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HomeMy WebLinkAbout2016-01 Amendment Agreement with Lions Ridge DevelopmentRESOLUTION NO. 1 Series 2016 A RESOLUTION APPROVING THE AMENDMENT TO THE DEVELOPI ENT APGREEMENT BETWEEN THE TOWN OF VAIL AND LION'S RIDGE APARTMENT HOMES, LLC; AND SETTING FORTH DETAILS IN REGARD THERE TO. WHEREAS the Town of Vail the "Town" in the Count of Eagle and State of ( ), Y 9 Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the "Charter"); and WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; WHEREAS, on August 19, 2014, the Council passed Resolution No.l 18, Series 2014 approving the Development Agreement for the Timber Ridge Property; WHEREAS, the Development Agreement contains certain obligations with respect to the construction of Improvements on the Property; WHEREAS, the Town and Lion's Ridge Apartment Homes, j LLC (the "Developer") desire to modify the deadline provided in the Development Ag�eement for the Developer's substantial completion of the Improvements. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: 1. The Council hereby approves the Amendment to the Development Agreement, a copy of which is attached hereto as Exhibit A, and made a pa hereof by this reference. 2. This Resolution shall be effective immediately upon adoption. INTRODUCED, READ, APPROVED AND ADOPTED this 5th day Of January, 2016. Resolution No. 1, Series 2016 apin, Toon M AMENDMENT TO DEVELOPMENT AGREEMENT THIS AMENDMENT TO DEVELOPMENT AGREEMENT (this "Amendment") is made this day of January, 2016 (the "Effective Date"), by and between the Town of Vail, Colorado, a Colorado home rule municipality (the "Town") and Lion's Ridge Apartment Homes, LLC, a Colorad limited liability company (the "Developer"). WHEREAS, the Town and the Developer have entered into a Development Agreement dated September 10, 2014 and recorded on September 11, 2014 at Reception No. 201415584 in theipublic records of Eagle County, Colorado (the "Development Agreement"); WHEREAS, the Development Agreement contains certain obligations of Developer with respect to the construction of Improvements on the Property; WHEREAS, the Town and Developer now desire to modify the deadline provided in the Development Agreement for Developer's substantial completion of the Improvements, as further set forth below. NOW, THEREFORE, for and in consideration of the mutual promises and covena is contained herein, the sufficiency of which is mutually acknowledged, the Town and the Developer a:ee as follows: 1. Substantial Completion: The second sentence of Section 3(e) of the Development Agreement is hereby modified by deleting the phrase "the date that is 16 months after the date that Developer commences construction of the Improvements" and replacing it with the phrase "May 1, 2616." 2. Defined Terms. Except as otherwise defined herein, terms that are defined in the Development Agreement shall have the same meanings when such terms are used in this Amendment. 3. Confirmation of Terms; Conflict. Except as specifically modified and amended by his Amendment, all of the terms, covenants, and conditions of the Development Agreement shill remain in full force and effect. In the event of any conflict between the provisions of this Amendment♦ and the Development Agreement, the provisions of this Amendment shall control. 4. Modification. This Amendment may only be modified by subsequent written agreement of the parties hereto. 5. Governing Law and Venue. This Amendment shall be governed by the laws of the State of Colorado, and any legal action concerning the provisions hereof shall be brought in Eagle �ounty, Colorado. 6. Counterparts. This Amendment may be executed in one or more counterparts, which when taken together shall constitute one original of this Amendment. 7. Recording; Binding Effect. This Amendment shall be recorded with the Eagle County Clerk and Recorder. The benefits and obligations of the parties under this Amendment shall run with he land, and shall be binding on, and enforceable by, each of the parties hereto and their respective heirs successors and assigns, and any subsequent holder of an interest in the Improvements or in the Prope1 rt} WHEREFORE, the Town and the Developer have executed this Amendment as of the Effective Date. TOWN OF VAIL, COLORADO Dave Chapin, Mayor ATTEST: Patty McKenney, Town Clerk DEVELOPER: LION'S RIDGE APARTMENT HOMES, LLC BY GORMAN EMPLOYEE GROUP LION'S RIDGE, LLC, Manager BY GORMAN & COMPANY, INC., Manager BY Gary J. Gorman, President STATE OF ) ss. COUNTY OF The foregoing instrument was subscribed, sworn to, and acknowledged befoke me this day of January, 2016, by Gary J. Gorman, the President of Gorman & Company, Inc., the M�nager of Gorman Employee Group Lion's Ridge, LLC, the Manager of Lion's Ridge Apartment Homes, LLQ. My commission expires: (SEAL) Notary Public 2 EXHIBIT A LEGAL DESCRIPTION Lot 2, Timber Ridge Subdivision, A Resubdivision of Lion's Ridge Subdivision, Block C,'A Resubdivision of Lots 1, 2, 3, 4 & 5, Town of Vail, County of Eagle, State of Colorado. 3