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TC Council Packet 11-12-2002Town Council Meetings Roll Call Check Sheet Date: I Michael Brown Y Debbie Buckley \1 v Peter Buckley Mac McDevitt Buz Reynolds y Brian Sipes Judy Yoder Roll calls are called at start of meeting and for Ordinances. Do not call Mayor except for meeting roll call or to break a tie vote. Seating arrangements from west to east: P. Buckley, Cuny, Reynolds, Yoder, McDevitt, D. Buckley, Brown Staff Present: ? Bill Efting ? Larry Brooks John Dunn ? Patty McKenny V?Jacquie Halburnt ? Scott Wright Jeff Layman Norm Wood ? Meryl Jacobs Bob Reed V Harry Taylor Ruth Borne Other Staff 1ATown Clerk\Council\Packets\Council Meeting Check List.doc STATE OF COLORADO ) COUNTY OF EAGLE ) SS TOWN OF AVON NOTICE IS HEREBY GIVEN THAT A WORK SESSION OF THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, WILL BE HELD NOVEMBER 12, 2002, AT 5:00 P.M. IN THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF DISCUSSING AND CONSIDERING THE FOLLOWING: 5:00 PM - 5:15 PM 1) Staff Updates Consent Agenda Questions Council Committee Updates AND SUCH OTHER BUSINESS AS MAY COME BEFORE THE COUNCIL THIS MEETING IS OPEN TO THE PUBLIC. TOWN OF AVON, COLORADO BY: '!'mil J^ vu P ty cKenny Tow Jerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON NOVEMBER 8, 2002: AVON MUNICIPAL BUILDING, MAIN LOBBY ALPINE BANK, MAIN LOBBY AVON RECREATION CENTER, MAIN LOBBY CITY MARKET, MAIN LOBBY TOWN OF AVON REGULAR COUNCIL MEETING AGENDA November 12, 2002 - 5:30 PM 1. Call to Order / Roll Call 2. Citizen Input 3. Ordinances 4. Resolutions 5. Unfinished Business Resolutions: a. Resolution No. 02-45, Series of 2002, A Resolution to Amend the 2002 Town of Avon Budget b. Resolution No. 02-46, Series of 2002, A Resolution to Amend the 2002 Town of Avon Capital Projects Fund Budget C. Resolution No. 02-47, Series of 2000, A Resolution to Adopt the 2003 Town of Avon Budget d. Resolution No. 02-48, Series of 2002, A Resolution to Accept the Proposed Town of Avon Long Range Capital Program and Simultaneously Adopt the Year 2003 Capital Projects Fund Budget e. Resolution No. 02-49, Series of 2002, A Resolution Levying General Property Taxes for the Year 2002, to Help Defray the Costs of Government for the Town of Avon, Colorado, for the 2003 Budget Year f. Resolution No. 02-50, Series of 2002, A Resolution Levying General Property Taxes for the Year 2002, to Help Defray the Costs of Government for the Avon Metropolitan District, Avon, Colorado, for the 2003 Budget Year 6. New Business 7. Town Manager Report 8. Town Attorney Report 9. Mayor Report 10. Other Business 11. Consent Agenda a. Approval of the October 22, 2002 Council Meeting Minutes b. Approval of the November 6, 2002 Special Meeting Minutes C. Resolution No. 02-51, Series 2002, A Resolution Designating November 23rd to November 28th as "Try Transit Week" d. 2002 Street Repair & Improvements - CO 42 12. Adjournment Memo To: Honorable Mayor and TownCouncil Thru: Bill Efting, Town Manager From: Scott Wright, Finance Director,-- Date: November 6, 2002 Re: Adoption of 2003 Budget Summary: The final revised budget for 2002 and the final proposed 2003 budget are hereby submitted for adoption by the Avon Town Council. In addition, 2 resolutions levying property tax for general operating, debt service and the Avon Metropolitan District are also hereby submitted for adoption. Proposed 2003 Budget The following changes were made to the original proposed budget as submitted to the Town Council on October 8, 2002: • Removed $25,000 appropriation for special event in the Public Relations program; • Removed $25,000 appropriation for the Chamber of Commerce in the Public Relations program, and reduced by $25,000 funding to the Vail Valley Foundation for the annual Ski Classic. Council agreed to review funding for these programs again in early 2003; • Increased by $50,000 revenues from recreation admissions by increasing nonresident rates; • Reduced transit costs by $30,000 by reducing service; • Reduced spending in Public Works Department by $6,000 Property Tax Levies • The property tax mill rates are proposed as follows: o General operating purposes - 8.956 mills; o Debt service - 5.278 mills; o Avon Metro District - 3.478 mills. Page 1 Recommendation: Staff recommends that Council adopt the resolutions discussed above as presented. Town Manager Comments: Attachments: A - Resolution 02-45 B - Resolution 02-47 C - Resolution 02-49 D - Resolution 02-50 0 Page 2 RESOLUTION NO. 02-45 SERIES OF 2002 A RESOLUTION TO AMEND THE 2002 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES BY FUND AND AMENDING THE 2002 BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2002, AND ENDING ON THE LAST DAY OF DECEMBER, 2002. WHEREAS, the Town Council of the Town of Avon has adopted the 2002 budget; and WHEREAS, the Town Council reviewed the revised estimated revenues and expenditures for 2002; and WHEREAS, the Town Council finds it necessary to amend the 2002 budget to more accurately reflect the revenues and expenditures for 2002; 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 fund is as follows for 2002: Original or Current Previously Proposed Amended Amended 2002 2002 Budget Budget General Fund Beginning Fund Balance $ 3,723,405 $ 3,723,405 Revenues and Other Sources 9,748,918 9,571,136 Expenditures and Other Uses 10,099,136 10,142,340 Ending Fund Balance 3,373,187 $ 3,152,201 1 Mall Maintenance Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Employee Housing Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Water Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2002 Budget $ 30,178 63,847 91,522 $ 2,503 Original or Previously Amended 2002 Budge t $ 421 36,900 36,900 $ 421 Original or Previously Amended 2002 Budget $ 2,319,929 457,500 605,612 $ 2,171,817 Original or Previously Amended 2002 Budget $ 41,170 1,237,103 1.277.843 $ 430 Current Proposed Amended 2002 Budget $ 53,105 77,149 90,489 $ 39,765 Current Proposed Amended 2002 Budge t $ 490 27,591 28,081 Current Proposed Amended 2002 Buffet $ 2,436,908 493,800 930,912 $ 1,999.796 Current Proposed Amended 2002 Budge t $ 41,643 1,237,103 1.277.843 $ 903 2 Wildridge Special Improvement District Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance AMD Debt Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Finance Authority Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Transit Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Original or Previously Amended 2002 Budget $ 26,337 60,751 52,100 $ 34,988 Original or Previously Amended 2002 Budget $ 18,450 487,072 487,072 $ 18,450 Original or Previously Amended 2002 Budget $ 782,540 752,071 752,071 $ 770,032 Original or Previously Amended 2002 Budget $ (17,441) 1,848,914 1,831,473 Current Proposed Amended 2002 Budget $ 29,964 60,401 76,887 $ 13.478 Current Proposed Amended 2002 Budge $ 28,830 487,072 487,072 28.830 Current Proposed Amended 2002 Budget $ 784,668 752,071 752,071 784,668 Current Proposed Amended 2002 Budget $ (17,441) 1,755,017 1.737.576 3 Original or Previously Amended 2002 Budget Sherwood Meadows Enterprise Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance Fleet Maintenance Internal Service Fund Beginning Fund Balance Revenues and Other Sources Expenditures and Other Uses Ending Fund Balance $ 4,443 272,930 270,212 $ 7,161 Original or Previously Amended 2002 Budget $ 152,404 1,306,917 1,342,988 $ 116,333 Current Proposed Amended 2002 Budget $ (5,526) 281,700 274,843 1,331 Current Proposed Amended 2002 Budget $ 152,404 1,373,184 1,379,269 $ 146,319 Section 2. That the budget, as submitted, amended, and hereinabove 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 12t" day of November, 2002. ATTEST: Patty McKenny Town Clerk TOWN OF AVON, COLORADO Judy Yoder Mayor 4 RESOLUTION NO. 02-47 SERIES OF 2002 A RESOLUTION TO ADOPT THE 2003 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON THE LAST DAY OF DECEMBER, 2003. WHEREAS, the Town Council of the Town of Avon has appointed the Town Manager to prepare and submit a proposed budget to said governing body on October 8, 2002, for its consideration; and WHEREAS, upon due and proper notice, published and posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place. A public hearing was held on October 22, 2002, and interested taxpayers were given the opportunity to file or register any comment to said proposed budget; 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 each fund are as follows for 2003: 2003 Proposed Budget General Fund Beginning Fund Balance $ 3,152,201 Revenues and Other Sources 9,689,661 Expenditures and Other Uses 9,689,661 Ending Fund Balance 3,152,201 2003 Proposed Budget Mall Maintenance Fund Beginning Fund Balance $ 39,765 Revenues and Other Sources 90,676 Expenditures and Other Uses 82,077 Ending Fund Balance $ 48,364 2003 Proposed Buffet Water Fund Beginning Fund Balance $ 1,999,796 Revenues and Other Sources 509,200 Expenditures and Other Uses 853,022 Ending Fund Balance $ 1,655,974 2003 Proposed Budget Debt Service Fund Beginning Fund Balance $ 903 Revenues and Other Sources 1,243,822 Expenditures and Other Uses 1,243,822 Ending Fund Balance $ 903 2003 Proposed Budge t Wildridge Special Assessment Fund Beginning Fund Balance $ 13,478 Revenues and Other Sources 55,071 Expenditures and Other Uses 56,623 Ending Fund Balance $ 11,926 2 2003 Proposed Budget Avon Metropolitan District Fund Beginning Fund Balance $ 28,830 Revenues and Other Sources 488,722 Expenditures and Other Uses 488,722 Ending Fund Balance $ 28,830 2003 Proposed Buffet Finance Authority Fund Beginning Fund Balance $ 784,668 Revenues and Other Sources 757,958 Expenditures and Other Uses 757,958 Ending Fund Balance $ 784,668 2003 Proposed Budget Transit Enterprise Fund Beginning Fund Balance $ - Revenues and Other Sources 1,960,517 Expenditures and Other Uses 1,960,027 Ending Fund Balance $ 490 2003 Proposed Budget Sherwood Meadows Enterprise Fund Beginning Fund Balance $ 1,331 Revenues and Other Sources 263,476 Expenditures and Other Uses 260,520 Ending Fund Balance $ 4,287 3 2003 Proposed Budge t Fleet Maintenance Internal Service Fund Beginning Fund Balance $ 146,319 Revenues and Other Sources 1,275,584 Expenditures and Other Uses 1,272,357 Ending Fund Balance $ 149,546 2003 Proposed Budget Equip. Replacement Internal Service Fund Beginning Fund Balance $ 805,414 Revenues and Other Sources 373,768 Expenditures and Other Uses 69,295 Ending Fund Balance 1,109,887 Section 2. That the budget, as submitted, amended, and hereinabove 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 12"' day of November, 2002. TOWN OF AVON, COLORADO Judy Yoder Mayor ATTEST: Patty McKenny Town Clerk 4 RESOLUTION NO. 02-49 SERIES OF 2002 A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2002, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE TOWN OF AVON, COLORADO, FOR THE 2003 BUDGET YEAR WHEREAS, the Town Council of the Town of Avon has adopted the annual budget in accordance with the Local Government Budget Law on November 12, 2002; and WHEREAS, the amount of money necessary to balance the budget for general operating purposes from property tax revenue is $1,295,978; and WHEREAS, the amount of money to balance the budget for bonds and interest is $763,702; and WHEREAS, the 2002 valuation for assessment for the Town of Avon, as certified by the County Assessor is $144,705,010. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That for the purpose of meeting all general operating expenses of the Town of Avon during the 2003 budget year there is levied a tax of 8.956 mills upon each dollar of the total valuation for assessment of all taxable property within the Town of Avon for the year 2002. Section 2. That for the purpose of meeting all bonds and interest of the Town of Avon during the 2003 budget year there is levied a tax of 5.278 mills upon each dollar of the total valuation for assessment of all taxable property within the Town of Avon for the year 2002. Section 3. That the Mayor is hereby authorized and directed to immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Town of Avon as hereinabove determined and set. ADOPTED this 12th day of November, 2002. TOWN OF AVON, COLORADO Judy Yoder, Mayor ATTEST: Patty McKenny Town Clerk RESOLUTION NO. 02-50 SERIES OF 2002 A RESOLUTION LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 2002, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE AVON METROPOLITAN DISTRICT, AVON, COLORADO, FOR THE 2003 BUDGET YEAR WHEREAS, an Agreement for Dissolution of the Avon Metropolitan District was executed and a petition filed by the District with the District Court of Eagle County and the District was effectively dissolved on May 31, 1998; and WHEREAS, pursuant to the Agreement, the District shall continue in existence as a political subdivision of the State for the sole purpose of securing payment in full of the principal and interest of existing indebtedness; and WHEREAS, pursuant to the Agreement, the Town Council was appointed as the District Board of Directors and shall set mill levies as necessary in order to pay in full the costs of annual payments on the outstanding indebtedness; and WHEREAS, the Town Council of the Town of Avon has adopted the annual budget of the Town of Avon including the Avon Metropolitan District Debt Service Fund in accordance with the Local Government Budget Law on November 12, 2002; and WHEREAS, the amount of money to balance the Avon Metropolitan District Fund budget for bonds and interest is $488,722; and WHEREAS, the 2002 valuation for assessment for the Avon Metropolitan District as certified by the County Assessor is $140,509,430. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That for the purpose of meeting all bonds and interest of the Town of Avon during the 2003 budget year there is levied a tax of 3.478 mills upon each dollar of the total valuation for assessment of all taxable property within the Avon Metropolitan District for the year 2002. Section 2. That the Mayor is hereby authorized and directed to immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Avon Metropolitan District as hereinabove determined and set. ADOPTED this 12th day of November, 2002. TOWN OF AVON, COLORADO Judy Yoder, Mayor ATTEST: Patty McKenny Town Clerk Memo To: Honorable Mayor and Town Council Thru: Bill Efting, Town Manager From: Scott Wright, Finance Director Date: November 6, 2002 Re: Capital Project Fund Budget Revisions and Adoptions and Acceptance of Long-range Capital Program Summary The final revised Capital Projects Fund budget for 2002 and the final proposed Capital Projects Fund 2003 budget are hereby submitted for adoption by the Avon Town Council. In addition to the adoption of the above budgets, also submitted for acceptance by the Town Council is the long-range capital program (otherwise referred to as the 5-year plan). Recommendation: Staff recommends that Council adopt the revised 2002 and proposed 2003 budgets as presented, and accept the long-range capital program as submitted. Town Manager Comments: Attachments: A - Resolution 02-46 B - Resolution 02-48 C - Long-range Capital Program (5-year plan) Page 1 RESOLUTION NO. 02-46 SERIES OF 2002 A RESOLUTION TO AMEND THE 2002 TOWN OF AVON BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES AND AMENDING THE 2002 CAPITAL PROJECTS FUND BUDGET FOR THE TOWN OF AVON, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2002, AND ENDING ON THE LAST DAY OF DECEMBER, 2002. WHEREAS, the Town Council of the Town of Avon has adopted the 2002 Capital Projects Fund budget; and WHEREAS, the Town Council has reviewed the revised estimated revenues and expenditures for 2002; and WHEREAS, the Town Council finds it necessary to amend the 2002 Capital Projects Fund budget to more accurately reflect the revenues and expenditures for 2002; 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 Capital Projects Fund is revised as follows for 2002: Original or Current Previously Proposed Amended Amended 2002 2002 Budget Budget Capital Projects Fund Beginning Fund Balance $ 2,367,946 $ 3,893,388 Revenues and Other Sources 2,578,226 3,380,891 Expenditures and Other Uses 4,098,979 5,627,409 Ending Fund Balance $ 847,193 $ 1,646,870 1 Section 2. That the Capital Projects Fund budget, as submitted, amended, and hereinabove summarized, hereby is approved and adopted as the capital program budget of the Town of Avon for the year stated above. Section 3. That the Capital Projects Fund budget hereby approved, amended, and adopted shall be signed by the Town Manager and made part of the public record of the Town. ADOPTED this 12t1i day of November, 2002. TOWN OF AVON, COLORADO Judy Yoder, Mayor ATTEST: Patty McKenny Town Clerk 2 RESOLUTION NO. 02-48 SERIES OF 2002 A RESOLUTION TO ACCEPT THE PROPOSED TOWN OF AVON LONG RANGE CAPITAL PROGRAM AND SIMULTANEOUSLY ADOPT THE YEAR 2003 CAPITAL PROJECTS FUND BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR THE CAPITAL PROJECTS FUND AND ADOPTING A BUDGET FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON THE LAST DAY OF DECEMBER, 2003. WHEREAS, the Town Council of the Town of Avon has appointed the Town Manager to prepare and submit a long-range capital program to said governing body for its consideration; and WHEREAS, the Town Council of the Town of Avon has also appointed the Town Manager to prepare and submit a proposed Capital Projects Fund budget to said governing body for its consideration; and WHEREAS, upon due and proper notice, published and posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place. A public hearing was held on October 22, 2002, and interested taxpayers were given the opportunity to file or register any comment to said proposed budget; and WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the Capital Projects Fund 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 the long-range capital program as submitted to the Town Council is hereby accepted as an official Town document and planning tool, and that the information contained therein may be revised or extended each year with regard to capital improvements. Section 2. That estimated revenues and expenditures for the Capital Projects Fund are as follows for 2003: 2003 Proposed Budge Capital Projects Fund Beginning Fund Balance $ 1,646,870 Revenues and Other Sources 2,121,149 Expenditures and Other Uses 1,377,271 Ending Fund Balance $ 2,390.748 Section 3. That the budget, as submitted, and hereinabove summarized, hereby is approved and adopted as the Capital Projects Fund budget of the Town of Avon for the year stated above. Section 4. That the Capital Projects Fund budget hereby approved and adopted shall be signed by the Mayor and made part of the public record of the Town. ADOPTED this 12th day of November, 2002. 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O I O r O r r r r i r i r i i i r r r r r r... co N (D O N 00 O O (1 U C) co =3 O O O Q° O O O I 0 r O i r i i r r r r r r r i r r r O r r i r 1 O 7 Z _0 1 -n P. D i < Z MINUTES OF THE REGULAR MEETING OF THE TOWN COUNCIL HELD OCTOBER 22, 2002 A regular meeting of the Town of Avon, Colorado was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. Mayor Judy Yoder called the meeting to order at 5:30 PM. A roll call was taken with Councilors Michael Brown, Debbie Buckley, Peter Buckley, Mac McDevitt, Brian Sipes and Mayor Pro Tern Buz Reynolds present. Also present were Town Manager Bill Efting, Assistant Town Manager Larry Brooks, Town Attorney John Dunn, Town Clerk Patty McKenny, Town Engineer Norm Wood, Recreation Director Meryl Jacobs, Public Works Director Bob Reed, Transit Director Harry Taylor, and Community Development Director Ruth Borne, as well as members of the press and public. Citizen Input a. 2003 Town of Avon Budget (Scott Wright) PUBLIC HEARING Finance Director Scott Wright presented the 2003 Budget to the Town Council. Some of the changes made based on Council recommendations at the budget retreat included the following: Public Relations Category Removed $25K appropriation for special event. Removed $25Kappropriation for the Chamber of Commerce. Reduced the Vail Valley Foundation funding by $25K. Council agreed to review funding these programs again in early 2003. Transit: Reduced costs by $30K by cutting services. Public Works: Reduced costs by $6K. Revenues: Increased Recreation Center revenues by $50K by increasing nonresident rates Scott noted that the changes resulted in a balanced budget for the General Fund. He noted that there was approximately $500K in payroll savings from a reduction in personnel. As well there was a reduction of approximately $1,049,000 in operating expenditures from 2002 levels. The public hearing was opened, no comments were made, and the hearing was closed. Council members were generally concerned about the sustainability of the current budget in light of the freeze on salaries for 2003. Their was also concern over finding other revenue sources and the question of how to continue to pay for transit services. b. 3`d Quarter Employee Bonus Awards The following employees were awarded a bonus for their great job with the Town of Avon: Nelly Davila, Rec Center, Patrick Romero, Rec Center, and Penny Olsen, Transit Department. Bob Trueblood, ERWSD, addressed the Council regarding the status of the improvements being made at the Avon plant. He noted that they are hoping to complete the improvements no later than 11/14/02. One of the two fans has been installed and is working properly. If there are any concerns, please contact them at 476-5433. Kara Bettis, candidate for Eagle County Coroner, introduced herself and shared her platform and background experience with regard to her race for coroner. Town Manager Report Bill Efting reminded the Council of the 8 AM special meeting to be held on October 24, 2002. Mayors Report Mayor Yoder noted that notices would be posted regarding the special meeting at which time the Council would be discussing the water lease agreement between the Town of Avon and Traer Creek Metropolitan District. Consent Agenda Mayor Yoder asked for a motion on the Consent Agenda. Councilor D. Buckley moved to approve the Consent Agenda. Councilor Brown seconded the motion. The motion was carried unanimously. There being no further business to come before the Council, a motion was made to adjourn. The meeting adjourned at 5:50 PM. RESPECTFULLY SUBMITTED: Patty McKenny, Town Clerk APPROVED: Michael Brown Debbie Buckley Peter Buckley Mac McDevitt Buz Reynolds Brian Sipes Judy Yoder Regular Council Meeting October 22, 2002 Page 2 of 2 MINUTES OF THE SPECIAL MEETING OF THE TOWN COUNCIL HELD NOVEMBER 6, 2002 A regular meeting of the Town of Avon, Colorado was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. Mayor Judy Yoder called the meeting to order at 8:30 AM. A roll call was taken with Councilors Michael Brown, Debbie Buckley, Peter Buckley, Mac McDevitt, Brian Sipes and Mayor Pro Tem Buz Reynolds present. Also present were Town Manager Bill Efting, Assistant Town Manager Larry Brooks, Town Attorney John Dunn, Town Clerk Patty McKenny, Town Engineer Norm Wood, and Public Works Director Bob Reed. Others present included: Mike Caccioppo. Unfinished Business The Village (at Avon) Water Lease & Water Sublease Attorney John Dunn noted the two remaining issues to resolve from the last meeting were whether or not the water rights were adequate and whether or not the water rights would be leased or conveyed to the Town. Issues have been resolved and the attorneys are in agreement that there are adequate water rights and that the water rights would be leased to the Town and then subsequently leased to the Water Authority. Rick Johnson, Traer Creek Metro District, still had a few minor issues, and was trying to resolve them at this time. Staff s recommendation was that Council authorizes the execution of this agreement. Councilor Reynolds moved to authorize Mayor Yoder to sign the water lease and water sublease agreements on behalf of the Town. Councilor McDevitt seconded the motion. Councilor McDevitt voiced his concern about the fact that he had not yet had a chance to make a specific comparison to the agreement presented at the Water Authority meeting. Mayor Yoder asked for those in favor of the motion. Those in favor are as follows: Brown, D. Buckley, P. Buckley, McDevitt, Reynolds and Sipes. The motion passed unanimously. Town Manager Report He noted that political signs are being removed. Mayor Report Mayor Yoder stated that the Town Council was sad to accept Town Manager Bill Efting's resignation from his position, as he will be moving to South Padre Island Texas to become their new Town Manager. She noted that a farewell party would be held for Bill Efting, November 22nd at the Outback and invited everyone to attend. Other Business Mayor Yoder raised the question of when the Council would like to discuss the vacancy in the Manager's position. Some discussion took place about when new Council members would be sworn-in. It was noted that the County Clerk & Recorder's office would be counting provisional ballots until the following week and the Canvass Board was tentatively set to meet on November 12th. If a recount would be required, new members would not be sworn-in until a later date. Discussion continued about when to begin discussions on Bill's replacement and whether or not it would require an executive session. It was decided that Council would schedule an Executive Session at the Work Session at the meeting on November 12th and the new Council member could be invited. John Dunn would also provide a synopsis on the process of electing a Mayor and Mayor Pro Tem. Consent Agenda Mayor Yoder asked for a motion on the Consent Agenda. Councilor Brown moved to approve the Consent Agenda. Councilor McDevitt seconded the motion. The motion was carried unanimously. There being no further business to come before the Council, a motion was made to adjourn. The meeting adjourned at 9 AM. RESPECTFULLY SUBMITTED: Patty McKenny, Town Clerk APPROVED: Michael Brown Debbie Buckley Peter Buckley Mac McDevitt Buz Reynolds Brian Sipes Judy Yoder Special Council Meeting November 6, 2002 Page 2 of 2 TOWN COUNCIL FOR THE TOWN OF AVON, STATE OF COLORADO RESOLUTION NO. 02 - 51, SERIES 2002 DESIGNATION OF NOVEMBER 2P TO 28th AS "TRY TRANSIT WEEK" WHEREAS, the Town Council for the Town of Avon, State of Colorado (hereinafter the "Council") acknowledges that public transportation is vital to the quality of life and the economic well-being of the citizens of Avon; and WHEREAS, workers, school children, senior citizens, people with disabilities, and those unable to afford automobiles use public transportation to gain access to jobs, schools, medical facilities, and other fundamental services; and WHEREAS, the Council wishes to join ECO Transit and Town of Vail in celebrating "Try Transit Week" on November 23rd to 28th 2002; and WHEREAS, "Try Transit Week" promotes the benefits of effective transit service, builds public support by increasing awareness of how public transportation betters the quality of life in Avon, attracts new customers to transit service, and honors both transit employees and regular customers; and WHEREAS, the Council desires to encourage all citizens to celebrate the many benefits our community experiences when more people use public transportation; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL FOR THE TOWN OF AVON, STATE OF COLORADO: THAT, the Council hereby finds, determines and declares that November 23rd - 28th 2002, shall be designated as "Try Transit Week" in Avon and be celebrated by families and communities throughout the Town. The Council calls upon all citizens to examine their personal travel choices, to commute via transit or share a ride during "Try Transit Week." THAT, the Council hereby finds, determined and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the Town of Avon, State of Colorado. MOVED, READ AND ADOPTED by the Town Council for the Town of Avon, State of Colorado, at its regular meeting held the day of , 2002. ATTEST: TOWN COUNCIL OF AVON, STATE OF COLORADO, by and Through Its MAYOR Patty McKenny Town Clerk By: Judy Yoder Mayor Memo To: Honorable Mayor and Town Council Thru: Bill Efting, Town Manager ?5 From: Norm Wood, Town Engineer Anne Martens, Assistant Town Engineer Date: November 5, 2002 Re: 2002 Street Repair and Improvements Change Order Number 2 Summary: Attached Change Order Number 2 for the Street Repair and Improvements represents a deduction to the contract due to out of specification Hot Bituminous Asphalt material. The out of specification material relates to the gradation of the asphalt material. The deduction was calculated using the CDOT 1999 Highway Specifications Manual. The net effect of this Change Order is to decrease the Contract Amount $4,847.77 from $ 147,781.35 to $ 142,933.58. This is the Final Change Order for the Street Repair and Improvements Project. Approval of Change Orders Number 2 to the B & B Excavation, Inc. contract for construction of the 2002 Street Repair and Improvements is recommended, decreasing the Contract amount $4,847.77 from $147,781.35 to $142,993.58. Recommendations: Approve Change Orders Number 2 to the B & B Excavating, Inc. contract for construction of the 2002 Street Repair and Improvements, decreasing the Contract amount $4,847.77 from $147,781.35 to $142,993.58. Town Manaqer Comments: C:\Documents And Settings\Nwood\Local Settings\Temporary Internet Fi1es\0LK2\C0 #2 MemO.Doc CHANGE ORDER Order No.: 2 Date: 11/5/2002 Agreement Date: 7/9/2002 NAME OF PROJECT: 2002 Street Repair and Improvements OWNER: Town of Avon, Colorado CONTRACTOR: B & B Excavating The following changes are hereby made to the CONTRACT DOCUMENTS: Justification: Deduction due to out of specification Hot Bituminous Pavement (SX) material per CDOT specifications. Total Deduction ($4,847.77) Change to CONTRACT PRICE: ($4,847.77) Original CONTRACT PRICE: $152,383.10 Current CONTRACT PRICE adjusted by previous CHANGE ORDER $147,781.35 The CONTRACT PRICE due to this CHANGE ORDER will be decreased by $4,847.77 The new CONTRACT PRICE including this CHANGE ORDER will be $142,933.58 Change to CONTRACT TIME: The CONTRACT TIME will be (increased) (decreased) by 0 The date for completion of all work will be August 10, 2002 (Date). APPROVALS REQUIRED: Approved by Engineer: Accepted by Contractor: Accepted and Approved by Owner: Federal Agency Approval (where applicable): calendar days. CO - 1 SHAPING THE FUTURE OF THE EAGLE VALLEY Program Sponsors: Colorado Mountain College, Eagle Valley Alliance for Sustainability, Snowboard Outreach Society, Gore Range Natural Science School and the Eagle Valley Land Trust Change happens. Rather than avoiding the inevitable, embracing positive changes for the community will benefit all that call the Eagle Valley watershed home. This course will provide the tools, information, contacts, and discussion necessary to move you and others to action in shaping our future. This ten-class course explores economic, social, and environmental interdependencies within our valley. Each class has been designed to blend insight from leaders in community development with experts in the field. Every session will feature a formal presentation followed by a group discussion. Further details available by contacting: Adam Palmer or Peter Hart at (970) 479-2440; E-mail: apalmer@ci.vail.co.us or pyhart@hotmail.com. EDWARDS Various Presenters (see below) Seq.# Refund: Thurs., 4-6:30 p.m. Limit: 40 Jan. 16-May 22nd $125 Jan. 16: A Livable Eagle Valley: Creating a Healthy and Viable Place to Live. The opening session will present course objectives and useful tools. Emphasis will be placed on the interrelationship between social, economic and environmental issues. The presenter will introduce relevant and telling statistics from Eagle County's first indicator report: Eagle County Profiles. He will also discuss James O'Toole's book The Executive Compass and a decision-making matrix. Participants will walk away with helpful insight into the issues and trends affecting the Eagle Valley and useful techniques for analysis. Arn Menconi, Eagle County Commissioner & President, Snowboard Outreach Society Jan. 30: The Value of Our Natural Resources. Our region's natural resources have economic value both in terms of recreation and aesthetics. How are resources on Public Lands managed to maintain their viability? Are these resources doomed in the path of growth? Or can we preserve them through smart, conscientious planning? This session will focus on strategies to shape growth in ways that will protect the natural resources that define the character of our region. Cindy Cohagen, Executive Director, The Eagle Valley Land Trust; Cal Wettstein, District Ranger, United States Forest Service; and Bill Andree, District Wildlife Manager, Colorado Department of Wildlife. Feb. 13: A Practical Discussion on Watershed Protection. Water: we depend on it, yet tend to take it for granted. In reality, this life-force of our region is a scarce commodity, subject to overuse and abuse. This session provides a multi- tiered view of water topics from the impact of local growth on water quality and wetlands preservation, to the macro view of the long-term issues of trans- diversion of western slope water to the front range. Gene Reetz, Wetlands Team Leader, US EPA Region VIII; Glenn Porzak, Porzak, Browning & Bushong LLP, and Caroline Bradford, Executive Director, Eagle River Watershed Council. Feb. 27: Creating Social Equity in a Rural Resort Community. Gated communities vs. trailer parks. Millionaires vs. minimum wage earners. There is a dark side to growth that no forward-thinking community can afford to overlook. Inevitably all decisions related to planning and growth management affect the social infrastructure. This session looks at the social services, health care access, and quality education issues that are critical to sustaining a vibrant, healthy, and safe living environment for all our citizens. Kathleen Forinash, Director, Eagle County Health and Human Services; Karen Smith, Outreach Coordinator, Eagle Care Clinic-Vail Valley Medical Center; Tom Ziemann, Director, Catholic Charities-Western Slope Mar. 13: Energy and Efficiency. One of the key factors of economic, environmental, and social sustainability is our relationship with energy. This session will follow energy from its source to the outlet or the gas tank, providing insight into global consumption trends and the impact of increased usage and demand in Eagle County. Presenters will analyze the use and cost of energy in buildings and for transportation. They will also discuss hypothetical future consumption scenarios. Craig Tate, Energy Auditor, Holy Cross Energy, and Randy Udall, E_recutive Director, Community Office for Resource Efficiency (CORE) Mar. 27: Planning and Zoning: Understanding the rules of the road. How does the planning process work? This session combines strategic thinking with "nuts and bolts" planning. Discussion will present models and incentives for change - what works and what doesn't; urban renewal and urban development; and some land planning basics. This session will also afford participants the opportunity to work with recently developed community planning software. Eric Bergman, Planning and Grants Specialist, Office of Smart Growth, Colorado Department of Local Affairs. This class will meet at the Vail Campus Computer Lab. April 10: Healthy Business, Healthy Building: Making green while being green. Increasingly, planners and developers are seeing green. This session will focus on new technologies and common-sense solutions that are combining to make new construction both cost-competitive and environmentally-sensitive. Presenters will discuss how their companies integrate environmental practices and community concern into their overall business strategy. John Gitchell, Environmental Manager, Vail Resorts Inc.; and Dan Richardson, Founder, Sustainable Design Concepts April 24: Creating and Sustaining Economic Prosperity in 21St Century Colorado. This session explores the advantages and disadvantages of retaining and. recruiting businesses in a rural resort community. While our valley has some unique assets and challenges, there are important lessons to be learned from how other communities have sought to achieve a positive balance. Bill Kane, VP Planning and Design, Aspen Skiing Company; Bill Jensen, COO, Vail Mountain May 8: "If we only knew then what we know now." Experience is the best teacher. This session gives participants the opportunity to learn what works and what doesn't from the perspective of an economic planner. Our presenter will discuss strategies that have made a significant difference in other communities. He will describe the processes involved with creating an economic master plan and the reasons for doing so. Participants will leave with a better understanding of the important role that they can play in defining the long-term vision of the Eagle Valley. Tom Clark, CEO, Jefferson Economic Council May 22: Where can we go from here? Wrap-up and a plea for action. In this session the presenter will paint a broad brushstroke comparing the issues at play here in Eagle County with those that are affecting communities throughout the West. We will look back at the past five months reflecting on the knowledge and tools gleaned from the course and examine possible courses of action for the future. Terry Minger, Executive Director, Center for Resource Management, Denver (former Town Manager, Vail) omzl?l OF THE DRIVE TO WORK WORK TO DRIVE z HATE DRIVING... 13 UT NEED A CAR TO GET To WORK do I BATE MK JOB, BUT Z GOTTA MAKE CAR PRYMENTS v aJi ''., 1 •do L? Qb??t f 'NO EXIT a Andy Singer CONSCIOUSNESS i/r l t 3 .? 0 O A-A . , ?-. ?r err is sr. % vim' yy s AGREEMENT This Agreement is made and entered into this 4th day of November, 2002, among the Eagle-Vail Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), Town of Avon, a Colorado municipal corporation ("Avon"), the Upper Eagle Regional Water Authority, a quasi-municipal corporation and political subdivision of the State of Colorado (the "Authority"), and Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado ("Traer Creek District"). RECITALS A. Traer Creek LLC, a Colorado limited liability company is the owner of approximately 1,789 acres of land located in portions of Sections 7, 8, 9, 10 and 17, T. 5 S., R. 81 W., and Section 12, T. 5 S., R. 82 W., in Eagle County, Colorado (the "Property"). A description of the Property is attached hereto as Exhibit A.. The Property was previously owned by EMD Limited Liability Company ("EMD LLC"), PVRT NOTT I LLC, PVRT NOTT Il LLC and PVRT NOTT III LLC; the PVRT NOTT I-II1 entities were merged into EMD LLC. EMD LLC transferred its interest in the Property to Traer Creek LLC. Traer Creek LLC is developing the Property. B. The District is a Colorado Special District duly operating pursuant to Section 32- 1-101, et seg., C.R.S., and provides water, fire protection, and recreational services to its residents, and by contract to properties outside of its boundaries. C. Avon is a Colorado municipal corporation empowered to provide water, fire protection, and recreational services to its residents, and by contract to properties outside of its boundaries. D. The Authority is a quasi-municipal corporation established pursuant to an Intergovernmental Agreement, dated September 18, 1984, by the District, along with the Arrowhead Metropolitan District, Avon as successor to Avon Metropolitan District, Beaver Creek Metropolitan District. Berry Creek Metropolitan District, and Edwards Metropolitan District. E. Eagle Park Reservoir is a water storage facility located in the headwaters of the East Fork of the Eagle River that is owned by the Eagle Park Reservoir Company (the "Reservoir Company"). Eagle Park Reservoir has a firm yield of 2013 acre feet that is allocated to the shareholders of the Reservoir Company based on one acre foot per ten shares of the Reservoir Company stock. The Authority acquired 3830 shares of the Reservoir Company stock or the equivalent of 383 acre feet of the Reservoir's 2013 acre feet of firm annual yield. 850 shares of fd7423 the Reservoir Company stock, or the equivalent of 85 acre feet out of the Authority's 383 acre feet, are allocated to service the District's water requirements. F. EMD LLC, the District, and the Authority entered into a Water Service Agreement dated May 15, 1997 ("Service Agreement"). Section 7(b) of the Service Agreement granted EMD LLC an option (the "Option") to pay for an amount of Reservoir Company stock from the District's allocated share sufficient to yield 30 acre feet. This stock is to remain in the ownership of the Authority, but be used to provide water service to the Property. G. By letter dated December 1, 1998. EMD LLC, received formal notice that "the Reservoir Company had acquired Eagle Park Reservoir and that the acquisition price per foot of Eagle Park Reservoir yield is $5,787.40 plus accrued interest at the rate of 5.45% per annum commencing on September 16. 1998." The Authority financed the acquisition of the Reservoir Company stock with a loan (the "Loan") from the Colorado Water Conservation Board ("CW CB"). H. By letter dated May 11, 1999, EMD LLC gave written notice of EMD LLC's exercise of the Option under the terms of Section 7(b) of the Service Agreement. 1. EMD LLC, the District, Avon, and the Authority entered into the First Amendment to Water Service and Tap Fee Allocation Agreement dated June 22, 1999 (the "Amendment"). Section 2(B) of the Amendment substituted Avon for the District with respect to certain aspects of the Service Agreement. Section 2(H) of the amendment amended paragraph 2(b) of the Service Agreement to provide for the lease from EMD LLC to Avon of sufficient water rights to serve the Property as ultimately determined by the Water Court, and that Avon was to sublease such water rights to the Authority. J. Section 10 of the Service Agreement provided that in the event EMD LLC elects to obtain water and fire protection service for an additional 175.5 acres of land adjacent to the Property as described in Exhibit B (the "Additional Property"), the District agreed to provide such service upon 60 days written notice and satisfaction of other terms and conditions. Section 2(M) of the Amendment acknowledged that the water rights application filed in Case No. 97CW306 did not include the Additional Property. To the extent water service is desired for the Additional Property, additional water rights will have to be dedicated to Avon and the Authority and a new augmentation plan will need to be adjudicated to replace depletions associated with the Additional Property. Section 2(0) of the Amendment revised the terns and contingency for water or fire protection service to the Additional Property in the event that EMD LLC elects to obtain such service in accordance with the provisions of paragraph 6 below which require the furnishing of additional water rights to serve the Additional Property. K. EMD LLC's rights, duties and obligations under the Option, Service Agreement and Amendment were assigned to Traer Creek LLC, pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29, 2001. fd7423 -2 L. Traer Creek LLC's rights, duties and obligations under the Option, Service Agreement and Amendment were assigned to Traer Creek District, pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29, 2001. M. The parties desire to implement the closing of the exercise of the Option, provide for water service to Traer Creek District hereunder: and the lease of water rights to Avon to implement such water service. ,NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the sufficiency of which are mutually acknowledged, the District, Avon, the Authority and Traer Creek District agree as follows. Augmentation Water. (a) Augmentation Water. Traer Creek District agrees to pay an amount equal to the cost of 300 shares of Class A, Series 2 Reservoir Company stock that provides 30 acre feet of yield from Eagle Park Reservoir for augmentation use in connection with the Property (the "Augmentation Water"). Upon the payment prescribed herein, the Augmentation Water shall be used to provide Water Service to the Property. In the event that any of the 300 shares of stock are not needed to provide Augmentation Water for the Property, or any enlargements as set forth below in a given year, those remaining shares not used shall be available to the Authority for other uses, including the Additional Property, subject to the Authority's sole discretion. Traer Creek District shall also be permitted an enlargement of the properties which are covered by the Service Agreement. Such enlargement may include up to twenty (20) additional acres. Requests for further enlargements will be considered in good faith and are subject to a demonstration that adequate water rights exist to service the requested expansion and that such water rights will be conveyed to Avon for lease to the Authority; provided, however, that any additional Wolford Mountain Reservoir, Eagle Park Reservoir or other similar storage water will be provided directly to the Authority. (b) Shareholder Rights. Notwithstanding anything contained herein to the contrary, the Authority shall remain the record titleholder of the 300 shares of Class A, Series 2 Reservoir Company stock and retains all shareholder rights. Moreover, this Agreement does not require the Authority to consult with Traer Creek District regarding management decisions of the stock, and does not create obligations to notice Traer Creek District about Reservoir Company meetings and elections. In the event that the Authority is terminated, ceases to exist at some future date or for any reason distributes the Class A, Series 2 Reservoir Company stock to its members, the 300 shares of Class A, Series 2 Reservoir Company stock shall be transferred to Avon free and clear of all liens and encumbrances in order for Avon to be able to use the Augmentation Water for the Property. In the event that the Authority transfers its 300 shares to Avon as stated above and Avon permanently ceases to provide water service to the Property, then rd7a23 -3- the 300 shares of Class A. Series Reservoir Company Stock shall be transferred to Traer Creek District free and clear of all liens and encumbrances. (c) Price. The Option provided that the purchase price shall be on a per acre foot basis, equal to the Authority's acquisition price of stock in the Reservoir Company, and that the acquisition cost shall include the costs of all of the Authority's professional fees incurred in acquiring Eagle Park Reservoir and developing yield for this reservoir. Pursuant to these terms, the purchase price shall consist of. (1) $173,622.00 for the per acre foot basis given 300 shares at the cost per acre foot of $5,787.40; (2) $13,683.00 for Traer Creek District's proportion of professional fees incurred in acquiring Eagle Park Reservoir and developing yield for Eagle Park Reservoir; and (3) $3,885.00 in accrued interest calculated on the first payment of $11,880.23 at the rate of 5.45% per annum commencing on September 16,1999, and extending through the date of this Agreement, interest calculated on the second payment of $11,880.23 at the rate of 5.45% per annum commencing on September 16, 2000, and extending through the date of this Agreement, interest calculated on the third payment of $11,880.23 at the rate of 5.45% per annum commencing on September 16, 2001, and extending through the date of this Agreement and also interest calculated on the fourth payment of $11,880.23 at the rate of 5.45% per annum commencing on September 16, 2002, and extending through the date of this Agreement. (d) Payment. The payment of the purchase price shall be made to the Authority as follows: (1) On or before November 15, 2002, the sum of $65.088, consisting of $13.683.00 for Traer Creek District's proportion of professional fees. $3.885.00 for accrued interest and $47,520.00 for Traer Creek District's portion of the first, second, third and fourth principal and interest payments paid to the CWCB by the Authority. The accrued interest above will accomplish the appropriate adjustment to the original Amortization Schedule caused by the first: second.-acrd thirda>,ottrla payments not being made as shown; and (2) On or before September 15 of each year for the life of the Loan: Traer Creek District shall tender payment to the Authority in the amount of $11.880.23, representing Traer Creek District's proportionate payment of principal and interest due CWCB. 2. Representations and Warranties. (a) Traer Creek District represents and warrants to the Authority. the District and Avon as follows: (]) Traer Creek District has the full right and capacity to enter into this Agreement. (2) This Agreement will not conflict with or result in a breach of any agreement or instrument by which Traer Creek District is bound, and such grant is not prohibited 07423 -4- by, nor will it constitute a violation of any applicable law. rule, regulation, judgment, court order or decree: (3) The terms hereof constitute a valid, binding and enforceable obligation of Traer Creek District. (4) EMD LLC and Traer Creek LLC have no interest in the Option. (5) Traer Creek District is the owner of the Water Rights ]eased under paragraph 6 and the attached Water Lease and shall provide evidence of such ownership acceptable to the Authority. (b) The Authority represents and warrants to Traer Creek District, the District and Avon as follows: (l) The Authority is the current owner of 3830 shares of Reservoir Company stock, subject to the terms and conditions of various documents by which the Authority financed the acquisition of its shares of stock: (2) The Authority has the full right and capacity to enter into this Agreement: (3) The Authority's entering into this Agreement will not conflict with or result in a breach of any agreement or instrument by which the Authority is bound, and is not prohibited by, nor will it constitute a violation of. any applicable law. rule, regulation, judgment, court order or decree: (4) The terms hereof constitute a valid, binding and enforceable obligation of the Authority. (c) The District and Avon represent and warrant to Traer Creek District and the Authority as follows: (l) The District and Avon have the full right and capacity to enter into this Agreement: (2) Entering into this Agreement by the District and Avon will not . conflict with or result in a breach of any agreement or instrument by which the District and Avon are bound, and is not prohibited by, nor will it constitute a violation of any applicable law, rule, regulation, judgment, court order or decree. (3) The terms hereof constitute a valid, binding and enforceable obligation of the District and Avon. M7423 -5- 3. Default. (a) Traer Creek District. It is an event of default by Traer Creek District or its successors and assigns, as the case may be, if (1) Payment of the amounts payable under this Agreement by Traer Creek District are not made when due. Default will not occur until Avon or the Authority shall have given Traer Creek District thirty (30) days' written notice with the opportunity during such time to cure the default: (2) Traer Creek District defaults in the perfonmance or observation of any other covenants, agreements, or conditions on the part of Traer Creek District in this Agreement or the Service Agreement. Default will not occur until Avon or the Authority shall have given Traer Creek District thirty (30) days' written notice with the opportunity during such time to cure the default: or (?3) Traer Creek District is dissolved and this Agreement is not assigned in accordance with Section 5 of this Agreement. (b) District. It is an event of default by the District if the District fails or defaults in the performance or observation of the covenants, agreements. or conditions, or any of them, on the part of the District under this Agreement, the Service Agreement or the Amendment. Default will not occur until Traer Creek District shall have given the District thirty. (30) days' written notice and the District is given the.opportunity during such time to cure the default. (c) Avon. It is an event of default by Avon if Avon fails or defaults in the performance or observation of the covenants, agreements, or conditions, or any of them, on the part of Avon under this Agreement, the Service Agreement or the Amendment. Default will not occur until Traer Creek District shall have given Avon thirty (30) days' written notice and Avon is given the opportunity during such time to cure the default, except when such default is for the failure to provide water hereunder. (d) Authority. It is an event of default by the Authority if the Authority fails or defaults in the performance or observation of the covenants, agreements, or conditions, or any of them, on the part of the Authority under this Agreement, the Service Agreement or the Amendment. Default will not occur until Traer Creek District shall have given the Authority thirty (30) days' written notice and the Authority is given the opportunity during such time to cure the default, except when such default is for the failure to provide water hereunder. 4. Remedies Upon Default. Upon the occurrence and continuance of an event of default, the nondefaulting party shall be entitled to enforce the provisions of this Agreement in law or in equity, and relief in the nature of specific performance or damages or both may be sa74z3 -6- awarded. subject to the provisions of the laws of the State of Colorado. Alternatively, in the event of a default by Traer Creek District then the Authority and Avon may terminate Water Service to the Property until Traer Creek District shall have cured said default. The prevailing party in any legal or administrative action shall be entitled to the recovery of its costs and expenses of such action, including without limitation, reasonable attorneys' fees. 5. Assignment. Traer Creek District may assign its rights under this Agreement to any affiliates. successors, or to a subsequent special district formed, in whole or in part, for the purpose of holding. owning or operating its water system for the Property pursuant to the terms herein, so long as notice and copies of relevant documentation of the assignment are provided to the District. Avon and the Authority. The District. Avon and Authority may also assign their rights hereunder including, without limitation, any assignment in connection with the future consolidation and Traer Creek District agrees to cooperate with respect to the. same. 6. Lease of Water Rights. Concurrent with the execution of this Agreement, Traer Creek District agrees to execute the Water Lease attached hereto as Exhibit C. and Avon shall execute the Sublease to the Authority attached hereto as Exhibit D. The Water Lease is intended to provide sufficient water rights to serve the Property. In the event EMD LLC or Traer Creek District elects to obtain water service for the Additional Property. EMD LLC or Traer Creek District shall be obligated to furnish additional water rights to the Authority to serve the Additional Property. 7. Additional Storage Water. The parties agree that the Traer Creek District needs to secure an additional 9.8 acre feet of storage water from Wolford Mountain Reservoir. Nottingham.Reservoir, or another storage facility acceptable to the Authority (the "Additional Storage Water") to provide sufficient water rights to serve the Property. In addition, unless Nottingham Reservoir water is provided, the augmentation plan decreed in Water Division No. 5 Case No. 97CW306 (the "Augmentation Plan") needs to be amended to include the Additional Storage Water. Traer Creek District agrees to secure, prepay the cost of and lease to Avon who will in turn. sublease to the Authority the Additional Storage Water within 3 months of the date of this Agreement. Thereafter, the Authority shall use its best efforts to amend the Augmentation Plan, if necessary, to include the Additional Storage Water as an additional source of augmentation water. Traer Creek District shall promptly reimburse the Authority for all costs and fees (including legal, engineering and court fees) incurred by the Authority in securing such an amendment. The parties recognize. acknowledge and agree that Nottingham Reservoir will be emptied for maintenance and repairs in late 2002 or early 2003, and the emptying of such reservoir shall not constitute a default or breach under this Agreement or the Water Lease or Sublease provided for in paragraph 6 above. 8. Miscellaneous. (a) Illegality. Invalidity. Unenforceability and lmpossibility. If any provision of this Agreement shall prove to be illegal, invalid, unenforceable or impossible to perform. the fd7423 -7- remainder of this agreement shall not be affected thereby, and in lieu of each provision of this Agreement that is illegal, invalid, unenforceable or impossible to perform, there shall be added as part of this Agreement a provision as similar in terms to such illegal, invalid, unenforceable or impossible provision as may be possible and or legal, valid, enforceable and capable of performance. (b) Amendments. This Agreement may not be amended nor any rights hereunder waived except by an instrument in writing signed by the parties sought to be charged with such amendment or waiver. (c) Governing Law and Venue. This Agreement shall be interpreted. in accordance with and governed by the laws of the State of Colorado. The forum for resolution of any and all disputes arising hereunder shall be the District Court in and for Eagle County, State of Colorado. (d) Paragraph Headings. The paragraph headings herein are inserted for convenience of reference only and do not define. limit or prescribe the scope of.this Agreement or any exhibit attached hereto. (e) Term. The term of this Agreement is perpetual. (f) Proper Authority. The parties represent and warrant that they have taken all actions required and secured the necessary approvals to enter into this Agreement. . (g) Further Execution of Necessary Documents. The parties agree to execute such additional documents as may be reasonably required to implement the terms of this Agreement. (h) Water Rights Conveyance. Nothing contained in this Agreement shall modify the obligation of Traer Creek District pursuant to the Rules and Regulations of the Authority, and the Amended and Restated Service Contract dated January 1, 1998, between the Authority and Avon, as it may be amended, to convey to Avon the water rights which are the subject of the Water Lease.. Additienal Such conveyance to Avon shall occur within 30 days of notice given by the Authority to Avon and the Traer Creek District. Upon such conveyance the sublease from Avon to the Authority shall be converted into a lease. eeme h ereto " a Counterpart. WJ rt :and attachments in counter s. 07423 _g EXECUTED as of the date set forth above. EAGLE-VAIL METROPOLITAN, a quasi-municipal corporation of the State of Colorado By:_ Name: Title: TOWN OF AVON, a Colorado municipal corporation By: Name: Title: TRAER CREEK METROPOLITAN, a quasi-municipal corporation and political subdivision of the State of Colorado By: Name: Title: UPPER EAGLE REGIONAL WATER AUTHORITY. a quasi-municipal corporation of the State of Colorado By: Name: Title: fd7423 -9- STATE OF COLORADO ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2002, by as President of the Eagle-Vail Metropolitan District, a quasi-municipal corporation of the State of Colorado. Witness my hand and official seal. My commission expires: STATE OF COLORADO ) ss. COUNTY OF ) Notary Public The foregoing instrument was acknowledged before me this . 2002. by as Avon, a quasi-municipal corporation of the State of Colorado. Witness my hand and official sea]. day of of the Town of fd7423 _10- STATE OF COLORADO ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of , 2002, by as President of the Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado. Witness my hand and official sea]. Notary Public My commission expires: STATE OF COLORADO ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of . 2002, by as President of the Upper Eagle Regional Water Authority, a quasi-municipal corporation fo the State of Colorado. Witness my hand and official seal. Notary Public My commission expires: fd7423 -l Exhibit C WATER LEASE This Water Lease ("Lease") is entered into this 4th day of November, 2002, between Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado ("Traer Creek District') and the Town of Avon, a Colorado municipal corporation ("Avon"). Recitals Whereas, EMD Limited Liability Company, a Colorado limited liability company ("EMD LLC"), the Authority, and the Eagle-Vail Metropolitan District (the "District") entered into a Water Service Agreement dated May 15, 1997 ("Service Agreement'). Paragraph 2(b) provided that EMD LLC agreed to lease specified water rights to the Authority as a condition for water service to 1,789 acres of land owned by EMD LLC as described in the attached Exhibit 1 (the "Property"). EMD LLC thereafter transferred its interest in the Property to Traer Creek LLC. Whereas, EMD LLC, the District, Town of Avon, a Colorado municipal corporation ("Avon"), and the Authority entered into the First Amendment to Water Service and Tap Fee Allocation Agreement dated June 22, 1999 (the "Amendment'). Section 2(B) of the Amendment substituted Avon for the District. Section 2(N) of the Amendment amended the lease provision in paragraph 2(b) of the Service Agreement whereby EMD LLC agreed to lease without cost to Avon for sublease without cost to the Authority the portion of water rights sufficient to replace the consumptive use associated with the development of the Property as ultimately decreed by the Water Court. Whereas, certain of EMD LLC's rights, duties and obligations under the Service Agreement and Amendment were assigned to Traer Creek LLC, pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29, 2001. Whereas, certain of Traer Creek LLC's rights, duties and obligations under the Service Agreement and Amendment were assigned to Traer Creek District pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29.2001. Whereas, certain water and water rights, ditch and ditch rights, consumptive use credits, and reservoirs and storage rights were transferred by Quit Claim Deeds from EMD LLC to Traer Creek LLC, and from Traer Creek LLC to Traer Creek District. fd7423 -1 Whereas, the Authority. the District, Avon and Traer Creek District entered into an Agreement dated November 4, 2002 ("2002 Agreement"). Section 6 of the 2002 Agreement provides that Traer Creek District shall lease to Avon the water rights that are the subject of this Lease, and that such lease to Avon shall substitute for and satisfy the obligations of Sections 2(B) and 2(H) of the Amendment. AGREEMENT Now, therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: I . Lease. Traer Creek District hereby leases to Avon all of Traer Creek District's right, title and/or interests (beneficial or other interests) in and to the following (collectively, the "Leased Water Rights"): (a) the water rights described in Exhibit 2 identified under the column heading Amount Leased, together with all associated rights and benefits of the plan for augmentation and exchange decreed by the District Court in and for Water Division No. 5 in Case No. 97CW306 (the "Augmentation Plan"), together with all associated changes of water rights decreed therein related to the Amount Leased;,provided, hoWever, that norstora. a &-, s or ac i?l lul lb, the Additional Storage Water is leased"'hereunder', (b) the historic consumptive use credits dedicated to the Augmentation Plan and described in the attached Exhibit 3; (c) an additional 9.8. acre feet of storage water from Wolford Mountain Reservoir, Nottingham Reservoir, or another storage facility acceptable to Avon and the Authority ("the Additional Storage Water") to provide sufficient water rights to serve the Property. Ne storage other than the Additional Storage Water is _ . In addition, unless Nottingham Reservoir water is provided, the Augmentation Plan needs to be amended to include the Additional Storage Water. Traer Creek District agrees to secure, pay the cost of, and lease to Avon for subsequent sublease to the Authority, the Additional Storage Water within 3 months of the date of this Lease. Thereafter, the Authority shall use its best efforts to amend the Augmentation Plan, if necessary, to include the Additional Storage Water as an additional source of augmentation water. Traer Creek District shall promptly reimburse Avon and the Authority for all costs and fees (including legal, engineering, and court fees) incurred by each of them in securing such an amendment; and (d) all diversion ditches, pipelines, headgates and structures, pumps, casings and other improvements and easements associated or used in connection with the above described water rights (including without limitation rights of access thereto) as becomes necessary from time to time to provide water service for the Property, reserving into Traer Creek District rights of access and use of the same to the extent not required to provide water service fd7423 -2 for the Property. The-parties recognize, acknowledge and agree that in connection with the development of the Property such structures may need to be modified, piped, buried or otherwise improved at Traer Creek District's sole cost and discretion. 2. Term. The term of this Lease shall be perpetual, provided however, that in the event that the Authority and Avon fail to provide water service to the Property (excepting temporary cessation of water service due to reasonable maintenance requirements or emergency conditions), Traer Creek District may terminate this Lease upon sixty (60) days' written notice. 3. Payment. The Leased Water Rights shall be leased to Avon without charge. The consideration for this Lease is the water service provided pursuant to the Service Agreement, the Amendment, and the 2002 Agreement. 4. Miscellaneous. (a) This Lease may not be amended except by a written document signed by the parties which expressly references this Lease. (b) This Lease shall be construed under and governed by the Laws of the State of Colorado. (c) In the event of any litigation regarding the parties' rights and obligations under this Lease, the prevailing party shall be entitled to recover its costs and expenses of litigation, including its reasonable expert witness and attorney's fees, and any costs and expenses, including attorney's fees, incurred in any appeal or collection actions related thereto. Executed to be effective the date first set forth above. TRAER CREEK METROPOLITAN, a quasi-municipal corporation and political subdivision of the State of Colorado By: Name: Title: TOWN OF AVON, a Colorado municipal corporation By:_ Name: Title: fd7423 -3- STATE OF COLORADO ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of . 2002, by as President of the Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado. Witness my hand and official sea]. My commission expires: STATE OF COLORADO ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this . 2002, by as Avon, a quasi-municipal corporation of the State of Colorado. Witness my hand and official seal. Notary Public day of of the Town of W7423 -5- N X w c O C c C O C C G z K. M K. K. M M M M I R en r M c C1 r Noy ? r N C, W r Mc t1 r erC, r vCN r c r c .a U c ? J G .? 0 ` c rc W. W. v, c c p? ? a v: r r K, ^ C G < C? LS7 N C C C C C C C C G v C ? v' r; a < 1 t7 C C C 2 R 7 c` C C U C c V: ^_ -_ - r R R fC R R R fC G M ti L l r r i C R L R C U C t R R R U U t` U t` ? N z ? t` t` tr: w C E C ' U C U eta v C m U C U C U K. U \C U ?C C< C - U fV N . C C K. K, Li ? a% ? 60. C LY C L LL L Lt L L L l? L L L L L [L L Lt z z z z z z z z t? C: C.: U U L L ° a a a a a a c a ? s ? ? ? C C R (,^ a N c N c r a C c v: c r c r c a a a a a C C c ` U C - C C N ?. - C - ?. - ?• L R < C C C - - - v, C a C _ ^ N - N - C _ a C, C, _ c r c r c r c r c U c « « kr C, 'L R < C K. c K c K c K. c K c ` c N - N _ s U L E Ti C 'L L R C? C P C M c s 7 C-4 C S U C onRz O GZ L c aoz m c ooz G C zz C O zz C w U ? C U ? U C U ? U ?j ? U U U Le z0 C? z° G s R R F R M N v z v. G R 04 ti cc Z U a A G F ? 'w s z` F F G C .D Z w? c c w V F •° c a ? F R o ? R v. ? F R fC w v. _N 0J R ti ? s s ? s OD F- 'i w ? 3 a? ? U ?c R U 'E ?z K: R G R U v. L II 0. c G cc a? U U II C G R OL t I I G ? O •? U ? R O ? x 0. v fi CII- v u.. G G id • ? is v ? a r= z< II RQ y •C R U ? U_ 61 F 6$ a a t? ? G to ? d R d a p, u t? ? .c E v_ O Gi ow r r, "S `c w a I.J i? F w V z c U U a c Z - c z a a c w z Q ?r c C F Q V r C r, 3 U r c c z V. Q U z pp = C v, v; K v, V r. ? K a r, N r: N W. v, a ^ . .i A< v c c c y N r `? h N v: t? v: F 0- c « r _ N r - oo v, C p V: C !f C ?? C K C V N C ._ C M C N N M 3 U r o, Tc$ o c K - r a m LOD oc . C C - N C C C fV T 0 c r a N .- -- N vi c c U ?+ N G^ a r C <7 M C. C ? N - - N `C - C N r. G G c - N M. N L a N N r C N M r N a : G r C cc Q L R r-4 t (/l 4n N ? R L 00 oc ?_ C\ LC C R ? _ X to a 00 e t a: O ? O o C O C, C C Ott - ' _- Gil ^ 0!! c.. z Z Gr z G C U C C ° ° C C G N O ? C C 3< zQc c - - z- zc t- t-c H- F- ? T Er V Cc a o a? au v G .cc, .c ci s U Ap Cv c c :t: C 1=v H co z z G c c U Exhibit D WATER SUBLEASE This Water Sublease ("Sublease") is entered into this 4th day of November, 2002, between the Town of Avon, a Colorado municipal corporation ("Avon") and the Upper Eagle Regional Water Authority, a quasi-municipal corporation and political subdivision of the State of Colorado (the "Authority"). Recitals Whereas. EMD Limited Liability Company, a Colorado limited liability company ("EMD LLC"), the Authority, and the Eagle-Vail Metropolitan District (the "District") entered into a Water Service Agreement dated May 15. ] 997 ("Service Agreement"). Paragraph 2(b) provided that EMD LLC agreed to lease specified water rights to the Authority as a condition for water service to 1,789 acres of ]and owned by EMD LLC as described in the attached Exhibit l (the "Property"). EMD LLC thereafter transferred its interest in the Property to Traer Creek LLC. Whereas. EMD LLC, the District, Town of Avon, a Colorado municipal corporation ("Avon"), and the Authority entered into the First Amendment to Water Service and Tap Fee Allocation Agreement dated June 22, 1999 (the "Amendment"). Section 2(B) of the Amendment substituted Avon for the District. Section 2(H) of the Amendment amended the lease provision in paragraph 2(b) of the Service Agreement whereby EMD LLC agreed to lease without cost to Avon for sublease without cost to the Authority the portion of water rights sufficient to replace the consumptive use associated with the development of the Property as ultimately decreed by the Water Court. Whereas. certain of EMD LLC's rights, duties and obligations under the Service Agreement and Amendment were assigned to Traer Creek LLC, pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29, 2001. Whereas, certain of Traer Creek LLC's rights, duties and obligations under the Service Agreement and Amendment were assigned to the Traer Creek Metropolitan District (the "Traer Creek District") pursuant to that certain Assignment and Assumption of Water Service Agreement and Related Water Rights dated November 29, 2001. Whereas. certain water and water rights, ditch and ditch rights, consumptive use credits, and reservoirs and storage rights were transferred by Quit Claim Deeds from EMD LLC to Traer Creek LLC, and from Traer Creek LLC to Traer Creek District. tc0910 -1- Whereas, the Authority, the District, Avon and Traer Creek District entered into an Agreement dated November 4, 2002 ("2002 Agreement'). Section 6 of the 2002 Agreement provides that Traer Creek District shall lease to Avon the water rights that are the subject of this Lease, and that such lease to Avon shall satisfy the obligations of Sections 2(B) and 2(H) of the Amendment. In turn, Section 6 of the 2002 Agreement provides that Avon shall sublease to the Authority the water rights that are the subject of this Lease. AGREEMENT Now, therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: I . Sublease. Avon hereby subleases to the Authority all of Avon's right, title and/or interests (beneficial or other interests) in and to the following (collectively, the "Leased Water Rights"): (a) the water rights described in Exhibit 2 identified under the column heading Amount Leased, together with all associated rights and benefits of the plan for augmentation and exchange decreed by the District Court in and for Water Division No. 5 in Case No. 97CW306 (the "Augmentation Plan"), together with all associated changes of water rights decreed therein related to the Amount Leased..prov?ded, ;however nb storage ng s orfac IIi iws ti'-.q e Additional Storage Water is:leasel hereunder. (b) the historic consumptive use credits dedicated to the Augmentation Plan and described in the attached Exhibit 3; (c) an additional 9.8 acre feet of storage water from Wolford Mountain Reservoir, Nottingham Reservoir, or another storage facility acceptable to the Authority ("the Additional Storage Water") to provide sufficient water rights to serve the Property which is hereinafter leased by Traer Creek District to Avon pursuant to paragraph 7 of the 2002 Agreement. (d) all diversion ditches, pipelines, headgates and structures, pumps, casings and other improvements and easements associated or used in connection with the above described water rights (including without limitation rights of access thereto) as becomes necessary from time to time to provide water service for the Property, reserving into Traer Creek District rights of access and use of the same to the extent not required to provide water service for the Property. The parties recognize, acknowledge and agree that in connection with the development of the Property such structures may need to be modified, piped, buried or otherwise improved at Traer Creek District's sole cost and discretion. 2. Term. The term of this Sublease shall be perpetual, provided however, that in the event that the Authority fails to provide water service to the Property (excepting temporary IC0910 -2- cessation of water service due to reasonable maintenance requirements or emergency conditions). Avon may terminate this Sublease upon sixty (60) days' written notice. 3. Payment. The Lease' Water Rights shall be subleased to the Authority without charge. The consideration for this Sublease is the water service provided pursuant to the Service Agreement, the Amendment, and the 2002 Agreement. 4. Miscellaneous. (a) This Sublease may not be amended except by a written document signed by the parties which expressly references this Lease. (b) This Sublease shall be construed under and governed by the Laws of the State of Colorado. (c) In the event of any litigation regarding the parties' rights and obligations under this Sublease, the prevailing party shall be entitled to recover its costs and expenses of litigation, including its reasonable expert witness and attorney's fees, and any costs and expenses, including attorney's fees, incurred in any appeal or collection actions related thereto. Executed to be effective the date first set forth above. TOWN OF AVON7 a Colorado municipal corporation By:_ Name: Title: UPPER EAGLE REGIONAL WATER AUTHORITY, a quasi-municipal corporation and political subdivision of the State of Colorado By:_ Name: Title: IC0910 "3" STATE OF COLORADO ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of . , 2002, by as of the Upper Eagle Regional Water Authority, a quasi-municipal corporation and political subdivision of the State of Colorado. Witness my hand and official sea]. My commission expires: Notary Public STATE OF COLORADO • ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this . 2002! by as Avon, a quasi-municipal corporation of the State of Colorado. Witness my hand and official sea]. day of of the Town of tc0970 -4- N r F E.., Z F^ X ? W G1 ?c %C K c ?c c ?c %C M ?c M K c z 3 u 3 . M V , L W ? "Ir N-6 Feu L oo r M C C. r- N C, C, r N C oo r M C r• O? tT r V O+ r C r C .a U C c ? C K v, U; ? v; U d e r r, ?C. ?C ?{ Q G! Lal N C C C C C C C C -C C v C a ?c er, v, oc E ._ C C - - G C R R C C £ > U er, - E C r cc ¢ is cc a cc is v r = M 'C ?C Z Z Sec L R C U R C L R F t cc C U C U _ c: c`- w o z ` ? ? ? ti C c? c C U U Z y C E ec U c U C U .. U U C E G - N ?... U N L L L L L L L L L' ? C C C C C' LY l? LL- Li LL L'- C z z z z z z z z L L C: L? L. a ` a LL: a a C? aw ? a ? ? C, ' V. o? 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