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TC Packet 02-10-2026_____________________________________________________________________________________ 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 INDIVIDUALS WITH DISABILITIES ARE ENCOURAGED TO PARTICIPATE IN ALL PUBLIC MEETINGS SPONSORED BY THE TOWN OF AVON. IF YOU REQUIRE A DISABILITY ACCOMMODATION, PLEASE CONTACT THE TOWN CLERK, MIGUEL JAUREGUI CASANUEVA, AT 970-748-4001 OR MJAUREGUI@AVON.ORG WITH YOUR REQUEST. REQUESTS SHOULD BE MADE AS SOON AS POSSIBLE BUT NO LATER THAN 72 HOURS BEFORE THE SCHEDULED PUBLIC EVENT. AVON TOWN COUNCIL MEETING AGENDA TUESDAY, February 10, 2026 MEETING BEGINS AT 5:00 PM Hybrid meeting; in-person at Avon Town Hall, 100 Mikaela Way or virtually through Zoom, Zoom registration is on the header at Avon.org AVON LIQUOR LICENSING AUTHORITY MEETING BEGINS AT 5:00 PM (See Agenda on page 3) AVON TOWN COUNCIL PUBLIC MEETING BEGINS AT 5:05 PM 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 Council approval. 5.CONSENT AGENDA 5.1. Approval of January 27, 2026 Regular Council Meeting Minutes (Town Clerk Miguel Jauregui Casanueva) 6.BUSINESS ITEMS 6.1. PUBLIC HEARING (QUASI-JUDICIAL): MJR25003 | DEB25001 The Summit at Avon (Planning Manager Jena Skinner) 6.2. PUBLIC HEARING: ORDINANCE 25-18 Second Reading: Parking Regulations on Private Property (Town Clerk Miguel Jauregui and Town Attorney Nina Williams) 6.3. RESOLUTION 26-01: Approving Purchase & Sale Agreement for 91 Beaver Creek Place (Town Manager Eric Heil) 6.4. PUBLIC HEARING: RESOLUTION 26-02: Amending the 2026 Budget (Chief Financial Officer Paul Redmond) 6.5. WORK SESSION: Regional Housing Authority Update (Town Manager Eric Heil) 7.WRITTEN REPORTS 7.1. January 20th Health & Recreation Committee Draft Meeting Minutes (recreation Director Michael Labagh) 7.2. February 2nd Joint DDA/CASE Committee Draft Meeting Minutes (Special Events Coordinator Emily Dennis) 7.3. Capital Improvement Plan 2025 Summary (Engineering Director Eva Wilson) 8.MAYOR AND COUNCIL COMMENTS & MEETING UPDATES 9.ADJOURN Public Comments: Council agendas shall include a general item labeled “Public Comment” near the beginning of all Council meetings. Members of the public who wish to provide comments to Council 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 Council in advance of the Council meeting. The Mayor shall permit public comments during any agenda item and may limit public comment to three minutes per individual, _____________________________________________________________________________________ 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 INDIVIDUALS WITH DISABILITIES ARE ENCOURAGED TO PARTICIPATE IN ALL PUBLIC MEETINGS SPONSORED BY THE TOWN OF AVON. IF YOU REQUIRE A DISABILITY ACCOMMODATION, PLEASE CONTACT THE TOWN CLERK, MIGUEL JAUREGUI CASANUEVA, AT 970-748-4001 OR MJAUREGUI@AVON.ORG WITH YOUR REQUEST. REQUESTS SHOULD BE MADE AS SOON AS POSSIBLE BUT NO LATER THAN 72 HOURS BEFORE THE SCHEDULED PUBLIC EVENT. which limitation may be waived or increased by a majority of the quorum present. The timer for public comment shall begin promptly after the speaker states their name and place of residence. Article VIII. Public Comments, Avon Town Council Simplified Rules of Order, Amended and Readopted by Resolution No. 24-17. AVON LIQUOR LICENSING AUTHORITY MEETING AGENDA TUESDAY, FEBRUARY 10, 2026 MEETING BEGINS AT 5:00 PM Hybrid meeting; in-person at Avon Town Hall or virtually through Zoom 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 . An initial three (3) minute limit allotted to each person wishing to speak. Speakers may also request up to one (1) additional minute at the end of the three (3) minutes to complete their public comment , which may be approved by majority of the Authority. 5. PUBLIC HEARING (QUASI-JUDICIAL) FOR RENEWAL (Authority Secretary Miguel Jauregui Casanueva) 5.1. Applicant: Pho 20 LLC d/b/a Pho 20 Location: 47 Beaver Creek Blvd Units #C13 & C14 Type: Hotel & Restaurant (City) Manager: Cong Hoang 6. PUBLIC HEARING (QUASI-JUDICIAL) FOR NEW LICENSE (Authority Secretary Miguel Jauregui Casanueva) 6.1. Applicant: Nozawafusion Inc d/b/a Fuji Mt Sushi & Hibachi Location: 240 Chapel Place Units #B115 & B116 Type: Hotel & Restaurant (City) Manager: Vicky Lin 7. APPROVAL OF THE MINUTES - January 13, 2026 (Authority Secretary Miguel Jauregui Casanueva) 8. WRITTEN REPORT 8.1. Report on Recent Administrative Approvals (Authority Deputy Secretary Brenda Torres) 9. ADJOURNMENT 970-748-4022 btorres@avon.org TO: Avon Liquor Licensing Authority FROM: Brenda Torres, Deputy Town Clerk | Liquor Licensing Authority Deputy Secretary RE: PUBLIC HEARING (Quasi-Judicial) for Liquor License Renewal Application – Pho 20 LLC d/b/a Pho 20 DATE: February 3, 2026 SUMMARY: Pho 20 LLC d/b/a Pho 20, as the Applicant, is applying for a Liquor License Renewal. The Applicant has submitted the appropriate materials and fees required by the State of Colorado Liquor Enforcement Division. A background check from the Deputy Town Clerk and the Avon Police Department reveals no criminal background check for the manager, but a liquor violation was caused by an employee. The executed Stipulation, Agreement, and Order #SA 25-GJ-105 were received through the Liquor Enforcement Division on July 31, 2025. These documents are on file in the Town Clerk’s office. BACKGROUND: Section 44-3-302, C.R.S., provides guidelines for liquor licensing renewals, which applications are made to the Local Licensing Authority. The Deputy Town Clerk has reviewed the application submitted and referenced above and found the materials in order. The violation is described as follows: Pho 20 LLC d/b/a Pho 20: Pho 20 has been the subject of an investigation conducted by the Colorado Department of Revenue Liquor Enforcement Division. Agents of the Division allege violation of the Colorado Liquor Code, Section 44-3- 901(1)(b)(I). On May 15, 2025, this Licensee, through its employee/agent Sergio Sanchez, permitted the selling, serving, giving, or procuring of an alcoholic beverage (one 12-fluid-ounce bottle of Modelo malt liquor) to a nineteen-year-old Liquor Enforcement Division underage purchaser without verifying an identification, in violation of the above statute. The manager and representatives have been invited to attend the Liquor Licensing Authority meeting. ACTION BEFORE THE LOCAL LIQUOR LICENSING AUTHORITY: The Town Council, acting as the Local Liquor Licensing Authority, will consider the following liquor license application for renewal. A public hearing is required before final action is taken. Applicant Name: Pho 20 LLC d/b/a Pho 20 Location: 47 Beaver Creek Blvd. Units #C13 & C14 Manager: Cong Hoang Permit Type: Hotel & Restaurant (City) PROPOSED MOTION: “I move to approve (or deny based upon statutory grounds for denial) the liquor license renewal application for Pho 20 LLC d/b/a Pho 20.” Thank you, Brenda Page 2 of 2 LIQUOR LICENSE RENEWAL APPLICATION ATTACHMENTS: The Applicant for the renewal application has submitted the following materials: ✓ Attachment A: Application for Liquor License Renewal (State form DR 8400) ATTACHMENT A (970) 748-4022 btorres@avon.org TO: Avon Liquor Licensing Authority FROM: Brenda Torres, Deputy Town Clerk RE: PUBLIC HEARING for New Hotel & Restaurant (City) Liquor License for Nozawafusion INC d/b/a Fuji Mt Sushi & Hibachi DATE: February 2, 2026 SUMMARY: Nozawafusion INC d/b/a Fuji Mt Sushi & Hibachi, as the Applicant, is applying for a new Hotel & Restaurant (City) Liquor License (“New License”). Except for the Petition for a New Liquor License (the “Petition”) to the Avon Liquor Licensing Authority (which includes the Circulator Affidavit, Summary of Liquor Petition, and the Signing Petition), the Applicant has submitted the appropriate materials required by the State of Colorado Liquor Enforcement Division and all materials are in order. These documents are on file in the Town Clerk’s office. ACTION BEFORE THE LOCAL LIQUOR LICENSING AUTHORITY: A Public Hearing will be hosted both in a virtual format, using Zoom.us at Avon.org, and in person at Avon Town Hall – 100 Mikaela Way, Avon, Colorado. The Town Council acting as the Local Liquor Licensing Authority is asked to consider approving a New License for: Applicant: Nozawafusion INC d/b/a Fuji Mt Sushi & Hibachi Location: 240 Chapel Place Units B115 & B116 Type: Hotel & Restaurant (City) Liquor License Officers: Yi Mei Zhuo, Principal Officer Vicky Lin, Member and Manager Manager: Vicky Lin Action: LA Resolution No. 26-01 BACKGROUND: Attached is the “Report of Findings” for this application, which was submitted by the Applicant on December 10, 2025, and indicates receipt of the Petition is pending and shall be delivered on or before February 10th, 2026. In addition, The State Licensing Authority cannot grant or issue any "new license" unless the previous liquor license is surrendered by the former license holder or 180 days after the expiration of the previous liquor license, whichever occurs first. The applicant was unable to facilitate the surrender of the previous liquor license so the approval of this application by the Local Liquor Licensing Authority will qualify for approval by the State 180 days after the expiration of the previous liquor license and will take effect on February 12th, 2026. The Town Clerk’s Office has reviewed the application for complete information, deficiencies, and posted a public notice on the premises of the Restaurant, on the Town website, Avon Town Hall, Avon Recreation Center, Avon Public Library, Avon Elementary School, and published it in the Vail Daily, as documented in the report of findings. As indicated in this report, the Petition will be delivered to the Town Clerk’s Office after publication of this report but before the Public Hearing, requiring it to be added to this Report no later than 12:00 o’clock noon on Tuesday, February 10th, 2026. A background investigation has been completed by the Avon Police Department and Colorado Bureau of Investigations. The background check outcome is on file with the Clerk, and a copy will be provided separately to the Liquor Authority Board by email prior to the Public Hearing. If the FINDINGS: The information in the Report of Findings included in Attachment C addresses how the Applicant has met the criteria outlined in Section 5.08 Liquor Licenses of the Avon Municipal Code and the State Liquor and Beer Code. The Report of Findings also indicates that the Applicant has the burden of proving they are qualified to hold the license. The Applicant also has the burden of proving that the reasonable requirements of the neighborhood Page 2 btorres@avon.org and the desires of the community justify the granting of the license. Once the Petition’s survey is received; this information will assist in the determination of satisfying the “desires & needs of the neighborhood”. The Applicant has submitted a diagram of the premises and the application fees for the Town of Avon and the State of Colorado. If the Authority decides to approve the Application, Resolution 26-01 is attached, which if adopted takes this action. A motion granting the Application is proposed below. If the Authority is considering denial for grounds, the matter should be set for an additional hearing at which time those grounds may be reviewed and discussed with the Applicant. The Applicant has been notified of this Public Hearing and will be present at the meeting to answer any questions from the Liquor Licensing Authority. PROPOSED MOTION: “I move to approve (or deny based upon statutory grounds for denial) Liquor Licensing Authority Resolution 26-01, Approving the application for Nozawafusion INC d/b/a Fuji Mt Sushi & Hibachi for a New Hotel & Restaurant (City) Liquor License effective February 12th, 2026.” Thank you, Brenda NEW LIQUOR LICENSE APPLICATION ATTACHMENTS: The Applicant for the new liquor license has submitted the following materials: • Attachment A: Colorado Liquor Retail License Application (State form DR 8404) • Attachment B: Diagram of Premises • Attachment C: Report of Findings • Attachment D: Resolution No. 26-01, Approving the application for Nozawafusion INC d/b/a Fuji Mt Sushi & Hibachi for a New Hotel & Restaurant (City) Liquor License. The following documents as part of the application submittal are on file at the Town Clerk’s office: • Lease Agreement • Articles of Organization • Certificate of Good Standing • Individual History Record & Background check reports from Avon Police Department & CBI The Petition to Avon Liquor Licensing Authority is pending receipt at time of writing this report. Page 3 btorres@avon.org ADDENDUM TO MEMO FOR NEW LIQUOR LICENSE APPLICATIONS: Background on the Role of Liquor Licensing Authority in Consideration of New Licenses The Avon Town Council acting as the Local Liquor Licensing Authority (the “Local Authority”) has the duty to conduct hearings and make findings of fact as to whether to grant or deny a new local liquor license. The State Licensing Authority cannot grant or issue any "new license" until the Local Authority has first approved the application by conducting a hearing for such license. If the Local Authority denies the application, the Executive Director of the State of Colorado cannot override its decision. If the Local Authority approves a license, the State Licensing Authority cannot refuse to issue the license except upon hearing with a 15-day notice to the Applicant and the Local Authority. Once the state license is received by the Town Clerk's Office and the Certificate of Occupancy has been received from the Building Department, the Town and State licenses can be issued. The Town Clerk and Police Department handle the review of the liquor license applications administratively, in consultation with the Town Attorney as may be necessary. A “Report of Findings” is prepared by the Town Clerk & provided to applicants five days prior to the hearing. The Local Authority members are provided the application materials when it appears on the Liquor Board Agenda. A public hearing is conducted for all new applications. The Local Authority’s decision is usually given at the conclusion of the hearing although it may be delayed. The decision must be given in writing within 30 days after the date of the hearing and may follow in the form of a resolution. The motion to approve or disapprove should be explicit stating the exact reasons for denial or approval. A motion to deny a license must be based on evidence presented at the hearing. The Liquor Code of Colorado provides that in making any decision, the Local Authority must consider the following before approving or denying the application:  Facts & evidence resulting from the investigation & any facts brought to the attention of the Local Authority.  The reasonable requirements of the neighborhood  The desires of the inhabitants of the neighborhood.  The number, type and availability of liquor outlets located in or near the neighborhood under consideration.  Any other pertinent matters affecting the qualifications of the Applicant for the conduct of the type of business proposed. Requests for licenses may be denied for various reasons such as the Applicant is not of good moral character, the Applicant's character, record, or reputation is unsatisfactory, or the proposed outlet is within 500 feet of any school. Thank you, Brenda. ATTACHMENT A ATTACHMENT B LOCAL LIQUOR LICENSING AUTHORITY TOWN OF AVON, COLORADO Report of Findings – Fuji Mt Sushi & Hibachi. Town of Avon Page 1 of 2 RE THE APPLICATION OF ) NOZAWAFUSION INC ) D/B/A FUJI MT SUSHI & HIBACHI ) ) REPORT OF FINDINGS 240 CHAPEL PLACE UNITS B-115 & B-116 ) AVON, COLORADO ) FOR A NEW HOTEL & RESTAURANT (CITY) ) TO: THE APPLICANT ABOVE AND OTHER INTERESTED PARTIES SUBMITTED BY: BRENDA TORRES, AVON DEPUTY TOWN CLERK DATE: FEBRUARY 2, 2026 PURSUANT to the Statutes of the State of Colorado, the Ordinances of the Town of Avon, and the Rules and Procedures of the Local Licensing Authority, the applicants are hereby advised that with regard to the application for a Hotel & Restaurant (City) Liquor License filed with the Town Clerk’s Office on December 10, 2025, an investigation has been made, and the Report of Findings is as follows: 1. The State Licensing Authority cannot grant or issue any "new license" unless the previous liquor license is surrendered by the former license holder or 180 days after the expiration of the previous liquor license, whichever occurs first. The applicant was unable to facilitate the surrender of the previous liquor license so the approval of this application by the Local Licensing Authority will qualify for approval by the State 180 days after the expiration of the previous liquor license and will take effect on February 12th, 2026. 2. The location of the new establishment, Nozawafusion Inc d/b/a Fuji Mt Sushi & Hibachi is 240 Chapel Place Units B-115 & B-116, Avon, Colorado. 3. From evidence submitted, the applicant is entitled to possession of the premises as documented by a “Lease Agreement” with a commencement date of November 1, 2025 and expiration date of December 31, 2036, and executed between the applicant and CSB Properties Holdings LLC. The applicant has submitted a diagram of the premises showing the floor plan of the building. The premises are approximately 3,859 sq. ft. 4. The operation of a business and sale of liquor in the proposed location is in an area permitted under the applicable zoning laws of the Town of Avon. The applicant submitted their sales tax and business license applications to the Finance Department. After fees were paid, both licenses were approved. 5. The “neighborhood” has been established by the Avon Liquor Licensing Authority with the adoption of Resolution No. 04-04 on November 23, 2004, defining it as “the neighborhood to be served by any applicant for liquor license of any kind shall be the Town of Avon, including residents of the Town, persons working in the Town and visitors to the Town.” 6. The proposed building in which the liquor is to be sold is not located within 500' of any public or parochial school or the principal campus of any college, university, or seminary. ATTACHMENT C LOCAL LIQUOR LICENSING AUTHORITY TOWN OF AVON, COLORADO Report of Findings – Fuji Mt Sushi & Hibachi. Town of Avon Page 2 of 2 7. Individual history records and fingerprints for the applicant’s officers listed below, required to conduct the background investigation, were submitted to the Colorado Bureau of Investigation (“CBI”) and reviewed by the Avon Police Department. The results will be provided to the Liquor Authority Board by separate email. Documents for the other officers are filed at the Town Clerk’s Office. Officers: Title Name Telephone Principal Officer/Applicant Yi Mei Zhuo (970) 705-1666 Officer/Manager Vicky Lin (970) 705-1666 8. The Petition for a New Liquor License (the “Petition”) to the Avon Liquor Licensing Authority (which includes the Circulator Affidavit, Summary of Liquor Petition, and the Signing Petition) is pending receipt and the Applicant has advised they will deliver it to the Authority Secretary before the Public Hearing to be held on February 10th, 2026. 9. The applicant has paid the appropriate application fees to the Deputy Town Clerk for costs associated with a New Concurrent Review application. If the Hotel & Restaurant (City) License is approved by the Avon’s Local Liquor Authority, the executed paperwork will be forwarded to the Liquor Enforcement Division for its approval and issuance of the State license on or after February 12, 2026. Upon receipt of the State License, the Deputy Town Clerk will issue the Town’s liquor license to the applicant. 10. The public hearing on this application will be held during a Hybrid meeting, virtually via Zoom.us and in person on Avon Town Hall, 100 Mikaela Way, on February 10, 2026 at 5:00 p.m. On February 2, 2026, Public Notices were posted on the premises of the Restaurant, on the Town website, Avon Town Hall, Avon Recreation Center, Avon Public Library, Avon Elementary School, and published it in the Vail Daily. At the hearing, the applicant shall have an opportunity to be heard regarding all matters related to the application, including all matters set forth herein. The applicant’s manager and legal representative have agreed to be present at the public hearing. 11. No public comments have been received. 12. At the public hearing, the applicant has the burden of proving that he is qualified to hold the license applied for, and that his character, record, and reputation are satisfactory. The applicant also has the burden of providing prima facie evidence of neighborhood need for the license requested, which he may do with presentation of petitions, remonstrances, or otherwise. 13. The applicant is advised to obtain and read a copy of the State of Colorado Liquor and Beer Codes and Regulations and the Town Code Section on Liquor Licenses (Title 5, Chapter 5.08). These regulations can be found on the following websites: a) https://www.colorado.gov/pacific/enforcement/liquor b) https://library.municode.com/co/avon/codes/home_rule_charter_and_code?nodeId=CD_TIT5BUTALIR E_CH5.08LILI _____________________________ Brenda Torres, Deputy Town Clerk E-mailed to applicant on February 3, 2026. LA Resolution 26-01 February 2, 2026 Page 1 of 1 LIQUOR LICENSING AUTHORITY TOWN OF AVON RESOLUTION 26-01 A RESOLUTION APPROVING THE APPLICATION OF NOZAWAFUSION INC D/B/A FUJI MT SUSHI & HIBACHI FOR A NEW HOTEL & RESTAURANT (CITY) LIQUOR LICENSE WHEREAS, on December 10, 2025, the Liquor Licensing Authority of the Town of Avon (“the Authority”) did receive and consider the application of FUJI MT SUSHI & HIBACHI, whose address is 240 Chapel Place Units B115 & B116, Avon, Colorado, for a new Hotel & Restaurant (City) License; and WHEREAS, the Authority found that Notice of Application was published in the Vail Daily on February 2, 2026 and proof of publication by the publisher of the Vail Daily was received; and WHEREAS, the Authority found that the application was in proper form and accompanied by the necessary supplementary evidentiary matter required by law, the regulations of the State of Colorado and the Authority; and WHEREAS, the application was supported by the applicant’s presentation to the Authority and receipt of the Petition for a New Liquor License, including the Circulator Affidavit, Summary of the Liquor Petition, and the Signing Petition with required signatures; and WHEREAS, the neighborhood to be served by the proposed licensee was determined to be in the Town of Avon, including residents of the Town, individuals working in the Town and visitors to the Town as stated in Town Council Resolution No. 04-04 adopted on November 23, 2004; and NOW, THEREFORE, THE LIQUOR LICENSING AUTHORITY OF THE TOWN OF AVON DO ES FIND: 1. The applicant is of good moral character and reputation. 2. The neighborhood to be served by the applicant is the Town of Avon, including residents of the Town, persons working in the Town and visitors to the Town. 3. There does exist a reasonable requirement in such neighborhood for the type of license for which application is made. 4. The adult inhabitants of the Town desire that the license be granted. ADOPTED THIS FEBRUARY 10, 2026, BY THE LOCAL LIQUOR AUTHORITY. TOWN OF AVON, COLORADO ______________________________ ________________________________ Tamra N. Underwood, Chairwoman Brenda Torres, Deputy Town Clerk ATTACHMENT D AVON LIQUOR LICENSING AUTHORITY MEETING MINUTES TUESDAY, JANUARY 13, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL OR VIRTUALLY THROUGH ZOOM Page 1 1. CALL TO ORDER AND ROLL CALL The meeting was hosted in a hybrid format, in-person at Avon Town Hall and virtually via Zoom.us. Chair Tamra N. Underwood called the January 13, 2026, Avon Liquor Licensing Authority Board Meeting to order at 5:00 p.m. A roll call was taken, and Board Members present in person were Chico Thuon, Gary Brooks, Ruth Stanley, Lindsay Hardy Vice-Chair Richard Carroll, and Chair Tamra N. Underwood. Board Member Kevin Hyatt was absent. They were joined in person by Town Manager Eric Heil, Deputy Town Manager Patty McKenny, Chief Administrative Officer Ineke de Jong, Town Attorney Nina P. Williams, Board Secretary Miguel Jauregui Casanueva, and Board Deputy Secretary Brenda Torres. 2. APPROVAL OF AGENDA Video Start Time: 00:00:30 Chair Underwood initiated the meeting with the agenda approval process. Board Member Stanley motioned to approve the Liquor Licensing Authority Agenda, as presented. Board Member Hardy seconded the motion. The motion carried unanimously with a 6-0 vote of those present. 3. DISCLOSURE OF ANY CONFLICTS OF INTEREST RELATED TO AGENDA ITEMS Video Start Time: 00:01:00 Chair Underwood inquired whether any Board members had conflicts of interest related to the Agenda and no conflicts were disclosed. 4. PUBLIC COMMENT – COMMENTS ARE WELCOME ON ITEMS NOT LISTED ON THE FOLLOWING AGENDA Video Start Time: 00:01:20 Chair Underwood explained that public comment can be made by participating in the meeting in person, via zoom’s video/audio, via telephone, or via email. She added that the public comment section is intended for items not listed in the Agenda, and participation by members of the public is limited to 3 minutes. She asked if there was any public comment from those present in the room or virtually and no public comment was made in person nor virtually. 5. PUBLIC HEARING (QUASI-JUDICIAL) FOR RENEWAL Video Start Time: 00:01:43 5.1. Applicant Name: Sauce On The Creek LLC d/b/a Sauce on The Creek Location: 0101 Fawcett Road Unit #100 Type: Hotel & Restaurant (City) Manager: Deb Applegate Deputy Secretary Brenda Torres presented the findings for the renewal application, noting a violation had been reported within the twelve months prior to this renewal. Secretary Jauregui Casanueva delivered a presentation on the renewal application, which included a timeline of the violation and a summary of the stipulation, fine, and sanction. Sauce on the Creek operator Ross Cohen attended in person and addressed the Board’s questions at the podium. He explained that the restaurant’s point-of-sale system now generates an automated notification when entering a liquor sale, reminding staff to “make sure you card all liquor purchases,” and showed the Board a picture of this notification on the system’s screen. He also noted that the staff member involved in the incident is no longer employed at the restaurant and that all staff are TIPS certified by Greg Schwartz with Vail PD. Chair Underwood opened the public hearing; no public comments were received in person or virtually. Board Member Thuon made a motion to approve the application, which was seconded by Board Member Brooks. The motion passed unanimously with a 6-0 vote of those present. AVON LIQUOR LICENSING AUTHORITY MEETING MINUTES TUESDAY, JANUARY 13, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL OR VIRTUALLY THROUGH ZOOM Page 2 6. APPROVAL OF THE MINUTES FROM THE OCTOBER 14, 2025 MEETING Video Start Time: 00:12:00 Vice-Chair Carroll motioned to approve the Minutes from Tuesday, October 14, 2025, as presented. Board Member Brooks seconded the motion. The motion carried with a 6-0 vote of those present. 7. WRITTEN REPORT 7.1. REPORT ON RECENT ADMINISTRATIVE APPROVALS (DEPUTY SECRETARY BRENDA TORRES) Chair Underwood asked Secretary Jauregui and Deputy Secretary Torres to speak on the status of the liquor license application received from Fuji Mt. Sushi and Hibachi Restaurant in Avon. 8. ADJOURNMENT The Avon Liquor Licensing Authority Meeting adjourned at 5:16 p.m. These minutes are only a summary of the proceedings of the Local Liquor Licensing Authority 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, and the video of the meeting, which is available at www.highfivemedia.org. RESPECTFULLY SUBMITTED: ____________________________________ Miguel Jauregui Casanueva, Liquor Authority Secretary APPROVED: Tamra N. Underwood ___________________________________ (970) 748-4022 btorres@avon.org AVON LIQUOR LICENSING AUTHORITY WRITTEN REPORT To: Avon Liquor Licensing Authority From: Brenda Torres, Deputy Town Clerk | Liquor Licensing Authority Deputy Secretary Date: February 2, 2026 Topic: REPORT ON RECENT LIQUOR LICENSE ADMINISTRATIVE APPROVALS SUMMARY: The Town’s local liquor licensing regulations allow for administrative review and approval of routine liquor license applications, including: (1) Renewals, (2) Modification of Ownership, (3) Modification of Managers, and (4) Special Event Permits for events already approved by the Town Council. Requirements for administrative approval include that the application is complete, there is no new criminal activity on the background check and there are no liquor code violations during the last year. Renewals require notice to be posted for seven days, and Special Event Permits for ten days and require the Town Clerk’s Office to accept comments and/or requests for a public hearing before the Avon Liquor Licensing Authority. In all cases, the Deputy Town Clerk has the discretion to refer the application to the Avon Liquor Licensing Authority. The Deputy Town Clerk | Liquor Licensing Authority Deputy Secretary is required to report administrative approvals, which is the reason for this written report. Dating back to January 13, 2026, the Town has received 1 renewal application that has met all the requirements for administrative review and approval and was ultimately approved by the Deputy Town Clerk | Liquor Licensing Authority Deputy Secretary. No comments, complaints, or request for hearings were received. It is as follows: Renewals: Applicant: Southside Benderz LLC d/b/a Southside Benderz Location: 182 Avon Road #208 Type: Hotel and Restaurant (City) Manager: Cassidy Kodas Thanks, Brenda AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 1 1. CALL TO ORDER AND ROLL CALL The meeting was hosted in a hybrid format, in-person at Avon Town Hall and virtually via Zoom.us. Mayor Tamra N. Underwood called the January 27, 2026, Council Regular Meeting to order at 5:00 p.m. A roll call was taken, and Councilors present in person were Chico Thuon, Gary Brooks, Ruth Stanley, Lindsay Hardy, Kevin Hyatt, Mayor Pro Tem Richard Carroll, and Mayor Tamra N. Underwood. They were joined by Town Manager Eric Heil, Deputy Town Manager Patty McKenny, Chief Administrative Officer Ineke de Jong, Town Attorney Nina Williams, Town Clerk Miguel Jauregui Casanueva, Finance Director Paul Redmond, Financial Analyst Chase Simmons, Public Works Director Mike Johnson, Recreation Director Michael Labagh, Community Development Director Matt Pielsticker, Planning Manager Jena Skinner, Sustainability Manager Charlotte Lin, Engineering Director Eva Wilson, IT Staff Carlos Molina, and Avon Police Chief Greg Daly. 2. APPROVAL OF AGENDA Video Start Time: 00:00:25 Mayor Underwood opened the meeting by addressing the agenda approval. Without further deliberation, Councilor Stanley moved to approve the Agenda, as presented. Councilor Hardy seconded the motion, which carried unanimously with a 7-0 vote. 3. DISCLOSURE OF ANY CONFLICTS OF INTEREST RELATED TO AGENDA ITEMS Video Start Time: 00:00:45 Mayor Underwood asked whether any conflicts of interest existed related to the agenda, and none were disclosed. She noted that, although not a conflict, she owns property within 300 feet of the Village at Avon and has received related Town notices. 4. PUBLIC COMMENT Video Start Time: 00:01:25 Mayor Underwood explained that public comment may be provided in person, via Zoom (video or audio), by telephone, or by email. She clarified that this portion of the meeting is reserved for items not listed on the agenda. Comments are limited to three minutes, with an additional minute allowed at Council’s discretion. Speakers are asked to address Council directly and should not expect a response, as this time is solely for public input. Mayor Underwood then invited public comment from those present in the room or participating virtually, requesting that speakers state their name and, if desired, their neighborhood or Town of residence. No public comment was received in person or virtually. 5. CONSENT AGENDA Video Start Time: 00:03:10 Mayor Underwood introduced the approval of the Consent Agenda to include the following: 5.1. ACTION: Approval of January 27, 2026 Regular Council Meeting Minutes (Town Clerk Miguel Jauregui Casanueva) Councilor Stanley moved to approve the Consent Agenda as presented. Councilor Hardy seconded the motion, which passed unanimously by a 7‑0 vote. AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 2 6. BUSINESS ITEMS 6.1. PUBLIC HEARING: (QUASI-JUDICIAL): ORDINANCE 26-02, First Reading: PUD23002 | VPR23001 Village at Avon PUD Amendment & Vested Rights Extension (Community Development Director Matt Pielsticker) Video Start Time: 00:03:50 Mayor Underwood introduced the business item by outlining the process Council will follow between this meeting and the March 19 deadline for consideration of the application. Community Development Director Matt Pielsticker reported on the receipt of supplemental public comments, which will be included in his next report, and presented the first reading of Ordinance 26 -02: PUD23002 | VPR23001 Village at Avon PUD Amendment & Vested Rights Extension. He was joined by applicant representative Allison Kent, who delivered an updated presentation in collaboration with Traer Creek. Council asked questions regarding planning community housing obligations, building heights, dark skies and lighting regulations, landscaping requirements, short-term rentals, and density. Mayor Underwood reopened the public hearing for first reading, continued from the January 13 Council meeting. Community Development Director Matt Pielsticker and Allison Kent (Mauriello Planning Group) presented on behalf of the applicants. Also present in the room were Michael Lindholm and Kristin Kenney Williams with the applicant group; Munsey Ayers and Marcus Lindholm attended virtually. The Mayor noted that substantial written public comment had been received and is part of the official record. Council questions were addressed by Matt Pielsticker, Eric, Nina, and members of the Village at Avon applicant team. Mayor Underwood opened the Public Hearing to Public Comment and Thomas Walsh, a resident of Avon, spoke in strong opposition to the application, stating it would increase density and represents profit-driven development. He characterized the request as an admission of failure to complete the original plan and urged Council to reject the application d ue to a lack of trust in the developer. Walter Dandy, a resident of Avon, opposed increased density and height on Parcel D. He referenced a previously submitted letter and encouraged Council to review it, noting concerns related to nuanced changes in density and height. He stated he met with Brian Sipes, who also opposes incre ased building height. Graham Frank, with FTC Development and a resident of Avon, stated that development is not simply “taking” from the community, noting that he heled develop Frontgate and it provides housing for local professionals and individuals serving on boards and committees. He encouraged Council to consider the broader community benefits of development. Amy Phillips, a resident of Avon, referenced her previously submitted email and raised new concerns about what occurs if vested rights expire. She cautioned against increased density, referenced the Comprehensive Plan’s history, and suggested that additional height may be acceptable if i t improves architectural interest. Monica Borsch Bahr, a resident of Avon, asked Council not to approve increased building heights. AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 3 Mike Bahr, a resident of Avon, stated that high-density housing adjacent to single-family homes is not good planning and asked Council to reconsider CH-1. He noted that ground floors on nearby developments sit below railroad track grade, significantly increasing perceived height. Additional comments included Graham Frank, with FDC Development Partners, regarding off-site parking requirements for short-term rentals at Kensington, and Munsey Ayers, who spoke about the issuance of bonds for water. Kathleen Walsh, a resident of Avon, submitted written comments and provided additional remarks, stating the proposal is not compatible with the existing neighborhood. She cautioned against trading a half-acre dedication for broader development allowances and thanked Council for its thoroug h review and questioning. She later spoke virtually, noting she has lived in the valley for 44 years and reiterated that the CH-1 design is not congruent with the surrounding neighborhood. She raised concerns about the adequacy of the half-acre dedication, the need for school board review of the school lot, unresolved lighting issues at Piedmont, fencing located on her property rather than railroad property, and the need to clarify that railroad setbacks are measured from t he property line. She thanked Council for guiding the process thoughtfully. No additional public comment was received in person or virtually. With unanimous consent, Mayor Underwood called a 10-minute recess at 8:40 p.m., and Council reconvened at 8:50 p.m. to resume the meeting. After the recess, Council entered deliberations and reviewed each of the following 18 items using the PUD Amendment review criteria in AMC §7.16.060(e)(4): 1. Community Housing Supplemental Regulations 2. CH-1: Rezone PA-F/PA-E to CH-1 – use approval, 36-unit density, and height increase from 35 feet to 48 feet 3. CH-2: Rezone PF-1 to CH-2 – use approval, 40-unit density, and height increase from 48 feet to 60 feet 4. Permit development bonuses for community housing, economic stimulus, and civic/public enhancement projects 5. Allow short-term rentals in PA-A, PA-C, PA-D, and PA-J 6. Clarify existing versus engineered grade to establish the baseline for building height measurements 7. Eliminate required minimum and maximum residential/commercial ratios in PA -A, PA-F, PA-G, and PA-H 8. PA-A: Increase building height from 55 feet to 60 feet within 250 feet of the southern boundary 9. PA-A: Increase residential building height from 80 feet to 110 feet outside the 250 -foot buffer through the SRU process 10. PA-C: Increase building height from 48 feet to 60 feet, and up to 74 feet and six stories through the SRU process 11. PA-C: Increase density from 18 dwelling units per acre to 40 dwelling units per acre AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 4 12. PA-D: Increase building height from 48 feet to 60 feet within 250 feet, with a five -story limit 13. PA-D: Increase building height from 48 feet to 60 feet, and up to 74 feet and six stories through the SRU process 14. PA-D: Increase density from 18 dwelling units per acre to 40 dwelling units per acre 15. PA-J: Reduce the front setback from 20 feet to 10 feet 16. PA-J: Increase building height from 48 feet to 60 feet, with a maximum of five stories 17. RMF-1 and PA-K: Maintain the ability to construct up to 280 units on a cul-de-sac with a single point of access Council then deliberated on vested property rights under the review criteria in AMC §7.16.140(e)(2): 18. Extend vested property rights for 20 years, through October 2059, for the upper portion of PA -J, RMF-1, and PA-K Council requested that staff prepare supplemental information regarding short -term rental parking and develop a 3D overlay of the proposed area with more detailed renderings. Council also discussed view criteria as it relates to vested property rights. Councilor Carroll moved to approve the continued first reading of Ordinance 26 -02, as amended, to February 24, 2026. Councilor Hardy seconded the motion, which passed unanimously by a 7 -0 vote. 6.2. PUBLIC HEARING: ORDINANCE 26-03, Second Reading: Graywater Prohibition (Engineering Director Eva Wilson and Assistant Town Attorney Michaela Szilagyi) Video Start Time: 05:33:00 Engineering Director Eva Wilson and Assistant Town Attorney Michaela Szilagyi presented the second reading of Ordinance 26‑03. Mayor Underwood opened the public hearing for public comment; no public comment was received in person or virtually. With no further deliberation, Councilor Stanley moved to approve the second reading of Ordinance 26‑03, as amended. Councilor Brooks seconded the motion, which passed unanimously by a 7 ‑0 vote. 7. WRITTEN REPORTS 7.1. January 8th Culture, Arts & Special Events (CASE) Committee Meeting Minutes (Special Events Coordinator Emily Dennis) 7.2. January 12th Avon Downtown Development Authority (DDA) Board Meeting Minutes (Chief Administrative Officer Ineke de Jong) 7.3. Monthly Financials (Senior Accountant Dean Stockdale) 7.4. Village at Avon Planning Area A Updates (Engineering Director Eva Wilson) 8. MAYOR AND COUNCIL COMMENTS & MEETING UPDATES Video Start Time: 05:36:55 Mayor Underwood asked Finance Director Paul Redmond and Senior Accountant Dean Stockdale to provide a presentation at a future meeting regarding Section 7.3 and the proposed reduction of the tobacco tax. She specifically requested clarification on whether flavored nicotine packets are taxed under one or both applicable categories. AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 5 Councilor Carroll reported on the CORE Transit Board meeting held on January 14, 2026, during which the Board discussed the complexity of the summer bus schedule and municipal fare recovery. He invited the public to view the meeting recording on High Five Media. Mayor Pro Tem Carroll reiterated that the January 14, 2026, CORE Transit meeting addressed summer service and fares and noted that replays are available at highfivemedia.org. Mayor Underwood reported that she and Councilor Brooks attended an Upper Regional Water Authority meeting, where concerns were discussed regarding reduced snowpack and potential water shortages. She noted that April 1, 2026, will be a key evaluation date for determining what the summer 2026 water outlook may be, and that it is too early to panic at this time. Councilor Hardy expressed appreciation to Avon staff for a successful fireworks event held over the MLK weekend. 9. EXECUTIVE SESSION Video Start Time: 05:39:50 Mayor Underwood requested a motion from her fellow councilors to proceed into Executive Session. Mayor Pro Tem Carroll moved to retire into Executive Session: 9.1. For the purpose of purchase, acquisition, lease, transfer or sale of real estate pursuant to CRS 24 - 6-402(4)(a) and for the purpose of determining negotiating positions, developing strategy for negotiations, and instructing negotiators pursuant to CRS 24 -6-402(4)(e)(i) concerning a potential acquisition of property for Community Housing (Town Manager Eric Heil) 9.2. For the purpose of receiving legal advice from the Avon Town Attorney on specific legal questions pursuant to CRS 24-6-402(4)(b) concerning Law Enforcement Protocols (Town Attorney Nina Williams) Councilor Hardy seconded the motion, which carried unanimously with a 7-0 vote. The time was 10:50 p.m. At the roll call, all members of Council were present as indicated above. Also present were Town Manager Eric Heil, Deputy Town Manager Patty McKenny, Chief Administrative Officer Ineke de Jong, Town Attorney Nina Williams, and Avon Police Chief Greg Daly. The Executive Session commenced at 10:57 p.m. The Executive Session adjourned at 11:49 p.m. 10. ADJOURN There being no further business before Council, Mayor Underwood moved to adjourn the regular meeting. The time was 11:49 p.m. 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, and the video of the meeting, which is available at www.highfivemedia.org. AVON REGULAR MEETING MINUTES TUESDAY JANUARY 27, 2026 HYBRID MEETING; IN-PERSON AT AVON TOWN HALL AND VIRTUALLY THROUGH ZOOM 6 RESPECTFULLY SUBMITTED: ________________________________ Miguel Jauregui Casanueva, Town Clerk APPROVED: Mayor Underwood ___________________________________ 970-748-4023 jskinner@avon.org TO: Honorable Mayor Underwood and Town Council Members FROM: Jena Skinner, AICP, Planning Manager RE: CONTINUED QUASI-JUDICIAL PUBLIC HEARING Lot B, The Summit - MJR25003 Major Development Plan; DEB25001 Development Bonus DATE: February 6, 2026 SUMMARY: This report provides Town Council (“Council”) with an update on the review of a Major Development Plan (“MJR”) and a Development Bonus (“DB”) application for The Summit. The current review continues from the initial meeting held on January 13, 2026. The January 13, 2026 Packet Materials include an analysis of the review criteria, detailed application narrative, including conditions and attachments. The Public Hearing was continued after presentations and public comments were received. The purpose of this report, and that of the Town Manager’s Supplemental Report (“Attachment C”), is to expand upon items that were discussed previously, provide guidance to Council, and clarity to the general public. If another continuance of these applications is desired, Council can continue to a date no later than March 10, 2026, in accordance with Avon Municipal Code (“Code”) procedures. UPDATES: At the January 13, 2026, meeting, additional information was requested by Council, including supplemental information provided by the Town Manager (“Attachment C”). The purpose of this section is to document and clarify points that were raised at the January 13, 2026 hearing, including: •AURA/ADDA. Additional information regarding the contemplated financial understanding of the Avon Urban Renewal and Downtown Development Authorities. Response: See the report from Town Manager Eric Heil and Chief Financial Office Paul Redmond in Attachment C. •Employee Mitigation. Response: A more detailed explanation of the required Employee Mitigation is attached as Attachment D. •Update applicant drawings to include the height of Town Hall, show additional detail on the west side of the proposed structure concerning pedestrian movements, and additional information regarding the proposed use of the Town of Avon heat recovery system. Response: See updated applicant material package (Attachment A), and the updated report from Town Engineer, Keith Fraser, directly attached to this report. REVIEW PROCESS: There are several aspects for The Summit applications to be considered for the Major Development Plan including an employee mitigation plan, and several flexible design elements that are critical to the overall design. The accompanying Development Bonus application is the mechanism that permits design modifications in exchange for providing public benefits. These benefits are listed below captured in the following informational table: MJR25002, DEB25001 the Summit February 6, 2026 Page 2 of 5 Employee Mitigation Four (4) rent-capped, 2-bedroom units offered at 120% AMI plus a payment of $1,749. Onsite employees would be given first priority for these units. Development Bonus 1 Building Height increase from 80’ to 100’ The current Town Center zone district has a maximum height of 80’ 2 Reduced Parking Reduction of 320 parking spaces to 268 parking spaces 3 Setback Encroachments Proposed setback encroachments of the roof eave and underground encroachments and parking garage shared with Lot a (Avon Center), and south side or rear setback area to integrate the proposed community workspace and/or commercial unit with the Pedestrian Mall Proposed Public Benefits Related to the Development Bonus 1 A 10’ wide pedestrian connection across the property connecting West Beaver Creek Boulevard to the Pedestrian Mall. 2 A 4,000 sq. ft Community Workshop/coffee shop space for arts and culture activations along with a sizeable public patio and landscaping connection to the Pedestrian Mall. 3 Dedication of portion of land to allow the construction of a Civic Plaza between the Town Hall and Pedestrian Mall (SW corner of Lot B). 4 Activation of the Pedestrian Mall with additional integrated improvements with Lots A and B including preservation of outdoor space supporting existing businesses. 5 A colorful full-size art mural facing the proposed public space and pedestrian path. 6 (New per this update) 20 deed-restricted workforce housing units affordable to households earning up to 120% of Area Median Income. Design Considerations 1 Roof design The pitched roof design is similar to other buildings in Avon, where the roof is integrated into the top level. The PZC questioned whether the roof's size can be reduced to lower the building's overall height and massing. 2 West side articulation and materials The building is elongated, ends in an “L” at the south, and incorporates a varied peaked roof. The structure may lack significant articulation along its length, and uses the roofline overhang and vertical architectural features to create visual relief. Materials complement Avon's modern mountain aesthetic, and the colors are earth tones. 3 Building frontage on West Beaver Creek Boulevard While the building does not have a commercial storefront at sidewalk level along West Beaver Creek Blvd., its south side is designed to create a vibrant connection to the Pedestrian Mall, offering a dynamic public benefit. The main entrance on West Beaver Creek Blvd. will serve as a primary access point, keeping this area active and engaging. MJR25002, DEB25001 the Summit February 6, 2026 Page 3 of 5 REVIEW CRITERIA: The January 13, 2026 Packet Materials document the applicable review criteria for both the Major Development Plan and Development Bonus separately. Each application has distinct criteria that must be considered during deliberations. Below are applicable review criteria required by the Avon Municipal Code: MAJOR DEVELOPMENT PLAN – REVIEW CRITERIA: § 7.16.080(g), Development Plan 1.Evidence of substantial compliance with the purpose of the Development Code as specified in §7.04.030, Purposes; 2.The design conforms with the Avon Comprehensive Plan and other applicable, adopted plan documents; 3.Consistency with any previously approved and not revoked subdivision plat, planned development, or any other precedent plan or land use approval for the property as applicable; 4.Compliance with all applicable development and design standards set forth in this Code, including but not limited to the provisions in Chapter 7.20, Zone Districts and Official Zoning Map, Chapter 7.24, Use Regulations, and Chapter 7.28, Development Standards; 5.That the development can be adequately served by city services including but not limited to roads, water, wastewater, fire protection, and emergency medical services; and 6.The development design conforms with the character of the surrounding community; or, where redevelopment is anticipated, relates the development to the character of Avon as a whole. DEVELOPMENT BONUS: § 7.16.170(e) Review Criteria 1.Impacts do not outweigh benefits. External impacts of requested development bonuses on the public, adjacent property owners, or the Avon community do not outweigh the public benefits. 2.Mitigation of impacts. If impacts are presented by the requested development bonus, they shall be mitigated by the Applicant to the extent practicable. Town may require an analysis and may require mitigation of the impacts on all public facilities, infrastructure, and services which serve the property, including but not limited to public infrastructure, streets, additional water rights required to serve the development, fire protection, ambulance services, transit, parks, and recreation. Conditions to granting a development bonus may be necessary to ensure harmony with the community. 3.Location and design. The location and design of any contribution towards public parking, transit, pedestrian enhancement, streetscape improvement, or civic facilities shall take into consideration functionality, current and projected demand, and long-term maintenance and operation costs, and shall include such legal documents as are deemed necessary and acceptable to the Town. GENERAL REVIEW CRITERIA: §7.16.020(f)(1), General Criteria Criteria that are applicable to all development applications: (1)Review Criteria. The reviewing authority shall be Director when the Director has the authority to administratively approve a development application. The reviewing authority shall be the PZC MJR25002, DEB25001 the Summit February 6, 2026 Page 4 of 5 and/or Town Council for all development applications which are subject to public hearing: (i)The development application is deemed complete; (ii)The development application provides sufficient information to allow the reviewing authority to determine that the development application complies with the relevant review criteria including a complete narrative with additional application materials; (iii)The development application complies with the goals and policies of the Avon Comprehensive Plan; (iv)The demand for public services or infrastructure has been mitigated through the ongoing development permits. PROPOSED CONDITIONS: Updated Note: If Council accepts the design as presented then condition nine (9) should be deleted as part of the motion for an approval. 1.The Employee Mitigation program will require a Deed Restriction Agreement to memorialize this requirement, ensuring compliance with AMC §7.20.100. 2.Engineering approval for all site access points, the acceptance of the loading space design, and drainage shall be required prior to the issuance of a building permit. 3.Lights installed in recessed lighting fixtures must not cause glare or disturbances for neighboring property owners. If any glare is detected, lower wattages or diffusers will be required for all fixtures. Additionally, all windows in illuminated corridors must be glazed or tinted to prevent glare and to ensure that light from these areas cannot be seen from neighboring properties, which could be considered nuisance lighting. 4.Planning and Zoning Commission review of an on-site building material mock-up before completion of framing. 5.The proposed parking management system shall be an operational requirement for this development. A Parking Management Plan Agreement shall be subject to review by Avon Staff and the Town Attorney and recorded as a covenant between Lots A and B. 6.The developer shall coordinate design and construction efforts with the Town of Avon on the Avon Pedestrian Mall. All improvements installed by the developer must be accepted by the Town of Avon prior to the issuance of the residential Certificate of Occupancy. 7.Town of Avon approval of a final landscaping plan that includes plants and other vegetative materials for the proposed improvements, ensuring consistency with the Town's other plantings prior to issuance of a building permit. 8.A unique Sign Plan for The Summit will be required to be submitted prior to issuance of a building permit if Lot B is not going to use the Sign Plan/Program of the Avon Center. 9.(PZC recommended condition) South of the elevator core on levels 7 and 8, the building will be dropped back down to code height (decreasing the total number of units to 160). 10.A Development Agreement that addresses funding, construction and property acquisition through the Avon Urban Renewal Authority and Avon Downtown Development Authority must be prepared, MJR25002, DEB25001 the Summit February 6, 2026 Page 5 of 5 reviewed and approved by Council, Avon URA Board of Directors, the Avon DDA Board of Directors and the applicant prior to issuance of a building permit. This Development Agreement would also include commitments for maintenance and operation of public pedestrian improvements on private property, would include the form of deed restriction for the Community Housing units and other details as may be appropriate. OPTIONS: Council has the following options: •Continue to future meeting date with direction to provide additional information. •Approve the applications as presented, with the proposed conditions •Approve the applications as presented, with direction to modify conditions. •Direct Staff to prepare Record of Decision for denial. *Section 7.16.020(e) of the Avon Development Code caps the amount of time for continuance. “Town Council may continue a public hearing on its own initiative for a maximum of sixty-five (65) days after the date of the initial public hearing without the consent of the applicant. The PZC or Council may continue a public hearing for a maximum of ninety-five (95) days with the consent of the applicant.” This permits continuance to not later than the March 10th meeting, or April 14th with applicant consent. RECOMMENDATION: Staff finds that the application meets the majority of design criteria and that the public benefits are significant and unique to this property and therefore recommends approval of the application. If additional information is needed, the applications may be continued to a future date in accordance with Code §7.16.020(e) Public Hearings. If Council finds that all concerns have been addressed, approval with conditions is recommended. If further review or materials are required, a motion to continue is included with this report. RECOMMENDED MOTIONS: “I move to approve applications MJR25003 and DEB25001 based on the proposed findings as found in §7.16.080 Development Plan, §7.16.170 Development Bonus and §7.16.010(f)(1) General Criteria (for an application) with inclusion of the conditions as proposed [or as modified].” Or (Optional): “I move to continue this application to with direction for the applicant to [example] amend the application reflecting on building design and in addressing/satisfying some of the proposed conditions concerning access, parking, and other design requirements.” Thank you, Jena ATTACHMENTS: A – Revised Developer Application B – Public Comments C – Town Manager Report D – Employee Mitigation 970-748-4078 kfraser@avon.org TO: Honorable Mayor Underwood and Town Council Members FROM: Keith Fraser, Senior Engineer RE: Lot B, “The Summit” - MJR25003 Major Development Plan; Supplemental Engineering Report DATE: February 3, 2026 STAFF REPORT OVERVIEW: This brief report updates the previous “Access and Traffic” report submitted for the Avon Town Council meeting held January 13, 2026 and adds additional information regarding Energy consumption. This report itself does not call for a motion from Council. It is intended to provide additional Engineering information to supplement the Community Development Dept report on the same referenced application. SUMMARY: 1. The Lot B developer’s traffic analyses shows that the volume of traffic that Lot B and Lot A will add to the shared access driveway with the neighboring Stonebridge Lot 3 development will not significantly impact vehicular movements at the West Beaver Creek Blvd / Sun Rd intersection. 2.Both developers have discussed proposed vehicle operations along the driveway and believe they can operate successfully simultaneously. 3.A preliminary energy analysis conducted by the developer shows that heating the proposed underground parking levels using a loop connected to the Town’s Heat Recovery System (“HRS”) would offset most, if not all, of the fees due for this project per the Town’s Exterior Energy Offset Program (“EEOP”). FINDINGS: 1. The Lot B developer commissioned an additional Traffic Impact Study (“TIS-5”) in January 2026 to add the correct Lot A traffic load to their study. 2.Engineering Staff met with the developer’s engineering team, including the author of TIS-5 on January 29 with questions on the study, including concerns about the neighboring development’s proposed traffic operations. 3.The developer’s engineers explained that their calculations showed vehicle maneuvers in and out of the shared access driveway would perform at a LOS A level of service, which represents a delay of less than 10 seconds per vehicle. 4.TIS-5 calculates the worst affected maneuver at the intersection with West Beaver Creek Blvd and Sun Rd to be South Bound left out of Sun Rd with a delay of 32 seconds per vehicle although this is not predicted until 2045. The study showed that the driveway traffic does not impact this delay beyond LOS D (25-35s/vehicle) in 2045. 5. Engineering Staff asked if the Lot B team had considered the slightly more complex vehicle operations that the Lot 3 project is proposing. The developer explained that it wasn’t possible to represent the neighbor’s proposed traffic operations within their model but they had discussed this issue with Lot 3 MJR25002, DEB25001 the Summit – Engineering February 5, 2026 Page 2 of 2 and neither team determined these would create significant concern. 6.The shared drive is subject to a long-standing access agreement (Reception #744155) that regulates drive operations under section ‘3.1 Use of Easements” : “…each party entitled to the use and benefit of any easement hereunder, shall not unreasonably interfere with, unreasonably obstruct, or suffer or permit anyone claiming by, through or under such party to unreasonably interfere with, or to unreasonably obstruct, the use and enjoyment of each easement granted hereunder by any of the beneficiaries hereof” 7.The Town is engaging Fehr and Peers to conduct a traffic analysis for West Beaver Creek Blvd between Avon Road and Lake Street as part of the Sun Road Redevelopment conceptual design. 8.A preliminary Energy code analysis completed in November 2025 showed that using the Town’s HRS to heat the underground parking levels could save approximately 580,000 kWh annually, offsetting approximately 575,000 kWh needed for the Town’s EEOP. Thanks, Keith Developer Narrative The Summit at Avon – Lot B Overview Grand Peaks is a 3rd generation Colorado based, family real estate company started by Harold Simpson in 1948. Currently chaired by Harold’s son, Donald, over the last 78 years, the Simpson family has specialized in multi-family development, construction and management, building high-quality luxury apartments across Colorado. Colorado natives with a great love of the outdoors and a mountain town mindset, we were very excited to be able to contribute to the character of Avon through the opportunity presented by Lot B. Since placing the Lot B site under contract in late 2024, we have worked closely with Town staff, the Town Manager, and the Avon Center Homeowners Association to advance a project that is code-compliant, financially feasible, and responsive to the Town’s long- standing goals for the west end of the pedestrian mall. The project has evolved through extensive collaboration and compromise, particularly related to parking, building massing, public improvements, and community integration. Parking Upon getting the site under contract, we recognized both the opportunity presented by Lot B and the complexity created by existing recorded agreements serving Avon Center. Early meetings with the President and Vice President of the Avon Center HOA established a collaborative dialogue focused on unlocking the development potential of Lot B while continuing to honor Avon Center’s long-standing parking and access rights. Through these discussions, the parties worked through significant constraints and ultimately reached conceptual agreement on a parking solution that satisfies Avon Center’s obligations while allowing The Summit to proceed. While final documentation is still being completed, the overall framework has been agreed upon. Key considerations included: •Avon Center priorities: Avon Center required uninterrupted access to its existing garage, continued guest parking availability, and surface parking for commercial users. Prior recorded agreements contemplated more than 200 new parking spaces for Avon Center in connection with any redevelopment of Lot B. ATTACHMENT A •Project priorities: The Summit required sufficient resident parking, a street-facing lobby and front office, functional loading and drop-off conditions, and meaningful open space between buildings that reflects Avon’s mountain-town character. Several options were evaluated and ruled out: •A podium parking structure was considered but rejected, as it did not seem preferential to the town and would have triggered High-Rise Building Code requirements that would render the project financially infeasible. •Reducing the building footprint significantly would have undermined financing feasibility, repeating challenges faced by prior development efforts on the site. •Increasing buildable square footage was not possible, as the project already utilizes the full site within existing zoning parameters. These constraints required substantial redesign of the original concept, which included a larger public open space, a pick-up/drop -off roundabout at West Beaver Creek Boulevard, and a smaller, shallower garage. Through continued coordination and compromise on both sides, the current solution was developed: •Half of the parking garage footprint was extended to a third level below grade. •A direct underground connection was created between the new garage and Avon Center’s existing garage. •The project relinquished the pick-up/drop -off roundabout and a portion of open space to construct 38 new above-ground parking spaces dedicated to Avon Center’s commercial guests. •42 spaces on the first garage level are reserved exclusively for Avon Center guest parking. This configuration still provides a parking ratio exceeding 1:1 for the project’s 164 residential units, while maintaining flexibility to potentially broaden shared use of parking over time. The resulting solution balances legacy obligations, resident needs, public access, and Town code compliance. Massing Concurrently with parking discussions, we have worked closely with Town planning staff and the Town Manager to refine the building massing to meet code requirements, respond to Town design objectives, and remain financially viable. Early collaboration established shared goals, including: •A clear, attractive, and accessible pedestrian connection from West Beaver Creek Boulevard and the future Sun Road Transportation Center through the site to the pedestrian mall. •A building form that improved architectural interest and reduced perceived mass along pedestrian-oriented frontages. The project evolved from an initial 7-story, flat-roofed, 80-foot, structure consisting of 175 units, to a more articulated design featuring pitched roofs, peaks, and dormers. While this improved architectural character, in tandem with the additional refinement below, it increased overall height to 105 feet and required a height variance. Following our meeting with Planning and Zoning, we were asked to reduce the height of the building to the greatest extent possible without returning to a flat roof design. To acknowledge this desire, we went back to the drawing board with our architect and structural engineer to lower the roof line by 5 feet while still retaining a pitched roof design that maintained mechanical, HVAC and fire safety compliance. The additional refinement mentioned above focused on improving the pedestrian experience along the mall. Options were explored to reduce building height at the mall edge without: •Eliminating so many units that the project would become financially infeasible, or •Adding a ninth floor, which, again, was not a desire of the towns, and would have triggered High-Rise Building Code requirements and associated cost increases. Through reworking floor plans, including an 8th story along the Western edge of the building and adjusting the scope and layout of common spaces and amenities, the design team identified a solution that removes two floors along the pedestrian mall while preserving overall project viability. These evolutions reduced the project from approximately 175 units to 167 units at this stage. Public Improvements Recognizing that The Summit will front the western terminus of the pedestrian mall, we worked with the Town to ensure an appropriate and active transition between properties. The progression of key public improvement outcomes include: •A collaboratively designed sloping grade transition between the Summit site and the pedestrian mall. •The removal of the SE Corner residential unit to allow for a café or similar active commercial space serving pedestrians traveling between Nottingham Park, the Recreation Center, and the Town core. •A subsequent agreement to transition the 5 other ground-floor units along the southern edge of the building to Town -owned commercial space, intended for civic and cultural uses such as theaters, galleries, and other community-serving functions. In addition to the cultural and community enhancements created by this area of the project, the town’s ownership ensures that the additional sales tax revenues from these commercial areas will directly inure to the benefit of the Town of Avon. •By again reworking our floorplan and layout we were mitigate the tradeoff, while still losing 3 units. These changes resulted in the current project configuration of 164 residential units, reflecting a progression from the original concept through massing and public-space refinements. While the reduced unit count presents additional financing challenges, Grand Peaks has found a solution that can ensure the project remains viable at this scale. Additionally, the project incorporates an art wall at the southern end of the building, an idea developed with the project architect, to further activate the pedestrian plaza and reinforce Avon’s cultural and artistic identity. Impact on the Community Through its work on Lot B, Grand Peaks believes The Summit at Avon will deliver meaningful benefits to the Town, Avon Center, and future residents, including: •Replacing a deteriorating surface parking lot with a well-designed mixed-use building that improves site functionality while preserving convenient parking access for nearby restaurants and businesses. •Providing 20 deed-restricted workforce housing units affordable to households earning up to 120% of Area Median Income, helping relieve pressure on the local workforce. •Creating new public pathways, landscaped areas, and pedestrian connections that enhance walkability, public safety and year-round use. •Increasing the Town’s property and sales tax base, supporting future investment in community housing and public services. •Activating the western end of the pedestrian mall with a café, civic and cultural spaces, and expanded opportunities for arts, entertainment, and community gathering that the Town of Avon will be proud of. Collectively, these outcomes advance the Town’s goals for housing, walkability, economic vitality, and a vibrant year-round town center. -Alan Simpson Presented by: Zehren and Associates 2026F e b r u a r y 10th , Prepared For: Town of Avon 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 Town Council Meeting The Summit No. 2 at Avon Apartments Employee Housing Mitigation ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. The Summit will be required to mitigate 9.02 employees based on the following calculations per the Town of Avon Municipal Code 7.20.100: 164 dwelling units X 0.33 employees per dwelling units X 1.2 jobs per employee X 20% mitigation = 9.02 employees The employee housing mitigation would be fulfilled via four (4) two-bedroom units at 120% AMI based on the calculations per the Town of Avon Municipal Code 7.20.100: Each two-bed unit = 2.25 employees 4 units x 2.25 employees = 9 employees The remainder of 9.02 employees required – 9.0 employees provided = 0.02 employees must be covered via a cash in lieu payment utilizing the following calculation: Cash in lieu: 0.02 employees x $87,438 = $1,749 Our employees working onsite would be offered first priority/eligibility for the employee mitigation units. Existing Conditions & Design Challenges ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. The site is extremely difficult to develop for the following reasons: 1. Encumbrances related to Avon Center 2. The shape of the site and its adjacency to both West Beaver Creek and the Pedestrian Mall 3. Providing Parking spaces to Avon Center on grade and below grade. 4. Providing a 10’ wide accessible public path through the site that connects to the Pedestrian Mall and coordination with the existing lid of Avon Center. 5. Meeting the existing entrance of the shared ramp and still connecting to Avon Center’s garage. 6. Creating a public walkway with landscape and plaza integration. EXISTING CONDITIONS ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. DESIGN GOALS – “THE BIG PICTURE” ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. 1. Core Design Intent Create a place that supports year-round mountain living, strengthens Avon’s sense of community, and feels authentically rooted in its landscape—rather than imported from another resort town. The building should feel durable, welcoming, balancing everyday livability with the beauty and rigor of the mountain environment. 2. Relationship to Place The project should be shaped by Avon, not simply located in it. • Respond to the valley, river, and mountain backdrop • Embrace seasonal change—snow, sun, shoulder seasons • Use form, massing, and materials that feel grounded and timeless The architecture should feel like it belongs now and will still belong 30 years from now. 3. Community Before Object The goal is not to design a “building,” but to design a living environment. • Encourage casual interaction among residents • Create shared spaces that feel natural and unforced • Contribute positively to the public realm at street level • Reinforce walkability and connection to town amenities The project should add to Avon’s social fabric, not isolate itself from it. 4. Livability as a Priority Apartments should support real life, not just short-term impressions. • Comfortable, efficient layouts • Abundant daylight and access to views • Spaces that work for families, couples, and individuals • Homes that function well in winter as much as summer Design decisions should be evaluated through the lens of daily use, not marketing imagery. 5. Climate-Responsive Simplicity The design should work with the mountain climate, not fight it. • Forms and details that handle snow, sun, and wind gracefully, flat roofs are the easy way out. • Durable materials that weather well over time • Energy-conscious design that feels effortless, not technical Sustainability should feel embedded and intuitive, not decorative or performative. 6. Long-Term Value & Stewardship The project should represent a long-term investment in Avon. • Architecture that ages well • Flexible spaces that adapt to changing needs • A building residents are proud of and care for • Minimal reliance on trends that will quickly feel dated The goal is to create something lasting, with a nod towards the creative soul of Avon. 7. Measure of Success The project is successful if: • Residents choose to stay long-term • The building feels like a natural part of Avon • The community views it as an asset, not an intrusion • It quietly elevates the quality of everyday life in town PROPOSED ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. ILLUSTRATIVE SITE PLAN ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 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 THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Community Linkage • The last piece of a wider fabric – Pedestrian Street Mall • Direct Link to Town Hall and Nottingham Park • A site located directly across from the Sun Road Development and existing transportation center ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Community Linkage • New accessible pedestrian walk-way and plazas • New bike parking and access • A site located directly across from the Sun Road Development and existing transportation center • Direct Link to Town Hall and Nottingham Park • The last piece of a wider fabric – Pedestrian Street Mall ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Alignment with Sun Road ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Traffic and Access •Traffic Study Analysis has been performed for both the Lot 3 Development (which is subject to an Approved Development Agreement and Development Plan) and this Project and reviewed with Town Staff. •The traffic studies have concluded that the project will be successfully incorporated into the existing roadway network at buildout and in the long-term horizon year of 2045. •No turn lanes or other intersection improvements are warranted or recommended. •The western access provides full movement access aligned with Sun Road for garage access to the project for Lot B and Avon Center residents and is shared with Lot 3 uses. Control of this intersection remains consistent with today with free- flowing traffic along West Beaver Creek and stop control at the N/S. •The eastern access provides right-in, right-out access to the surface parking area serving Avon Center. Control of this access remains consistent with free- flowing traffic along West Beaver Creek and stop control at the access. ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Commercial on the Pedestrian Street ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Town Hall Linkage VIEW FROM TOWN HALL ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. VIEW FROM TOWN HALL ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Positive and Negative Space…the balance ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Commercial on the Pedestrian Street CONCEPTUAL COMMERCIAL Scale: NTS Gallery/Cultural Space ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE 01.13.26 © 2025 Zehren and Associates, Inc. Trash Room BOH Corridor BOH Janitor BOH Coffee Community Workshop Public Bathrooms Coffee/Lounge Northwest Corner Scale: NTS ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE 01.13.26 © 2025 Zehren and Associates, Inc. HEAT RECOVERY SYSTEM Scale: NTS ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE 01.13.26 © 2025 Zehren and Associates, Inc. PERSPECTIVE AT PEDESTRIAN MALL ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. PERSPECTIVE AT PEDESTRIAN MALL ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. PERSPECTIVE AT WEST BEAVER CREEK BLVD ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. PERSPECTIVE FROM WEST BEAVER CREEK ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. AERIAL CONTEXT DIAGRAM Proposed Lot B -Apartments Avon Pedestrian Mall Plaza Avon Transportation Hub Riverfront Express Gondola Nottignham Park/ Lake Sun Road Redevelopment ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. SOLAR STUDY March 21st 12:00pm ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. September 21st 12:00pm June 21st 12:00pm December 21st 12:00pm Height and Context 100’ ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. FLAT ROOF MASSING STUDY ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Building Height: 80’ *167 Units including the ground floor area possible. PROPOSED MASSING- MAIN BUILDING 8 FLOORS & 5 FLOORS ATPEDESTRIAN MALL TOTAL UNITS= 164 MASSING STUDY- WHOLE BUILDING 7 FLOORS TOTAL UNITS- 160 MASSING STUDY 62’ 100’ 84’ 84’ ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Building Height: 100’Building Height: 62’ Building Height: 84’ Building Height: 84’ MASSING STUDY ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. MASSING STUDY ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Parking Allocation ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. Garage Total Avon Center Spaces: 42 Total Town of Avon Commercial Spaces: 4 Total Summit Residence Parking: 184 Surface Parking Total Avon Center Spaces: 38 Total Summit Residence Parking Ratio: 1.12 per unit P1 Level Avon Center Spaces: 42 TOA Commercial Spaces: 4 Summit Residence Parking: 184 Parking Allocation ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. P2 Level P3 Level Garage Total Avon Center Spaces: 42 Total Town of Avon Commercial Spaces: 4 Total Summit Residence Parking: 184 Surface Parking Total Avon Center Spaces: 38 Total Summit Residence Parking Ratio: 1.12 per unit Avon Center Spaces: 42 TOA Commercial Spaces: 4 Summit Residence Parking: 184 THANK YOU! ZEHREN AND ASSOCIATES, INC. ARCHITECTURE PLANNING INTERIORS LANDSCAPE ARCHITECTURE PO Box 1976, Avon Colorado P. (970) 949-0257 www.zehren.com THE SUMMIT APARTMENTS - TOWN COUNCIL PACKAGE © 2025 Zehren and Associates, Inc. From:Mark Lionberger To:Jena Skinner; Matt Pielsticker Cc:Brian Smith Subject:Planning Hearing for Lot B, Avon Town Center: Case Number DEB25001 Date:Wednesday, November 12, 2025 4:33:23 PM Jena and Matt, Our team has reviewed the P&Z submittal package from Grand Peaks for the development of Lot B. While we are pleased to see the progress made by Grand Peaks and welcome them as future neighbors, we noted several items within the submittal that we wanted to provide commentary upon. Please consider the following points of concern during your review and hearing regarding the submittal. Traffic Volume: The submittal does not include a traffic study to verify that the anticipated vehicle volume for the Shared Access Drive (SAD) aligns with its design capacity and the intersection at West Beaver Creek Blvd. We request that a traffic impact study be required from Applicant to ensure compliance with traffic safety and design standards, and to prevent excess traffic volume on the SAD. Trash Storage: The submittal lacks confirmation that designated trash storage areas are adequately sized. Insufficient storage could lead to dumpsters being placed on the access drive, which would impede circulation and negatively impact aesthetics. We request that Applicant be required to confirm storage capacity and location in the plans. VTAC Enclosures: The floor plans and elevations do not appear to coordinate the VTAC (HVAC unit) enclosures serving the residential units. These enclosures will materially affect the building’s exterior design and should be reflected in the elevations. Additionally, VTAC grilles should be oriented at 90 degrees to the main façade rather than facing outward. Pitched Roofs and Snow Control: The Zoning Code requires snow control measures for pitched roofs; however, the submittal does not indicate any such provisions. We request that the Town address this issue with Applicant to confirm that snow control per code will be provided. Building Height: The proposed building height exceeds the 80-foot limit by approximately 26 feet. While not shown on the building sections, Sheet 25 indicates a top ridge elevation of 198’-1½”, and elevations show 100’. The actual excess height is not made clear relative to exceeding the 80’ height limit. The excess height will create significant shadowing between Lot B and Lot 3. Zoning Code §7.16.170.b allows development bonuses such as excess height only when a clear community benefit is demonstrated; the submittal characterizes the excess height as a “wayfinding beacon,” which does not appear to meet the criteria. The current shadow diagrams show noon conditions only and do not address the more severe shadow conditions at sunrise and sunset. We find the excess height above 80’ to be objectionable and detrimental. Retail Component: The retail deliveries appear to be front-loaded from the public street, which may require truck parking on the street for unloading. This condition could create traffic and operational challenges for the Town. We request that the Town review and assess this impact during of the Application. Upon your review of these comments, please feel free to contact us with questions or further discussion needed. We sincerely appreciate your work in support of Avon’s growth. ATTACHMENT B From:Bob Timm To:Jena Skinner Subject:Public Hearing Gran Peaks Prop- DEB25001 Date:Friday, January 2, 2026 2:12:56 PM Jena, I wanted to send some comments regarding the above. We own a condo in the Seasons at Avon (unit 425) so this is really close to our property. We are happy to see that the old “junk” parking lot will hopefully be gone with a new building. With the 3 issues to be discussed, height, limited setbacks and decrease in parking here are my comments: Height - while I am not in favor of going to the max requested, I think a small heigh adjustment would be ok. Not exactly sure what change in setbacks and encroachments they are looking for but that is probably ok. The one that concerns me the most is the parking. Avon doesn’t have enough parking right now and to let them decrease what is currently required is not good idea. If owners/renters don’t have a place to park a car on the property, then they will be looking for street parking which is non existent. The developers should go deeper (add another level of parking in the basement) for more parking. Please be very careful in what the town may change. I know that the people that want to develop this state they will not do it if the parking is not changed, make as small of a concession if you need to make any. Thank you. Bob Timm From:Chris Anthony To:Jena Skinner Subject:Hearing over LOT B ( Missed this ) Date:Tuesday, January 20, 2026 12:48:52 AM Jena, I am a 30-year-plus full-time resident of Avon. Resident of The Seasons Building 137 Benchmark Road. I am currently out of the country working, and I was made aware that I missed the hearing on the lot development. I would like to put my thoughts in the record. The Development needs to build more parking spaces than are needed. Much more than needed. The Town is already poorly designed for pedestrian and traffic movement. As this will increase density, this needs to be considered. Public Transportation is not the answer. Parking and pedestrian movement are what need to happen. As far as pedestrian safe passage. With this amount of development and density, eventually underpasses or overpasses will be needed for the Avon central corridor. At the moment, we only have one set of blinking lights for the Pedestrian Walkway, yet several other crosswalks are almost impossible to see at night, especially if pedestrians are dressed in dark clothing. As a driver, you are paying attention to at least 5 different things while driving through the central corridor. The roundabouts take up a lot of attention even with slow-moving traffic. Someone will be seriously injured at some point in the future. Back to Lot 130. Parking for them, as well as more public parking, needs to be created. And it needs to be more than what is probably estimated. And it needs to be free for at least 2 - 3 hours. So that local businesses can exist. If you all want to turn us into an urban environment, you must think like a city and look at all the mistakes in those environments. I would be nice if Avon could remain a friendly town and not a stressful place. Best Wishes, Chris Anthony Chris Anthony Youth Initiative Project 2018 Colorado Snow Sports Hall of Fame 2023 10th Mt. Div Warrior Legend Hall of Fame, United States Army Bike and Ski Guide Consultant Award-winning filmmaker HOF VIDEO: https://youtu.be/c3LGhrrejLw www.chrisanthony.com @Chrisanthonyski YOUTH PROJECT COLO GIVES https://www.coloradogives.org/ChrisAnthonyYouthProject2022?step=step1 Anthony From:Ineke de Jong To:George Pacienza Cc:Council Everyone Group; Matt Pielsticker; Jena Skinner; Miguel Jauregui Casanueva Subject:RE: Comments on Summit at Avon hearing... Regarding Lot B, The Summit MJR25003 Date:Tuesday, January 20, 2026 3:58:57 PM Good Afternoon George, This confirms receipt of your email to the Avon Town Council. Your public comments will be included in the updated materials prior to the next public hearing. Sincerely, Ineke Ineke de Jong Chief Administrative Officer 970.748.4013 idejong@avon.org From: George Pacienza <george.pacienza@gmail.com> Sent: Tuesday, January 20, 2026 2:02 PM To: Council Everyone Group <council@avon.org> Cc: 'George Pacienza' <george.pacienza@gmail.com> Subject: Comments on Summit at Avon hearing... Regarding Lot B, The Summit MJR25003 Mayor Underwood and Council Members, Hello, I live in Avon Center; and also serve as the Vice President of the Avon Center HOA Board. I would like to express my wholehearted support for the Development on Lot B proposed by Grand Peaks. My reasons are: The Developer is offering a design and development that I think will enhance the Avon Core area A beautiful building is being proposed – not a “Flat roofed square box” Thoughtful walkways are integrated into the design that facilitate pedestrian traffic The “Arts and Cultural” center spaces provided to THE Town of Avon will help energize the area and provide needed and appreciated Cultural significance to Avon Core I feel Grand Peaks will be one of the highest quality Developers in the Valley – reasons below As a Board member of the Avon Center HOA, i participated in Due Diligence of the Developer – Grand Peaks (Because this is an extremely significant Contract for the HOA) I toured a Grand Peaks Developments in the Denver Area – the Skyline at Highlands The 3 or 4 Staff I met were professional, competent, and personable Speaking to a couple residents at random, all were pleased with the Management of the Building provided by Grand Peaks The Building construction was frankly awesome. Tall ceilings, quality windows and window coverings, upgraded carpeting and cabinetry… nothing really appeared to be “builders Grade” The Garage and Parking were a focus of my visit; the residents I met in the Garage said the Parking system was operating as advertised and they had no issues. The garage was clean and well maintained. As I understand it, the Development proposed to be built and operated on Lot B will be as good as, and possibly better quality than the property I toured in Denver…. If that is the case, the Summit at Avon will definitely be one of the best developments in Avon, probably the entire Valley. Lot B development is a challenging situation. Having been involved in previous development attempts as well as the current situation with Grand Peaks, I have concluded that: Grand Peaks’s personal standards of behavior and ethics are of the highest order Grand Peaks has worked collaboratively to develop a Solution that is fair and advantageous to the Town of Avon, Avon’s residents, Avon Center and Grand Peaks own Shareholders. This proposal is an opportunity for Avon to enjoy a superlative Development that will enhance the Town Core aesthetics, contribute to and enhance the livability of the area, and be built and operated by an experienced Developer of the highest quality. Please do not pass up this opportunity. Respectfully, George Pacienza Cell 100 West Beaver Creek Blvd. PO Box 5210 Avon, CO 81620 From:Ineke de Jong To:Charles Frey Cc:Council Everyone Group; Matt Pielsticker; Jena Skinner; Miguel Jauregui Casanueva Subject:RE: Development of Lot B, Avon Date:Wednesday, January 21, 2026 10:45:38 AM Good Morning Charles, This confirms receipt of your email to the Avon Town Council. Your public comments will be included in the updated materials prior to the next public hearing. Sincerely, Ineke Ineke de Jong Chief Administrative Officer 970.748.4013 idejong@avon.org From: Charles Frey <frey_charles@yahoo.com> Sent: Tuesday, January 20, 2026 7:22 PM To: Council Everyone Group <council@avon.org> Subject: Development of Lot B, Avon Charles Frey 100 West Beaver Creek Blvd. Avon, CO 81620 Cell: Dear Mayor and Council Members, This email serves to express my wholehearted support for the development of Lot B as proposed by Grand Peaks. I have resided over 30 years in the Vail Valley and are an owner of two units and a co-owner of a third, all located in the Avon Center for about 15 years. I have seen the past two development proposals of Lot B which neither of them came to fruition and have to say that, in my opinion, the one on the table, proposed by Grand Peaks is by far the most appealing of them. I feel that the building fits very well in the alpine environment of Avon and the Valley. I like the green spaces and walking pats between W. Beaver Creek Road and the Pedestrian Mall I like the commitment to have shops in the project which will help to make the Pedestrian Mall a bit more a Pedestrian Mall. Further, to my understanding, Grand Peaks has now agreed to add an additional floor of underground parking which should satisfy/answer the many questions regarding the parking. Lot B is a rather complex piece of land with many strings attached. Finally, we have a satisfactory agreement between Avon Center and Grand Peaks to proceed and go forward with Lot B, which is and has been an eyesore in the center of Avon for many years. We had a few attempts and none of them were successful. Hence, let's jump on the opportunity. I, therefore, very strongly, encourage you Mayor and all Council Members to very seriously look at this beautiful project with a positive mind and approve it as soon as possible as time is of the essence. Thank you for your time and efforts, Charles Frey Three-time National Chamber of the Year (2024, 2020, 2016) Physical Address: 10 West Beaver Creek Blvd, Unit 221, Avon, CO 81620 Mailing Address: 56 Edwards Village Blvd, Ste 124, PMB #539, Edwards, CO 81632 VailValleyPartnership.com Avon Town Council One Lake Street Avon, CO 81620 Dear Mayor and Members of the Town Council, The Vail Valley Partnership is pleased to express its support for The Summit at Avon Apartments, proposed for the long-vacant Lot B site in Avon’s Town Center. As the regional chamber of commerce and economic development organization serving the Vail Valley, the Partnership works closely with employers, workforce members, and local governments to support a resilient and year-round economy. The availability of attainable housing remains one of the most pressing challenges facing businesses and employees across the valley. The Summit at Avon Apartments represents an important opportunity to address this challenge while also activating a centrally located property that has remained underutilized for many years. In addition to providing much-needed housing, the project delivers public benefits including community-oriented space, improved pedestrian connectivity, and activation of the Main Street Mall, all of which contribute to a stronger and more vibrant Town Center. By supporting workforce stability, reducing commute pressures, and strengthening the economic vitality of Avon’s core, The Summit at Avon Apartments aligns with the Partnership’s goals of fostering sustainable economic growth and livable communities throughout the region. For these reasons, the Vail Valley Partnership supports The Summit at Avon Apartments and encourages the Town Council to approve the project. Sincerely, Chris Romer President & CEO Vail Valley Partnership 970.748.4004 eric@avon.org TO: Honorable Mayor Underwood and Council members FROM: Eric Heil, Town Manager Paul Redmond, Chief Financial Officer RE: Lot B-The Summit Public Benefits DATE: February 5, 2026 SUMMARY: This report provides an updated supplement to Staff’s Development Plan and Development Bonus review for The Summit on Lot B. Staff negotiated with the developer of Lot B to include several Public Benefits which are unique to this property due to its location. The cost of the proposed Public Benefits would be paid from revenues generated by the development of this project. The existing Avon Urban Renewal Authority Plan and Avon Downtown Development Authority Plan support this type of public- private partnership to realize these types of Public Benefits in the Town’s civic core. This report reviews the Public Benefits, the proposed financing, notes from Avon DDA Board of Directors and CASE Committees, and discusses the prioritization of Avon URA and DDA funds. If Council finds the scope of these Public Benefits and the proposed financing structure acceptable, we recommend requiring Staff prepare a Development Agreement for Council’s review and approval, detailing all legal terms needed to implement this public-private partnership as a condition of Council’s approval of the Development Plan and Development Bonus NOTE that the previous report referred to the commercial space as a “Community Workshop space”. After meeting with Avon DDA and CASE this area is referred to as the “Culture and Arts Flex Space” to better reflect the intent and use. PUBLIC BENEFITS: The Public Benefits include (1) a Culture and Arts Flex Space and Coffee Shop, (2) pedestrian path connection from West Beaver Creek Boulevard to the Pedestrian Mall, (3) dedication of the southwest portion of the lot for construction of a Civic Plaza between Town Hall and Pedestrian Mall, (4) potential expansion and dedication of the Lettuce Shed Lane plaza, (5) installation of an art mural and (6) deed restricting 20 apartments for additional Community Housing. There is not a legal obligation of Lot B to provide these Public Amenities; however, the provision of Public Amenities is a required criteria for approval of a “Development Bonus” which includes reduced parking and increased building height. The cost of the proposed public amenities is estimated at $6 million (up from $5 million in the previous report) and the Community Housing is a proposed $4 million payment. A public-private partnership is proposed whereby the Town would pay for these costs through the Avon Urban Renewal Authority and Avon Downtown Development Authority tax increment funds that would be received from the development. (1)Culture and Arts Flex Space and Coffee Shop: A 4,000 square foot “Culture and Arts Flex Space” with a coffee shop and public restrooms is proposed for the ground floor design facing the Pedestrian Mall. Development of Lot B is the last meaningful opportunity to promote a design and use that activates the Pedestrian Mall. Potential uses and users of this space include the Avon Art Guild, High 5 Media Access, the Vail Valley theater company, and acoustic music performances. Avon currently subsidizes the lease with the Avon Art Guild for space at the Seasons building. Staff anticipates and recommends that actual use and interior configuration is referred to the Avon DDA Board of Directors and the Culture, Arts and Special Events (“CASE”) Committee for recommendations and to conduct stakeholder outreach for broad community input. Construction of Lot B is expected to occur over 18-24 months before the Town could proceed with interior finishing of the commercial space. This timeline provides sufficient opportunity to hold a series of meetings to ATTACHMENT C Page 2 of 6 determine best users and uses of this space. Reviewing and determining business operations, programming, and maintenance would also be important. As proposed in concept, the Town of Avon would pay for the cost of this space, including the 4 parking spaces in the parking garage structure and the patio and landscaping between this space and the Pedestrian Mall. The Culture and Arts Flex Space and adjacent patio area would be owned by the Town and maintained by the Town. NOTE: The developer has indicated that without the public-private partnership for the Culture and Arts Flex Space the developer would construct 3 additional two-bedroom apartments on the ground floor level facing the Pedestrian Mall and would retain a small space for a coffee shop on the south east corner of the building. (2) Pedestrian Path Connection: The Summit development plans include a 10’ wide pedestrian path connection between West Beaver Creek Boulevard and the Pedestrian Mall. The path would utilize the same pavers and design treatment as the Avon Pedestrian Mall. Town would pay for the cost of construction of this pedestrian path connection. The Summit would own the pedestrian path connection and would be responsible for maintenance in a manner similar to the Gondola Plaza. (3) Town Hall Civic Plaza: A small portion of the southwest corner of Lot B would be dedicated to the Town for the construction of a large semi-circle plaza between Town Hall and the Pedestrian Mall. No compensation is proposed for this dedication; however, the developer of Lot B would receive a credit for required landscaping for square footage of the area to be dedicated. (4) Expansion of Lettuce Shed Plaza: The Development Plan for Lot B includes expansion of the Lettuce Shed Plaza that continues the circle pattern design. Town would pay for the portion of this plaza that is situated on land owned by the Town or dedicated to the Town. (5) Art Mural: The development proposal includes a large multi-floor art mural that would be visible from West Beaver Creek Boulevard and visible from the public pedestrian corridor connecting West Beaver Creek Boulevard to the Pedestrian Mall. The developer will pay for the Art Mural. (6) Community Housing: The development proposal includes deed restricting 20 units (average of 2 bedrooms) to a maximum rent of 120% AMI for a payment of $4 million, or $250,000 per unit. These twenty units would be in addition to the four units required by the Employee Mitigation requirement. All twenty-four units would be subject to a permanent deed restriction that would limit eligibility and rent to 120% AMI and would define any future sale of the unit to be subject to a price capped deed restriction with the initial sale capped at 140% AMI. FINANCIAL PROJECTIONS: The Lot B financial projections are described below. The general concept for this public-private partnership is that Avon would pledge the Use Tax paid by this project (for Community Housing) and would pledge up to 25 years of tax increment financing that would be received by the Avon URA and Avon DDA (i.e. through the end of 2050). Use Tax: This is a large, expensive development project. The project is expected to generate approximately $1.8 million in Use Tax. This amount is proposed for dedication back to the project to support purchasing deed restrictions on 20 residential units. Page 3 of 6 Confluence and Avon Station Metro Districts: This property is situated in the Confluence Metropolitan District, which was created along with the Avon Station Metropolitan District to assist with financing and operation of the Westin Gondola and the Gondola Plaza. The Confluence Metropolitan District imposes a 55 mill property tax in addition to the 56.792 general mill levy imposed by other taxing entities in Avon. This mill levy supports operations (23 mills) and repayment of debt on the construction of the gondola (32 mills). There is an existing agreement that states that 100% of the tax increment generated from development of this site within Confluence Metro District would be remitted to the Avon Urban Renewal Authority (i.e. through 2033) and then the revenue from the 55 mills would go toward the Gondola Plaza operations and debt service payments. Gondola Plaza Funding Agreement: The Town of Avon agreed to contribute towards the operation of the Gondola and the Gondola Plaza has part of the original Westin development. The gondola is operated by Vail resorts and the Town of Avon receives an invoice each year. Avon’s financial contribution in 2025 is for the gondola is $210,827 and for the gondola plaza is $50,657. The maximum amount that Avon could be required to contribute under the agreement for the gondola is $357,096 and for the gondola plaza is $62,828 based on a formula that allows the maximum amount to increase by the Colorado consumer price index each year. There is also an agreement between Town of Avon and the Confluence/Avon Station Metropolitan Districts stating that an increase in property tax revenues from development within the Confluence Metro District would reduce the Town’s obligation to contribute to the operational costs of the gondola. However, the wording in this agreement states that new property tax revenues would be used to reduce the amount Avon pays from the “maximum payment” and not from the actual payment. After 2033 when the Confluence Metro District property tax goes to the gondola plaza operations and debt service Avon would not receive a dollar-for-dollar reduction in our operating expense invoice. Rather, the 23 mills of new property tax revenues contributed towards operations (estimated to be $143,240) would reduce the combined “maximum” amount Avon is required to pay from $419,924 to $276,684 as the reduced “maximum” amount. The actual amount Avon is paying is $261,484, which is less than the $276,684, therefore, Avon would not receive any reduction on its annual payments towards the gondola and gondola plaza operations. We asked Avon Station/Confluence Metro District if a portion of the Confluence’s Metro District property tax for operations (i.e. 23 mills of the 55 mills) could be pledged to the Avon DDA through 2050. This amounts to $145,532 per year in additional revenues. The metro districts indicated they would support this amendment to help with the overall finances of The Summit project to facilitate bringing this project to fruition. Funding Model: The funding model for tax increment financing recognizes that there is a lag in recognition of increased value from new construction and then the lag of another year because property taxes are imposed for the previous year. If construction begins in 2026, we would expect completion by 2028 and recognition of 100% of the increased valuation in 2029. The estimated construction value of the project is $93 million based on a construction cost of $635/square foot. Multiplied by the residential assessment ratio of 6.8% results in an assessed valuation on the new construction of $6,327,510. The Avon URA expires at the end of 2032, and the last payment will be received in 2033. The Avon DDA overlaps this property and will continue the capture of tax increment until 2053. The Avon URA revenues Page 4 of 6 may be spent on all the proposed Public Benefits. The Avon DDA revenues spend at least 50% of the revenues on Community Housing. Based on these assumptions the Avon URA and Avon DDA would receive the following funds: Annual Revenues Total Revenues Public Infrastructure Community Housing Use Tax $1,800,000 $1,800,000 Avon URA (2029 thru 2033) $707,396 $3,961,421 $3,961,421 Avon DDA $504,916 8,583,578 $4,291,789 $4,291,789 TOTAL $14,344,999 $8,253,210 $6,091,789 FINANCIAL CONTRIBUTION: The financial contribution for the Public Benefits is $10 million, comprised of $6,000,000 for the Culture and Arts Flex Space, other public amenities and $4 million for the 20 deed restricted Community Housing units. The developer has indicated a preference for the funds to be provided at the time of construction rather than as a rebate of property taxes paid. NOTE: We are currently modelling the projected value of the project and the taxes that would be generated and we are using cost estimates. The actual costs need to be reviewed and verified once the project is fully designed and a contractor has provided pricing on construction. Planned costs include the interior finish and furnishings for the Culture and Arts Flex Space Under this approach, Avon would need to issue $8.2M in bonds ($10 million funding contribution minus the $1.8 million Use Tax equals $8.2 million). A 20-year bond at 4.2% interest requires approximately $615,000 in debt service payment, or $12,280,000 total payments. Avon would need to explore financing options and structures that work best with the anticipated revenue streams. DEVELOPMENT AGREEMENT: If Council approves the development plan and development bonus application for this project Staff will work on the development agreement with legal terms and further research financing structure and estimated numbers. An important stipulation in the agreement would be the timing of bond issuance and, therefore, fund availability for the project. If a bond is issued, I would recommend they are placed in escrow and used as the last funds for construction so Avon is not at risk for completion of the project. STEPS REQUIRED FOR IMPLEMENTATION: If Council supports the development plan application, development bonus and proposed public-private partnership arrangement then there are a number of additional actions and approvals required. These additional steps for implementation are described as follows: • Finish financial modelling for projected TIF revenues to Avon URA (until 2032) then to Avon DDA. • Finish research on Confluence Metro District which imposes 55 mills and has existing agreements with Town of Avon and Avon URA. • Obtain financing proposals and costs and understand parameters for tax exempt financing (this is a unique space that presents additional considerations to qualify for tax exempt financing). Page 5 of 6 • Identify agreements between Town of Avon and Avon Urban Renewal Authority that may be needed. NOTE: Avon Council is the designated Avon Urban Renewal Authority board of directors. • Seek approval of Avon Downtown Development Authority as required by the Avon Municipal Code to use future Avon DDA funds. • Further refine the public amenity areas to be constructed by the developer of The Summit and review the costs for that construction. • Identify payment and/or construction contract agreements that must be executed between Town of Avon and developer of The Summit. • Concurrently work with Avon DDA Board of Directors and CASE Committee to further define management, operation and programming of the Community Workshop space with appropriate community stakeholder involvement. It is anticipated that the process to further research the details of financing, prepare required contracts and schedule for required approvals will require 2-3 months. AVON DOWNTOWN DEVELOPMENT AUTHORITY INITIAL REVIEW: The Avon Downtown Development Authority reviewed the proposed public benefits at its December 1, 2025 meeting and the strong majority of Board members present felt that the public benefits were worthy of further consideration. Avon DDA Board members expressed a strong desire for activation and place making as part of the Pedestrian Mall conceptual design process. CASE COMMITTEE INITIAL REVIEW: CASE Committee members present its January 8, 2026 meeting unanimously supported the concept of the Community Workshop space and the other public benefits. They recognized the need to sort through many details associated with management, operations and programming, but felt that this would provide meaningful opportunity for activation and placemaking in Avon’s civic core area. AVON DDA & CASE FOLLOW-UP: A joint Avon DDA and CASE Committee was held on Monday, February 2, 2026 to continue their discussion of potential operation and programming for the Community Workshop space. A strong majority of Avon DDA Board of Directors and CASE Committee members continue to support the Public Benefits, including the Culture and Arts Flex Space. These are the comments from the joint meeting: 1. Strong shared support for securing a flexible, community-oriented arts/workshop space within The Summit project, with both committees emphasizing its value in activating the pedestrian mall, strengthening cultural offerings, and creating a civic gathering hub. 2. Programming priorities favored maximum flexibility—a modular, multi-use community space rather than a highly specialized venue—with emphasis on balancing open creative space, potential classes, occasional private events, and possible light grab-and-go food options. 3. Financial sustainability and long-term obligations were concerns, including uncertainty around operating costs, revenue assumptions, HOA/condo cost-share structures, and the risk of competing with existing local businesses if food/beverage components are included. Page 6 of 6 4. Consensus supported moving the project forward, acknowledging both its community value and the need for further refinement on design details, cost structures, public access (e.g., bathrooms), and long-term management. REQUESTED DIRECTION: Whether Council supports the proposed Public Benefits and directs Staff to proceed with additional research and preparing documents required to implement the financing, public- private partnership contracts and other approvals required. RECOMMENDATION: The cost of constructing the Culture and Arts Flex Space and other public amenities is significant and would represent an intentional and sizeable culture and arts investment on the Pedestrian Mall. I am confident that appropriate programming and operations could be determined such that this space would provide the activation and placemaking contemplated for this area. The location is central and would establish a “civic crossroads” on the Pedestrian Mall where the new pedestrian connection meets Lettuce Shed Lane. For two decades, Council, PZC, and various citizen committees have expressed a consistent desire to increase activation, placemaking, and a unique to Avon destination in this area. The 2006 West Town Center Investment Plan presented a vision of the Pedestrian Mall becoming a “main street” lined with retail shops. The Culture and Arts Flex Space and other Public Benefits with The Summit would accomplish some of this vision to activate this core area and establish a unique destination in Avon. For these reasons I recommend further pursuing the public-private partnership to realize all the public amenities proposed by The Summit development project. Council also has the discretion to prioritize other capital improvements and investments with the tax increment financing funds that may be generated from The Summit development. Other projects could include the Pedestrian Mall, Recreation Center enhancements, other Community Housing projects. Thank you, Eric and Paul The Summit – Employee Mitigation Assessment ATTACHMENT D Page 1 of 2 7.20.100 Employee Housing Mitigation. The purpose of this Section is to create more affordable housing for workers generated by new development in Avon. This section calculates the need for new Employee Housing Mitigation units or the payment of fees based on the number of workers created by new multi-family residential developments with three or more units, commercial, accommodation, industrial, and other non-residential developments in the Town. All Employee Housing Mitigation dwelling units required in Table 7.20-20 below count toward the development's maximum residential density. All Employee Housing Mitigation units shall be subject to a deed restriction acceptable to the Town and enforceable by the Town which limits occupancy of Employee Housing Mitigation units to persons with full- time employment in Eagle County. To determine the amount of Employee Housing Mitigation that must be provided, the following formulas shall be used: Table 7.20-20 Employee Housing Mitigation Formulas Factor Calculation Commercial Size of development Leasable square feet Workers Required 2.8 per 1,000 sq. ft. Rate x sq. ft./1,000 Jobs per Employee 1.2 Workers Generated/1.2 Required mitigation 20% mitigation Jobs generated x 20% Lodging and Property Management Size of development # of rooms or # of units Workers Required Lodge/hotel - 0.8/ room; # of rooms x 0.8 Prop. management - 0.4/ unit # of units x 0.4 Jobs per employee 1.2 jobs per employee Workers Generated/1.2 Required mitigation 20% mitigation Workers generated x 20% Residential Size of development # of Dwelling Units Workers Required .33 per Dwelling Unit # of units x 0.33 Jobs Per Employee 1.2 Workers Generated/1.2 Required mitigation 20% mitigation Workers Generated x 20% As a condition of approval when the deed restriction of existing free market unit(s) is proposed, the Applicant must obtain the approval of the Town for the specific unit(s) and the deed restriction agreement language for the unit(s) to be deed restricted. The Applicant must demonstrate to the satisfaction of the Town that the long-term affordability of the proposed Employee Housing Mitigation unit(s) is adequately protected for the long term. The required Mitigation plan shall include the following: (1)Calculation and method. The calculation of, and method by which Employee Housing Mitigation units are to be provided, in compliance with Table 7.20-20 and Section 7.20.100(d) Employee Housing Mitigation Formulas. The Summit – Employee Mitigation Assessment ATTACHMENT D Page 2 of 2 (2) Unit Descriptions. If deed restricted Employee Housing Mitigation units are to be developed, a site plan and building floor plans (if applicable), illustrating the number of units proposed, their location, the number of bedrooms, gross floor area of each unit, and the rental/sale mix of the development. (3) Timing of review/amendments. The Employee Housing Mitigation plan shall be submitted to and approved by the Town Council prior to, or concurrent with, application to the Town for the free market portion of the initial development plan. Any amendment to an approved Employee Housing Mitigation plan shall require subsequent Town Council approval. Calculation: 164 units x 0.33 workers required x 20% mitigation = 9.02 workers generated 1.2 jobs per employee Cash in Lieu (partial employee payment): Fees-in-lieu may be provided only for any fractional remainder of the Employee Mitigation requirement generated under this Section totaling less than 1.0 employee. (9.02 workers generated – 9.00 employees) = 0.2 x $87,438 = $1,749 Housing Units: Table 7.20-21 Minimum Size of Housing Units Type Minimum Size of Unit (Square Footage) Number of Employees Housed Studio 500 1.25 1 bedroom 750 1.75 2 bedrooms 900 2.25 3 or more bedrooms 1,225 3.5 Four (4), 2-bedroom units (972 sf each) x 2.25 employees = 9 employees Proposed applicant Employee Mitigation program (obligated): • Four (4), 2-bedroom rent-capped units restricted to 120% AMI plus $1,749 cash in lieu • The Summit employees working onsite would have first priority/eligibility for those units • All units would be constructed in one (1) phase (generally) 970.748.4001 mjauregui@avon.org TO: Honorable Mayor Underwood and Council members FROM: Miguel Jauregui Casanueva, Town Clerk RE: PUBLIC HEARING: ORD 25-18 - Private Parking Lots DATE: February 5, 2026 SUMMARY: This report presents Ordinance 25-18 (“Attachment A”) for Council consideration, on second reading. It includes a redline of amendments directed by Council between first and second reading, and blueline of amendments between the second reading on January 13, 2026 and on February 10, 2026 (“Attachment B”). It also includes a sign example (“Attachment C”) and public feedback received by email between January 13, 2026 and February 5, 2026 (“Attachment D”). Ordinance 25-18 enacts Chapter 5.14 of the Avon Municipal Code, establishing a regulatory and licensing framework for private parking lots in Avon. The Ordinance aims to promote public health, safety, and welfare by setting clear requirements for signage, operations, licensing, maintenance, and enforcement for private parking lot operators. BACKGROUND: The Town of Avon, as a home rule municipality, has the authority under Article XX, Section 6 of the Colorado Constitution and C.R.S. §31 -15-103 and §31-15-104 to regulate businesses and enact ordinances for the safety and welfare of its residents. Recent community feedback and analysis by Town Staff highlighted concerns regarding private parking lot operations, including lack of signage clarity, fee transparency, and consumer protections. Legal review by the Avon Town Attorney confirms that while Avon has broad police powers to regulate businesses and land use, the regulation of private parking lots is a matter of mixed local and statewide concern. The ordinance is designed to be reasonable, proportional, and defensible, avoiding excessive regulation or fee capping, which could be legally challenged. Community Development Director Matt Pielsticker met with managers and representatives of two private parking lots, including 30 Benchmark Road managers, a Foresight Parking representative, a Hoffmann Commercial Real Estate representative, a Five Star Valet representative, and P.R.R.S representatives. PROPOSED CHANGES: Ordinance 25-18 enacts Chapter 5.14 of the Avon Municipal Code, which includes: • Definitions and Applicability: Establishes what constitutes a private parking lot and outlines exemptions and maintenance requirements (e.g., repair garages, residential lots, special event lots, government-owned lots). • Signage Requirements: Mandates clear, illuminated signage at each entrance, displaying operator information, hours, rates (including maximum rates), payment instructions, and Town contact information for complaints. • Operational Standards: Prohibits charging more than posted rates, improper parking practices, unauthorized vehicle use, and towing/immobilization without owner consent. • Liability: Operators remain liable for negligence during posted business hours. • Licensing: Requires all private parking lot operators to obtain a license from the Town Clerk, with annual renewal, non-transferability, and local representation requirements. • Enforcement: Details grounds for license suspension or revocation, appeal procedures, and penalties for non-compliance. Ordinance 25-18, Enacting AMC Chapter 5.14 “Private Parking Lots” Page 2 of 2 SUMMARY OF REDLINE CHANGES, FROM FIRST TO SECOND READING ON JANUARY 13, 2026: • New maintenance requirement added — §5.14.130 Lot maintenance. • Appeal/decision sections renumbered and reorganized. Here, the renumbering itself is clerical, but the added §5.14.130 makes compliance and enforcement more explicit by linking to general property maintenance standards. • Signage contact information expanded — §5.14.080(d)(2) & (3): Now requires both a physical address and a mailing address (previously “physical mailing address”). This increases the contact transparency requirements for operators. • Violation item broadened — §5.14.90(1). Prohibits charging more than posted on signs at the entrance or within the Parking Lot (Before referenced entrance only). This closes a potential loophole where interior rate signs differ from entrance signs. SUMMARY OF BLUELINE CHANGES, FROM SECOND READING ON JANUARY 13, 2026 TO SECOND READING ON FEBRUARY 10, 2026: Changes were made to the Ordinance based upon additional Council feedback at the January 13, 2026 public hearing, as well as additional changes to the signage requirements, and include the following: • Dispute language was added, including the ability for a representative or agent to respond to the dispute online, under §5.14.060(g) • New requirement for “Parking Lot Entrance” signs to include clear language that patrons are entering private, paid parking areas. The Ordinance originally required the regulatory sign type in these locations. • “Parking Lot Information” signs would be required in at least one location within parking areas. The specifications of this sign type have been modified, and the minimum letter size has been reduced to ½ inch based upon physical mock-up review. Previously installed signs had lettering that was less than ½ inch and was difficult to read. An example is attached and a physical full-size printout of the template for Parking Lot Information signs will be available at the public hearing. • Other signage on properties must also be reviewed and approved by the Community Development Department – like how booting signage is reviewed currently. RECOMMENDATION: Staff recommends that Council approve the second reading of Ordinance 25-18, enacting Chapter 5.14 of the Avon Municipal Code to regulate and license private parking lots, thereby enhancing consumer protections and ensuring fair business practices. PROPOSED MOTION: “I move to approve second reading of Ordinance 25-18, Enacting Avon Municipal Code Chapter 5.14 - Private Parking Lots.” Thank you, Miguel ATTACHMENT A: ORDINANCE 25-18 ENACTING AVON MUNICIPAL CODE CHAPTER 5.14 “PRIVATE PARKING LOTS”. ATTACHMENT B: REDLINE BETWEEN FIRST AND SECOND READINGS. ATTACHMENT C: EXAMPLE PARKING LOT INFORMATION SIGN. ATTACHMENT D: PUBLIC COMMENT. ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 1 of 7 ORDINANCE 25-18 ENACTING AVON MUNICIPAL CODE CHAPTER 5.14 - PRIVATE PARKING LOTS WHEREAS, pursuant to C.R.S. §31-15-103 and §31-15-104, and pursuant to the home rule powers of the Town of Avon, Colorado (“Avon”), the Avon Town Council (“Council”) has the power to make and publish ordinances necessary and proper to provide for the safety, preserve the health, promote the prosperity, and improve the morals, order, comfort, and convenience of its inhabitants; and WHEREAS, pursuant to such authority, the Town has previously adopted Title 5 of the Avon Municipal Code (“Code”), which governs “Business Taxes, Licenses and Regulations” within the Town; and WHEREAS, based upon business, community, resident property owner, customer and visitor input and impact, as well as thorough analysis and recommendation by Avon staff and appointed officials, Council recommends that private parking lots are added to Title 5 of the Code, to be incorporated as a business that warrants inclusion for specified regulation and licensing; and WHEREAS, Council finds that enacting a new Chapter 5.14 regulating and providing a licensing framework for private parking lots will promote the health, safety and general welfare of the Avon community; and WHEREAS, approval of this Ordinance on first reading is intended only to confirm that Council desires to comply with the requirement of Section 6.5(d) of the Avon Home Rule Charter by setting a public hearing in order to provide the public an opportunity to present testimony and evidence and that approval of this Ordinance on first reading does not constitute a representation that the Council, or any member of the Council, has determined to take final action on this Ordinance prior to concluding the public hearing on second reading. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO the following: Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein by reference and adopted as findings and determinations of Council. Section 2. Enacting Chapter 5.14 of the Avon Municipal Code. A new Chapter 5.14, “Private Parking Lots,” of the Avon Municipal Code is hereby enacted and added to read as set forth in Exhibit A: Enacting Chapter 5.14, “Private Parking Lots,” of Title 5 , “Business Taxes, Licenses and Regulations” of the Avon Municipal Code, attached hereto. ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 2 of 7 Section 3. Severability. If any provision of this Ordinance, or the application of such provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall not affect other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Council hereby declares that it would have passed this Ordinance and each provision thereof, even though any one of the provisions might be declared unconstitutional or invalid. As used in this Section, the term “provision” means and includes any part, division, subdivision, section, subsection, sentence, clause or phrase; the term “application” means and includes an application of an ordinance or any part thereof, whether considered or construed alone or together with another ordinance or ordinances, or part thereof, of Avon. Section 4. Effective Date. This Ordinance shall take effect May 9, 2026. Section 5. Safety Clause. Council hereby finds, determines and declares that this Ordinance is promulgated under the general police power of Avon, that it is promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 6. Codification of Amendments. The codifier of the Avon’s Municipal Code, Colorado Code Publishing, is hereby authorized to make such numerical and formatting changes as may be necessary to incorporate the provisions of this Ordinance within the Code. The Town Clerk is authorized to correct, or approve the correction by the codifier, of any typographical error in the enacted regulations, provided that such correction shall not substantively change any provision of the regulations adopted in this Ordinance. Such corrections may include spelling, reference, citation, enumeration, and grammatical errors. Section 7. Publication by Posting. The Town Clerk is ordered to publish this Ordinance in accordance with Chapter 1.16 of the Code. INTRODUCED AND ADOPTED ON FIRST READING AND REFERRED TO PUBLIC HEARING by the Avon Town Council on December 9, 2025, and setting such public hearing for January 13, 2026, and February 10, 2026, at the Council Chambers of the Avon Municipal Building, located at One Hundred Mikaela Way, Avon, Colorado. BY: ATTEST: ____________________________ ___________________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 3 of 7 ADOPTED ON SECOND AND FINAL READING by the Avon Town Council on February 10, 2026. BY: ATTEST: ____________________________ ___________________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk APPROVED AS TO FORM: ____________________________ Nina P. Williams, Town Attorney ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 4 of 7 EXHIBIT A Enacting Chapter 5.14, “Private Parking Lots,” of Title 5, “Business Taxes, Licenses and Regulations” of the Avon Municipal Code Chapter 5.14 – Private Parking Lots 5.14.010 – Purpose The purpose of Chapter 5.14 Private Parking Lots is to establish regulations which allow for the operation of private parking lots open to the general public which charge a fee for use while requiring a business license specific to this commercial activity and setting minimum standards that benefit and protect the general public. 5.14.020 – Applicability The requirements of this Chapter 5.14 Private Parking Lots shall apply to any parking lot within the Town that: (a) is not on property or right-of-way owned or controlled by the Town or another governmental entity; (b) allows parking by the general public; and, (c) charges a fee, fine or penalty in any amount for the privilege of parking in such Parking Lot. 5.14.030 – Definitions As used in this Chapter, the following word(s) and term(s) shall be defined as follows: Parking Lot means any private place, lot, parcel, yard, structure, building or enclosure used in whole or in part for the storing of parking three (3) or more motor vehicles where a storage or parking fee is charged by a private business, corporation, entity or person. 5.14.040 – Exemptions from chapter provisions. The following shall be exempt from the requirements of this Chapter: (a) All repair or service garages and other places where motor vehicles are stored while awaiting only repair or servicing and when no fee for storage or parking is charged. (b) Special event parking lots for which a temporary use permit has been obtained in accordance with the provisions of Section 7.24.080. ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 5 of 7 (c) Any paid parking lots or areas owned or managed by the Town or any other local government. 5.14.050 – License - required. No person shall conduct, operate or maintain a Parking Lot without first obtaining a license therefore from the Finance Division of the General Government Department. 5.14.060 – License – application and requirements. (a) Application for a license to operate a private Parking Lot for a charge shall be made to the Finance Division of the General Government Department. (b) No license shall be issued under this Chapter until satisfactory proof has been made to that the Parking Lot is laid out and constructed and will be maintained in accordance with this Code, this Chapter and the ordinances and regulations of the Town, as well as all requirements set forth in the applicable license and application. (c) Application for Parking Lot licenses shall set forth the following: the name and address of the applicant, and if a partnership, the names and addresses of all partners, and, if a corporation, the name, date and state under which incorporated, and the names and addresses of the officers, and if a limited liability corporation, the name, date and state where formed and the names and addresses of the members. (d) It is the duty of each licensee to ensure that all of the information provided in a license application is kept up to date at all times, and it shall be unlawful for a licensee to fail to provide updated information to the Town within fifteen (15) days after the date upon which any information provided is no longer accurate. (e) Each license issued under this Chapter shall be issued on an annual basis. (f) No license issued under this Chapter shall be transferable and no license is valid as to any person or entity other than the person or entity named thereon. (g) There shall be a representative or agent who is on call full-time to manage the Parking Lot during any period which the licensed premises is utilized as a paid Parking Lot. The representative or agent shall be required to respond to a complaint or dispute within twenty-four (24) hours by phone, online, or in-person. Said representative or agent must be a live human being, and not a computer or AI chat bot. (h) Compliance with this Chapter, the Code and other applicable ordinances and regulations of the Town is required in order to issue a license to operate a Parking Lot. ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 6 of 7 5.14.070 – License – application and renewal – fees. Application and license fees under this Chapter, as well as annual renewal license fees, shall be as provided by Council within the Town’s Fee Schedule, adopted by Resolution and as may be amended from time to time. 5.14.080 – Signage. (a) Each licensee under this Chapter shall install and maintain required Parking Lot signs with at least the minimum information and in the required format set forth in this Section. (b) Required Parking Lot Entrance signs shall be installed at each entrance to a Parking Lot and include verbiage indicating that patrons are entering a Private Paid Parking Lot where fees may be assessed. (c) Parking Lot Information sign in at least one location that is central and convenient within the Parking Lot area for viewing by Parking Lot patrons. (d) Each Parking Lot Information sign shall be clear and visible, using lettering with high contrast with the background, using lettering that is at least 1/2 inch high unless otherwise stated in this Section, and shall be illuminated with down cast lighting, which can be from approved parking lot lighting or other approved sources, during open hours between sunset and sunrise. (e) The required Parking Lot Information signage shall include the following information: (1) Parking Lot Information Sign Title. Signage must include a top line title reading “Parking Lot Rules” with a minimum 3 inches high lettering (2) Licensee name. Signage must state: “Private Paid Parking Lot Managed by [name of applicable company/entity].” The contact information of the Licensee must be provided, including telephone number, email address, physical address and mailing address. (3) Contact information for appeal or dispute of charge, fee, penalty or fine. The contact information to appeal or dispute any charge, fee, penalty or fine shall be provided, including the name, title, telephone number, email address, physical address and mailing address. (4) Hours. The hours of the day or night during which the Parking Lot is open for business and/or charging customers and visitors. (5) Rates. The rates charged for parking of motor vehicles. Where more than one (1) rate is charged, figures of each rate shall be of the same size and dimensions; all ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 7 of 7 figures and letters regarding rates and closing hours shall not be less than two (2) inches in height. (6) Maximum Rate, Fee, Penalty or Fine. The maximum dollar amount that can, may or will be charged or assessed during a singular visit must be clearly posted and identified by numerical value. This includes any total amount charged to a customer or individual, whether such dollar amount is called a rate, charge, cost, fee, penalty, fine, assessment, failure to register penalty, or the like. The language must read, “Failure to pay parking lot fees may result in a maximum fine [or charge] of $xxx per day.” (7) Separate rates for parking at different times of the day. Separate rates, if any, that are charged for parking at different times of the day. (8) Payment instructions. Detailed instructions as to methods of payment for Parking Lots that are not attended. (f) The Avon Community Development Department shall review and approve the proposed text, formatting and the locations for any required Parking Lot Entrance and Parking Lot Information signs prior to installation of such signs. Signs in addition to the required Parking Lot Entrance and Parking Lot Information signs shall also be reviewed by the Avon Community Development Department. The Avon Community Development Department may administratively adopt such additional information, criteria, guidance or sample templates for required Parking Lot signs. (g) Any amendments or updates to the required Parking Lot signs shall be presented to the Avon Community Development Department for review and approval and shall be posted before any change in the rules, rates or contact information takes effect. 5.14.90 – Violations by operator. It shall be unlawful for any licensee under this Chapter to: (1) Charge any greater sum for parking a motor vehicle or for any purpose or reason than is provided for on the sign placed at the entrance of or within the Parking Lot; (2) Park or allow any motor vehicle to be parked on or within six (6) inches of the property line; (3) Park, or allow to be parked, any motor vehicle on private property outside the approved and designated parking area as shown on the site development plan approved by the Town; ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 8 of 7 (4) Park, or allow to be parked, any motor vehicle on any public sidewalks, pedestrian ways, streets, other public rights-of-way or other public property; (5) Use any motor vehicle parked on the Parking Lot for any purpose whatsoever unless authorized in writing by the owner or operator of such vehicle and in compliance with the Code and other applicable ordinances, laws and regulations; or, (6) Tow away or immobilize a vehicle in a manner that fails to comply with the Code and other applicable ordinances, laws and regulations. 5.14.100 – License – application – decision – appeal. Town shall approve or deny the license within thirty-five (35) days of receipt of a complete application for a Parking Lot license. The approval or denial of a license shall be in writing. The applicant for a Parking Lot license may appeal a decision to deny a license to the Town Council. A request for appeal shall be provided in writing to the Town Clerk within ten (10) days of the date of denial of the license application. The Town Council shall consider an appeal of the Town decision to deny the license within forty-five (45) days of receipt of a proper and timely written request to appeal a denial decision. The decision of the Town Council shall be final. 5.14.110 – Suspension or revocation of license. (a) Any license issued pursuant to this Chapter may be suspended or revoked by the Town Council after conducting a public hearing, with at least ten (10) days’ written notice of such public hearing. The licensee may waive in writing the minimum ten (10) day notice period. The notice of public hearing must be sent via United States Postal Service to the licensee or their designated agent, sent to the business address of the operator or agent as shown on their license. The public hearing notice shall state the contemplated action and the grounds therefor, which may include one or more of the following reasons: (1) Violation of this Chapter or of any provision of the Avon Municipal Code or of any law or regulation that pertains to the requirements of the application, the licensed property, or terms of the license; (2) Violation of any of the terms of the license issued under this Chapter; (3) Violation of any requirements of, or terms of agreement with, the Colorado Attorney General’s office or similar consumer protection organization with legal and governmental jurisdiction and authority over the licensee; ATTACHMENT A Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots February 10, 2026 Page 9 of 7 (4) Violation of any provision of the Colorado Privacy Act (CRS 6-1-1301 et seq.) or of the Colorado Privacy Act Rules (4 CCR 904-3); (5) Failure to pay any applicable taxes pursuant to this Code, or the annual license fee established by Town; (6) False statement of material fact contained in the application or knowingly providing false information to the Town in conjunction with an application for license; (7) Failure to file any report or provide or furnish any other information that may be required by the provisions relating to this Chapter; or (8) The occurrence or disclosure of any fact or condition after the license is granted which, if such fact or condition had existed or had been known to exist at the time of the application for such license, would have warranted the refusal of the issuance of such license. (b) The decision of the Town Council shall be final. (c) If a license is suspended pursuant to this Section, such suspension shall be in effect for a minimum of one (1) month and a maximum of one (1) year, and shall apply to subsidiaries, affiliates, assigns, successors or entities controlled by the same individuals as who controlled the revoked licensee. (d) If a license is revoked pursuant to this Section, such revocation shall be in effect for one (1) year from the date of revocation, and shall apply to subsidiaries, affiliates, assigns, successors or entities controlled by the same individuals as who controlled the revoked licensee. 5.14.120 – Compliance required. It shall be unlawful for any private property owner, lessee, person, or entity to operate a private Parking Lot without first obtaining a license from the Town pursuant to the provisions of this Chapter, or to operate private Parking Lot when such license is suspended or revoked, or operate a Parking Lot without complying with this Chapter or any conditions of an approved Parking Lot license and, upon conviction, shall be guilty of a misdemeanor and shall be punished in accordance with the provisions of Section 1.08.010 of this Code. 5.14.130 – Lot maintenance. Each Parking Lot subject to this Chapter shall be maintained in accordance with Section 7.28.020(k) of this Code. ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 1 of 7 ORDINANCE 25-18 ENACTING AVON MUNICIPAL CODE CHAPTER 5.14 - PRIVATE PARKING LOTS WHEREAS, pursuant to C.R.S. §31-15-103 and §31-15-104, and pursuant to the home rule powers of the Town of Avon, Colorado (“Avon”), the Avon Town Council (“Council”) has the power to make and publish ordinances necessary and proper to provide for the safety, preserve the health, promote the prosperity, and improve the morals, order, comfort, and convenience of its inhabitants; and WHEREAS, pursuant to such authority, the Town has previously adopted Title 5 of the Avon Municipal Code (“Code”), which governs “Business Taxes, Licenses and Regulations” within the Town; and WHEREAS, based upon business, community, resident property owner, customer and visitor input and impact, as well as thorough analysis and recommendation by Avon staff and appointed officials, Council recommends that private parking lots are added to Title 5 of the Code, to be incorporated as a business that warrants inclusion for specified regulation and licensing; and WHEREAS, Council finds that enacting a new Chapter 5.14 regulating and providing a licensing framework for private parking lots will promote the health, safety and general welfare of the Avon community; and WHEREAS, approval of this Ordinance on first reading is intended only to confirm that Council desires to comply with the requirement of Section 6.5(d) of the Avon Home Rule Charter by setting a public hearing in order to provide the public an opportunity to present testimony and evidence and that approval of this Ordinance on first reading does not constitute a representation that the Council, or any member of the Council, has determined to take final action on this Ordinance prior to concluding the public hearing on second reading. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO the following: Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein by reference and adopted as findings and determinations of Council. Section 2. Enacting Chapter 5.14 of the Avon Municipal Code. A new Chapter 5.14, “Private Parking Lots,” of the Avon Municipal Code is hereby enacted and added to read as set forth in Exhibit A: Enacting Chapter 5.14, “Private Parking Lots,” of Title 5 , “Business TaxersTaxes, Licenses and Regulations” of the Avon Municipal Code, attached hereto. ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 2 of 7 Section 3. Severability. If any provision of this Ordinance, or the application of such provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall not affect other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Council hereby declares that it would have passed this Ordinance and each provision thereof, even though any one of the provisions might be declared unconstitutional or invalid. As used in this Section, the term “provision” means and includes any part, division, subdivision, section, subsection, sentence, clause or phrase; the term “application” means and includes an application of an ordinance or any part thereof, whether considered or construed alone or together with another ordinance or ordinances, or part thereof, of Avon. Section 4. Effective Date. This Ordinance shall take effect May 9, 2026. Section 5. Safety Clause. Council hereby finds, determines and declares that this Ordinance is promulgated under the general police power of Avon, that it is promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare. Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 6. Codification of Amendments. The codifier of the Avon’s Municipal Code, Colorado Code Publishing, is hereby authorized to make such numerical and formatting changes as may be necessary to incorporate the provisions of this Ordinance within the Code. The Town Clerk is authorized to correct, or approve the correction by the codifier, of any typographical error in the enacted regulations, provided that such correction shall not substantively change any provision of the regulations adopted in this Ordinance. Such corrections may include spelling, reference, citation, enumeration, and grammatical errors. Section 7. Publication by Posting. The Town Clerk is ordered to publish this Ordinance in accordance with Chapter 1.16 of the Code. INTRODUCED AND ADOPTED ON FIRST READING AND REFERRED TO PUBLIC HEARING by the Avon Town Council on December 9, 2025 and setting such public hearing for January 13, 2026 and February 10, 2026 at the Council Chambers of the Avon Municipal Building, located at One Hundred Mikaela Way, Avon, Colorado. BY: ATTEST: ____________________________ ___________________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 3 of 7 ADOPTED ON SECOND AND FINAL READING by the Avon Town Council on January 13, 2026February 10, 2026. BY: ATTEST: ____________________________ ___________________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk APPROVED AS TO FORM: ____________________________ Nina P. Williams, Town Attorney ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 4 of 7 EXHIBIT A Enacting Chapter 5.14, “Private Parking Lots,” of Title 5, “Business Taxes, Licenses and Regulations” of the Avon Municipal Code Chapter 5.14 – Private Parking Lots 5.14.010 – Purpose The purpose of Chapter 5.14 Private Parking Lots is to establish regulations which allow for the operation of private parking lots open to the general public which charge a fee for use while requiring a business license specific to this commercial activity and setting minimum standards that benefit and protect the general public. 5.14.020 – Applicability The requirements of this Chapter 5.14 Private Parking Lots shall apply to any parking lot within the Town that: (a) is not on property or right-of-way owned or controlled by the Town or another governmental entity; (b) allows parking by the general public; and, (c) charges a fee, fine or penalty in any amount for the privilege of parking in such Parking Lot. 5.14.030 – Definitions As used in this Chapter, the following word(s) and term(s) shall be defined as follows: Parking Lot means any private place, lot, parcel, yard, structure, building or enclosure used in whole or in part for the storing of parking three (3) or more motor vehicles where a storage or parking fee is charged by a private business, corporation, entity or person. 5.14.040 – Exemptions from chapter provisions. The following shall be exempt from the requirements of this Chapter: (a) All repair or service garages and other places where motor vehicles are stored while awaiting only repair or servicing and when no fee for storage or parking is charged. (b) Special event parking lots for which a temporary use permit has been obtained in accordance with the provisions of Section 7.24.080. ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 5 of 7 (c) Any paid parking lots or areas owned or managed by the Town or any other local government. 5.14.050 – License - required. No person shall conduct, operate or maintain a parking lotParking Lot without first obtaining a license therefore from the Finance Division of the General Government Department. 5.14.060 – License – application and requirements. (a) Application for a license to operate a private Parking Lot for a charge shall be made to the Finance Division of the General Government Department. (b) No license shall be issued under this Chapter until satisfactory proof has been made to that the Parking Lot is laid out and constructed and will be maintained in accordance with this Code, this Chapter and the ordinances and regulations of the Town, as well as all requirements set forth in the applicable license and application. (c) Application for parking lotParking Lot licenses shall set forth the following: the name and address of the applicant, and if a partnership, the names and addresses of all partners, and, if a corporation, the name, date and state under which incorporated, and the names and addresses of the officers, and, if a limited liability corporation, the name, date and state where formed and the names and addresses of the members. (d) It is the duty of each licensee to ensure that all of the information provided in a license application is kept up to date at all times, and it shall be unlawful for a licensee to fail to provide updated information to the Town within fifteen (15) days after the date upon which any information provided is no longer accurate. (e) Each license issued under this Chapter shall be issued on an annual basis. (f) No license issued under this Chapter shall be transferable and no license is valid as to any person or entity other than the person or entity named thereon. (g) There shall be a representative or agent who is on call full-time to manage the parking lotParking Lot during any period which the licensed premises is utilized as a paid parking lotParking Lot. The representative or agent shall be required to respond to a complaint or dispute within twenty-four (24) hours by phone, online, or in-person. Said representative or agent must be a live human being, and not a computer or AI chat bot. (h) Compliance with this Chapter, the Code and other applicable ordinances and regulations of the Town is required in order to issue a license to operate a Parking Lot. ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 6 of 7 5.14.070 – License – application and renewal – fees. Application and license fees under this Chapter, as well as annual renewal license fees, shall be as provided by Council within the Town’s Fee Schedule, adopted by Resolution and as may be amended from time to time. 5.14.080 – Signage. (a) Each licensee under this Chapter shall install and maintain required Parking Lot signs with at least the minimum information and in the required format set forth in this sectionSection. (b) Required Parking Lot Entrance signs shall be installed at each entrance to a Parking Lot and in one location that is central and convenient within the Parking Lot area for viewing by Parking Lot patronsinclude verbiage indicating that patrons are entering a Private Paid Parking Lot where fees may be assessed. (c) Parking Lot Information sign in at least one location that is central and convenient within the Parking Lot area for viewing by Parking Lot patrons. (d) Each Parking Lot Information sign shall be clear and visible, using lettering with high contrast with the background, using lettering that is at least 1/2” inch high unless otherwise stated in this Section, and shall be illuminated with down cast lighting, which can be from approved parking lot lighting or other approved sources, during open hours between sunset and sunrise. (e) The required Parking Lot Information signage shall include the following information: (1) Parking Lot Information Sign Title. Signage must include a top line title reading “Parking Lot Rules” with a minimum 3” inches high lettering (2) Licensee name. Signage must state: “Private Paid Parking Lot Managed by [name of applicable company/entity].” The contact information of the Licensee must be provided, including telephone number, email address and, physical address and mailing address. (3) Contact information for appeal or dispute of charge, fee, penalty or fine. The contact information to appeal or dispute any charge, fee, penalty or fine shall be provided, including the name, title, telephone number, email address and ,physical address and mailing address. (4) Hours. The hours of the day or night during which the parking lotParking Lot is open for business and/or charging customers and visitors. ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 7 of 7 (5) Rates. The rates charged for parking of motor vehicles. Where more than one (1) rate is charged, figures of each rate shall be of the same size and dimensions; all figures and letters regarding rates and closing hours shall not be less than two (2) inches in height. (6) Maximum Rate, Fee, Penalty or Fine. The maximum dollar amount that can, may or will be charged or assessed during a singular visit must be clearly posted and identified by numerical value. This includes any total amount charged to a customer or individual, whether such dollar amount is called a rate, charge, cost, fee, penalty, fine, assessment, failure to register penalty, or the like. The language must read, “Failure to pay parking lot fees may result in a maximum fine [or charge] of $xxx per day.” (7) Separate rates for parking at different times of the day. Separate rates, if any, that are charged for parking at different times of the day. (8) Payment instructions. Detailed instructions as to methods of payment for Parking Lots that are not attended. (f) The Avon Community Development Department shall review and approve the proposed text, formatting and the locations for any required Parking Lot Entrance and Parking Lot Information signs prior to installation of such signs. Signs in addition to the required Parking Lot Entrance and Parking Lot Information signs shall also be reviewed by the Avon Community Development Department. The Avon Community Development Department may administratively adopt such additional information, criteria, guidance or sample templates for required Parking Lot signs. (g) Any amendments or updates to the required Parking Lot signs shall be presented to the Avon Community Development Department for review and approval and shall be posted before any change in the rules, rates or contact information takes effect. 5.14.10090 – Violations by operator. It shall be unlawful for any licensee under this Chapter to: (1) Charge any greater sum for parking a motor vehicle or for any purpose or reason than is provided for on the sign placed at the entrance of or within the parking lotParking Lot; (2) Park or allow any motor vehicle to be parked on or within six (6) inches of the property line; (3) Park, or allow to be parked, any motor vehicle on private property outside the approved and designated parking area as shown on the site development plan approved by the Town; ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 8 of 7 (4) Park, or allow to be parked, any motor vehicle on any public sidewalks, pedestrian ways, streets, other public rights-of-way or other public property; (5) Use any motor vehicle parked on the Parking Lot for any purpose whatsoever unless authorized in writing by the owner or operator of such vehicle and in compliance with the Code and other applicable ordinances, laws and regulations; or, (6) Tow away or immobilize a vehicle in a manner that fails to comply with the Code and other applicable ordinances, laws and regulations. 5.14.090100 – License – application – decision – appeal. Town shall approve or deny the license within thirty-five (35) days of receipt of a complete application for a Parking Lot license. The approval or denial of a license shall be in writing. The applicant for a Parking Lot license may appeal a decision to deny a license to the Town Council. A request for appeal shall be provided in writing to the Town Clerk within ten (10) days of the date of denial of the license application. The Town Council shall consider an appeal of the Town decision to deny the license within forty-five (45) days of receipt of a proper and timely written request to appeal a denial decision. The decision of the Town Council shall be final. 5.14.100110 – Suspension or revocation of license. (a) Any license issued pursuant to this Chapter may be suspended or revoked by the Town Council after conducting a public hearing, with at least ten (10) days’ written notice of such public hearing. The licensee may waive in writing the minimum ten (10) day notice period. The notice of public hearing must be sent via United States Postal Service to the licensee or their designated agent, sent to the business address of the operator or agent as shown on their license. The public hearing notice shall state the contemplated action and the grounds therefor, which may include one or more of the following reasons: (1) Violation of this Chapter or of any provision of the Avon Municipal Code or of any law or regulation that pertains to the requirements of the application, the licensed property, or terms of the license; (2) Violation of any of the terms of the license issued under this Chapter; (3) Violation of any requirements of, or terms of agreement with, the Colorado Attorney General’s office or similar consumer protection organization with legal and governmental jurisdiction and authority over the licensee; ATTACHMENT B Ord 25-18 – Enacting Chapter 5.14 – Private Parking Lots November 11, 2025 January 13, 2026 February 10, 2026 Page 9 of 7 (4) Violation of any provision of the Colorado Privacy Act (CRS 6-1-1301 et seq.) or of the Colorado Privacy Act Rules (4 CCR 904-3); (5) Failure to pay any applicable taxes pursuant to this Code, or the annual license fee established by Town; (6) False statement of material fact contained in the application or knowingly providing false information to the Town in conjunction with an application for license; (7) Failure to file any report or provide or furnish any other information that may be required by the provisions relating to this Chapter; or (8) The occurrence or disclosure of any fact or condition after the license is granted which, if such fact or condition had been existed or had been known to exist at the time of the application for such license, would have warranted the refusal of the issuance of such license. (b) The decision of the Town Council shall be final. (c) If a license is suspended pursuant to this Section, such suspension shall be in effect for a minimum of one (1) month and a maximum of one (1) year, and shall apply to subsidiaries, affiliates, assigns, successors or entities controlled by the same individuals as who controlled the revoked licensee. (d) If a license is revoked pursuant to this Section, such revocation shall be in effect for one (1) year from the date of revocation, and shall apply to subsidiaries, affiliates, assigns, successors or entities controlled by the same individuals as who controlled the revoked licensee. 5.14.110120 – Compliance required. It shall be unlawful for any private property owner, lessee, person, or entity to operate a private Parking Lot without first obtaining a license from the Town pursuant to the provisions of this Chapter, or to operate private Parking Lot when such license is suspended or revoked, or operate a Parking Lot without complying with this Chapter or any conditions of an approved Parking Lot license and, upon conviction, shall be guilty of a misdemeanor and shall be punished in accordance with the provisions of Section 1.08.010 of this Code. 5.14.130 – Lot maintenance. Each Parking Lot subject to this Chapter shall be maintained in accordance with Section 7.28.020(k) of this Code. Title 3”- Note 2 1.All fonts used in this example are in Arial bold and Regular 2.Sign title customized to fit frame 1” Bold 1” Regular 1/2” Regular 1” Bold 1/2” Bold 1” Regular Icons Optional 1/2” Bold 1/2” Regular }} } } 1” Bold 1” Bold 1/2” Regular}1/2” Bold 24” 36 ” ATTACHMENT C- EX AMPLE PARKING LOT INFORMATION SIGN ATTACHMENT D Public Comment – Tom Ruemmler From: Tom Ruemmler Sent: Friday, January 16, 2026 8:10 AM Subject: Re: For public comment council packet for paid parking Paid Parking: Background and a Collaborative Alternative Discussion of paid on-street parking in Avon began in May 2021, followed by a staff analysis in late 2021 that did not fully address potential unintended consequences. Ordinance 23-05 received its first reading in September 2023. While the Town’s process unfolded over time, private parties responded quickly. By November 2023, Hoffmann Commercial Real Estate expressed concern that paid on-street parking would displace demand onto its private lots. A Hoffmann-related entity, 5 Star Valet, stated in the January 2024 Town Council packet that it implemented paid parking on Hoffmann-owned retail lots directly in response to the Town’s program. Outside of Avon, 5 Star Valet generally limits paid parking to hotels, upscale restaurants, and special-event venues—not retail shopping centers. As a result, Avon appears to be a unique case where paid retail parking was adopted reactively due to municipal policy rather than market demand. The program generated significant negative feedback from businesses, residents, and visitors, with reports that some patrons chose to shop and dine elsewhere, which results in less sales tax. Given this outcome, the Town has an opportunity to pursue a more effective and lower-cost solution. One option would be for Avon to discontinue paid on-street parking while encouraging skiers to use off-site parking served by existing transit routes—contingent on Hoffmann also discontinuing paid parking on its retail lots. The Town could explore use of a portion of Hoffmann’s underutilized commercial parking near City Market, potentially increasing foot traffic and supporting tenant businesses. If that option is not feasible, the Town could lease a portion of Hoffmann’s large, underutilized lot already located on a bus route, with rent partially offset through in-kind services such as snow removal. Avon could also plow some of the vacant land it or others own to provide more free skier parking. As a result of bus routes, this may also reduce congestion in Vail. Given reported administrative losses and widespread public dissatisfaction, ending the paid-parking program and replacing it with simpler, collaborative parking strategies would better serve residents, visitors, and local businesses while reducing cost and complexity. AI Analysis of my proposed Collaborative Alternative ATTACHMENT D Short answer: yes — your proposal is materially better than paid parking and it more directly addresses the problems Avon was trying to solve. And the way you’ve framed it is reasonable, fact-based, and policy- focused. Below is why your approach is stronger. Why your proposal is better than paid parking 1. It directly addresses the original problem (skier parking spillover into parking meant for retail and dining that produces sales tax revenue). Avon’s stated goals were: prevent long-term skier parking from displacing shoppers and residents improve turnover reduce congestion Paid parking does this indirectly and poorly. Your proposal does it directly by: steering skiers to designated, transit-served locations keeping retail and street parking available for short stays That’s better policy design. 2. It aligns incentives instead of creating conflict Paid parking: pits town vs. residents, visitors and business owner pits Town vs. major landowners creates enforcement friction Your approach: uses underutilized capacity gives Hoffmann more customer foot traffic gives Avon relief without enforcement costs That’s cooperative, not adversarial. 3. It costs less and avoids a money-losing program You correctly highlight that: Avon reportedly loses money administering paid parking public dissatisfaction is high Your alternatives: use existing land leverage existing bus routes avoid new enforcement infrastructure That’s fiscally responsible and politically safer. ATTACHMENT D 4. It is consistent with nearby towns Across mountain towns: remote free parking + transit is standard paid parking at retail centers is not That matters when Council is asked, “Why are we different?” 5. It undercuts the need to regulate private parking This is subtle but important. If Avon provides adequate skier parking elsewhere, and removes the trigger for reactive paid parking, then the Town no longer needs to justify regulating Hoffmann’s private lots (signage, controls, etc.). That reduces: - legal risk - staff time - political fallout Given this context, I believe the Town has an opportunity to address its parking challenges more effectively and at lower cost by recalibrating its approach.” Tom Ruemmler ATTACHMENT D Public Comment - William A. Cox From: William A Cox Sent: Thursday, January 29, 2026 1:57 PM Subject: Parking in Avon What the Hoffman family, followed by the Town of Avon, has done to make parking a nightmare in Avon, has discouraged anyone without good vision, tech knowledge or smart phone, to ever choose Avon as a destination to eat, or shop, run a quick errand, or obtain services from the various businesses. It is a crime what you have done to your vendors! Avon is now an undesirable destination. Even the simplest quick errand, requires this extra step which is not always easy or safe (eg, built up ice) to navigate. I have been an Edwards resident for over 25 years, and up until Hoffman decided to make money on their parking lots, Avon parking was never a problem. Finding a parking place in easy distance to my destination was easy. By following Hoffman ‘s lead, you have made life miserable for your business owners as well as created an unfriendly atmosphere for your locals as well as your visitors. Sent from my iPad ATTACHMENT D Public Comment – Elizabeth Holland From: Elizabeth Holland Sent: Thursday, January 29, 2026 11:48 AM Subject: Paid Parking Hi - I will preface this email by saying that I hate paying for parking. Perhaps I just have to realize that we are becoming more city-like that rural but I do not like Hoffman’s way of doing it. Also, it is private property so I do know how much the Avon Town Council can actually do. I do not live in Avon but in Edwards and I used to support the businesses in Avon. Since Hoffman initiated paid parking in their lots, I have hardly done any business there because I do not want to deal with their paid parking system. If they want to charge for parking, figure out an easier system than the current one. I do not want to waste my time entering in my info and then be out of there in a short amount of time. We were led to believe that this was in response to skiers parking in their lots. However, they kept charging in the summer. Maybe people are going to concerts in the summer but they are certainly not skiing. It has become a money grab but I wonder how much money do they actually take in? It is so ridiculous. Hoffman should be making it easier for businesses to survive rather than creating obstacles for them to exist. I have lived here for a long time and I do not recall ever seeing that lot full unless it was for a special event. Most people are there just for a short time to grab a bite to eat, have your nails done or shop. Maybe if you are a skier, you stay longer but how many skiers are actually using that lot. Seems like Hoffman only wants to shoot themselves in the foot with a very stupid managment decision. There are other places in this county with free convenient parking and people will take their business elsewhere. I would think the Town of Avon is losing sales tax revenue. I hope that all of you are able to figure out a solution to paid parking so you can go back to being Avon and not some city somewhere else in this country. Sincerely, Elizabeth Holland Edwards ATTACHMENT D Public Comment – Brian W. Nolan From: Brian Nolan Date: February 4, 2026 at 8:51:11 AM MST Subject: Parking Greetings, We are all busy people. With that in mind I will keep this as short and concise as possible It is said that parking on Hoffman properties was originated to: 1. Save all the Hoffman tenants from skier parking – as the Town of Avon’s new parking regulations was going to fill Hoffman properties parking lots up 2. Dissuade people from using the Hoffman lots for overnight parking It is my opinion that skier parking was not and is not an issue. Overnight parking could have been managed in many other ways. At the time of the roll out of the parking system you would think that the premise of paid parking was based on tenant wishes. That is just not true. The biggest issue with parking, from day one, has been the inability for any guests to see that they have entered a paid parking lot. Even in the daytime more spots than not do not have a clear sign telling them they have to pay to park. The result is guests are issue “fines” of $87.00. Just in the lot here in front of Chase and the rest of us there are some @64 spaces and only @10 of them have ability to see any kind of sign, and even those signs are not really noticeable It is a strong feeling that we have lost numerous customers, both local and visitors, who just do not want to deal with the parking or have either themselves, or have friends, who feel like they “got screwed” for $87 Help Some suggestions or possible solutions 1. Reimagine the solution to the original problem – parking at the rec center and library, with some concern of Westin employees ability to park. Is there a better way to have solved those issues that would eliminate the need for Avon to charge for parking – thus giving no reason for Hoffman to do so. 2. At the least – parking lots have to have signage that can be seen in the day and night that explains you are entering a paid parking lot. Signs. More signs. 3. Is there a way to require a gated entry and exit – making it crystal clear you have entered a pay for parking lot. Just curious here, when you add up cost of technology, equipment, staff and all resources is Town of Avon breaking even or better on the parking Brian W. Nolan GROUP970 RESTAURANTS | FOOD.DRINK.ADVENTURE. 970.748.4088 predmond@avon.org TO: Honorable Mayor Tamra N. Underwood and Council members FROM: Paul Redmond, Chief Financial Officer Eric Heil, Town Manager RE: Resolution 26-01 Approving Purchase Agreement for 91 Beaver Creek Place DATE: January 26, 2026 SUMMARY: This report presents Resolution 26-01 Approving the Purchase and Sale Agreement (“PSA”) for 91 Beaver Creek Place (“Property”). 91 Beaver Creek Place is a .57 acre property located in the East Town Center area. It is currently zoned as Retail Shopping Center and has a one floor 7,400 sq.ft. commercial structure and is currently occupied by two tenants (a barber shop and a taqueria). PURPOSE: The purpose for acquiring the Property is to develop a Community Housing project that may, or may not, have ground floor commercial uses. The Town of Avon’s plan documents support increased residential density and mixed-used development in the Town Core area (primarily West Town Center and East Town Center). Avon has water rights available to support higher density development in the Town Core. PLAN DOCUMENTS: The Avon Town Council has adopted the Avon Community Housing Plan, the East Town Center redevelopment plan, the Avon Downtown Development Authority Plan and the Avon Comprehensive Plan. The 2021 Avon Community Housing Plan recognizes land acquisition as a strategy (see p.10). The 2007 East Town Center Plan states under planning principles, “e. Provide a mix of uses, including commercial, residential and lodging, . . .” and then states the following bullet points: • Expand residential uses with The East Town Center District and create a comfortable environment for residents to live within. • Ensure that affordable housing is integrated into The East Town Center District. • Expand and create housing options that strengthen full-time residency. Target households earning between 120 percent and 150 percent of the area median income (AMI) or the current Town Council directed AMI range. • Give preference to units with higher occupancy rates to reinforce the year-round vitality of The East Town Center District. The 2023 Avon Downtown Development Authority Plan states the development of Community Housing as a Plan Objective (see 5.2 Community Housing on P.8) and expressly dedicates at least 50% of the Avon DDA tax increment revenues to Community Housing. The 2024 Avon Comprehensive Plan states under E. Housing, Policy E.1.4., “Integrate Community Housing within large developments and throughout Town.” PURCHASE AGREEMENT TERMS: The PSA uses the standard Colorado real estate form and sets forth the terms for the purchase and sale. The property would be acquired subject to the existing month-to- Page 2 of 3 month commercial leases in the building. Staff negotiated the PSA and then negotiated several amendments after conducting our due diligence. Due diligence included: • Review of property disclosures; • Review of title commitment and various exceptions; • Phase I Environmental Audit; • Physical Inspection • Property Survey; and, • Appraisal. The original listing was for $3 million, and the Town’s initial purchase price offer was $2.8 Million. After reviewing the appraisal, property inspection and title commitment Staff negotiated a reduced purchase price of $2.1 million. The purchase contract is expressly conditioned upon approval of Council of a resolution that approves the PSA and authorizes the acquisition of this Property. The Avon Downtown Development Authority Board of Directors met in executive session and provided negotiating directions to accept a purchase price not to exceed $2.1 million. Under the Colorado Open Meetings Law, the appraisal received by the Town will become a public record upon acquisition of the Property. The Closing Date is scheduled for February 27, 2026. FINANCIAL IMPACTS: We are proposing a cash purchase using existing fund balances. Avon has sufficient reserves in both the Community Housing Fund and the unrestricted General Fund reserve balance. We propose that this is paid with 50% Community Housing funds and 50% unrestricted General Fund reserves, which would be approximately $1,050,000 in each plus closing costs. The Community Housing Fund balance is $1.3 million, and the unrestricted General Fund balance is $9.3 million. A cash purchase avoids the extra legal and loan origination fees and interest rates associated with a local bank loan. NEXT STEPS: Promptly after Closing Staff will inform the existing tenants of the purchase and will make arrangements to receive rents from existing tenants. The near-term plan is to allow the existing tenants to continue their business while avoiding or minimizing costs for repairs or maintenance. Staff will a propose a property use and development strategy by this spring which will include applying for grant funding assistance; conducting conceptual designs of a multi-family residential development and a mixed-use project with ground floor commercial and upper floor residential; and reviewing potential financial mechanism to develop the property. Once there are conceptual design options to review then Staff would propose consideration of potential rezoning for Community Housing or mixed use with Community Housing. The proposed strategy will also include obtaining cost estimates for demolition of the building. It is roughly anticipated at this time that the building would be demolished in 2027 or 2028. RECOMMENDATION: We recommend that Council proceed with approving the purchase agreement for 91 Beaver Creek Place for the purpose of facilitating future implement of the East Town Center Redevelopment Plan and the construction of Community Housing. Redevelopment within town core areas Page 3 of 3 is an extremely complex activity and ownership of a key parcel for Beaver Creek Place will substantially advance the Town’s ability to pursue a redevelopment project. Thank you, Paul ATTACHMENT A: Resolution 26-01 Approving 91 Beaver Creek Place Purchase Agreement Exhibit A – a. Contract to Buy and Sell Real Estate (Commercial) dated November 19, 2025 b. Amendment #1 to Amend/Extend Contract (Inspection Objection) dated December 30, 2025 c. Amendment #2 to Amend/Extend Contract (Contract Extension Deadline) dated January 23, 2026 d. Amendment #3 to Inspection Resolution (Amend Purchase Price, Amend Closing Date, Withdrawal of both Title Objection and Appraisal Objection) dated January 26, 2026 Resolution 26-01 Purchase and Acquisition of 91 Beaver Creek February 10, 2026 Page 1 of 1 RESOLUTION 26-01 APPROVING A PURCHASE AGREEMENT AND AUTHORIZING THE ACQUISITION OF 91 BEAVER CREEK PLACE, AVON WHEREAS, the Town of Avon (“Town”) is a home rule municipality of the State of Colorado and is empowered to adopt policies, take action, acquire real property, and approve agreements by Resolution; and WHEREAS, the Avon Town Council (“Council”) is organized under the laws of the State of Colorado and possesses the maximum powers, authority and privileges to which it is entitled under Colorado law; and WHEREAS, the Council finds that acquiring the property at 91 Beaver Creek Place, within the Town, will facilitate and enable the ability of the Town of Avon to develop Community Housing; and WHEREAS, the Council finds that the acquisition of 91 Beaver Creek Place will promote the health, safety and general welfare of the Avon community, and finds it appropriate and beneficial to approve the subject purchase agreement in its attached form; and WHEREAS, the Council authorizes the Town to acquire the property at 91 Beaver Creek Place and approves the Town entering into the subject purchase agreement through the execution of the Contract to Buy and Sell Real Estate (Commercial), as amended, attached as Exhibit A, and the execution of all necessary documents associated with the sale and closing of the subject property. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF AVON that the Avon Town Council hereby as follows: 1.Approves that certain Contract to Buy and Sell Real Estate (Commercial), dated November 19, 2025, between the Town of Avon, as Buyer, and the Trusts referenced therein, as Seller, as amended, all of which is attached hereto as Exhibit A, which includes amending the purchase price and closing date and withdrawal of both the title and appraisal objections, and in connection therewith, the Council authorizes the acquisition of 91 Beaver Creek Place, Avon, Colorado 81620. 2.The Council additionally authorizes the Town Manager to execute all additional necessary documents associated with the purchase and closing of the subject property. ADOPTED February 10, 2026 by THE TOWN COUNCIL OF THE TOWN OF AVON By: Attest:___________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk ATTACHMENT A Initials CTMeContracts.com - ©2025 MRI Software LLC > 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) Date: 11/19/2025 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. 3/6th by 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN AND SUSAN DAVIS ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 1 FOR THE BENEFIT OF CHARLES C. ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 2 FOR THE BENEFIT OF BRUCE H.ALLEN;1/6 by THE HAROLD J ALLEN TRUST NO. 3 FOR THE BENEFIT OF KATHLEEN E. ALLEN (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: BENCHMARK AT BEAVER CREEK Lot: 71 known as: 91 Beaver Creek Place, 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 remo te 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 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS3-8-24) (Mandatory 8-24) AGREEMENT Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 EXHIBIT a. Initials CTMeContracts.com - ©2025 MRI Software LLC 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): any furniture, fixtures, & equipment of the tenants. 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 C losing. 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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 2 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 MT 2 § 4 Alternative Earnest Money Deadline 3 Business Days After MEC Title 3 § 8 Record Title Deadline (and Tax Certificate) 5 Days After MEC 4 § 8 Record Title Objection Deadline 12/29/2025 Monday 5 § 8 Off-Record Title Deadline 5 Days After MEC 6 § 8 Off-Record Title Objection Deadline 12/29/2025 Monday 7 § 8 Title Resolution Deadline 1/2/2026 Friday 8 § 8 Third Party Right to Purchase/Approve Deadline N/A 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 15 Days After MEC 12 § 10 Lead-Based Paint Disclosure Deadline (if Residential Addendum attached) N/A Loan and Credit 13 § 5 New Loan Application Deadline 30 Days After MEC 14 § 5 New Loan Terms Deadline 1/27/2026 Tuesday 15 § 5 New Loan Availability Deadline 1/27/2026 Tuesday 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 1/20/2026 Tuesday 23 § 6 Appraisal Objection Deadline 1/20/2026 Tuesday 24 § 6 Appraisal Resolution Deadline 1/23/2026 Friday Survey 25 § 9 New ILC or New Survey Deadline 12/29/2025 Monday 26 § 9 New ILC or New Survey Objection Deadline 12/29/2025 Monday 27 § 9 New ILC or New Survey Resolution Deadline 1/2/2026 Friday CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 3 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 12/29/2025 Monday 31 § 10 Inspection Objection Deadline 12/29/2025 Monday 32 § 10 Inspection Resolution Deadline 1/2/2026 Friday 33 § 10 Property Insurance Termination Deadline 12/29/2025 Monday 34 § 10 Due Diligence Documents Delivery Deadline 15 Days After MEC 35 § 10 Due Diligence Documents Objection Deadline 12/29/2025 Monday 36 § 10 Due Diligence Documents Resolution Deadline 1/2/2026 Friday 37 § 10 Environmental Inspection Termination Deadline 12/29/2025 Monday 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 12/29/2025 Monday 42 § 11 Estoppel Statements Termination Deadline 1/2/2026 Friday Closing and Possession 43 § 12 Closing Date 2/27/2026 Friday 44 § 17 Possession Date 2/27/2026 Friday 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. 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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 4 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 $ 2,800,000.00 2 § 4.3. Earnest Money $ 140,000.00 3 § 4.5. New Loan $ 1,960,000.00 4 § 4.6. Assumption Balance $ 5 § 4.7. Private Financing $ 6 § 4.7. Seller Financing $ 7 $ 8 $ 9 § 4.4. Cash at Closing $ 700,000.00 10 Total $ 2,800,000.00 $ 2,800,000.00 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 Earn est 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), wit hin 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. 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 5 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 Any financing. 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) 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). 5.3. Credit Information. This Contract is conditional (for the sole benefit of Seller) upon Seller’s approval of Buyer’s financial ability and creditworthiness, which approval will be in Seller’s sole subjective CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 6 of 27 TRANSACTION PROVISIONS Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC discretion. Accordingly: (1) Buyer must supply to Seller by Buyer’s Credit Information Deadline , at Buyer’s expense, information and documents (including a current credit report) concerning Buyer’s financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer’s financial ability and creditworthiness; and (3) any such information and documents received by Seller must be held by Seller in confidence and not released to others except to protect Seller’s interest in this transaction. If the Cash at Closing is less than as set forth in § 4.1. of this Contract, Seller has the Right to Terminate under § 24.1., on or before Closing. If Seller disapproves of Buyer’s financial ability or creditworthiness, in Seller’s sole subjective discretion, Seller has the Right to Terminate under § 24.1., on or before Disapproval of Buyer’s Credit Information Deadline. 5.4. Existing Loan Review. Seller must deliver copies of the loan documents (including note, deed of trust and any modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer, this Contract is conditional upon Buyer’s review and approval of the provisions of such loan documents. Buyer has the Right to Terminate under § 24.1., on or before Existing Loan Termination Deadline, based on any unsatisfactory provision of such loan documents, in Buyer’s sole subjective discretion. If the lender’s ap proval of a transfer of the Property is required, this Contract is conditional upon Buyer obtaining such approval without change in the terms of such loan, except as set forth in § 4.6. If lender’s approval is not obtained by Loan Transfer Approval Deadline, this Contract will terminate on such deadline. Seller has the Right to Terminate under § 24.1., on or before Closing, in Seller’s sole subjective discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in § 4.6. 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 agre ement 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 7 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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. 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 Associati on’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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 8 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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. 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 e xceptions (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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 9 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 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 Con tract, 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 10 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 wai ves 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 § 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 11 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC (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 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). 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 o r 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 12 of 27 DISCLOSURE, INSPECTION AND DUE DILIGENCE Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 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 h old 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): Avon Snow Barber Shop, Taqueria No SE Hagan Bolas. 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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 13 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 2 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 2 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 which have been made for the past 2 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: Copies of all invoices or payment receipts related to any material property expenses paid by the Sellers in the last twenty-four (24) months. 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 14 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 15 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 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. 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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 16 of 27 CLOSING PROVISIONS Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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. 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 fo r 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 17 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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: 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 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 Closin g 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. 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 fr om damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 18 of 27 General Provisions Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 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 Servic e. 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 Inclusion s, 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 19 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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: 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 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 20 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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. 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 Contr act 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. % of the Purchase Price or $ by Seller. Buyer’s brokerage firm is an intended third-party CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 21 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 Seller’s brokerage firm. 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 January 27, 2026. If Town Council does not approve this contract on January 27, 2026, Buyer shall terminate this Contract and Seller shall be obligated to return the Earnest Money to Buyer. 30.3 The documents to be provided pursuant to Section 10.6 will be limited to the documents in the Seller's possession, custody or control as of the mutually executed contract date. 30.4 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. 30.5 1031 EXCHANGES. BUYER ACKNOWLEDGES THAT SELLERS (RESPECTIVELY) INTEND TO PERFORM A TAX-DEFERRED EXCHANGE PURSUANT TO SECTION 1031 OF THE INTERNAL REVENUE CODE. BUYER ACCORDINGLY AGREES TO AN ASSIGNMENT OF THE RIGHTS UNDER THIS CONTRACT BY THE SELLERS TO QUALIFIED INTERMEDIARIES OF THEIR CHOOSING (RESPECTIVELY). BUYER AGREES TO COOPERATE IN SUCH EXCHANGE AS LONG AS IT DOES NOT DELAY THE CLOSING OR CAUSE ADDITIONAL EXPENSE TO BUYER. 30.6 Business Day means any day other than a Saturday, Sunday or other day which commercial banks in the Town of Avon are authorized or required by law to remain closed. 31. OTHER DOCUMENTS. 31.1. Documents Part of Contract. The following documents are a part of this Contract: CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 22 of 27 ADDITIONAL PROVISIONS AND ATTACHMENTS Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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 Buyer: Date: Town of Avon By Eric Heil, Town Manager [NOTE: If this offer is being countered or rejected, do not sign this document.] Seller: Date: 3/6th by 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN AND SUSAN DAVIS ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 1 FOR THE BENEFIT OF CHARLES C. ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 2 FOR THE BENEFIT OF BRUCE H. ALLEN;1/6 by THE HAROLD J ALLEN TRUST NO. 3 FOR THE BENEFIT OF KATHLEEN E. ALLEN BS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 23 of 27 Signatures Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 11/20/2025 THE 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN & SUSAN D. ALLEN: By:__________________________________________ Date:__________________ Charles C. Allen, as trustee By:__________________________________________ Date:__________________ Susan D. Allen, as trustee THE HAROLD J. ALLEN TRUST NO. 1 FBO CHARLES C. ALLEN: By: _________________________________________ Date: __________________ Charles C. Allen, as trustee By: _________________________________________ Date: __________________ Harold D. Allen, as trustee By: _________________________________________ Date: __________________ Eleanor K. H. Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO. 2 By: _________________________________________ Date: __________________ Duncan Allen, as trustee By: _________________________________________ Date: __________________ Leah Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO.3 By: _________________________________________ Date: __________________ Matthew Forristal, as the authorized Trust OFFICER for CITIZENS FIRST NATIONAL BANK OF STORM LAKE IOWA CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 24 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 11/20/2025 11/20/2025 11/19/2025 11/20/2025 11/20/2025 11/19/2025 11/19/2025 11/20/2025 Initials CTMeContracts.com - ©2025 MRI Software LLC 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. CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 25 of 27 END OF CONTRACT TO BUY AND SELL REAL ESTATE Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC 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: Brokerage Firm’s License #: Broker’s Signature Date: Broker’s Name: Broker’s License #: Address: , Phone No.: Fax No.: Email Address: 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: Fortius Commercial Advisors, LLC Brokerage Firm’s License #: EC 100024445 CBS3-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Page 26 of 27 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 Initials CTMeContracts.com - ©2025 MRI Software LLC Broker’s Name: Date: 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 Broker’s Name: Date: 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 Broker’s Name: Date: Kyle Diehl Broker’s License #: Brokerage Firm’s Name: Fortius Commercial Advisors Brokerage Firm’s License #: EC 100024445 Address: Ph: Fax: Email: kdiehl@fortiuscap.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 Docusign Envelope ID: B1483EE3-8810-43F3-B600-1391A6F393E4 11/19/2025 11/20/2025 11/20/2025 Fortius Commercial Advisors, LLC Erich Schmidt Ph: 970-476-6415 Fax: 888-230-9544 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (AE41-8-24) (Mandatory 8-24) 2 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 3 4 AGREEMENT TO AMEND/EXTEND CONTRACT 5 6 Date: 12/30/2025 7 8 1.This agreement amends the contract dated 11/19/2025 (Contract) between 3/6th by 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN AND SUSAN DAVIS ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 1 FOR THE BENEFIT OF CHARLES C. ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 2 FOR THE BENEFIT OF BRUCE H. ALLEN;1/6 by THE HAROLD J ALLEN TRUST NO. 3 FOR THE BENEFIT OF KATHLEEN E. ALLEN (Seller) and Town of Avon (Buyer) relating to the sale and purchase of the following legally described real estate in the County of Eagle, Colorado (insert legal description): 9 10 Subdivision: BENCHMARK AT BEAVER CREEK Lot: 71 11 known as: 91 Beaver Creek Place, Avon, CO 81620 (Property). 12 13 NOTE: If the table is omitted, or if any item is left blank or is marked in the “No Change” column, it means no change to the corresponding provision of the Contract. If any item is marked in the “Deleted” column, it means that the corresponding provision of the Contract to which reference is made is deleted. 14 15 2. § 3.1. Dates and Deadlines. [Note: This table may be omitted if inapplicable.] 16 17 Item No.Reference Event Date or Deadline No Change Deleted 1 § 3 Time of Day Deadline 2 § 4 Alternative Earnest Money Deadline Title 3 § 8 Record Title Deadline (and Tax Certificate) 4 § 8 Record Title Objection Deadline 5 § 8 Off-Record Title Deadline 6 § 8 Off-Record Title Objection Deadline 7 § 8 Title Resolution Deadline 1/23/2026 Friday 8 § 8 Third Party Right to Purchase/Approve Deadline Owners’ Association 9 § 7 Association Documents Deadline 10 § 7 Association Documents Termination Deadline Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 12 § 10 Lead-Based Paint Disclosure Deadline Loan and Credit 13 § 5 New Loan Application Deadline 14 § 5 New Loan Terms Deadline 15 § 5 New Loan Availability Deadline 16 § 5 Buyer's Credit Information Deadline 17 § 5 Disapproval of Buyer's Credit Information Deadline 18 § 5 Existing Loan Deadline AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 1 of 3 Initials _____________________________________ CTMeContracts.com - ©2025 MRI Software LLC Docusign Envelope ID: A6D670B6-B406-4F79-9B06-3E580152129FDocusign Envelope ID: AA926846-467B-46B2-B204-99400772E259 EXHIBIT b. 19 § 5 Existing Loan Termination Deadline 20 § 5 Loan Transfer Approval Deadline 21 § 4 Seller or Private Financing Deadline Appraisal 22 § 6 Appraisal Deadline 23 § 6 Appraisal Objection Deadline 24 § 6 Appraisal Resolution Deadline Survey 25 § 9 New ILC or New Survey Deadline 26 § 9 New ILC or New Survey Objection Deadline 27 § 9 New ILC or New Survey Resolution Deadline Inspection and Due Diligence 28 § 2 Water Rights Examination Deadline 29 § 8 Mineral Rights Examination Deadline 30 § 10 Inspection Termination Deadline 31 § 10 Inspection Objection Deadline 32 § 10 Inspection Resolution Deadline 1/23/2026 Friday 33 § 10 Property Insurance Termination Deadline 34 § 10 Due Diligence Documents Delivery Deadline 35 § 10 Due Diligence Documents Objection Deadline 36 § 10 Due Diligence Documents Resolution Deadline 37 § 10 Environmental Inspection Termination Deadline (CBS2, 3, 4) 38 § 10 ADA Evaluation Termination Deadline (CBS2, 3, 4) 39 § 10 Conditional Sale Deadline 40 § 10 Lead-Based Paint Termination Deadline 41 § 11 Estoppel Statements Deadline (CBS2, 3, 4) 42 § 11 Estoppel Statements Termination Deadline (CBS2, 3, 4) Closing and Possession 43 § 12 Closing Date 44 § 17 Possession Date 45 § 17 Possession Time 46 47 18 3. Other dates or deadlines set forth in the Contract are changed as follows: 19 20 21 4. Additional amendments: 22 23 All other terms and conditions of the Contract remain the same. 24 25 This proposal expires unless accepted in writing by Seller and Buyer as evidenced by their signatures below and the offering party to this document receives notice of such acceptance on or before January 2, 2026 . Date Time 26 27 Seller: _______________________________________________________ Date: _____________ 28 Address: 29 30 Seller: _______________________________________________________ Date: _____________ 31 Address: 32 AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 2 of 3 Initials _____________________________________ CTMeContracts.com - ©2025 MRI Software LLC Docusign Envelope ID: A6D670B6-B406-4F79-9B06-3E580152129FDocusign Envelope ID: AA926846-467B-46B2-B204-99400772E259 33 34 Buyer: _______________________________________________________ Date: _____________ 35 Town of Avon By: Eric Heil, Town Manager Address: 36 37 Buyer: _____________________________________________________ Date: _____________ 38 Address: 39 AE41-8-24. AGREEMENT TO AMEND/EXTEND CONTRACT CTM eContracts - ©2025 CTM Software Corp. AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 3 of 3 Initials _____________________________________ CTMeContracts.com - ©2025 MRI Software LLC Docusign Envelope ID: A6D670B6-B406-4F79-9B06-3E580152129FDocusign Envelope ID: AA926846-467B-46B2-B204-99400772E259 12/31/2025 THE 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN & SUSAN D. ALLEN: By:__________________________________________ Date:__________________ Charles C. Allen, as trustee By:__________________________________________ Date:__________________ Susan D. Allen, as trustee THE HAROLD J. ALLEN TRUST NO. 1 FBO CHARLES C. ALLEN: By: _________________________________________ Date: __________________ Charles C. Allen, as trustee By: _________________________________________ Date: __________________ Harold D. Allen, as trustee By: _________________________________________ Date: __________________ Eleanor K. H. Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO. 2 By: _________________________________________ Date: __________________ Duncan Allen, as trustee By: _________________________________________ Date: __________________ Leah Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO.3 By: _________________________________________ Date: __________________ Matthew Forristal, as the authorized Trust OFFICER for CITIZENS FIRST NATIONAL BANK OF STORM LAKE IOWA Docusign Envelope ID: A6D670B6-B406-4F79-9B06-3E580152129F 12/30/2025 12/30/2025 12/30/2025 12/30/2025 12/30/2025 12/30/2025 12/30/2025 12/30/2025 Docusign Envelope ID: AA926846-467B-46B2-B204-99400772E259 Fortius Commercial Advisors, LLC Erich Schmidt Ph: 970-476-6415 Fax: 888-230-9544 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (AE41-8-24) (Mandatory 8-24) 2 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 3 4 AGREEMENT TO AMEND/EXTEND CONTRACT 5 6 Date: 1/23/2026 7 8 1.This agreement amends the contract dated 11/19/2025 (Contract) between 3/6th by 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN AND SUSAN DAVIS ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 1 FOR THE BENEFIT OF CHARLES C. ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 2 FOR THE BENEFIT OF BRUCE H. ALLEN;1/6 by THE HAROLD J ALLEN TRUST NO. 3 FOR THE BENEFIT OF KATHLEEN E. ALLEN (Seller) and Town of Avon (Buyer) relating to the sale and purchase of the following legally described real estate in the County of Eagle, Colorado (insert legal description): 9 10 Subdivision: BENCHMARK AT BEAVER CREEK Lot: 71 11 known as: 91 Beaver Creek Place, Avon, CO 81620 (Property). 12 13 NOTE: If the table is omitted, or if any item is left blank or is marked in the “No Change” column, it means no change to the corresponding provision of the Contract. If any item is marked in the “Deleted” column, it means that the corresponding provision of the Contract to which reference is made is deleted. 14 15 2. § 3.1. Dates and Deadlines. [Note: This table may be omitted if inapplicable.] 16 17 Item No.Reference Event Date or Deadline No Change Deleted 1 § 3 Time of Day Deadline 2 § 4 Alternative Earnest Money Deadline Title 3 § 8 Record Title Deadline (and Tax Certificate) 4 § 8 Record Title Objection Deadline 5 § 8 Off-Record Title Deadline 6 § 8 Off-Record Title Objection Deadline 7 § 8 Title Resolution Deadline 2/4/2026 Wednesday 8 § 8 Third Party Right to Purchase/Approve Deadline Owners’ Association 9 § 7 Association Documents Deadline 10 § 7 Association Documents Termination Deadline Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 12 § 10 Lead-Based Paint Disclosure Deadline Loan and Credit 13 § 5 New Loan Application Deadline 14 § 5 New Loan Terms Deadline 15 § 5 New Loan Availability Deadline 16 § 5 Buyer's Credit Information Deadline 17 § 5 Disapproval of Buyer's Credit Information Deadline 18 § 5 Existing Loan Deadline 19 § 5 Existing Loan Termination Deadline 20 § 5 Loan Transfer Approval Deadline 21 § 4 Seller or Private Financing Deadline AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 1 of 3 Initials _____________________________________ CTMeContracts.com - ©2026 MRI Software LLC Docusign Envelope ID: DC5D61FC-5ECD-4DEA-A74B-C815BAFD98ED EXHIBIT c. Appraisal 22 § 6 Appraisal Deadline 23 § 6 Appraisal Objection Deadline 24 § 6 Appraisal Resolution Deadline 2/4/2026 Wednesday Survey 25 § 9 New ILC or New Survey Deadline 26 § 9 New ILC or New Survey Objection Deadline 27 § 9 New ILC or New Survey Resolution Deadline Inspection and Due Diligence 28 § 2 Water Rights Examination Deadline 29 § 8 Mineral Rights Examination Deadline 30 § 10 Inspection Termination Deadline 31 § 10 Inspection Objection Deadline 32 § 10 Inspection Resolution Deadline 2/4/2026 Wednesday 33 § 10 Property Insurance Termination Deadline 34 § 10 Due Diligence Documents Delivery Deadline 35 § 10 Due Diligence Documents Objection Deadline 36 § 10 Due Diligence Documents Resolution Deadline 37 § 10 Environmental Inspection Termination Deadline (CBS2, 3, 4) 38 § 10 ADA Evaluation Termination Deadline (CBS2, 3, 4) 39 § 10 Conditional Sale Deadline 40 § 10 Lead-Based Paint Termination Deadline 41 § 11 Estoppel Statements Deadline (CBS2, 3, 4) 42 § 11 Estoppel Statements Termination Deadline (CBS2, 3, 4) Closing and Possession 43 § 12 Closing Date 44 § 17 Possession Date 45 § 17 Possession Time 46 47 18 3. Other dates or deadlines set forth in the Contract are changed as follows: 19 20 21 4. Additional amendments: 22 4.0 Seller acknowledges that this Contract is conditioned upon approval by Avon Town Council by the adoption of Resolution by February 10, 2026. If Town Council does not approve this contract on February 10, 2026, Buyer shall terminate this Contract and Seller shall be obligated to return the Earnest Money to Buyer. 23 All other terms and conditions of the Contract remain the same. 24 25 This proposal expires unless accepted in writing by Seller and Buyer as evidenced by their signatures below and the offering party to this document receives notice of such acceptance on or before . Date Time 26 27 Seller: _______________________________________________________ Date: _____________ 28 Address: 29 30 Seller: _______________________________________________________ Date: _____________ 31 Address: 32 33 34 Buyer: _______________________________________________________ Date: _____________ AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 2 of 3 Initials _____________________________________ CTMeContracts.com - ©2026 MRI Software LLC Docusign Envelope ID: DC5D61FC-5ECD-4DEA-A74B-C815BAFD98ED 35 Town of Avon By: Eric Heil, Town Manager Address: 36 37 Buyer: _____________________________________________________ Date: _____________ 38 Address: 39 AE41-8-24. AGREEMENT TO AMEND/EXTEND CONTRACT CTM eContracts - ©2026 CTM Software Corp. AE41-8-24. AGREEMENT TO AMEND-EXTEND CONTRACT Page 3 of 3 Initials _____________________________________ CTMeContracts.com - ©2026 MRI Software LLC Docusign Envelope ID: DC5D61FC-5ECD-4DEA-A74B-C815BAFD98ED 1/23/2026 THE 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN & SUSAN D. ALLEN: By:__________________________________________ Date:__________________ Charles C. Allen, as trustee By:__________________________________________ Date:__________________ Susan D. Allen, as trustee THE HAROLD J. ALLEN TRUST NO. 1 FBO CHARLES C. ALLEN: By: _________________________________________ Date: __________________ Charles C. Allen, as trustee By: _________________________________________ Date: __________________ Harold D. Allen, as trustee By: _________________________________________ Date: __________________ Eleanor K. H. Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO. 2 By: _________________________________________ Date: __________________ Duncan Allen, as trustee By: _________________________________________ Date: __________________ Leah Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO.3 By: _________________________________________ Date: __________________ Chad Halder, as the authorized Trust OFFICER for CITIZENS FIRST NATIONAL BANK OF STORM LAKE IOWA Docusign Envelope ID: DC5D61FC-5ECD-4DEA-A74B-C815BAFD98ED 1/23/2026 1/23/2026 1/23/2026 1/23/2026 1/23/2026 1/23/2026 1/23/2026 1/23/2026 Fortius Commercial Advisors, LLC Erich Schmidt Ph: 970-476-6415 Fax: 888-230-9544 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (NTC43R-6-16) (Mandatory 1-17) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 4 5 INSPECTION RESOLUTION (Amendment To Contract To Buy And Sell Real Estate) 6 7 Date: 01/30/2026 8 9 1.This Inspection Resolution amends to the contract dated 11/19/2025 , between 3/6th by 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN AND SUSAN DAVIS ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 1 FOR THE BENEFIT OF CHARLES C. ALLEN;1/6th by HAROLD J ALLEN TRUST NO. 2 FOR THE BENEFIT OF BRUCE H. ALLEN;1/6 by THE HAROLD J ALLEN TRUST NO. 3 FOR THE BENEFIT OF KATHLEEN E. ALLEN (Seller) and Town of Avon (Buyer) relating to the sale and purchase of the Property known as: 91 Beaver Creek Place, Avon, CO 81620 (Contract). 10 Terms used in this document have the same meaning as in the Contract. 11 12 2. RESOLUTION OF UNSATISFACTORY PHYSICAL CONDITION. Pursuant to the Inspection 13 Resolution provision in the Contract, Buyer and Seller agree that Seller, on or before February 12, 2026, will do the following to resolve Buyer’s Inspection Objection Notice: 14 2.1 Both Buyer and Seller agree to amend the Purchase Price to $2,100,000. Buyer will no longer be obtaining any financing in connection with its purchase of the Property. Instead, the Purchase Price shall be comprised of the $140,000 Earnest Money already paid by Buyer and an additional $1,960,000 in cash at Closing to be paid by Buyer. 2.2 At execution of this INSPECTION RESOLUTION (Amendment To Contract To Buy And Sell Real Estate), the Buyer withdraws both its Title Objection and Appraisal Objection. 15 3. SELLER'S COST. Pursuant to the Damage, Liens and Indemnity provision in the Contract, correcting or resolving the unsatisfactory physical condition set forth in this document, will be paid by Seller. 16 17 4. SURVIVAL. If any agreed upon correction requires action after Closing, the obligations agreed upon survive Closing. 18 19 Note: This document amends the Contract. Buyer must provide a copy of this Inspection Resolution to Buyer's Lender. 20 21 22 Buyer: _______________________________________________________ Date: _______________ 23 Town of Avon By: Eric Heil, Town Manager 24 25 26 Seller: _______________________________________________________ Date: _______________ 27 28 NTC43R-6-16. INSPECTION RESOLUTION Page 1 of 2 Initials _____________________________________ CTMeContracts.com - ©2026 MRI Software LLC Docusign Envelope ID: FCF88ED4-14B6-4474-84F2-13F905BA46DD 1/31/2026 Exhibit d. 29 Seller: _______________________________________________________ Date: _______________ 30 NTC43R-6-16. INSPECTION RESOLUTION CTM eContracts - ©2026 MRI Software LLC - All Rights Reserved NTC43R-6-16. INSPECTION RESOLUTION Page 2 of 2 Initials _____________________________________ CTMeContracts.com - ©2026 MRI Software LLC Docusign Envelope ID: FCF88ED4-14B6-4474-84F2-13F905BA46DD THE 1987 REVOCABLE INTERVIVOS TRUST OF CHARLES C. ALLEN & SUSAN D. ALLEN: By:__________________________________________ Date:__________________ Charles C. Allen, as trustee By:__________________________________________ Date:__________________ Susan D. Allen, as trustee THE HAROLD J. ALLEN TRUST NO. 1 FBO CHARLES C. ALLEN: By: _________________________________________ Date: __________________ Charles C. Allen, as trustee By: _________________________________________ Date: __________________ Harold D. Allen, as trustee By: _________________________________________ Date: __________________ Eleanor K. H. Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO. 2 By: _________________________________________ Date: __________________ Duncan Allen, as trustee By: _________________________________________ Date: __________________ Leah Allen, as trustee THE HAROLD J. ALLEN 1965 TRUST NO.3 By: _________________________________________ Date: __________________ Matthew Forristal, as the authorized Trust OFFICER for CITIZENS FIRST NATIONAL BANK OF STORM LAKE IOWA Docusign Envelope ID: FCF88ED4-14B6-4474-84F2-13F905BA46DD 2/4/2026 2/4/2026 2/2/2026 2/1/2026 1/30/2026 1/30/2026 1/30/2026 2/4/2026 970-748-4088 predmond@avon.org 6TO: Honorable Mayor Tamra N. Underwood and Council Members FROM: Paul Redmond, Chief Finance Officer RE: 2026 Supplemental Budget Amendment, Resolution 26-02 DATE: January 27, 2026 SUMMARY: Avon’s Home Rule Charter addresses in Chapter XII the supplemental appropriation process. The Town of Avon’s financial practice is to adopt a supplemental budget amendment to update the beginning fund balance estimates and generally recognize revisions to the budget that were not identified at the time the budget was originally adopted. This resolution amends the General Fund and Community Housing Fund. FINANCIAL CONSIDERATIONS: Below is a summary of the proposed budget revisions and the estimated impacts to fund balances. General Fund: An increase of $1,050,000 is proposed to General Fund expenses. The following is a proposed revision to expenditure appropriations in the General Fund: 1.General Fund Contribution for 91 Beaver Creek Place: For the purchase of 91 Beaver Creek Place, the Town will use $1,050,000 from our unreserved fund balance to complete the transactions. $140,000 was placed into an escrow account for the earnest money and the remaining $950,000 will be transferred at closing on February 27th. The remaining funds for the purchase will be allocated from the Community Housing Fund. The revised 2026 ending fund balance of the General Fund reports a total of 17,723,006. A reserve of 22% is $7,246,069 3% TABOR emergency reserve is $898,025 and the remaining amount of $9,578,912 is undesignated and unreserved and can be used for any legal purpose. This is a decrease of $1,050,000 in unreserved fund balances from the original 2026 budget. Community Housing Fund: The revisions to the Community Housing Fund are as follows: 1.Community Housing Fund Contribution for 91 Beaver Creek Place: For the purchase of the 91 Beaver Creek Place, the Town will use $1,050,000 from our unreserved fund balance to complete the transactions. The projected ending fund balance remains $2,369,887. PROPOSED MOTION: "I move to approve Resolution No. 26-02, A Resolution Amending the 2026 Town of Avon Budget." Thank you, Paul ATTACHMENTS: Attachment A Resolution No. 2026-02 Attachment B General Fund Supplemental Amendment No. 1 Attachment C Community Housing Fund Amendment No. 1 Res. No. 26-02 February 10, 2026 Page 1 of 2 TOWN OF AVON, COLORADO RESOLUTION NO. 26-02 A RESOLUTION TO AMEND THE 2026 TOWN OF AVON BUDGET WHEREAS, the Town Council of the Town of Avon has previously adopted the 2026 budget; and WHEREAS, the Town Council has reviewed the revised estimated revenues and expenditures for 2026; and WHEREAS, the Town Council finds it necessary to amend the 2026 budget to more accurately reflect the revenues and expenditures for 2026; and WHEREAS, the Town Council has caused to be published a notice containing the date and time of a public hearing at which the adoption of the proposed budget amendment will be considered and a statement that the proposed budget amendment is available for public inspection at the office of the Town Clerk located in the Avon Town Hall during normal business hours, and that any interested elector of the Town of Avon may file any objection to the proposed budget amendment at any time prior to the final adoption of the proposed budget amendment; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance as required by law. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That estimated revenues and expenditures for the following funds are revised as follows for 2026: Original or Previously Amended 2026 Budget Current Proposed Amended 2026 Budget General Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses $ 19,345,817 29,323,428 31,886,676 $ 21,336,254 29,323,428 32,936,676 Ending Fund Balance $ 16,782,569 $ 17,723,006 ATTACHMENT A Res. No. 26-02 February 10, 2026 Page 2 of 2 Original or Previously Amended 2026 Budget Current Proposed Amended 2026 Budget Community Housing Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance $ 1,359,394 2,280,412 2,601,041 $ 1,038,765 $ 3,740,516 2,280,412 3,551,041 $ 2,469,887 Section 2. That the budget, as submitted, amended, and herein above summarized by fund, hereby is approved and adopted as the budget of the Town of Avon for the year stated above. Section 3. That the budget hereby approved and adopted shall be signed by the Mayor and made part of the public record of the Town. ADOPTED this 10th February, 2025. AVON TOWN COUNCIL By:___________________________ Attest:________________________ Tamra N. Underwood, Mayor Miguel Jauregui Casanueva, Town Clerk Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase 2025 2026 2026 (Decrease) REVENUES Taxes 21,126,490 21,657,039$ 21,657,039$ -$ Licenses and Permits 609,142 477,250 477,250 - Intergovernmental 1,579,235 1,481,843 1,481,843 - Charges for Services 2,264,512 2,338,636 2,338,636 - Fines and Forfeitures 90,000 187,200 187,200 - Investment Earnings 1,645,687 1,500,000 1,500,000 - Other Revenue 406,877 958,462 958,462 - Total Operating Revenues 27,721,943 28,600,430 28,600,430 - Other Sources Transfer-In From Capital Projects Fund & Equipment Replacement 618,487 722,998 722,998 - Total Other Sources 618,487 722,998 722,998 - TOTAL REVENUES 28,340,430$ 29,323,428$ 29,323,428$ -$ EXPENDITURES General Government, HR and Finance 7,486,973$ 7,837,391$ 7,837,391$ - Community Development 995,641 1,041,680 1,041,680 - Public Safety 6,348,736 6,763,994 6,763,994 - Public Works 7,738,389 8,312,848 8,312,848 - Recreation 2,707,394 3,428,262 3,428,262 - Capital Expenditure from Unreserved Fund Balance 2,222,879 - 1,050,000 1,050,000 Total Operating Expenditures 27,500,012 27,384,174 28,434,174 1,050,000 Other Uses Transfers-Out to Debt Service - 502,502 502,502 - Transfers-Out to Mobility Fund 1,500,000 1,500,000 1,500,000 - Transfers-Out to Capital Projects Fund (Rec Pool)- 2,500,000 2,500,000 - Transfers-Out to Fleet Maintenance Fund 155,000 - - - Total Other Uses 1,655,000 4,502,502 4,502,502 - TOTAL EXPENDITURES 29,155,012 31,886,676 32,936,676 1,050,000 NET SOURCE (USE) OF FUNDS (814,582) (2,563,248) (3,613,248) (1,050,000) FUND BALANCES, Beginning of Year 22,150,836 19,345,817 21,336,254 - FUND BALANCES, End of Year 21,336,254$ 16,782,569$ 17,723,006$ (1,050,000)$ FUND BALANCES: Restricted For: 3% TABOR Emergency Reserve 980,080$ 866,525$ 898,025$ 31,500$ Unassigned: 22% Minimum Reserve Balance 6,414,103 6,354,518 7,246,069 891,550 Undesignated, Unreserved 13,942,072 9,561,525 9,578,912 17,387 TOTAL FUND BALANCES 21,336,254$ 16,782,569$ 17,723,006$ 940,437$ Fund Summary MUNICIPAL SERVICES General Fund #10 ATTACHMENT B Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase Description 2025 2026 2026 (Decrease) Taxes: General Property Tax 2,914,948$ 3,165,318$ 3,165,318$ -$ General Property Tax - Delinquencies 15 500 500 - General Property Tax - Interest 3,503 1,900 1,900 - General Property Tax - Abatements -298.15 - - - Specific Ownership Tax 154,845 130,000 130,000 - Sales Tax 13,462,455 13,505,818 13,505,818 - Utility Tax 115,294 130,000 130,000 - Accommodation Tax 2,265,726 2,458,503 2,458,503 - Penalties and Interest 57,565 50,000 50,000 - Sales Tax Audit Assessments 50,179 50,000 50,000 - VAA Retail Sales Fee 1,146,917 1,100,000 1,100,000 - Cigarette Excise Tax 210,018 245,000 245,000 - Tobacco Add-on Sales Tax 324,907 360,000 360,000 - Franchise Fees 420,416 460,000 460,000 - Total Taxes 21,126,490 21,657,039 21,657,039 - Licenses and Permits: Liquor Licenses 6,520 7,500 7,500 - Business Licenses 225,675 200,000 200,000 - Contractor's Licenses 25,390 20,000 20,000 - Tobacco/Cigarette Licenses 3,250 1,750 1,750 - Booting/Towing Licenses 850 600 600 - Building Permits 345,412 225,000 225,000 - Road Cut Permits 250 20,000 20,000 - Mobile Vendor Cart Permits 1795 2,400 2400 - Total Licenses and Permits 609,142 477,250 477,250 - Intergovernmental: Federal Grants: Click It or Ticket 0 - 0 - Ballistic Vests Grant 2,362 2,000 2,000 - State Grants - LEAF Grant 12,500 12,500 12,500 - High Visibility Grant 30,237 25,000 25,000 - POST I70 Training Grants 3,067 45,000 45,000 - DOLA Grants 118,250 - 0 - Avon's Best and Brightest 33,498 25,000 25,000 - Other State Grants 180,816 100,000 100,000 - Local Government/Other Agency - Other Local Grants - - 0 - Revenue Detail MUNICIPAL SERVICES General Fund Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase Description 2025 2026 2026 (Decrease) Revenue Detail MUNICIPAL SERVICES General Fund State/County Shared Revenue:- Conservation Trust 72,636 80,000 80,000 - Motor Vehicle Registration 22,566 26,000 26,000 - Highway User's Tax 206,357 236,158 236,158 - County Sales Tax 674,906 746,785 746,785 - Road & Bridge Fund 214,091 175,000 175,000 - State Severance Tax 215 2,400 2,400 - Retail Delivery Fee 7,734 6,000 6,000 - Total Intergovernmental 1,579,235 1,481,843 1,481,843 - Charges for Services: General Government: Photocopying Charges - - 0 - License Hearing Fees - - 0 - Other Fees and Charges 1,004 2,500 2,500 - Credit Card and Paper Filing Fees 3,371 2,500 2,500 - Community Development: Plan Check Fees 159,623 150,000 150,000 - Design Review Fees 16,075 170,000 170,000 - Animal Control Fees 0 - 0 - Fire Impact Fee Administration Fees 4,828 2,500 2,500 - Public Safety: Police Reports 399 1,000 1,000 - Police Extra Duty 38,270 40,000 40,000 - Fingerprinting Fees 1305 750 750 - VIN Inspection Fees 7,487 2,000 2,000 - False Alarm Fees/Misc Police Dept Fees 0 75 75 - DUI Reimbursement 13,463 15,000 15,000 - Avon Recreation Center: Admission Fees 1,431,570 1,350,000 1,350,000 - Program Fees 30,304 30,000 30,000 - Facility Rentals 25,300 22,000 22,000 - Merchandise Sales 8,418 9,000 9,000 - Other Recreation Services 9,040 8,800 8,800 - Fitness Program Revenues 46,489 42,000 42,000 - Swim Team Revenue 58,080 52,800 52,800 - Private Lessons 11,510 20,000 20,000 - Avon Rec CTR Gift Cards 544 500 500 - Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase Description 2025 2026 2026 (Decrease) Revenue Detail MUNICIPAL SERVICES General Fund General Recreation: Adult Program Revenues 49,590 34,000 34,000 - Cabin Equipment Rentals 41,886 35,000 35,000 - Athletic Field Rentals 1290 240 240 - Cabin Concessions 71 500 500 - Youth Program Revenues 195,494 200,000 200,000 - Special Events: Consession Sales 73,096 94,131 94,131 - Sponsorships 13,250 10,000 10,000 - Event Fees 22,755 36,200 36,200 - Special Event Admission Fees - 500 500 - Pavillion Rentals - 6,640 6640 - Total Charges for Services 2,264,512 2,338,636 2,338,636 - Fines and Forfeitures: Court Fines - Traffic 55,975 158,000 158,000 - Court Fines - Criminal 22,525 20,000 20,000 - Court Fines - Parking 2,285 3,000 3,000 - Court Costs 5,025 3,000 3,000 - Jury Fees 0 100 100 - Bond Forfeitures 0 100 100 - Police Training Surcharge 4,190 3,000 3,000 - Total Fines and Forfeitures 90,000 187,200 187,200 - Investment Earnings:1,645,687 1,500,000 1,500,000 - Other Revenues: Recreational Amenity Fees 172,162 345,000 345,000 - Lease of Town-Owned Property 105,798 414,462 414,462 - Restituion and Insurance Reimbursemnet 38,474 20,000 20,000 - Parking Revenue 26,091 12,000 12,000 - Miscellaneous Reimbursemnets 10,886 30,000 30,000 - Miscellaneous Nonclassified Revenues 53,466 137,000 137,000 - Total Other Revenues 406,877 958,462 958,462 - TOTAL REVENUES 27,721,943$ 28,600,430$ 28,600,430$ -$ Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase Description 2025 2026 2026 (Decrease) General Government: Mayor and Town Council 338,478$ 275,997$ 275,997$ -$ Town Attorney 309,768 272,020 272,020 - Town Clerk 183,560 200,033 200,033 - Municipal Court 201,017 200,617 200,617 - Administrative Services 990,069 999,090 999,090 - Community Relations 334,358 369,560 369,560 - Economic Development 219,139 394,232 394,232 - Special Events 1,354,520 1,390,007 1,390,007 - Community Grants 107,750 108,000 108,000 - Sustainability 227,352 216,162 216,162 - Subtotal General Government 4,266,011 4,425,718 4,425,718 - Human Resources: Human Resources 657,332 806,984 806,984 - Finance and Information Technology: Finance 1,214,900 1,212,330 1,212,330 - Information Systems 804,682 860,588 860,588 - Nondepartmental 544,048 531,771 531,771 - Subtotal Finance and IT 2,563,630 2,604,689 2,604,689 - Total General Government, HR and Finance 7,486,973 7,837,391 7,837,391 - Community Development: Planning and Zoning Commission 15,248 16,400 16,400 - Planning 649,296 674,531 674,531 - Building Inspection 331,097 350,749 350,749 - Total Community Development 995,641 1,041,680 1,041,680 - . . . . Police Department: Administration 1,083,349 1,281,833 1,281,833 - Patrol 4,362,797 4,769,038 4,769,038 - Investigations 614,735 407,044 407,044 - Code Enforcement 287,855 306,079 306,079 - Total Police Department 6,348,736 6,763,994 6,763,994 - Department Expenditure Summaries MUNICIPAL SERVICES General Fund Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase Description 2025 2026 2026 (Decrease) Department Expenditure Summaries MUNICIPAL SERVICES General Fund Public Operations: Administration 410,482 410,482 410,482 - Engineering 744,419 889,192 889,192 - Roads and Bridges 3,549,872 3,893,818 3,893,818 - Parks 809,012 885,824 885,824 - Buildings and Facilities 2,224,604 2,233,532 2,233,532 - Total Public Works Department 7,738,389 8,312,848 8,312,848 - Recreation Department: Administration 325,055 341,780 341,780 - Adult Programs 66,771 114,111 114,111 - Aquatics 999,754 1,154,516 1,154,516 - Fitness 308,558 331,110 331,110 - Guest Services 688,304 810,682 810,682 - Youth Programs 287,738 352,657 352,657 - Communtiy Swim Program 230,209 323,405 323,405 - Total Recreation 2,906,389 3,428,262 3,428,262 - TOTAL OPERATING EXPENDITURES 25,476,128$ 27,384,174$ 27,384,174$ -$ Supplement #1 Unaudited Original Amended Difference Actual Budget Budget Increase 2025 2026 2026 (Decrease) REVENUES Taxes: Short-term Rental Tax 1,041,375$ 1,013,112$ 1,013,112$ -$ Use Tax on Construction Materials 408,618 400,000 400,000 - Intergovernmental: State Grants 153,667 - - - Other Local Grants - 220,000 220,000 Charges for Services: Rental Revenues - Employees 87,000 138,300 138,300 - Other Revenue: Bond Issuance Fees 15,788 9,000 9,000 - Total Operating Revenues 1,706,448 1,780,412 1,780,412 - Other Sources Operating Transfers-In 781,961 500,000 500,000 - Total Other Sources 781,961 500,000 500,000 - TOTAL REVENUES 2,488,409 2,280,412 2,280,412 - EXPENDITURES General Government: Community Housing Capital Projects: Planning and Consulting 381,719 - - - Facilities - - 1,050,000 1,050,000 Mi Casa Deed Restriction Program 1,558,795 1,750,000 1,750,000 - MEHOP 250,000 625,000 625,000 - Grant Consulting -24,000 24,000 Tract Y Contribution - -- - R&M Rental Town Owned Units 32,666 20,000 20,000 - Personnel Expenses 126,597 145,291 145,291 - Other Professional Services -4,000 4,000 - Professional Development 1,993 2,750 2,750 - Community Housing Operating Expenditures 11,261 30,000 30,000 - TOTAL EXPENDITURES 2,363,032 2,601,041 3,651,041 1,050,000 NET SOURCE (USE) OF FUNDS 125,377 (320,629) (1,370,629) (1,050,000) FUND BALANCES, Beginning of Year 3,615,139 1,359,394 3,740,516 2,381,122 FUND BALANCES, End of Year 3,740,516$ 1,038,765$ 2,369,887$ 1,331,122$ Fund Summary Community Housing Fund #25 Supplemental Amendment #1 ATTACHMENT C 970.748.4004 eric@avon.org TO: Honorable Mayor Tamra N. Underwood and Council members FROM: Eric Heil, Town Manager RE: Regional Housing Authority DATE: February 6, 2026 SUMMARY: This report provides an update on the recent joint meeting between Avon Council and Eagle County Commissioners to review the details of a proposed regional housing authority. I believe there is growing consensus and momentum to pursue a regional housing solution from the community meetings organized by Habitat for Humanity, business owners meetings and community workshop meetings held in November and December. At the joint meeting there was ultimately consensus to focus on the “hybrid model” where a regional housing authority would provide certain “Core Functions” and the remainder of revenues would pass through to the jurisdiction that generated the revenues. This model raised a few questions on how this would work as well as questions if this was truly a “regional” solution. This report addresses those questions, describes the proposed “hybrid” model strategy and requests Council’s direction on this strategy. REGIONAL PROBLEM: The lack of affordable and attainable housing is a regional problem. It is well documented, widely recognized and common amongst resort communities. REGIONAL REVENUES: Through many discussions and analysis it is clear that additional funding is the most important aspect to provide more workforce housing. Regulatory approaches such as employee mitigation, inclusionary zoning, and planned unit development negotiations are only providing a small fraction of the overall housing. Construction of housing projects along with deed restriction purchase programs are providing the vast majority of housing for the community. Revenues to support regional housing solutions should be regional. Currently, only the towns of Avon and Vail have dedicated revenues for housing. As stated at the first joint meeting between Avon Council and Eagle County BOCC it is not fair to ask Avon voters to approve even more tax revenues for housing unless it is part of a regional effort. PASS THROUGH REVENUES: The proposed hybrid model would be structured so that an estimated 10% of new revenues would support the staffing and core functions of a Regional Housing Authority and 90% of new revenues would pass through to the jurisdiction generating the revenues. I believe this structure is very important for Avon, if not essential. Avon has numerous Community Housing projects planned that need additional funding to come to fruition. Avon: Using the most recent Slopeside apartment project as one of many housing opportunity examples in Avon this property is owned by Avon, zoned for Community Housing and has a thoughtful conceptual design. The required public subsidy to construct this project and offer at a 100% AMI level is approximately $16 million. The proposed revenue models for a Regional Housing Authority would result in Avon receiving approximately $4 million more per year, which combined with our existing $2 million in dedicated revenues would result in an annual budget of $6 million per year. It is important for Avon to know it is receiving those funds for planning, financing and budgeting purposes. If new housing revenues were to all go to a Regional Housing Authority then Avon would be in a position where it has to request, propose, or apply to the RHA for allocation of the funds generated in Avon to be spent in Avon. That would add at least 3 months and could as much as 12 months of process with an uncertain outcome. That structure concerns me because it adds government bureaucracy and delay rather than supporting and enabling housing efforts Page 2 of 2 at the local level. This same concern applies to many other Community Housing projects that Avon is planning and entitling. Vail: Vail is both the largest tax base and largest job center in Eagle County. Vail also has a well established and sophisticated housing program with a significant track record of success with both housing projects and housing programs. If Vail were to join a Regional Housing Authority with a pass-through revenue arrangement they will use the funds to provide more housing. If this occurs in Vail then that is ideal planning to provide more housing in the county’s largest job center. If Vail chooses to invest in housing outside of Vail then it will still be within the region. Either way, the revenue pass-through model will generate more housing in the region. Other Towns: I believe the revenue pass through model is beneficial for other towns in the Eagle River Valley. When towns have housing funds to work with then they will naturally work on housing ideas, strategies, projects and programs within their community. This will help build both understanding and political support for housing within each community. From a planning perspective, new housing should be located within existing towns, so in my opinion the pass-through revenue arrangement to all towns is positive and will result in housing built regionally. REQUESTED DIRECTION: Discussion and direction by Council is requested to either confirm Avon’s position to support a Regional Housing Authority with a revenue pass-through model (i.e. the “hybrid” model) or provide other direction or schedule time for more discussion. Thank you, Eric DRAFT - HEALTH AND RECREATION COMMITTEE MEETING MINUTES TUESDAY, JANUARY 20, 2026 HYBRID FORMAT IN PERSON AT AVON TOWN HALL AND VIA ZOOM Page 1 of 5 1. ROLL CALL Present- Committee Members: Committee Chair Nancy Tashman, Vice-Chair Lisa Post, Amy Phillips, Pat Nolan, Derek George and Kathy Ryan Staff: Recreation Director Michael Labagh, Recreation Services Superintendent Jerrica Miller, Aquatics Superintendent Kacy Carmichael, Town Manager Eric Heil Town Council: Councilor Kevin Hyatt, Councilor Ruth Stanley (virtual) Absent- Committee Members: Sonia Martinez and Courtney Walters Rawson Committee Chair Nancy Tashman opened the meeting at 12:02 p.m. 2. APPROVAL OF THE AGENDA Committee Chair Nancy Tashman made a request for a motion to approve the agenda. Committee Member Amy Phillips moved to approve the agenda and Committee Member Pat Nolan seconded the motion. Committee Chair Nancy Tashman declared the agenda approved. 3. APPROVAL OF THE NOVEMBER 18, 2025 MEETING MINUTES Committee Chair Nancy Tashman made a request for a motion to approve the minutes of the November 18, 2025 meeting. Amy Phillips moved to approve the meeting minutes, Committee Member Kathy Ryan seconded the motion and Committee Chair Nancy Tashman declared the minutes approved. 4. PUBLIC COMMENTS Committee Member Kathy Ryan spoke on behalf of her neighborhood and shared that they are pleased with the cleanliness of the bus stops in town. 5. BUSINESS ITEMS 5.1 Health & Recreation Committee Update & 2026 Goal Setting Recreation Director Labagh provided an update of the upcoming open seats on the committee and explained the process for applying. He opened the discussion for questions about the application process. He reminded the Committee of their purpose, the Recreation Department’s Mission and Vision statements, and the 2026 Recreation Department outlook including program enhancements, Nottingham Park Plan Review, Aquatics Area Remodel, Wildridge Parks Redevelopment – Community Engagement, Village at Avon Park Planning, and Fitness Area Expansion Design. The committee commented/inquired: • Committee Member Amy Phillips requested that Michael provide an explanation for the committee for how they review the Harry A. Nottingham Park Plan. She also suggested if CASE and Health & Recreation Committees could hold a joint committee meeting. Recreation Director Michael Labagh explained the process and Town Manager Eric Heil provided further details. DRAFT - HEALTH AND RECREATION COMMITTEE MEETING MINUTES TUESDAY, JANUARY 20, 2026 HYBRID FORMAT IN PERSON AT AVON TOWN HALL AND VIA ZOOM Page 2 of 5 The Committee commented/inquired: • Committee Member Amy Phillips stated that long-term planning for both Village parcels, Lot B, Planning Area B and P3 should be included. She suggested that this committee could do preliminary work on timelines and goals for those projects. She reminded the Committee of the funding from Downtown Development Authority (DDA). • Committee Chair Nancy Tashman inquired about town influence on future development. • Committee Member Amy Phillips inquired about a new water tank as opposed to using existing water . • Committee Chair Nancy Tashman inquired about a dog park at the P3 park parcel. Town Manager Eric Heil explained the Town has quite a bit of discretion for planning in the Village at Avon. He explained how the land owned by the Town is connected. He also explained how Traer Creek may request a delay in the P3 park parcel, but there is much left to determine about timing. Eric also agreed that a dog park is a great idea because it is low cost and has been a suggested amenity previously. He said there are several factors with future development and there will be more information presented to the Committee to seek comments and direction. The Committee commented/inquired: • Committee Chair Nancy Tashman expressed a desire to assist with the Aquatics Area Remodel. • Committee Member Derek George expressed similar interest in the Fitness Area Expansion. • Committee Member Amy Phillips inquired about the Fitness Area Expansion timeline. • Committee Member Derek George inquired if the Aquatics and Fitness area renovations would overlap. • Committee Vice Chair Pat Nolan asked that older adults be represented in community engagement. Recreation Director Michael Labagh explained that the Aquatics Area Remodel is set to be completed in 2026, and the Fitness Area Expansion could be completed in 2028 or possibly 2027. Town Manager Eric Heil explained the logistics of putting together a design team and managing them. The Pedestrian Mall and Fitness Area Expansion could be completed by the same contractor. If the two projects are completed by separate contractors, then the Pedestrian Mall would be prioritized first. The Pedestrian Mall project will include work in the Recreation Center west parking lot. The Committee commented/inquired: • Committee Chair Nancy Tashman inquired about the skate park in the East Park Restrooms’ location. Eric Heil and Michael Labagh explained that once the restrooms in the park are built, there could be sentiment that we need to maintain the grassy area for park use rather than a skate park. The Avon Skate Coalition could not provide the funds they initially came to the table with. The Committee commented/inquired: • Committee Member Kathy Ryan would like a bicycle education committee before it’s too late. She would like to see helmets for kids under 18, rules about tire width and speed limits. She also shared that people don’t want to come to public meetings because they don’t think their voices are heard. Recreation Director Michael Labagh paused the conversation to remind the Committee of the resources available for public meeting participation and education. He also touched on the work being done on bicycle education with Mountain Youth, Vail Health, Town of Eagle, Town of Avon, the Police Departments, and Eagle County. It was DRAFT - HEALTH AND RECREATION COMMITTEE MEETING MINUTES TUESDAY, JANUARY 20, 2026 HYBRID FORMAT IN PERSON AT AVON TOWN HALL AND VIA ZOOM Page 3 of 5 determined that Eagle County will be taking the lead on the e -bike safety initiatives. The Committee commented/inquired: • Committee Member Kathy Ryan stated that she’s glad to hear there’s some traction on this issue. • Committee Chair Nancy Tashman inquired about the “Slow Your Roll” signs and information about any bicycle related incidents last summer. • Committee Chair Nancy Tashman requested to see sunshades added for pickleball courts and inquired about designated parking for pickleball at Avon Elementary School. Recreation Director Michael Labagh said he’s received positive comments about the increase in signage. He affirmed that sunshades for outside of the pickleball courts are on their way. Michael also said he would recirculate the conversation with the Police Department and Avon Elementary School to see if there is a possibility of allowing parking at the outdoor courts. Recreation Director Michael Labagh then asked if the Health & Recreation Committee had any interest in providing updates and/or acting as an ambassador during AvonLive! events in the summer. The Committee commented/inquired: • Councilor Kevin Hyatt, Committee Chair Nancy Tashman, Committee Member Amy Phillips expressed support for the idea of providing information at the summer concerts. • Committee Member Amy Phillips stated that the committees have more people on them and help the public feel that they were involved in the decision-making process. • Committee Member Lisa Post inquired if the portable signs could be used for community engagement. • Committee Member Kathy Ryan suggested using free swag to work the crowd and ask for feedback. Recreation Director Michael Labagh reinforced the message that this kind of public outreach may be one of the easiest ways to meet people since we are setting up where they are already going to be. Town Manager Eric Heil confirmed that the Vehicle Message Signs and railroad bridge signs are intended for communication outside of community engagement efforts. 5.2 Recreation Department Update Recreation Director Labagh provided the statistics overview including 2024/2025 visitation and revenue comparison. The amount of visitation is high and not surprising due to the lack of snow. The Black Friday sale included a 4-month membership rather than a 5-month membership due to the Aquatics Area Remodel. Lower sale revenue was reported but that may help the Recreation Center manage its overcrowding issues. Michael also provided an overview of Avon Turkey Trot highlighting record attendance and improvements for collecting waivers. The committee commented/inquired: • Committee Member Derek George inquired about the breakdown of registrants between the 2K and 5K. • Committee Member Amy Phillips shared that she would like to continue to see the 2K offered. Recreation Services Superintendent Jerrica Miller shared that for the 5K, 679 registered and for the 2K, 254 registered. Recreation Director Michael Labagh inquired about what additional data would be beneficial for the Health & Recreation Committee to review. DRAFT - HEALTH AND RECREATION COMMITTEE MEETING MINUTES TUESDAY, JANUARY 20, 2026 HYBRID FORMAT IN PERSON AT AVON TOWN HALL AND VIA ZOOM Page 4 of 5 The committee commented/inquired: • Committee Member Amy Phillips would like to see a presentation on what programs are available for our aging population. • Committee Member Pat Nolan added that she would like to see data on class participation and age spread for participants. • Committee Member Amy Phillips would also like to know what’s offered at other local facilities. • Committee Member Pat Nolan agreed and would like to see program expansion such as groups that walk around the lake in the summer, or at least more marketing around available programs. • Committee Member Derek George would like to see programs focused on longevity with several committee members agreeing. • Several Committee members said that they are not receiving the information about Eagle County Healthy Aging presentations. Recreation Director Michael Labagh suggested that the Recreation Department help share information about what’s out there and available for the public. Recreation Director Michael Labagh stated that Recreation Department staff are not necessarily experts about longevity but could see if other providers are willing to work with us. He shared that Vail Health is currently launching a new program, and we could potentially partner with them. 5.3 Aquatics Area Remodel Update Recreation Director Michael Labagh provided an update on the design progress for the Aquatics Area Remodel. The pool area will close April 13 and tentatively reopen Friday November 20, 2026. He shared some renderings of the designs for the new waterslide, new hot tub and pool operations. He shared the communication plan and alternative pool options for patrons & programming. The committee commented/inquired: • Committee Member Lisa Post inquired how the Aquatics staff will stay employed. • Committee Member Kathy Ryan expressed concern that lifeguards are wearing high top tennis shoes. • Committee Member Amy Phillips inquired if the concrete patio is the existing concrete in the renderings. • Committee Member Kathy Ryan inquired if the waterslide is outdoors and how does it stay warm. • Committee Chair Nancy Tashman shared that the new office area looks nice so far. Recreation Director Michael explained what roles the lifeguards will work in during the closure and shared that a staff survey was conducted to see if they are interested in working in other positions. The Recreation Services division is in a hiring freeze so that alternative forms of employment can be offered to current Aquatics staff first. The neighboring pools should not be short-staffed for lifeguards or swim instructors either. Aquatics Superintendent Kacy Carmichael explained that the lifeguards must perform rescues with their shoes on and periodically need to demonstrate their skills in anything they wear while on surveillance duty. There is also a concern that the pool deck concrete is incredibly slippery, hence one of the reasons for pool deck rep lacement. Recreation Director Michael Labagh shared that these are conceptual drawings but confirmed that the waterslide could go out of the building. Slide manufacturers make insulated slide flume pieces to withstand the elements. A smaller pool patio will be maintained but most of it will be repurposed for the new hot tub location. Recreation Director Michael Labagh shared that he’s excited to have an office in the Recreation Center again and encouraged DRAFT - HEALTH AND RECREATION COMMITTEE MEETING MINUTES TUESDAY, JANUARY 20, 2026 HYBRID FORMAT IN PERSON AT AVON TOWN HALL AND VIA ZOOM Page 5 of 5 Committee members to stop by and see it. Recreation Director Michael Labagh thanked everyone for their feedback. 6. OTHER BUSINESS AND COMMITTEE MEMBER COMMENTS No other business or committee member comments were received . 7. ADJOURNMENT Committee Chair Nancy Tashman asked if there was a motion to adjourn the meeting. Committee Member Amy Phillips motioned to adjourn the meeting and Committee Member Pat Nolan seconded the motion. The meeting adjourned at 1:20 p.m. on January 20, 2026. Respectfully submitted by Kacy Carmichael Aquatics Superintendent DOWNTOWN DEVELOPMENT AUTHORITY MEETING MINUTES MONDAY, FEBRUARY 2, 2026 HYBRID MEETING: IN PERSON AT AVON TOWN HALL OR VIRTUALLY ON ZOOM DDA BOARD MEETING MINUTES, 02 FEBRUARY 2026 PAGE 1 | 5 1. ROLL CALL Downtown Development Authority: Board Members Tony Emrick, Lisa Mattis, Gregg Cooper, Chris Neuswanger, and Wayne Hanson CASE Committee: Committee Members Justin Chesney, Ian Grask, Chuq Yang, Thomas Walsh, Amy Lewis (joined at 3:09 p.m.) Virtual: DDA Board Members Rob Tartre, Marcus Linholm (joined at 3:06 p.m.), Matthew Fitzgerald (joined at 3:07 p.m.), CASE Committee Members Alejandro Cerda, Kristen Dudding, and Pedro Campos (joined at 3:06 p.m.) Absent: DDA Board Members Scott Tarbet and Brandt Marott, CASE Committee Member Kerri Thelen Staff: Town Manager Eric Heil, Deputy Town Manager Patty McKenny, Chief Administrative Officer Ineke de Jong, Chief Cultural Officer Danita Dempsey, Senior Special Events Coordinator Chelsea Van Winkle, Special Events Coordinator Emily Dennis, Planning Manager Jena Skinner, Community Development Director Matt Pielsticker, Chief Financial Officer Paul Redmond, and Financial Analyst Chase Simmons DDA Board Chair Tony Emrick called the meeting to order at 3:00 p.m. 2. APPROVAL OF AGENDA Board Member Lisa Mattis motioned to approve the agenda. Board Member Chris Neuswanger seconded the motion. The motion passed unanimously by those present. 3. DISCLOSURE OF ANY CONFLICTS OF INTEREST RELATED TO AGENDA ITEMS Board Chair Emrick asked if there were any conflicts of interest and there were none. 4. PUBLIC COMMENT No public comments were made in person or virtually. 5. BUSINESS ITEMS 5.1 JOINT MEETING WITH CULTURE, ARTS, & SPECIAL EVENTS (CASE) COMMITTEE DDA Board Chair Emrick explained the purpose of the joint meeting is to discuss The Summit at Avon and the proposed development for the potential culture and arts space. Town Manager Heil provided an overview of the project, explaining the group will be looking at the potential programming and operations of the community workshop space to promote cultural and arts and activate the pedestrian mall. The Town wants to keep programming simple so the space can be flexible. He explained that Council will be reviewing the design and site plan on February 10, 2026. The Board and Committee commented / inquired: A. What does the budget look like? Is there revenue? What are the expenses? If we’re committing to 50+ years of paying for the facility, what does the ratio look like and how can we come up with an approach to that? Town Manager Heil mentioned there is an idea of the budget with the tax increment funds to support purchasing the space. Early estimates show that funds generated can pay for the cost of the space and would be only 25 years of pledged revenue. DOWNTOWN DEVELOPMENT AUTHORITY MEETING MINUTES MONDAY, FEBRUARY 2, 2026 HYBRID MEETING: IN PERSON AT AVON TOWN HALL OR VIRTUALLY ON ZOOM DDA BOARD MEETING MINUTES, 02 FEBRUARY 2026 PAGE 2 | 5 The Board and Committee commented / inquired: A. On the west half, is that a moveable portion that divides the spaces? B. Are there other potential uses, like a community meeting space? Town Manager Heil noted the Town is working with the architect, and there will be time to focus on building details if the project gets approved by Council. He reviewed some of the details that could be altered from the current conceptual design. Chief Cultural Officer (“CCO”) Dempsey presented a schematic of the conceptual design and reviewed Attachment A that includes the list of activation ideas. The Board and Committee commented / inquired: A. I love the idea of the space and think it would be very beneficial and useful. It could work well with events at the stage and function as a reception area, similar to the Eagle-Vail Pavilion. I am a strong advocate for performing arts and in-person activities, but this space cannot be everything for everyone. I could see challenges with live performances if there is no stage or elevated surface, particularly for theater and dance, which may require some type of floor installation. I also love the idea of having an ice cream and coffee shop in the space. B. The ideas work well, but some will likely need to be trimmed based on the size and limitations of the space. We need to be realistic about balancing classes with open space for people to create art. I disagree that we need an ice cream and coffee shop. I would like to explore other options, such as affordable grab-and-go lunch offerings, to support afternoon activation and add variety. C. We need to review the guidelines and determine a clear approach, including whether revenue can meet expenses. A long-term 25-year plan is necessary to ensure the space can sustain itself. If the Town commits staff to operate the space, that represents a long-term financial obligation. I appreciate that the developer views the project positively, but we should be careful not to pull business from existing for-profit operations. I wonder about Colorado Mountain College and their art portfolio. What might happen as a result of this space to for-profit businesses? The revenue and expenses need to match. D. Do we have a proforma of revenue and expenses? I think looking at the long-term objectives, we want to draw people to that area. That’s what the challenge has been in the space. Town Manager Heil explained that we do not have an idea of expenses yet and there is more to come. The Board and Committee commented / inquired: A. The DDA has met with business owners around the proposed space, and they are supportive. B. Did we lose the idea of liquor sales? That should get us in the black. I agree with the CASE members’ perspectives and appreciate that nearby restaurants have been consulted. I was concerned about impacts to Loaded Joes if this becomes a coffee shop. We should continue to think carefully about what the market wants, and I believe the right concept will present itself. Overall, we are doing a good job communicating our vision and bringing the community together. DOWNTOWN DEVELOPMENT AUTHORITY MEETING MINUTES MONDAY, FEBRUARY 2, 2026 HYBRID MEETING: IN PERSON AT AVON TOWN HALL OR VIRTUALLY ON ZOOM DDA BOARD MEETING MINUTES, 02 FEBRUARY 2026 PAGE 3 | 5 C. I agree a grab and go option would be nice to have. We don’t want to directly compete with other businesses around town. Something with hot food options would be nice. I like how the space is laid out. Getting rid of the back- of-house hallway would add more square footage. Have we done a survey to see what the community wants in that space? CCO Dempsey stated that preliminary surveys were done during La Zona and it was clear that a space like this was desired by our community but there has not been a specific engagement strategy yet. The Board and Committee commented / inquired: A. If the space hosts private events, we should address public restroom access. I recommend adding a separate public entrance to the bathrooms, so they remain accessible during private events. I like the flexibility and modularity of the space. B. We need a plan for a clean-up or wet sink area in the community space. A grab-and-go concept could support a wide range of food options prepared offsite. The hallway takes up valuable space that could be used for tables and seating. We should also plan for AV needs, including wiring for screens and speakers. The space has a lot of potential. C. The coffee shop would have to be closed to the public if there was a private event. The flexibility of the space reminds me of the SingleTree Community Center. D. I’ve liked this project all along. I got stuck during the Finance Committee meeting last week. Currently, there is no clear revenue source, and a coffee shop alone will not generate significant income. Having a third party operate the space could prevent the Town from competing with existing businesses like Loaded Joes. Entering the coffee or ice cream business would pull business from the community. This center is not designed to handle things like a ballet or opera. We need to consider shorter ski seasons and increased summer activity. I revisited the idea of the building next to the library, as Lot B may not meet larger event needs. If the Town provides financial support, it gives the facility an advantage over private businesses. A third-party operator could determine the most appropriate use of the space. E. I would like to ensure that acoustics are good for something like chamber music. The wall that borders the walkway could be removable or moveable, what would the cost be to open that wall and allow the space to be open to the outside. Are there any employee units with the property? Has the Town discussed having an active role in any of those units? Could we pitch the developers on a unit for an artist in residency since it is going to be an art space? What if the town owned the space but it was more of a pop-up for local businesses to come and show off their food? Businesses could stop in and showcase their cuisines. There would be less competition for other businesses. I like not having the Town involved completely but I am very much in favor of the space. Everything that we can do to continue pushing for it will benefit everyone. Town Manager Heil explained there is an employee mitigation formula for the apartments. Artist in residency is a great idea and something that has come up before but is not feasible in this space but would be better somewhere else. The Board and Committee commented / inquired: A. I love this idea and how it connects the buildings along the mall and creates a direct path to the park. I support having a third parter operator and letting restauranters be restauranters. While the design is still unfinished, my DOWNTOWN DEVELOPMENT AUTHORITY MEETING MINUTES MONDAY, FEBRUARY 2, 2026 HYBRID MEETING: IN PERSON AT AVON TOWN HALL OR VIRTUALLY ON ZOOM DDA BOARD MEETING MINUTES, 02 FEBRUARY 2026 PAGE 4 | 5 background is in flexible event spaces and I would like to provide input once the design phase begins. In general, I don’t think we should be worried about the restaurants around space. If it becomes more of a social gathering area, they will benefit from it. You cannot just have coffee without muffins or other to-go items, it needs to be planned accordingly to attract most of the people that’ll walk the mall. B. I agree with much of what has been said and am focused less on specific uses and more on securing the space itself. The Town needs to make this happen with the developer. Having worked on the mall in 2013–14, I see this as a key connection to the park. The location is ideal since it is near the civic center, recreation center, and transit hub with lots of foot traffic and a south-facing orientation that allows for an indoor/outdoor relationship we currently lack. This should be a community gathering space; I would be disappointed if it became primarily a private-event venue. Other facilities already serve those needs. While it’s too early to define exact uses, I strongly support maximum flexibility and learning from examples like the Vail Rec District space in Lionshead, which evolved over time through user feedback. C. Thank you for working on this but I have some general concerns. I don’t see how this space is going to be making it a profit. It could become extremely expensive on the front end and could be expensive to run. I’m not clear on what portion the town would be paying. There’s an opportunity cost to that money. Spend it here or do what the developer is offering but not consider the money lost on running the space. DDA funds could be spent on other things, considering there are other properties the town is looking at. I don’t see how you can get around if this is going to be part of a condominium declaration. It’s going to have a legal space and could result in certain unintended consequences for the Town with cost ramifications that we do not know about today. If the Town moves forward, you’re going to be part of the condo association that is going to be setting dues. If you can get beyond financials, it does sound like a nice concept. D. I echo previous comments. I like the interplay between the hardscape and outdoor areas. It feels like the building is going to be vibrant. We need to drill down the details if this would be subject to residential HOA or a separate commercial HOA and those carrying costs. I do think that the Town has a need for a gathering space and for the arts. The mixed-use room is good for that. The retail site becomes more viable in the marketplace. It’s an interesting opportunity. E. I’m very supportive of this community space. It’s great for vitality and bringing the community together. I’m excited to see where the actual use of the space ends up, but a community arts/workshop space feels like a great option. I also like the idea of a coffee shop with light food / grab and go options. (comment made via email at 3:49 p.m.) F. So, what happens if it doesn’t activate? G. There are people chomping at the bit to be in this space. I don’t think it would be a problem to find organizations. H. For over three years, the DDA has been talking about providing infrastructure and housing, we’ve talked about activating the pedestrian mall. If we don’t do anything, we’ll never know. In 10 years, we could have the space sitting there with no building and think “wow, we didn’t’ do anything”. Then why are we here? Town Manager Heil expressed his confidence in the project and noted the space could be reverted into general commercial space if needed. He provided examples of local organizations that are interested in the space and its potential uses. Planning Manager Skinner stated that there are 164 planned rental units for the building. Local businesses could expand rather than face competition. A commercial kitchen is cost prohibitive, and from a planning standpoint use of the hallway is imperative for successful operations. The trash chute shouldn’t move; it’s important for safety reasons. DOWNTOWN DEVELOPMENT AUTHORITY MEETING MINUTES MONDAY, FEBRUARY 2, 2026 HYBRID MEETING: IN PERSON AT AVON TOWN HALL OR VIRTUALLY ON ZOOM DDA BOARD MEETING MINUTES, 02 FEBRUARY 2026 PAGE 5 | 5 The Board and Committee commented / inquired: A. Suggestion to ensure the space is not monopolized for the Art Guild. Their work is supported but make sure it’s a community space. B. Request to draft the long-term operational projections as the expense of the space will be passed on to future generations. Suggest understanding what the overall line-item costs are as the Town will have to maintain clear guidelines on how much money it will take to break even. Make the private event costs as reasonable as possible C. Is this a condo or an apartment building? The Town should scrutinize the cost share agreement and encourage flexibility to be written into the agreement. Town Manager Heil explained it would be a community workshop space and not intended to be dedicated to one specific group. The Town will review all cost share agreements and that those items are next steps if the building is approved by Council. CCO Dempsey mentioned primary users may get first right of refusal and noted it will take time to get the space fully activated and into a revenue generating model. DDA Board Chair Emrick noted that there is majority support for the project. 3. MINUTES Board Member Rob Tarte motioned to approve the Minutes from Avon DDA Board Meeting held on January 12, 2026. Board Member Gregg Cooper seconded the motion. The motion passed unanimously by those present. 4. ADJOURNMENT DDA Board Chair Emrick adjourned the meeting at 4:10 p.m. Respectfully submitted by: Emily Dennis Special Events Coordinator 970-390-2014 Page 1 of 3 ewilson@avon.org TO: Honorable Mayor Underwood and Council Members FROM: Eva Wilson, Engineering Director RE: Year-End Update - 2025 Capital Improvements Projects DATE: February 3, 2026 SUMMARY: This report provides Council with an update on the status of the 2025 Capital Improvements Projects (“CIP”) Program. There were 61 projects/contributions in the 2025 CIP Program totaling approximately $45,545,630. Twenty-two (22) projects were completed. Nine (9) Projects are still in construction to be completed this year, and sixteen (16) projects are in Design. Fourteen (14) projects were deferred. CIP Projects are managed by the Engineering, Facilities, Mobility, Fleet, and Operations Staff. Communications and Technology projects are managed by the IT staff. BACKGROUND: CIP is primarily funded with the 2% real estate transfer tax (RETT). Avon attempts to avoid disruptive construction in the Town Core between Memorial Day to Labor Day. The cost of capital improvement projects is most effectively reduced with thorough planning and design prior to bidding for construction. Due to the construction season cycles and the high demand for construction work, an effective process to manage costs requires planning and design in the first year for a new project and then soliciting projects between Oct to Jan for construction the following year. CIP PROJECT SUMMARY: 2025 CIP By The Numbers: • 60 CIP Projects/Contributions ($45,545,630*) o 21 Completed ($6,641,773) (one contribution) o 9 Projects in Construction ($14,899,129)(one contribution) o 16 Projects in Design ($18,254,728) o 14 Projects deferred ($5,750,000) * Budgeted Amount and Actual Amount If Known 970-390-2014 Page 2 of 3 ewilson@avon.org 2025 Completed Projects: 2025 Projects In-Construction: 970-390-2014 Page 3 of 3 ewilson@avon.org 2025 Projects In-Design/Study: 2025 Projects Deferred to 2026: Thank you, Eva Attachment A: 2025 CIP Projects Slide deck 2025 Capital Improvements Project Year-End Update Eva Wilson, Engineering Director Capital Improvements Project Year-End Update February 10, 2026 Attachment A 2025 CIP By The Numbers: -60 CIP Projects/Contributions ($45,545,630) -23 Completed ($6,641,773) (one contribution) -9 Projects in Construction ($14,899,129)(one contribution) -16 Projects in Design ($18,254,728) -14 Projects deferred ($5,750,000) -Team Effort: Engineering, Facilities, Mobility, Fleet, and Operations * Budgeted Amount and Actual Amount If Known 2025 Completed Projects Capital Improvements Project Year-End Update February 10, 2026 2025 Projects In-Construction Capital Improvements Project Year-End Update February 10, 2026 2024 Projects In-Design Capital Improvements Project Year-End Update February 10, 2026 2025 Deferred Projects Capital Improvements Project Year-End Update February 10, 2026 2025 Completed Projects Capital Improvements Project Year-End Update February 10, 2026 Purpose: Upgrade ARTF and Town Hall Access System Scope: Update cameras and door controllers. Access Readers. Device License for Camera Station v5. Interconnects, Hardware, and Mounting Equipment. Ethernet Surge Protection. Network switches. Budget: $82,650 Actual: $82,650 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Purpose: Provide a safe work environment for Winter Operation while protecting Town Assets Scope: Construct a 5-bay, 8,000 SF, all-electric Equipment Parking Garage. The fifth bay will provide a shop area for the Facilities Division. Budget: -Planning, Designing, Construction Observation Budget: $600,000. Actual: TBD -Construction: $4,194,038 Actual: TBD ARPA Funds: $1,600,000 Reserve Funds: $2,688,038 Project Status: Completed (Punchlist) Capital Improvements Project Year-End Update February 10, 2026 Scope: Separate HVAC between 1st floor and 2nd floor Offices to prevent bus exhaust from entering the 2nd Floor Offices Budget: $312,000 Actual: $312,000 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Scope: Repair and Replace two (2) Vehicle Lifts •Repair in-ground lift •Purchase mobile lifts Budget: $300,000 Actual: $246,398 Project Status: Completed In-ground Lift Sample Capital Improvements Project Year-End Update February 10, 2026 Scope: Upgrade recycling center •Efficiently layout recycling equipment; Repaving; Provide power the site, surveillance cameras Budget: $434,714 (pavement & electrical work) Actual: $434,714 50/50 Eagle County (EC)/Town of Avon (TOA) Agreement: •EC provided a cardboard compactor at $100K •Town of Avon received a grant for a polystyrene compactor ($112K CDHPE not included in 50/50 cost share) Project Status: Completed •50/50: TOA $218,000; EC cash = $118,000 + cardboard compaction. Capital Improvements Project Year-End Update February 10, 2026 Purpose: Repair Cooling Tower Pump at the Police Department Scope: Replace Cooling Tower Pump Budget: $12,000 Actual: $12,000 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Scope: Chargers will support PD electric vehicles. Project will install two (2) level 2 EV Charger (serving 4 vehicles) Budget: $100,000 Actual: $89,607 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Scope: Install standardized monument signs for all Town parks Monument signs for the following Town parks 1.O’Neal Spur Park 2.Saddleridge Park 3.Eaglebend Park 4.Recreation Center Budget: $75,000 Actual: $68,502 + Eaglebend Sign Status: All signs installed except Eaglebend Park (to be installed during park construction) Capital Improvements Project Year-End Update February 10, 2026 Purpose: Enhance and Maintain Arts Program Scope: •Repair/stabilize Art Pedestals •Add uplighting Budget: $75,000 Actual: $75,000 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Purpose: Support Special Events and Large Gatherings Scope: -Purchase Meridian Barriers Budget: $31,520 Actual:$35,463 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Scope: Post Blvd Irrigation was installed in 2003 and needs maintenance and repair Budget: $150,000 Actual: $142,719 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 Purpose: Maintain Town Infrastructure Scope: Assess Town Retaining Walls for Stability and Repair and Maintenance Plan Budget: $80,000 Actual: $80,000 Project Status: Completed Capital Improvements Project Year-End Update February 10, 2026 2025 Projects In Construction Capital Improvements Project Year-End Update February 10, 2026 Purpose: Construct restrooms and supporting improvements for general park uses and special events Scope: •Utility Relocation •Modular Restrooms •Landscaping/Seating Wall •Skate Plaza (pending grant) Budget: $5.75M Grants: $1M DOLA Grant Application Project Status: In Construction Estimated Completion Date: July 2026 Capital Improvements Project Year-End Update February 10, 2026 Purpose: Enhance Safety and Security at the Recreation Center Scope: Bldg. Key Card Access and replace outdated surveillance cameras Budget: $50,000 Project Status: Construction Estimated Completion Date: Nov 2026 Capital Improvements Project Year-End Update February 10, 2026 Scope: Enhance Eaglebend Park Budget: $890,000 GOCO Grant-$375,000 Developer Contribution-$249,677 Project Status: In Construction Estimated Completion Date: May 2026 Capital Improvements Project Year-End Update January 14, 2014 Scope: Add nine (9) pairs of Pedestrian Flashing Beacons Budget: $1,202,157 Grants: $697,000 Project Status: In Construction Estimated Completion Date: May 2026 Capital Improvements Project Year-End Update February 10, 2026 Scope: Traffic Signal, Sidewalks, and Landscaped Median Islands Budget: $6,100,000 •$4.6M Awarded CDOT Grant •$535K Avon CIP •$535K Eagle County Project Status: In Construction Estimated Completion Date: May 2026 Capital Improvements Project Year-End Update February 10, 2026 2025 Projects In Design Capital Improvements Project Year-End Update February 10, 2026 Purpose: Replace Roof on the Fleet Maintenance Bldg. Scope: Replace Ethylene Propylene Diene Monomer (EPDM) rubber roof. Budget: $460,000 Project Status: RFP Capital Improvements Project Year-End Update January 14, 2014 Purpose: The ARTF is 11 years old. Building Automation System is outdated and not efficient Scope: Upgrade ARTF Building Automation System Budget: $165,000 Project Status: RFP Capital Improvements Project Year-End Update February 10, 2026 Scope: The Pool deck is in very poor condition. Concrete pool deck and trench drain replacement are needed Additionally, the HVAC ductwork located under the deck in the pool area has deteriorated from water exposure and will need to be replaced Budget: $8,405,000 Project Status: In Design-Build Estimated Completion Date: Nov 2026 Capital Improvements Project Year-End Update February 10, 2026 Purpose: Fix streets lights on west- bound I-70 off ramp at Avon Road to enhance safety Scope: Rewire I-70 off-ramp lights Budget: $50,000 Project Status: RFP Estimated Completion Date: Aug 2026 Capital Improvements Project Year-End Update February 10, 2026 Purpose: Implement La Zona plans to improve and extend Main Street Pedestrian Mall Scope: Improve the paved portion of Main Street Pedestrian Mall and Extend to Harry A. Nottingham Park Budget: $6,500,000 Project Status: In Design, Construction 2027 Capital Improvements Project Year-End Update February 10, 2026 Purpose: Maintain Town Infrastructure Scope: Assess the stability and design retaining wall repair Budget: $80,000 Project Status: In Assessment Estimated Completion Date: April 2026 Capital Improvements Project Year-End Update February 10, 2026 Scope: Project will repair potholes and spalls in deck and wearing surface, patch spalls and scaling in rail parapets, and upgrade existing guardrail structure. Budget: $1,120,000 CDOT Grant: $895,302 Project Status: Solicitation Estimated Completion Date: Aug 2026 Capital Improvements Project Year-End Update February 10, 2026 Purpose: Repair and maintain Nottingham Reservoir Scope: Investigate and Install flow meter to measure seepage flows Budget: $100,000 Project Status: In Design, Construction 2026 Capital Improvements Project Year-End Update February 10, 2026 2025 Deferred Projects Capital Improvements Project Year-End Update February 10, 2026 Purpose: Enhance Park Experience Scope: Enable WiFi Access in Park Budget: $150,000 Project Status: Deferred -Phase I: Upper Field ($20K Completed) -Phase II: Beach Area -Phase III: Courts Area Capital Improvements Project Year-End Update February 10, 2026 Purpose: Maintain Town Asset Scope: Post Blvd Asphalt Overlay, repair subsidence in pavement, replace streetlights, and repair curb and gutters Budget: $2,750,000 Project Status: In Design, Construction 2027 Capital Improvements Project Year-End Update February 10, 2026 Scope: Install four (4) additional DC Fast Chargers on Town owned parking lot (Tract A: parking adjacent to Christy Sports ). Budget: $775,000 (estimate) Grant Award: $560K Project Status: -Planning –Holy Cross Energy (upgrade Transformer) -ADA requirement delaying the project -Drainage and flooding in the area Capital Improvements Project Year-End Update February 10, 2026 Purpose: Parking Area Pavement is in poor condition. Scope: Full-depth replacement of asphalt pavement Budget: $100,000 Project Status: Deferred Capital Improvements Project Year-End Update February 10, 2026 Purpose: Planning for the relocation of the Metcalf Family Cabin. Scope: Investigate appropriate location options and relocation methods for the Metcalf Family Cabin Budget: $20,000 Project Status: Deferred Capital Improvements Project Year-End Update February 10, 2026 Purpose: Replace Fit Court with a picnic shelter that will better meet community needs. Scope: Removal/Donation of Fit Court Equipment. Design a Picnic Shelter that matches the Avon Pavilion for family rentals and special events. Budget: $35,000 (Design) Project Status: Deferred Dillon Picnic Shelter Capital Improvements Project Year-End Update February 10, 2026 Purpose: Repair and maintain Town infrastructure Scope: Repair Diversion Wall Budget: $100,000 (Design –2025); $1,00,000 (Construction – 2026) Fund: CIP (Water Fund) Project Status: Deferred Capital Improvements Project Year-End Update February 10, 2026