual signat::re of john A. Dobson, the 14ayor of the Town of Vail,
certified by him under oath. Said filing is hereby ratified, con-
fire--d i.nd -approved for thin pm-;:oses, of is<;u.ing the subject General
Obligation Bonds, Scr.i.es 1ilrch 1, 197,.
--J7-
b. Tha e :ecuti.on of such
rC:'.'L`.:L I3U1
to signing of the the
anc'
tE:i1i11'C a.nd i6ent:ity
I ;o C1 T.)3- C7 C n C1
31 un
vi1l.j.(1 .y C)r 'i.ii~ hor_cts i
C. The mk) inn of varicur s{_atement-s, recitals,
:iii tihc fvi`ui o
Bond set fort) in this Ordinance.
13. Thera: is hereby appropriated and set asid.: from any
avE ilable funds or revenues of the Tov.-n of Vail the amount or amounts
necessary to pay all costs and expenses incident to tl:e issuance
of said Gcneral obligation Bonds, Series March 1, 1974., in-
eluding, bu'L not being limited to, any publication, legal, en-
gir.eering and fiscal agent costs and expenses.
14. All ordinances, acts, orders., rosolutions, or parts
thereof, ta):,_-ra by the Tom of Vail and in conflict with this Ordinance
re hereby repealed.
15. This Ordinance is, and shall constitute, a legis-
lative me-asurc of the Toti.n of-Vail, and after the Bonds hereby authorized
are issued, sold,and are outstanding, this ordinance shall constitute
a contract bearven the Tooni and the holder or holders of said Bonds,
and -,hall he and reni:.iin ir.repeala.ble, until said Bonds and the. in-
ttero:3L accru:iny thereon shall hare been fully paid, satisfied and
di !~chi:r,.i-d.
•
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o . U:_ -'o-:n of V~:i 1, Colo-dal I ) r._ o:r C+1t7fll to ) ,.2 t! tI;^ i
on th,^! I U%;.« ))(-)--(!in t',ic f'hal-: acc) u0,
)
atI):.tr ~i2G ).::1.1)c,_p;tl U^ :'ai(i i:i. ):k:tur: , v shout furt..hcr \'iiYl'L:._ f
o': G.....
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17. l "'llj )are::}rar;i'1, l"aE_ufl-. or 1;),Q%''_`;iU' of this, Oiiiin;-,ncc
is or ur.cnf:nrcc :bir. , such judgment
shall net affect, impair or inv'aidaic the remaining paragraphs,
claw or. provi.:.ionc hc:roof, t))c intcni_i.orl ).-,,In j that the vc:r.ious
paranran':: , clau r,_s or provi: ions hcrcof arc severable.
U. A pliblic ):caring on this propo.s'.d Orclinz.uce shall Lc
ho .3,ia )'1 t)i..- Tcoi) Council ;,_t 7:30 p.iA. on Tuct.>da-', March J, 1S7l i
at tl;:- ~t•O`;ri't of Vail. ]_'unlc.pal Dili. lCi?1: Va?l, Colorado, find it 1:;
here,'--o, orc orc_d thr:t: r-oLice of said hearing )D given a required by
1 aw .
I2 TE,-)DUCr't), P.:rsl),
A11)1„OV),D
F_2D OR',.) ;HhD PUELISIiED THIS
1974.
s
0
T(
( S E P. L )
I~Attest
~ ✓ I -RODUC^?!~D, RE:)-,.D, ADOPTED AND OKD::)'.I.D PUDLISMED THIS
llF:Y OF 1974.
TOWN Or VAIL !
S E F•
I31, c /t i i i
~
/ Mayor
Attcst:
'2o1.nC I ,
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the r-
Jo}'~,i liu?~vvrrl ,1
Jof:ci S'L:.ufc.Tho:ras
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m ml;e? of the Council present having vo`'ed ~
in f zvo2: of the approval on first reacting of thu Ordinance, the
presiding offic'or thereupon dccl;:red the Ordinance duly approved
in full in The Vail Trail, a legal nevsparcr of general circulation
within the Tov,,n of Vail, on rebruary 22, 1974.
Thercupon, after considC:rat'_ion of outer -business to come
before the Council, the meeting was adjourned. d
Town of Vail, C010r'z;do
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TTrsT:
Town of Vail, ColoraccU
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'e'll,,.. J.C'••.•il C(:'. -...al. frx Or bflcl
t.l i~_` ~i'~11 U. C!'~ I:ca."C%` , ~ .z t.,_ 1;.~1', i~ L:'. _ r.~3o Ci•C1oC}: P.,.
Upon roll call. tho following ~mre present:
bi ;yor : John Dob cn
Cornc .ls:< n ; ICatllleen I:] ug
John Donovan
Jos:c}~.'. l,ancfid
Alb,:-~rt Fdh.ite
Thereupon th^ foll.o%,,ing proceeding:`, among others, were
had and taken-
The Mayor informed the Council that Ordinance To.
Series of 1974, relating to the issuance of General Obligation
1
Bonds, Series March 1, 1974, in the principal amount. of $5,500,000,
which was introduced, read in full for the first time and ordered
j
published at a regular meeting of the Town. Council held on February
19, 1974, was duly published in full in The Vail Trail, a nea:spaper
of general circulation in the Town of Vail, in its issue dated
February 22, 1974, and that the publisher':: affidavit of said publi-
cation is now on file in the office of the. Town Clcrl•:. Copies
of the Ordinance were made available to the Councilr and to the
public.
Counc i.lman then read the Ordinanc,^ by its
:I c` .
ti.
TI- presiding offi-cer then decl:rred th::t this was the
is : ~ r..i:: _ ~:n t.i~_. G~'f'.....~+•c•
f
:i':...,.. ::xc 6 .
i
all pc:rfa:as :r;.n:; r• c_ ~;r:n an op,
N. as decl. c
r. - Ifd~~3'7 :Ln'.-:°'U:i;.1 L'c:,l ~'•7 731_ive:.
final approval and adoption of Ordinance ?':o. Series o- 1974,
scco'--~c:C.C. the on, F.. : he Cyl1E:.:iO]? ~72incj,
UjJ031 t::Ct i2tu.l i::`~yYUvu1 a3i('i c:uUL-"~1G:: Of .-.a1C.
was call^d with the fol.lowinu .result:
Those voting "Yes":
Councilmen: John DolDson
Kathleen Y.lug
John Donovan
Joseph Lancmaid
Josef Staufer
Thomas Steinberg
Albert White
Those voting "No": : 51 members of the Council present having
voted in f,i or of the final approval and adoption of Ordinance
NO. , Scries of 197,:,. talc prc,idincl officer thereupon declared
said Ordinance finally approved and dilly adapted and directed that
-22--
1•'
`,co m of Vail, Colorado
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oj. U:_.......J)c::• of
To4:n of VcLil General Obligation or.C:s, Series March 1, 1974r
in the r-.)ou::t of $5,500,000 j.,:; true mid co,, r ,c(- c
of s<;i.d Ordinance as r:pproacd anti adopted oil and second
rcac'-I-r.c;: ?;y clie Tov;-n Council r.t Pcgviliir: :;;c roof , ht "la
at t;;c Tc,:ri r!u.nicipal Building, Uo rc(}r.)ai: r =et:.;~c, ) lz:c(-, o:` the
1.'o::. ":o:17JC? 01)
11 /l , Z.£)d tl:c day o trui,
copy : uici Ordii.anco.. has been du-1y c,:ccl tu: ' <..;d,
by the signature:; of the Mayor cf the Tov7n o` Vai.i z,,ndl myself,
CE;; ...01.:71 C? cy~. Or _ :.aiC, Town, Sf'c lc":O. 't'T:Lt ] t_ili'' ..,x.:1.1 of ihu `L'O:'lII ,
nu:abered and recorded in the official rocords of the To,•an kept
for that pi:rpose in my.office, and authentic<:.ed by the certificates
of publication attached to the foregoing proceedings. I further
certify that the foregoing pages constitute a true and correct
copy of tho record of the proceedings of the Tovm Council at its
regular meetings of February 19, 1974, and March 5, 1974, insofar
as said proceedings relate to said Ordinance; that said proceedings
here duly had and taken; that the mecti.ngs were duly held; and that
the persons t;ere present at said meetings as therein shmm.
IN WITNESS I'73EREOF, I have hereunto sct my hand and
the seal of the Tovn of Vail, Colorado, this J `>ta. y of
19 75 .
i U1Ji1 L ~ J:
Totan of Vail, Colorado
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IOWA
75 south frontage road office of the town manager
vail, colorado 81657
(303) 476-7000
TO: RON PHILLIPS
PROM: PAM BRANDMEVER-J)Pi
DATE: 21TEB86
RE: TRACT B LAND ADJACENT TO THE CORNICE BUILDING
The attached dried bon the aequ zition of Tract 8 icom Va.ie Associateb,
Inc., to the Town of Vale, with -ct6 attendant Exhibit "B", which
out,Une6 EXCEPTIONS TO TITLE, shows Town ownvLsh.ip o6 this pacee.e
a6 weU as nes.th is ti,on.6 .
Regarding the rest4icti,ons, peea6 a note .i tem6 #1 (Restni.cti.ons) and
#3 ( Lease) .
V4W 16 the owner of the. Connive Buitdi.ng iA intehested in aequi4 ng this
adjacent pxopvLty, he .6hou,ed have eompteted an Impuvement Survey.
Thi.6 survey would chow aU adjacent pnopenty to the paceee of
concern, i.e., Btu.e Cow Chute, the CovUce Bu.r eding, .6 tAeam t,%act A,
the Tynotean, etc. He should auto be %e,6pon6-i.bZe jor neseatch.ing
at the County Items #1 and 03, Exhibit "B", Exceptions to T.i tee.
0
11111111111111
• ,MG MDVRA DVR 5emst - - ~5 ~ t'l
ICS3I MBNGZ8CSP/25/73 union Mailgram z 1,1 A
I
3037577731 MGM TDBN DENVER CO 100 09-25 1106P EST
ZIP 81 657
~.d s S
• i
TERREL MINGERAND HONORABLE JOHN DOBSON AND TRUSTIES
MUNCI PA L BLDG
VA I L CO 81 657
CONGRATULATIONS THE 3 TO 1 PREDICTIONS WERE CONSERVATIVE--HOW
BEAUTIFUL ID HAVE A I%NDATE SO OVERWHELMING-I WOULD LIKE TO
THANK THE 10 TERS FOR BEING PROGRESSIVE COMPLETE RESPECT AND
A THANK YOU TOR THE TOWN ADMINISTRATOR AND TRUSTIES FOR BEING
GUTTY ENOUGH AND WILLING TO TAKE THE MONTHS OF CRITICISM AND
NEVER 7) LDSE BEDRI VE AND FORTITUDE TO THRUST VAIL INTO A POSITION
THAT WILL NOT BE ATTAINABLE BY ANY OTHER INLAND/MOUNTAIN YEAR
AROUND RESORT--WE NOW HAVE A FUTURE THAN INSURES MUST MORE GREATNESS
,
THAN WE NOW ENJOY--THE OVERWHELMING VICTORIES ON ALL THREE BALLOT
QUESTIONS WILL BE OF M%L UE TO RESIDENTS AND GUESTS ALIKE
J R DICK ELIAS PRESIDENT VAIL RESORT ASSOCIATION P.S. I
DI DNT GET APPROVAL TO SIGN THIS AS VRA PRESIDENT BUT WHO CARES
WITH A VICTORY LIKE THIS
2308 EST
i MG MDVRA DVR i
i
0 i
~ i
ORDINANCE NO. 3
Series of 1970
AN ORDINANCE AUTHORIZING EXECUTION OF A
GROUND LEASE WITH VAIL ASSOCIATES, INC. ;
AND SETTING FORTH MATTERS RELATING THERETO.
WHEREAS, Vail Ai sociates, Inc., a Colorado Corporation,
is the owner of certain real estate situated within the Town of
Vail and has proposed to lease said property for a period of 49
years to the Town of Vail for certain public purposes, and
particularly parking lot purposes; and
WHEREAS, the Board of Trustees of the Town of Vail
deems it in the public interest and welfare to enter into the
ground lease proposed by Vail Associates, Inc. ;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD
OF TRUSTEES Or THE `T'OWN OF VAIL, COLORADO:
Section 1. That the Town of Vail enter into and execute
the ground lease proposed by Vail Associates, Inc. , relating to
parts of Tract C and Tract B, Vail Village First Filing, County
of Eagle, State of Colorado, as more particularly described in
Exhibit A attached hereto, which forms a part of said ground
lease.
Section 2. The Board of Trustees hereby empowers the
Mayor and the Town Clerk as the officials for the Town to execute
said around lease in accordance with the terms and conditions
therein contained and to bind the Town of Vail through provisions
of the ground lease referred to herein.
READ, PASSED, ADOPTED AND ORDERED PUBLISHED
this 12th day of January 1970.
ATTEST: Mayor
Town Clerk
BEST
COPY
AVAILABLE F
0 6
RESOLUTION
Whereas; The Vail Resort Association represents a majority
of the business establishments operating in the Town of Vail, Colorado, mind;
Whereas; These same collective business operations have expret;t,t.~d
their interest and concern with regard to the order of community priorities,
both economic and practical, in relation to possible complementary uses for the
so-called "main parking lot", in addition to the structured parking plan now
under consideration, and;
Whereas; The business community endorses the need for an urgent
attempt. to r(!!1olve the current and future automobile parking dil mr-no f.icirn1
this community as its number one item of priority, and;
Whereas; A transportation terminal of adequate size and design
should be an integral part of any plan for a structured parking facility now
under consideration;
Now therefore be it resolved:
That the VRA Executive Committee, representing tho Vail
business community at large, recommends that the Town of Vail proceed to
evaluate the various alternates which relate to an ultimate solution to this
community's "Parking" and "Transportation Terminal" problems, with full
consideration of the possible need for an interim solution to community parking
and transportation needs during any construction period, and that such
evaluation be carried out as expeditiously as possible.
-continued-
I
• BEST •
COPY page two
AVAILABLE
Further, that the Town of Vail should reserve adequate ground
and/or air space in their design concept of any structured "par king- transporta-
tion" facility proposed for the "main parking lot" to accommodate an adequate
"Conference Center - Information Center" facility, as well as possible
additional recreational facilities, the nature of which can be determined after
such priority items as "Parking", "Transportation Terminal", "Conference
Center", and "Information Center" have been resolved.
m
VAIL RESORT ASSOCIATION
Executive Committee Meeting
May 20, 1972
C;
DENVER
ASPEN
BOULO ER
THE BROAOMOOR
'AENT 9 • HEMBERS
NEW YORK STOCK EXCHANGE
11 / f AMERICAN STOCK EXCHANGE
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COLORADO SPRINGS
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MIDWEST STOCK EXCHANGE
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Boettcher and
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Com
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GRA
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ND JUNCTION
p
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GREELEI'
PUEBLO
628 SEVENTEENTH STREET - DENVER, COLORADO 80202
VILLA ITALIA
NEW YORK
S'N~ E ~9l (303) 292-1010
TELETYPE 303f292-1788
CHICAGO
Board of Trustees
-
Town of Vail
Eagle County, Colorado
legally issued..... General Obligation - Sales Tax Revenue
For $ 5.,.5.0.0_,__0.00
The Town of Vail
. --...-----...-•--.......Bonds of
delivered to us in Denver,..CoiQZtid.4...................-----... dated liar.ch.11..............
on December 1
19..74...., and to mature/and bear interest as follows:
$15,000 in 1975; $50,000 in 1976; $160,000 in 1977; $175,000 in 1978; $200,000 in
. .
1979; $215,000 in 1980-1981; $225,000 in 1982; $240,000 in 1983; $255,000 in 1984;
$275,000 in 1985; $290,000 in 1986; $315,000 in 1987; $335,000 in 1988; $355,000 in
1989; $380,000 in 1990; $405,000 in 1991; $435,000 in 1992; $460,000 in 1993; and
$500,000 in 1994. Bonds maturing in 1975-1986 bear 7.007 Coupons; Bonds maturing in
1987-1988 be, 5.35% Coupons; Bonds maturing in 1989-1990 bear 5.407 Coupons;Bonds maturin'
in 1991-1992 bear 5.507 Coupons; Bonds maturing in 1993-1994 bear 4.507 Coupons.
In addition, the following bonds bear 11B11 Coupons from April 1, 1974 to April 1, 1984,
inclusive:
Bonds numbered 909 to 1100, inclusive bear "B" Coupons at 3.57
Bonds numbered 773 to 908, inclusive bear "B" Coupons at 2.57
said bonds to be in the denomination of $.......5,000 , bearing interest as shown....... bove , payable
semi-annually, both principal and interest payable at..... a Colorado Bank of our choice
5,620,000 and accrued interest from the date of the bonds to the date of delivery
WE WILL PAY f f f n!
to us
to our accepting delivery of said Securities, you agree to furnish a certified transcript of all legal proceedings requi-
site to their issuance and delivery, including a signature and non-litigation certificate in the customary form, evidencing the
legality of said Securities and the security provisions relating thereto to the satisfaction of Rovira
,
DeMuth & Eiberger, Attorneys at Law, Denver, Colorado
whose unqualified approving legal opinion in the customary form shall accompany said Securities at delivery.
These bonds are to be delivered to us on or before............ March 20t 1974 , or thereafter at our option.
The cost of the printing of these bonds will be paid by 6..................................and the fees of approving attorneys
will be paid by .........................us..................................
25 000
We herewith hand you. a certified ........................................check for $.-_..._....r......-.................. as evidence of our good faith in
complying with the terms and conditions of this proposal which is to apply as part payment for said bonds when the legality
of same has been approved by our attorneys, and to be forfeited as fully liquidated damages should we fail or refuse to take
up said bonds as above provided. Said check is to be returned to us if this proposal is not accepted, or if the above attorneys
should decline to approve the legality of the issue. This offer is for immediate acceptance unless otherwise specified above.
Net Effective Interest Cost =
Bonds maturing in 1987 and thereafter
shall be callable on 12/1/86 at par
Respectfully submitted,
Boettcher and Company
By
General Partner
ACCEPTED for and on behalf of...... T.... Tow.. .o Vai.l
pursuant to authorization by its governing
body, and receipt of the above mentioned check acknowledged, on this date _ 19.............
Attest:
Signature
Signature
Official ieial Title
(SEAL)
Official Titk
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LJSV O►►ICES OF
ROVIRA. DEMUTH & EIBERGER
1400 WESTERN FEOERAL SAVINGS SYILAINO
LUIS O. ROVIRA
WALLIS L. CAMPBELL
714 S[VENTEENTN STREET
LAEL S. DEMUTH
CARL-F. EIBERGER
DENVER. COLORADO 80202
WILLIAM G. KEMP
T[L[/NON[ SOS•LSE-1404
ALAN C. DEMU TH
STUART S. GUNCKEL
ROBERT A. BACKUS
ROBERT L. ROBERTS
WILLIAM F. SCH ENKEIN
DONALD A. MOULEHAN
SAMUEL J. OWEN
RUSSELL P. ROWE
J. WALTER MYER III
EDMUNOO A. GONZALES 1974
CNARLES A. HILLESTAD February 28 /
DANIEL C. LVNCN
J. N. LN[PN[RD
er oeuKB~L
Gene Smith, Esq.
Town Attorney
P.O. Box 100
Vail, Colorado 81657
Dear Gene:
I was very glad to have had the chance to see you
in Vail last week, and I wish you every success in your new
job. Perhaps we can get together next time I am in Vail or
you are in Denver.
I have enclosed with this letter the two executed
copies of the Town Council Proceedings which I took back to
Denver after the meeting. Since they are executed in proper
form up to the first meeting, I thought I would send the same
documents back for execution at the second meeting. When the
proceedings have been fully executed, please send the enclosed
two copies back along with one executed Affidavit of Publica-
tion from the Vail Trail.
Best regards.
Very truly yours,
ROVIRA, DEMUTH & EIBERGER /
41
t
Daniel C. Lyr5z/
DCL/pjs
Enclosures
0
~_e L-IT- •
Rocordol at... O'clock ..hf.,
Hrcc!rtion N,_
•
....................._...Rerorder.
Itceorder'n Stamp
TIIIs DM), Made this 1 s t day of May
I9 74,bctween VAIL ASSOCIATES, INC.
a corporation Auly orrnnized and existing under and by virtue of the laws
of i,a state of C o l o r a d o of the first part, and the T O e. N' O
VAIL, a Municipal corporation
of the County of E a g l e and State of
Colorado of the second part:
WITNF.SSETII, That the said party of the first part, for and in consideration of the sum of TEN a n d
00/100 (10:00)---------------------------------------------DOLLAPS,
to the said party of the first part in hand paid by the said part y of the second part, the receipt whereof is here-
Ly confessed and acknowledged, hath granted, bargained, sold and ecnvel,ed, and by these tlresimts doth grant, bar-
gain, sell, convey and confirm unto the said part y of the second part, i t s s U r~3 (ea~'~ ~C ~Sns for-
ever, all of the following described lot or parcel of land, situate, lying and being in the
County of E a g 1 e and State of Colorado, to wit:
Described on Exhibit A attached hereto and made a part hereof
TOGrTRr2R with all and singular the heroditatnents and appurtrnnnces therecnto belonging, or in anywise
appertalr.ing, and the reversion or reversions, remaindicls, :eats, issuas pro'it; thereof; and all the estate,
right, title, interest, claim and demand whatsoever of the said party of the first part, eit!.er in law or equity, of, in
and to tile' above bargained premises with the hereditvnaents anti appurtenances.
TO HAVE' A.ND TO IIO'.D the said premises above bargained and tic: cribcd, with the appurtenarecs unto the
staid part y of the second part i t s w a U u U & n l 4 o' ever. And the said V A I L
ASSOCIATES, INC., a Colorado corporation party of the first part, foritclf,
raid its successors, doth covenant, grant, bargain, and agree to and with the said part y of the second part,
i t s s u c c e s s o tt:5imard assigns, that at the time of the ensealing and delivery of these presents it is well
seized of the premises above conveyed, as of a good, sure, perfect, ahsolute and indefeasible estate of inheritance, in
law, in fee simple, and hath good right, full power and lawful authority to grant, bargain, sell and convey the same
in manner and foam aforesaid, and that the same are free and clear from all forn:.•r and other grants, bargains,
salts, liens, taxes, assessments and incumbrar.ees of whatever hind or nature soever; Except t h e
matters set forth on Exhibit 6 attached hereto and made a part
hereof
rnd the aoove bargained premises in the quiet and peaceable possession of the said part y of the second part
L. s s u c c s s 7'' lit; ;nod assir.-ns, agninsl all and every person or ocrsons lawfully clr itninr. or to claim the whole
or any )art ti;e:cof, the said party of the first part shall and will WARRANT AND FOREVER DEFEND.
IN WITNESS WHEREOF, The said party of the first part bath caused its corporate name to be bereunto
mancrib d h;• Ps President, and its corporate seal to be hereunto affixed, attested by its A s s i s t a n t
,,:•t- and year first above written,
Attest:
r. S Otto, AssistanreLA a' r-~--
Richard L. Peterson
STATE OF COLOI NDO,
...___...__......County of......E.a.g.l..e....-_..
as.
The foregoing- instrument was acknowledged before me this 1st day of May
I,) i4,by Richard L. Peterson PrLrident and
Assistant Secretary of
Frederick S. Otto ~ a corporation.
VAIL ASSOCIATES, INC.hiynotarialcommi^sionexpirw 0_15e, c>917 /IIV'J]
Witness my hand and official seal.
ma~yy''
r`' I:o:+rt we11ti
No. all!;. . Am+.AK r' PI n,a- r. ,,u.rL,n. 11 r.d6,-d r...,.,.Y"r Co.. re:a.er b.,ur F,-t. O.a..r. ,,,n.t, -11.72
i •
Page Two
Aia), 20, 1074
After the Deed and the original and attached copy of the
Agreement have been notarized, picasc return to me the Deed
and the attached copy of the Agree)nci;t, retaining theor-
iginal .copy of t-,.c Agreement for your records. I suggest
that you make a Xerox copy of the Deed for your records
after it has been notarized.
Please return the notarized documents to me as soon as
practicable,
Sincerely,
Gene A. Smi li,
Toren Attorney
Enclosures
GAS/jk
0
rs~ • •
1~41
AGREEMLNT
THIS AGREEI1ENT, dated ?lay 1, 1974, is between
VAIL ASSOCIATES, INC. ("Seller"), a Colorado corporation, and the
TOWN OF VAIL ("Purchaser"), a Colorado municipal corporation.
RECITALS
Seller and Purchaser entered into a Lease Agreement
(the "Lease Agreement"), dated February 24, 1970, whereby Seller
leased to Purchaser for use as a parking lot certain real estate
(the "Premises") situated within the Town of Vail, County of
Eagle, State of Colorado, which is more particulz.rly described in
Exhibit A attached hereto and made a part hereof, for a basic term
of 49 years, together with extensions thereafter. Purchaser
desires to construct a parking structure on the Premises, and in
connection the rev;,ith it is necessary for Purchaser to acquire
fee ownc-rshin of the Premises.
As the operator of the Vail Ski Area, Seller is or
maybe required by the terms of its permit from the U.S. Depart-
ment of Agriculture, Forest Service (the "Forest Service") to
arrange-: for adequate public parking near its ski area,
Seller is willing to transfer and convey all of its
right, title and interest in the Premises in fee simple to Purchaser
but only on the condition that the Purchaser enter into this
Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS AND THE
MUTUAL COVENANTS CONTAINED HEREIN, THE, SUFFICIEiiCY OF WHICH 1S
HEREBY AC K1101dLEDGED, THE PARTIES AGREE AS FOLLOWS:
1. Conveyance of the Premises. Seiler agrees to
transfer and convey all of its right, title and interest in the
Premises to the
Purchaser
by the execution and delivery to
Purchaser on or
before.
Fray
15, 1974, of a good and sufficient
4AW
general v.arranty
deed
(the
"Decd") in substantially the same
0 0
form as,Exhibit B attached hereto and made a part hereof.
Purchaser shall be respcnsiblc for all recording costs related
to such conveyance and all costs of acquiring title commitment
No. 46,500,364 C issued by Transamerica Title Insurance Company,
a cop; of which Purchaser has received.
2. Parl-inn Terrinal. Upon conveyance of the Premises,
Purchaser shall arrange for the construction of a parking structure
and transportation terminal (collectively, the "Parking Terminal")
on the Premises, such construction to be commenced during the summer
of 1974 and coniplutcd as soon as reasonably possible using due
diligence. In addition to its use for the Parking Terninal and
related uses, Purchaser may use the Premises for other municipal
purposes and it may do any and all other things necessary or
convenient to implement the use and development of the Premises
for the bend H t of the *1 own of Ve i i .
3. hii nic,ur Publ i c Parki rq S;)aces .
(a) Purchaser covenants and agrees that it shall
at all times provide at least 375 parking spaces on the Premises
to be available for public parking, except that such number of
spaces may be reduced during the construction of the Parking
Terminal by the amount reasonably necessary to permit such con-
struction. Purchaser may assess and charge reasonable fees for
such public parking, on the condition that Purchaser shall adjust
such fees if the Forest Service, or any other agency of the United
States Government, shall deterrnine that the fees charted are unreason-
able.
(b) Purchaser may reduce the number of available
public parking spaces below 375 only upon receipt of Seller's
written consent. to do so. If Purchaser does riot maintain 375 public
parking spaces or the minimum number provided for in such written
consent, Purchaser shall be in default hereunder an(! shall, upon
Seller's request and at Seller's sole option, reconvey the
0
0
0
-2••
0
Premises (together with all improvements located thereon) to
Seller by a general warranty deed sub;ect only to such other
exceptions as may appear on the [feed.
4. Parkin Passes for Seller. Purchaser shall provide 25
parking passes to Seller at no cost and in perpetuity. Prior to
November 15 of each year, Purchaser shall deliver 25 individual
parking passes, in a form Purchaser deers apprc,riate, to Seller
for the exclusive use of Seller's designees. Such passes shall
allow: the bearer to part; on the Premises without any charge
whatsoever. the utilization of such passes shall be on a first
conic. first serve basis,that is, the bearer of any such pass may
park in the Premises only if space is available and may not
demand the removal of any vehicle to provide parking space.
5. Termination of Lease Agreement. Upon the execution
of this lgreement and the delivery of the peed, the Le-ise
Agreement shall be terminated and merged into this trans:,ction.
6. Rindinq Effect. This Agreement shall be binding
upon the parties hereto, their successors in interest and assigns.
IN V1I1NLSS 14HEkE01, this Agreement has been duly
executed by and between the parties hereto by the duly appointed
or elected representatives on the date first above written.
ATTEST: _07
io.rn Cler1,
VAIL ASSOCIATES, It~G.
`cc r~i !
BY
President
(S E A L)
ATTESI
Assistant Secretary
-3-
STATF OF COLORADO ) ss.
COUNTY OF EAGLE )
The above and foregoing Agreement was duly subscribed
and sworn to *before me by John A. Dobson as Mayor and /6<'.c~,
as Torn Clerl, of the Town of Vail , a Colorado municipal corpora-
tion, onbchalf of said municipal corporation and by Richard L.
Peterson as President and Frederick S. Otto as Assistant Secretary
of Vail Associates, Inc., a Colorado corporation, on behalf of said
corporation, this 1,o_,_t_day of 1974.
111THESS my hand and official seal.
Fly commission expires 6Z7
I
le- •ry Pu b l i c
0
-4-
C ,
EXN BIT B to a Warranty Deed
From Vail Associates, Inc. a Colorado
corporation to the Town of Vail, a Municipal
corporation dated May 1, 1974
EXCEPTIONS TO TITLE
1. Restrictions as contained in instrument recorded October 25, I
19G3 in Book 173 at Page 179 of the records of Eagle County, r
Colorado and as amended by instrument recorded August 30, 1971
in Book 221 at Page 497 of such records. i
2. Reservations contained in United States Patents of record.
3. Lease between Vail Associates, Inc., a Colorado corporation,
lessor, and Torn of Vail, a Municipal corporation, lessee,
recorded March 18, 1970 in Book 217 at Page 269 of such records,
providing for a term of 49 years, beginning February 24, 1970,
with an option for renewal. ~
4. Easements for ditches, utilities, roads and pedestrians of i
record or apparent. 4
5. Easement and right of tray for ingress and egress purposes as
granted to Avanti Corporation, by Vail Associates, Inc., in
the instrument recorded May 26, 1972 in Book 224 at Page 270
of such records.
6. Dedication and c.unVeyer:ce of right of r.,ay for street purposes
as granted to the Turin or Vail by Vail Associates, Inc., in the
instru!:,ent recorded Dc cec,bor 8, 1971 in Book 222 at Page 511
of such records. j
i
7. Real' Property taxes and assessments for 1974 payable in 1975.
i
BEST
COPY
AVAILABLE
K
Of r.:.c
1 Z i n ' C and Trn ct B, Vail Vilip":C 1:1_` 4'L ?.!i_n", ccun`'-.
In.
c, St tc of Col"rado T _re l ;
P_rru.c:u _arJ.y clescr._ d r .
foJ.la,7
Car C r o-,- 7At )"B1C C~:
t 1'i7I:1. r 2, 5-J?, aid { l •`v,._13.
1 nr ) r.,-1 l '.IIn sc•+
,s "==:1Lr ~OL'ti7 C:;tcrly zl i:tt1C
` 1` O~. 1 t.l j' ] of _c
i.~t. 6 feet to thc' true poi_n": of be3j.nninJti:^.:1CC On i.n C.P.31C
'--O thi: ri,,?":t of 8:9'39'2.31" 190,54 feet t0 apJiIltof illtC:?section ,.'iCil
_he i:ol:ti;~XJ li-le of Gore Gree'.-; ]cone; t?:ence on an rn';112 to the. J.eft
of 63'57'27" and ' a?.a1 said 1;ort?:rT•s_
J ~y lily. r.;d ~.1.Unu c^ CUr%'C to the
ritht havin.-I, a rndi.ua of 119.5£ feet, a centriil angle of 17'1.6'02"
An arc distance of 36.04 feet to of a Point o._ I'C\Ci.•..e C1.12-WO; tiL.,
.c-,?Ge '
aloa` Said No?: the'rly l'.'le i ncl al_on- • a Curve to the. J e rt haw in" radi m,
.l
Of 95.17 iCet, P_ CC:ltri'.l r.:l`lc of .57'51'40" •£.11 arc Gi_st:ance or 96.71
feet to a point Of tan-en'.; • thence alon"; Sni.C1, 'i',Uitl'.. .er i\' iit~- c-
~ line and d1O:]U
sit. d ti,n,cnL 179,50 feet to a point of curve; thence alone, said Nor-
therly line and Lion- a curve to the ri'ht Navin- a radius of 135.00
feet:, P, cenf'rr'l cll..,. ^1c of 324311511, I of , an arc c.i..s,,`.~-..,.,.e n:. 77.29 feet to a
point of --everse curve; thence along said .i"Zorthc_-ly li.r.e and along a
cul-ve to the left havin a radius of 193,01 feet, a central nn le of
26'03''1"
. - , an arc distance of 87,7$ feet t0 Fi POtl?t of, LLiIl~~Cnti -
thence alai:;; Said Northerly line and alone said tcI-:gi:nt 226.46 feet
to a pol"11t of curve; thence al.on`; said NorLhcrJ_y 1' ?le P.nd alon_; a Curve
to hu in"` ?c?s of p tl.96 feet/, a ~fSl
e Of 34c131,1''
an are d;•S.. i.:CC of'5J n . z/<:4c feet to n point of revel: e Curve, •
T thence
alo? Sri,! ;i:_'t::erly l.ii:e and along a curvo to th:. le" t .t i1::Vi1:<'
raciil_,•;. of 8c'i.00 feet, F, co-atT<:l iln- le of 29'51"C,", an arc di_s:-£.^Ce
of 45.C'6 Feet: to a Point oi" tangy"cnt-; `_lh,n lce Flom- sa-'d northerly .line
and nloil ' said ti1n,-,ollt 170.30 ;:Cot; theIlCc on mi angle to the 7
i~ _E,., t of
.56019'31" Plld illon, said i,o'_th^rl: like 44.16 fc.et; thence or. an angle
to the 1. r: t of 64-19t12", 75.21 feet; thence on an angle to the ri-lit
of 82'22'11-2", 41.67 feet-; thence on an angle to the left of 70'36'06"
6.76 feet to it point of intersection with the Southerly line or Tract
B, said Vr.tl Villa-c! First );ilinS; thence on an ar.rle to the left of
25'57'47" and alone; said Southerly; like 100.00 feet; thence on an ancole
to the ri;ilt of 25'58'00" and along said Southerly line 75.00 feet;
thence on an Z!n3lc to the left of 90'00'00", 198,31 feet to P, point of
intersection ;dith tile: Northerly line of said Tract ID; thence oil sn
angle to the left of 89'59'45" and P.lcn- said Northerly line 1135.66
feet to th:^ t -UQ P, ) ii~ o : bc: Ill:il]3; Cal?tn{:lill^ 2'10,553.522
,qunre fe'e't
or S.rs _X23 acres, ::.)rc or
less,
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51 Lot/;
AIN/
L o ~ d, o/cc,< 5-d
LEGAL D=SCRIPTION:
A part of Tract C, VAIL VILLAGE,
FIRST FILING, Town of Vail,
County of Eagle, State
of'Lolorado described as:
Beginning at a point in Tract C from whence the Northwest Corner of Lot b, Mock 5-3
bears S 37°15'30" W 73.44 feet; thence t1 64='42'56" 'd 32.00 feet; thence S 33'17104" W
117-CO fret; thence S 86°17'04" W 115.0 feet; thence N 8'5737" W 125.59 feet to a point
on the arc of a 145.77 foot radius curve; thence Southeastarly 111.55 feet along tha arc
of said curve to the left %•.hose central angle is 43°50'•''5" and .-Chose long chord bears
S 72°43'43" E 108.85 feet to a point of tangent; thence N 35°20'50" E 129.50 feet to a
point of curve; thence Easterly 33.07 feet along the arc of an 85.00 foot radius curve to
the right whose central angle is 25'04'15" and •.-shose long chord bears S 31°37'03" E -
38.34 feet; thence S 14°52'05" W 23.35 feet; thence S 12''35'55" = 75.95 feet to the point
of beginning, containing 24,092,756 square feet or 0.5531 acres more or less.
CERTIFICATION:
I certify that the boundary survey and legal description shown hereon were perfor^+ed
by me and under my supervision and that the property corners exist as shown. -
• Al
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i; , J y 7
BEST
COPY
AVAILABLE
REGI'.'f_.l'iD f?r%=S>;r,>i-~L ;Nr~tlE`3
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E a arc distance of 53.74 feet to a point o:: reverse curve; thence
BEST r EXNIGII A to a Warrant, weed
From Vail Associates, Inc, it Colorado
COPY
corporation to the Town of Tail, a Municipal
AVAILABLE corporation dated May 1, 1974
PROPERTY DESCRIPTION
nr.t• Dart .of Tract C and Tract Fi, Vial Vill.:c;e first County of
State of-Colorado, more particularly describ^_d as follows:
I~I:ci.ng at the „ortheast corner of Lot' P, Block S-D, said Vail Village
irst Filing; thence Southcasterly zlcng the 1,orthcrl,, line of said
ract -C 133.36 feet to the true point- of beginning; thence on an angle
o ti.e right of 890391.23", 190.54 feet to a point of intersect ion with
tic! Northerly line cif Gore Creel: Road; thence on an rngle to the left
f 63°57'27" and along said Northerly line and alon^ curve to tt,e
ig.t having a radius of 119.5E feet., a central angle of 17°16'02", -
:n ard'.distance of 36.04 feet to a point o` r-everso cuINe; thence
10: SaIG i\Or%11eX7-j' line and along.a curve to the left' having a radius
:f 95.77 feet, a central angle of 57 °51'40", an arc uistance of 96..71
:eet io a point of tangent; thence-along said Northerly line and along
aid tange:a 1290.50 feet to a pointi'of curve; tl-ence along said Nor-
herly line ._nd alor.E; a curve to the right having a radius of 135.00
.eet, P. central angle of 32°4£3'15", an arc distance of 77.29 feet to a.
Ant of reverse curs a;. thence along said -Northerly line ar.d along a
uxve to the left having a radius of 193.01 feet, e central angle of
.5003131", an arc distance o- '07.75 feet to a point: of tangent;
.fence along said Northerly line and along said tcngcnt 226.46 feat
O a point of curve; thence along said Iortherly line and along a curve
o the right having a radius of 89.96 feet, a central angle 'of 34°13'41",
lorrg' sa id IIorLInerly 11.ne and along •a curve to th~i 2.cft having,
arc distance
o!- 88,00 feet, a central angle or 29°51'36", 41.1
+i 45.56 feet to a point of tangent; thence aloe- said Northerly .ire
and , ton, said tangent 1'10, 30 feet; thence on an an-le to the right of
C C>
,6°19'31" and along saidIortherly line 44.16 feet; thence or. an angle
::o the left of 64°19'12", 75.21 feet; thence an an angle to the right
A' ;:202214211, 41.67 feet; thence on an angle to the ):eft of- 10°36'06",
;.7,6 feet. to a point of intersec.tion with the Southerly line o" Tract
3, said Vail Villac-e First Filing; thence on an angle to the left of
?$°57'47" and c110I1g said Southerly line 100.00 feet; thence on an angle
'o the right of 25°58'00" and along s,id Southerly line 75.00 feet;
hence on an angle to the left of 90*00'00", 19c3.31 feet to a po1.nt of
intc,section with the Northerly line of said Trnct:h; thence on an
angle t.o the left of 89°59'45" and aloe- said „or~Ilerl.y .like 1185.66
J. et to the true point of bcoinn4_r11-';; containinZ; 2,0,55:%.522 square fret
;r 5,5223 acres, more or less.
j.
i
4
9
.A
i ~1 Ceti . F,4
Recorded at e'CIOCIL........... M.,
Y..C,.ptioat tart ....................._...................................................Recorder.
Tills M vi), made this I s t d^y of a v +
to 74,betw•een VAIL. ASSOCIATES, INC.
a corporation duly orinmiroci existing under and by virtue o' the 1,v.,
of tile state o: Colorado of thefir-Apart, rr.d the TWIN OF
VAiL, a Municipal corporation
of the County of E;: a 1 e and State of
Colorado otthese.cnd parU
WIT\ESSI*r1l, That the said party of the first part, for and in consideration of the sum of TEN and
00/100 (10.00)----------------------------------------------DOLLARS.
to the said party of the first part in lend paid by the sold p•rrt y of the second part, the receipt whereof is here-
by confesseil and ccknowledged, hat, granted, bargained, sold and convelcd, and by these jrresents loth rrant, bar.
gain, sell, convey and confirm unto the said pact y of the second part, i t s S N; ~,"Pl M9,"Agns for-
ever, all of the fo',le sing described lot cr parcel of land, situate, lying and being in the
County of E a 9 10 and State of Colorado, tovvit:
Described on Exhibit A attached hereto and nade a part hereof.
T0G1ra111;P v:itlr all and singular the her:ditamcnt; rod appurtenanee;; L ,ret•nto belonging, or ill anlwisc
appcrttinin„ and the t.versiou or reversions, rer lenders, rents, issues and profits thereof; and all the estate,
right, title, interest, claim onci demand whatsoever of the said party of tits iirst part, eititer in law yr equity, of, in
and to tit(i'aboce bnrt;aircd premises with the hereditanrents and appurtenances.
TO HAVE' A.Nl) TO 110L.D tl;c said premises above bc:r^ninod and descrihed, with the apputten: aces unto the
void pat, y of file second part i tS Yo&ver. And the said VAI L
ASSOCIATES, INC., a Colorado corporation party of the first part, for W%vlf,
and its sueeessor5, Both covenant, gran`, bargair, and agree to zr.d with the. said pa,L y of the second part,
i t S S tl C C e 5 s 0 : ssigns, that at the time of the ensealing and delivery of these presents it is well
seir-d of the piem:,vr, above conveyed, as of it good, sure, p^rfect, :+b::oluie and indefeasible c: Late of inheritance, in
la.v, in fee simple, and lath good right, full power and lawful authority to grant, bargain, sell and convey the same
in manner and form aforesaid, and that the same are free and clear from all forms and other grants, bargains,
s !r~, liens, taxes, asse.ssmer:ts and incmnbrarces of vehatcver kind or nature soever; E x c e p t t h e
naL'~ers set forth on Exhibit B attached hereto and made a part
heteoi
no+l the o,rore bargained premises in the quiet and peaceable possession of the said part y of the second part
S 5 U C C (I c i. 7'r S`:i :(:nd aasirns, enainst nil and every person or pen:ons lawfully claim. bur or to claim the whole
or any ?art ti.a:cof, the s:•.i;i party of the first 1-art ;hall and will WARRANT AND FOREVER DEFEND.
1\" ;1'll'~liSL" S:11ER1i017,'1he said party of the first part l:nth C:LjScd its corporate name to be hereunto
~;ubrerib;•d )••i•.s President, nrd its corporate seal to be hereunto affixed, attested by its A S S i s t a n t
.S_ .r.,, a.r t..-y and year first above ^ritten,
Attest: . V 1:.'L,•~1
_ ALI,.:` aSOC I,h.Z.E._- .
r1' '{°r; .c J. Otto, Assistants"n. ~d-.,~~.!_.
By ....{,,..:....4 .
Richard L. Peterson r-ld-u
SPATE OF COLORADO,
aa.
County of......E.ag.l. e...__..
The foregcin:,2r instrument was acknowledgedtefore me this I5 t day of May
0 , by R i c h a r d L. Peterson as Prer ident and
Frederica; S. Otto n corporation.
ea Assistant aoVAIL ASSOCIAJES, INC.
Itip notarial couvnission expires p?
Witness lay hand nod offirial seal.
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Frog, Vail AssociaLes,VInc. a Colc ratio AVAILABLE
corj:oi:.tion to the'I ol-m of Vail, a Faricij; l
corporation dated May 1, 1974
PROPERTY OESCRIP7I01
W pars of Tract C and Traci i3, W1 Vill a.Z e first Fil.idg, County of
Ogl.e,. State of-Colorado, mere particularly described as
fol.lo:.s;
at the ;;orthea st corner of Lot P, Block 515, Daid Vail. Village
irst- Fi.liny; thence SDa ,nas e_l.y .c1 v ft t ca; L•he I.o'th :'1}* Line of said
'raCIVIC 153.35 feet to the true point- of beginning; t,:c cc on n Engle -
o t':c:, right of £9°39'.2-3", 190.54 feet to a point of intersection Wth
-le ornhurly line 6f Gore Creek Road; fheacc on an r.ngle to the left
A 93"57'27" and along sn!a Hortherly line and al.on a curvt to Ke
Ight having radius of 119.58 feet, a central angle of WIMP,
:n arc'dintnce of 36.04 feet to a point of rcvcrse'curve,'thence',
long said Northerly line and ~."9lon;,^.a curve to the left' ~ _having a xadius if 95177 feet, a central angle of 57 °51'40", an pre distance of 96..71 - . :
qet to a point of tangent; thence 'along said Northerly line and along,
mid tangent 129.55 feet ro a poi_nt'of curve; thence along., said Or
:ncrly line and along a curve to the right having a radius of 10.00
met, a central angle of 32°48'15", an arc distance of 77.29 feet to r,
•oin_ of reverse curve; thence along said -Northerly line and along a
.;Irve to is left having a radius of .193.01 feet-, a central angle of
ail are distance 'of V/ .7J feet to a pCiilt: OL tc ngent j
-hence along said Nort'he):ly line and along said tangent 226.46 feet
:o a point of curve; thence along; said Northerly line and along a curve
:o the right having a radius of 8906 feet, a central, angle-of 34'°13141",
sI arc ekstance of 53.74 feet to a point of r, arse curve; thence
on,, _._i c.a_ihexl.y ir_c .,nd a_oi.g a cuxti to the lc.,, having a
_.Ji_us of E3.00 feet, F central angle of 29"51136", t t arc distance
.
45,06 fee" to a3 point o'_ to hAen`.; thence along said Northerly jive
.:d nloi said tLngent 170.30 Act:; thence on an angle to the r lght of
:.5`1` '31" and along said Northarly line 44.16 feet-; thence o:l an angle.
:o tic lest o! 64°19`12", 75.21 fOct; thence on an angle to the right
ol82°?2'42", 4137 feet; thence on an angle to the left oi_ 700606",
Q6 feet to a point of int'erscot;on with the Southea-l.y line o:: Trnct.
said Vail Villa] e First Filing; thence on an angle to the left of
00247" along said Southerly line 100.00 feet; thence on an nng 1c
o the ::i'ght: of 254840" and along said Southerly line 75.00 feet;
.hence en an ari3le to the left of 90°00'00", 198.31 feet to n point of
Lntersectico with the Northorly line of said Tract: j; thence on an
3l.e to the left of 89°59'75" and along said Norihcrly.line 1185.66
'cet to the troy point of beginnAQ; containing 240,553.522 square fort
5.5223 an , MOW or less.
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EXHIBIT E to a Wam-inty Deed
From Vail Associates, Inc. a Colorado
corporation to the Tc:in of Vail, a Municipal
corporation dated May 1; 1974
F:);CEP'i 1C.+S TO -1111F
1. Restrictions as contained in insiru::1on* recorded October 25,
1963 in Book 17.' at Page 179 cf the records of Eagle County, ~
Colorado and as' amended by instrument recorded August 30, 1971
in Book 221 at Page 497 of such records.
I
2. Reservations contained in United States Patents of record.
3. Lease between Vail Associates, Inc., a Colorado corporation,
lessor, and Torn of Vail, a Municipal corporation, lessee,
recorded March 18, 1970 in Book 2) 7 at Page 269 of such records,
providing for a tern of 49 years, beginning February 24, 1970,
with an option for renewal.
I
4. Easements for ditches, utilities, roads and pedestrians of
record or apparent.
5. Easement and right of v.ay for ingress and egress purposes as i
granted to Avanti Corporation, by Vail Associates, Jnc., in
the instrurierit recorded M?y 26, 1972 in Book 224 at Page 270
of such records.
6. Dedication and conveyance of right of i,ray for street purposes
as granted to the Tov,,n of Vail by Vail Associates, Inc., in the
instrument recorded Dec c'(O)cr 8, , 1971 iii Book 222 at Pane 511
Of such records.
7. 1eal' Property taxes and assessments for 1974 payable in 1975.
r
Recorded at __..«z.»_.....o'clock »P'.....M., . _ _29t...! Z..........__
1 30775 Maxwell R. Bart Recorder.
Reception No_..........
TATS DEED, Made this 1st day of May
19 74, between VAIL ASSOCIATES, INC.
a corporation July organized and existing under and by virtue of the laws
of the state of Colorado of the first part, and the TOWN OF
VAIL, a Municipal corporation
of the County of E a g l e and State of
Colorado of the second part:
Recorder's Stamp
ITUE °.f:ll n' FEE
MAY 29 711
c
WITNESSETH, That the said party of the first part, for and in consideration of the sum of TEN a n d
00/100 (10.00)---------------------------------------------DOLLARS,
to the said party of the first part in hand paid by the said part y of the second part, the receipt whereof is here-
by confessed and acknowledged, hath granted, bargained, sold and conveyed, and by these grisents doth ant, bar-
gain, sell, convey and confirm unto the said part y of the second part, i t s S NFJ%l§ ~Ssl~gna for-
ever, all of the foiluwing described lot or parcel of 'nd,situate, l5ing and being in the
County of E a g l e and State of Colorado, to wit:
Described on Exhibit A attached hereto and made a part hereof.
TOGETHER with all and singular the hereditaments and appurtenances thereunto belonging, or in anywise
appertaining, and the reversion or reversions, remainders, rents, issues and profits thereof; and all the estate,
right, title, interest, claim and demand whatsoever of the said party of the first part, either in law or equity, of, in
and to the above bargained premises with the hereditaments and appurtenances.
TO HAVE AND TO HOT,D the said premises above bargained and described, with the appurtenances unto the
I said part y of the second part i t s kiga US>ssSng g f & v e r . And the said V A I L
f AJJUI.iATLS, i1VC., a Colorado corporation party of the first part, for itself,
and its successors, doth covenant, grant, bargain, and agree to and with the said part y of the second part,
i t s s u c c e s s o rlis: and assigns, that at the time of the ensealing and delivery of these presents it is well
seized of the premises above conveyed, as of a good, sure, perfect, absolute and indefeasible estate of inheritance, in
law, in fee simple, and bath good right, full power and lawful authority to grant, bargain, sell and convey the same
in manner and form aforesaid, and that the same are free and clear from all former and other grants, bargains,
sales, liens, taxes, assessments and ineumbrances of whatever kind or nature soever; Except the
matters set forth on Exhibit B attached hereto and made a part
hereof
premises in the quiet and peaceable possession of the said part y of the second part
nd assigns, against all and every person or persons lawfully claiming or to claim the whole
laid party of the first part shall and will WARRANT AND FOREVER DEFEND.
RI'OF, The said party of the first part hath caused its corporate name to be hereunto
President, and its corporate seal to be hereunto affixed, attested by its A s s i s t a n t
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.i'•:lf: Assistan
Richard L. Peterson
STATE OF COLORADO,
_............County of......Eag.l.e...._
The foregoing instrument was acknowledged before me this 1 s t day of May
41 by Richard L. Peterson a. Preridentand
Frederick S. Otto • corporation. Assistant orpoatatioon.
V A I L A S S O C I A T E S , I N C
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` Mynotarial commission ezpirea ZAP.
~ L FWitness my hand and official gesl
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XHIBIT A to a Warranty De
FroAail Associates, Inc. a Co wado
corporation to the Town of Vail, a Municipal
corporation dated May I, 1974
PROPERTY DESCRIPTION
hrt-part.of Tract C and Tract B, Vail Village First County of
Eagle,. State of-Colorado, more particularly described as foll.o:.si
-
g at the Northeast corner of Lot P, Block 5-D, said Vail Village
First Filing; thence Southeasterly along the Northerly line of said
Tract;C 133.36 feet to the true point of beginning; thence on an angle
to the. right of 89°39'.23", 19034 feet to a point of intersection with
.the Northerly line. of Gore Creek ]toad; thence on an angle to the left
of 63°57'27" and along said Northerly line and along a curve to the
right having a radius of 119.58 feet, a central angle of 17°16'02",
an ard'.distance of 36.04 feet to a poinf'of reverse" curve-'' thence'.
along said Northerly line and along•a curve to the left having a ..radius*
of 95.77 feet, a central angle of 57°51'40", an arc distance of 96..7 1
.feet to a point of.tangent; thence-along said Northerly line and aloiig
said tangent 129.50 feet to a point'of curve; 'thence along said Nor-
therly line' and along a curve to the right having a radius of 135.00
feet, a central angle of 32°48'15", an arc distance of 77.29 feet to a
point of reverse curve, thence along said -Northerly line and along a
curve to the left having a radius of.193.01 feet, a central angle of
26°03'31", an arc distance of 87.78 feet to a point of tangent;
thence along said Northerly line and along said tangent 226.46 feet
to a point of curve; thence along said Northerly line and. along a curve
to the right having a radius of 89.96 feet, a.central angle,of 34°13'x;1",
an arc distance of 53.74 feet to a point of reverse curve; thence
along said Il-ortaerly. line and along a curve to the left having, a
radius of 85.00 feet, a central angle of 2.9°51'36", an are distance
of 45.86 feet to a point of tangent; thence along said Northerly ;line
and aloe- said tangent 170.30 feet; thence on an angle to the right of
56°19'31" and along saidNortherly line.44.16 feet; thence on an angle
to the left of 64°19'12", 75.21 fact; thence on an angle to the right
of 82°2.2'42", 41.67 feet; thence on an angle to the ].eft of 70°36'06",
6.76 feet. to a point of intersection toith the Southerly line of Tract
B, said Vail Village First Filin"; thence on an angle to the left of
25°57'47" and along said Southerly line 100.00 feet; thence on an angle
to the right of 25°58'00" and along said Southerly line 75.00 feet;
thence on an angle to the left of 90°00'00", 198.31 feet to a point of
intersection t.ith the Northerly line of said Tract:?3; thence on an
angle to the left of 89°59'45" and along said NorLhcrly.line 1185.66
feet to the true point of bcoinnir1; ; containing 2,10, 553.522 square fi's't
or 5.5223 acres, more or less.
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EXHIBIT B to a Warranty Deed
From Vail Associates, Inc. a Colorado
corporation to the Town of Vail, a Municipal
corporation dated May 1, 1974
EXCEPTIONS TO TITLE
1. Restrictions as contained in instrument recorded October 25,
1963 in Book 178 at Page 179 of the records of Eagle County,
Colorado and as amended by instrument recorded August 30, 1971
in Book 221 at Page 497 of such records.
2. Reservations contained in United States Patents of record.
3. Lease between Vail Associates, Inc., a Colorado corporation,
lessor, and Town of Vail, a Municipal corporation, lessee,
recorded March 18, 1970 in Book 217 at Page 269 of such records,
providing for a term of 49 years, beginning February 24, 1970,
with an option for renewal.
4. Easements for ditches, utilities, roads and pedestrians of
record or apparent.
5. Easement and right of way for ingress and egress purposes as
granted to Avanti Corporation, by Vail Associates, Inc., in
the instrument recorded May 26, 1972 in Book 224 at Page 270
of such records.
6. Dedication and conveyance of right of way for street purposes
as granted to the Town of Vail by Vail Associates, Inc., in the
instrument recorded December 8, 1971 in Book 222 at Page 511
of such records.
7. Real Property taxes and assessments for 1974 payable in 1975.
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NOTE
TO: Rosalie Jeffrey
FROM: Gene Smith
DATE: 6--5°1974
RE: Vail Tra rta
SUBJECT: Deed _or site of. VTC
1. The original copy of the above deed
after having been recorded in Eagle
is attached to reto.
2. This document should be retained
in a safe place, probably the fire
safe or otherwise in the VTC file.
r ~
ON APR. 1,
the TOWN OF VAIL, 19"
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States ;58.33
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due qfr ;tgn I N 7
SERIES MARCH 1, 1 '
No. B-20
Manor, Town of Val 1, Colorado
ON DEC.
the TOWN OF VAIL, 1983
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due p
SERIES MOH d M h~ 19 BF81
MaW,,^Town of Vail, Colorado No. B3-19
tovilm of Vbox 100 office of the town attorney
wail. Colorado 81657 April 4, 1974
(303) 476-5613
Robert A. Backus, Esq.
Rovira, DeMuth & Eiber.ger
Attorneys at Law
1600 Western Federate Savings Building
718 Seventeenth Street
Denver, Colorado 80202
Be: Town of Vail, Colorado, March 1, 1974
$5,500,000.00 bond issue
Dear Mr. Backus:
This will acknowledge my receipt of your letter dated March 27,
1974, and the April 1, 1974 letter from Patience Bourne of your
office which we received only-yesterday.
Enclosed herein are three duplicate originals of each of the
following documents which have been fully executed in accordance
with your instructions insofar as that could be done to this
time:
1. Delivery Certificate
2. General and No-Litigation Certificate
3. Signature Certificate
4. Arbitrage Certificate
The April 1st letter indicated that it is necessary after all
for the Mayor to execute a current Facsimile Signature Certifi-
cate to be filed with the Colorado Secretary of State. The
Mavor went to Denver yesterday and this morning at 10:00 AM
the Town Clerk was fortunate to reach him at the hotel where
he is staying and made arrangements for him to go to your office
today to sign other copies of the Facsimile Signature Certificate.
Otherwise it might .have been exceedingly difficult for you to
obtain that executed certificate prior to the bond closing
scheduled for 10:00 AM tomorrow.
The two duplicate proofs of publication of ordinance No. 3,
Series cf 1974, are also enclosed as requested by Daniel C.
Lynch, Esq., of your firm.
The Town Manager is in Montana for the rest of this week and
4 the Finance Director/Assistant Town Manager cannot attend the
closing on Friday morning. We are confident that you will
makes satisfactory arrangements to transmit to the Town the
April 4, 1974
Page 2
proper portion of the bond proceeds which will be due in
cash upon the closing; I understand that the bilk of the
funds will be deposited to the account of the Town in a
designated Denver bank.
In due course, with the check for the portion of the proceeds
if such can be done, please be certain to return a fully-
executed original copy of each of the five documents referred
to above to me for the Town records.
Sincerely,
Gene A. Smit
Town Attorney
GAS:rj
Encls. (5)
DELIVERED THIS DATE VIA
CONTINENTAL TRAILWAYS BUS
DEPARTING VAIL AT 12:00 NOON
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF VAIL )
0
DELIVERY CERTIFICATE
it is hereby certified by the undersigned that General
Obligation Bonds, Series March 1, 1974, Town of Vail, Eagle
County, Colorado, in the principal amount of $5,500,000, dated
March 1, 1974, were delivered to the purchaser thereof in k
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accordance with the contract of purchase therefor, and the
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Town of Vail acknowledges receipt of the full purchase price
thereof, as follows:
Principal Amount: $5,500,000.00
Premium: $ 120,000.00
Accrued Interest
From March 1, 1974: $ 31,343.08
Good Faith Check: $ 25,000.00 '
TOTAL: $5,626;343.08
And it is hereby further certified that the statements
made in the *Signature Certificate and the General and No-Litigation
Certificate, being delivered herewith concerning the issuance of
said General Obligation Bonds, Series March 1, 1974 of the Town,.
including, but not limited to, provisions therein relating to
the officers and Councilmen of the Town, their signatures and
the absence of litigation, remain true and correct to and in-
cluding the date of this Certificate, and each of the paragraphs
therein set forth is incorporated herein by this reference.
IN WITNESS WHEREOF, the undersigned has hereunto set
his hand this 5th day of April, 1974.
(TOWN SEAL)
yor
own of Vail
Eagle Coun}y, Colorado
•
STATE OF COLORADO )
COUNTY OF EAGLE ) ss. GENERAL AND NO-LITIGATION
)
TOWN OF VAIL ) CERTIFICATE
Each of the undersigned, being first duly sworn on
oath, deposes and says:
That they are, respectively, the Mayor and the Town
Clerk of the Town of Vail, Eagle County, Colorado; that said
Town has been regularly and duly organized as a Colorado home
rule mu,iicipal corporation; that at an election duly called
and held in said Town on the 12th day of September, 1972,
the qualified registered electors voting at the election
approved a Home Rule Charter for said Town pursuant to the
laws of Colorado; that a certified copy of said Home Rule
Charter was duly filed with the Colorado Secretary of State
on the 15th day of September, 1972 and with the Town Clerk
of said Town on the 14th day of September, 1972.
That during a period from the 20th day of November,
1973, to and including the date of this Affidavit,-the follow-
ing have been, and now are, duly elected or.appointed, quali-
fied and acting officers and Councilmen of the Town Council of
the Town of Vail, Colorado..
Mayor John A. Dobson
Councilmen: Kathleen Klug
John Donovan
Joseph Langmaid .
Josef Staufer
Thomas Steinberg
Albert white
That the signature of John A. Dobson, Mayor of the Town
of Vail, has heretofore been filed with the Colorado Secretary
of State, pursuant to the Uniform Facsimile Signature of Public
Officials Act, C.R.S. § 125-6-1, et seq., 1963, as amended.
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That the assessed valuation of the taxable property
within the boundaries of said Town for the year 1974, is
$ 18, 650,000.00 , and that said Town has outstanding' bonded
indebtedness in the amount of $3,000,000, excluding the Town's
General Obligation Bonds, Series March 1, 1974.
That there is no litigation pending or threatened
relating in any way to the validity of the organization of
the Town, to the rights of its Councilmen and officers to
hold their respective positions or to the legality, issuance
or delivery of any of the Town's General Obligation Bonds,
Series March 1, 1974, in the principal amount of $5,500,000,
or relating to the levy or collection of any taxes to pay the
interest on or principal of said bonds, and that so far as is
known, nothing exists to hinder or-prevent the-Town from issuing
said General Obligation Bonds, Series March 1, 1974.
That there have not been filed with the Town Clerk any
affidavits or petitions relating to the commencement of ref-
erendum proceedings for Town of Vail Ordinancl No. 3 (Series
of 1974) which Ordinance provides for the issuance of the Town's
General Obligation Bonds, Series March 1, 1974.
That no authority or proceedings for the issuance of
said General Obligation Bonds, Series March 1, 1974, has or
have been repealed, revoked or rescinded, and that none of said
bonds has been previously issued, sold or delivered.
TOWN OF VAIL
Eagle County, Color
r'
(TOWN SEAL)
Town Clerk
Subscribed and separately sworn to before me this G~
day of 1974.
My Commission Expires: 34, 1977
Notary Public
(NOTARY SEAL)
SIGNATURE CERTIFICATE
I, the undersigned NADINE M. MONACO ,
of VAIL Colorado, do hereby certify that I am
personally acquainted with John A.•Dobson, Mayor, and Rosalie
Jeffrey, Town Clerk, of the Town of Vail, Eagle County, Colorado;
that I know the above-mentioned officers were the Mayor and Town
Clerk, respectively, of the Town of Vail, Colorado upon the date
of the execution and delivery of that certain series of General
Obligation Bonds, Series March 1, 1974 of said Town in the amount
of $5,500,000, consisting of 1100 bonds in the denomination of
$5,000 each, all dated March 1, 1974; that I am acquainted with
the signatures of said officers and know that the manual or fac-
simile signatures appearing upon said bonds and interest coupons
are the manual or facsimile signatures of said officers, respect-
ively; and that said officers have to this Certificate attached
their respective signatures as follows:
TOWN OF VAIL
Eagle C nty, Colo a
Town Clerk
SIGNED AND CERTIFIED this 34day of , 1974.
of Colorado.
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ARBITRAGE CERTIFICATE
TOWN OF VAIL
EAGLE COUNTY, COLORADO
GENERAL OBLIGATION BONDS
SERIES MARCH 1, 1974
$5,500,000
The undersigned, being the duly chosen, qualified and
acting Mayor of the Town of Vail, Colorado, does certify, in
the name and on behalf of the issuer as follows:
1. The undersigned is an officer of the issuer charged
with the responsibility for issuing the Town of Vail General
Obligation Bonds, Series March 1, 1974 and his certification
may be relied upon as the certification of the issuer pursuant
to Treas.Reg. §1.103-13(a)(2)(ii). These bonds in the amount
of $5,500,000 will be general obligation bonds issued by the
Town of Vail, Colorado, and will be dated March 1, 1974. The
date of issue will be April 5, 1974.
2. The original proceeds of this issue, exclusive of
any accrued interest, will be $5,620,000 which includes a premium
of $120,000 paid to the issuer by the underwriter. It is not
contemplated that the project to be financed with this issue
will be sold or otherwise disposed of prior to the last maturity
of the bonds. However, if the project is sold or otherwise
disposed of before the last maturity of the bonds, the proceeds
thereof will not be invested in any manner so as to cause these
bonds to be arbitrage bonds under §103(d) of the Internal
Revenue Code. Thus, it is not contemplated that there will be
any indirect proceeds of this issue. Investment proceeds realized
from an investment of the proceeds of the bonds will, within one
year of receipt, be commingled for the purpose of accounting
for expenditures with substantial tax or other substantial ,
revenres from the operations of the issuer and will therefore
not be proceeds attributable to this issue.
3. The proceeds of this issue will be used to finance
the construction of a parking and transportation complex within
-2-
the Town of Vail, Colorado. The estimated cost of the project
is $5,728,500. Specific cost of the project includes the
following:
A. Construction per construction $ 4,703,000
contract
B. Landscaping 400,000
C. Architectural fee 220,000
D. Civil engineering fee 8,500
E. Landscaping architect's fee 40,000
F. Graphics 15,000
G. Reimbursables 12,000
H. Insurance 10,000
1. Utility relocation 70,000
J. Miscellaneous contingencies and
additions 250,000
TOTAL 5,728,500
Under the circumstances, the original proceeds of the issue will
not exceed the amount necessary for the project by more than 5%
of such amount. The issuer will not establish a reasonable
required reserve or replacement fund with any of the proceeds of
this issue.
4. The architect's plans for the project are substantially
j
complete. On March 19, 1974, the Town entered into a construction
contract with respect to the project. Pursuant to that contract,
construction work is to commence immediately with an estimated
r.
completion date of November 15, 1975. It is expected that the
construction of these facilities will proceed with due diligence
to completion. At least 85% of the spendable proceeds of the
issue will be expended within the applicable temporary period.
5. The yield on this issue is calculated to be
The yield on any acquired obligations which may tie purchased and
allocated to a major portion of the proceeds of this issue,
except obligations held during the temporary period, will not
.exceed the yield in this issue by more than 1/8 of one percentage
point thereof.
6. On the basis of the foregoing, it is not expected that
the proceeds of the bonds will be used in a manner that would
cause the bonds to be arbitrage bonds under §103(d) of the Internal
IL -3-
Revenue Code and the proposed regulations prescribed under that
section.
To the best of my knowledge and belief, there are no other
facts, estimates or circumstances that would materially change
the foregoing conclusion.
Dated this 5th day of April, 1974
c. or, Town of Vail,
agle County, Colorado
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Boettcher 8 Company
■I Investment Bankers Since 1910
828 Seventeenth Street
P.O. Box 54
Denver, Colorado 80201
(303) 292-1010
April 5, 1974
Mr. Stan Bernstein
Finance Director
Town of Vail
P.O. Box 100
Vail, Colorado 81657
Denver
Boulder
The Broadmoor
Cherry Creek
Colorado Springs
Englewood
Fort Collins
Grand Junction
Greeley
Pueblo
Members
Villa Italia
New York Stock Exchange, Inc.
Casper
American Stock Exchange, Inc.
Chicago
Midwest Stock Exchange, Inc.
New York
RE: $5,500,000 Town of Vail
Eagle County, Colorado
General Obligation Bonds
Dated March 1, 1974
Dear Stan:
is Enclosed please find a specimen bond for the Town's files. Debt
service schedules were sent to you yesterday. If you need additional
copies, please let us know.
DWH:n.jh
Enclosure
Yours very truly,
BOETTCHER & COMPANY
i
Dan W. Herrington
General Partner
the TOWN OF VAIL, 1983
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK Denver, Colorado,
being intere st then due it N L I I 7
SERIES MARCH 11 19 , 1r97bN 1~,
Q''--
Mayor, Town of Val 1, Colorado No. B-18
ON JUNE 1,
the TOWN OF VA
In the County of Eagle and State of Col
the amount shown hereon in lawful mo
f A
e
i
t SECURITY NATIONAL
IL.
orado, will pay, to bearer
ney of the United States
BANK
D
l
C
d
1982
$87.50
m
r
ca, a
o
being interest then due citAtiQNB~
%
,
enver,
ora
o,
o
AL Bkl W NP
Na
fT
SERIES MARCH 1, 19
9 , diced N~
rch&,
'
197 bd~)Ine
+1
'a'a 4-P
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i
i
Mayor, Town of Val I, Colorado
No. B-16
ON JUNE 1,
the TOWN OF VAIL,
In the County of Eagle and State of Colorado
1981
, will pay, to bearer
5
the amount shown hereon in lawful money o
of America, at SECURITY NATIONAL BANK,
being interest then due its'~NL 3Q!
Ei!tA
ERIE
MARCH 19~
d
h
f the Umted States $87,
50
Denver, Colorado,
7
N
N
S
S
,
Mted
Marc
,
1~7i bI
lt
:
iC a
Q. ,u~T,,`
Mayor, Town of Vail, Colorado
No. 6.14
ON JUNE 1,
the TOWN OF VAIL.
In the County of Eagle and State of Colorado, will pay. to bearer
h
h
h
1980
5
t
e amount s
own
ereon in lawful money of the United States
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
$87.
50
being interest then due &It% Nt£RAL Blil 1
SERIES MARCH 1, 19T{ do ptarclT J19t7 ~N
y
B-12
No
Mayor, Town of Val 1, Colorado
.
ON JUNE 1,
the TOWN OF VAIL. 1979
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado, Interest bein SERIES MtARCHd1 e1Qrr h911 Ngp1L,QB19t#~TIQ~I 1pN~
M 1~ hCJ;l 7 bia iVfti
Mayor, Town of Vail, Colorado No. B-10
:i
ON JUNE 1,
the TOWN OF VAIL, 1978
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $$7,50
Of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being Interest then due qn its N 1 TI
ERIES MARCH 1, 19 ' 4~fd rc 1, 19 N t
1 i
Mayor, Town of Vail, Colorado No. B-8
ON JUNE 1.
the TOWN OF VAIL, 1977
in the County of Eagle and State of Colorado, will ppay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
%
X L.pB~IT1Q~i I~
being interest then due onn'
SERIES MARCH
d6d Mfrct~l, 197!,, btlAtfNY:' ,
`Mayor' ,,^Town of Vail, Colorado a L r :3 No. B-6
ON JUNE 1,
the TOWN OF VAIL, 1976
In the County of Eagle and State of Colorado, will pay, to bearer
the amount shown hereon in lawful money of the United States $87,50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due on it RAL 1 T BO
SERIES MARCH 1974, d hlarcli 1, 197,{, Ilg IIYI T
Q ~l A 11
ew-
Mayor, Town of Vail, Colorado No. 64
ON JUNE 1,
the TOWN OF VAIL, 1975
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87,50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due ,t;i{~N~yRAL I14F N
SERIES MARCH 1 pa
, 1 ;WLfaldllih. rc 1, 9xi{l Nllp
eiw- 2
Maroc, Town of Vail, Colorado No. B
ON JUNE 1,
ON DEC. J
the TOWN OF VAIL, 1982
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due o its I~EEMMERAki OATT)OO B Dry-•.
SERIES MARCH I, 19 dafad`M - h ' 1974;ibea O
Q JJIiLL iiAA
644
Marv, Town of Val I, Colorado Na. B17
ON DEC. 1,
the TOWN OF VAIL, 1981
In the County of Eagle and State of Colorado, will pay, to bearer
the amount shown hereon in lawful money of the United States $$7,$0
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due or) its EI O
~ B D ~T7
SERIES MARCH 19 atilth X(!
4
~ P 111111111111! :3•
Mayor, Town of Val 1, Colorado No Be15
ON DEC. 1
the TOWN OF VAIL. 1980
In the County of Eagle and State of Colorado, will pay, to bearer
the amount shown hereon in lawful money of the United States $87,50
of America, at SECURITY NATIONAL BANK, Denver, Colorado
being interest then due orl its fiaE EgAy O B . O,L-
SERIES MARCH 1, 10 dal Match )C 1974,1 O<,f i ,
Mayor, Town of Vail, Colorado No. B-13
ON DEC.
the TOWN OF VAIL, 1979
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States ;87,550
of America, at SECURITY NATIONAL BANK, Denver. Colorado
being interest then due om~rits i4ENEM O ~~1IOU B Dry
SERIES MARCH 1, lg_VdaMtd Ma1Ch 19744 - O,
,"Ir4 I- ,aLL No. B 11
Mayor, Town of Val 1, Colorado
0
ON DEC. 1,
the TOWN OF VAIL. 1978
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87,50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due o its E b O NGA
T
SERIES MARCH 1,19, d i M h 1974 O N
Mown of Val I, Colorado No. B-9
ON DEC.
the TOWN OF VAIL, 1977
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87,50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
O B
being interest then due o i%s E -
SERIES MARCH 1, 19 d M h 1 41 O'
,J -1
~ P.
Mayor, Town of Vail, Colorado No. B•7
ON DEC. 1,
the TOWN OF VAIL, 1976
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due o its fiilVE O(1 7 Btu {~NH
SERIES MARCH 1, 19 d M I 1 74 V1L
1014 P.
Mayor, Town of Val I, Colorado No. B5
ON DEC.
the TOWN OF VAIL, 1975
In the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the bay States $87.50
of America, at SECURITY NATIONAL BANK, Denver, Colorado
being interest then due or) its OBL~ 1
ERIES MARCH 1, 19?"4,da~t ME h;)~ 197 `N - A\ T
Mayor, Town of Val 1, Colorado No. B-3
ON DEC.
the TOWN OF VAIL, 1974
in the County of Eagle and State of Colorado, will pay to bearer
the amount shown hereon in lawful money of the United states $116.67
of America, at SECURITY NATIONAL BANK, Denver, Colorado,
being interest then due o -Its O
SERIES MARCH 1, 19 d lh ` 1 7 N 1 `~T
1014 P. 1~L No. B-1
Mayor, Town of Val 1, Colorado