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TC Ord. No. 2012-10 Implementing the settlement term sheet to resolve pending litigation CV385/CV316TOWN OF AVON, COLORADO ORDINANCE 12 -10 SERIES of 2012 AN ORDINANCE IMPLEMENTING THE SETTLEMENT TERM SHEET TO RESOLVE PENDING LITIGATION 2008 CV 385 AND 2010 CV 316; APPROVING THE CONSOLIDATED, AMENDED AND RESTATED ANNEXATION AND DEVELOPMENT AGREEMENT; APPROVING ACCEPTANCE OF REAL PROPERTY AND EQUIPMENT; APPROVING THE ACCEPTANCE AND CONVEYANCE OF WATER RIGHTS; APPROVING AN AMENDMENT TO THE VILLAGE (AT AVON) PLANNED UNIT DEVELOPMENT (PUD); APPROVING THE TRAER CREEK PLAZA CONDOMINIUM PLAT; APPROVING A REPLAT OF LOT 1; APPROVING AMENDMENTS TO CHAPTER 18 OF THE AVON MUNICIPAL CODE; AND TAKING SUCH OTHER ACTIONS AS SET FORTH HEREIN TO IMPLEMENT THE SETTLEMENT TERM SHEET. WHEREAS, the Town of Avon ( "Town "), Traer Creek Metropolitan District ( "TCMD "), Traer Creek LLC, Traer Creek -RP LLC, Traer Creek Plaza LLC, EMD Limited Liability Company, Traer Creek -HD LLC, Traer Creek -WMT LLC, (collectively the "Traer Creek Parties "), BNP Paribas ( "BNP ") and Eagle County are parties to the consolidated litigation Civil Action No: 2008 CV 385 and Civil Action No: 2010 CV 316 ( "Litigation "); WHEREAS, on October 7, 2011 Town, TCMD, the Traer Creek Parties, and BNP entered into the Settlement Term Sheet ( "Settlement Term Sheet ") in an effort to resolve pending litigation No. 2008 CV 385 and 2010 CV 316, Eagle County District Court; WHEREAS, the Settlement Term Sheet and the documents contemplated in the Settlement Term Sheet require the Town to approve several and various actions which are all related to and necessary for implementation of the Settlement Term Sheet; WHEREAS, in order to facilitate concurrent action with respect to the various documents implementing the Settlement Term Sheet, the parties to the Settlement Term Sheet intend to execute the Receipt and Escrow Agreement Pertaining to the Village (at Avon) Settlement Implementation as approved by this Ordinance and defined in Section 2 below, by which all documents implementing the Settlement Term Sheet, including without limitation, the Development Agreement, shall be deposited into escrow and released in accordance with the terms of such Escrow Agreement at the appropriate time; and WHEREAS, the Town of Avon approved a PUD and corresponding PUD Guide for the Village (at Avon) PUD by Ordinance No. 98 -16; Page 1 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL WHEREAS, the Town of Avon approved administrative amendments Village (at Avon) PUD Guide Administrative Amendment No. 1 on May 21, 2001, Village (at Avon) PUD Guide Administrative Amendment No. 2, on February 13, 2002, Village (at Avon) PUD Guide Administrative Amendment No. 3 on May 15, 2002, and Village (at Avon) PUD Guide Administrative Amendment No. 4 on May 15, 2002; WHEREAS, the Town of Avon approved Village (at Avon) PUD Guide Formal Amendment No. 1 by Ordinance No. 06 -16 and 06 -17; WHEREAS, the Town of Avon approved an Annexation and Development Agreement for the Village (at Avon) by Ordinance No. 98 -17; WHEREAS, the Town of Avon approved the First Amendment to the Annexation and Development Agreement by Ordinance No. 01 -16, the Second Amendment to the Annexation and Development Agreement by Ordinance No. 03 -08, and the Third Amendment to the Annexation and Development Agreement by Ordinance No. 04 -17; WHEREAS, Traer Creek, LLC ( "Applicant ") has submitted an application to amend the Village (at Avon) Annexation and Development Agreement and to amend the Village (at Avon) Planned Unit Development Guide and Master Plan Map; WHEREAS, the Applicant submitted to the Town a draft of the Consolidated, Amended, and Restated Annexation and Development Agreement ( "Development Agreement "); WHEREAS, the Town Council of the Town of Avon held a public hearing for the Development Agreement on September 11, September 25, October 9, October 23, and November 7, 2012 after posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the Development Agreement amendment application; WHEREAS, the Town Council finds that the approval of the Development Agreement will implement the Settlement Term Sheet in part and further adopts the findings as state in the recitals to the Development Agreement; WHEREAS, the Planning & Zoning Commission of the Town of Avon held public hearings for preliminary planned unit development review on June 5 and June 11, 2012, after publishing and posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff, considered such information prior to formulating a recommendation, then took action to adopt findings of fact and make a recommendation of approval to the Town Council; Page 2 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL WHEREAS, the Town Council of the Town of Avon held public hearings for preliminary planned unit development review on June 26 and July 10, 2012, after posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the preliminary Village (at Avon) PUD amendment application; WHEREAS, the Planning & Zoning Commission of the Town of Avon held public hearings for final planned unit development review on August 7, August 13, August 21 and August 27, 2012, after publishing and posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff, considered such information prior to formulating a recommendation, then took action to adopt findings of fact and make a recommendation of denial to the Town Council; WHEREAS, the Town Council of the Town of Avon held a public hearing for final planned unit development review on September 11, September 25, October 9, October 23, and November 7, 2012, after posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the final Village (at Avon) PUD amendment application; WHEREAS, the Town Council finds the PUD Amendment application for the Village (at Avon) complies with the review criteria set forth in Sections 7.16.060(a), (b), (e)(4) and (f)(5) as more particularly described in the Findings of Fact attached as Exhibit A; WHEREAS, with regard to the Traer Creek Plaza Condominium Plat, the Settlement Term Sheet contains the following condition: "Avon must approve the Traer Creek office building /parking garage condominium application such that the ownership of the parking garage as established in the pertinent existing instruments between Developer and the District are recognized and established as condominium interests. This is required to obtain legal opinions of the re -issue of the District's bonds "; WHEREAS, on March 22, 2012, Traer Creek Plaza LLC submitted an application for the Traer Creek Plaza Condominium Plat, located in Section 7, Township 8 South, Range 81 West of the 6 t ' P.M., Town of Avon, Eagle County Colorado, also known as 0101 Fawcett Road; WHEREAS, the Traer Creek Plaza Condominium Plat is necessary to implement the Settlement Term Sheet and complies with the requirements for consideration as a minor subdivision and combined preliminary plat and final plat; WHEREAS, the Town Council of the Town of Avon held a public hearing for review of the Traer Creek Plaza Condominium Plat on May 8, 2012, after posting notice as required by law, continued such public hearing to May 22, 2012, and considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the Traer Creek Plaza Condominium Plat application; Page 3 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL WHEREAS, the Town Council finds the Traer Creek Plaza Condominium Plat is in conformance with the review criteria in Sections 7.16.070(e) Preliminary Plat Review Criteria and 7.16.070(f), Final Plat Review Criteria, Avon Municipal Code; WHEREAS, the Town Council of the Town of Avon held a public hearing for minor subdivision plat review for the SECOND AMENDED FINAL PLAT, THE VILLAGE (at Avon) FILING 1, A RESUBDIVISION OF LOT 1 on October 9, October 23, and November 7, 2012, after posting notice as required by law, considered all comments, testimony, evidence and staff reports provided by the Town staff prior to taking any action on the Village (at Avon) PUD amendment application; WHEREAS, Section 7.16.070(d)(2) states that minor subdivision applications may be approved by ordinance; WHEREAS, the Town Council finds the SECOND AMENDED FINAL PLAT AMENDED FINAL PLAT, THE VILLAGE (at AVON) FILING 1, A RESUBDIVISION OF LOT 1 is in conformance with the review criteria in Sections 7.16.070(e), Preliminary Plat Review Criteria, and 7.16.070(f), Final Plat Review Criteria, Avon Municipal Code; WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the Town Council desires to comply with state law, the Avon home rule charter and the Avon Development Code by setting a public hearing in order to provide the public an opportunity to present testimony and evidence regarding the application and that approval of this Ordinance on first reading does not constitute a representation that the Town Council, or any member of the Town Council, supports, approves, rejects, or denies the proposed zoning or other matters in this Ordinances. 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 the Town Council. Section 2. Closing Escrow Agreement The Receipt and Escrow Agreement Pertaining to the Village (at Avon) Settlement Implementation ( "Closing Escrow Agreement "), attached hereto as Exhibit B, is hereby approved. The Mayor and the Town Clerk and their respective designees are authorized to execute the Closing Escrow Agreement. The Town Council may approve amendments and/or extension to the Closing Escrow Agreement by Resolution at any time prior to the earlier to occur of the Implementation Date or the Outside Date as defined in the Closing Escrow Agreement. The Town Council may approve documents requiring Town approval as designated in the Closing Escrow Agreement by Resolution or Motion. This Ordinance shall be effective for the purpose of Council taking final action on second and final reading for the purpose of any appeal, legal challenge and referendum as set forth in Section 17 below; however, the Ordinance shall not become binding on the Town and shall not benefit or Page 4 of 8 Ord No. 12-10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL burden the applicable property or parties until the Implementation Date as defined in the Closing Escrow Agreement. This Ordinance, every approval in this Ordinance and every document approved by this Ordinance, shall all become automatically void ab initio and treated as invalid from the outset if the Implementation Date has not occurred prior to the Outside Date as such capitalized terms are defined the Closing Escrow Agreement. Section 3. Approval of Development Agreement The Consolidated, Amended and Restated Annexation and Development Agreement is hereby approved. The Mayor and the Town Clerk and their respective designees are authorized to execute the Development Agreement, attached hereto as Exhibit C. Section 4. Acceptance of Property The Town Council hereby accepts the conveyance of real property, easements and equipment described as follows and in the form attached to this Ordinance, provided that the final acceptance of documents shall be subject to review by the Town of any title reports or title insurance commitments that the Town may desire to determine that title is acceptable to the Town, shall be subject to physical inspection of such properties, including but not limited to soils testing and environmental investigations, shall be subject to further negotiations which Town may seek concerning restrictions, reversions, encumbrances and other rights and obligations which may be contained in the documents, and shall be subject to review of additional revisions which may be requested by other parties to such conveyance documents. Town Council may approve amendments and/or revisions to these documents conveying property by Resolution at any time prior to the Outside Date as defined in the Closing Escrow Agreement. (a) Planning Area B by Special Warranty Deed as set forth in Exhibit D -1; (b) Access Easement to Planning Area B as set forth in Exhibit D -2; (c) Planning Area E by Special Warranty Deed as set forth in Exhibit D -3; (d) Public Road Tracts by Special Warranty Deed as set forth in Exhibit D -4; (e) Bill of Sale for Road Improvements as set forth in Exhibit D -5; (f) Partial Assignment of Amended and Restated Conveyance of Roadways and Easements as set forth in Exhibit D -6; (g) Amended and Restated Nottingham Dam Easement and Asignment Agreement as set forth in Exhibit D -7; (h) Wet Well Easement Agreement as set forth in Exhibit D -8; (i) Bill of Sale for Wet Well Improvements as set forth in Exhibit D -9; Page 5 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL (j) Tract G by Special Warranty Deed as set forth in Exhibit D -10; and, (k) Bill of Sale for Water Dissipater asset forth in Exhibit D -11. Section 5. Acceptance and Conveyance of Water Rishts The Town Council hereby accepts conveyance of water rights from Traer Creek Metropolitan District and Reconveyance of such water rights to the Upper Eagle River Water Authority as set forth in Exhibit E to this Ordinance provided that the final acceptance of documents shall be subject to review of additional revisions which may be requested by other parties to such conveyance documents. The Mayor and Town Clerk and their respective designees are hereby authorized to execute all documents to effectuate such acceptance and conveyance of water rights. Section 6. Amendment to Village (at Avon) PUD The Village (at Avon) Amended and Restated PUD Guide and Village (at Avon) PUD Master Plan amendments are hereby approved as such amendment is set forth in Exhibit F. Section 7. Approval of Traer Creek Plaza Condominium Plat The Traer Creek Plaza Condominium Plat is hereby approved as attached hereto as Exhibit G. Section 8. Repeal of Ordinance No. 06 -17 Ordinance 06 -17 "An Ordinance Approving, with Conditions, a PUD Amendment Application Amending the Village at Avon PUD Development Plan by Relocating Planning Area G, from Planning Area RMF -1, Filing 3, Village at Avon Subdivision to Planning Area D, Filing 1, Village at Avon Subdivision," adopted by the Town Council on January 23, 2007, is hereby repealed in its entirety. Section 9. Approval of Replat of Lot 1 The SECOND AMENDED FINAL PLAT AMENDED FINAL PLAT, THE VILLAGE (at AVON) FILING 1, A RESUBDIVISION OF LOT 1, ( "Replat of Lot 1 ") attached hereto as Exhibit H, is hereby approved. The Mayor and Town Clerk and their respective designees are hereby authorized to execute the Replat of Lot 1. Section 10. Amendment to Title 18 . Avon Municipal Code Section 18.01.120 is hereby amended by the adoption of subsection 18.01.120(e) to read as follows: "(e) Notwithstanding any other provision in this Title 18, any provision concerning material modification of Service Plans set forth in this Title 18, including compliance, modification, definition, applicability, enforcement and procedures, shall not apply to the Traer Creek Metropolitan District and The Village Metropolitan District and all matters concerning material modification by the Traer Creek Metropolitan District and The Village Metropolitan District shall be governed by the Colorado Revised Statutes as may be amended from time to time." Section 11. Correction of Errors Town Staff is authorized to insert proper dates, references to recording information and make similar changes, and to correct any typographical, Page 6 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL grammatical, cross - reference, or other errors which may be discovered in any documents associated with this Ordinance and documents approved by this Ordinance provided that such corrections do not change the substantive terms and provisions of such documents. Section 12. Severability No provision of this Ordinance shall be severable. If any provision of this Ordinance is for any reason held to be invalid, such invalidity shall affect the entirety of this Ordinance, and all documents and exhibits to documents approved by this Ordinance, and shall render the entire Ordinance invalid, without and void ab initio. Section 13. Effective Date This Ordinance shall take effect thirty days after final adoption in accordance with Section 6.4 of the Avon Home Rule Charter for the purposes of final action as described in Section 16 below. Notwithstanding the foregoing, the effectiveness of this Ordinance shall be subject to Section 2 above, provided that neither this Ordinance nor any of the instruments approved hereby shall be recorded against, be binding upon, benefit or burden the property known as The Village (at Avon) or be binding upon any party until the occurrence, if any, of the Implementation Date in accordance with the terms of the Closing Escrow Agreement. Section 14. Safety Clause The Town Council hereby finds, determines and declares that this Ordinance is promulgated under the general police power of the Town 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. The Town Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be obtained. Section 15. Publication by Posting The Town Clerk is ordered to publish this Ordinance by posting notice of adoption of this Ordinance on final reading by title in at least three public places within the Town and posting at the office of the Town Clerk, which notice shall contain a statement that a copy of the ordinance in full is available for public inspection in the office of the Town Clerk during normal business hours. The Town Clerk is further ordered to publish a notice stating a vested property right has been created in accordance with Section. 7.16.140(d)(2) of the Avon Municipal Code. Section 16. Right of Referendum The right of referendum shall run thirty days from the date of publication of the notice that a vested property right has been granted in accordance with Section 7.16.140(d)(2)(iii) of the Avon Municipal Code. Section 17. Final Action Approval and final adoption of this Ordinance on second reading constitutes the Town's final action for the purposes of any appeal, legal challenge or referendum seeking reconsideration of the decision of the Town Council with respect to this Ordinance and matters approved hereby in accordance with Section 7.16.020(f)(5) of the Avon Municipal Code and in accordance with Chapters VI and VII of the Avon Home Rule Charter. [EXECUTION PAGE FOLLOWS') Page 7 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL INTRODUCED, APPROVED, PASSED ON FIRST READING AND ORDERED POSTED on October 9, 2012 and a public hearing on this ordinance shall be held at the regular meeting of the Town Council on October 23, 2012, at 5:30 P.M. in the Council Chambers, Avon Municipal Building, One Lake Street, Avon, Colorado. '' ME 1 01 1 Published b pds&riii�t lLsf t Clerk at lea seven days priorto ATTEST: COLOR ' (3 tty�McKgnny, T Rich Carroll, Mayor public places in Town and posting at the office of the Town 1 action by the Town Council. . y - W Tf5Wn Attorney INTRODUCED, FINAILLY APPROVED, AND PASSED ON SECOND READING, AND ORDERED PUBLISHED BY POSTING on the r7 ` — day of �l , 2012. Rich Carroll, M yor Published by posting by title in at least three public places in Town and posting by title at the office of the Town Clerk. Ofiq�60, .S EA L Page 8 of 8 Ord No. 12 -10 Implementing the Settlement Term Sheet V8 12 -11 -07 FINAL AVON TOWN COUNCIL Q FINDINGS OF FACT AND RECORD OF DECISION AV " 1, CONCERNING THE FINAL PLANNED UNIT DEVELOPMENT AMENDMENT APPLICATION FOR THE VILLAGE (AT AVON), THE CONSOLIDATED AMENDED AND RESTATED ANNEXATION AND DEVELOPMENT AGREEMENT AND THE AMENDED FINAL PLAT, THE VILLAGE (at AVON) FILING 1, A RESUBDIVISION OF LOT 1 The following findings of fact and record of decision are made in accordance with Avon Municipal Code Section 7.16.060(e)(3), Reviewing Authority: 1. Settlement Term Sheet The Avon Town Council approved a Settlement Term Sheet on October 7, 2011, with Traer Creek LLC, Traer Creek Metropolitan District, BNP Paribas, and other parties to the consolidated cases 2008 CV 385 and 2010 CV 316 pending in Eagle County District Court. Implementation of the Settlement Term Sheet included in part the preparation of an application to amend the Village (at Avon) Planned Unit Development Guide and Development Plan in order to implement various terms stated in Schedule 3 of the Settlement Term Sheet. 2. Application Submitted A preliminary PUD Application ( "Application "), consisting of an Amended Planned Unit Development Guide for the Village (at Avon) ( "Amended PUD Guide "), was submitted to the Community Development Department of the Town of Avon ( "Town ") on March 23, 2012 by Harvey Robertson of RMT Architects, representing the owners of the Village (at Avon) property ( "Applicant "). 3. Determination of Completeness Pursuant to Avon Municipal Code ( "AMC ") §7.16.020(c)(1), a determination of completeness was submitted to the Applicant by letter from Matt Pielsticker of the Community Development Department on April 3, 2012, within ten (10) days of the application submittal. The Applicant was informed that items remained outstanding. 4. Town Staff Initial Comments Town staff provided the Applicant with initial comments on April 27, 2012. A letter from Eric Heil, Town Attorney, provided initial comments regarding title insurance exceptions. Additional comments were provided by Matt Pielsticker of Community Development Department and Justin Hildreth of the Engineering Department. 5. Preliminary PUD Application Complete On May 7, 2012 the Application was determined to be complete. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 1 of 22 6. Referral to other Agencies The Amended PUD Guide was referred electronically via the Town's website, www.avon.org/referral to other agencies for review and comment on May 8, 2012 pursuant to AMC §7.16.020(c)(2). The following agencies were notified for referral: Eagle County Planning, Eagle County School District, ECO Trails, Eagle River Water & Sanitation District, Eagle River Fire Protection District, United States Forest Service, Department of Transportation, Eagle County Health Service District, Department of Wildlife, Colorado State Land Board, Colorado Geological Survey, Colorado Mountain College, Eagle -Vail Metropolitan District, Eagle County Sheriff, ECO Transit, Eagle Valley Library District, Upper Eagle Regional Water Authority, Buffalo Ridge Affordable Housing Corporation, Buffalo Ridge II, Xcel Energy, Holy Cross Electric, Comcast, Beaver Creek Metropolitan District, Beaver Creek Property Owners Association, Beaver Creek Resort Company, Vail Resorts, Union Pacific Railroad, and the Public Utilities Commission. Referral comments were due May 29, 2012, twenty -one (21) days after referral. 7. Staff Comment Letters to Applicant On May 17, 2012 Matt Pielsticker of the Community Development Department submitted revised Initial Review Comments to the Applicant. On May 21, 2012 Town Engineer Justin Hildreth submitted his second round of comments on behalf of the Engineering Department to the Applicant. 8. Joint Work Session with Town Council On May 8, 2012 Planning and Zoning Commission ( "PZC ") and the Town Council held a joint work session for an introductory presentation of the Amended PUD Guide and the Consolidated Amended and Restated Annexation and Development Agreement and overview of the review schedule. Version 8 of the Amended PUD Guide was submitted to both bodies at the May 8, 2012 meeting. 9. Notice of Public Hearing On May 24, 2012, pursuant to §7.16.020(d)(2), a notice of public hearing was mailed to all real property owners within three hundred (300) feet of the Village (at Avon) PUD property for the June 5, 2012 PZC meeting to review the Traer Creek LLC Village (at Avon) Preliminary PUD application. On May 25, 2012, pursuant to §7.16.020(d), a notice of public hearing was published in The Vail Daily for the June 5, 2012 Planning and Zoning Commission meeting to review the Traer Creek LLC Village (at Avon) Preliminary Planned Unit Development application. 10. Referral Comments Received Two referral comments were received by the Community Development Department on May 29, 2012, including: A comment letter by Eagle County School District Board signed by President Jeanne McQueeny and a comment letter by Colorado Parks and Wildlife signed by Department Area Wildlife Manager Perry Will. Colorado Parks and Wildlife submitted comments regarding impacts on habitat and wildlife and lack of additional mitigation measures to reduce the impacts. The Eagle County School District Board submitted comments regarding amendments to the VAA PUD to change the school site dedication requirements. 11. Staff Report to PZC Matt Pielsticker submitted a Staff report to the PZC dated June 1, 2012. On May 31, 2012, the Applicant submitted Version 9 of the Amended PUD Guide. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 2 of 22 Due to the receipt of the Version 9 of the Amended PUD Guide late in the day on May 31, 2012, staff was not able to review the changes in Version 9 and include such changes in the Staff report analysis for the application. At the request of Town staff, the Applicant submitted a memorandum on June 1, 2012 detailing revisions to Version 8 that are reflected in Version 9. 12. Preliminary Public Hearing before the Planning and Zoning Commission On June 5, 2012 the PZC held a public hearing on the Application and reviewed the Application for approximately four (4) hours. The PZC continued the public hearing to June 11, 2012 in order to further review the Application. 13. Applicant Response to Staff Comments On the morning of June 8, 2012, representatives of the Applicant and Town staff participated in a four (4) hour conference call with the Applicant for the purpose of clarifying, addressing and resolving staff comments. On June 8, 2012 and June 9, 2012 the Applicant submitted memorandums detailing responses to staff comments on Versions 8 and 9. 14. Continued Preliminary Public Hearing On June 11, 2012 the PZC conducted the continued public hearing and continued with further review of the Amended PUD Guide for approximately six (6) hours. At the conclusion of the meeting, PZC noted that PZC was not able to conduct a complete review of the Application but due to the stipulated schedule submitted to the Eagle County District Court, took action to provide recommendations related to Vested Property Rights, School site dedication, Planning Area J, DRB Powers, and Parkland Dedications. The PZC listed sixteen (16) issues that were not addressed given the amount of time afforded. 15. Notice of Public Hearing. On June 8, 2012, pursuant to §7.16.020(d)(2), a notice of public hearing was mailed to all real property owners within three hundred (300) feet of the Village (at Avon) PUD property for the June 19, 2012 Town Council meeting to review the Traer Creek LLC Village (at Avon) Preliminary PUD application. On June 8, 2012, pursuant to §7.16.020(d), a notice of public hearing was published in The Vail Daily for the June 19, 2012 Town Council meeting to review the Traer Creek LLC Village (at Avon) Preliminary Planned Unit Development application. 16. Preliminary Public Hearing with Town Council. On June 19, 2012 the Avon Town Council held a public hearing on the Application and reviewed the Application for approximately five (5) hours. The Council received substantial public input from five (5) members of the public. The Council continued the public hearing to June 26, 2012 in order to further review the Application, then continued the public hearing to July 10, 2012. 17. Preliminary PUD Approval. The Preliminary PUD Amendment Application was approved by the Town Council on July 10, 2012. In accordance with AMC Section 7.16.060(e)(3) the approval of the Preliminary PUD granted the applicant the right to submit a Final PUD development plan. All information submitted to the Town by the Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 3 of 22 applicant, all comments from referral agencies, all staff reports and all public comments submitted to the Town which were part of the record for the Preliminary PUD Approval are hereby included and are part of the record for Final PUD Approval. 18. Staff Comment Letters to Applicant Town Staff provided the Applicant with comments on July 17, 2012. A letter from Eric Heil, Town Attorney, provided additional follow -up comments on Version 10 of the Amended PUD Guide. Included in Staff's comments was a redline - strikethrough of the Amended PUD Guide with recommended comprehensive language revisions and footnoted comments. Additional comments on the Street Standards and Final Plat were provided on July 20, 2012 by Justin Hildreth, Town Engineer. 19. Final PUD Application Submitted to PZC A Final PUD Application, consisting of an Amended Planned Unit Development Guide for the Village (at Avon), Version 14, resubmitted PUD Master Plan Version 11, and accompanying Memorandum, was submitted to the Community Development Department of the Town on July 24, 2012 by Kimberly Martin, representing the Applicant for Final PUD Amendment application review by the Planning and Zoning Commission. 20. Public Hearing before the Planning and Zoning Commission On August 7, 2012 the PZC held a public hearing on the Application. The PZC continued the public hearing for three (3) additional hearings: Monday, August 13, 2012 Special Meeting, Tuesday, August 21, 2012 Regular Meeting, and Monday, August 27, 2012 Special Meeting. 21. Staff Reports for Final PUD Eric Heil, Town Attorney, submitted memoranda to the PZC regarding the Final PUD Amendment Application on August 3, 2012 and August 17, 2012. Matt Pielsticker submitted a memorandum regarding the Final PUD Amendment Application to the PZC on August 10, 2012. 22. Planning and Zoning Commission Findings of Fact and Recommendations. The Planning and Zoning Commission adopted Findings of Fact and Recommendations on September 4, 2012 with regard to the Final PUD Amendment Application, which included such additional findings of fact and recommendations which are included herein. 23. Final PUD Application Submitted to Town Council Final PUD Amendment Application to Version 16 of the Amended PUD Guide was submitted to the Town on August 31, 2012. Eric Heil, Town Attorney, submitted a memorandum dated September 7, 2012 and comprehensive comments and revisions to Version 16 of the PUD Guide (referred to as Version 16 -E of the PUD Guide) to the Town Council and Applicant's representatives. 24. Notice of Public Hearing On August 31, 2012, pursuant to §7.16.020(d), a notice of public hearing was published in The Vail Daily for the September 11, 2012 Town Council meeting to review the Traer Creek LLC Village (at Avon) Final Planned Unit Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 4 of 22 Development application. On August 31, 2012, pursuant to §7.16.020(d), a notice of public hearing was mailed to all real property owners within three hundred (300) feet of the Village (at Avon) PUD property for the September 11, 2012 Town Council meeting to review the Traer Creek LLC Village (at Avon) Final PUD application. 25. Public Hearing. On September 11, 2012 the Town Council held a public hearing on the Application. The Town Council continued the public hearing to September 25, 2012 Regular Meeting, and October 9, 2012 Regular Meeting. 26. Request for Staff Report At the September 11, 2012 public hearing, the Town Council directed the Town Staff to prepare a Staff Report in accordance with the requirements of the Avon Development Code. 27. Staff Report on Final PUD Matt Pielsticker submitted a Staff Report to Town Council on September 25, 2012. 28. Eagle County School District Report Eagle County School District submitted a report "Summary of ECSD Land Needs" dated August 16, 2012 and gave a presentation to the Avon Planning and Zoning Commission at the August 21, 2012 public hearing, and which report is part of the record for the Avon Planning and Zoning Commission final recommendation. Eagle County School District gave a presentation regarding the school site dedication to the Town Council at the September 11, 2012 public hearing. 29. Reports Reports, memorandum, handouts and power point presentations are further listed in Exhibit A: List of Documents and all such documents are hereby incorporated into the record. 30. Public Comments Public comments were submitted to the Avon Planning and Zoning Commission and the Avon Town Council, which are attached hereto as Exhibit B: Index of Public Comments. Also, the Avon Town Council received public comment during each of the public hearings held by the Avon Town Council for final PUD review. All such public comments have been considered by the Avon Town Council and are part of the record for the Avon Town Council. 31. Version 19 of PUD Guide Version 19 of the Amended PUD Guide was submitted on Thursday, October 18, 2012. 32. Time Frame for Approval Section 7.16.020(e) provides that the Town Council may continue a public hearing on a PUD application for a maximum of 35 days after the initial public hearing without the consent of the applicant to additional continuance. The Applicant has consented to a continuation of the public hearing hearings beyond 35 days after the date of the initial public hearing on September 11 to October 23, 2012 and then to November 7, 2012. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 5 of 22 33. Implementation of the Settlement Term Sheet The Application proposes many revisions to the existing PUD Guide and PUD Master Plan which would implement matters set forth in Schedule 3 of the Settlement Term Sheet and at the same time proposes numerous changes the existing PUD Guide and PUD Master Plan which are not directly related to implementing matters expressly identified in Schedule 3 of the Settlement Term Sheet. The Town Council finds that numerous revisions in the PUD Guide are mutually beneficial to the Town and the Applicant and meet the Review Criteria and therefore approve such revisions. The Town Council also finds that numerous revisions are not in accordance with Schedule 3 of the Settlement Term Sheet, are not beneficial to the Town and are not incompliance with the applicable review criteria as more specifically stated below. 34. Findings of Fact Related to Specific Aspects of the Application The Town Council has considered the Staff Reports, public comments, applicant testimony, and makes the following Findings of Fact related to specific aspects of the Final PUD Application: A. Extension to Vested Property Rights. The Council finds that a six year extension of the Vested Property Rights is appropriate due to the size of the project, the timeframe required to finance and construct various public improvements, the limits of absorption rates for sale of real estate products and the probability that build -out of the project will transcend multiple real estate cycles. B. School Site Dedication. The Town Council finds that the Stone Creek Charter School has stated that Planning Area E is acceptable as a potential school site. The Town Council further finds that the information presented by the Eagle County School District demonstrates that there is not an immediate need for a school site, that existing and planned capacity of school facilities which may serve the Avon community may be sufficient to meet the demands generated by The Village (at Avon) and that possibility of providing a future 7.3 acre school on Planning Area I is incorporated into the Consolidated Amended and Restated Annexation and Development Agreement. The Town Council finds that the school site dedications proposed in the Final PUD Amendment Application complies with the 1996 Avon Comprehensive Plan, A. LAND USE, Policy A1.7 The community should include sufficient land for public uses such as schools, community facilities, and governmental services, and D. COMMUNITY FACILITIES AND SERVICES, Policy D1.5 Annexations and new subdivisions will include or otherwise provide for community services and facilities based on the increased demand created by those developments. C. Planning Area N- South. The Town Council finds that due to the construction of the Post Boulevard interchange and Swift Gulch road, existing Planning Area N (a portion of proposed Planning Area J) has become bifurcated by Swift Gulch road which negatively impacts the functionality of Planning Area N as a cohesive regional park site; that the location of existing Planning Area N -South adjacent to the I -70 interchange reduces the utility and attractiveness of this area for outdoor park uses. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 6 of 22 The Town Council further finds that park areas should be integrated into development, that development plans and designs for Planning Areas J, K, I and RMF -1 do not currently exist, and that the Applicant has proposed to adopt the Town's minimum park siting standards for future development, and that therefore the flexibility afforded in locating and designating the replacement of 5.8 acres in parkland is appropriate. The Town Council specifically finds that the proposed relocation of 5.8 acres of parkland is incompliance with the 1996 Avon Comprehensive Plan, Section G. Parks, Recreation and Open Space generally and specifically with regard to Policy GLI New residential and resort developments will incorporate recreational amenities and Policy G1.4 New annexations and development will include or otherwise contribute to land for trails, open space and recreational purposes. D. Hotel Use for Proposed Planning Area J. The Town Council finds that area is physically suitable for commercial development; that the proximity to the I -70 interchange promotes the viability of commercial development of the property; and that additional construction of public infrastructure is not required for the commercial development of this property. The Town Council further finds that specific minimum standard set forth in I.10. Supplemental Design Standards: Planning Area J Hotel, Motel and Lodge Requirements of the PUD Guide establish appropriate supplemental design standards which are incompliance with 1996 Avon Comprehensive Plan, Subarea 19: I -70 North District which recommends attention be given to I -70 corridor treatments, visual quality and gateway treatments. E. OS -9 and OS -10 (proposed OS -5 and OS -6). The Town Council finds that the revisions to the Uses by Right to OS -5 and OS -6 are consistent with the original 1998 PUD Guide. F. Road Access to Proposed Planning Area I (formerly Planning Area M). The Town Council finds that Planning Area I is currently isolated and surrounding by steep topography, the Eagle River and the Union Pacific Rail Road line; viable alignments for the construction of a road to access Planning Area I are limited and are complicated by property ownership patterns; construction of a road across the Forest Service Village Parcel (situated between proposed Planning Area J and proposed Planning Area I) is likely to be highly visible from I -70 and other locations; and the amount of cut and fill required for construction of an access road can be reduced by reducing the minimum required road width profile and by constructing a pedestrian/recreation path separately from the road in a manner similar to the Swift Gulch road construction. The Town Council finds that the road access is in compliance with the 1996 Avon Comprehensive Plan; E. Transportation, Parking and Circulation, generally and specifically finds that the road cross - section which allows a narrow road and separated pedestrian, bike and recreation trail will promote Policy E1.1 Streets should, to the extent possible, effectively accommodate transit, pedestrian, bicycle, and other modes of transportation. and Policy F1.1 Future Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 7 of 22 development and redevelopment shall minimize degradation of the environment, particularly in sensitive areas. G. Hillside Density (Proposed Planning Areas K and RMF -1). The Town Council finds that the existing PUD Guide allows for a maximum of 280 residential units to be served off a cul -de -sac and that the Final PUD Amendment Application is consistent with the stated maximum allowed residential units on a cul -du -sac. H. Planning Area B. The Town Council finds that the consolidation of former Planning Areas B and C into Planning Area B; the central location of Planning Area B within Planning Area A; and the location of Planning Area B in proximity to the Nottingham - Puder ditch provides better opportunities for a central park and recreational amenity area and provides better opportunities to incorporate water features into such park. The Town Council finds the proposed amendment to Planning Area B in the Final PUD Amendment Application complies with the 1996 Avon Comprehensive Plan, G. PARKS, RECREATION AND OPEN SPACE, general and specifically Policy G1.1 New residential and resort developments will incorporate recreational amenities and Policy G1.4 New annexations and development will include or otherwise contribute to land for trails, open space and recreational purposes. I. Main Street (formerly East Beaver Creek Boulevard). The Town Council finds that the narrowed cross - section width of East Beaver Creek Boulevard is adequate and sufficient and complies with the 1996 Avon Comprehensive Plan, E. TRANSPORTATION, PARKING, AND CIRCULATION generally. J. Drainage Master Plan. The Town Council finds that the incorporation of the Johnson Study into Section I.6.(b) of the PUD Guide is appropriate for the purposes of determining calculated stormwater flows; that the incorporation of the Johnson Study will permit the Town to prevent water quality degradation from stormwater run -off, and, that such amendment is therefore in compliance with the 1996 Avon Comprehensive Plan; F. ENVIROMENT, Policy F1.3 The river corridor will be protected as an important riparian habitat. K. Administrative Subdivision Review. The Town Council finds that permitting administrative subdivision review for Planning Areas A, B, C, D, E, F and J will promote an efficient and streamlined development application review process and will thereby promote and facilitate beneficial economic development and revenue producing development which is critical to the repayment of obligations of the Traer Creek Metropolitan District and satisfaction of the Town's tax credit obligations under the Consolidated Amended and Restated Annexation and Development Agreement. The Town Council fords that administrative subdivision review is in compliance with the 1996 Avon Comprehensive Plan, B. COMMUNITY AND ECONOMIC DEVELOMPENT, generally and specifically Goal B1 Enhance the Town's role as a principal, year -round residential community and regional Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 8 of 22 commercial center and Goal B3 Maintain a balanced, diverse economic base that provides employment opportunities for residents and a sustainable tax base for the Town and Policy B3.3 Encourage development of additional service commercial uses. L. Integrated Applications and Approvals. The Town Council finds that the Final PUD Application is integrated with the CARADA and the SECOND AMENDED FINAL PLAT, AMENDED FINAL PLAT, THE VILLAGE (at AVON) FILING 1 A RESUBDIVISION OF LOT 1 such that the each document and application is considered together and that each document supports the findings and conditions stated in this Findings of Fact and Record of Decision. BASED ON THE FINDINGS OF FACT STATED HEREIN, INCLUDING THE FINDINGS AND RECOMMENDATIONS IN VARIOUS STAFF REPORTS, PUBLIC COMMENTS, AND OTHER MATERIALS CONSIDERED BY COUNCIL, AND BASED ON THE REVIEW CRITERIA SET FORTH IN AVON MUNICIPAL CODE §7.16.060(E)(4), THE AVON TOWN COUNCIL HEREBY APPROVES THE FINAL PLANNED UNIT DEVELOPMENT APPLICATION WITH THE FOLLOWING CONDITIONS: 1. Approval of this Final PUD Amendment application is expressly contingent upon approval of the following, which final approvals, execution, implementation and effectiveness shall occur within the timeframe established in the Closing Escrow Agreement, as adopted in Ordinance No. 12 -10: a. The Consolidated Amended and Restated Annexation and Development Agreement, b. Ordinance No. 12 -10, and c. Implementation and execution of other documents as described in the Closing Escrow Agreement. 2. Amendments to Version 20 of CARADA. Version 20 of the CARADA is hereby approved with the condition that CARADA is revised to incorporate the text changes described as follows [Amendments are shown in strike - through underline fashion to depict language to be deleted and language to be added • Recital $-C shall be amended to read as follows: S ti b se ,, uen A to the Ofiginal Effe etive Date Town Council approved the Service Plans ^ „ a the fe of n August 25, 1998, and on February 3, 1999, TCMD and VMD were legally formed for the general purposes contemplated by the Original Agreement and more specifically described in the Service Plans. • Section 1.4(a) shall be amended to revise the first sentence to read as follows: Due to the size and phasing of the Project, the potential for development of the Project to be affected Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 9 of 22 by economic and financial cycles, the effect of national and statewide markets with regard to retailers, accommodations industry and builders, and the limitation of absorption rates by the local market conditions, the term of the Vested Property Rights established pursuant to Section 2-.32_4 shall continue through and including October 20, 2039 ( "Vesting Term "). Section I.6 shall be amended to revise the first sentence to read as follows: If, after the Execution Date, any legal or equitable action or other proceeding is commenced by a third party challenging the effectiveness of the or-din ne ^ R this Deye'opme ^ Tr-° °men4 ^^dl ^r the Development Xan,- Ordinance No. 12 -10s the effectiveness of this Development Agreement and /or the Development Plan, or the validity of any provision of this Development Agreement and /or the Development Plan, the Parties shall in good faith cooperate in defending such action or proceeding and shall each bear their own expenses in connection therewith. • Section 2.4(a) through 09 shall be amended to pluralize SSDP by using the acronym "SSDPs. " Section 2.4(e) shall be amended to revise the third sentence to read as follows: In accordance with Section 7.1 of the Town's Charter, no initiated measure shall be permitted that would have the effect of modifying or negating the Town ordinance by which Town Council approved implementation of the Settlement Term Sheet, Ordinance No. 12 -10, or any instrument implementing the Settlement Term Sheet as approved in sueh T,.w., or-di ane,,Ordinance No. 12-10, including but not limited to the Development Plan. • Section 2.5 shall be amended to delete references to EMD. • Section 3.2(b) shall be amended to delete the second and last sentence. • Section 3.3(a) shall be amended to revise the fifth sentence to read as follows: All public roads, whether constructed by or on behalf of a District or a Developer, shall be constructed in accordance with the standards set forth in the PUD Guide and shall be Dedicated to and Accepted by the Town in accordance with Section 3.3 (b) below • Section 3.3(b)(i) shall be amended to read as follows: Existing Public Roads. Contemporaneously with the Effective Date, TCMD conveyed to the Town all of TCMD's right, title and interest in and to the existing public road tracts (Swift Gulch Road, Post Boulevard, Fawcett Road and Yoder Avenue), together with the road improvements, streetscape improvements, landscape improvements and drainage improvements located within such rights -of -way. The Town granted Final Acceptance of all such roadways and related improvements for maintenance without reservation or condition, whether related to warranty periods or otherwise, and released all warranty rN + N o r-av this a •+ 1 collateral related thereto. �,- oT��c� t t � ����- �s�r��e� Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 10 of 22 Section 3.3(b)(ii) the second to the last sentence shall be amended to read as follows: Asphalt overlays shall not be required prior to Dedication of each phase of Main Street and, as set forth in Section 4.2(d), the Town shall undertake responsibility for asphalt overlays for each phase of Main Street only after Dedication of each such phase of Main Street. Section 3.3(c)(iii) shall be amended to read as follows: East Beaver Creek Boulevard. The Town shall not require completion of East Beaver Creek Boulevard as a through road until the earlier of: (A) such time as it becomes necessary to construct a particular phase of East Beaver Creek Boulevard to provide a means of ingress to and egress from Sites within Lot 1 that are undergoing vertical development and do not otherwise have access to a public street; or (B) such time as a particular development proposal within Lot 1 requires completion of the connection in order to preclude the impact of the approved development proposal from reducing the level of service (LOS) on Main Street below a designation of "C" (estimated to be in the range of approximately 8,000 to 11,000 vehicle trips per day) as established by traffic studies to be provided by a traffic engineer or firm licensed in Colorado in connection with the particular approved development proposal. Subject to review by the Town Engineer, Tthe north/south alignment of East Beaver Creek Boulevard within Planning Areas C and D may be established to include an interim or permanent connection to Main Street (e.g., East Beaver Creek Boulevard can connect to Main Street east of Planning Area A and either continue to the roundabout at the southeast corner of Planning Area F in an interim condition or separate from Main Street and connect to the roundabout at the northeast corner of Planning Area F in either an interim or permanent condition) so long as the easterly (roundabout at Post Boulevard) and westerly (where East Beaver Creek Boulevard enters the Project) connections depicted on the PUD Master Plan are maintained and each segment of Main Street is maintained at not lower than LOS "C" (e.g., if the traffic studies demonstrate that LOS "C" can be maintained on the easterly segment of Main Street with an interim connection as described above, completion of the final through connection alignment of East Beaver Creek Boulevard would not be required). Section 3.6 shall be amended to revise the second sentence to read as follows: Without limitation of the foregoing, in processing any Development Application for deve opinep* the Town shall incorporate the assumptions of the drainage study prepared by David Johnson for the Property with respect to reducing the calculated stormwater flows, management and detention requirements based on the mitigating effect of vegetation within the Property, and the assumptions set forth therein shall govern and control over any conflicting provisions or assumptions in the Town's drainage master plan. Section 3.10(a) shall be amended to revise the last sentence to read as follows: Any portion of the foregoing reserved amount that has not been utilized upon completion of the permanent alignment of East Beaver Creek Boulevard as a through road, or upon a determination that the LOS requirement stated in Section 3.3(bcc)(iii) has been satisfied Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 11 of 22 upon full build -out of Lot 1, shall be released and made available to fund other Cap Amounts as provided in elause- Section 3.10 (c) below. Section 3.10(b) shall be amended to read as follows: Other Reserved Funds Of the total Supplemental Bond capacity available under the Credit PIF Cap, a total of $000 ; 000 $17,500,000 (inclusive of the $6,200,000 reserved pursuant to Section 3.10(a)) shall be reserved to fund Capital Project Costs incurred in connection with construction of the Prioritized Capital Improvements. • Section 3.11 shall be amended to revise the first sentence to refer to `Hurd Lane" rather than `Hurd Land ". Section 3.11 shall be amended to add a sentence to the end of the paragraph to read as follows: "Master Developer may satisfy this obligation with Town's consent by tendering a cash payment to the Town in an amount acceptable to the Town for the sole purpose of purchasing and installing the Landscaping/Visual Mitigation described herein, and if Town receives and accepts such cash payment then Town shall provide to the Master Developer a written acknowledgement and release that Master Developer has satisfied in full its obligations in this Section 3.11." • Section 4.2(d)(i)(B) shall be amended to read as follows: As more particularly set forth in the Asphalt Overlay Agreement (including but not limited to Section 5(b) thereof [N ote ! Peed to ee nfir-m - c r in fi na l y eFsion of over lay- agr- eemei regarding deemed consent under certain facts), TCMD and the Town each must provide written approval prior to the release of any funds from the Asphalt Overlay Account. Section 4.2(e) shall be amended to revise the last sentence to read as follows: Should the Town not have acquired the Forest Service Village Parcel prior to such time as access is needed to commence the process for constructing an access road to Planning Area I, the Town egfee to acknowledge, confirm and represent to the owner of the Forest Service Village Parcel that the PUD Master Plan approved by the Town depicts a road crossing the Forest Service Village Parcel to provide access to Planning Area 1. • Section 5.1(d) shall be amended to read as follows: Utilization of Credit PIF Revenues During the Term, TCMD shall utilize Credit PIF Revenues only for the Permitted Uses as set forth in Section 6.2(a) and shall apply Credit PIF Revenues in the priority set forth in Sections 6.9(b) ems,, 6.9(c) and 6.9(d). Section 5.3(f) shall be amended to read as follows: LandscapingNisual Mitigation. Master Developer shall perform its obligations with respect to landscaping and visual mitigation as set forth in Section 3.11. Section 5.4(a) shall be amended to read as follows: Conveyance of School Site in Planning Area I . Pursuant to Section 3.7(a)(i)(B), EMD or the then - current Landowner Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 12 of 22 shall convey to the Town an approximately X 3.764 acre Site within Planning Area I for school purposes. • Section 6.2(b) shall be amended to revise the third sentence to read as follows: If as of January 2, 2040, the Net Proceeds of all Supplemental Bonds issued on or before January 1, 2040, are less than the otherwise ��� unused portion of the Credit PIF Cap, the Credit PIF Cap will be reduced in equal amount to the unftmded CupplemepAa Berk eap aei�yu Credit PIF Can • Section 6.2(c)(ii) shall be amended to read as follows: Except as otherwise provided in Section 6.12, the principal amount and Bond Requirements of any refunding bonds or other debt instruments issued to repay, refund and/or defease, in whole or in part, the Cap Amotints obligations described in sub - sections (i), (ii), (iii) and (iv) of Section 6.2(b) • Section 6.3(b) shall be amended to read as follows: Internet, Mail Order and Similar Remote Taxable Transactions The Parties intend that retail sales transactions effected remotely should be subject to the Credit PIF and the Tax Credit whether such remote transactions are effected via the internet, by mail order or otherwise delivered into the Project such that the transaction is a Taxable Transaction. However, due to logistical and practical impediments to causing the Credit PIF and the Tax Credit to attach to such transactions or otherwise tracking and allocating such revenues, it has not heretofore been possible to effect the Financing Plan with respect to such remote transactions. The Parties further recognize that national and state laws and business practices of retailers regarding imposition of state and local sales tax isare evolving and soon may require retailers to identify and report the address of the point of purchase for internet based retail sales. The Town agrees that if and when address information of the point of sale for retailers is available to the Town such that the Town can determine the internet based retail sales specifically attributable to points of purchase within the Village (at Avon) for which sales taxes are imposed and collected (or another mechanism is identified), the Town shall use best efforts to cooperate with the PICs to impose the Retail Sales Fee and Add -On RSF if possible or, in the alternative if imposition of such fees is not possible, the Town shall cooperate with the PICs to impose, collect and remit the Town's retail sales tax to the PICs in accordance with Section 6.18. If the Parties identify a method of implementing the intent of this Section 6.3(b), such method may be implemented without the requirement of an amendment to this Development Agreement. • Section 6,4(a)(i) shall be amended to read as follows: Retail Sales Fee. T-ke Except to the extent of an increased sales tax rate approved by the Town for a specific project as set forth in Section 6.4(b)(ii), the same rate as the corresponding Town sales tax rate as in effect from time to time. As of the Execution Date, the Town sales tax and the Retail Sales Fee each are set at the rate of 4.0 %. • Section 6.4(a)(iii) shall be amended to read as follows: Accommodations /Lodging Fee. The Except to the extent of an increased accommodations /lodging tax rate approved by the Town for a specific project as set forth in Section 6.4(b)(ii), the same rate as the Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 13 of 22 corresponding Town accommodations /lodging tax rate as in effect from time to time. As of the Execution Date, the Town accommodations /lodging tax and the Accommodations /Lodging Fee each are set at the rate of 4.0 %. • Section 6.4(b)(ii) shall be amended by amending the first sentence only to read as follows: Exception for "Project-Specific " Town Tax Rate Increase. Notwithstanding anything set forth in Section 6.4(a)(i), 6.4(a)(iii, ) and 6.4(b)(i) to the contrary and subject to the terms and conditions set forth in this Section 6.4(b)(ii), the Town shall be entitled to retain the revenues resulting from an increase in the Town's 4.0% sales tax rate or 4.0% accommodations tax rate as in effect on the Execution Date to the extent: (A) such tax rate increase is duly adopted by the Town after the Effective Date and applies on a uniform basis throughout all areas of the Town; (B) the proceeds of such tax rate increase are specifically dedicated and pledged solely to a specific project identified in connection with such adoption; (C) the financing period for such specific project does not exceed 30 years; and (D) for the purposes of sales tax and not accommodations tax such increased tax rate does not exceed 0.75 %. • Section 6.5(b)(i) shall be amended to read as follows: Municipal Payments. During the Term, the Municipal Payments shall be utilized first to satisfy the Town's Asphalt Overlay Account funding obligations as set forth in Section 6_6 and thereafter may be utilized by the Town for any lawful purpose. • Section 6.7(b) shall be amended to read as follows: Reduction of Credit PIF Cap A maximum amount of $10,000,000 (TEN MILLION DOLLARS) of -Net Weeeea� 2fproceeds available for the payment of Capital Project Costs from bonds or other financial obligation (whether in the form of bonds, direct payments, redevelopment agreement(s) and /or cooperation/funding agreement(s)) issued or incurred to pay Cap Amounts may be counted against and thereby reduce the remaining Credit PIF Cap; provided, however, that the cost of improvements to or servicing Town -owned properties (by way of example and not limitation, improvements located within, utilities extensions servicing and/or access to and from Planning Area B, Planning Area E, or park/open space areas Dedicated to the Town), whether financed utilizing TIF Revenues or other revenues of the Town or AURA, shall not result in a reduction of the Credit PIF Cap. Nothing in this Section 6.7(b) constitutes a limit on AURA's ability to finance improvements it deems appropriate. The restriction in this Section 6.7(b) relates only to whether bonds issued by AURA to pay for the costs of such improvements count against the Credit PIF Cap. • Section 6.9(b)(v)2. shall be amended to read as follows: Cure Payments. To the extent the Town has exercised any cure rights pursuant to Section 644 - 6.13 to cure a deficiency in payment of principal or the Bond Requirements of the Tank Project Bonds or the TCMD Bond Reissue, to reimburse the Town for the amount of such payments and interest thereon at the non - default interest rate commensurate with the interest paid to bondholders at the time of the cure payment. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 14 of 22 • Section 6.9(d) shall be amended to revise the last sentence read as follows: The Town shall have the right to review and approve such documentation at least forty -five (45) days prior to issuance of such replacement or refunding bonds for the limited purpose of confirming conformance with the general prioritization set forth in Section 6.9(b). • Section 6.10 shall be amended to revise the last sentence to read as follows: The issuance of Supplemental Bonds (other than Additional Developer Advances) which bear interest at a fixed rate higher than that set forth in the preceding sentence, or which are variable rate bonds, shall require the prior written consent of the Parties. • Section 6.11 shall be amended to read as follows: Replacement Bonds Subject to any applicable terms and conditions of the TCMD Reissue Documents, on or after the Effective Date TCMD shall have the ongoing right to issue ands payable with Dist.; ^* Revenues other- than DTI' Reve4 �Replacement Bonds to extinguish, replace, refund or defease Past Developer Advances Bonds"). The principal amount of the Past Developer Advances being extinguished, replaced, refunded or defeased by such Replacement Bonds shall be deducted from and reduce the amount counted against the Credit PIF Cap. The principal amount of the Replacement Bonds shall not exceed $12.4 million without the Town's prior written approval, and the interest rate of such Replacement Bonds shall bear a lower interest rate than such Past Developer Advances. For the purposes of determining the maximum allowable interest rate of Replacement Bonds, the interest rate of Past Developer Advances which are extinguished, replaced, refunded or defeased with Replacement Bonds (but excluding from such calculation those Past Developer Advances with respect to which the interest rate has been reduced to 1.5% pursuant to Section 6.9(b)(v)(B)3.II) shall be averaged with regard to the respective interest rate and amount of principal to detenn ne the net effeetive interest rate The interest rate of Past Developer Advances (excluding those Past Developer Advances with respect to which the interest rate has been reduced to 1.5% pursuant to Section 6.9(b)(v)(B)3.II) shall be as determined by this Development Agreement on the Effective Date. To the extent the accrued and unpaid interest payable under the terms of the Past Developer Advance documents is not capitalized in or paid from the proceeds of the Replacement Bonds, the unpaid interest shall be carried forward as an accrued and unpaid interest obligation under the terms of the Past Developer Advance documents, the unpaid interest obligation shall not bear any interest, and the unpaid interest obligation shall not be discharged until paid in full. • Section 6.12 shall be amended to read as follows [NOTE. green depicts language which has been moved but not changed]: Refunding and Refinancing As set forth in Section 6.2(c)(ii), and subject to the limitations set forth in this Section 6x.12, TCMD shall have the ongoing right to issue refunding bonds or other debt instruments to repay, refund and/or defease, in whole or in part +he Cap Amounts and, exeept as sta4e' in C° ^* ^ ^ 6 42(a)—, principal and Bond Requirements of the obligations described in sub - sections (i), (ii), (iii) and (iv) of Section 6.2(b). The principal amount of such refunding bonds or other debt instruments shall not count against the Credit PIF Cap. Notwithstanding the Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 15 of 22 foregoing, if the principal amount of any bonds or other debt instruments issued to repay, refund and/or defease or otherwise refinance the TOM Bond Reissue exceeds the then outstanding principal amount of the TCMD Bond Reissue, only that portion of the increased principal which is in excess of $52,100,000 (Fifty Two Million One Hundred Thousand Dollars) shall be included in the Cap Amounts and count against the Credit PIF Can. The interest rates on refunding bonds are subject to the requirements governing interest rates for Supplemental Bonds set forth in Section 6.10 and subject to the felle and interest due on fixed rate refunding bonds or other debt instruments with fixed interest rates from their date of issuance to final maturity (disregarding any option to redeem prior to maturity), shall be less than or equal to the aggregate principal and interest due on the debt to be repaid, refunded, defeased or otherwise refinanced, from the date of the refunding to final maturity (disregarding any option to redeem prior to maturity). Section 6.16(d) shall be amended to read as follows: Town Share of Eagle County Sales Taxes The Town is entitled to collect, receive, receive expend and utilize any portion of Eagle County's sales tax revenues generated by transactions occurring within the Project Rywhiehthat the Town is entitled to receive pursuant to any agreements with Eagle County in effect from time to time. • Section 6.17 shall be amended to read as follows: Books and Records The Town, AURA, the PICs and the Districts each shall maintain adequate books and records to accurately perform and account for their respective obligations under this Development Agreement. Each such Party or Limited Party shall, upon request of any other such Party or Limited Party, permit representatives of such requesting entity reasonable access during normal business hours to review and, at the requesting entity's expense, audit such Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 16 of 22 ,,. - . _ .. ��� . .. ME wr �sari u n nwiai Section 6.16(d) shall be amended to read as follows: Town Share of Eagle County Sales Taxes The Town is entitled to collect, receive, receive expend and utilize any portion of Eagle County's sales tax revenues generated by transactions occurring within the Project Rywhiehthat the Town is entitled to receive pursuant to any agreements with Eagle County in effect from time to time. • Section 6.17 shall be amended to read as follows: Books and Records The Town, AURA, the PICs and the Districts each shall maintain adequate books and records to accurately perform and account for their respective obligations under this Development Agreement. Each such Party or Limited Party shall, upon request of any other such Party or Limited Party, permit representatives of such requesting entity reasonable access during normal business hours to review and, at the requesting entity's expense, audit such Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 16 of 22 ,,. - . _ .. ��� . .. ME Section 6.16(d) shall be amended to read as follows: Town Share of Eagle County Sales Taxes The Town is entitled to collect, receive, receive expend and utilize any portion of Eagle County's sales tax revenues generated by transactions occurring within the Project Rywhiehthat the Town is entitled to receive pursuant to any agreements with Eagle County in effect from time to time. • Section 6.17 shall be amended to read as follows: Books and Records The Town, AURA, the PICs and the Districts each shall maintain adequate books and records to accurately perform and account for their respective obligations under this Development Agreement. Each such Party or Limited Party shall, upon request of any other such Party or Limited Party, permit representatives of such requesting entity reasonable access during normal business hours to review and, at the requesting entity's expense, audit such Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 16 of 22 books and records in order to permit such requesting entity to determine compliance with the terms of this Development Agreement or the accuracy of any information contained in any statement, notice, invoice or report required to be provided under this Development Agreement. All such Parties and Limited Parties shall use their best efforts to resolve any issues, discrepancies, or inaccuracies discovered in any such statement, notice, invoice or report or in such requesting entity's review or audit of the applicable books and records. For so long as BNP is providing a Letter of Credit to secure the TCMD Bond Reissue or any amounts are due and owing to BNP in connection with the TCMD Bond Reissue, BNP shall have the same right to reasonable access to review and audit books and records to determine compliance with the terms of this Development Agreement or the accuracy of any information as set forth above with respect to the Town, AURA, the PICS and the Districts. • Section 6.22 Relationship to TCMD Service Plan and VMD Service Plan is deleted. • Section 7.7(c)(iii)(A) shall be amended to read as follows: Pursuant to Sections 4.2(a) and 64#} 6.2 the right to enforce the Town's obligations to maintain the Tax Credit in effect. • Section 7.7(c)(iii)(C) shall be amended to read as follows: Pursuant to Sections 6.3(a) and 6.3 b , the right to enforce the Town's obligations with respect to application of the real estate transfer tax and Real Estate Transfer Fee and with respect to retail sales transactions that are effected remotely • Section 7.7(c)(iv)(A) shall be amended to read as follows: Pursuant to Sections 4.2(a) and 6 6_2,, the right to enforce the Town's obligations to maintain the Tax Credit in effect. • Section 7.7(c)(iv)(C) shall be amended to read as follows: Pursuant to Sections 6.3(a) and 6.3 b , the right to enforce the Town's obligations with respect to application of the real estate transfer tax and Real Estate Transfer Fee and with respect to retail sales transactions that are effected remotely • Section 7, 7(d)(i)(B) shall be amended to read as follows: Pursuant to Sections 4.2(a) and 64-(b) 6_2,. the Town's obligation to maintain the Tax Credit in effect. • Section 7,7(d)(i)(C) shall be amended to read asfollows: Pursuant to Sections 6.3(a) and 6.3(b), the right to enforce the Town's obligations with respect to application of the real estate transfer tax and Real Estate Transfer Fee, and with respect to retail sales transactions that are effected remotely. • Section 7.7(d)(i)(D) shall be amended to read as follows: Pursuant to Section 6.7(c), BNP's right to participate on the AURA board of directors4eT with respect to any urban renewal plans for any portion of the Property. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 17 of 22 • Section 7.7(d)(i)(E) shall be amended to read as follows: Pursuant to Sections 5.1(e) and 5.3(e), BNP's right to participate on the TCMD board of directors and right for its designee to hold a property interest sufficient to qualify for appointment or election to be a TCMD director. [ONLY CHANGE IS TO CITATION 7.7(d)(i)(E)] • Section 8.5 shall be amended to revise the first romanette (i) to read as follows: "(i) the Town's approval of this Development Agreement and the Development Plan generally is pursuant to the authority of the Vested Property Rights Statute and the Municipal Annexation Act of 1965 set forth at CRS § 31 -12 -101 et seq, and, to the extent permitted by law, Town is acting in a proprietary capacity in approving the Financing Plan and therefore shall bind the Town with regard to the Town's rights and obligations during the Term, particularly with regard to the Town's obligations to maintain the Tax Credit in effect, in accordance with the terms and remedies set forth in this Development Agreement;" • Section 832 shall be amended to relocate the notice information for EMD to the Master Developer notice information. • CARADA in general shall be revised to replace any reference to Section 20 of Article 10 of the Colorado Constitution with a reference to Section 20 of Article X of the Colorado Constitution, including but not limited to such reference in 1.6, 3.4(f), 63(a)(iii) and 6.18. • Definition of Accommodations /Lodging Fee shall be amended to read as follows: Accommodations/Lodging Fee means the Credit PIF imposed pursuant to the PIF Covenants on accommodations /lodging transactions occurring within the Project which, subject to application of the Tax Credit, are Taxable Transactions. The Accommodations /Lodging Fee shall -net be construed to be part of a Taxable Transaction, and shall be subject to the Town's tax on accommodations /lodging transactions. • Definition of Additional Developer Advances shall be amended to read as follows: Additional Developer Advances means funds advanced after the Effective Date for Capital Project Costs by Master Developer, EMD, a Developer Affiliate or another Landowner to or on behalf of TCMD or another District (whether the corresponding Capital Projects isare undertaken directly by such District or acquired by such District after construction by the parry entitled to reimbursement for the costs thereof), which advances are subject to reimbursement by such District utilizing Credit PIF Revenues, together with simple interest at a rate equal to the Municipal Market Data rate (or, if the foregoing index is no longer published, then the Bond Buyer Revenue Bond index rate), for a term most closely related to the term of the particular Additional Developer Advance being issee4made for Baa investment grade bonds on the date of such advance plus 375 basis points, and which are secured by such District's issuance of an instrument (note, bond, funding /reimbursement agreement or similar form of instrument) evidencing such District's financial obligation to repay such advances; Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 18 of 22 provided, however, that Master Developer's contributions to the Asphalt Overlay Account pursuant to Section 6.6(a)(iv) shall be construed to be Additional Developer Advances only to the extent reimbursable from a District using Credit PIF Revenues. • Definition of Credit PIF Cap shall be amended to read as follows: Credit PIF Cap has the meaning set forth in Section 6.2(ab). Definition of Deferred Amortization shall be amended to read as follows: Deferred Amortization means, (i) in any year until there are no outstanding obligations to BNP under the TCMD Reissue Documents or any subsequent reissue or refunding of such bonds, the difference between the principal amount due on the TCMD Bond Reissue and the principal amount that was due in that year under the financing documents governing the TCMD Variable Rate Revenue Bonds, Series 2002 or the TCMD Variable Rate Revenue Bonds, Series 2004, as applicable; and (ii) as of any date of computation, the sum of all amounts determined as set forth in clause (i), for years prior to and including (but not subsequent to) the date of computation, that have not been paid as of that date. Definition of District Debts shall be amended to read as follows: District Debts means, collectively, the following financial obligations of TCMD (and any refunding thereof accomplished in accordance with the Development Agreement), the full payment of which shall result in expiration of the Term (unless the Town elects to continue the Tax Credit pursuant to Section 6.1(d)): (i) principal and Bond Requirements of the bond obliga4iens the Net Pr-eeeeds of whieh are ifieluded as Cap Amounts (exeludifig Capital 6.2(b) li ations described in sub - sections (i)_(ii), (iii) and (iv) of Section 6.2(b) and (ii) the Deferred Amortization. Definition of District Revenues shall be amended to read as follows: District Revenues means, collectively, the Credit PIF Revenues, the Project Ad Valorem Taxes (and related specific ownership taxes), proceeds of Supplemental Bonds (other than Additional Developer Advances), proceeds from Additional Developer Advances and any other lawful revenues of the Districts, including but not limited to revenues from service charges, development fees, impact fees tap fees (net of amounts required to be remitted to Eagle -Vail Metropolitan District) ap fees or similar sources of revenue to the Districts, if any. • Definition of Site Specific Development Plan shall be amended to read as follows: Site Specific Development Plan means a "site specific development plan" as defined in the Vested Property Rights Statute, but for avoidance of doubt shall not be construed to include a preliminary plat, a grading permit, a building permit, or the continuation of a temporary use beyond the term contemplated there€eretherefor in the approval. Definition of Term shall be amended to read as follows: Term means the period commencing on the Effective Date and continuing through and including the date upon which payment in full of all issued and outstanding District Debts occurs (or the Town Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 19 of 22 has exercised its option to fully fund the Credit PIF Cap pursuant to Section 6.14(a)); provided, however, the Term shall not be deemed to have expired prior to January 2, 2040, unless, prior to January 2, 2040: (A)i (iA) TCMD has issued Supplemental Bonds up to the full amount of the Credit PIF Cap; and (4D) all such Supplemental Bonds and all other District Debts have been fully paid; or (Bii) the Town has exercised its option to fully fund the Credit PIF Cap pursuant to Section 6.14(a). 3. Version 19 of the PUD Guide is hereby approved with the condition that the PUD Guide is revised to incorporate the text changes described as follows [Amendments are shown in strike - through underline fashion to depict language to be deleted and language to be added Section D.2.(a)(xvii) Outdoor Storage shall be deleted. Section D.2.(b)(xvii) shall be added as a Special Review Use to read as follows: "Outdoor Storage of merchandise for sale and only as an Accessory Use to a retail use." Section D.8(e) shall be amended to read as follows: Residential Density Maximum: Cul -de -sacs may exceed 1,000 feet in length and service not more than 280 Dwelling Units; provided, however, that the portion of the cul -de -sac that is in excess of 1,000 feet shall not service Commercial Uses except those Commercial Uses specifically included in Sections DX(a) or D.8.(b). Section H.3(b)(ii) shall be amended to read as follows: Road Alignments. Changes to public or private street locations, internal circulation design/pattern (i fie dif , ithE t limitation,,- Mien -of- the Required Street- C-enneEaons) or traffic capacity of the overall road network within the Property that has been approved by Town and which may require a een€img conforming amendment to this PUD Guide shall be processed and approved administratively. Section L15.(a) shall be amended to add the following sentence, "The Master Developer will have an obligation to provide the remaining 256 affordable housing units en-er -prier at such time as both of the following conditions have been satisfied: (i) the Town has issued final certificates of occupancy for Commercial Space within the Property in the aggregate of 650,000 square feet of consolidated Gross Square Footage; and (ii) the Town has issued final certificates of occupancy for an aggregate of 1,881 Dwelling Units. The foregoing calculations shall not include past or additional affordable housing units and shall not include Commercial Space or Dwelling Units located within Planning Area L " • Section L15(l) shall be amended to read as follows: In accordance with the terms of the Original PUD, a minimum of 100 affordable housing units were constructed in conjunction with the initial phase of commercial and /or residential construction within the Project_, and the N4aster- Developer- has fully satisfied all obligations under- this P! Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 20 of 22 , The timing of the construction of the remaining affordable housing units by Master Developer (or Master Developer's designee) the --af€r-dabl s- shall be as described in Sections I.15(a) and (b) above.co '.*-., 1 .) as sot f ,.,-i, i fh;s See -ate 1 15 • Definition of Building Height shall be revised to read as follows: Building Height means the distance measured vertically from the reference elevation (defined below) to the top of a flat roof or mansard roof or to the highest ridgeline of a sloping roof (also referred to as the parallel slope method and depicted by diagram in Section 7.08.010 of the Development Code, as in effect on the Effective Date), but excluding from the calculation of Building Height any non - habitable Architectural Projections. The "reference elevation" shall be: (i) within Planning Areas I, K, RMF -1 and RMF -2, the Natural Grade (ii) within the portions of Planning Areas A, D and E located less than 250 feet from the southerly boundary of such Planning Areas, the existing grade as exists on the execution date of the Settlement Term Sheet. (iii) within the portions of Planning Areas A, D and E located 250 feet or more from the southerly boundary of such Planning Areas, and within all other Planning Areas, the Finished Grade Definition of Public Improvement Agreement shall be revised to read as follows: Public Improvements Agreement means an agreement to be entered into between the Town and the parry responsible for constructing public infrastructure in connection with the applicable Application as contemplated by Section 7.32. 100 of the Development Code • Definition of Stream Setback Provision shall be deleted. • Definition of Temporary Use shall be revised to read as follows: Temporary Use means any Use that is not classified as a Permitted Use, Special Review Use or Interim Use with respect to the applicable Planning Area and which is permitted in accordance with Section 7.24.080 of the Development Code- (Temporary Uses and Structures) 4. The Second Amended Final Plat, Amended Final Plat, the Village (at Avon) Filing 1, a Resubdivision of Lot 1, is hereby approved with the following conditions: • A purpose statement must be added to the Final Plat. Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 21 of 22 • The reference to the easements for East Beaver Creek Boulevard and Chapel Place must indicate that they are temporary easements. APPROVED BY THE AVON TOWN COUNCIL BY A VOTE OF 5 IN FAVOR AND 2 OPPOSED on NOVEMBER 7, 2012. By: Attest: 3 Rich Carroll, Mayor Pat M Kei Traer Creek LLC The Village (at Avon) Final PUD Amendment Application Findings of Fact and Record of Decision by the Avon Town Council [V10 FINAL] Page 22 of 22 Ad ID 8582999 Date 11/08/2012 Time 12:19 PM TOWN OF AVON PUBLIC NOTICE OF APPROVAL OF VESTED PROPERTY RIGHT The Town of Avon hereby provides notice that the Avon Town Council has approved Ordinance No. 12 -10, AN ORDINANCE IMPLEMENTING THE SETTLEMENT TERM SHEET TO RESOLVE PENDING LITIGATION 2008 CV 385 AND 2010 CV 316; APPROVING THE CONSOLIDATED, AMENDED AND RESTATED ANNEXATION AND DEVELOPMENT AGREEMENT; APPROVING ACCEPTANCE OF REAL PROPERTY AND EQUIPMENT; APPROVING THE ACCEPTANCE AND CONVEYANCE OF WATER RIGHTS; AP- PROVING AN AMENDMENT TO THE VILLAGE (AT AVON) PLANNED UNIT DEVELOPMENT (PUD); APPROVING THE TRAER CREEK PLA- ZA CONDOMINIUM PLAT; APPROVING A RE- PLAT OF LOT 1; APPROVING AMENDMENTS TO CHAPTER 18 OF THE AVON MUNICIPAL CODE; AND TAKING SUCH OTHER ACTIONS AS SET FORTH HEREIN TO IMPLEMENT THE SETTLEMENT TERM SHEET, which Ordinance No. 12 -10 creates a vested property right pursuant to Article 68 of Title 24, C.R.S., as amended and Title 7, Chapter 16 of the Avon Municipal Code, as amended. In accordance with Avon Municipal Code Section 7.16.140(d)(2) the Town provides the following information:. (1)By its approval of Ordinance No. 12 -10, the Avon Town Council has approved each of the fol- lowing as a "site specific development plan ": the Consolidated, Amended and Restated Annexation and Development Agreement for The Village (at Avon), the Village (at Avon) Amended and Restat- ed PUD Guide, the Second Amended Final Plat, Amended Final Plat, The Village (at Avon) Filing 1, A Resubdivision of Lot 1. The name of the project is The Village (at Avon). The type and intensity of the use approved is a comprehensive mixed use project including a maximum of 825,000 "Gross Square Footage" of "Commercial Space" (as those terms are defined in The Village (at Avon) Amend- ed and Restated PUD Guide) for Planning Areas A through H, Planning Area I and Planning Area RMF -1 and at least 196,970 Gross Square Foot- age of Commercial Space for Planning Area I, as defined in The Village (at Avon) Amended and Re- stated PUD Guide, and a maximum of 2,400 Dwelling Units for Planning Areas A through H. Planning Area J, and Planning Areas RMF -1 and RMF -2 and a minimum of 750 Dwelling Units for Planning Area I as defined in The Village (at Avon) Amended and Restated PUD Guide. The specific property affected is "The Village (at Avon)" as de- fined in the Consolidated, Amended and Restated Annexation and Development Agreement for The Village (at Avon) and in said PUD Guide. (2)A vested property right has been created for the above - referenced "site specific development plans" in accordance with Article 68 of Title 24, C.R.S., and Title 7, Chapter 16 of the Avon Municipal Code, and the duration of the Vested Property Right is 39 years continuing until and including October 20, 2039. (3)The citizen's rights of referendum shall run from the date of this publication. Submitted by the Avon Town Clerk and Published in the Vail Daily on November 9, 2012. Published in the Vail Daily November 9. 2012. (8582999) Ad shown is not actual print size Thu, Nov 08, 2012 8582999 Acct: 1003066 Phone (970)949 -4280 E -Mail: Client: Caller Eric Heil _Receipt Ad Name: 8582999A Editions: 8VD /8VD1/ Start: 11/09/12 Color: Copyline: PUBLIC NOTICE OF APPROVAL O Lines: 75 Depth: 6.27 Columns: 1 Discount: 0.00 Commission: 0.00 Net: 0.00 Tax: 0.00 Total 23.83 Payment 0.00 Ad Ticket #5 12:20:30 Name Town of Avon Legals Address PO BOX 975 C Avon State CO Zip: 81620 Original Id: 0 Class: 0990 Stop: 11/09/12 Issue 1 Rep Pam Schultz TOWN OF AVON PUBLIC NOTICE OF APPROVAL OF VESTED PROPERTY RIONT SubmiltetlbYl1 AwJn T1= Clerk — Pu .. in the ViN Dym November 9.20Ia. Publlshetl 1�� Ine Vall Dally Novamhar 9. ?012 iRSR2cno: ' Ad shown is not actual print size I O I / I I I--I I--I ®IIDCEi N ~ IA CT I> In I� O y y 1 o b , z CL1 , p I a / x I cro � x L1 rn rn d n to Y r CD D /v l ✓ no �. 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