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25.08.04 DDA FINAL WEBSITE PACKET_____________________________________________________________________________________ MEETING AGENDAS AND PACKETS ARE FOUND AT: WWW.AVON.ORG MEETING NOTICES ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, AVON ELEMENTARY AND AVON PUBLIC LIBRARY IF YOU HAVE ANY SPECIAL ACCOMMODATION NEEDS, PLEASE, IN ADVANCE OF THE MEETING, CALL TOWN CLERK MIGUEL JAUREGUI CASANUEVA AT 970-748-4001 OR EMAIL MJAUREGUI@AVON.ORG WITH ANY SPECIAL REQUESTS. DOWNTOWN DEVELOPMENT AUTHORITY MEETING AGENDA Monday, August 4, 2025 MEETING BEGINS AT 3:00 PM Hybrid meeting: In person at Avon Town Hall, 100 Mikaela Way or virtually on Teams (registration instructions found on public notice) 1. CALL TO ORDER AND ROLL CALL 2. APPROVAL OF AGENDA 3. DISCLOSURE OF ANY CONFLICTS OF INTEREST RELATED TO AGENDA ITEMS 4. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA Public comments are limited to three (3) minutes. The speaker may be given one (1) additional minute subject to Board approval. 5. BUSINESS ITEMS 5.1. ACTION: Swearing In of re-appointed Board Members (Deputy Town Clerk Brenda Torres) 5.2. ACTION: Appointment of DDA Chairperson (Chief Administrative Officer Ineke de Jong) 5.3. PRESENTATION: Walgreens Purchase Update (Chief Finance Officer Paul Redmond) 5.4. PRESENTATION: Conceptual Planning for Sun Road Redevelopment Update (Town Manager Eric Heil) 5.5. PRESENTATION: Wholefoods/Phase I Development Update (Town Manager Eric Heil) 5.6. WORK SESSION: Park Planning and Funding in Village (at Avon) (Town Manager Eric Heil) 5.7. WORK SESSION: Lot B Apartment Projects (Town Manager Eric Heil) 6. MINUTES 6.1. Approval of June 2, 2025 Downtown Development Authority Meeting Minutes (Chief Finance Officer Paul Redmond) 7. ADJOURN Public Comments: Avon DDA agendas shall include a general item labeled “Public Comment” near the beginning of all Board meetings. Members of the public who wish to provide comments to the Board greater than three minutes are encouraged to schedule time in advance on the agenda and to provide written comments and other appropriate materials to the Board in advance of the Board meeting. The Chairperson shall permit public comments for any action item or work session item and may permit public comment for any other agenda item, and may limit such public comment to three minutes per individual, which limitation may be waived or increased by a majority of the quorum present. Article VI. Public Comments, Avon Downtown Development Authority Simplified Rules of Order (970) 748-4022 btorres@avon.org TO: DDA Board of Directors FROM: Brenda Torres, Deputy Town Clerk RE: Swearing In Re-appointed Board Members DATE: July 30, 2025 SUMMARY: At the July 22, 2025 Regular Avon Town Council Meeting, Council discussed the potential appointment of up to two (2) board members to fill the vacancy of two board seats available at the Avon Downtown Development Authority (“Avon DDA”). Council re-appointed Gregg Cooper and Tony Emrick to terms ending in June 2029. The 2025 Board Composition is as follows: Lisa Mattis, Lessee (through June 30, 2026) Scott Tarbet, Landowner (through June 30, 2026) Chico Thuon, Council Member (through January 2027) Wayne Hanson, Landowner (through June 30, 2027) Matthew Fitzgerald, Lessee (through June 30, 2027) Chris Neuswanger, Landowner (through June 30, 2027) - Elected Secretary Brandt Marott, Lessee (through June 30, 2027) - Elected Vice-Chairperson Marcus Lindholm, Landowner (through June 30, 2028) Rob Tartre, Landowner (through June 30, 2028) Tony Emrick, Landowner (through June 30, 2029) Gregg Cooper, Landowner (through June 30, 2029) The Oath of Office for re-appointed Avon DDA board members will take place on Monday, August 4, 2025. Deputy Town Clerk Brenda Torres will be present to administer the Oath of Office. Thank you, Brenda ATTACHMENT A: Oath of Office OATH OF OFFICE AVON DOWNTOWN DEVELOPMENT AUTHORITY STATE OF COLORADO ) EAGLE COUNTY ) TOWN OF AVON ) I, _____________________ DO SOLEMNLY SWEAR THAT I WILL SUPPORT THE CONSTITUTION OF THE UNITED STATES AND STATE OF COLORADO, AND THE CHARTER AND ORDINANCES OF THE TOWN OF AVON, AND FAITHFULLY PERFORM THE DUTIES AS A MEMBER OF THE BOARD OF DIRECTORS OF THE AVON DOWNTOWN DEVELOPMENT AUTHORITY FOR THE TOWN OF AVON UPON WHICH I AM ABOUT TO ENTER. ________________________________________ 02/03/2025___ AVON DOWNTOWN DEVELOPMENT AUTHORITY DIRECTOR DATE SUBSCRIBED AND SWORN TO BEFORE ME THIS 3RD DAY OF FEBRUARY 2025. ______________________________ BRENDA TORRES, DEPUTY TOWN CLERK ATTACHMENT A (970) 748-4013 idejong@avon.org TO: DDA Board of Directors FROM: Ineke de Jong, Chief Administrative Officer RE: Appointment of DDA Chairperson DATE: July 30, 2025 SUMMARY: The term of the DDA Chairperson, Tony Emrick, expired on June 30, 2025 and the board is asked to (re-)appoint a chairperson from it’s members at todays meeting. BACKGROUND: Per Section 4.44 Officers, the Avon DDA Board must appoint a Chairperson, Vice-Chair Person and Secretary from its members. These appointments may be made by motion. At the October 2, 2023 Avon Downtown Development Authority (“Avon DDA”) Board Meeting the following members were appointed as Chairperson, Vice-Chair Person and Secretary. Tony Emrick, Landowner (through June 30, 2029) - Elected Chairperson Brandt Marott, Lessee (through June 30, 2027) - Elected Vice-Chairperson Chris Neuswanger, Landowner (through June 30, 2027) - Elected Secretary PROCESS: The suggested procedure is to first accept nominations, which includes self-nominations, then allow for statements of those nominated, then allow discussion by the Avon DDA Board, then the Avon DDA Board can entertain a motion for appointment. The vote for appointments may occur individually or en masse for the appointees. SUGGESTED MOTION: “I move to appoint ______________ as the Avon DDA Chairperson” Thank you, Ineke 970-748-4088 predmond@avon.org TO: Avon DDA Board of Directors FROM: Paul Redmond, Chief Finance Officer RE: Walgreen Purchase Update DATE: July 30, 2025 SUMMARY: The Avon Town Council approved the first reading of Ordinance 25-14 and Resolution 25-13 at the July 22nd meeting. Ordinance 25-14 allows for the financing to acquire 15 Sun Road for the purpose of supporting public improvements and the related documents for certificate of participation financing of the Town to acquire the 15 Sun Road property for economic development purposes. Resolution 25-13 sets the terms for the Town of Avon to acquire 15 Sun Road (Walgreens). SUN ROAD REDEVELOPMENT PLAN: Avon Town Council (“Council”) adopted the Sun Road Redevelopment (“Plan”) on February 11, 2025. SUN ROAD REDEVELOPMENT PLAN LINK. The Plan recognizes that this area of the Town Core is significantly underdeveloped compared to Town Center zoning which allows high density, urban, mixed-use development. The Plan sets forth a vision for redevelopment that can combine existing ground floor commercial and public uses (i.e. Walgreens, FirstBank and the United State Post Office) with additional neighborhood commercial uses, a potential new and expanded regional transit center, and high-density residential development with the goal to maximize the amount of Community Housing deed restricted residential development. The Town of Avon has received grant funding from the Department of Local Affairs to conduct the next step of developing conceptual designs for redevelopment. This process is intended in part to collaborate with existing property owners to determine new configuration of commercial space as well as phasing and transition from their existing space. Staff is in communication with both First Bank, the appropriate representatives of the United States Postal Service, and representatives of the corporate representatives of the current Walgreens store. Acquisition of 15 Sun Road will substantially facilitate the ability of the Town of Avon to plan and advocate for the redevelopment of this area. The Town of Avon previously adopted the West Town Center Investment Plan in the mid-2000’s in conjunction with the creation of the Avon Urban Renewal Authority and the Riverfront PUD Development. The West Town Center Investment Plan provided very detailed focus on potential development of parcels adjacent to the Pedestrian Mall, but did not give any attention to the Sun Road area. The Sun Road Redevelopment Plan provides both a vision and strategy for how redevelopment of this area can maximize quality urban design and overall economic and community benefits to the Town Core area. PURCHASE AGREEMENT TERMS: The Purchase Agreement (Attachment A) sets forth the terms for the Town of Avon to acquire the underlying property. The property would be acquired subject to the existing long-term commercial lease with Walgreens. The current lease at 15 Sun Road generates annual rents of $410,592. Additionally, the lease allows the lessor to collect 2% of gross revenues, excluding food and prescription drug purchases, and 0.5% of gross revenues for prescription drug and food sales. The lease also permits the lessee to deduct property insurance and property taxes from the gross rents. In recent years, these deductions have been so substantial that they have negated any additional rental revenue beyond the standard rents. If the Town were to purchase this property, the approximate $77,000 in property taxes would be exempt, and the tenant would be charged possessory interest. Staff anticipate this possessory interest to be $7,500 per year. We expect the annual rent to be approximately $500,000, as property taxes will no longer require payment. The lease includes an option to renew in 2037. Page 2 of 3 The purchase price is $6,999,720, which is 2% less the full listing price in recognition that the Town’s 2% real estate transfer tax does not apply to a real estate transaction with the Town of Avon. The appraisal of the property came in at less than 1% of the purchase price. Under the Colorado Open Meetings Law, any appraisal received by the Town would become a public record upon acquisition of the Property. The Purchase Agreement uses the standard Colorado Real Estate form for acquisition of commercial property. The Town has the right to conduct all customary due diligence, including review of documents, review of title exceptions, property survey, physical inspection, environmental inspections, appraisal and review of financing terms related to closing funds. The deadline date for objection was July 28, 2025. Staff has ordered all work related to the due diligence matters and we are on schedule to receive reports and information before the July 28, 2025 objection deadlines. The Closing Date is scheduled for September 16, 2025, although the Seller has the option of extending the Closing Date for 45 days. FINANCIAL CONSIDERATIONS: After reviewing the options, staff recommended a 20-year taxable COP with a 5-year call at an interest rate of 6.12%. Preliminary financing numbers for the Town’s taxable COPs are outlined below, including an overview of key financing statistics as well as a projected repayment schedule at today’s interest rates. These figures are sized to generate $5,500,000 of net proceeds to the Town with the expectation that $1,500,000 of cash will be contributed towards the acquisition, allowing the Town to keep its repayment cost at approximately $500,000 annually. The 2025 unrestricted ending fund balance for the General Fund balance is projected to be $13.8 million and this contribution would reduce the fund balance to $12.3 million. A Certificate of Participation financing (the “COPs”) involves the Town leasing certain Town owned property to a trust bank (the “Trustee” – to be determined at a later date), under a Site Lease, and the Town then leases the same property back under the terms of a Lease. As consideration for the lease of the property from the Town to the Trustee, the Trustee will issue the COPs pursuant to the terms of an Indenture, will forward that money to the Town to acquire the property, and the Town will make annually appropriated lease payments to the Trustee to pay the purchasers of the COPs back. These financing statistics based on today’s rates and a sizing of $5,500,000 are compared to the parameters included in the ordinance. The parameters establish maximum limits for the COP financing as to par amount, interest rate, call date and term length. The parameters assume no cash contribution is made, with a sizing of $7,000,000, and include an interest rate cushion of approximately 60 bps (0.60%). Summary of COP Financing Statistics Observation Today’s Rates Parameters Par Amount $5,700,000 $7,250,000 Net Proceeds to the Town $5,500,000 n/a Par Call Date 12/1/2030 12/1/2030 Net Effective Interest Rate 6.12% 7.05% Total Debt Service $10,065,817 n/a Average Annual Debt Service $503,290 n/a Final Maturity 12/1/2045 12/31/2045 * Par amount includes net proceeds to the Town as well as estimated costs of issuance * Interest rates as of 7/14/25 and subject to change * A+ COP rating assumed Page 3 of 3 Projected COP Repayment Schedule Year Principal Interest Debt Service 2026 $100,000 $401,376 $501,376 2027 $175,000 $327,527 $502,527 2028 $185,000 $319,221 $504,221 2029 $195,000 $310,393 $505,393 2030 $205,000 $300,961 $505,961 2031 $215,000 $290,840 $505,840 2032 $225,000 $279,989 $504,989 2033 $235,000 $268,408 $503,408 2034 $245,000 $255,871 $500,871 2035 $260,000 $242,555 $502,555 2036 $275,000 $228,164 $503,164 2037 $290,000 $211,021 $501,021 2038 $310,000 $192,942 $502,942 2039 $330,000 $173,617 $503,617 2040 $350,000 $153,045 $503,045 2041 $370,000 $131,226 $501,226 2042 $395,000 $108,160 $503,160 2043 $420,000 $83,536 $503,536 2044 $445,000 $57,353 $502,353 2045 $475,000 $29,612 $504,612 Total $5,700,000 $4,365,817 $10,065,817 Staff is in the early stages of working with Piper Sandler and Butler Snow to initiate the Town's COP financing process for the acquisition of 15 Sun Road. TIMELINE: Attached is the proposed Timetable (Attachment B) outlining the next steps in the process. Thank you, Paul ATTACHMENT A: Purchasing Agreement ATTACHMENT B: Certificate of Participation Timeline > Date: 6/23/2025 Fortius Commercial Advisors, LLC Erich Schmidt Ph: 970-476-6415 Fax: 888-230-9544 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS3-8-24) (Mandatory 8-24) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) ( Property with No Residences) ( Property with Residences-Residential Addendum Attached) AGREEMENT 1.AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set forth in this contract (Contract). 2.PARTIES AND PROPERTY. 2.1. Buyer. Town of Avon (Buyer) will take title to the Property described below as Joint Tenants Tenants In Common Other in severalty . 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 2.3. Seller. 15 Sun Road, LLC (Seller) is the current owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of Eagle, Colorado (insert legal description): Subdivision: SUNROAD SUB Block: 1 Lot: 2 known as: 15 Sun Road, Avon, CO 81620 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Inclusions – Attached. If attached to the Property on the date of this Contract, the following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories) and garage door openers (including remote controls). If checked, the following are owned by the Seller and included: Solar Panels Water Softeners Security Systems Satellite Systems (including satellite dishes). Leased items should be listed under § 2.5.8. (Leased Items). If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the Purchase Price. 2.5.2. Inclusions – Not Attached. If on the Property, whether attached or not, on the date of this Contract, the following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL)Page 1 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Attachment A rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys. 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also included in the Purchase Price: 2.5.4. Encumbered Inclusions. Any Inclusions owned by Seller (e.g., owned solar panels) must be conveyed at Closing by Seller free and clear of all taxes (except personal property and general real estate taxes for the year of Closing), liens and encumbrances, except: Buyer Will Will Not assume the debt and obligations on the Encumbered Inclusions subject to Buyer’s review under §10.6. (Encumbered Inclusion Documents) and Buyer’s receipt of written approval by such lender before Closing. If Buyer does not receive such approval this Contract terminates. 2.5.5. Personal Property Conveyance. Conveyance of all personal property will be by bill of sale or other applicable legal instrument. 2.5.6. Parking and Storage Facilities. The use or ownership of the following parking facilities: ; and the use or ownership of the following storage facilities: Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should investigate. 2.5.7. Trade Fixtures. With respect to trade fixtures, Seller and Buyer agree as follows: The trade fixtures to be conveyed at Closing will be conveyed by Seller free and clear of all taxes (except personal property taxes for the year of Closing), liens and encumbrances, except . Conveyance will be by bill of sale or other applicable legal instrument. 2.5.8. Leased Items. The following personal property is currently leased to Seller which will be transferred to Buyer at Closing (Leased Items): Buyer Will Will Not assume Seller’s debt and obligations under such leases for the Leased Items subject to Buyer’s review under §10.6. (Leased Items Documents) and Buyer’s receipt of written approval by such lender before Closing. If Buyer does not receive such approval this Contract terminates. 2.5.9. Solar Power Plan. If the box is checked, Seller has entered into a solar power purchase agreement, regardless of the name or title, to authorize a third-party to operate and maintain a photovoltaic system on the Property and provide electricity (Solar Power Plan) that will remain in effect after Closing. Buyer Will Will Not assume Seller’s obligations under such Solar Power Plan subject to Buyer’s review under §10.6. (Solar Power Plan) and Buyer’s receipt of written approval by the third-party before Closing. If Buyer does not receive such approval this Contract terminates. 2.6. Exclusions. The following items are excluded (Exclusions): All Tenant owned property are Exclusions from the Property conveyed under the Contract. Tenant owned property is subject to and as defined in that certain Walgreen Co. Lease dated July 28, 2011 (Avon, Colorado, Store #15101) ("Lease"). 2.7. Water Rights/Well Rights. 2.7.1. Deeded Water Rights. The following legally described water rights: Any deeded water rights will be conveyed by a good and sufficient deed at Closing. 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1., 2.7.3. and 2.7.4., will be transferred to Buyer at Closing: 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well” used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must complete a registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is . 2.7.4. Water Stock. The water stock to be transferred at Closing are as follows: 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights Relating to Water), § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable legal instrument at Closing. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 2 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Monday Monday Friday Wednesday Sunday Monday Friday Sunday Monday 2.7.6. Water Rights Review. Buyer has a Right to Terminate if examination of the Water Rights is unsatisfactory to Buyer on or before the Water Rights Examination Deadline. 3. DATES, DEADLINES AND APPLICABILITY. 3.1. Dates and Deadlines. Item No.Reference Event Date or Deadline 1 § 3 Time of Day Deadline 5:00 PM MST 2 § 4 Alternative Earnest Money Deadline 3 Business Days After MEC Title 3 § 8 Record Title Deadline (and Tax Certificate)7 Days After MEC 4 § 8 Record Title Objection Deadline 7/28/2025 5 § 8 Off-Record Title Deadline 7 Days After MEC 6 § 8 Off-Record Title Objection Deadline 7/28/2025 7 § 8 Title Resolution Deadline 8/1/2025 8 § 8 Third Party Right to Purchase/Approve Deadline 8/20/2025 Owners' Association 9 § 7 Association Documents Deadline N/A 10 § 7 Association Documents Termination Deadline N/A Seller's Disclosures 11 § 10 Seller’s Property Disclosure Deadline N/A 12 § 10 Lead-Based Paint Disclosure Deadline (if Residential Addendum attached)N/A Loan and Credit 13 § 5 New Loan Application Deadline N/A 14 § 5 New Loan Terms Deadline N/A 15 § 5 New Loan Availability Deadline N/A 16 § 5 Buyer’s Credit Information Deadline N/A 17 § 5 Disapproval of Buyer’s Credit Information Deadline N/A 18 § 5 Existing Loan Deadline N/A 19 § 5 Existing Loan Termination Deadline N/A 20 § 5 Loan Transfer Approval Deadline N/A 21 § 4 Seller or Private Financing Deadline N/A Appraisal 22 § 6 Appraisal Deadline 7/27/2025 23 § 6 Appraisal Objection Deadline 7/28/2025 24 § 6 Appraisal Resolution Deadline 8/1/2025 Survey 25 § 9 New ILC or New Survey Deadline 7/27/2025 26 § 9 New ILC or New Survey Objection Deadline 7/28/2025 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 3 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Friday Monday Monday Friday Monday Monday Friday Monday Friday Wednesday Tuesday Tuesday 27 § 9 New ILC or New Survey Resolution Deadline 8/1/2025 Inspection and Due diligence 28 § 2 Water Rights Examination Deadline N/A 29 § 8 Mineral Rights Examination Deadline N/A 30 § 10 Inspection Termination Deadline 7/28/2025 31 § 10 Inspection Objection Deadline 7/28/2025 32 § 10 Inspection Resolution Deadline 8/1/2025 33 § 10 Property Insurance Termination Deadline 7/28/2025 34 § 10 Due Diligence Documents Delivery Deadline 5 Business Days After MEC 35 § 10 Due Diligence Documents Objection Deadline 7/28/2025 36 § 10 Due Diligence Documents Resolution Deadline 8/1/2025 37 § 10 Environmental Inspection Termination Deadline 7/28/2025 38 § 10 ADA Evaluation Termination Deadline N/A 39 § 10 Conditional Sale Deadline N/A 40 § 10 Lead-Based Paint Termination Deadline (if Residential Addendum attached)N/A 41 § 11 Estoppel Statements Deadline 9/5/2025 42 § 11 Estoppel Statements Termination Deadline 9/10/2025 Closing and Possession 43 § 12 Closing Date 9/16/2025 44 § 17 Possession Date 9/16/2025 45 § 17 Possession Time Upon Closing 46 § 27 Acceptance Deadline Date 47 § 27 Acceptance Deadline Time 48 49 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with “N/A”, or the word “Deleted,” such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box checked in this Contract means the corresponding provision applies. If no box is checked in a provision that contains a selection of “None”, such provision means that “None” applies. The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The abbreviation “N/A” as used in this Contract means not applicable. 3.3. Day; Computation of Period of Days; Deadlines. 3.3.1. Day. As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of Day Deadline is left blank or “N/A” the deadlines will expire at 11:59 p.m., United States Mountain Time. 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the ending date is not specified, the first day is excluded and the last day is included. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 4 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 6,999,720.00 207,000.00 6,792,720.00 6,999,720.00 6,999,720.00 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline Will Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended. 4. PURCHASE PRICE AND TERMS. 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: Item No.Reference Item Amount Amount 1 § 4.1.Purchase Price $ 2 § 4.3.Earnest Money $ 3 § 4.5.New Loan $ 4 § 4.6.Assumption Balance $ 5 § 4.7.Private Financing $ 6 § 4.7.Seller Financing $ 7 $ 8 $ 9 § 4.4.Cash at Closing $ 10 Total $$ 4.2. Seller Concession. At Closing, Seller will credit to Buyer $ (Seller Concession). The Seller Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a Wire, will be payable to and held by Land Title Guarantee Company (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction will be transferred to such fund. 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller’s receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer’s receipt. 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in “If Seller is in Default”, § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 5 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and liable to Seller as set forth in “If Buyer is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller’s check and cashier’s check (Good Funds). 4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. 4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, Does Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 4.5. New Loan. 4.5.1. Buyer to Pay Loan Costs. Buyer, except as otherwise permitted in § 4.2. (Seller Concession), if applicable, must timely pay Buyer’s loan costs, loan discount points, prepaid items and loan origination fees as required by lender. 4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to Buyer, including a different loan than initially sought, except as restricted in § 4.5.3. (Loan Limitations) or § 30 (Additional Provisions). 4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans: Conventional Other financing. 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) TRANSACTION PROVISIONS 5. FINANCING CONDITIONS AND OBLIGATIONS. 5.1. New Loan, Assumption Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable by such lender, on or before New Loan Application Deadline and exercise reasonable efforts to obtain such loan or approval. 5.2. New Loan Terms; New Loan Availability. 5.2.1. New Loan Terms. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon Buyer determining, in Buyer’s sole subjective discretion, whether the proposed New Loan’s payments, interest rate, conditions and costs or any other loan terms (New Loan Terms) are satisfactory to Buyer. This condition is for the sole benefit of Buyer. Buyer has the Right to Terminate under § 24.1., on or before New Loan Terms Deadline, if the New Loan Terms are not satisfactory to Buyer, in Buyer’s sole subjective discretion. 5.2.2. New Loan Availability. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon Buyer’s satisfaction with the availability of the New Loan based on the lender’s review and underwriting of Buyer’s New Loan Application (New Loan Availability). Buyer has the Right to Terminate under § 24.1., on or before the New Loan Availability Deadline if the New Loan Availability is not satisfactory to Buyer. Buyer does not have a Right to Terminate based on the New Loan Availability if the termination is based on the New Loan Terms, Appraised Value (defined below), the Lender Property Requirements (defined below), Insurability (§ 10.5. below) or the Conditional Upon Sale of Property (§ 10.7. below). IF SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S EARNEST MONEY WILL BE NONREFUNDABLE , except as otherwise provided in this Contract (e.g., Appraisal, Title, Survey). CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 6 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 5.3. Credit Information. (Omitted as inapplicable) 5.4. Existing Loan Review. (Omitted as inapplicable) 6. APPRAISAL PROVISIONS. 6.1. Appraisal Definition. An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged on behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal Objection Deadline: 6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification). 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following Seller’s receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the satisfaction of the Lender Property Requirements is waived in writing by Buyer. 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by Buyer Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender’s agent or all three. 7. OWNERS’ ASSOCIATIONS. This Section is applicable if the Property is located within one or more Common Interest Communities and subject to one or more declarations (Association). 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 7 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below), at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon Buyer’s receipt of the Association Documents, regardless of who provides such documents. 7.3. Association Documents. Association documents (Association Documents) consist of the following: 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements, rules and regulations, party wall agreements and the Association’s responsible governance policies adopted under § 38-33.3-209.5, C.R.S.; 7.3.2. Minutes of: (1) the annual owners’ or members’ meeting and (2) any executive boards’ or managers’ meetings; such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 7.3.3. List of all Association insurance policies as provided in the Association’s last Annual Disclosure, including, but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed (Association Insurance Documents); 7.3.4. A list by unit type of the Association’s assessments, including both regular and special assessments as disclosed in the Association’s last Annual Disclosure; 7.3.5. The Association’s most recent financial documents which consist of: (1) the Association’s operating budget for the current fiscal year, (2) the Association’s most recent annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the Association’s last Annual Disclosure, (3) the results of the Association’s most recent available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the Association’s community association manager or Association will charge in connection with the Closing including, but not limited to, any fee incident to the issuance of the Association’s statement of assessments (Status Letter), any rush or update fee charged for the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and 7.3.5., collectively, Financial Documents); 7.3.6. Any written notice from the Association to Seller of a “construction defect action” under § 38-33.3-303.5, C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller’s obligation to disclose adverse material facts as required under § 10.2. (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common elements or limited common elements of the Association property. 7.4. Conditional on Buyer’s Review. Buyer has the right to review the Association Documents. Buyer has the Right to Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 24.1. by Buyer’s Notice to Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). 8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE. 8.1. Evidence of Record Title. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 8 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or if this box is checked, an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must furnish to Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price. If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 8.1.3. Owner’s Extended Coverage (OEC). The Title Commitment Will Will Not contain Owner’s Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens, (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller Other . Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under § 8.7. (Right to Object to Title, Resolution). 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants, conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title Documents). 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the party or parties obligated to pay for the owner’s title insurance policy. 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline. 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer’s objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection, pursuant to this § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller has fulfilled all Seller’s obligations, if any, to deliver to Buyer all documents required by § 8.1. (Evidence of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 8.3. Off-Record Title. Seller must deliver to Buyer, on or before Off-Record Title Deadline, true CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 9 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC copies of all existing surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters not shown by public records, of which Seller has actual knowledge (Off-Record Matters). This Section excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer’s Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2. (Record Title) and § 13 (Transfer of Title)), in Buyer’s sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline. If an Off-Record Matter is received by Buyer after the Off-Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off-Record Matter. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off-Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off-Record Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge. 8.4. Special Taxing and Metropolitan Districts. Intentionally Deleted 8.5. Tax Certificate. A tax certificate paid for by Seller Buyer, for the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may terminate, on or before Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 24.1. by Buyer’s Notice to Terminate received by Seller on or before ten days after Buyer’s receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the content of the Tax Certificate as satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer’s loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first refusal on the Property, right to purchase the Property under a lease or an option held by a third party to purchase the Property) or a right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the third-party holder of such right exercises its right this Contract will terminate. If the third party’s right to purchase is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer’s sole subjective discretion, based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off-Record Title), § 8.5. (Tax Certificate) and § 13 (Transfer of Title). If Buyer exercises Buyer’s rights to object or terminate based on any such title matter, on or before the applicable deadline, Buyer has the following options: 8.7.1. Title Objection, Resolution. If Seller receives Buyer’s written notice objecting to any title matter (Notice of Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title Deadline or the Off-Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off-Record Title) the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer’s receipt of the applicable documents; or 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 10 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 24.1., on or before the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer’s sole subjective discretion. 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various laws and governmental regulations concerning land use, development and environmental matters. 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, GAS OR WATER. 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND RECORDER. 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES. 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL AND GAS CONSERVATION COMMISSION. 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or not covered by the owner’s title insurance policy. 8.9. Mineral Rights Review. Buyer has a Right to Terminate if examination of the Mineral Rights is unsatisfactory to Buyer on or before the Mineral Rights Examination Deadline. 9. NEW ILC, NEW SURVEY. 9.1. New ILC or New Survey. If the box is checked, (1) New Improvement Location Certificate (New ILC); or, (2) New Survey in the form of ALTA; is required and the following will apply: 9.1.1. Ordering of New ILC or New Survey. Seller Buyer will order the New ILC or New Survey. The New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, certified and updated as of a date after the date of this Contract. 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before Closing, by: Seller Buyer or: 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of the opinion of title if an Abstract of Title) and will receive a New ILC or New Survey on or before New ILC or New Survey Deadline. 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to all those who are to receive the New ILC or New Survey. 9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 11 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC ILC or New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13: 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct. 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey Objection before such termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline). DISCLOSURE, INSPECTION AND DUE DILIGENCE 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF WATER. 10.1. Seller’s Property Disclosure. On or before Seller’s Property Disclosure Deadline , Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed by Seller to Seller’s actual knowledge and current as of the date of this Contract. 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller’s new disclosure on the earlier of Closing or five days after Buyer’s receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property and Inclusions to Buyer in an “As Is” condition, “Where Is” and “With All Faults.” 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer’s expense. If (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g., heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s sole subjective discretion, Buyer may: 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver an Inspection Objection. Buyer’s Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller pursuant to § 10.3.2.; or 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written description of any unsatisfactory condition that Buyer requires Seller to correct. 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Inspection Objection before such termination (i.e., on or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 12 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by executing an Earnest Money Release. 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including Seller’s reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection Resolution. 10.5. Insurability. Buyer has the Right to Terminate under § 24.1., on or before Property Insurance Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and premium for property insurance (Property Insurance) on the Property, in Buyer’s sole subjective discretion. 10.6. Due Diligence. 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline: 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases): The Lease. 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.8., Leased Items) will be transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are encumbered pursuant to § 2.5.4. (Encumbered Inclusions) above, Seller agrees to deliver copies of the evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due Diligence Documents Delivery Deadline. 10.6.1.4. Solar Power Plan. Copy of any Solar Power Plan not included in Leased Items (regardless of its name or title). 10.6.1.5. Septic Use Permit. If required by the local health department or other applicable government entity, on or before the local health department’s applicable deadline, Seller must pay for and furnish to Buyer a Septic Use Permit. 10.6.1.6. Other Documents. If the respective box is checked, Seller agrees to additionally deliver copies of the following: 10.6.1.6.1. All contracts relating to the operation, maintenance and management of the Property; 10.6.1.6.2. Property tax bills for the last years; 10.6.1.6.3. As-built construction plans to the Property and the tenant improvements, including architectural, electrical, mechanical and structural systems; engineering reports; and permanent Certificates of Occupancy, to the extent now available; 10.6.1.6.4. A list of all Inclusions to be conveyed to Buyer; 10.6.1.6.5. Operating statements for the past 3 years; 10.6.1.6.6. A rent roll accurate and correct to the date of this Contract; 10.6.1.6.7. A schedule of any tenant improvement work Seller is obligated to complete but has not yet completed and capital improvement work either scheduled or in process on the date of this Contract; 10.6.1.6.8. All insurance policies pertaining to the Property and copies of any claims CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 13 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC which have been made for the past 3 years; 10.6.1.6.9. Soils reports, surveys and engineering reports or data pertaining to the Property (if not delivered earlier under § 8.3.); 10.6.1.6.10. Any and all existing documentation and reports regarding Phase I and II environmental reports, letters, test results, advisories and similar documents respective to the existence or nonexistence of asbestos, PCB transformers, or other toxic, hazardous or contaminated substances and/or underground storage tanks and/or radon gas. If no reports are in Seller’s possession or known to Seller, Seller warrants that no such reports are in Seller’s possession or known to Seller; 10.6.1.6.11. Any Americans with Disabilities Act reports, studies or surveys concerning the compliance of the Property with said Act; 10.6.1.6.12. All permits, licenses and other building or use authorizations issued by any governmental authority with jurisdiction over the Property and written notice of any violation of any such permits, licenses or use authorizations, if any; and 10.6.1.6.13. Other: Notwithstanding anything to the contrary herein, Seller will provide to Buyer on or before the Due Diligence Documents Delivery Deadline an itemized list of the Due Diligence Documents delivered, and Buyer will acknowledge receipt of such documents in writing. The documents delivered by Seller and received by Buyer are defined as the Due Diligence Documents under this Contract. Seller is providing the Due Diligence Documents to Buyer as a courtesy and does not warrant or represent in any manner whatsoever the completeness or accuracy of any such document prepared by third-parties, or the education, skills, competence or diligence of the preparers thereof. Buyer agrees to deliver to Seller at no cost to Seller complete copies of all third-party reports obtained by Buyer prior to the expiration of the applicable objection or termination deadline. 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer’s sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline: 10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection before such termination (i.e., on or before expiration of Due Diligence Documents Resolution Deadline. 10.6.2.4. Automatic Due Diligence Extension. If a Due Diligence Document is not delivered on or before the Due Diligence Documents Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Due Diligence Document. If Buyer’s right to review and object to such Due Diligence Document is extended due to such Due Diligence Document not being delivered on or before the Due Diligence Documents Deadline, the Due Diligence Document Resolution Deadline will also be extended to the earlier of Closing or fifteen days after Buyer’s receipt of such Due Diligence Document. 10.6.3. Zoning. Buyer has the Right to Terminate under § 24.1., on or before Due Diligence Documents Objection Deadline, based on any unsatisfactory zoning and any use restrictions imposed by any governmental agency with jurisdiction over the Property, in Buyer’s sole subjective discretion. 10.6.4. Due Diligence – Environmental. Buyer has the right to obtain environmental inspections of the Property including a Phase I Environmental Site Assessment. Seller Buyer will order or provide a current Phase I Environmental Site Assessment (compliant with the most current version of the applicable CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 14 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC ASTM E1527 standard practices for Environmental Site Assessments) and/or , at the expense of Seller Buyer (Environmental Inspection). If the Phase I Environmental Site Assessment recommends a Phase II Environmental Site Assessment, the Environmental Inspection Termination Deadline will be extended by 0 days (Extended Environmental Inspection Termination Deadline) and if such Extended Environmental Inspection Termination Deadline extends beyond the Closing Date, the Closing Date will be extended a like period of time. In such event, Seller Buyer must pay the cost for such Phase II Environmental Site Assessment. Notwithstanding Buyer’s right to obtain additional environmental inspections of the Property in this § 10.6.4., Buyer has the Right to Terminate under § 24.1., on or before Environmental Inspection Termination Deadline, or if applicable, the Extended Environmental Inspection Termination Deadline, based on any unsatisfactory results of Environmental Inspection, in Buyer’s sole subjective discretion. 10.6.5. Due Diligence – ADA. Buyer, at Buyer’s expense, may also conduct an evaluation whether the Property complies with the Americans with Disabilities Act (ADA Evaluation). All such inspections and evaluations must be conducted at such times as are mutually agreeable to minimize the interruption of Seller’s and any Seller’s tenants’ business uses of the Property, if any. Buyer has the Right to Terminate under § 24.1., on or before ADA Evaluation Termination Deadline, based on any unsatisfactory ADA Evaluation, in Buyer’s sole subjective discretion. 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property owned by Buyer and commonly known as . Buyer has the Right to Terminate under § 24.1. effective upon Seller’s receipt of Buyer’s Notice to Terminate on or before Conditional Sale Deadline if such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller does not receive Buyer’s Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision. 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). [Intentionally Deleted - See Residential Addendum if applicable] 10.9. Existing Leases; Modification of Existing Leases; New Leases. Seller states that none of the Leases to be assigned to the Buyer at the time of Closing contain any rent concessions, rent reductions or rent abatements except as disclosed in the Lease or other writing received by Buyer. Seller will not amend, alter, modify, extend or cancel any of the Leases nor will Seller enter into any new leases affecting the Property without the prior written consent of Buyer, which consent will not be unreasonably withheld or delayed. 10.10. Lead-Based Paint. [Intentionally Deleted - See Residential Addendum if applicable] 10.11. Carbon Monoxide Alarms. [Intentionally Deleted - See Residential Addendum if applicable] 10.12. Methamphetamine Disclosure. [Intentionally Deleted - See Residential Addendum if applicable] 11. TENANT ESTOPPEL STATEMENTS. 11.1. Estoppel Statements Conditions. Buyer has the right to review and object to any Estoppel Statements. Seller must request from all tenants of the Property and if received by Seller, deliver to Buyer on or before Estoppel Statements Deadline, statements in a form and substance reasonably acceptable to Buyer, from each occupant or tenant at the Property (Estoppel Statement) attached to a copy of the Lease stating: 11.1.1. The commencement date of the Lease and scheduled termination date of the Lease; 11.1.2. That said Lease is in full force and effect and that there have been no subsequent modifications or amendments; 11.1.3. The amount of any advance rentals paid, rent concessions given and deposits paid to Seller; 11.1.4. The amount of monthly (or other applicable period) rental paid to Seller; 11.1.5. That there is no default under the terms of said Lease by landlord or occupant; and 11.1.6. That the Lease to which the Estoppel Statement is attached is a true, correct and CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 15 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC complete copy of the Lease demising the premises it describes. 11.2. Seller Estoppel Statement. In the event Seller does not receive from all tenants of the Property a completed signed Estoppel Statement, Seller agrees to complete and execute an Estoppel Statement setting forth the information and documents required §11.1. above and deliver the same to Buyer on or before Estoppel Statements Deadline. 11.3. Estoppel Statements Termination. Buyer has the Right to Terminate under § 24.1., on or before Estoppel Statements Termination Deadline, based on any unsatisfactory Estoppel Statement, in Buyer’s sole subjective discretion, or if Seller fails to deliver the Estoppel Statements on or before Estoppel Statements Deadline. Buyer also has the unilateral right to waive any unsatisfactory Estoppel Statement. CLOSING PROVISIONS 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is obtaining a loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing Company, in a timely manner, all required loan documents and financial information concerning Buyer’s loan. Buyer and Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or before Closing. 12.2. Closing Instructions. Colorado Real Estate Commission’s Closing Instructions Are Are Not executed with this Contract. 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as the Closing Date or by mutual agreement at an earlier date. At Closing, Seller must provide Buyer with the ability to access the Property (e.g. keys, access code, garage door opener). The hour and place of Closing will be as designated by Buyer and Seller. 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent of service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies). 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue after Closing and Buyer must assume Seller’s obligations under such Leases. Further, Seller must transfer to Buyer all Leased Items and assign to Buyer such leases for the Leased Items accepted by Buyer pursuant to § 2.5.8. (Leased Items). 13. TRANSFER OF TITLE. Subject to Buyer’s compliance with the terms and provisions of this Contract, including the tender of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing: special warranty deed general warranty deed bargain and sale deed quit claim deed personal representative’s deed deed. Seller, provided another deed is not selected, must execute and deliver a good and sufficient special warranty deed to Buyer, at Closing. Unless otherwise specified in § 30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general warranty deed, title will be conveyed “subject to statutory exceptions” as defined in §38-30-113(5)(a), C.R.S. 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special improvements installed as of the date of Buyer’s signature hereon, whether assessed or not, and previous years’ taxes, will be paid at or before Closing by Seller from the proceeds of this transaction or from any other source. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 16 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND WITHHOLDING. 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein. 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller Other . 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees associated with or specified in the Status Letter will be paid as follows: 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association’s Status Letter must be paid by Seller. 15.3.2. Record Change Fee. Any Record Change Fee must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.3.3. Reserves or Working Capital. Unless agreed to otherwise, all reserves or working capital due (or other similar cost not addressed in § 16.2. (Association Assessments)) at Closing must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed $ for: Water District/Municipality Water Stock Augmentation Membership Small Domestic Water Company and must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to Buyer must be paid by Buyer Seller One-Half by Buyer and One-Half by Seller N/A. 15.9. FIRPTA and Colorado Withholding. 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller’s proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the amount of the Seller’s tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller IS a foreign person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s foreign person status. If withholding is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or if an exemption exists. 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of the Seller’s proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s status. If withholding is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or if an exemption exists. 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 17 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled veteran exemption or Other Buyer is tax exempt. 16.1.2. Rents. Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after lawful deductions, and notify all tenants in writing of such transfer and of the transferee’s name and address. 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations are final. 16.2. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in advance will be credited to Seller at Closing. All Association Assessments accrued before Closing must be paid by Seller and all Association Assessments accrued after Closing must be paid by Buyer. Cash reserves held out of the regular Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Any special assessment assessed prior to Closing Date by the Association will be the obligation of Buyer Seller. Except however, any special assessment by the Association for improvements that have been installed as of the date of Buyer’s signature hereon, whether assessed prior to or after Closing, will be the obligation of Seller unless otherwise specified in Additional Provisions. Seller represents there are no unpaid regular or special assessments against the Property except the current regular assessments and Association Assessments are subject to change as provided in the Governing Documents. 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession Date at Possession Time, subject to the Leases as set forth in § 10.6.1.1. If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $ 500.00 per day (or any part of a day notwithstanding § 3.3., Day) from Possession Date and Possession Time until possession is delivered. Additionally, Buyer may pursue a claim against Seller for any of Buyer’s actual additional damages incurred by Buyer in excess of such amount. General Provisions 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property and Inclusions will be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 18.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller’s insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney requiring the Seller to escrow at Closing from Seller’s CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 18 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC sale proceeds the amount Seller has received and will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim. 18.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 24.1., on or before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller’s right for any claim against the Association, if any, will survive Closing. 18.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, based on such condemnation action, in Buyer’s sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or Inclusions, but such credit will not include relocation benefits or expenses or exceed the Purchase Price. 18.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that their respective broker has advised that this Contract has important legal consequences and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel before signing this Contract as this Contract may have important legal and tax implications; (3) to consult with their own attorney if Water Rights, Mineral Rights or Leased Items are included or excluded in the sale; and (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, including deadlines, that must be complied with. 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party has the following remedies: 20.1. If Buyer is in Default: 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty, and the parties agree the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both. 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is checked. Seller may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER’S ONLY REMEDY for Buyer’s failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 20.2. If Seller is in Default: CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 19 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both. 20.2.2. Seller’s Failure to Perform. In the event Seller fails to perform Seller’s obligations under this Contract, to include, but not limited to, failure to timely disclose Association violations known by Seller, failure to perform any replacements or repairs required under this Contract or failure to timely disclose any known adverse material facts, Seller remains liable for any such failures to perform under this Contract after Closing. Buyer’s rights to pursue the Seller for Seller’s failure to perform under this Contract are reserved and survive Closing. 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that party’s last known address (physical or electronic as provided in § 26). Nothing in this Section prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This Section will not alter any date in this Contract, unless otherwise agreed. 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract. 24. TERMINATION. 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate under such provision. Any Notice to Terminate delivered after the applicable deadline specified in the Contract is ineffective and does not terminate this Contract. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 20 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 24.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder must be timely returned to Buyer and the parties are then relieved of all obligations hereunder, subject to §§ 10.4. and 21. 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same. Any successor to a party receives the predecessor’s benefits and obligations of this Contract. 26. NOTICE, DELIVERY AND CHOICE OF LAW. 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, except as provided in § 26.2. and is effective when physically received by such party, any individual named in this Contract to receive documents or notices for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm). 26.2. Electronic Notice. As an alternative to physical delivery, any notice may be delivered in electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or . 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient. 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property located in Colorado. 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 26 on or before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such copies taken together are deemed to be a full and complete contract between the parties. 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance, Record Title and Off-Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability and Due Diligence. 29. BUYER’S BROKERAGE FIRM COMPENSATION. Buyer’s brokerage firm’s compensation will be paid, at Closing, as follows: 29.1. 1.0% of the Purchase Price or $ by Seller. Buyer’s brokerage firm is an intended third-party beneficiary under this provision only. The amount paid by Seller under this provision is in addition to any other amounts Seller is paying on behalf of Buyer elsewhere in this Contract. 29.2. % of the Purchase Price or $ by Buyer pursuant to a separate agreement between Buyer and Buyer’s brokerage firm. This amount may be modified between Buyer and Buyer’s brokerage firm outside of this Contract. 29.3. % of the Purchase Price or $ by a separate agreement between Buyer’s brokerage firm and CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 21 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Seller’s brokerage firm. ADDITIONAL PROVISIONS AND ATTACHMENTS 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate Commission.) 30.1 Assignability - Buyer may assign this Contract to any entity that controls, is controlled by, or is under common control with Buyer, without Seller's consent. provided, i) Buyer shall promptly notify Seller of any such assignment, (ii) Buyer shall remain personally responsible for all liabilities and responsibilities of Buyer under this Contract, including, but not limited to, payment in full of the Purchase Price, (iii) the assignment document shall be executed by the assignee and shall provide for the assumption by the assignee of all of Buyer's duties and obligations hereunder, including responsibility for payment of the Purchase Price, and (iv) a copy of the assignment document, with the original signatures of Buyer and the assignee, shall be furnished to Seller within seven days after the occurrence of any such assignment, but in any event three (3) business days prior to the Closing of this transaction. 30.2 Seller acknowledges that this Contract is conditioned upon approval by Avon Town Council by the adoption of Resolution by July 22, 2025. If Town Council does not approve this contract on July 22, 2025, Buyer shall terminate this Contract and Seller shall be obligated to return the Earnest Money to Buyer. Notwithstanding anything to the contrary herein, the date for final approval by the Town of Avon Town Council, whether approval requires one or two readings, shall not extend beyond July 28, 2025. 30.3 Closing Extension - The Seller may extend the date of Closing up to forty-five (45) days, by notice to Seller on or before September 9, 2025. 30.4 Buyer and Seller acknowledge that Buyer is pursuing financing to provide the funds for the Purchase Price. Buyer may terminate this Contract if Buyer determines the financing terms are not acceptable in Buyer's sole discretion on or before July 28, 2025. Notwithstanding anything to the contrary herein, after July 28, 2025, Buyer may terminate this Contract, and receive a refund of Buyer's Earnest Money only if one of the following occurs: (i) a Seller default; (ii) Buyer is unable to obtain effective upon the close of business on August 15, 2025, COP (Certificate of Participation) financing with a 20 year amortization at a rate equal to or less than 6.40%, and Buyer provides to Seller written notice terminating the Contract on or before August 17, 2025; or, (iii) in the event Buyer's funds for the Purchase Price are not available on Closing due to the closure of capital markets arising from a Federal declaration of: national emergency; pandemic; terrorism; or acts of war. 30.5 Buyer represents that the Avon Real Estate Transfer Tax of 2% is inapplicable to the conveyance of the Property from Seller to Buyer. Seller shall pay no Avon Real Estate Transfer Tax arising from Closing. 30.6 Contract Section 4.4.3. is amended to add the following provision: Buyer represents that Buyer intends to pursue bond financing to provide funds which, in addition to other available funds of the Buyer, will be in an amount not less than the amount stated as Cash at Closing in Section 4.4. Buyer may terminate this Contract if Buyer determines that bond purchase financing terms are not acceptable on or before July 28, 2025. 30.7 Contract Section 6.3 is deleted in its entirety. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 22 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC 30.8 Contract Section 8.2 is amended to add the following provision: Notwithstanding anything to the contrary herein, Buyer shall have until the earlier of Closing or three (3) days after receipt to object to any new exception reflected on any updated Title Commitment issued after the expiration of the Record Title Objection Deadline by delivering written notice of such objection to Seller (the "New Title Objections"). Seller shall have the right, but not the obligation, to cure all such New Title Objections. If Seller shall fail to respond or decline to cure any New Title Objections within ten (10) days after Seller's receipt of the New Title Objections (the "New Title Objection Curative Period"), Buyer may either (i) terminate this Agreement, or (ii) waive all uncured New Title Objections and Buyer accepts the condition of title as satisfactory. Further, Buyer shall request any desired endorsements to the Title Commitment as soon as reasonably possible after receipt of the Title Documents and in no event later than seven (7) days prior to expiration of the Record Title Objection Deadline. 30.9 Regarding Section 8.6, Buyer acknowledges that the Lease agreement includes a Right of First Refusal. If the Tenant exercises the right of first refusal pursuant to the terms of the Lease prior to the Third Party Right to Purchase/Approve Deadline, Seller will reimburse Buyer's actual third-party costs incurred in due diligence in an amount not to exceed $15,000 upon receipt from Buyer of third-party invoices and complete copies of all due diligence reports generated for the requested reimbursement and shall return Earnest Money to Buyer. 30.10 Contract Section 10.2 is amended to add the following provision: "Buyer has carefully and thoroughly made, or prior to closing will have carefully and thoroughly made, every investigation and inquiry Buyer deems necessary concerning all aspects of the Property which are or may be of concern to Buyer, including, but not limited to, the terms and conditions of the Lease; the physical condition of the Property and improvements thereon; the location of the boundaries; the nature of the soil thereof; utility extension and services; the easements, rights-of-way, and encroachments, if any; the zoning classification and building code requirements thereof; the suitability of the Property for Buyer's intended use; compliance or non-compliance with governmental rules and regulations, including, but not limited to, laws relating to land use, environmental conditions, or health or safety; and all other matters or things relating to the Property which are of concern to Buyer. Buyer acknowledges that neither Seller nor his agents or attorneys have made any representations or warranties regarding the Property, except as expressly set forth herein. 30.11 Contract Section 10.3 is amended to add the following provision: Buyer's Inspection is limited to non-invasive inspection techniques without the prior written approval of Seller in its sole discretion. Subject to the Tenant's rights under the Lease, Buyer shall have the right to enter upon the Property at reasonable times during normal business hours and upon forty-eight (48) hours prior notification to Seller and Tenant. Seller or its representatives shall have the right to accompany Purchaser or its inspectors during any inspection of the Property. 30.12 Section 11.2, Seller Estoppel Statement, is deleted and replaced with the following: In the event Seller does not receive from the Tenant under the Lease a completed signed Estoppel Statement, Seller agrees to complete and execute an Estoppel Statement setting forth the information and documents required under the Lease agreement, and deliver the same to Buyer on or before Estoppel Statements Deadline. 30.13 Steve Schroeder is the representative of Seller who is most likely to have knowledge of the Property, and the matters set forth in this Contract. All references in this Contract and the CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 23 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Closing documents to "actually known by Seller," "actual knowledge," "otherwise know," or words of similar import shall refer only to the current actual (as opposed to deemed, imputed or constructive) knowledge of Steve Schroeder, without inquiry or investigation, and notwithstanding any fact or circumstance to the contrary, shall not be construed to refer to the knowledge of any other person or entity. The fact that reference is made to Steve Schroeder shall not render him personally liable in any manner whatsoever under this Contract, including, without limitation liability for any breach of representations or warranties of Seller and Buyer hereby waives any claim or cause of action against the above identified individual arising from the Seller's representations and warranties contained herein. 30.14 Buyer understands that Seller does not desire to sell the Property but rather desires to effect an exchange of the Property for other property. Buyer agrees to cooperate in qualifying this transaction as an Internal Revenue Code Section 1031 tax-deferred exchange for Seller; provided, that Buyer shall not incur any additional liability or cost because of such exchange. Seller may assign this contract to a qualified intermediary to complete Seller's tax deferred exchange. Buyer's promise of cooperation in an exchange is a material part of the consideration to Seller. 30.15 Notwithstanding anything to the contrary herein, the terms and conditions of this Section 30, Additional Provisions, control over any conflicting provision of this Contract. 31. OTHER DOCUMENTS. 31.1. Documents Part of Contract. The following documents are a part of this Contract: N/A 31.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: N/A Signatures Date:6/23/2025 Buyer: Town of Avon By: Eric Heil, Town Manager [NOTE: If this offer is being countered or rejected, do not sign this document.] CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 24 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Date:6/24/2025 Seller: 15 Sun Road, LLC By: Steven Schroeder, Authorized Signatory END OF CONTRACT TO BUY AND SELL REAL ESTATE BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. A. Broker Working With Buyer Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Buyer as a Buyer’s Agent Transaction-Broker in this transaction. Customer. Broker has no brokerage relationship with Buyer. See § B for Broker’s brokerage relationship with Seller. Brokerage Firm’s compensation or commission is to be paid by as specified in §29 above. This Broker’s Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this provision. Brokerage Firm’s Name: Fortius Commercial Advisors, LLC Brokerage Firm’s License #: EC 100024445 Date:6/23/2025 Broker’s Name: Erich Schmidt Broker’s License #: ER 100046892 Address: 245 Chapel Place, Suite C 200 Avon, CO 81620 Phone No.: 970-476-6415 Fax No.: 888-230-9544 Email Address: eschmidt@fortiuscap.com CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 25 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Date:6/23/2025 Broker’s Name: Steven Sendor BrokerLicense #: Brokerage Firms Name: Fortius Commercial Advisors, LLC Brokerage Firm’s License #: EC 100024445 Address: 245 Chapel Place, C200 Avon CO 81632 Ph: (970)476-6415 Fax: Email: ssendor@fortiuscap.com Date:6/23/2025 Broker’s Name: Kyle Diehl Broker’s License #: FA.100083582 Brokerage Firm’s Name: Fortius Commercial Advisors Brokerage Firm’s License #: Address: Ph: Fax: Email: kdiehl@fortiuscap.com B. Broker Working with Seller Broker Does Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Seller as a Seller’s Agent Transaction-Broker in this transaction. Customer. Broker has no brokerage relationship with Seller. See § A for Broker’s brokerage relationship with Buyer. Brokerage Firm’s compensation or commission is to be paid by Seller Buyer Other . This Broker’s Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any agreement to pay compensation must be entered into separately and apart from this provision. Brokerage Firm’s Name: Van Hull Commercial, LLC Brokerage Firm’s License #: EC.040025046 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 26 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Date: Broker’s Name: Brad Van Hull Broker’s License #: ER.040012371 Address: 2961 Skimmerhorn St. Ft. Collins, CO 80526 Phone No.: 970-266-8900 Fax No.: Email Address: bvanhull@aol.com CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) CTM eContracts - ©2025 MRI Software LLC - All Rights Reserved CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 27 of 27 Seller(s) Initials: CTMeContracts.com - ©2025 MRI Software LLC Town of Avon Certificates of Participation, Series 2025 Timetable – July 14, 2025 Date Event Parties 7/10/25 Kick-Off Call All 7/15/25 Documents & Cover Memo Prepared for Board Packet BC 7/22/25 Council Meeting – First Reading of COP Documents I, BC, UW 7/28/25 Town Sends POS Information to Butler Snow I 7/31/25 Draft of POS Distributed to Working Group BC 8/7/25 Call to Review POS & Financing Documents All 8/11/25 Send Financing Package to Rating Agencies & COP Insurers UW 8/12/25 Council Meeting – Authorize COP Documents I, BC, UW 8/14/25 Distribute Due Diligence Questionnaire UW 8/13 or 14 Rating Call I, UW 8/21/25 Due Diligence Call I, BC, UW 8/22/25 Receive Rating I, UW 8/26/25 Receive COP Insurance Bids I, UW 8/28/25 Post the POS BC 9/8/25 Pre-Pricing Call I, UW 9/9/25 Pricing & Sign the Certificate Purchase Agreement I, BC, UW 9/16/25 Closing All Financing Team: I - Town of Avon BC - Butler Snow UW - Piper Sandler PA - UMB Su M Tu W Th F Sa Su M Tu W Th F Sa Su M Tu W Th F Sa 1 2 3 4 5 1 2 1 2 3 4 5 6 6 7 8 9 10 11 12 3 4 5 6 7 8 9 7 8 9 10 11 12 13 13 14 15 16 17 18 19 10 11 12 13 14 15 16 14 15 16 17 18 19 20 20 21 22 23 24 25 26 17 18 19 20 21 22 23 21 22 23 24 25 26 27 27 28 29 30 31 24 25 26 27 28 29 30 28 29 30 31 31 JULY 2025 AUGUST 2025 SEPTEMBER 2025 Attachment B 970.748.4004 eric@avon.org TO: Downtown Development Authority Board Members FROM: Eric Heil, Town Manager RE: Sun Road Conceptual Design Update DATE: August 1, 2025 SUMMARY: Community Development recently posted a Request for Qualifications for a design firm to assist with conceptual designs for the Sun Road Redevelopment Plan. Please see the attached RFQ which has details on desired services, process and schedule. Staff is in communication with the Walgreens tenant, FirstBank and the United States Postal Service. Involving the existing property owners and tenants is an important first step in collaborating on conceptual designs for redevelopment. FINANCIAL IMPACTS: Avon received a $160,000 grant through Department of Local Affairs to assist with costs of conceptual design work. Avon’s match for this project is $40,000. Thank you, Eric ATTACHMENT A: Request for Qualifications for Conceptual Design Work for Sun Road Plan Area Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 1 of 6 REQUEST FOR QUALIFICATIONS to provide CONCEPTUAL DESIGN SERVICES for the SUN ROAD REDEVELOPMENT PLAN AREA July 31, 2025 TOWN OF AVON 100 Mikaela Way PO BOX 975 AVON, COLORADO 81620 ATTACHMENT A: Sun Road RFQ Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 2 of 6 SECTION I. INTRODUCTION: The Town of Avon (“Avon”) is posting this Request for Qualifications (“RFQ”) soliciting Statements of Qualifications to conduct conceptual design work to assist with consideration and review of redevelopment options for the Sun Road Plan Area. The scope of work for the selected design firm will include creating conceptual designs that depict building mass, scale and orientation, parking, public ways and public plazas, and potential regional transit center, which all implement elements of the Sun Road Redevelopment Plan. Conceptual design work will incorporate phasing of construction of new commercial space to minimize impacts related to relocation of existing uses. The scope of work does not include exterior design or architecture. Avon will utilize conceptual designs to conduct financial analysis and identify potential funding sources to support redevelopment of the Sun Road Plan Area. The focus of conceptual design work will be on the Walgreens, First Bank, and United States Post Office properties and Sun Road Right-of-Way area defined in the adopted Sun Road Redevelopment Plan 2025 ( “Sun Road Plan”). Avon Staff will coordinate meetings with existing property owners and tenants, and the Avon Downtown Development Authority, Avon Planning and Zoning Commission and Avon Town Council and the selected design firm will provide supporting materials and information. ATTACHMENT A: Sun Road RFQ Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 3 of 6 SECTION II. BACKGROUND: The Town of Avon is located in the “heart” of the Eagle River Valley, between two the premier mountain resorts of Beaver Creek and Vail. The Sun Road Plan Area is significantly underdeveloped with mostly one-story construction and surface parking lots in a suburban development format. The Avon Town Council adopted the Sun Road Redevelopment Plan in early 2025, which identified this conceptual design work as the next step for implementation. The Sun Road Plan envisions high density, mixed-use development in a high-quality urban format. The focus of this conceptual design effort is on the FirstBank, Walgreens and United States Post Office properties. Avon is in the process of purchasing the Walgreens property, which is subject to a long-term lease with Walgreens. Avon Staff have contacted representatives both FirstBank and the United States Postal Service to coordinate the interests of these property owners in any redevelopment plans. Conceptual design work for the Comfort Inn property is not part of this effort or this Request for Qualifications. A recently completed regional housing needs assessment identified the need for over 6,300 additional workforce housing units in the Eagle River Valley over the next ten years. Avon identified the Sun Road Plan Area as an ideal location to redevelop into a high-density Transit Oriented Development (“TOD”) that could provide affordable housing with community amenities for our struggling workforce. Avon received a $160,000 grant from the Department of Local Affairs Grant (“DOLA”) which is matched with $40,000 from Avon for a total budget of $200,000 to prepare conceptual designs and financial analysis for various development scenarios. Avon anticipates retaining a design firm to prepare conceptual designs with a budget of $140,000 to $160,000 with the remainder of the funds to be available for contingencies for financial analysis, surveys, specific design of a regional transit center, design of parking structure, and/or cost estimating. The use of the contingency funds is anticipated to be determined in consultation with the selected design firm. SECTION III: SCOPE OF PROFESSIONAL SERVICES: Avon is seeking Statements of Qualifications for professional services from qualified design firms (“Respondents”) to provide conceptual design services that depict different redevelopment scenarios and configurations of the Sun Road Plan Area. The Sun Road Redevelopment Plan provides comprehensive information, including background, existing conditions, redevelopment goals, design guidelines and implementation strategies. All Respondents are expected to fully review the Sun Road Redevelopment Plan and integrate this Plan into any proposals. Avon will negotiate with the selected design firm to finalize an agreement for conceptual design work, which will include the following work: • Basic building footprints, layout, mass and scale renderings, vehicle and delivery access, pedestrian access, potential layout and configuration of a regional transit center and parking by a separate, above grade independent parking structure or below grade parking. • Identify total square footage of ground floor commercial/public space, potential second floor office space, additional residential development, and parking structure size and configuration, which will be used for general cost estimating and financial planning. • Identify two or more phases of development which can allow existing uses in the Sun Road Plan Area to move to new space before demolishing their existing space. ATTACHMENT A: Sun Road RFQ Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 4 of 6 • Graphic depiction of structures, including layout, mass, scale and height, in a 3d format from various viewing angles. Structures can be depicted in simple black and white forms with minimum architectural details. The following separate tasks are identified. Additional detail for each task, including timeframes and deliverables, will be negotiated directly with the selected design firm. Task 1 – Staff & Property Owner Direction: Work closely with Avon Staff and existing property owners and tenants to determine desired design elements, programming mix, delivery access, parking, pedestrian circulation and required configuration of redevelopment space for each of the existing users. Task 2 – Public Review of Conceptual Designs: Prepare two or more draft conceptual designs to depict building siting, configuration, layout, parking, vehicle and delivery access, pedestrian circulation, public plazas, landscaping, and phasing which can be used for presentation to Avon Downtown Development Authority, Avon Planning and Zoning Commission and Avon Town Council. Avon Staff will conduct financial analysis and will retain consultants as determined appropriate to advise on potential public-private partnerships. This public process is intended to provide direction on preferred design elements and goals. Attendance at 6-8 meetings in person should be expected for this task. Task 3 – Preferred Conceptual Design: Prepare the “Preferred Conceptual Design” based on review and direction from the public meetings in Task 2. The Preferred Conceptual Design will be in a form that can be used by Avon for a Request for Proposal for solicitation of a public-private partnership with a private developer. Attendance at 3 meetings in person or remotely should be expected for this task. SECTION IV: SELECTION AND EVALUATION CRITERIA: The ideal design firm will possess and demonstrate the following skills and abilities: • Knowledge and experience preparing designs for urban, high-density, mixed-use projects that include ground floor commercial and public spaces with upper floor residential development. • Knowledge and experience working with municipalities, private developers and public-private projects. • Knowledge and experience designing projects in ski resort communities. • Experience with stakeholder public engagement process and management and organization of multiple stakeholders with varying ideas and priorities. • Demonstrated ability to complete projects on time and within budget. • Strong ability to build and maintain professional relationships through effective communication, coordination, teamwork, and integrity. • Ability to develop recommendations for public uses that integrate land use and spatial and financial considerations. ATTACHMENT A: Sun Road RFQ Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 5 of 6 SECTION VII. FORM OF RESPONSE: Respondents must submit their Statement of Qualifications and other information in the form described in this section. One (1) electronic copy (PDF) shall be submitted to the Town of Avon through bidnet.com portal Share File site by midnight, (MDT), Monday, August 25 , 2025. All submitted qualification summaries shall be submitted electronically through the Bidnet Site https://www.bidnetdirect.com/colorado/townofavon and will not be accepted by e-mail or file share platforms. Statements of Qualifications must include the following information: A. Information describing the design firm, firm’s philosophy, capabilities, experience, capacity, project team, designated lead and resumes of personnel to be assigned to this conceptual design work. B. Description of relevant experience, including high-density mixed-use projects in ski resort communities. C. List of similar design projects in the last three years with appropriate contact information, project date, brief project description, and description of project outcome. D. Hourly rates of personnel with the design firm. E. The Proposer shall obtain and maintain in force for the term of an agreement the following insurance coverages. Certificates of insurance evidencing such coverage’s shall be furnished to the Town of Avon at the time of signing of an agreement. Prior to cancellation of, or material change in, any requisite policy, thirty (30) days written notice shall be given to the Town of Avon through its risk manager. All automobile liability and general liability policies shall include the Town as an additional named insured by policy endorsement. 1. Automobile Liability (including owned, non-owned, and hired) in an amount not less than one million dollars ($1,000,000) each occurrence and not less than two million dollars ($2,000,000) general aggregate. 2. Worker's compensation and employer liability in accordance with the Worker's Compensation Act of the State of Colorado for employees doing work in Colorado in accordance with this Agreement and with limits in an amount not less than five hundred thousand dollars ($500,000) each accident and not less than one million dollars disease- policy limit and not less than one million dollars disease- each employee. 3. Comprehensive General Liability (including personal injury) in an amount not less than one million dollars ($1,000,000) per occurrence and not less than two million dollars ($2,000,000) in the aggregate. 4. Professional errors and admission liability insurance in an amount not less than one million dollars ($1,000,000) each claim and not less than two million dollars ($2,000,000) in the aggregate. ATTACHMENT A: Sun Road RFQ Request for Statements of Qualifications Sun Road Plan Area Conceptual Design Services July 31, 2025 Page 6 of 6 SECTION VIII. SELECTION PROCESS Avon will review Statements of Qualifications received by Avon during the week of August 25 and will notify respondents who are selected for interviews by Friday, August 29. Avon plans to schedule in-person interviews on Wednesday, September 10 and Thursday, September 11. In person attendance at the interview of all key persons associated with the design firm is expected and Avon does not intend to provide a remote attendance option for interviews. Avon reserves all rights to investigate the qualifications of any and all individuals and firms under consideration, to perform a financial audit of one or more firms, to confirm any part of the information furnished in a proposal, and to require further evidence of managerial, financial or professional capabilities which are considered necessary for the successful performance of work described in this RFQ. Avon reserves the right to reject any or all proposals and to waive informalities and minor irregularities in proposals received. All proposals and supporting documents shall be public information held in custody of Avon after the proposal submittal date given in this RFQ. Avon assumes no liability for the use or disclosure of technical or cost data submitted by any Respondent. The selected design firm will be required to execute a Professional Services Agreement with Avon and shall fully comply with all applicable Avon regulations and ordinances and State and Federal laws and requirements. Questions should be emailed to both Town Manager Eric Heil, eheil@avon.org and Community Development Director Matt Pielsticker, mpielsticker@avon.org. ATTACHMENT A: Sun Road RFQ 970-748-4088 predmond@avon.org TO: Avon DDA Board of Directors FROM: Paul Redmond, Chief Finance Officer RE: Whole Foods Phase I Development Update DATE: July 30, 2025 SUMMARY: In the Village (at Avon) the Kensington Development Group is in the predevelopment phase of constructing a Whole Foods, ninety-one luxury condos and two retail pads. Phase I development will be located directly east of the City Market in Avon B (Attachment A). Staff has reviewed the proposed development and reviewed the potential revenue. Staff will be reviewing these revenues with the Board of Directors. Attachment B includes revenue collected by the Trear Creek Metro District, Avon Downtown Development Authority and Town of Avon. Whole Foods is planning to begin construction in the Spring 2026 and complete the project in the Fall 2027. Thanks, Paul Attachment A - Kensington Whole Foods Avon Brochure Attachment B - Village (at Avon) Phase I Revenue Summary BE A V E R C R E E K E X P R E S S G O N D O L A Av o n R o a d 70 66 66 6 d PHASE II Retail Pads Available Access to Two Full Interchanges off I-70 RIVERFRONT EXPRESS GON D O L A Willia m J P o s t B lv d MASTER PLANNED AREA PROPOSED BeaverCree k B l v d PHASE I Proposed Whole Foods 91 Luxury Condominiums SEQ I-70 AND AVON RD AVON, CO +/- 40 ACRE WHOLE FOODS ANCHORED MIXED-USE PROJECT VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com Attachment A Av o n R o a d 70 6 PH A S E I I PROPOSED PH A S E I 5-ACRE PHASE I DEVELOPMENT TO BREAK GROUND SPRING 2026 The Site SEQ I-70 AND AVON RD AVON, CO VAIL VALLEY MIXED-USE Is a +/- 40-acre master planned develop- ment in the heart of Avon with direct access to two (2) full I-70 interchanges. Phase I of the development to break ground in Spring 2026. Phase I to include proposed Whole Foods, +/- 91 luxury condos, and retail pads. The Vail Valley Mixed-Use is and exciting opportunity in an extremely high barrier to entry trade area on one of the last developable pieces of land in the Vail Valley. CONCEPTUAL SITE PLAN - SURFACE LEVEL VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com CONCEPTUAL SITE PLAN - BELOW PODIUM VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com PHASE I PHASE II PROPOSED GENERAL ARRANGEMENT PLAN VAIL VALLEY MIXED-USE SOUTHEAST AERIALVIEW 1 2 3 4 5 6789 10 THEVILLAGE AT AVON: INTERIM MASTERPLAN SEPTEMBER 2024THVILGEAVAOVON: INTERIM MA ERPLAN TE BER 2024 SOUTHEAST AERIAL VIEW VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com LUXURY CONDOMINIUM RENDERING VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com LUXURY CONDOMINIUM RENDERING VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com PROPOSED WHOLE FOODS RENDERING VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com PARCEL PLAN VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com PROJECT BRIEF VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com PROJECT BRIEF VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com and identifying strategiesto getthere. #1 Goal: Create a beating Heartfor Avon Strategy 1: Increase theActivation Strategy 2: DESIGN APPROACH VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com VAIL VALLEY MIXED-USE DESIGN NARRATIVE JARED ECK 303-800-9177 jared@kensingtondev.com VAIL VALLEY MIXED-USE#1 Goal: Create a beating Heartfor Avon What isthe beating heart ofacommunity? A place where life, workand play intersect... Familiesconnect Communityand Avon focused directives: Local businesses thrive Creativityflowsand inspiration strikes playtogether Culture is sharedand celebrated Provide a new Town Center for Avon Encourage local entrepre - neurship and bolster the local economyProvide more mid-market residential to population Create a vibrantcentral gathering zone for locals Create a pedestrian centric community PROJECT VISION VAIL VALLEY MIXED-USE Strategy 1: Increase theActivation Increase residency MakeAvon remote-working professionals Tie into Sustainable lifestyle, recre - local/regional amenities Draw visitors fromVail, Eagle and beyond by way of novel Activation focused directives: Enliven streetscapes Activate publicareas Draw peopletogether Encourage local growthProvide engagement Increasinga hyper-local population, encouraging engagement inthe public realm, increasethe “body-heat” ofthe newtowncenter. PROJECT VISION RURAL ROAD PRIMARY URBAN ROAD SECONDARY URBAN ROADBOULEVARD GREENBELT MULTIPURPOSE TRAIL (BIKE/PEDESTRIAN) STREET PARKING TREE LINED LANDSCAPE TREE LINED LANDSCAPE (NO STREET PARKING OR BIKE LANE) CONNECTION TO PLANNING AREA C BIKE LANE SUBSTANTIAL TREE LINED LANDSCAPE TRANSIT ROUTE SHARED SPACE - PEDESTRIAN PRIORITIZED ZERO CURB EDGE - CONTINUOUS PAVING BOLLARD EDGES TEXTURED / TACTILE WARNING PEDESTRIAN ONLY WALKING, RUNNING, PERSONAL WHEELED CONVEYANCES (SCOOTERS, SKATE, BIKES) LA K EF RO NT PROMENADE PLAYGROUND DOG PARK LAKE ROUNDABOUT STUDY: -R100 (MIN DIMENSION) -REQUIRES SOME SHAPING ON P1 CONDO BUILDING -LESS PEDESTRIAN FRIENDLY (APPEAL) PUBLIC PARK EAST BEAVER CREEK BOULEVARD CRESCENT HILL ROADE. BEAVER CREEK BLVD E. B E A V E R C R E E K B L V D CHAPEL PLACE CHAPEL PLACE T S N I A M TRANSIT TRANSIT TR A N S I T RETAIL PROMENADE MA I N S T PLAZA THEVILLAGE AT AVON: INTERIM MASTERPLAN SEPTEMBER 2024MTHETHVILVILAAGEGEAST AAVVAAAOOVVTON: INON: IN EERIMTERIMRMAMAS PLERPLAN SERPLAN AEPTEMTEP NNER 2024BER 2024 I N G PEDESTRIAL AND VEHICULAR CIRCULATION VAIL VALLEY MIXED-USE GREEN SPACE & RECREATION VAIL VALLEY MIXED-USE ILLUSTRATIVE PLAN VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com 665’ = 3-5 minute walk SHARED SPACE, ZERO-EDGE, CONTINUOUS PAVING, PEDESTRIAN PRIORITIZED ZONE * PARKING LEVELS TBC Scramble-type intersection 466’ TO GROCER 260’ COMMERCIAL LAKEFRONT Scramble-type intersection PLAZA GRAND STAIRS PLAZA PLAZA WEST ANCHOR RETAIL EAST ANCHOR FEATURE F&B FEATURE F&B MID ANCHOR ENTER- TAINMENT PLANVIEW BENCHMARK - LANCASTER, CA STREET SECTION PUBLIC RIGHT OF WAY WITH DIAGONAL TEASER PARKING, OPEN SPACE AMENITIES, ATTRACTIVE STREETSCAPE, FIXTURES AND WATER FEATURES THEVILLAGE AT AVON: INTERIM MASTERPLAN SEPTEMBER 2024THETHVILVILAAGE GE A ST AAVVAAAOOVVTON: INON: IN EERIMTERIMRMAMASS PLERPLAN STERPLAN AEPTEMTEP NNER 2024BER 2024 I N G RETAIL PROMENADE VAIL VALLEY MIXED-USE VIEWS VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com EYE-LEVEL 2: LAKEFRONT VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com RETAIL PREMENADE VAIL VALLEY MIXED-USE JARED ECK 303-800-9177 jared@kensingtondev.com FINANCIAL MODEL Planning Area A Phase 1 May 13, 2025 2026 Assessment Rates Non-Village Residential Commercial Mill Levy Assessment Ratio Assessment Ratio 56.942 6.80%25.00% Trear Creek Metro District Avon Downtown Development Authority Town of Avon WFM Pad #1 Pad #2 Phase 1A Phase 1B Number of Units 1 1 1 45 45 LSF 26,000 2,500 3,700 - - Value per SF 550.00$ 800.00$ 800.00$ 2,000,000.00$ 2,200,000.00$ Value 14,300,000.00$ 2,000,000.00$ 2,960,000.00$ 90,000,000.00$ 99,000,000.00$ Assessed Value For Assessor 3,575,000.00$ 500,000.00$ 740,000.00$ 6,120,000.00$ 6,732,000.00$ Annual TIF Property Tax for DDA 170,322.06$ 17,082.60$ 25,054.48$ 348,485.04$ 383,333.54$ 4% Retail Sales Fee *880,000.00$ 60,000.00$ 80,000.00$ 27,918.80$ 27,918.80$ *Project Sales Fees for Residential 4% Accommodation Sales Fee -$ -$ -$ 27,918.80$ 27,918.80$ Village at Avon memos says average of $26,000 Add on .75% Retail Sales Fee 165,000.00$ 11,250.00$ 15,000.00$ 5,234.78$ 5,234.78$ to local economy per household. 4% TOA Sales Tax on Sales Fee 41,800.00$ 2,850.00$ 3,800.00$ 2,442.90$ 2,442.90$ 2% Short Term Rental Tax 13,959.40$ 13,959.40$ RETT (Recorded at the time of sale)286,000.00$ 40,000.00$ 59,200.00$ 1,800,000.00$ 1,980,000.00$ Water Tap Fees 51,500.00$ 4,000.00$ 6,900.00$ 180,000.00$ 180,000.00$ Water Usage Fee $3.25 per SFE 338.00$ 32.50$ 48.10$ 1,755.00$ 1,755.00$ Totals Total Traer Creek 1,217,500.00$ 104,000.00$ 146,100.00$ 2,035,837.60$ 2,215,837.60$ 5,719,275.20$ Avon DDA 170,322.06$ 17,082.60$ 25,054.48$ 348,485.04$ 383,333.54$ 944,277.73$ Town of Avon 207,138.00$ 14,132.50$ 18,848.10$ 23,392.07$ 23,392.07$ 286,902.74$ RETAIL:CONDO: Attachment B 970-748-4088 predmond@avon.org Page 1 of 4 TO: Avon DDA Board of Directors FROM: Paul Redmond (Chief Finance Officer) RE: Village (at Avon) Park Planning DATE: July 31, 2025 SUMMARY: This report provides information about park planning in the Village (at Avon) (“VAA”), Planned Unit Development (“PUD”) as it relates to governing documents, parkland dedication requirements, and park construction requirements. The purpose of bringing this information to the Avon DDA at this time is due to upcoming requirements related to an area identified as Planning Area 3 (“P3”). Additionally, the Town recently received a conceptual layout for a reconfigured community park location owned by the Town referred to as Planning Area B (“PAB”). The Town anticipates that the information provided below, in addition to feedback from Council, the DDA and the public related to park planning, are valuable contributions to the planning and design process for parks in Avon. BACKGROUND: In 1998, the Avon Town Council agreed to annexation of the Village (at Avon) and approved an Annexation and Development Agreement (“Development Agreement”) for the VAA. These actions resulted in the formation of the Village (at Avon) PUD, a 1,779-acre area primarily owned by the Traer Creek LLC (“Traer Creek”) and its subsidiaries. The VAA represents most of the east portion of Avon and is entirely within Town limits. Figure 1 - VAA Map PUDs are common in municipalities nationally and represent areas with an expressed vision dictated by customized land use controls, separate from traditional zoning prescribed by the municipality. The Avon Municipal Code Section 7.08.010 General Definitions defines PUDs as: “An area of land, controlled by one (1) or more landowners, to be developed under unified control or a unified plan and is developed as a whole in a single development operation or programmed Village (at Avon) Park Planning July 31, 2025 Page 2 of 4 series of development stages. The development may include dwelling units, commercial, educational, recreational or industrial uses or any combination of the foregoing, the plan for which may not correspond in lot size, bulk or type of use, density, lot coverage, open space or other restrictions to the existing land use regulations.” Three documents serve to guide development and land use decisions for the VAA PUD: Operative Documents 1. VAA PUD Master Plan: This plat map serves to establish the PUD and represents the ongoing long-term vision to subdivide the Village (at Avon) into specific planning areas 2. VAA PUD Guide: The PUD Master Plan is supplemented by the PUD Guide (“Guide”), a detailed document that informs land use controls and development standards. The Guide dictates processes for application review and approvals and is amended on occasion. 3. CARADA: The Consolidated, Amended, and Restated Annexation and Development Agreement (“CARADA”) signed and recorded in 2014 represents the development agreement between the current, primary landowners, Traer Creek. The original version is labeled as the “Development Agreement”. The VAA Master Plan subdivides the PUD into Planning Areas. Each Planning Area has specific land use requirements and restrictions for development, similar to zoning controls. The VAA PUD Guide necessitates a Design Review Board (“DRB”), a small group of individuals tasked with reviewing development applications similar to the Town’s Planning and Zoning Commission (“PZC”) but specific to properties within the PUD. The Guide states that certain types of development projects in the VAA are only reviewed by the VAA DRB and are not subject to the Town’s Development Standards and review procedures (E.g., Signage, fencing, etc.), while other types of applications employ the Town’s standards and procedures (E.g., Temporary Use permits). Since the VAA PUD’s inception, the Town and Traer Creek have collaborated to update its operating documents, including the VAA PUD Master Plan plat map, via administrative approvals and ordinances approved by Council. Area N / P3: Planning Area N/P3 is a thirteen-acre site located just north of the Dual Brand Hotel. The site’s high elevation provides exceptional views of the valley floor and mountains to the south. The site is perched above the adjacent hotel, but the hotel is only visible when standing at the edge of the site. The area to the north includes hillsides of even higher elevation, with a trail that connects to the expansive trail system between Avon and Vail. The property sits north of Swift Gulch Road and the new Springhill Suites Hotel, and northwest of the Maverik gas station. A steep dirt road (Wagon Trail Road) leads to the property, represents the eastern boundary of the site, and extends further north to a decommissioned water tank owned by the Upper Eagle Regional Water Authority. Wagon Trail Road terminates at the Nottingham Reservoir, a two-acre, human- made lake on land owned by Traer Creek. Nottingham Gulch bounds the property to the west. Currently, the center of the site is used to store natural materials (E.g., dirt, soils, gravel, etc.) for Village (at Avon) Park Planning July 31, 2025 Page 3 of 4 construction projects and grading, and construction equipment, such as excavators. Despite the construction element, the site is generally well cared for by the current property owners, and is restricted to the public by a large chain link fence north of the roundabout leading up to the site. The edges of the site are less disturbed, with a small gully hosting native grasses along the south border of the site. The southeast portion of the site has a small wetland area created by human-made drainage patterns. P3 - VAA / TOWN OBLIGATIONS: The Master Developer is obligated to convey to the Town of Avon land for construction of a Neighborhood Park at P3 when a certain number of housing units develop in the VAA; the Master Developer is obligated to convey 50% of the P3 community park…” at the time the 601st market-rate residential unit is built and receives a certificate of occupancy. The 1200th market-rate residential unit represents the Master Developer’s obligation to convey the remaining half of park development. The Town and Traer Creek track housing development and update the housing inventory at the time of building permits. The Town anticipates that the current Bosk Apartments project in the VAA brings the total number of market-rate residential units to above 601, once certificates of occupancy are issued for the building. The project began construction this spring. The Health and Recreation Committee has started review for the concept planning of P3. PLANNING AREA B: Representatives of Traer Creek recently engaged with the Town to show development plans for areas surrounding Planning Area B (PAB), and the Town is considering options for complementary design of the park. PA-B is an undeveloped 4.1-acre site, bound by a steep slope to the north that leads up to Interstate-70. The parcel is otherwise encompassed by land owned by Traer Creek, dedicated as Village Center Mixed Use Project in the PUD Master Plan. The park is a physically depressed parcel in an area used for construction and snow storage on the valley floor and is eligible for reconfiguration if necessitated by a development project. PAB Plat (2019) Village (at Avon) Park Planning July 31, 2025 Page 4 of 4 The PUD Guide also includes guidelines for building setbacks, building height maximum (60 ft), maximum allowable site coverage (20%), parking requirements and street standards, specific to Planning Area B. The site is currently contemplated for water storage. Traer Creek has developed a master plan for the road layout and configuration of Planning Area A and Planning Area B. The VAA PUD Guide sets forth these details on Planning Area B: • The Town can construct a water feature, with a limit on total surface area (0.6 acres) and a minimum 2-acre feet of water storage. • Development of the site, including public improvements, is subject to VAA Design Review Board approval. • The Town has a right to maintain and operate the site as Open Space. • The site can be used for snow storage by the Town or Traer Creek until it is developed. Traer Creek retained Zehren and Associates to develop a conceptual framework. Avon will provide conceptual diagram when this becomes finalized. FINANCIAL CONSIDERATIONS: Avon is planning to use the Avon Downtown Development Authority as the primary funding source for construction of the Planning Area B and P3 parks. Thank you, Paul 970-748-4088 predmond@avon.org Page 1 of 1 TO: Avon DDA Board of Directors FROM: Paul Redmond (Chief Finance Officer) RE: Lot B Apartment Projects DATE: July 31, 2025 SUMMARY: Avon is reviewing the conceptual designs (Attachment A) for an apartment building located on Lot B. Lot B is located to the east of Town Hall and next to the Lodge at Avon Center. Attachment B projects revenue collected by the Avon Urban Renewable Authority and Town of Avon. Thank you, Paul Presented by: Zehren and Associates June 30, 2025 Prepared For: Grand Peaks Project: Lot B - Avon, Colorado ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com Retail Study for theLot B Apartments Attachment A © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 2 SITE PLAN ST ST ST G ST E ST ST T SS SS BENCH (typ.) NE W L O C A T I O N FO R B R O N Z E 4 NEW LOCATION FOR BRONZE 3 TRASH BIN EXI S T I N G L I G H T TO B E R E M O V E D EXI S T I N G P A T I O EXI S T I N G P A T I O ALIGN N E W P A T H W I T H E X I S T I N G P A T H NEW P A T H EXIST I N G P A T H BOULDER WALL EXIS T I N G BRO N Z E TO R E M A I N P5 P6 P6 P6 P4 P4 P1 P4 NE W L O C A T I O N FO R B R O N Z E 5 P4 P1 BOLLARD LIGHT (TYP.) BOULDER RETAINING WALL P2 BO U L D E R W A L L BO U L D E R WA L L P6 BOL L A R D L I G H T ( t y p . ) REF L I G H T I N G P L A N NE W L O C A T I O N FOR B R O N Z E 1 1 STONE AND BOULDER SEAT WALL BO L L A R D L I G H T ( t y p . ) RE F L I G H T I N G P L A N P1 P5 P5 NE W L O C A T I O N FOR B R O N Z E 1 2 MATCH TO EXISTING PATH BO U L D E R W A L L SU R V E Y P O I N T L3 . 3 P M 1 P5 P5 ALI G N C E N T E R L I N E W I T H C E N T E R L I N E OF P A V E R P A T H O P P O S I T E P L A Z A S P A C E EX I S T I N G L I G H T T O BE R E M O V E D ( t y p . ) L3 . 8 1 P M L3 . 8 1 P M TR A S H B I N BE N C H ( t y p . ) TRA S H B I N P2 P2 HA D C O L I G H T ( t y p . ) RE F L I G H T I N G P L A N HADCO LIGHT (TYP) REF LIGHTING PLAN P5 P5 P4 P4 P2 P2 P2 P5 P5 9'-2 1 4" 8'-2" 1 6 ' 9'-8 1 8" Cu s t o m Bo u l d e r 1 125" Cu s t o m Bo u l d e r 2 3' - 1 58"4'-7 1 8" 7'-61 8" 4'-9 3 8" 8' 5' 24" 44" 55" NEW LOCATION FOR BRONZE 2 MAT C H T O E X I S T I N G PAV E M E N T E D G E P7 P7 NE W L O C A T I O N FOR B R O N Z E 6 NEW L O C A T I O N FOR B R O N Z E 9 NE W L O C A T I O N FOR B R O N Z E 8 NE W L O C A T I O N FOR B R O N Z E 1 0 CUSTOM CLIMBING FEATURES BY IDS, REF L3.51 PM - L3.59 CU S T O M C L I M B I N G BO U L D E R S B Y I D S , RE F L 3 . 5 1 P M - L 3 . 5 9 P M SI M NE W L O C A T I O N FOR B R O N Z E 7 L3.22 PM 2 L3 . 2 2 P M 2 L3 . 2 2 P M 4 L3 . 2 2 P M 4 L3 . 2 2 P M 2 1 8 '- 0 " 2 4 ' - 0 " 1 8 ' - 0 " 9 ' - 0 " 1 0 ' - 0 " 1 0 ' - 1 1 " 7 ' - 6 " 2.0 % 2.9% 5.0% 10'-0" 10'- 0 " FIRE CIRCLE AREA 1 2 3 38 37 36 35 34 31 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 32 33 PATIO BUILDING ENTRANCE GAR A G E ENT R A N C E LODGE AT AVON CENTER AVON TOWN HALL PRO P O S E D SHA R E D R O A D PLANTER WALLS 20" TALL PLANTER WALLS 20" TALL ORNAMENTAL TREES TERRACED SEATING W E S T B E A V E R C R E E K B L V D . RETAIL PATIO PAVER PATH TO MATCH THE PEDESTRIAN MALL LODGE AT AVON CENTER AVON TOWN HALL PROPOSED BUILDING W E S T B E A V E R C R E E K B L V D . AV O N P E D E S T R I A N MA L L PRO P E R T Y L I N E SET B A C K L I N E SETBA C K L I N E SET B A C K L I N E PRO P E R T Y L I N E EAS E M E N T L I N E UTIL I T Y E A S E M E N T L I N E EAS E M E N T L I N E PROP E R T Y L I N E 1919 ENTRANCE PLAZA PAT I O PAT I O PAT I O PAT I O PAT I O PATI O PATI O RETAIL PATIO ACCESSIBLE HOT TUB AREA GARAGE BELOWL GARAGE BELOWL +FFE 56.47 +FFE 56.34 +(54) + (53.56) FFE 55.8+ 54.54+ + 54.55 +(56.60) +(61) FENCE AROUND HOT TUB AREA FFE 57.5+ FFE 57.5+ +(61) +57.5 +56.72 +57.5 +59 8.0% +57.5 +(56.62) +(61) +56.47 +(61) +(61) +(61) EAS E M E N T L I N E PRO P E R T Y L I N E UTIL I T Y E A S E M E N T L I N E EAS E M E N T L I N E EAS E M E N T L I N E SET B A C K L I N E PROP E R T Y L I N E 2 . 4 % +(61) FFE 57.5+ FFE 57.5+ +(56.60)2.5% 2.8 % 2.5 % 4.6 % +56.47 +(56.61) 57.5+ 5.0% 10'x15' 8 . 0 % +FFE 55.8 +FFE 55.8 +FFE 55.8 +FFE 55.8 (53.96)++55.8 +55.8 4.7% + (53.5) 55.8+ 5 . 0 % COMMERCIAL RETAIL TERRACE 10'- 0 " +(56.62) 2. 0 % 8. 0 % +59.32 10'x15' 16 ' - 1 1 " SCALE: 1"=20' 0 10'20'40'LOT B OPTION 1 Avon, Colorado LOBBYMAIL / CLUBHOUSE LINE OF GARAGE BELOW CAFE STOR / MECH SETBACK FOOTPRINT C EXISTING GARAGE LID FITNESS OPEN TO BELOW L C STOR / MECH OPEN TO BELOW LCSTOR / MECH DOG PARK ROOF LOUNGE L MECH L 1 BED 2 BED 3 BED LEGEND VERTICAL CIRCULATION CIRCULATION AMENITY RETAIL STOR / MECH TRV BY SHEET No. DRAWN BY SCALE: CHK BY PROJECT No.DATE ISSUE SEAL 101 El Paseo Santa Barbara, California 93101 (805) 963-6890 FAX (805) 963-8102ARCHITECTURE - PLANNING - INTERIORSAND ASSOCIATES, INC. Z E H R E N 48 E a s t B e a v e r C r e e k B l v d . , S u i t e 3 0 3 P. O . B o x 1 9 7 6 - A v o n , C o l o r a d o 8 1 6 2 0 (9 7 0 ) 9 4 9 - 0 2 5 7 F A X ( 9 7 0 ) 9 4 9 - 1 0 8 0 LANDSCAPE ARCHITECTURE Co p y r i g h t © 2 0 2 2 b y Z e h r e n & A s s o c i a t e s I n c . KEY PLAN AS SHOWN 6/ 4 / 2 0 2 5 4 : 5 8 : 0 2 P M C: \ U s e r s \ c a s s i e . g a r n e r \ D o c u m e n t s \ 2 5 3 1 7 2 _ A R _ S h e l l _ c a s s i e g 2 B Z 9 L . r vt A0.03 XXXXX 01/01/2021 Author Checker UNIT MATRIX PR O J E C T N A M E CL I E N T N A M E PR O J E C T L O C A T I O N PHONE NA M E NAME NA M E NAMEPHONE Approver PHONEPHONE CI V I L ST R U C T U R A L MECHANICAL ELECTRICAL No.DATE COMMENT LEVEL 1 LEVEL 2 LEVEL 3-5 LEVEL 6 LEVEL 7-8 UNIT COUNTS UNIT TYPE TARGET ACTUAL 1 BED 64 64 2 BED 77 76 3 BED 21 22 162162 * NOTE, THE FOLLOWING ARE UNIQUE TYPES: C = CORNER 3-BED (5 TOTAL) L = LARGER 2-BED (7 TOTAL) © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 3 RETAIL STUDY 8" 8" 8" 8" 6" 6" 6" 6" REF 7449 7450 7451 7452 UNIT PLANS GENERAL NOTES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. ALL INTERIOR WALL ASSEMBLIES TYPE UNLESS SHOWN OTHERWISE (REFERENCE SHEET A5.20). ALL FLOOR AND FLOOR / CEILING ASSEMBLIES TYPES ARE NOTED ON OVERALL PLANS (REFER TO A5.21). DRAWINGS REVISIONS ARE INDICATED BY REFERENCE OVERALL FLOOR PLANS FOR ALL EXTERIOR WALL, UNIT DEMISING WALL AND INTERIOR SHAFT WALL ASSEMBLIES. INTERIOR WALL DIMENSIONS ARE TO CENTER OF STUD AND CENTER OF GRID. EXTERIOR, DEMISING, CHASE, AND CORRIDOR WALL DIMENSIONS ARE TAKEN TO FACE OF NAKED STUD, UNLESS NOTED OTHERWISE. ALL ANGLES ARE TO BE 45° OR 90° UNLESS NOTED OTHERWISE. CENTER DOORS AND OPENINGS IN ROOMS OR PROVIDE 6" WALL RETURNS UNLESS NOTED OTHERWISE. REFER TO SHEET A5.6X FOR DOOR SCHEDULES FOR ALL INTERIOR UNIT DOORS. REFER TO OVERALL FLOOR PLANS FOR DOOR SCHEDULES FOR ALL UNIT ENTRY DOORS, EXTERIOR DOORS AND CORRIDOR DOORS (REFERENCE SHEET A5.6X FOR DOOR DETAILS). REFERENCE ID DRAWINGS FOR INTERIOR ELEVATIONS AND ENLARGED INTERIOR PLANS. PROVIDE BLOCKING FOR FUTURE GRAB BARS PER ANSI 117.1 REQUIREMENTS IN BATHROOMS ON SHEET A5.95. P1 X UNIT AREA CALCULATIONS: SALEABLE*GROSS** LOWER LEVEL:XXXX SF XXXX SF ENTRY LEVEL:XXXX SF XXXX SF UPPER LEVEL:XXXX SF XXXX SF TOTAL:XXXX SF *NET - CALCULATED TO INTERIOR FACE OF EXTERIOR WALLS, NOT INCLUDING MECHANICAL AND GARAGE. **GROSS - CALCULATED TO EXTERIOR FACE OF EXTERIOR WALLS AND TO CENTERLINE OF DEMISING AND CORRIDOR WALLS, INCLUDING MECHANICAL AND GARAGE. OVERALL FLOOR PLAN GENERAL NOTES 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. ALL EXTERIOR WALL ASSEMBLIES TYPE UNLESS SHOWN OTHERWISE. ALL INTERIOR WALL ASSEMBLIES TYPE UNLESS SHOWN OTHERWISE. ALL FLOOR AND FLOOR/CEILING ASSEMBLIES TYPE UNLESS NOTED OTHERWISE ON FLOOR PLAN OR RCP. DRAWING REVISIONS ARE INDICATED BY REFERENCE UNIT PLANS AND OTHER ENLARGED PLANS FOR ADDITIONAL DIMENSIONS, ASSEMBLY TAGS, AND DETAIL TAGS. EXTERIOR, DEMISING, CHASE, AND CORRIDOR WALL DIMENSIONS ARE TAKEN TO FACE OF NAKED STUD, UNLESS NOTED OTHERWISE. ALL ANGLES ARE TO BE 45 o OR 90o UNLESS NOTED OTHERWISE. CENTER DOORS AND OPENINGS IN ROOMS OR PROVIDE 6" WALL RETURNS UNLESS NOTED OTHERWISE. REFERENCE SHEETS A5.6X AND A5.7X FOR OVERALL PLAN DOOR AND WINDOW SCHEDULES. REFERENCE ID DRAWINGS FOR INTERIOR ELEVATIONS AND ENLARGED INTERIOR PLANS. P1 W1 F1 X RESIDENCE AREA CALCULATIONS: NET*GROSS** LOWER LEVEL:XXXX SF XXXX SF ENTRY LEVEL:XXXX SF XXXX SF UPPER LEVEL:XXXX SF XXXX SF TOTAL:XXXX SF *NET - CALCULATED TO INTERIOR FACE OF EXTERIOR WALLS, NOT INCLUDING MECHANICAL AND GARAGE. **GROSS - CALCULATED TO EXTERIOR FACE OF EXTERIOR WALLS AND TO CENTERLINE OF DEMISING AND CORRIDOR WALLS, INCLUDING MECHANICAL AND GARAGE. 1 A3.01 A B C D 5 +/- 7456' - 9" 7445' - 0" 29 ' - 0 " 5' - 6 " 29 ' - 0 " 63 ' - 6 " 2 A3.01 (T.O. EXISTING GARAGE) DN 2439 SF LOBBY / COWORKING LOUNGE 291 SF MAIL423 SF RENTABLE STORAGE ROOF OVERHEAD H I J 1 2 3 4 E 7457' - 6" 1342 SF FITNESS 7453' - 6" (EXIST PEDESTRIAN MALL) 4175 SF RETAIL 151 SF TRASH 44 SF JANITOR TRV BY SHEET No. DRAWN BY SCALE: CHK BY PROJECT No.DATE ISSUE SEAL 10 1 E l P a s e o Sa n t a B a r b a r a , C a l i f o r n i a 9 3 1 0 1 (8 0 5 ) 9 6 3 - 6 8 9 0 F A X ( 8 0 5 ) 9 6 3 - 8 1 0 2 AR C H I T E C T U R E - P L A N N I N G - I N T E R I O R S AN D A S S O C I A T E S , I N C . Z E H R E N 48 E a s t B e a v e r C r e e k B l v d . , S u i t e 3 0 3 P. O . B o x 1 9 7 6 - A v o n , C o l o r a d o 8 1 6 2 0 (9 7 0 ) 9 4 9 - 0 2 5 7 F A X ( 9 7 0 ) 9 4 9 - 1 0 8 0 LA N D S C A P E A R C H I T E C T U R E Co p y r i g h t © 2 0 2 2 b y Z e h r e n & A s s o c i a t e s I n c . KEY PLAN AS SHOWN 6/ 3 0 / 2 0 2 5 1 1 : 4 8 : 0 1 A M C: \ U s e r s \ c a s s i e . g a r n e r \ D o c u m e n t s \ 2 5 3 1 7 2 _ A R _ S h e l l _ c a s s i e g 2 B Z 9 L . r vt A1.01 XXXXX 01/01/2021 Author Checker LEVEL 1 OVERALL FLOOR PLAN PR O J E C T N A M E CL I E N T N A M E PR O J E C T L O C A T I O N PH O N E NA M E NA M E NA M E NA M E PH O N E Approver PH O N E PH O N E CI V I L ST R U C T U R A L ME C H A N I C A L EL E C T R I C A L No.DATE COMMENT 3/32" = 1'-0"A1.01 1 LEVEL 1 OVERALL FLOOR PLAN LOBBYMAIL / CLUBHOUSE LINE OF GARAGE BELOW CAFE STOR / MECH SETBACK FOOTPRINT C EXISTING GARAGE LID FITNESS OPEN TO BELOW L C STOR / MECH OPEN TO BELOW LCSTOR / MECH DOG PARK ROOF LOUNGE L MECH L 1 BED 2 BED 3 BED LEGEND VERTICAL CIRCULATION CIRCULATION AMENITY RETAIL STOR / MECH TRV BY SHEET No. DRAWN BY SCALE: CHK BY PROJECT No.DATE ISSUE SEAL 101 El Paseo Santa Barbara, California 93101 (805) 963-6890 FAX (805) 963-8102ARCHITECTURE - PLANNING - INTERIORSAND ASSOCIATES, INC. Z E H R E N 48 E a s t B e a v e r C r e e k B l v d . , S u i t e 3 0 3 P. O . B o x 1 9 7 6 - A v o n , C o l o r a d o 8 1 6 2 0 (9 7 0 ) 9 4 9 - 0 2 5 7 F A X ( 9 7 0 ) 9 4 9 - 1 0 8 0 LANDSCAPE ARCHITECTURE Co p y r i g h t © 2 0 2 2 b y Z e h r e n & A s s o c i a t e s I n c . KEY PLAN AS SHOWN 6/ 4 / 2 0 2 5 4 : 5 8 : 0 2 P M C: \ U s e r s \ c a s s i e . g a r n e r \ D o c u m e n t s \ 2 5 3 1 7 2 _ A R _ S h e l l _ c a s s i e g 2 B Z 9 L . r vt A0.03 XXXXX 01/01/2021 Author Checker UNIT MATRIX PR O J E C T N A M E CL I E N T N A M E PR O J E C T L O C A T I O N PHONE NA M E NAME NA M E NAMEPHONE Approver PHONEPHONE CI V I L ST R U C T U R A L MECHANICAL ELECTRICAL No.DATE COMMENT LEVEL 1 LEVEL 2 LEVEL 3-5 LEVEL 6 LEVEL 7-8 UNIT COUNTS UNIT TYPE TARGET ACTUAL 1 BED 64 64 2 BED 77 76 3 BED 21 22 162162 * NOTE, THE FOLLOWING ARE UNIQUE TYPES: C = CORNER 3-BED (5 TOTAL) L = LARGER 2-BED (7 TOTAL) © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 6 RETAIL SITE STUDY OPTION 1 Perspective of proposed retail at Pedestrian Mall looking west © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 7 RETAIL SITE STUDY OPTION 1 Perspective of proposed retail at Pedestrian Mall looking east © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 8 RETAIL SITE STUDY OPTION 1 Perspective of Proposed Retail at Pedestrian Mall © 2025 Zehren and Associates, Inc. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com LOT B APARTMENTS - CONCEPT DESIGN 06.30.25 9 RETAIL SITE STUDY OPTION 2 ST ST T SS NE W L O C A T I O N FO R B R O N Z E 4 EXIS T I N G L I G H T TO B E R E M O V E D EXIS T I N G BRO N Z E TO R E M A I N P5 P6 P6 P6 P1 NE W L O C A T I O N FO R B R O N Z E 5 P1 BO U L D E R W A L L BO U L D E R WA L L P6 BOL L A R D L I G H T ( t y p . ) REF L I G H T I N G P L A N NEW L O C A T I O N FOR B R O N Z E 1 1 BO L L A R D L I G H T ( t y p . ) RE F L I G H T I N G P L A N P1 P5 NEW L O C A T I O N FOR B R O N Z E 1 2 BO U L D E R W A L L SU R V E Y P O I N T ALI G N C E N T E R L I N E W I T H C E N T E R L I N E OF P A V E R P A T H O P P O S I T E P L A Z A S P A C E EX I S T I N G L I G H T T O BE R E M O V E D ( t y p . ) L3 . 8 1 P M TR A S H B I N BE N C H ( t y p . ) TRA S H B I N HA D C O L I G H T ( t y p . ) RE F L I G H T I N G P L A N 9'-2 1 4" 8'-2" 1 6 ' 9'-8 1 8" C u s t o m B o u l d e r 1 125" C u s t o m B o u l d e r 2 MAT C H T O E X I S T I N G PAV E M E N T E D G E P7 P7 NEW L O C A T I O N FOR B R O N Z E 6 NEW L O C A T I O N FOR B R O N Z E 9 NEW L O C A T I O N FOR B R O N Z E 8 NEW L O C A T I O N FOR B R O N Z E 1 0 CU S T O M C L I M B I N G BO U L D E R S B Y I D S , RE F L 3 . 5 1 P M - L 3 . 5 9 P M SI M NEW L O C A T I O N FOR B R O N Z E 7 L3 . 2 2 P M 4 L3 . 2 2 P M 4 L3 . 2 2 P M 2.0 % 2.9% 5.0% FIRE CIRCLE AREA 1 2 3 38 37 36 35 34 31 7 6 5 4 32 33 PATIO GAR A G E ENTR A N C E LODGE AT AVON CENTER TERRACED SEATING RETAIL PATIO LODGE AT AVON CENTERAVO N P E D E S T R I A N MAL L PRO P E R T Y L I N E SET B A C K L I N E SETBA C K L I N E SETB A C K L I N E PRO P E R T Y L I N E UTIL I T Y E A S E M E N T L I N E EASE M E N T L I N E PROPE R T Y L I N E PATI O PATI O PATI O PATI O PATI O RETAIL PATIO ACCESSIBLE HOT TUB AREA GARAGE BELOWL +FFE 56.47 +FFE 56.34 +(54) + (53.56) 56.54++ 54.55 +(56.60) FENCE AROUND HOT TUB AREA FFE 57.5+ +56.72 +57.5 +57.5 +(56.62) +56.47 PROPE R T Y L I N E FFE 57.5+ +(56.60) 2.8 % 4.6 % +56.47 +(56.61) (53.62)+5.0% + (53.5) 57.5+ 5 . 0 % COMMERCIAL RETAIL TERRACE +(56.62) 2. 0 % FFE 57.5+ +FFE 57.5 +FFE 57.5 +FFE 57.5 +FFE 57.5 57.5+ +57.5 55.72+ +56.05 2 . 0 % (53.2)+ 10'x15' 10'x15' SCALE: 1"=10' 0 5'10' 20'LOT B OPTION 2: RETAIL ENLARGEMENT Avon, Colorado FINANCIAL MODEL Lot B 1-Jul-25 2026 Assessment Rates Avon TIF Residential Commercial Mill Levy Assessment Ratio Assessment Ratio 56.792 6.80%25.00% Avon Urban Renewable Authority Town of Avon Lot B Appt Ice Creem/Coffee Art Guild Other Number of Units 1 1 1 1 LSF 175,000 1,500 1,500 1,175 Value per SF 750.00$ 800.00$ 800.00$ 800.00$ Value 131,250,000.00$ 1,200,000.00$ 1,200,000.00$ 940,000.00$ Assessed Value For Assessor 8,525,000.00$ 300,000.00$ 300,000.00$ 63,920.00$ Annual TIF Property Tax for URA 484,151.80$ 2,555.64$ *2,044.51$ *2,044.51$ * *=Posessorary Interest RETT (Recorded at the time of sale)146,000.00$ -$ -$ -$ Water Tap Fees 368,000.00$ -$ -$ -$ Water Usage Fee $3.25 per SFE 2,275.00$ 19.50$ 19.50$ 15.28$ Totals Total Avon URA 484,151.80$ 2,555.64$ 2,044.51$ 2,044.51$ 490,796.46$ Town of Avon 516,275.00$ 19.50$ 19.50$ 15.28$ 516,329.28$ RETAIL: Attachment B DDA MEETING MINUTES MONDAY, JUNE 2ND, 2025 HYBRID MEETING, IN PERSON AND VIRTUAL VIA MICROSOFT TEAMS Page 1 1. ROLL CALL The meeting was called to order at 3:00 p.m. DDA Board Chair Tony Emrick presided over the meeting. There was quorum with 11 Board Members present at the time. Present in Person: Chair Tony Emrick, and Board Members Wayne Hanson, Chris Neuswanger, and Matthew Fitzgerald Present Virtually: Board Members Scott Tarbet, Rob Tartre, Councilor Chico Thuon, Lisa Mattis Marcus Lindholm, Gregg Cooper Absent: Board Member Brandt Marott Staff: Community Development Director Matt Pielsticker, Deputy Town Manager Patty McKenny, C hief Financial Officer Paul Redmond, Town Manager Eric Heil, General Government Fellow Arnell Wade 2. APPROVAL OF AGENDA Board Member Wayne Hanson motioned to approve the agenda as presented. Board Member Chris Neuswanger seconded the motion. The motion was approved unanimously. 3. DISCLOSURE OF ANY CONFLICTS OF INTEREST RELATED TO AGENDA ITEMS Board Chair Emrick asked if there were any conflicts of interest, and none were disclosed. 4. PUBLIC COMMENT No public comments were made in person nor virtually. 5. BUSINESS ITEMS 5.1 Public Hearing: Early Childhood Education Center Funding Agreement (Chief Finance Officer Paul Redmond) Chief Financial Officer Paul Redmond gave the DDA Board a refresher of the Early Childhood Education Center Funding Agreement from the last DDA Board meeting. Included in the breakdown were: 1) current statistics of childhood services, 2) a project overview and update, 3) financing, 4) construction timeline, 5) operations start date, 6) land lease, and 7) internal contributions made on behalf on the Town of Avon. He reviewed the terms of the funding agreement explaining and acknowledging where the money is coming from, and the municipal code process required for approval of the agreement. Marcus Lindholm inquired about how the Early Childhood Center Funding Agreement fits into DDA. Town Manager Eric Heil explained the project was made to fit under the DDA’S scope and within the last decade, there has been a commitment to support a facility to be used for educational purposes for the Town and all it’s residents. He described the needs of childcare and noted that careful considerations have been reviewed with the partners. It was noted the DDA can contribute efficiently and effectively an amount of $412,000 annually to support the cost of this facility. DDA MEETING MINUTES MONDAY, JUNE 2ND, 2025 HYBRID MEETING, IN PERSON AND VIRTUAL VIA MICROSOFT TEAMS Page 2 There was discussion about several topics related to the funding agreement, as follows: ▪ Wayne Hanson inquired about the other facilities being built in Eagle County and asked about support from the local pre-k an elementary schools and if there was a lottery component to get into the program? ▪ Chris Neuswanger considered communicating to Holy Cross for monetary support as well! ▪ Lisa Mattis inquired about financial commitments in the short-term vs the long term in the funding agreement, and tuition numbers/rates heading into operations, and materials/construction costs? ▪ Chirs Neuswanger inquired about the land size of this facility, and the number of employees at the facility? ▪ Rob Tartre inquired about the additional 1.5 acre and what would it be used for? ▪ Matthew Fitzgerald inquired about Town of Avon Employees benefits towards the new facility and program? ▪ Marcus Lindholm asked if the Town would support other childcare needs in Avon? ▪ Tony Emrick inquired about other committees, boards, groups, foundations or other entities allocating financial support to this Childcare facility. Town Manager Eric Heil and Chief Financial Officer Paul Redmond answered the inquiries from the Board extensively. Board Chair Tony Emrik asked for any members of the public to express their thoughts, opinions and ideas regarding this business item as the Public Comment portion of the public hearing. No public input was made and the Public Comment portion ended at 3:39 pm. Marcus Lindholm announced that he is abstaining from this vote for a potential conflict of interest regarding this business item. Greg Cooper moved to approve the Funding Agreement and Lisa Matthis seconded the motion. The motion passed unanimously (Marcus Lindholm abstained from voting on this business item) 6. MINUTES Board Member Wayne Cooper moved to approve the Minutes from Avon DDA Board Meeting held April 14th, 2025; Board Member Tony Emrick seconded that motion. The minutes were approved unanimously. 7. EXECUTIVE SESSIN 7.1 For the purpose of the potential acquisition of real property in accordance with C.R.S. Section 24-6- 402(4)(a) concerning property in the Town Core. A motion was made to convene into an Executive Session to discuss the topic at 3:43 pm and the session finished at 4:09 pm. DDA MEETING MINUTES MONDAY, JUNE 2ND, 2025 HYBRID MEETING, IN PERSON AND VIRTUAL VIA MICROSOFT TEAMS Page 3 8. ADJOURNMENT DDA Board Chair Emrick adjourned the meeting at 4:10 pm on June 2nd, 2025. Respectfully submitted by: Arnell Wade General Government Fellow These minutes are only a summary of the proceedings of the meeting. They are not intended to be comprehensive or to include each statement, person speaking or to portray with complete accuracy. The most accurate records of the meeting are the audio of the meeting, which is housed in the Town Clerk' s office.