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HomeMy WebLinkAbout2023-19 A Resolution of the Vail Town Council Approving a Development Agreement between the Town of Vail and Triumph Timber Ridge LLCRESOLUTION NO.19 SERIES OF 2023 A RESOLUTION OF THE VAIL TOWN COUNCIL APPROVING A DEVELOPMENT AGREEMENT BETWEEN THE TOWN OF VAIL AND TRIUMPH TIMBER RIDGE, LLC WHEREAS, the Town owns certain real property described as Lot 1, Timber Ridge Subdivision, Vail, Colorado, and the Town intends to take ownership of a certain parcel of real property adjacent to the Town owned property which is currently owned by the Colorado Department of Transportation, and further described in the attached Exhibit A (the "Property"); and WHEREAS, the Town wishes to convey the Property to Triumph Timber Ridge, LLC, for the redevelopment of the Property for deed -restricted employee housing, pursuant to the terms of the Development Agreement attached hereto. NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO THAT: Section 1. The Town Council hereby approves the Development Agreement in substantially the same form attached hereto, subject to approval by the Town Attorney. Upon such approval, the Town Manager is authorized to execute the Development Agreement on behalf of the Town. INTRODUCED, READ, PASSED AND ADOPTED THIS 16t' DAY OF MAY, 2023. ATTEST: ltephanie Bibbens, Town Clerk 5J12/2023 C.IUSERSIEASYPD-114PPDATAILOCALITEMPIBCL TECHNOLOGIESEASYPDF 8QBCL@940BD3FA@BCL@9408D3F7. DOCX DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement") is made this day of , 2023 (the "Effective Date"), by and between the Town of Vail, Colorado, a Colorado home rule municipality with an address of 75 South Frontage Road, Vail, CO 81657 (the "Town"), and Triumph Timber Ridge, LLC, a Delaware limited liability company with an address of 12 Vail Road, Suite 700, Vail, CO 81657 ("Developer") (each a "Party" and collectively the "Parties"). WHEREAS, the Town owns the real property described as Lot 1, Timber Ridge Subdivision, and is purchasing the real property described in Exhibit A, attached hereto and incorporated herein by this reference (collectively the "Property"); WHEREAS, the Town wishes to convey the Property to Developer for the redevelopment of the Property for deed -restricted employee housing (the "Development"); and WHEREAS, the Parties wish to elaborate on the terms of the Development process and parameters of the Development. NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which is mutually acknowledged, the Parties agree as follows: 1. General Terms of Development. a. Design and Layout. The Development will consist of: 288 residential dwelling units (each a "Unit") in 7 individual buildings, with a total of 569 bedrooms; a minimum of 292 enclosed, surface and on -street parking spaces; and associated landscaping, lighting, driveway and walkway improvements. The total number of Units will be comprised of 56 studio Units, 50 one -bedroom Units, 102 two -bedroom Units, 64 three -bedroom Units and 16 four -bedroom Units. b. Plans. The current plans for the Development are attached hereto as Exhibit B and incorporated herein by this reference (the "Plans"). The Parties anticipate that the Plans will be revised to finalize same for construction and as may be modified during the entitlement process, with approval of both Parties, without the necessity of an amendment to this Agreement. C. Development Costs. As set forth in Exhibit C, attached hereto and incorporated herein by this reference, the total estimated cost for completion of the Development is $165,000,000 (the "Estimated Total Costs"). The Town is contributing $11,500,000 in land, land acquisition costs and related costs, and an estimated $38,000,000 in construction costs for site work and construction of podium and parking, for an estimated total of $49,500,000 (the "Town Contribution"). The remaining amount of the Total Costs shall be financed by Developer. 5✓1112023 O:IUSERSIVAILITR NEIGHBORHOODWGRITRIUMPH DA-AO51123.DOCX 2. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: a. Building Permit: includes a building permit, asbestos abatement permit, demolition permit or grading and foundation permit. b. Legal Challenge means a legal proceeding filed by a third party unrelated to the Parties challenging this Agreement or the zoning, platting or other development approval of any portion of the North Parcel, an appeal of any zoning, platting or other development approval, or a petition for referendum to repeal any ordinance approving a development application. C. Net Sales Proceeds: with respect to each Unit, the gross sale price of the Unit less: (i) the amount required to be paid upon the sale with respect to any loans payable by Developer related to the Development and (ii) customary costs of sale of the Unit, including without limitation prepaid or prorated items, title company charges, closing costs, and other appropriate fees and expenses. 3. Obliaations of the Town. a. Conveyance. The Town shall convey the Property to Developer, by special warranty deed subject to statutory exceptions, prior to the issuance of any Building Permits. b. Cooperation. The Town shall cooperate with Developer in conducting any appropriate due diligence relating to the Property, and shall provide any information relating to the Property to Developer upon request. C. Taxes. Unless the Development is otherwise exempted, the Town shall refund 100% of all amounts paid by Developer for the Town's construction and building materials use tax applicable to the Development, which refund shall be paid by the Town to Developer within 7 days after Developer's payment. d. Co -applicant. The Town shall be a co -applicant on all required land use applications for the Development. e. Deed Restrictions. Currently, the entire Property is subject to an existing deed restriction, dated July 17, 2003 and recorded with Eagle County at Reception No. 840811 (the "Existing Deed Restriction"). Upon completion of construction and prior to a sale of any portion of the Property by Developer, the Town shall replace the Existing Deed Restriction with new, separate deed restrictions against each of the buildings or Units, as applicable. There shall be two types of deed restriction, one for the sale of Units to individuals, and one for the sale of Units to businesses or other organizations, including the Town, for rental by individuals. The deed restrictions shall be in the form attached hereto as Exhibit D and incorporated herein by this reference. f. Financial Contribution. Expressly subject to Section 14.h. hereof, the Town shall provide funding for the actual costs incurred by Developer for site grading, below 2 5✓1112023 Q:IUSERSIVAILITR NEIGNBORNOODL4GRITRIUMPH DAA051123.DOCX grade infrastructure, dry and wet utilities, and the parking podiums, to result in finished building pads readied for vertical construction of the residential homes on the Property, in an amount estimated to be $38,000,000. Payment of these funds shall be made by the Town to Developer as payments are due under Developer's construction contract(s) for such improvements for costs actually incurred. 4. Developer's General Obliqations. a. Development. Subject to the terms and conditions of this Agreement and the obligations of the Town hereunder, Developer shall be solely responsible for ensuring that the Development is constructed in compliance with this Agreement, the Plans and all applicable law, including without limitation design, engineering, testing, entitlement, and horizontal and vertical construction, at Developer's sole risk. b. Applications, Drawings and Permits. Developer shall prepare all applications, design drawings and plans for the Development, and shall be responsible for obtaining all required Building Permits and other permits for the Development, at Developer's own expense. C. Professional Responsibility. Developer hereby warrants that it is qualified to assume the responsibilities and render the services described herein and has all requisite corporate authority and professional licenses in good standing, required by law. The work performed by Developer shall be in accordance with generally accepted professional practices and the level of competency presently maintained by other practicing professional firms in the same or similar type of work in the applicable community. The work and services to be performed by Developer hereunder shall be done in compliance with applicable laws, ordinances, rules and regulations. The Town's review, approval or acceptance of, or payment for any services shall not be construed to operate as a waiver of any rights under this Agreement or of any cause of action arising out of the performance of this Agreement. d. Applicable taw. In connection with the Development, Developer shall comply with all applicable law, including without limitation all current and future federal, state and local statutes, regulations, ordinances and rules relating to: the emission, discharge, release or threatened release of a Hazardous Material into the air, surface water, groundwater or land; the manufacturing, processing, use, generation, treatment, storage, disposal, transportation, handling, removal, remediation or investigation of a Hazardous Material; and the protection of human health, safety or the indoor or outdoor environmental, including (without limitation) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601, et seq. ("CERCLA"); the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901, et seq. ("RCRA"); the Toxic Substances Control Act, 15 U.S.C. § 2601, et seq.; the Clean Water Act, 33 U.S.C. § 1251, et seq.; the Clean Air Act; the Federal Water Pollution Control Act; the Occupational Safety and Health Act; all applicable Colorado environmental laws; and all other federal, state or local laws and regulations relating to, or imposing liability or standards of conduct 3 511112023 Q.IuSERSJVAUTR NEIGHBORHOOMGMTRIUMPH DA-A051123.DOCX concerning any hazardous, toxic or dangerous waste, substance or material, now or at any time hereafter in effect. e. Books and Records. Developer shall maintain all books and records related to the Development for public inspection. Upon request by the Town, Developer shall provide evidence of all costs and expenses related to the Development. 5. Construction. a. Schedule. Developer shall commence construction of the Development on or before May 1, 2024, and thereafter manage the schedule of construction of the Development and complete and deliver the Development to the Town in compliance with the schedule attached hereto as Exhibit E and incorporated herein by this reference. b. General Contractor. The construction contract with the general contractor shall be subject to the Town's prior written approval. Developer is authorized to select a replacement general contractor, if necessary, at Developer's discretion, but only after consultation with the Town. C. Contracts. All contracts between Developer and any other person or entity working on the Development shall be subject to the prior review and written approval of the Town. d. Warranty. Developer shall cause the general contractor to provide a one- year warranty to the buyers of the Units, commencing on the date of closing of the sale of each Unit. During the warranty period, Developer shall manage any work performed by the general contractor or any subcontractor under the warranty. 6. Public Improvements. a. Construction. i. Developer shall cause to be constructed all required public improvements associated with the Development and approved by the Town, as depicted on the Plans (the "Public Improvements"). The Public Improvements are expected to include sidewalks and stairs, bus transit stops, street lights and fixtures, and landscaping within the public right-of-way, and South Frontage Road traffic lane improvements, including drainage. H. The Town may make reasonable engineering observations. Observation, acquiescence in or approval by any engineering inspector of the construction of physical facilities at any particular time shall not constitute the approval by the Town of any portion of such Improvements. iii. Developer shall provide all necessary engineering designs, surveys, field surveys and incidental services related to the construction of the Public Improvements, including reproducible "as -built" drawings certified accurate by a professional engineer registered in the State of Colorado. 4 511112023 0AUSERSIVAILITR NEIGHBORHOOD14GRITRIUMPH DA A051123.DOCX iv. Developer shall be fully responsible for the prompt repair of any property which may be damaged during construction of the Public Improvements, whether such property is public or private. To the extent any construction traffic damages any Town streets, Developer shall be responsible for repair of such damage or the reconstruction of such streets, as the Town determines appropriate. V. Developer shall not be considered the agent of the Town in the construction, erection or operation of any Public Improvements. b. Delivery and Acceptance. i. Upon completion of any Public Improvements, Developer shall submit to the Town written notice of completion. Within 14 days after the notice, the Town shall either: issue written notice to Developer of completion and acceptance of the Improvements; or issue written notice to Developer that the Town does not accept all or any portion of the Improvements, accompanied by a detailed description of the issues that must be remedied for the Town to accept the Improvements. The Town's failure to issue either notice shall be deemed the Town's acceptance of the Improvements. ii. Upon completion of any remedial work, Developer shall again give notice and the procedures described in this Section will be repeated with respect to such items. iii. Acceptance of Improvements is the binding acknowledgement of the Town that the improvements accepted are complete and Developer has satisfied its obligations under this Agreement with respect to the construction of same, subject only to the warranty provisions of this Agreement. C. Warranty. Developer warrants and guarantees that, for 2 years from the date of acceptance, each Public Improvement: is not defective; will not fail; has been constructed and installed in a workmanlike manner suitable for its intended uses; and has been constructed in compliance with all applicable law and all applicable land use approvals. 7. Sale of Units. a. Subdivision. Developer shall be responsible for the preparation and filing of all required applications to subdivide the Property so as to enable the Units to be sold in compliance with the Plans. b. Common Interest Community. Developer shall be responsible, at Developer's sole expense, for the drafting and recordation of all necessary documents to create a common interest community on the Property. The Parties anticipate that there will be one master owners' association, and that each building will have a separate, sub - association. The details of the common interest community and the final documents establishing such community are subject to the Town's approval. 5 5✓1112023 0AUSERSIVAItITR NEIGHBORHOODIAGRITRIUMPH DA-A051123.DOCX C. Marketing and Contracts. Developer shall be responsible for all matters related to the marketing for sale, contracting for sale, and all other matters related to the sale of the Units and all costs related thereto. Each form of contract for sale (one for sale to the Town, one for sale to businesses, and one for sale to individual buyers) shall be subject to the Town's prior written approval. d. Town Building. As noted in the Plans, Developer shall sell Building D to the Town, upon issuance of a certificate of occupancy for all Units in Building D, at the standard price established by the Parties for the sale of Units within the Development, based on the number and type of Units in Building D. Developer shall provide a 2-year warranty on Building D, commencing at the closing of the sale of Building D, so long as the Town pays any incremental cost incurred by Developer for the additional warranty. 8. Compensation. a. Developer Fee. For planning, staffing, managing and completing the Development in accordance with the Plans and this Agreement, the Developer shall earn a fee of $8,175,000 (the "Developer Fee"). The Developer Fee is budgeted in the Total Costs and is not included in the Town Contribution. b. Sales Proceeds. In addition to the Developer Fee, following repayment of Developer's construction financing, Developer shall initially retain an amount equal to 30% of the net sales proceeds from the initial sale of each Unit and the remaining 70% shall be transferred to the Town and applied as repayment of the Town Contribution. When the Developer has received $16,400,000 from net sales proceeds, the Town shall thereafter receive 100% of net sales proceeds until the Town has received an amount equal to the total of the Town Contribution. Thereafter, any net sales proceeds shall be split between the Parties, with 15% transferred to the Town and 85% retained by Developer. 9. Term and Termination. a. Term. This Agreement shall commence on the Effective Date, and, unless otherwise terminated as provided herein, shall terminate 2 years after the issuance of the final Certificate of Occupancy for the Development, provided that the warranty, insurance and indemnification provisions of this Agreement shall survive its termination. b. Early Termination. Developer may undertake due diligence review of the Property at Developer's discretion and at Developers expense. Developer may terminate this Agreement on or before August 1, 2023 if Developer notifies the Town of any unacceptable condition or matter discovered upon such review (other than the asbestos issues that have already been disclosed by the Town) and the Parties do not agree on a resolution of such unacceptable matter or condition. If the Parties have not agreed upon the final amount of Total Costs, despite good faith negotiations, on or before the earlier of (i) Town Design Review Board approval of the Development, or (ii) December 1, 2023, then either Party may terminate this Agreement. Upon any such early termination, Developer is solely responsible for any costs incurred by Developer. 6 5✓1112023 GAUS1=RSIVAILI TR NE1GHBORHOODO GRI TRIUMPH DA-A051123.DOCX 10. 1 nsurance. a. Policies. Developer agrees to procure and maintain, at its own cost (included in the Contract Price), a policy or policies of insurance as described on Exhibit F, attached hereto and incorporated herein by this reference, including commercial general liability insurance as an Owner Controlled Insurance Policy (the "OCIP"), fire and extended coverage insurance, which during construction shall be carried in Builder's Risk form, and pollution insurance. b. Standards. Such insurance shall be in addition to any other insurance requirements imposed by law. The coverages afforded under the policies shall not be canceled, terminated or materially changed without at least 30 days prior written notice to the Town. In the case of any claims -made policy, the necessary retroactive dates and extended reporting periods shall be procured to maintain such continuous coverage. Any insurance carried by the Town, its officers, its employees, or its contractors shall be excess and not contributory insurance to that provided by Developer. Developer shall be solely responsible for any deductible losses under any policy. C. Certificates. Developer shall provide to the Town certificates of insurance as evidence that the required policies are in full force and effect. The certificates shall identify this Agreement. 11. Indemnification. Developer agrees to indemnify and hold harmless the Town and its officers, insurers, volunteers, representative, agents, employees, heirs and assigns from and against all claims, liability, damages, losses, expenses and demands, including attorney fees, on account of injury, loss, or damage, including without limitation claims arising from bodily injury, personal injury, sickness, disease, death, property loss or damage, or any other loss of any kind whatsoever, which arise out of or are in any manner connected with this Agreement if such injury, loss, or damage is caused in whole or in part by, the act, omission, error, professional error, mistake, negligence, or other fault of Developer, any subcontractor of Developer, or any officer, employee, representative, or agent of Developer, or which arise out of a worker's compensation claim of any employee of Developer or of any employee of any subcontractor of Developer. Developer's liability under this Section shall be to the fullest extent of, but shall not exceed, that amount represented by the degree or percentage of negligence or fault attributable to Developer, any subcontractor of Developer, or any officer, employee, representative, or agent of Developer or of any subcontractor of Developer. 12. Developer Default and Remedies. a. Default. Each of the following is a Developer default of this Agreement: L If Developer fails to perform any of its obligations under this Agreement and fails to remedy the same within 30 days after Developer is given a written notice specifying the same; provided that, if the nature of the violation is such that it cannot reasonably be remedied within 30 days, and Developer provides evidence to the Town that the violation cannot reasonably be remedied within 30 days, then 7 511112023 Q: USERSMAILITR NEIGHBORHOODOGRITRIUMPH DA-405/123.DOCX the violation shall be remedied as soon as reasonably practicable, but in any case, within 90 days of the original notice of violation. ii. If an involuntary petition is filed against Developer under a bankruptcy or insolvency law or under the reorganization provisions of any law, or when a receiver of Developer, or of all or substantially all of the property of Developer, is appointed without acquiescence, and such petition or appointment is not discharged or stayed within 90 days after the happening of such event. iii. If Developer makes an assignment of its property for the benefit of creditors or files a voluntary petition under a bankruptcy or insolvency law, or seeks relief under any other law for the benefit of debtors. b. Remedies. If a Developer default occurs, the Town may, in its sole discretion and without waiving any other rights under this Agreement or available to the Town, cause construction of all or part of the Development to be completed and recover appropriate damages from Developer. If the Town proceeds to complete the Development, Developer shall, at the Town's request, promptly deliver a copy of all of Developer's plans and specifications related to construction of the Development. In addition to the specific remedies set forth herein, the Town shall have all other remedies available at law or equity, and the exercise of one remedy shall not preclude the exercise of any other remedy. The expiration of this Agreement shall in no way limit the Town's legal or equitable remedies, or the period in which such remedies may be asserted, for work negligently or defectively performed. C. Liquidated Damages. Because time is of the essence and delayed performance constitutes a compensable inconvenience to the Town and its residents, if Developer fails to deliver any Unit the Development in accordance with the Schedule, the liquidated damages established in this Section shall be enforced. Such damages are not a penalty. Allowing Developer to continue and complete the Development or any Units after the deadlines set forth in the Schedule shall not operate as a waiver on the part of the Town of any of its rights under this Agreement. The liquidated damages provided in this Section shall be the Town's sole and exclusive remedy for damages arising out of Developer's delay in delivering any Unit per the Schedule. The liquidated damages provided hereunder shall not limit the Town's right to pursue other remedies against Developer, at law or in equity, arising out of any default of Developer other than delay. Liquidated damages may be deducted from any payment due to Developer. If the liquidated damages exceed the amount owed to Developer, Developer shall reimburse the Town within 30 days of notice thereof. The following liquidated damages shall apply: i. For each day beyond the deadline set forth in Section 4.a. that construction is not commenced, Developer shall be assessed the amount of $5,000 per day. ii. For each day of delay beyond the deadline set forth in the Schedule that any Unit is not delivered to an individual buyer, Developer shall be assessed the amount of $1,000, plus $250 per day for each Unit that is not delivered, to be paid 8 5✓1112023 0AUSERSMAILITR NEIGHBORHOOD{AGMTRIUMPH DA-A051123.DOCX to the individual buyer. This provision shall be included in the purchase and sale agreement between Developer and each individual buyer. 13. Town Default and Remedies. a. Default. Each of the following is a Town default of this Agreement: i. If the Town fails perform any of its obligations under this Agreement other than its obligation to pay the expenses and fees of the Development and fails to remedy the same within 30 days after the Town is given a written notice specifying the same; provided that, if the nature of the violation is such that it cannot reasonably be remedied within 30 days, and the Town provides evidence to Developer that the violation cannot reasonably be remedied within 30 days, then the violation shall be remedied as soon as reasonably practicable, but in any case, within 90 days of the original notice of violation. H. If the Town fails to pay any amount owed to Developer under this Agreement within 7 days after the date such payment is due. b. Remedies. If a Town default occurs, Developer shall have all remedies available at law or equity, and the exercise of one remedy shall not preclude the exercise of any other remedy, provided that Developer shall not have the remedy of specific performance against the Town. Without limiting the generality of the foregoing, in the event a Town default occurs, Developer may terminate this Agreement upon notice given to the Town, without waiving any of its rights or remedies hereunder. 14. Miscellaneous. a. Modification. This Agreement may only be modified by subsequent written agreement of the Parties. b. Integration. This Agreement and any attached exhibits constitute the entire agreement between Developer and the Town, superseding all prior oral or written communications. C. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and assigns. d. Severability. If any provision of this Agreement is determined to be void by a court of competent jurisdiction, such determination shall not affect any other provision hereof, and all of the other provisions shall remain in full force and effect. e. Goveming Law and Venue. This Agreement shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle County, Colorado. f. Assignment. Developer may assign this Agreement to an entity formed by Developer specifically for purposes of fulfilling its obligations under this Agreement. Other 9 5/11/2023 Q.IUSERSIVAILITR IVEIGHBORHOODWGRITRIUMPH AA AO51123.DOCX than such initial assignment, there shall be no transfer or assignment of any of the rights or obligations of Developer under this Agreement without the prior written approval of the Town. g. Third Parties. There are no intended third -party beneficiaries to this Agreement. h. Contingency, No Debt. Pursuant to Article X, § 20 of the Colorado Constitution, any financial obligations of the Town under this Agreement are specifically contingent upon annual appropriation of funds sufficient to perform such obligations. This Agreement shall never constitute a debt or obligation of the Town within any statutory or constitutional provision. All obligations of Developer underthis Agreement are specifically contingent upon the Town appropriating sufficient funds. i. No Joint Venture. Notwithstanding any provision hereof, the Town shall never be a joint venture in any private entity or activity which participates in this Agreement, and the Town shall never be liable or responsible for any debt or obligation of any participant in this Agreement. j. Independent Contractor. Developer is an independent contractor. Notwithstanding any other provision of this Agreement, all personnel assigned by Developer to perform work under the terms of this Agreement shall be, and remain at all times, employees or agents of Developer for all purposes. Developer shall make no representation that it is a Town employee for any purposes. k. Notice. Any notice under this Agreement shall be in writing, and shall be deemed sufficient when directly presented or sent pre -paid, first class United States Mail to the Party at the address set forth on the first page of this Agreement. I. Recording. This Agreement shall be recorded with the Eagle County Clerk and Recorder. The benefits and obligations of the Parties under this Agreement shall run with the land, and shall be binding on, and enforceable by, any subsequent holder of an interest in the Improvements or in the Property. M. Force Majeure. No Party shall be in breach of this Agreement if such Party's failure to perform any of the duties under this Agreement is due to Force Majeure, which shall be defined as the inability to undertake or perform any of the duties under this Agreement due to acts of God, floods, fires, sabotage, terrorist attacks, strikes, riots, war, labor disputes, pandemics or the authority and orders of government. n. Legal Challenge. If a Legal Challenge occurs, this Agreement will remain in full force and effect through and until the 31st day following entry of a final, non - appealable order resolving such Legal Challenge, unless earlier terminated or modified by a written amendment signed by the Parties. If a Legal Challenge occurs, all deadlines and time requirements in this Agreement shall be tolled until such time as a final, non - appealable order resolving such Legal Challenge is entered. If a Legal Challenge successfully voids, enjoins, or otherwise invalidates this Agreement or a portion thereof, the Parties shall cooperate to cure the legal defect in a manner that most fully implements 10 511112023 0AUSERSWAIL1TR NEIGHBORHOOD14GMTRIUMPH DA-A051123.DOCX the intent and purpose of this Agreement; provided, however, that if the Parties do not enter into a written agreement to cure the defect, either Party may terminate this Agreement. WHEREFORE, the Parties have executed this Agreement as of the Effective Date. TOWN OF VAIL, COLORADO Russell Forest, Town Manager ATTEST: Stephanie Bibbens, Town Clerk TRIUMPH TIMBER RIDGE, LLC STATE OF COLORADO ) ) ss. COUNTY OF ) The foregoing instrument was subscribed, sworn to, and acknowledged before me this day of , 2023, by as the of Triumph Timber Ridge LLC. My commission expires: (S E A L) Notary Public 11 5/11/2023 Q:IUSERSIVAILITR NEIGNBORHOODIAGRITRIUMPH DA AO51123.DOCX ILLUSTRATION FOR EXHIBIT "A" A PARCEL OF LAND LOCATED IN THE NW114 AND NE114 SECTION I Z, TOWNSHIP 5 SOUTH, RANGE 81 WEST, 6th P.M. NW1/4 SECTION 12 TOWNSHIP 5 SOUTH RANGE 81 WEST 6th P.M. LOT 1, TIMBER RIDGE SUBDIVISION OWNER: TOWN OF VAIL 1281 NORTH FRONTAGE ROAD WEST PARCEL No. 2103-121-29-001 4.84 ACRES N52'50'29"E 191.2'-7 Y f EXISTING 1-70 R.O.W. STA. 108+00-n w EXHIBIT A J NE1 /4 SECTION 12 d TOWNSHIP 5 SOUTH Uj Ul RANGE 81 WEST N52.50'29"E - 1318.1' t 6th P.M. EXISTING 1-70 R.O.W. STA. 111 +00— POINT OF BEGINNING- �O 1 10� O PARCEL. No 21—EX /. 0.65-35 ACK5 (-/- 28,466 SQ. FT.) p`)9 PROFOSED NTERSrATE HIGHWAY No. Z) —\ "�. RIGNT-OF-WAY IINE Off, 0 0 19. '-\0z O' G 0 Gore Range Surveying, LLC : -) P.D Box 15 1620 (970479.8898 . fax (970) 4794M5 5 O�1 'lIZ) 0 60 120 Feet SCALE: 1" = 60' CENTER SECTION 12 1OWNSHIP 5 SOUTH RANGE 81 WEST 6th P.M. NOTES: 1) THIS EXHIBIT DOES NOT REPRESENT A MONUMENTED LAND SURVEY, IT IS ONLY INTENDED TO DEPICT THE ATTACHED PARCEL DESCRIPTION. 2) LINEAL UNITS ARE U.S. SURVEY FEET 3) PROJECT No.1-70-2(7)183, VESTING DEED RECORDED MARCH 6. 1968 UNDER RECEPTION No. 107656. 4)PARCEL No. 21—EX CONTAINS 0.6535 ACRES 28,466 SO. FT.) SHEET No. 1 1 EXHIBIT "A" PROJECT NUMBER: I70-2(7)183 PAR CEL NUMBER: 21-EX DATE: MARCH 10, 2023 This calculated description is compiled from Interstate Highway No. 70 Colorado Department of Highways Right —of —Way (ROW) Plans, Project No. 170-2(7)183. This parcel of land will become part of the adjoining property and will not become a separate parcel of land. DESCRIPTION OF PARCEL No. 21—EX A parcel of land No. 21—EX, being part of existing Interstate Highway No. 70 (170) Right —of —Way as shown on the Colorado Department of Highways ROW Plans, Project No. 170-2(7)183, Vesting Deed recorded March 6, 1968 under Reception No. 107656, said Parcel 21—EX lying within the NWJ and NE1/4 Section 12, Township 5 South, Range 81 West of the Sixth Principal Meridian, County of Eagle, State of Colorado, and being more particularly described as follows: Beginning at a point on the ROW of said 170 from which the center of said section 12 bears S10'07'54"W 1217.48 feet; thence S52'50'29"W 408.80 feet; thence N37'09'31"W 109.99 feet to a point on the ROW of said 170; thence along said ROW the following two courses: (1) N52'50'29"E 108.80 feet; (2) N72'58'35"E 319.53 feet to the Point of Beginning. The above described Parcel No. 21—EX contains 0.6535 acres (28,466 sq. ft.). more or less, County of Eagle, State of Colorado. This description is prepared for the transfer of Real Property (Parcel No. 21—EX) from the Colorado Department of Transportation (CDOT) to the record owner of the adjoining property for the disposal of the existing ROW no longer needed by CDOT. Gore Range Surveying, LLc P.o Box 15 Avon. Co 81620 (970) 4791695 • fax (970) 479-MS SHEET No 2 J SITE = 210,400 SF STUDIO UNITS = 56 1 BEDROOM UNITS = 46 2 BEDROOM UNITS 97 3 BEDROOM UNITS = 69 4 BEDROOM UNITS = 16 ADDI - - - - - - - - - - - - - - - - - - - - --- - - - - - - -- - - - - - - --- - - - - - - - - - - - - - - - - - - - - -------------- - - - - - - - - - - - - ------------ --f -- - EE EE g EE EE - 7 EC SIR -- - - - - - - - - - - - - - - - - - - - - - - - --- - - - - - - - - - - - -------------------------------- - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- EXHIBIT C Timber Ridge Redevelopment Costs: Land and Historical (TOV) 110296,722 Sitework and Podium (TOV) 38,597,773 Vertical Construction (Triumph) 114,154,215 Total Costs 164,0480710 Sales: Gross Sales Proceeds 181,987,064 Sales Costs 11819,871 Net Sales Proceeds 180,1671194 Loan and Equity Repayment 1141154,215 Remainder: to be split 66,012,978 Split: Town of Vail Triumph 49, 612, 978 16,400, 000 NOTE: Costs and Sales as of 4/1/23 EXHIBIT D Timber Ridge II Housing Subdivision Development / Construction Schedule Triumph Development West Activity Legal Design and Entitlement PEC prep PEC #1 submission date PEC #1 meeting PEC meeting two prep PEC #2 meeting DRB submission DRB #1 introduce project PEC meeting three prep PEC #3 meeting TOV council update DRB #2 submission DRB #2 meeting - details / pallette / colors Prepare TOV grading / utility / foundation Permit Sets) submit for TOV grading / utility / foundation permit Submit for abatement permit submit for demo permit review / approval TOV foundation permit 5/5/23 Begin Date Duration End Date Notes EXHIBIT E 5/3/23 6/26/23 PEC prep 6/26/23 Submission for PEC meeting 7/24/23 First PEC meeting 7/25123 8/10/23 second meeting prep from PEC feedback 8/28/23 Second PEC meeting 8/28/23 Submission for DRB meeting #1(Sept. 20th) 9/20/23 Discuss project and process 8/29/23 9/11/23 third meeting prep from PEC feedback 9/25/23 Third PEC meeting, ask for approval 10/3/23 10/3/23 update TOV council 10/4/23 submission for DRB meeting #2 (Oct 18th) 10/18/23 set parameters for building details / pallettes / colors 8/28/23 90 1/12/24 Working on CD's during entitlement 1/15/24 schedule work sessions leading up to this date 1/22/24 4/1/24 submission with State - verifying reqs. / duration 1129/24 4/8/24 Demo to follow abatement 1/15/24 70 4/15/24 confirm with Building department M_801116318 9 DEBT &EQUITY REPAYMENT MODEL - $114M Construction Loan Payoff - Funded from the sales of the homes upon completion - Highest priority repayment obligation - $49,5M Town of Vail - Contributions ($11.5M) & Seed Money Equity ($38M) - $16.4M Triumph Timber Ridge, LLC — Compensation - Following the construction loan payoff the Net Sales Proceeds from the sale of the buildings funds a 70% Tc.V . 30'/, Triumph payback 0130 Potential Development Project Savings split 85% Triumph 1 15% ToV OWN QQF VA WIR 5/16/2023