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PZC Packet 032106
Town of Avon Planning & Zoning Commission Meeting AVON March 21, 2006 c o L o R A D O Meetings Held At: Avon Town Council Chambers Meetings are open to the public Avon Municipal Building / 400 Benchmark Road 5:00 - 5:30 pm Work Session Discussion of Regular Meeting Agenda Items in Council Chambers. Open to the Public. - REGULAR MEETING AGENDA - (Please note that all times provided are estimates only) I. Call to Order (5:30 pm) II. Roll Call III. Additions and Amendments to the Agenda IV. Conflicts of Interest V. Consent Agenda A. Approval of the March 7, 2006 Planning & Zoning Commission Meeting Minutes. VI. PUD Amendment / Wildridge (5:30pm-6:00pm) CONTINUED PUBLIC HEARING Property Location., Lots 44 & 45, Block 4, Wildridge Subdivision / 5123 & 5129 Longsun Lane Applicant: Sam Ecker/Owners: Sam Ecker, Bruce & Susan Baca Description: A request for an amendment to the Wildridge PUD to allow for three (detached) single- family residences in place of two duplex structures. This amendment would permanently reduce the density for the properties by one dwelling unit. A new lot would be created for the third single-family residence and the vehicular access to the new lot would be accessed from Wildridge Road East. Also being reviewed is a Preliminary Subdivision application. Avon Town Council, at their January 24, 2006 meeting, remanded this application back to the Commission for reconsideration. VII. PUD Amendment / Sheraton Mountain Vista (6:00pm - 7:00pm) PUBLIC HEARING Property Location: Lot C, Avon Center at Beaver Creek Subdivision/140 West Beaver Creek Boulevard Applicant/Owner Points of Colorado, Inc Description: A request for an amendment to the Lot C PUD to modify the existing property rights and zoning -for Lots 2C, 3, 4; -and 5 (Phase 1C) This application proposes to eliminate a 125 -room -hotel and increases the number of time-share units in the project's last phase of development. VIII. Landscaping/Lighting/Mockup Design — The Gates (7:00pm — 7:30pm) Property Location: Lot 1, Chateau St. Claire Subdivision/38390 Hwy 6 & 24 Applicant Ivins Design Group Owner: CSC Land, LLC Description: Steven Heinen of Ivins Design Group has supplied information for final review of a revised landscaping plan, lighting plan, and revised mockup elevation. All design related issues for this project must be approved no later than May 31, 2006 as required by the restated development agreement. Posted on March 17, 2006 at the following public places within the Town of Avon • Avon Municipal Building, main lobby • Avon Recreation Center, main lobby • Alpine Bank, main lobby • City Market, main entrance bulletin board • On the Internet at http://www.avon.org / Please call (970) 748.4030 for directions IX. Final Design Plan - Duplex (7:30pm - 7:45pm) Property Location: Lot 40, Block 4, Wildridge / 5070 Wildridge Road East Applicant/Owner.- Phillip Matsen Description: This is a final design review for a duplex located on Wildridge Road East. The building would total over 10,000 square feet (including garages) and proposes stone, stucco, wood siding (horizontal and vertical), and asphalt shingles. There is an existing single-family home to the east and open space to the west and south. The Commission reviewed a sketch plan for this structure at their February 21, 2006 meeting. X. Sign Design - Wells Fargo Drivethrough (7:45pm - 8:00pm) Property Location: Lot 22AB, Block 2, Benchmark at Beaver Creek / 245 Chapel Place Applicant: RMD Sign Company Description: This is a sign design application for two freestanding directional signs associated with the Wells Fargo Drivethrough bank, and directional canopy signage on the east elevation of the canopy. Freestanding signs would stand 5'6" tall and would have a textured aluminum base to match color and texture of building's stucco. Xl. Other Business (8:00pm-8:15pm) A. Parking variance application withdrawn XII. Adjourn (8:15pm) Posted on March 17, 2006 at the following public places within the Town of Avon: • Avon Municipal Building, main lobby • Avon Recreation Center, main lobby • Alpine Bank, main lobby • City Market, main entrance bulletin board • On the Internet at htto://www.avon.org / Please call (970) 748.4030 for directions Town of Avon Planning & Zoning Commission Meeting Minutes CAVONOCOR A D0 March 7, 2006 I. Call to Order The meeting was called to order at 5:35 pm. Roll Call All Commissioners were in attendance with the exception of Commissioner D'Agostino and Commissioner Evans. III. Additions and Amendments to the Agenda There were no additions or amendments to the agenda. IV. Conflicts of Interest There were no conflicts of interest were report. V. Consent Agenda: • Approval of the February 21, 2006, Planning & Zoning Commission Meeting Minutes. Commissioner Struve motioned for the approval of the Minutes from the February 21, 2006 Planning and Zoning Commission Meetings; Commissioner Green seconded and the motion passed unanimously. VI. PUD Amendment I Wildridge - CONTINUED PUBLIC HEARING - REMANDED FROM TOWN COUNCIL Property Location: Lots 44 & 45, Block 4, Wildridge Subdivision / 5123 & 5129 Longsun Lane Applicant: Sam Ecker/Owners: Sam Ecker, Bruce & Susan Baca Description: A request for an amendment to the Wildridge PUD to allow for three (detached) single-family residences in place of two duplex structures. This amendment would permanently reduce the density for the properties by one dwelling unit. A new lot would be created for the third single-family residence and the vehicular access to the new lot would be accessed from Wildridge Road East. Also being reviewed -is a Preliminary Subdivision application. Avon Town Council, at their January 24, 2006 meeting, remanded this application back to. the Commission_ for reconsideration. This item was tabled from the February 21st meeting at the applicant's request. Matt Pielsticker presented the Staff Report and history of this project. Sam Ecker, applicant, approached the podium to present this project to the Commission and began by stating the restriction of the residence to 5,000 sq ft, dedicating 50%of the current land to Open Space, and public benefits were discussed. Commissioner Green questioned the applicant's comment that this project reduces the area's usage by 25% and Mr. Ecker responded that it eliminates one home from two duplex -zoned lots. Commissioner Green questioned Staff of the existence of similar projects in the Wildridge Subdivision and Staff responded that it had not been done in this fashion with two adjacent property owners. Staff continued that developers, having two adjacent lots, had subdivided prior to construction to create three single-family lots. Commissioner concerns revolved around setting a precedent for single-family erected structures coming in and forcing adjacent owners to comply. A discussion regarding the deeding of Open Space ensued. OPEN PUBLIC HEARING There was no public input provided. CLOSED PUBLIC HEARING Commissioner review began discussing that a 5,000 sq ft home to include garage as appropriate. Commissioner Struve mentioned that the Dry Creek Subdivision was restricted to 4,000 sq ft. homes. Commissioner Green was concerned with setting precedent, reviewing a restriction to 4,000 sq ft home, and building envelope along with a need for research into similar situation. Commissioner Smith requested more documentation on development rights, concerned with setting precedent, and limiting square footage. Commissioner Struve discussed precedent and how dedication of substantial open space to Town of Avon might work. Commissioner Green asked staff for additional information regarding other areas in Wildridge Subdivision that may be affected. Commissioner Green motioned to table this application in order to provide the applicant the opportunity to structure an appropriate easement or conveyance of Open Space that can be quantified, drawn and shown on a final proposal and that the language of that conveyance be reviewed by the Town Attorney prior to the meeting to be sure it is appropriate for what we are asking for in this meeting and to also allow staff to come back to us and show us, in Wildridge, any areas that might be applicable for a precedence to be set by this. And, that we restrict the building envelope that the size of the building on the site, should it be approved, that it not exceed 4,500 square feet GFA plus the garage and the giving up of the development rights. Commissioner Struve seconded the motion. All commissioners were in favor and the motion passed unanimously. VII. Special Review Use Application - Tree Sales - CONTINUED PUBLIC HEARING Property Location: Lot 3, McGrady Acres Subdivision 195 Post Boulevard Applicant: Paul Doughty / Owners: Traer Creek, LLC Description: A request for a Special Review Use Permit, pursuant to Section 17.48.020B of the Avon Municipal Code, to establish a landscaping nursery for retail sales in the McGrady Acres Subdivision off Post Boulevard. This item was tabled from the February 7, 2006 meeting pending additional information. Matt Pielsticker presented the Staff Report. Commissioner questions revolved on the number of trees bordering residential properties, impact to the neighbors, driveway configuration, POS location and structure to be used, mitigation of dust, and the positioning of the Port -O -Potties. Lighting was discussed along with planting trees and providing drip system irrigation in a corner of the park. The adjacent property owner, Guy Erickson, was present and gave his approval of this application. This Special Review Use would be for 2006 only. OPEN PUBLIC HEARING No member of the public made comment CLOSED PUBLIC HEARING Commissioner Savage motioned to approve Resolution 06-06, approving a Special Review Use Permit To Establish a Retail Tree and Shrub Nursery on Lot 3, McGrady Acres Subdivision, with the seven conditions provided by staff. Commissioner Struve seconded and the motion passed unanimously VIII. Sign Applications A. Master Sign Program Amendment - Petro Hut - CONTINUED Property Location: Lot 67/68, Block 1, BMBC Subdivision / 0008 Nottingham Road Applicant/Owner.- George Roberts Description: A request to amend the Petro -Hut Master Sign Program for the monument sign design as well as the addition of a sign to the east elevation of the building. The dimensions and size of the monument sign would be altered and a new 2' x 8' tenant sign (identical to the existing signs that face the round -a -bout) is proposed for the east side of the building facing the off ramp to 1-70 westbound. The mockup of the monument sign, as requested by the Commission,. is available for review before the meeting. This item was discussed and tabled from the February 21, 2006 meeting. Matt Pielsticker presented the Staff Report. Commissioner Struve questioned if the sign would be lit 24 hours and the response was affirmative. Commissioner Green motioned to approve with the 5 conditions as presented in the staff report. Commissioner Savage seconded the motion and all commissioners were in favor. The motion passed unanimously. B. Valley Automotive Property - CONTINUED Property Location: Lot 37, Block 1, Benchmark at Beaver Creek Subdivision/140 Metcalf Road Applicant: Monte Park - Sign Design / Owner: Alan Wigod Description: The applicant, Monte Park from Sign Design, is proposing six foot six inch freestanding sign on this Metcalf Road property. The sign is unlit and would allow for up to five __individual tenant sign panels attached to a wooden background and support posts. This application was reviewed at the December 6, 2005 Commission meeting where it was tabled to a future meeting. Matt Pielsticker presented the Report to the Commission. Commissioner review discussed the lit timing of the sign; it's landscaping, and a sign mock up. Commissioner Savage motioned to approve Item VII, B, Valley Automotive Property, Lot 37, Block 1, Benchmark at Beaver Creek Subdivision/140 Metcalf Road with the two conditions as provided by staff. Commissioner Buckner seconded the motion and the motioned passed 6-0. C. Confluence PUD — Sign Variance Property Location: Confluence/95 Avon Road Applicant: East West Resorts / Owner: Vail Associates Description: The applicant is requesting a Variance from the Sign Code in order to display two 'development' signs, each measuring 40 (5' x 8') square feet. The Sign Code permits only one (1) sign per parcel, lot or group of contiguous lots under one ownership, not to exceed sixteen (16) square feet of display area. Eric Heidemann presented the Staff Report. Commissioner Struve questioned if the sign was lit and staff stated that it was not. Since the property and situation were unique, the Commissioners were in agreement for two signs. Commissioner Struve motioned to approve with staffs two conditions. Commissioner Savage seconded the motion and all commissioners were in favor. The motion passed unanimously. IX. Sketch Design Plans A. Confluence - Riverfront Subdivision Hotel Building Property Location: Confluence/95 Avon Road Applicant: East West Resorts / Owner: Vail Associates Description: The applicant, East West Partners Inc., is proposing a Sketch Design application for the Westin Riverfront Resort and Spa. The proposed hotel building includes a hotel programmed as a condo -tel, a spa facility, meeting space, restaurant, retail, and professional offices. Eric Heidemann presented the Staff Report. Chuck Madison approached the podium to begin the presentation and discuss materials to be used on the project. He also presented a Building Area Summary, which was not included in the packet but requested by staff. This summary revealed total building area at 482,865 square feet with 139,602 square feet dedicated to parking. Mr. Madison continued that staff had requested a unit count and it totaled 206 units made up of 121 hotel rooms with 5 one bedroom, 51 studios, 62 2 -bedrooms and 18 3 -bedroom units. Commissioner Green requested detail materials transition in a full size plan set for Final Design examination purposes as well as building sections in order to understand articulation of facades. The plaza and public spaces and master -landscaping plan will be presented in separate applications. Commissioner Savage commented that the view of the front of the building from the Avon Center needed more of a "wow' factor. Commissioner Buckner mentioned that this _ _area was substantial in size and lighting _and __landscaping could be_enhanced for__ effect. Commissioner Buckner continued with comments on the pedestrian wall to the river and its impact, suggesting a ribbed texture with landscaping. Mock up presentation was to be submitted to the Commission sooner than later. A snow management consultant will be presenting snow solutions. The refuse and recycling area were discussed and its impact. Mentioned was the great importance that the Plaza has to the town. Mr. Madison mentioned that they would attempt to provide as much material as a possible for the next meeting. Tambi Katieb voiced concern for the gondola termination points and Mr. Madison remarked that it was presented to Town Council at their last meeting and would provide it to staff. Mr. Katieb mentioned the Arts Council and appropriate places for its future placement in conjunction with the Town Center Plan. B. Wuhrman Duplex Lot 70A, Block 1, Benchmark at Beaver Creek Subdivision / 540 Nottingham Road ApplicantlOwner.• Gerald Wuhrman Description: A sketch review for a duplex located on Nottingham Road immediately east of Bristol Pines and Beacon Hill Condos. A similar design plan has been presented to the Planning Commission at previous meetings. The structure is constructed mainly with wood siding and features stackable condo design with two separate garages on the entry/ground level. Matt Pielsticker presented the Staff Report. Commissioner Struve questioned the optional floor plan, if it were for either floor and the response was positive. Gerald Wuhrmann approached the podium for Commissioner questions and discussed the drainage and roof issues. Mr. Wuhrmann would like to trade off the stucco with masonry and use stucco instead of lapboard. Commissioner Savage suggested that the chimney and the siding should be different materials. Commissioner Struve commented on the other elevations to break up all the stucco. Commissioner Savage questioned the driveway with Mr. Wuhrmann trying to get approval from the adjacent property for access. Commissioner Green expressed that the garage was too short, the height restriction on the building was according to Code and could not be varied, and disagreed with the applicant's interpretation fora boring look to the rear elevations with a suggestion of a hardy plank stained for interest, perhaps making the roof a deck was a better solution than mere access to the roof for maintenance issues, and told Mr. Wuhrmann the project needed a better. design. Commissioner Struve questioned the game room on the ground floor, the applicant responded that it was to be a common amenity. Commissioner Struve remarked that the colors have to be earth tone, siding was okay, mansard roof was okay, and landscaping would be critical at final approval. Commissioner Buckner commented that something was missing from this project and suggested to speak with a local design and concept professional, suggested a flat gabled roof with forms to move the flatness, a mansard roof was not a consideration, needed to see a mock up of the materials being considered, and commented that the basement was an opportunity to sell with window wells and natural light to enhance the project. Commissioner Smith concurred with the other commissioner comments, commented that elevations needed help, and the sides of building needed reconsideration. XII. Other Business A. Comcast and cable issues are being worked on with Scott Wright and Town Attorney, to address issue. B. An amendment to Title 8, Nuisance Code, would be scheduled before the -- Commission within the next month. C. East Avon redevelopment plan to be presented within the next month or so. D. Housing needs assessment study will begin soon. E. The status of the Gates performance bond issue and revised mock up for the Gates should be available at the next meeting. F. Lot C will be presented to the Commission at the next meeting. XIII. Adjourn Commissioner Green motioned to adjourn. All Commissioners were in favor. The meeting was adjourned at 8:30 pm. Respectfully submitted, Ruth Weiss Recording Secretary APPROVED. Terry Smith Vice Chairman Phil Struve Secretary Memo TO: Planning and Zoning Commission From: Matt Pielsticker, Planner 5-f Deis March 15, 2006 f/v AVON C O L O R A D O RB: Ecker PUD Amendment - Remanded back to Planning Commission Lots 44 & 45, Block 4, Wildridge Subdivision Summary: Sam Ecker is proposing this amendment to Lots 44 and 45, Block 4 of Wildridge to permanently reduce the density of the two properties by one dwelling unit, by creating a new lot for a third single-family residence. The two subject properties are currently zoned to allow for two (2) duplex structures, or a total of four (4) dwelling units. The details of the proposed access, site design, and compatibility with adjacent land uses are discussed in the attached staff report. At The Commission's December 20, 2005 meeting this application received a unanimous recommendation to Town Council for denial (Resolution No. 05-14). At the Council's first review of this application on January 24, 2006 the applicant attempted to present new information (revised drawings) to Council. Prior to reviewing the supplemented information and with the knowledge that the Planning Commission had not been privy to this new information, the application was remanded back to the Planning Commission for further review and consideration. This item was tabled from the Commission's February 21, 2006, and March 7, 2006 meetings. At the Planning and Zoning Commission's March 7th meeting the Commission requested that the applicant present further information Lot 44B, as well as information from staff to comparable application could be sought. information for Commission review. Discussion: on the 'undevelopable' area of the proposed help determine other lots in the area where a Attached to this Memo is that requested While the proposed revisions to this application have alleviated some of staff's concerns and the new proposal is more responsive to existing topography, staff believes that this application is still in conflict with the PUD review criteria. Specifically, staff finds no 'public benefit that the current entitlements (two duplex structures) could not achieve. It is questionable whether more site disturbance would be experienced with this revised proposal or if the properties were further developed as duplexes. In either case, more contiguous open space would be experienced if this PUD amendment were denied. The proposed non -developable area does not appear to be a 'public benefit.' March 21, 2006 Planning and Zoning Commission meeting Page 1 of 2 Lots 44 & 45, Block 4, Wildridge - Ecker PUD Amendment Remanded by Town Council Staff recommends that the Commission re-evaluate the revised proposal (dated March 16, 2006) against the cited findings within Resolution 05-14 and the required PUD review criteria. The revised submittal does avoid all areas over 40'/a slope; however, staff finds that all of the Comprehensive Plan and Avon Municipal Code cited policies and requirements are still valid with this submittal. Available Actions: The following options are available for action on this application: 1) Reaffirm previous action on Resolution 05-14, thereby recommending denial of this PUD Amendment to Town Council 2) Reverse previous action (Resolution 05-14) by approval of a new Resolution, recommending approval of this PUD Amendment application to Town Council 3) Table application to future meeting Staff Recommendation: Staff recommends reaffirming the Commission's previous motion and approval of Resolution 05-14, thereby recommending denial of this application to the Town Council. Exhibits: A - Original PUD site plan, date stamped December 14, 2005 B - Revised PUD site plan, dated stamped March 16, 2006 C - Staffs report, dated December 12, 2005 D - Resolution No. 05-14 E - Meeting minutes from December 20, 2005 Commission meeting. F - Block 4, Wildridge Available Development Rights March 21, 2006 Planning and Zoning Commission meeting Page 2 of 2 Lots 44 & 45, Block 4, W ildridge - Ecker PUD Amendment Remanded by Town Council CPO z 0--a. 11sj C�d 4A L6 -8 0 .li rel � � ., !; / / 'I l It. 'f z ro 0 COP) LL. Ao y., 0 4 ns z :0 gvif of of W E-4 ji r ia 0 r L6 fill, C) 0 LQ F— C/) CPO z 0--a. 11sj C�d 4A L6 -8 0 .li rel � � ., !; / / 'I l It. 'f z ro 0 COP) LL. Ao y., 0 4 ns z :0 gvif of of W E-4 ji > 0 ............ . ......... X. h /* * t ...... . ... ............ ............. of fig 4! Ila of of R of I—V .................... .*" ......... ....... Ln ............ .......... ......... of JU ...... 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IM�HIZ � $ O u Q ce l G flit NEI lit J11s a Aa CL 1 l4.•v—• - -- MAR 1 6 2006 Ag ami u g EXHIBIT C Staff Report 19 W\71 PUD Amendment AVON C o L o R A o 0 December 20, 2005 Planning & Zoning Commission meeting Report date December 12, 2005 Project type AMENDMENT to the WILDRIDGE PUD Legal description Lot 44 & Lot 45, Block 4, Wildridge Subdivision Current zoning PUD (4 units - 2 Duplexes) Address 5123 & 5129 Longsun Lane Introduction Sam Ecker and the Baca's (Bruce and Susan) are proposing an amendment to Lot 44 and Lot 45, Block 4 of the Wildridge PUD to permit three detached single-family residences in place of two duplex structures. There are currently two single-family residences constructed. This amendment would permanently reduce the density for the properties by one dwelling unit, and a new lot would be created for the third single- family residence. Vehicular access to the new lot would be from Wildridge Road East as opposed to using one of two existing access points on Longsun Lane. The two subject properties are currently zoned to allow for two (2) duplex structures, or a total of four (4) dwelling units. The details of the proposed access, site design, and compatibility with adjacent land uses are discussed later in the report. It is important to note that this PUD application is being reviewed in conjunction with a preliminary subdivision plan. The proposed PUD amendment would create a new access, reduce the overall density by one dwelling unit, and create a new lot for the development of a single-family residence. Some of the features of the amendment include: • Proposed: Lot 44A: Existing Single -Family Residence owned by Bruce & Susan Baca Lot 45A: Existing Single -Family Residence owned by Samuel Ecker Lot 4413: Newly created lot zoned for one (1) Single -Family Residence. The Building Envelope measures approximately 15,200 square feet, or 190'x 80'. • Height Restriction on Lot 4413: 25' in the rear of the property and 35' elsewhere. • Setbacks: 25' front, 10' rear Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meetinc • Lot 44B would be accessed from Wildridge Road East. • Creation of a platted building envelope. • Vacation of Property Line, Easements, and Platted Setback Lines. Staff Recommendation 2of9 Staff recommends DENIAL of the proposed PUD amendment and preliminary subdivision for the following reasons: (1) added site disturbance; (2) failure to advance or meet the Public Benefit Criteria; and (3) conflict with adopted policies of the Comprehensive Plan. This will be a Public Hearing, as required by Section 17.20.100 of the Avon Municipal Code. Background & Discussion Benchmark Properties created Wildridge Subdivision in 1979 shortly after the incorporation of the Town of Avon on February 28, 1978. According to the Wildridge Final Plat application for Wildridge and Wlldwood Subdivisions, the overall development concept was for "abundant open space recreation areas around lots" with a density of "barely one dwelling unit per acre". The land was identified with no particular hazards for development except in areas with slopes of 40%. The development plan recognized that lot sizes are a function of land slope, buildable area and road access; smaller lots are concentrated on lesser slopes with easy access and larger lots are on steeper slopes where buildable area and access are more restricted. In 1981, the Wildridge Subdivision was completely replatted with a total of 849 planned development units and is the foundation of the current zoning in Wildridge. Over the years, there have been several PUD Amendments and transferring of development rights. Recently, there have been several PUD Amendments in Wildridge Block 2 and one major Amendment in Block 4 wherein development rights have been altered and replatted. The most recent Amendment in Block 4, "Western Sage", converted four properties with a combined total of eleven (11) dwelling units into eight (8) single-family home sites. One major difference with this application and past PUD Amendments that the Town has reviewed is that the subject properties are partially developed, whereas the previous Amendments were undeveloped giving them greater flexibility in lot line locations, access options, and resulting building locations. Existing Conditions Lot 44 1.15 acres with a log constructed single-family home of approximately 4,900 (including garage area) square feet in size. The home was constructed in 1995. The property drops considerably below the home down to Wildridge Road East with native sage brush vegetation. Town of Avon Community Development (970) 748.4030 Fax (970) 949-5749 I- L-1 • `MATE AS Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment OMGINAL December 20, 2005 Planning & Zoning Commission meeting 3of9 Lot 4 Property is .94 acres and the home is constructed with predominately wood siding and totals approximately 3,200 square feet. This home was built in 1992 and the lot shares many of the same characteristics as Lot 44, with steep grades dropping from the back of the home to where it meets up with Wildridge Road East. As with many of the neighboring properties on Longsun Lane, much of the lower portions of these two lots are covered in native sage brush and most of the grades Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meetinc 4of9 equal or exceed 40% slope on the lower portions below the existing homes. After review of one of the original address maps for the Wildridge PUD, it appears that access from either Longsun Lane or Wildridge Road East was contemplated for both properties. PUD Design Criteria According to the Town of Avon Zoning Code, Section 17.20.110 (h), the following shall be used as the principal criteria in evaluating a PUD Amendment application. It shall be the burden of the applicant to demonstrate that submittal material and the proposed development plan comply with each of the following design criteria, or demonstrate that one or more of them is not applicable, or that a particular development solution is consistent with the public interest. Conformance with the Town of Avon Comprehensive Plan Goals and Objectives. The fundamental reason for having a Comprehensive Plan is to communicate where and how land uses may and will occur in the Town. The land use plan is based upon these goals and polices. Implementation is through annexation, subdivision and zoning regulations. This proposed PUD Amendment satisfactorily complies with some of the policies, but fails compliance with the following goals and polices of the Town Comprehensive Plan: Policy A1.3 Flexible zoning such as PUD should be encouraged where It results In more effective use of land. However, such flexible zoning will only be allowed where it provides a benefit to the community and is compatible with surrounding development. Variations from standard zoning must be clearly demonstrated, and will be permitted only as needed to achieve effective development. The applicant states that the proposal would be beneficial to the neighborhood as a whole and compatible with the surrounding development. While staff agrees that the proposed development would generally be compatible with surrounding development in terms of density and construction type, it is difficult to find a benefit to the community with this zoning amendment. Policy A1.6 Land for open space should be preserved throughout the community, particularly on steep slopes and other environmentally sensitive areas. The Wildridge PUD created a residential subdivision that focused on the preservation of open space, and avoidance of development on steep slopes and natural drainage patterns. By maintaining the existing development rights, there is greater opportunity to create larger contiguous areas of undisturbed natural area with the potential of enhancing the existing open space in the area. Immediately south of the proposed Lot 44B is Tract L, an undeveloped 32 acre parcel of land. It may be more appropriate to Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 r Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meeting Page 5 of 9 further develop the upper portions of Lot 44 and 45 in order to maintain larger areas of contiguous open space within Wildridge. Pollcv A3.7 Steep slopes In and around the community should be designated and preserved as open space wherever possible. There are significant steep slopes on the lower portions of Lot 44 and Lot 45. it appears that when the two subject lots were platted, site access was contemplated from either above (Longsun Lane) or below (Wildridge Road East), not both directions. A large portion of the subject property contains slopes in excess of 40%. Of particular concern are the 40% slopes within the proposed building envelope. Staff believes that the steep slopes on the lower portions of Lots 44 and 45 should be preserved in their natural state. Some of the grades exceed 55%. Policy C1.1 Maintain and enhance the character of the residential nelghborhoods of the Town. Because of the diversity of housing types within the immediate area, both the proposed single-family and multifamily developments would be compatible with the character of the surrounding neighborhood. Maintaining as much open space could help maintain the natural character of Wildridge and the original intentions of the subdivision. Goal C1 Provide for diverse, quality housing to serve all economic segments and age groups of the population. The available mix of dwelling types in Wildridge has continually changed as a result of the market demand for single-family residences. Several PUD Amendments have been approved recently to provide even more single-family residences. Staff would contend that while there may be less demand currently for duplex type housing arrangements, the long term demand for housing types may shift and Wildridge was platted with a variety of dwelling types to serve a diverse housing market. Policy F1.2 Development shall not be allowed on steep hillside areas vulnerable to environmental and visual, degradation. Staff contends that additional "degradatlon" would be experienced with the proposed development layout. 1. Conformity and compliance with the overall design theme of the town, the sub -area design recommendations and design guidelines of the Town. The application appears to conflict with some of the requirements of the Residential Design Guidelines. Specifically with respect to the site grading, retention, and disturbance required to construct an additional single-family residence and associated driveway in place of adding dwelling units onto the existing single-family residences. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meeting Page 6 of 9 The Residential Design Guidelines state "where no development has been identified, construction shall at a minimum avoid: all drainage and utility easements, development setbacks, areas over 30% in slope, and unique and sensitive natural site features." Significant areas of site disturbance are required to access the proposed Lot (44B) in areas that are over 30% slope. This application also proposes to vacate and cross an existing sewer line easement. The logistics of vacating this easement may be difficult with the excavation required for the proposed driveway location in relation to the sewer line which runs down to Wildridge Road East. This application proposes to vacate a 20' width Utility and Drainage Easement which currently bisects the new proposed lot. The finished grading around existing development on Lot 44 and Lot 45 appears to direct drainage towards this easement. Staff does not advise the vacation of this drainage easement. 2. Design compatibility with the immediate environment, neighborhood, and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, character, and orientation. With the proposed building envelope, the architectural design or bulk of a potential home is unknown. The platted building envelope is generous in size and it appears that over half would not be considered 'Buildable Area' per the Municipal Code. The Municipal Code defines 'Buildable Area' as "the area of any site which does not contain land ... in excess of forty percent (40%) slope." The design of the building and site would be governed by the Residential Design Review Guidelines. The applicant has stated that construction of duplex residences would have a far greater negative impact on the existing site conditions and adjoining parcels that this application would create with a separated single-family home. While this application would create an additional buffer between existing adjacent developments on Longsun lane, that should not be a basis for approval. 3. Uses, activity, and density provide a compatible, efficient, and workable relationship with surrounding uses and activity. An additional single-family residence would be a compatible use with development and density in the area. 4. Identification and mitigation or avoidance of natural and/or geologic hazards that affect the property upon which the PUD is proposed. The application does not appear to negatively affect a known geologic hazard, and staff does not anticipate any hazards. A soils report would be required at building permit to ensure a buildable property. 5. Site plan, building design and location and open space provisions designed to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community. The site plan and location of the proposed building envelope appear far less responsive to the natural features of the existing topography, as opposed to building onto the existing single-family homes. It could be argued that the overall aesthetic Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meeting Page 7 of qualities of this area of Wildridge would be negatively affected if this PUD Amendment were approved. The proposed building envelope does not respond to the excessive grades of the existing topography. The building envelope appears to be driven by the required access design which is limited. 6. A circulation system designed for both vehicles and pedestrians addressing on and off site traffic circulation that is compatible with the Town Transportation Plan. The vehicle access proposed for Lot 448, albeit a preliminary sketch design, would not meet town standards for a perpendicular 20' approach to a public way. In order for vehicles leaving this proposed site to view upward approaching cars from Wildridge Road East, a perpendicular access is preferred by Town staff. A perpendicular access would likely cause more site disturbance. 7. Functional and aesthetic landscaping and open space in order to optimize and preserve natural features, recreation, views and function. The landscaping will be reviewed through the design process should the PUD be approved. A new single-family lot development would increase the site grading, retention, and disturbance resulting in less natural area (or open space). This may affect the aesthetic qualities that exist with current open space patterns. Connecting from the bottom of Lots 44 and 45 directly across Wildridge Road East is Tract L, which is an integral 32 acre tract of open space platted with the original Wildridge subdivision. 8. Phasing plan or subdivision plan that will maintain a workable, functional, and efficient relationship throughout the development of the PUD. The phasing plan shall clearly demonstrate that each phase can be workable, functional and efficient without relying upon completion of future project phases. The PUD amendment application is predicated on approval of a preliminary subdivision plan, which has been submitted in conjunction with the application for review by Town Council. It is important to track these two processes together in order to ensure a workable, functional development. Subdivision requirements must be tied to PUD approvals. If this application was approved and the subdivision process moved forward, there would be several issues that would need to be resolved prior to a final plat submittal. 9. Adequacy of public services such as sewer, water, schools, transportation systems, roads, parks, and police and fire protection. Adequate facilities are available to service the proposal and the applicant is requesting no extension to municipal services. One technical difficulty identified with this proposal is the existing sewer line which runs from the existing log home on Lot 44 and underneath the proposed driveway (Lot 44B) and required retaining wall. In order to meet the Upper Eagle River Water Authority's requirements for sewer lines, additional excavation and disturbance would likely be required to construct the proposed driveway. Town of Avon Community Development (970) 748.4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20 2005 Planning & Zoning Commission meeting Page 8 of 9 As part of the subdivision process and prior to a final plat, a sign off from all involved utility companies would be required to proceed with the proposed development. 10.That the existing streets and roads are suitable and adequate to carry anticipated traffic within the proposed PUD and in the vicinity of the proposed PUD. The proposal complies with capacities originally contemplated in the first Wildridge PUD approval. An additional curb cut would be required on Wildridge Road East. Staff has continually discouraged additional curb cuts wherever possible. 11. Development Standards Development standards have been submitted for the PUD Amendment and summarized within this staff report. The 25' height requirement for the rear portions of a home would be unique to this property. 12.That the PUD or amendment to PUD requested provides evidence of substantial compliance with the following public purpose provisions, as outlined In Section 17.28.085 of the Avon Municipal Code, as follows: A. The application demonstrates a public purpose which the current zoning entitlements cannot achieve. It is questionable whether this application demonstrates a public purpose which the current zoning entitlements cannot achieve. The applicant has stated that the amendment "would be a benefit for the neighborhood as a whole." While there has been a tolerance for reduced densities in the Wildridge PUD in recent years, all of the previous amendments were contemplated prior to any development on the subject lots, allowing for a greater chance to design a plan that minimizes site disturbances required. B. Approval of the zoning application provides long term economic, cultural or social community benefits that are equal to or greater than potential adverse Impacts as a result of the changed zoning rights. Staff believes that this application directly conflicts with this approval criteria. Losing additional open space resulting from additional site disturbance could outweigh the benefits of keeping development on the upper portions of Lots 44 and 45 as currently entitled. There are no apparent economic, cultural, or social benefits anticipated if this application were approved. C. The flexibility afforded in approval of the zoning application will result in better siting of the development, preserving valued environmental and cultural resources, and increasing the amount of public benefit consistent with the community master plan documents. As stated throughout the report, better siting of development could be achieved if the properties were developed as duplexes. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 44/45, Block 4, Wildridge Subdivision, PUD Amendment December 20, 2005 Planning & Zoning Commission meeting Page 9 of 9 Recommended Motion "I move to approve Resolution 05-14, recommending to the Town Council to deny the PUD Amendment and Preliminary Plan for Lots 44 & 45, Block 4, Wildridge Subdivision, Town of Avon, Eagle County, Colorado, as more specifically described in the application dated November 11, 2005." If you have any questions regarding this project or any planning matter, please call me at 748-4413, or stop by the Community Development Department. Respectfully su d, Matt Pielsti Planner I Report Attachments: A. PUD Application dated November 11, 2005 B. Resolution 05-14 Town of Avon Community Development (970) 748.4030 Fax (970) 949-5749 EXHIBIT D TOWN OF AVON PLANNING & ZONING COMMISSION RESOLUTION NO, 05-14 A RESOLUTION RECOMMENDING DENIAL OF A PUD AMENDMENT APPLICATION AMENDING THE WILDRIDGE PUD, LOTS 44 & 45, BLOCS 4, WILDRIDGE SUBDIVISION, AS MORE SPECIFICALLY DESCRIBED IN THE APPLICATION DATED NOVEMBER 110 2005. WHEREAS, Sam Ecker has filed an application to amend the existing Planned Unit Development ("PUD") for the Wildridge PUD; and WHEREAS, the proper posting, publication and public notices for the hearings before the Planning and Zoning Commission of the Town of Avon were provided as required by law; and WHEREAS, said application fails to comply with the following Town of Avon Comorehensive Plads Policies, as required by section 17.20.110h(1) of the Avon Municipal Code: 1. Policy A1.3 Flexible zoning such as PUD should be encouraged where it results in more effective use of land. However, such flexible zoning will only be allowed where it provides a benefit to the community and is compatible with surrounding development. Variations from standard zoning must be clearly demonstrated, and will be permitted only as needed to achieve effective development. 2. Policy A1.6 Land for open space should be preserved throughout the community, particularly on steep slopes and other environmentally sensitive areas. 3. Policy A3.7 Steep slopes in and around the community should be designated and preserved as open space wherever possible. 4. Policy F1.2 Development shall not be allowed on steep hillside areas vulnerable to environmental and visual degradation. FAPlonning d Zoning Comnl5flo"esoludomV00Ates 0J-14!44,¢43 84 WR Ecker PUD Mrndmrntdm 5, QgaLgj. Provide for diverse, quality housing to serve all economic segments and age groups of the population. WHEREAS, said application fails to comply with the following PUD review criteria set forth in Section 17.12.110 of the Avon Municipal Code, including the following: 1, The site plan, building design and location and open space provisions fail to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community. 17.20.110h(6). 2. Functional and aesthetic landscaping and open space are not maintained in order to optimize and preserve the natural features of the sites. 17.20.110h(8). 3. Apparent conflicts with the requirements contained within the design guidelines of the Town. 17.20.11011(4 WFmREpS, this PUD Amendment fails to provide evidence of compliance with the public purpose provisions outlined in Section 17.28.085 of the Municipal Code. NOW, THEREFORE, BE 1T RESOLVED, that the Planning and Zoning Commission hereby recommends denial to the Town Council for the amendment of the Wildridge PUD, Lots 44 & 45, Block 4, Final Plat, Replat Number Two, Wildridge Subdivision, application dated November 11, 2005 with the following conditions: ADOPTED THIS 20th DAY OF DECEMBER, 2005 Signed. ZU f Date: Chris Evans, Chair st Date: EStruve, Secretary F;\p(annIng &Tnntng Caen U3j0n\Rer0ludon3,�2005Vkr 05-14 L44&45 E4 WR Ecker PUD Aa¢ndment.d0c EXHIBIT E ( VI. PUD Amendment / Confluence - CONTINUED PUBLIC HEARING Property Location: Confluence/95 Avon Road Applicant: East West Resorts /Owner: Vail Associates Description: A request for an amendment to the Confluence PUD to modify the existing development rights and zoning for the entire property. This application proposes a hotel, retail plaza, high-speed public gondola, condominiums, and fractional ownership residential units. This item is tabled until the January 3, 2006 Planning and Zoning Commission meeting. OPEN PUBLIC HEARING Eric Heidemann advised the Commission of the need to table this agenda item to the January 3'°, 2006 meeting since the applicant was unable to submit the Development Plan in time for Staff review to take place. CLOSED PUBLIC HEARING Commissioner Smith motioned to table Item VI, PUD Amendment / Confluence Property Location: Confluence/95 Avon Road, Applicant. East West Resorts / Owner Vail Associates, with Commissioner Struve seconding the motion. All commissioners were In favor and the motion passed 5 — 0. VII. PUD Amendment / Wildridge - PUBLIC HEARING Property Location: Lot 44 & 45, Block 4, Wildridge Subdivision / 5123 & 5129 Longsun Lane Applicant: Sam Ecker /Owners: Sam Ecker, Bruce & Susan Baca Description: A request for an amendment to the Wildridge PUD to allow for three (detached) single-family residences in place of a two duplex structures. This amendment would permanently reduce the density for the properties by one dwelling unit. A new lot would be created for the third single-family residence and the vehicular access to the new lot would be accessed from Wildridge Road East. Also being reviewed is a Preliminary Subdivision application. Matt Pielsticker presented the Staff Report to the Commission. Sam Ecker took his place at the podium and presented the Commission with a full size plan set for their review while he revealed the history of the project. Mr. Ecker than discussed the issues presented in the Staff Report, Commissioner Green questioned the vacation of the property line and commented that a 40% slope is discouraged but not un -allowed. Commissioner Struve commented on the Lot 44B driveway alignment to the buildable site and commented that the Dry Creek and Western Sage PUD's were to downsize triplex lots. Commissioner Green questioned access and Commissioner D'Agostino commented that a more restrictive setback lot would be created. OPEN PUBLIC HEARING There were no comments offered from the Public. CLOSED PUBLIC HEARING 1-r� Commissioner review began with Commissioner D'Agostino's concern for drainage on 3 sides, the need for clarification of setbacks, appreciated the research presented on the utilities and its easements and voiced a low concern regarding the driveway. Commissioner D'Agostino agreed with Staff that this application would set a precedent. Commissioner Smith voiced site concerns with subdivision of the lot in this manner and its site disturbance as well as driveway issues. Commissioner Struve commented on the need to limit square footage, present a drainage study, and restrict the positioning on the lot created. Commissioner Green wasn't concerned about recreating as a duplex lot, discussed drainage, and a need for serious consideration to the building envelope. Commissioner Evans expressed that a pro side was the home would benefit the adjacent property owner on Lot 44A. He continued with the con items; the homeowners on Longsun Lane chose to build on upside of lots, no reduction of density, a precedent would be set since a downzone has never been done in this manner and it is not in the best interests of Avon or Wildridge. Commissioner Evans commented to Mr. Ecker that the role Planning and Zoning Commission plays is not a final ruling or voice for Avon Town Council. He continued that Town Council is the deciding body on this project and typically not in support of rezoning. Commissioner Smith motioned to approve the denial as presented by Staff of Item VII, PUD Amendment / Wildridge, Property Location: Lot 44 & 45, Block 4, Wildridge Subdivision / 5123 & 5129 Longsun Lane, with Commissioner Struve seconding the motion. The motion passed 5 — 0 with all Commissioners in favor. VIII. Sketch Design - Duplex Property Location: Lot 10, Block 3, Wildridge Subdvision/4010 Wildridge Road West Applkant/Owner. Daniel Ritsch Description: The applicant is proposing a 9,400 square foot duplex residence on the subject property. The property is a relatively steep uphill lot located at the intersection of Bear Trap and Wildridge Road. The proposed materials Include stone veneer, cedar siding, and asphalt shingles. Eric Heidemann presented the Staff Report. Daniel Ritsch approached the podium and gave history of the architects on this project and that retaining walls would be necessary for the driveway. Stuart Brummett came to the podium as the new architect for the project to discuss parking issues, vehicle turning radius problem, and the retaining walls. Commissioner comments began with Commissioner D'Agostino suggesting moving the house down, and the parking and turn around Issues. Commissioner Evans commented that the architecture was vastly improved, suggested pines as buffers to the retaining walls, and continued review of the site. Commissioner Green commended Mr. Brummett on the positioning of the project, along with the rusting steel and the buffer was good, and questioned landscaping and the revegetation of the site. Commissioner Struve voiced appreciation for the architecture, the need to address drainage issues, the driveway and its spaces, and landscaping concerns. Commissioner Smith expressed the difficulty of the lot and that the corrugated metal siding was too much. ?A Staff Report ,r, PUD AMENDMENT AVON C 0 L O R A D 0 March 21St. 2006 Planning & Zoning Commission meeting Report date March 13, 2006 Project type Mixed -Use Planned Unit Development (PUD) Legal description Lot C, Block 2, Avon Center at Beaver Creek Subdivision Current zoning PUD Address 160 W. Beaver Creek Boulevard Introduction The applicant, Points of Colorado Inc., has requested an amendment to the Planned Unit Development ("PUD") for Sheraton Mountain Vista — Lot C. The Sheraton Mountain Vista is a partially built project that borders "Main -Street' to the south, and West Beaver Creek Boulevard to the north. The Lot C PUD is a mixed-use project that includes residential, office and commercial land uses. The developed portion, of the' project includes 20 employee -housing units, 85 two-bedroom time-share units, and approximately 17,450 square feet of office/retail space. The undeveloped uses include additional timeshare units, general office and retail, restaurant, and a 125 -room hotel. The build -out of the project occurs in three phases: Phases 1A, 1B and 1C. The portion of the timeshare and commercial space along with the employee housing has been built in accordance with Phase 1A and 1B with the majority of ground -level retail and hotel/restaurant occurring in the last phase (Phase 1 C). The amendment request applies to Phase 1 C and the inclusion of an additional Phase 1D, these being the final phases of the project. Both Phase 1C and Phase 1D would have an occupancy date of February 2012, based on the existing vesting. Phase 1C is currently entitled 48 timeshare units, 5,500 square feet of commercial/retail, 4,800 square feet of restaurant, and a 125 -room hotel. The amendment request would eliminate the hotel, increase the amount of commercial square footage, and increase the number of time-share units. The merits of the mixed-use project were previously evaluated based on the advantages it offered given the close proximity to "Main Street". Those same considerations will also be,of importance with the evaluation of the proposed amendment. The design and nature of land uses —for this project is critical to the long-term economic health of downtown and "Main Street'. The scale and arrangement of proposed buildings and their orientation with the surrounding development, together with the associated type and mix of uses, will influence where people go to shop, dine out, find lodging, or work. These are all policy consideration outlined in the 1996 Comprehensive Plan and Town Center Implementation Plan (TCP). The Comprehensive Plan describes the Town Center as being the "most intensely developed part of town, as a true urban environment with attractive public gathering places. New development on vacant parcels, as well as redevelopment of existing uses in the Town Center will include mixed-use buildings containing retail and services on the ground floor, offices and/or residential above, and structured parking and urban amenities such as plazas and walkways. An overall pedestrian network will be developed for the Town Center, to create a.truly walkable environment." These policies are also re -affirmed in the TCP. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Paue 2 of 11 Recommended Action: Based on a thorough evaluation of both policy and approval criteria, staff recommends DENIAL of the PUD amendment application through Resolution 06-08. In addition to the approval criteria, staffs recommendation is based on a review of the application in light of comments received during the prior amendment request and a subsequent joint work session with the Planning and Zoning Commission and Town Council. Although the applicant has satisfactorily addressed some of the items requested, particularly the addition of a restaurant on the ground floor of the Lot 4 office building, additional areas of the application must be addressed prior to receiving support from staff on the amendment application. The areas of concern are summarized below. Parking: The applicant is requesting a variation form the current time-share parking standard of 1 space per unit to approximately .6 spaces per unit, with 25% of the total parking compact spaces. Although the applicant has submitted a survey of their current parking situation, staff would request a more sophisticated analysis be performed to demonstrate that the demand for parking is commensurate with the request. • Commercial/Office Land Uses & Restaurant on Lot 4: The applicant proposes to add "professional office" uses to the PUD whereby the applicant would be permitted to utilize uses such as professional offices in place of the preferred and currently permitted retail uses on the ground level. To propose this change as a use by right will significantly alter the character and function of the project. Additionally, staff would request further information on the type of restaurant proposed on Lot 4 to discern whether or not it is consistent with the format recommendations of the Avon Town Center West Market Investigation. Affordable Housing: Due to the size of the existing affordable housing units, some of which measure approximately 250 square feet, and given the duration the units have been vacant, staff is requesting the unoccupied and contiguous units be reconfigured. Based on prior discussions with the applicant, approximately 6 of the studio units can be reconfigured allowing for the size of the unit to be doubled. Furthermore, staff is requesting that the affordable housing units be removed from the Metro District and associated mill levy. Design and massing: The applicant has worked towards staff and Commission suggestions to reduce the massing and terrace the building height for Phase 1D, however the same level of consideration was not given to Phase 1C. Staff would recommend that massing and building height for Phase 1 C is reduced to the extent that no ridgeline measures to the maximum height of 100', or is within 15' of the allowed height. The existing ridges of Phase 1A and 113, in staffs opinion, should represent the only ridgelines at this maximum elevation for this project. As submitted, the application does not comply with the design guidelines for the commercial core area in terms of scale, orientation, and interface with Main Street. Architecture & Lighting: Staff is of the opinion that the architecture and detailing for the entire project should be reconsidered with this amendment, and that Phase 1 D should represent a new standard of construction detail and material palette where appropriate, including new light fixtures for the entire project that are compliant with our Dark Sky ordinance. In this respect, we recommend that the entire project be enhanced by the architectural details of the proposed PUD amendment and not necessarily continued as exists today. Technical Issues: Our calculations indicate the proposed PUD will increase water rights requirements by approximately 24.72 acre feet above the water rights required Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Paee 3 of 1 l to supply the development under the original zoning. Additionally, all financial analyses are currently being remodeled based on the changes to this application. Staff will defer discussion of the financial models to subsequent meetings. Background The Lot C PUD background and context is important to understand when reviewing the amendment proposed. Following is an abbreviated timeline of significant events associated with the creation of this PUD (relevant documents are attached as exhibits to this report): 1998: PUD Development Agreement On October 27, 1998, Town Council entered into a Development Agreement with Vail Associates, Avon Commercial Center Ltd, and Shapiro Development Company for Lot C and the Confluence Property. The agreement (attached) outlined the zoning entitlements for both properties ahead of the review and execution of a final development plan. However, the recitals of the agreement noted: "Owner desire to develop the Confluence and Tract C as mixed use developments... which may include lodging, restaurant, retail, parking, public facilities, open space, office, commercial conference center and other uses" The agreement (which was joined with and annexation of the Confluence property) also provided for both rebates and exactions between the Town and the development owner(s). Attached to the agreement as "Section II" are the development standards for the Lot C property. The stated intent of the development standards and uses listed was: "To complement the surrounding town center developments, future development and expansions and to provide a variety of uses on Lot C such as lodges, commercial establishments and expansions and offices in a predominantly pedestrian environment." Further, the building height, parking standards and maximum density provisions were outlined in the same agreement (provided by the applicant in the application for review). 1999: Pre -application to PUD Development Plan On September 27, 1999, the Town Council discussed the merits of the concept for the Lot C property and to chart the course of negotiations for the development agreement. The most significant points of this review and discussion were noted in follow up correspondence from the Community Development Department and include: (1) The consensus was that ground -level retail space needs to be significantly increased and designed to attract pedestrians along the perimeter of the project; -- --- ---(2)-The courtyard is -not inviting to pedestrians; (3) The overall massing needs architectural interest through the addition of elements and articulation such as recesses, balconies, dormers, avoiding straight vertical walls, and more variety in fenestration; (4) The project is somewhat isolated from the rest of the Town Center. It should encourage linkage to other buildings and avoid the appearance of an individual project." 1999: Planning & Zoning Commission Concept Review & Final PUD Recommendations Following those comments and considerations identified by Town Council in the Executive Session and by Staff in subsequent correspondence, the applicant submitted a "Concept Review" PUD application. The application proposed the following: Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21 ", 2006 Planning & Zoning Commission meeting Page 4 of 11 140 two-bedroom timeshare units 136 Hotel Rooms 24 Employee Housing Units 17,000 square feet of retail Significant issues and discussion centered on the following policy areas: - Conformance with the 1996 Comprehensive Plan, Subarea 13 ("Town Center"); and - "More retail development is needed to achieve the vertically mixed-use recommend by the Comprehensive Plan and Design Guidelines'; and - "The project and buildings appear to be massive... more architectural elements and articulation must be incorporated'; and - "The roof overhangs are minimal and require better proportion to the walls." A copy of the Planning Commission Review and staff reports summarizing Planning and Zoning Commission comments is attached for reference to this report. After several meetings and a work -session, the Planning Commission finally recommended approval of the Lot C Final Development Plan through Resolution 99-18 (attached for reference). The motion forwarded to Town Council included significant `course corrections' to policy considerations of the Town Comprehensive Plan, which included: The hotel and retail phase being constructed in Phase 1A. The two-bedroom time-share units counted as one dwelling unit, not being able to be further subdivided, sold, transferred, conveyed, leased or subleased separately. - Allowance for the PUD Development Plan (site plan) to be modified by reducing the number of time-share units to accommodate the required parking, additional retail space, employee housing units, or hotel units without requiring a formal PUD Amendment. 2000: Town Council review and approval On February 22, 2000, Town Council unanimously approved the PUD site development plan through Ordinance 2000-02. Several key considerations that were forwarded by the Planning Commission as recommendations in Resolution 99-18 were deleted by Town Council, including: Requiring the hotel and retail space to be constructed in Phase 1A. Disallowing the further subdivision of timeshare units into 2 separate units. Requiring a common area with a fireplace on each floor of the employee housing project. Concurrent with the approval of the PUD site development plan through Ordinance 00-02, the development agreement was amended to codify the new development standards. The property was sold to Vistana after the completion of the PUD process. 2000-2005 Final Design Approvals and Phasino Constructed After purchase of the property, Vistana submitted Phase 1A through the design review process in the spring of 2000. Phase 1A, as required by the approved development standards, comprised: 50 timeshare units 20 employee -housing units Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21 ", 2006 Planning & Zoning Commission meeting Page 5 of 11 square feet of retail (inc. lobby/check in) The Planning and Zoning Commission held several work sessions to review the plans as well as on-site mockups, and on May 11, 2000 the applicant received Phase 1A final design approval and subsequently began construction. Likewise, in spring of 2002, the applicant submitted for and received design approval for Phase 113, which included: 35 timeshare units 15,750 GLFA commercial building along the mall, with at least 5,250 of retail on the ground floor 11 parking spaces Though both phases were constructed in accordance with the design approvals, the construction of the garage only included 164 spaces- 16 spaces less than the required 180. In order to permit the construction of Phase 1-13, the owner agreed to correct the parking space deficiency by build -out (using temporary surface parking space in Phase 1 B). Should the total required parking spaces not be physically possible, the owner committed to either seek the `pay in lieu' or other arrangements as agreeable to the Town (See the Oct. 31, 2001 letter attached for reference). Summary of proposed amendment: Land Use The approved PUD was represented and approved as a mixed-use project that included hotel lodging, timeshares, restaurant, retail, office, commercial conference center, and other uses. Currently, the project contains 85 timeshare units, 20 employee -housing units, and approximately 17,000 square feet of retail/offices uses. The proposed amendment would add approximately 1,200 square feet of additional commercial land use (office/retail/restaurant) and substitute the 125 hotel rooms for an additional 54 -timeshare units. The amendment would also modify the existing commitment to construct a restaurant as part of the Phase 1C development. As presented, the restaurant obligation would be satisfied by occupying the ground level of the existing office building which fronts Main Street. The restaurant would have an occupancy date tied occupancy for Phase 1C. As one of the items staff and the Commission recommended, we believe that a restaurant in this location is a benefit to the application and an important commitment by the property owner to help anchor and activate the future Main Street provided it is consistent and supportive of the format recommendations of the Avon Town Center West Market Investigation. Further information -should be submitted by the applicant to this -extent. -The most notable change to the -land use -plan is - the -elimination -of -the hotel -Based on the economic models provided by both staff and the applicant and the related occupancy variations between a hotel and timeshare use, staff does not have concerns with the elimination of the 125 -room hotel to be substituted for additional timeshare units. Staff does have some concern with the change in use for the proposed remaining ground level retail portion of the PUD. The applicant proposes to add "professional office" uses to the PUD whereby the applicant would be permitted to utilize uses such as professional offices in place of the preferred and currently permitted retail uses on the ground level. To propose this change as a use by right will significantly alter the character and function of the project. The table below summarizes the land uses that are included in the approved PUD compared to the proposed PUD. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Page 6 of I I Number of Units/Square Footage (Existing PUD) Number of Units/Square Footage (Proposed PUD) Land Use Units Square Units Square Feet Feet Timeshare 133 units 187 units Employee 20 units 20 units Housing Hotel rooms 125 rooms 0 Restaurant 4,800 5,000 square feet square feet Commercial 27,050 28,250 (Office square feet square feet Retail Scale/Mass & Architecture Given the proximity of the site to Main Street, it is imperative that the street level architecture enhances pedestrian activity and encourages a lively center of retail activity. Both the Design Guidelines and the Comprehensive Plan require special attention to be given to the height, width, and length of the proposed structures to maximize the comfort to users of both Lot C and Main Street. Based on these design principles, the scale and massing of the proposed buildings, particularly Phase 1C, should step down further as the building approaches the mall area. Both the Town and the project will benefit by embracing the future "public spaces" located along the mall. Staff believes this can be achieved by stepping -down the massing considerably and enhancing the pedestrian areas by opening the site up for pedestrian circulation. Additionally, staff believes that the architecture should visually incorporate an anchor retail or entertainment tenant with prominent visibility to the pedestrian experience the Town is creating in the West Town Center District (such as recommended in the Avon Town Center West Market Investigation). The massing proposed minimizes that exposure and removes the potential for that type of experience by guests to the project. Although the proposed building heights (Phase 1 C and Phase 1 D) are not attempting to exceed 100 -foot maximum, staff recommends that the building height be reduced or scaled down considerably as the development approaches Main Street. By comparison, the existing PUD - does more to achieve this -compared to the proposed PUD. No portion of the proposal should - feature ridgelines as high as the existing Phase 1A and Phase 1 B buildings in order to create a reasonable scale for the project. Staff also discussed with the applicant our desire to enhance the overall aesthetic quality of the project by final build -out. To this end, we would recommend that application propose a higher level of architecture and material detail that currently exists today and that the first two phases of the project be remodeled accordingly when the final phase is constructed. This would include new light fixtures that are full cutoff and compliant with the Dark Sky Ordinance of the Town. Relationship to surrounding development and Main Street Lot C is an integral part of the Town Core and should complement the surrounding town center developments and future development by providing a variety of uses. This site serves as an Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Page 7 of 1 I anchor for Main Street and the originally approved ground -level retail space and restaurant provides a greater opportunity to attract pedestrians along the perimeter of the project. It is important to the Town that this project interacts with the Town Center Mall. As proposed, the amendment alters the function of the project with the elimination of the restaurant and hotel component of the project. As previously noted, the allowed uses proposed add "professional office' at ground level as a use by right and the applicant has not specifically noted this in the narrative of the application. This application proposes a restaurant in Lot 4 (the office building) right on Main Street, however staff would request further information on the type of restaurant proposed on Lot 4 to discern whether or not it is consistent with the format recommendations of the Avon Town Center West Market Investigation. Parking The parking for the proposed development has been difficult for staff to understand. The difficult lies partly in: (1) how time-share units are configured and locked -off; (2) the relationship between the survey of parking provided by the applicant and the proposed ratios; and (3) the rationale behind the number of compact spaces requested (25%) and the reason not to apply a mixed-use reduction of 15%. As presented, the applicant is proposing that the timeshare use be parked at a ratio of approximately .6 spaces per unit, and that the commercial uses be parked at 4 spaces per 1,000 square feet. The commercial ratio is consistent with Town parking requirements, however based on our calculations, the proposed timeshare parking appears to be deficient. In the past, staff has relied on sophisticated shared use parking models that account for mode split and captive rates as the basis for supporting ratios different than our Town Code. Because these analyses are site specific, staff has requested the applicant provide an explanation of how they plan to address these deficiencies. In addition, the applicant is requesting approximately 25% of the total parking be compact spaces. Staff would strongly recommend that you not approve greater than a 10% allowance for compact car spaces if any at all considering that all the parking provided is underground. Compact spaces are functionally incompatible with the type of vehicles used in our mountain resort community and cause poor circulation and parking experiences for the users in all structures that are constructed in this area. The tabled below summarizes the proposed parking lation Residential 374 1 X 374 Commercial 128 32,000 sq. ft. @ 4/1000 Emolovee Housing 20 1 X20 MU Reduction Total Required 443 Total Provided 374 Deficient (69) Water Based on staffs calculation of the proposed PUD amendment, the proposed PUD will increase water rights requirements by approximately 24.72 acre feet above the water rights required to Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21 ", 2006 Planning & Zoning Commission meeting Page 8 of 11 supply the development under the original zoning. The application does not address this deficiency. Therefore, we would ask the applicant to explain how these additional water rights will be provided to the Town for this additional demand. Financial Analysis Stan Bernstein and Associates, a financial consultant contracted by the Town to evaluate the fiscal impacts of both the existing and proposed PUD, will prepare memo outlining addressing the Fiscal Impact Analysis prepared by Pricewaterhouse Cooper L.L.P (see attached). Staff expects this analysis to be available prior to the next public hearing. PUD Design Criteria According to the Town of Avon Zoning Code, Section 17.20.110(h), it shall be the burden of the applicant to demonstrate that submittal material and the proposed development plan comply with each of the following design criteria or demonstrate that one or more of them is not applicable, or that a particular development solution consistent with the public interest has been achieved. Where the PUD is being requested in connection with the review of a development agreement pursuant to Chapter 17.14, not all design criteria may be applicable, as determined by the Community Development Department. The following design criteria shall be used as the principal criteria in evaluating a PUD: Conformance with the 1996 Comprehensive Plan goals and objectives. Policy A3.6: Encourage mixed-use development throughout the community, where compatible with existing neighborhoods, to more efficiently use land. Staff Response: The proposed amendment maintains a mix of uses that includes commercial uses (restaurant, retail, office) and a residential times share component. Understanding the applicant concerned with the viability of retail at this point in time, staff still has concern relative to the language proposed which would permit a disproportionate amount of office space as opposed to retail use. Policy 132.3: Encourage a range of uses in the Town Center, including retail, offices, hotels, recreation, tourism, and entertainment. Staff Response: The applicant's commitment to make the necessary improvement to office building for a future restaurant creates an entertainment anchor to support the types of densities being proposed and to create a mixed type of lodging project consistent with the existing approval and the Town master plan documents for the Town Core. 2. Conformity and compliance with the overall design theme of the town, the sub -area design recommendations and design guidelines of the Town. Staff Response: The massing of the proposed buildings (Phase 1C and 1D), in staff's opinion, minimizes the appearance of stepping the structure down in mass towards the mall area, particularly considering that the original approval proposed a scaled model that evidenced a hotel of significantly different (smaller) scale than the balance of the project. 3. Design compatibility with the immediate environment, neighborhood, and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, character, and orientation. Town of Avon community Development (970) 748-4030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Page 9 of 11 Staff Response: The Town plays a critical role by establishing a framework for development, then evaluating individual development proposals against that pattern. This framework, articulated through the Town Comprehensive Plan, Town Center Implementation Plan, and the Town Design Guidelines, gives current and potential property and business owners a reasonable set of expectations upon which they can base investment decisions, and some assurance that development approvals on adjacent properties will be made using the same set of criteria. Because development in a downtown is so interdependent with surrounding development, having and adhering to this framework is especially important. Staff believes that compatibility with surrounding uses, especially Main Street, will be improved with the location of the proposed restaurant. 4. Uses, activity, and density which provide a compatible, efficient, and workable relationship with surrounding uses and activity. Staff Response: The currently approved uses (hotel and restaurant) and densities appear to be more appropriate uses within the project and those uses the Town would expect to be developed along Main Street. 5. Identification and mitigation or avoidance of natural and/or geologic hazards that affect the property upon which the PUD is proposed. Staff Response: There appear to be no natural or geologic hazards that affect the property. 6. Site plan, building design and location and open space provisions designed to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community. Staff Response: Both the site plan and model submitted illustrate the staff concerns noted in the report regarding the barriers the proposed building designs present to pedestrian circulation. Other than the pedestrian circulation generated form the internal courtyard, the proposed development functions independently from other development, particularly Main Street. We would suggest that the original approval did not provide for the most functional and responsive site plan, and the proposed site plan further exacerbates that condition. 7._ A circulation system designed for both vehicles and pedestrians_ addressing_on.and — off site traffic circulation that is compatible with the Town Transportation Plan. Staff Response: The proposed PUD includes primarily underground parking, with limited above ground parking. As proposed, the circulation of vehicular traffic would be accessed off of both Benchmark Road and West Beaver Creek BLVD. The vehicular circulation functions relatively well, but staff has concerns relative to pedestrian circulation for reasons stated above. 8. Functional and aesthetic landscaping and open space in order to optimize and preserve natural features, recreation, views and function. Town of Avon Community Development (970) 7484030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Page 10 of 11 Staff Response: A detailed landscape plan is required during the Final Design phase. At that time, staff would be better prepared to discuss whether landscaping is optimized. 9. Phasing plan or subdivision plan that will maintain a workable, functional, and efficient relationship throughout the development of the PUD. The phasing plan shall clearly demonstrate that each phase can be workable, functional and efficient without relying upon completion of future project phases. Staff Response: As proposed, the phasing plan for this project is projected would be completed by 2012. The proposed phasing plan does not specify or demonstrate that the proposal can be workable, functional and efficient without relying upon completion of future project phases. 10. Adequacy of public services such as sewer, water, schools, transportation systems, roads, parks, and police and fire protection. Staff Response: With the exception of water, the proposed PUD would have adequate public facilities. Based on staffs calculation of the proposed PUD amendment, the proposed PUD will increase water rights requirements by approximately 24.72 acre feet above the water rights required to supply the development under the original zoning. The application does not address this deficiency. Therefore, we would ask the applicant to explain how these additional water rights will be provided to the Town for this additional demand. The plans generally conform to the street and streetscape improvement plans developed by the Town, subject to more detailed reviews in conjunction with the Final Design Review process and Building permit review. 11. That the existing streets and roads are suitable and adequate to carry anticipated traffic within the proposed PUD and in the vicinity of the proposed PUD. Staff Response: Both Benchmark Road and West Beaver Creek Boulevard are operational and under capacity. These are the two primary roads that serve the site, and existing streets and roads appear suitable to carry the amended proposal as they would the existing approval. 12. That the PUD or amendment to PUD requested provides evidence of substantial compliance with the following public purpose provisions, as outlined in Section 17.28.085 of_the Avon -Municipal -Code: A. The application demonstrates a public purpose which the current zoning entitlements cannot achieve. B. Approval of the zoning application provides long term economic, cultural or social community benefits that are equal to or greater than potential adverse impacts as a result of the changed zoning rights. C. The flexibility afforded in approval of the zoning application will result in better siting of the development, preserving valued environmental and cultural resources, and Town of Avon Community Development (970) 7484030 Fax (970) 949-5749 Lot C PUD, Sheraton Mountain Vista Subdivision March 21", 2006 Planning & Zoning Commission meeting Page 11 of I 1 increasing the amount of public benefit consistent with the community master plan documents. Staff Response: The application, as proposed, does not provide demonstration of compliance with the public benefit criteria (as stated above) when compared to existing PUD entitlements. Proposed Action: Staff is recommending the Commission approve Resolution 06-08 thereby DENYING the PUD amendment application for Sheraton Mountain Vista, dated February 3r°, 2006. If you have any questions regarding this project or any planning matter, please call me at 748- 4030, or stop by the Community Development Department. Respectfully submitted, Eric Heldemann, AICP Senior Planner Attachments: A. PUD Application dated February 3rtl, 2006 (reduced plans and outline of proposed amendment); B. Resolution 06-08 deny the PUD Amendment Application; C. Summary of existing and proposed PUD entitlements; D. 2005 Aerial photo of the site; E. Resolution 99-18; F. October 31 ", 2001 letter form the property owner regarding parking; and G. Proposed massing model (available at the meeting) Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 EXHIBIT B TOWN OF AVON PLANNING & ZONING COMMISSION RESOLUTION NO. 06-08 SERIES OF 2006 A RESOLUTION DENYING THE PUD AMENDMENT TO THE LOT C PUD, AVON CENTER AT BEAVER CREEK SUBDIVISION, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Points of Colorado Inc., has applied for an amendment to the Lot C PUD to eliminate a 125 -room hotel, and increases the number of time-share units in the project's last phase of development on Lot C, Avon Center at Beaver Creek Subdivision, as more specifically described in the application dated February P, 2006; and WHEREAS, after notices required by law, a public hearing on said application was held by the Planning & Zoning Commission of the Town of Avon; and HEREAS, said application does not comply with the PUD criteria set forth in Section 17.20.110, which include the following: a. Conformance with the Town of Avon Comprehensive Plan's Goals and Objectives (Policy A3.6, Policy B2.3) have not been met as required by 17.20.110H(1) b. The overall design concept of this PUD Amendment fails to incorporate future pubic improvements (Main Street) with the proposed building scale, mass, and location. 17.20.11011(2 ) — c. --The existing development rights on-L-otC-are- compatible with the immediate scale and character of existing properties, and the proximity to Main Street, while the proposed amendments are not compatible. 17.20.1 l OH(3) d. This PUD Amendment application is not responsive to the uses, activity, and density which provide a compatible, efficient, and workable relationship with surrounding uses and activity. 17.20.11011(4) e. This PUD Amendment application does not adequately respond to design compatibility with the immediate environment, neighborhood, and adjacent properties relative to architectural design scale, bulk, building height, buffer zones, character and orientation; and that the phasing plan does not clearly demonstrate that each phase can be workable, functional, and efficient with out relying upon completion of other project phases. NOW, THEREFORE, BE IT RESOLVED that the Planning and Zoning Commission hereby recommends denial of the application for an amendment to the Lot C PUD to eliminate a 125 -room hotel, and increases the number of time-share units in the project's last phase of development, as more specifically described in the application dated February 3rd, 2006. ADOPTED THIS 2/s'DAY OF MARCH, 2006 Signed: Date: Chris Evans, Chairman Attest: Date: Phil Struve, Secretary EXHIBIT C C qp 4 m= m w CO G O W W y 8 T AP o J N w L 9 n C > > > s° E .E a 2$$ u F E �$ E8 LL T C E aQ Cm N g a O m N NtJ £ Ov 0 @ Gg N! yl P r 9s , R w N p N w 'p' � E e E d m g 0 CL f C c' r� O A @ a m � w s E m E v o o n F o 0 g ++ v o �n o a' a E a ' N C4 q N - C cy n n 9i �'+ N r 'w § 8 C "' "' aw m E dF R a m h o m y y a m o m a m JHs Q N F2 E 1y- H 'm EFEi E@ 8 y E EE E m E E N$ O y Z � LL y N LL LL 6:2 S S' CC CJ E C p y�j N p. C p m pp E N m Fa m n .n m m C N h� i0 0 m E E a m = N N d m a , d it u i° - L j fA d Benchmark at Beaver Creek - Blk 2, Lot C Lot C Property Boundaries o ,m HYUN EXHIBIT E TOWN OF AVON PLANNING & ZONING COMMISSION RESOLUTION NO. 99-18 SERIES OF 1999 A RESOLUTION RECOMMENDING TO THE TOWN COUNCIL OF THE TOWN OF AVON APPROVAL OF A PLANNED UNIT DEVELOPMENT PLAN AND AMENDING THE DEVELOPMENT STANDARDS ESTABLISHED BY ORDINANCE 98-21, LOT C. AVON CENTER AT BEAVER CREEK SUBDIVISION, TOWN OF AVON, EAGLE COUNTY, COLORADO WBEREAS, Vail Associates Investments Inc., owner of the Lot C, has applied for approval of a Planned Unit Development Plan (PUD) and Amended PUD Development Standards, as stipulated in Title 17 of the Avon Municipal Code; and WHEREAS, a public hearing has been held by the Planning & Zoning Commission of the Town of Avon, pursuant to notices required by law, at which time the applicant and the public were given an opportunity to express their opinions and present certain information and reports regarding the proposed PUD Zoning and Development Plan application; and WBEREAS, the Planning & Zoning Commission has reviewed and evaluated the Development Plan according to the criteria Section 17.20.110, subsections H and I, of the Avon Municipal Code; and WBEREAS, upon satisfaction of the Planned Development Plan the Conditions herein including execution of an acceptable Development Agreement by the Town aFwavcE%carust IOP&Z\Re,dudao,vte-9M.tsldea.dw V Council of the Town of Avon, the Planning & Zoning Commission finds that: L The density, land uses and overall pattern of development conform to the Avon Comprehensive Plan goals and objectives. 2. The PUD Development Plan and Development Standards conform to the overall design theme of the town, the Subarea design recommendations and design guidelines; I The PUD Development Plan and Development Standards are compatible with the immediate environment, neighborhood, and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, character, and orientation; 4. The PUD Development Plan and Development Standards propose a mix of uses, activity, and density which provide a compatible, efficient, and workable relationship with surrounding uses and activity; 5. The PUD Development Plan will identify and propose any necessary mitigation and/or avoidance of natural and/or geologic hazards that affect the property; 6. The development as represented by the PUD Development Plan and Development Standards appear to be designed to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community; 7. The project will incorporate a circulation system designed for both vehicles and Pedestrians addressing on and off-site traffic circulation that is compatible with the town transportation plan and proposed downtown plan;_ 8. The PUD Development Plan and development standards propose functional and aesthetic landscaping and open space, and the PUD Development Plan will optimize and preserve natural features, recreation, views and function; 9. Phasing plans maintain a workable, functional and efficient relationship throughout the development of the PUD. The phasing plans clearly demonstrate that each phase can be workable, functional and efficient without relying upon completion of ITNANCEICD-PURI.ICIP&UcsoludowlRp_gM.181MRAM V future project phases based on the execution of an acceptable development agreement and ordinance conditions; 10. There are, or will be as needed, adequate public services including sewer, water, schools, transportation systems, roads, parks, and police and fire protection; NOW, THEREFORE, BE IT RESOLVED, that the Planning & Zoning Commission hereby recommends to the Town Council of the Town of Avon, Colorado to approve the PUD Development Plan and amended development standards as depicted in Exhibit A, entitled Lot C Avon, Colorado PUD Development Plan dated December 14, 1999 as follows: a. Reducing the West Beaver Creek building Setback from 20 feet to 10 feet, reducing Benchmark Road building setback from 10 feet to S five feet, the establishment of an 8 foot underground parking setback. b. Allowance of non -habitable encroachments into the 10 -foot setbacks. c. An exemption for 20 employee housing units from the maximum allowed density of 210 dwelling units, subject to the following conditions: I. General requirements and limitations: 1. The phasing plan as proposed does not comply with the Comprehensive Plan. The hotel and retail phase should be constructed with the first phase of development. 2. The two-bedroom time-share units constitute one dwelling unit and may not be further subdivided, sold, transferred, conveyed, leased, or suit leased separately. 3. A complete landscaping plan and construction laydown plan will be required prior to issuance of a building permit for each phase of the project. 4. A common area with a fireplace is required on each floor of the employee Housing Project. \\MANCE\CD-PUBUOPA=C$OluriawUtc$-W99-I BbrcRAoc 5. The parking structure will be designed for future access to the Sunroad ramp and Lot B. 6. All parking aisles are required to comply with the 24'0" width. 7. All of the encroachments proposed in the setbacks are non -habitable. The non -habitable encroachments are limited to balconies, porte-cochere, roof overhangs, awnings, and lower level roof structures. II. Streets and Streetscape: 8. All perimeter sidewalks throughout the project shall be a minimum of 8'0" width. 9. No columns or structural supports may either impede the 8'0" wide sidewalk clearance requirements or encroach into driveways or entrances. 10. All streetscape improvements will include furniture, fixtures and lights per town standards. 11. All street and streetscape improvements along West Beaver Creek Boulevard and Benchmark Road must be completed at the time of issuance of the first TCO for the project. 12. The final design and specifications for the bus stop will be required at design review. 13. All surface entries and loading entrances shall have a minimum vertical clearance of 13'6'. 14. All parking entrances from public roads shall have a 28'0" access width, which will include a 2'0" gutter pan on each side. 15. The fountain/seating area adjacent to the Town Center Mall must be complete at the time of issuance of the first TCO for the project. 16. The grading plan adjacent to the Town Center Mall is not approved and must be resolved at design review contemporaneous with the streetscape improvement plan with the first phase of development. NFPUNCEICD-""UChPAZlRewlutlOugUtcs— 199.18btcR.doc '^ i III. Required Agreements: 17. A Reciprocal Access Easement Agreement between Lot B and Lot C shall be executed prior to issuance of a building permit and approved by the Town of Avon. The Agreement must contain the following terms and conditions: i. A 39'0 access easement at Sunroad Le, 19'5" on each property. ii. Reciprocity for access and storage during construction. This Agreement will also set forth authorization for construction and management of the storm drainage facilities from Lot B. 18. An Agreement will be required prior to issuance of a building permit for the management, design and construction of the storm water detention and pollution control facilities proposed on Town property known as `Tract t3, Benchmark at Beaver Creek Subdivision". The PUD Development Plan in not an approval for the proposed use of Tract G for storm water and pollution control facilities. IV. Amendments to the PUD Development Plan: 19. The PUD Development Plan may be modified by reducing the number of time-share units to accommodate the required parking, additional retail space, employee housing, or hotel units without requiring a PUD Amendment. - -V.—Final Design Review:- — - - 20. The accessibility and function of the trash and delivery areas"is not approved. All aspects of the trash and delivery areas will be resolved and clarified at Design Review. 21. The architecture, construction details, final grading and drainage plans depicted in the PUD Development Plan are conceptual only. A separate process is required for refining and resolving the details for the project. \wNANCB\CDPUBWCIPAZ\ResoludomUta 99�Wlg1aeRAoc V\f r ADOPTED THIS 21" DAY OF DECEMBER, 1999 Signed: Date: Chris Evans, Chair. Attest: Greg Macik, Secretary Date: 1\FWANCEICD-PUBU(. &Z\Rewlu im\Rc3_M99-I8btcR.dac W� EXHIBIT F STARWOOD October 31, 2001 Ms. Ruth Bome Development Director Town of Avon P.O. Box 975 Avon, Colorado 81620 Re: Town of Avon, Ordinance No. 02, Series Of 2000, Exhibit B, Amendment To Development Agreement For Confluence and Tract C Dear Ruth: This letter will confirm our telephone conversation on October 27, 2001, regarding parking required by the PUD Development Plan for Tract C, Phase 1-A and Phase I -B. Required parking for Phase 1-A is 180 spaces and Phase 1-B is 11 spaces for a total of 191 spaces. Phase 1-C required parking is 183 spaces. Currently there are 164 spaces constructed in Phase 1-A which is 16 spaces less than the required 180 spaces. Points of Colorado, Inc., (Owner) agrees to either increase -the parking spaces in Phase 1-B by the number necessary so the total parking spaces in Phase 1-A and Phase 1-B will equal the required 191 spaces or seek a mitigation of the parking requirements with a payment in lieu under the Town of Avon Ordinance No. 99-05, Series of 1999, or seek such other arrangements as are agreeable.to the Town. Owner further agrees there will be no reduction in Phase 1-C Hotel Units, overall commercial square footage, 4,800 SQ.FT. GLFA of Restaurant Space in the Hotel and the 183 required parking spaces in Phase 1-C. Sincerely yours, POINTS OF COLORADO, Mr. Ja A McKnight Senior Vice -President JAM/lis W Memo To: From: Date Re: Planning and Zoning Commissioners Matt Pielsticker, Community Developmen March 15, 2006 AVO C O L O R A D O The Gates on Beaver Creek (formerly Chateau St. Claire) Outstanding Design Issues Background The Amended and Restated Development Agreement for the above-mentioned property, approved by Town Council on December 13, 2005 (Ordinance 05-12), sets milestone events and schedules deadlines for specific events to occur. As required by the Development Agreement, there is deadline of May 31, 2006 to conclude approval of all outstanding design issues "including on-site mock up and remaining design issues listed in Avon letters dated December 8, 2004 and June 22, 2005." Attached to this Memo for your review is the December 8, 2004 letter, which was a follow up meeting letter on the Commission's approval of a design modification application in 2004. Also attached is the June 22, 2005 letter, which was a follow up letter to the on-site mockup review last spring. Since the on-site mockup review, staff received new information including: revised grading plan, revised mockup design, and revised landscaping and lighting plans. Attached to this Memo are the original and proposed 8.5 X 11 mockup elevations for your review as well as the lighting and landscapingrrrigation plans. Following is an update of the outstanding design issues related to the two staff letters, and an update on the progress of those items: 1) Mockup - Since last review it appears that the applicant has proposed the following changes to the on-site mockup prior to reconstructing portions of the mockup: fascia changed from 7/16" Hardi board to 3/4" rustic grain Hardi board, all rails posts and baluster panels for decking changed to rough sawn wood, solvent based stain proposed instead of water based, pre -finished downspouts changed from copper color to bronze color, alternative stucco color chosen for base stucco color, and new light fixture per revised lighting plan. Gates on Beaver Creek March 21, 2006 Planning and Zoning Commission Meeting 2) Landscape Plan - A revised plan has been submitted showing detailed information about the irrigated areas and the plan appears to be in conformance with the Commercial Design Guidelines. The plan proposes various sizes of blue spruce, ash, crabapple, aspens, and chokecherries. The irrigation plan indicates that a total of 17% of the landscaped area will be permanently irrigated. In order to come into complete compliance with the Design Guidelines, a rain sensor must be installed with the irrigation system and inspected by staff. 3) Grading Plan - Staff has requested a new plan with adequate detail, particularly at the project entrance adjoining the neighboring property, at a scale of 1:10. 4) Shotcrete wall Certification - Staff will request that an engineer certify the walls in the rear of the property are constructed per plans this spring at the same time certification is performed on foundation walls. The foundation Improvement Location Certificate (ILC) will show the location of these walls in order to determine compliance with the site plan. 5) Master Sign Program Submittal - This has not been submitted and must be approved prior to a Certificate of Occupancy. The applicant has stated there will be limited signage associated with this project. 6) Lighting Plan - The Lighting Plan appears to be in full compliance with the Town's Outdoor Lighting Ordinance. There are four fixture types proposed: five pole mounted 250 -watt Metal Halide fixtures in the rear parking area eighteen feet above grade (Type AAA), ten pole mounted 100 -watt Metal Halide fixtures staggered throughout the property 10 feet above grade (Type BBB), seven building mounted 100 -watt Metal Halide fixtures mounted 76" above grade (Type CCC), and four building mounted 60 -watt incandescent fixtures on the back of the property near the rear entrances (Type DDD). According to the Municipal Code (AMC 15.30.040), the following standards shall apply to all properties: A. The style, color, and design of the fixtures shall be compatible with the overall design concept and use of materials for the building, and the site area of the lighting plan. B. All lighting shall be shielded such that the source of illumination is not visible from the property line thereby reducing glare and interference with boundary streets and adjacent properties. C. All lighting shall conform to the definition for'full cutoff fixtures with the light source downcast and fully shielded. Gates on Beaver Creek March 21, 2006 Planning and Zoning Commission Meeting All fixtures are consistent in design and appear appropriate for the project. A photometric study has been provided by the applicant and a full size copy will be available for review at the meeting. Discussion The revised mockup elevation appears to have addressed most of the Commission's concerns, and staff would request that the Commission give the applicant feedback on the revisions prior to construction of the revised mockup. It does not appear that the downspout concern was addressed since there is a color change (copper to bronze) and not the material change as requested. The applicant is requesting input and/or motions on the revised landscaping and lighting plans at the March 21 st meeting. All other outstanding design items will be reviewed by staff and the Commission at a later date during construction. Staff Recommendation Staff recommends approval of the Landscape and Lighting Plans. Exhibits: A - Exhibit A to Ordinance No. 05-12 - Construction Schedule B - December 8, 2004 & June 22, 2005 letters from staff C - Original Mockup Elevation D - Letter dated March 6, 2006 from Steven Heinen, Ivins Design Group & Plans Gates on Beaver Creek March 21, 2006 Planning and Zoning Commission Meeting EXHIBIT A Exhibit A to Amended and Restated Development Agreement Construction Schedule Milestone Event Scheduled Deadline CDOT Approved Access Permit April 27, 2006 (including any required easements) Verification of Structural Steel Order April 27, 2006 (deposit and shop drawings) Approval of Final Design May 31, 2006 (including on-site mock up and remaining design issues listed in Avon letters dated Dec. 8, 2004 and June 22, 2005) Complete Steel Erection Completion of Roofing Complete Exterior Stucco Installation Complete Hardware Installation Call for Town Final Inspection Final certificate of occupancy issued DMWEST #6314188 v4 13 November 30, 2006 March 10, 2007 July 6, 2007 April 11, 2008 June 27, 2008 July 31, 2008 C 0 L 6 R A December 81h, 2004 Michael Stornello Parkill-Ivins 1480 Humboldt St. Denver, CO. 80218 EXHIBIT B RE: LOT 1, CHATEAU ST. CLAIRE SUBDIVISION 38390 Hwy. 6 & 24 FINAL DESIGN MODIFICATIONS CONDITIONALLY APPROVED Michael: Pon Uffiree floc 9'5 401 Renchimok Road Asan, Colorado 8162e) U70- 748.4f 9 m) 4; 0.949.9119 Fax 970-.445-7708 17T On December 10', 2004 the Town of Avon Planning and Zoning Commission approved your design modification ("Minor Project") application for the `L'Auberge on Beaver Creek' project on Lot 1, Chateau St. Claire Subdivision with the following conditions: 1, The Commission will separately approve materials and colors after review of an on-site mock up no later than April 2004. 2. A revised landscaping plan that provides adequate detail on irrigated area and irrigation operation will be submitted to staff for final approval. Additionally, any landscaping and associated irrigation proposed on or adjacent to the walls needs to be reviewed and approved by the Engineer of Record. 3. A revised site and grading plan (legible) will be submitted that clarifies finished grading. Two -foot contour lines must be provided. 4, A signed and recorded access easement for neighboring property owner's access must be supplied to the Town with permission to grade and perform construction on the property prior to submittal of revised site/grading plan. Please refer to all comments on Memo (dated 12/2/04) from Anne Martens. 5. A Master Sign Program must be approved by the Commission prior to the issuance of any Temporary Certificate of Occupancy. 6, The engineer of record must certify that the shotcrete walls and exterior walls correlate and were constructed per the Engineer design and in their approved locations. 7. Lighting is not approved. A complete lighting plan shall be provided at the time of on-site mockup and must comply with the Town's Lighting Ordinance. 8. Colored elevations indicating the areas of proposed color and material applications must be provided no later than January 4, 2004. 9. Except as otherwise modified by this permit approval, all material representations • made by the applicant or applicant representative(s) in this application and in public hearing(s) shall be adhered to and considered binding conditions of approval. if we may be of further assistance, please do not hesitate to call us at 970.748.4030 Cordially, *MM,attlstic er Community Development Cc: File: M-DR2004-59. F.!Planning & Zoning Commissimn Aketing Lerrere200I111I604ALI Charm Sub FD Madtfica0ma rabled.doc O L O VA 6'6 June 22nd, 2005 Ivans Design Group Attn: Mike Stomello 1480 Humboldt Street Denver, CO 80218 RE., Conditional Approval for Modification to Final Design of Lot 1, Chateau St. Claire Subdivision Post Oglee &ar 975 400 Bent-hinti A Road Avory. Colornaln 816-,f) 970.748-4(NX) 970-949-9139 Fuc 970.845.7708 77'Y Mike: On June 21st, 2005, the Town of Avon Planning and Zoning Commission reviewed the on-site moch-up for the above referenced project. As you will recall, this was a condition of approval to the approved final design. The following Items are concerns and/or recommended changes requested by the Commission to the material and color as depicted on the moch-up. Prior to proceeding with any of the approved changes, you must first address the concerns of the Commission. • Replace the 7/16" Hardyboard fascia with a minimum of %: textured fascia; • Provide a secondary roof material, one suggestion was the use of metal; • Roof fascia and soffit a minimum of W scored Hardyboard; • All wood deck material to be rough -sawn; • Concerns with water -base stain; - - • All copper down spouts and gutters to be bronze; • Yellow color on bottom not approved, proved alternative color to approved at a later date. Should you have any questions or would like additional information please don't hesitate to contact me directly at 970.748.4009. Kind Regards, -�/Z rit-: c Heidemann Senior Planner Cc: File EXHIBIT C SHAKE STYLE CONC. ROOF TILES, S COLOR BLEND MOCK UP ELEVAT STAINED CEMENTITIOUS FASCIA, TYP. I' TH. BUILT UP FOAM BACKER HEADER ACCENT 9/4'X6' HARDITRIM FACTORY STAINED %'X4' HARDITRIM FACTORY STAINED STAINED HEAVY TIMBER WOOD BRACKETS CUSTOM ACRYLIC FINISH (OMEGA ACROTIGIVE) OVER 5/8' AKROFLEX FINISH MIN, DIAMOND -WALL- HAND TROWEL LIGHT TEXTURE, COLOR I F.R.T. WD. TOP RAIL, TYP. F.R.T. HEAVY TIMBER NEWEL POST W/ DECORATIVE CAP, TYP. CONT. F.R.T WOOD TRIM, TYP. I X F.R.T ND. BALUSTER PANEL, TYP. 2 X F.R.T NO. BOTTOM RAIL, TYP. 4' DIA PRE -FINISHED (COPPER FINISH) GUTTER AND DOWNSPOUT SYSTEM WHEAT TAPE. 1' TH. BUILT UP FOAM BACKER ACCENT CUSTOM ACRYLIC FINISH (OMEGA ACROTIOUE) OVER B/B' AKROFLEX FINISH MIN. DIAMOND -WALL- HAND TROWEL HEAVY TEXTURE, COLOR 2 1' TH. BUILT UP FOAM BACKER CORNER QUOIN ACCENT ctwPrart- ru Dw SHEET TITLE: MA lM OOCLO DN onvmw DUPIXpED, 06RDSm ODQ MOCK—UP . • w MrnM c w .. •.... mm MNS OESIp, CPDUP, P.C. PANEL ,, No. DAT! I?iSlJm FG1t ppOJEGT No. SHEET Na. 1 W 19 0S FRANNIMF SUBMITTAL 00032.1N �4.MU-1 V i . ,n s March 6, 2006 o E a t o n " Matt Pielsticker `9" Town of Avon � u i F Y i 0 f 5 RECEIVED MAR 0 7 2006 Community Development Avon, Colorado 81620 RE: The Gates on Beaver Creek Dear Matt: We are submitting the following items for review at the March 21St Planning Commission Meeting. 1. Per your request we have revised the mock-up panel drawing for review at the meeting. We have replaced the fascia, roof fascia, and soffit with Y4" textured harditrim boards. We are using two different roof materials; concrete tile in a shake -style and copper shingles on portions of the lower roof. All wood deck material is to be rough sawn. We will be using a solvent based stain on exterior wood in lieu of the water based stain. We will specify a bronze toned downspout and gutter in lieu of the copper color. In lieu of the yellow stucco color, we will provide an alternate color for review and approval. 2. Revised landscape and irrigation plan. 3. Revised site plan and grading plan. 4. Revised lighting plan and fixture cut sheets that comply with the Town's Lighting Ordinance. It is my understanding that a signed and recorded access easement is no longer needed and that the master sign program can be a deferred submittal. Per our phone conversation it is our understanding that the colored elevations have been approved and the location of the existing walls has been certified. Please review the enclosed items and let me know if you have any questions or need any additional information for our meeting. Best regards, Ivins Design Group 1480 Humboldt Street Denver, CO 8021 B Steven P. Heinen PH 303-446-8030 FX 303-446-8031 ivin&design - corn WHARDI BOp SOFFIT. TYP. CUSTOM IRON TOPRAIL, BALLU5TER5, BOTTOM RAIL AT 4TH FLOG! BALCONIES REVI5ED LIG LIGHTING GUl I I 12:12 12:12 1 12:12 \ SHAKE STYLE GONG. ROOF TILE5, 5 COLOR BLEND %" HARDI BOARD, RUSTIC GRAIN FASCIA, TYP. I" TH. BUILT UP FOAM BACKER HEADER ACCENT %"X6" HARDITRIM (RUSTIC GRAIN) FACTORY STAINED 3/4"X4" HARDITRIM (RUSTIC GRAIN) FACTORY STAINED STAINED HEAVY TIMBER WOOD BRACKETS CUSTOM ACRYLIC FINISH (OMEGA ACROTIOUE) OVER 5/5" AKROFLEX FINISH MIN. DIAMOND -WALL -HAND TROAEL LIGHT TEXTURE, COLOR I F.R.T. ROUGH SAWN WD. TOP RAIL, TYP. F.R.T. ROUGH SAWN HEAVY TIMBER NEWEL P05T W/ DECORATIVE CAP, TYP. I X F.R.T ROUGH SAWN AD. BALUSTER PANEL, TYP. 2 X F.R.T ROUGH 5AWN M. BOTTOM RAIL, TYP. 4" DIA PRE -FINISHED (BRONZE FINISH) GUTTER AND DOWNSPOUT SYSTEM W/ HEAT TAPE. I" TH. BUILT UP FOAM BACKER ACCENT CUSTOM ACRYLIC FINISH (OMEGA ACROTIQUE) OVER 5/8" AKROFLEX FINISH MIN. DIAMOND -WALL -HAND TROWEL HEAVY TEXTURE, COLOR 2 (REVISED) I" TH. BUILT UP FOAM BACKER CORNER QUOIN ACCENT NOTE: I. ALL STAIN NOTED HERIN WILL BE SOLVENT BASED IN LIEU OF WATER BASED, TYPICAL. 2. EXISTING ON SITE MOCK-UP PANEL WILL BE REVISED PENDING PLANNING DIRECTION. I.eO H. t s COPYRIGHT— ALL DRAWN AND WRmEN SHEET TITLE: INFORMATION APPEARING WIN SHELL WISE NOT MOCK-UP M d0]',WM3] BE WNCAMD, 05CLOSEO OR OTHER 3NwnmTT USED WrtHDUT THE WRRTEN CONSENT OF NINS OESIGN GROUP. P.C. PANEL No. DATE155VED FOR: 1 04"19"05 4 19 05 PLANNING SUBMITTAL PROJECT No. SHEET No. 2 103/01/061 REV. PLANNING SUB. 00032.1 5;�4.. MU -1 ZLM�(t6UL6) TTd K9T9 OJ'110AY O�V IOJ `NOA� �y VA XOG 'Yd CK =nS'9'AMB Sa TIMOR uo sales auk 19 1 Q Ading I CA - 4 •e r, P 0 i i 4 •e r, P 0 I / ✓�'z z z / 1�4 � _ � I I I � !` I I � i r , / / ! ! ! / r ; I 4 •e r, P 0 �s 0QF'2I0!0D `N0AV b j �a & LQQjD Ll 8.' 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W O m Lu 8 u7 w 67wZ�8i �W aaNa�W,50 wa oW� v*$> a o8�7d� O >~m° awo wW a� aw S�JIW-� W, N �m CL w m»$� Way? �� o �a = W��m~omag Q aasap° 1a�`�� Z 20 �18 azz,��� ai �Wa 8 C/) (D NaOU o N~Zi oaaaww _~ y zdUg z�5w a --- w 0[zZ1do O �F�-Q ¢ m9! wvaa�ZZ UW Wan,�w FImi �� 4 fir- O r �z UU Orn N�iV%f O (7www&w zNww r¢w Q~ U D H fe � J J b� N O � Z _! V5 (J � W S j w¢ I (D U N CO m W Q p a, (7$~QU6 Z IWi 1a- Naq~Q a y Iy�W�j FJ Wd v�[�5 F� � aZ�UY Q wQQj W OQ Z C.7QK W C W ZQ� H Z JZ W. aa1�N •-tL O W p W S 22 ss22J KZZ UUUVV H U O LL -N.m zm �m FQ Syfnm QQ Towne Commons' ALN440 Arm or Post Top Mount CATALOG NO DESCRIPTION ALN 440C clear acrylic lens (use coated lamps) _— ALN 440-GR3 clear lens, type 3 glass refractor ALN 440-GR5 clear lens, type 5 glass refractor ALN 440-1-12 clear lens, type 2 horizontal cutoff reflector ALN 440-1-13 clear lens, type 3 horizontal cutoff reflector ALN 440-1-14 clear lens, type 4 horizontal cutoff reflector ALN 440-1-15 clear lens, type 5 horizontal cutoff reflector Weight: 40 POUNDS. EPA: 2.16 IP: 54 ALN440D Weight: 35 POUNDS EPA: 2.16 IP: 54 BALLAST CAT NO DESCRIPTION Post Top - The standard cast fitter slips over a 4 inch diameter pole. 18" /460MM DIA. X 32" /MM Arm Mounted18" /460MM DIA. x 28" /710MM Top Mounted Arm or Pendant CATALOG NO DESCRIPTION ALN 440CD clear acrylic lens (use coated lamps) _ ALN 440D-GR3 clear lens, type 3 glass refractor ALN 440D-GR5 clear lens, type 5 glass refractor ALN 440D -H2 clear lens, type 2 horizontal cutoff reflector ALN 440D -H3 clear lens, type 3 horizontal cutoff reflector ALN 440D -H4 clear lens, tvoe 4 horizontal cutoff reflector ALN 440D -H5 clear lens, type 5 horizontal cutoff reflector Arm or Pendant Mounted 18"/460MM DIA. x 25"/635MM PL57 57 watt compact fluorescent ballast 120 thru 277 volt. Use a GE F57QBX lamp. PL70 70 watt compact fluorescent ballast 120 thru 277 volt. Use a GE F700BX lamp. 50MH 50 watt metal halide 120/277 volt ballast. Use a medium base, clear ED -17 lamp. 50MHEB 50 watt electronic metal halide ballast 120 thru 277 volt. Use a medium base, ED -17 lamp. 70MH 70 watt metal halide multitap ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 70MHEB 70 watt electronic metal halide ballast 120 thru 277 volt. Use a medium base, Gear ED -17 lamp. 70MHT6 70 watt metal halide ballast 120/277 volt. Use a G12 base, clear T-6 ceramic MH lamp. 70MHT6EB 70 watt electronic metal halide mutttap ballast 120 thru 277 volt. Use a G12 base, clear T-6 ceramic MH lamp. 10OMH 100 watt metal halide multitap ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 15OMH 150 watt metal halide multitap ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 15OMHEB 150 watt electronic metal halide ballast 120 thru 277 volt. Use a medium base, clear ED -17 lamp." 150MHT6 150 watt metal halide multitap ballast 120/208/240/277 volt. Use a 312 base, clear T-6 ceramic MH lamp. 150MHT6EB 150 watt electronic metal halide ballast 120 thru 277 volt. Use a G12 base, clear T-6 ceramic MH lamp.` 175MH 175 watt metal halide multitap ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 70HPS 70 watt high pressure sodium ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 100HPS 100 watt high pressure sodium ballast 120/208/240/277 volt. Use a medium base, clear ED -17 lamp. 150HPS 150 watt high pressure sodium ballast 120/208/240/277 volt. Use a medium base, clear ED -18 lamp. "Remote ballast required, 15 ft. max. distance from lamp. All ballasts are factory wired for 277 volts. Lamps not included. Towne Commons`° FIXTURE BALLAST COLOR OPTIONS ARM POLE ALN440H5 150MH MTB • • D63-41716-186 ALN440143 701VIHT6 WBZ LDL TRA66 DBI-4Rt4-125 " Refer to your AAL catalog for a complete listing of available arms and poles. OPTIONS CAT NO DESCRIPTION COLOR CHART ON PAGE 22 LDL Lightly diffused lens for fixture models with a clear lens, refractors or reflectors. HSS -L House side shield for fixtures with glass refractors or clear lens only, consist of three field installed panels attached to the inside of the lens. Installing all three panels blocks 180 degrees of the lens. HSS -R House side shield for fixtures with reflectors is factory installed. PT5 Cast post top fitter to slip over a 5"/125mm diameter pole top. MAT Mast arm adapter for a ALN440D slips over a 2 3/8" /60mm diameter pipe and is secured with 4 stainless steel set screws. PMS Pendant mount with 48"/1220mm stem and canopy with swivel. PMC Pendant kit for ALN440D includes canopy and 48" of brass chain. QRS Quartz restrike controller and socket for a T-4 mini-cand halogen lamp, max. 150 watt HID only. Reflector models only. QL Socket for a T-4 mini-cand halogen lamp must be field wired to a separate 120 volt circuit. Reflector models only. CAT NO DESCRIPTION CHM Glass chimney with brass holder. For reflector models only. CAT NO DESCRIPTION CND 3 lamp candelabra with polished brass holder. Lamps included. For decorative purposes only. Not electrically wired. For reflector models only. ALN445 Weight: 52 POUNDs EPA: 3.45 IP: 54 ALN445D Weight: 48 POUNDS EPA: 3:45 IP: 54 BALLAST CAT NO DESCm PTION Large Scale Arm or Post Top Mount CATALOG NO DESCRIPTION AW 445C clear acrylic lens (use coated lamps) AW 445-1-12 clear lens, tvoe 2 horizontal cutoff reflector ALN 445-1-13 clear lens, type 3 horizontal cutoff reflector ALN 445-1-15 clear lens, type 5 horizontal cutoff reflector Post Top - The standard cast fitter slips over a 5 Inch diarneler pule. 22"/560MM DIA. x 41'111 Arm Mounted 18°101A. X 28" 460MM DIA. x 710MM Large Scale Top Mounted Arm or Pendant CATALOG NO DESCRIPTION ALN 445CD clear acrylic lens (use coated lamps) ALN 445D -H2 clear lens, type 2 horizontal cutoff reflector ALN 445D -H3 clear lens, tvpe 3 horizontal cutoff reflector ALN 445D -H5 clear lens, type 5 horizontal cutoff reflector Arm or Pendant Mounted 22"/560MM DIA. x 36"/915MM 175MH 175 watt metal halide multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -28 lamp. Uco a POMB lamp for reflector models. 250MH 250 watt metal halide multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -28 lamp. Use a POMB lamp for reflector models. 250PSMH Pulse start 250 watt metal halide multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -28 pulse start lamp. For hori7nnt2l reflector models, use, a pulse start lamp approved for horizontal burning. 40OMH 400 watt metal halide multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -28 lamp. I Ica n POMR lamp for reflector models. 40OPSMH Pulse start 400 watt metal halide multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -28 pulse start lamp. For horizontal reflector models, use a pulse start lamp approved for horizontal burning. 150HPS 150 watt high pressure sodium multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -23 1/2 lamp. 250HPS 250 watt high pressure sodium multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -18 lamp. 400HPS 400 watt high proasuro sodium multitap ballast 120/208/240/277 volt. Use a mogul base, clear ED -18 lamp. All ballasts are factory wired for 277 volts. Lamps not included. Towne Commons" FIXTURE BALLAST COLOR OPTIONS ARM POLE 2-ALN445H5 25OMH MTB • 2 -TRAIL DB2 -5F20 -las ALN445DH3 150MHT6 WBZ LDL 0B3 -5R16-125 ' Refer to your AAL catalog for a complete listing of available arms and poles. OPTIONS CAT NO DESCRIPTION COLOR CHART ON PAGE 22 LDL Lightly diffused lens for fixture models with a clear lens, refractors or reflectors. HSS -L House side shield for fixtures with glass refractors or clear lens only, consist of three field installed panels attached to the inside of the lens. Installing all three panels blocks 180 degrees of the lens. HSS -R House side shield for fixtures with reflectors is factory installed. CHM Glass chimney with brass holder. For reflector models only. CND 3 lamp candelabra with polished brass holder. Lamps included. For decorative purposes only. Not electrically wired. For reflector models only. PT4 Cast post top fitter to slip over a 4"/100mm diameter pole top. MAT Mast arm adapter for a ALN445D slips over a 2 3/8" /60mm diameter pipe and is secured with 4 stainless steel set screws. PMS Pendant mount with 48"/1220mm stem and canopy with swivel. PMC Pendant kit for ALN440D includes canopy and 48" of brass chain. QRS Quartz restrike controller and socket for a T-4 mini-cand halogen lamp, max. 150 watt HID only. Reflector models only. CIL Socket for a T-4 mini-cand halogen lamp must be field wired to a separate 120 volt circuit. Reflector models only. ---- SAME AS 000 Ill FW ®1UGINAL RESIDE / COMMERCIAL The HERITAGE 690016600196 HERITAGE 6900 / 6600 166 1 II V1 6930 FIXTURES Cat No. W H Ext' Top to Max." Max. Max 000et INC HID CF 6930 13' 2T 200W 100Wt 42Wt Nn; 6915 13' 38' 16117 26112' 20OW 100Wt' 42Wr r i 6913 13' 30'l2' 16112' 27 200W 100W1t 32'Wtt 1 6912 13' 32D2' 16',2" 26112° 200W 100Wtt 42Wtt 6918 13' 30' 161,2' 5` 20OW 100Wtt 32W11 6927 13' 65'w(36'chaln 20OW 100Wt 32W1 8835 6935 Oslo 8827 6630t 6615 �� �_�) IIF!1 � � 4 I 11► II 1 R 15' 100W 5owtt — At 10OW 5owtt — _ 13' 25112' 10' 19' 10' 6616 10" fi617 10° 30' 10111 19' 101)2" 19113 10112' 20OW 100Wtt 42Wtt 100W 50Wt 26Wt 1S 100W 5owtt — 15' 100W 5owtt — At 10OW 5owtt — 6627 10' 57w136'chain 100W 50Wtt 28Wtt 66BU r 14° 8° 9- BOW 8611E r 20' 8' 9' 60W Add 2m 4' dswwg m 11 mBa mquhs "3 V1 Coater 025 Wet—lamp pe socias. 68 5mlm W aveldbe W013 tight Cl 'Remote BWiwr @HIO MCF ttBsllsslBax re AB 8 fi3g0 Selwlas nd evm1e61e Mb Fmeled Rdm Ckmmey M Refresmr. series features a six sided cage with optional beveled glass ki and optic t cluster. Shawn is Am 11-an7 6615/S1INC/BG/BP/BK.rm r>re . rn 6830 6818 1' 6827 6617 8878 6635 68BU 66LIF 3500 SERIES p=jinn. The 3500 SERIES Is a stately shaped fixture, complimented by a deep accented scalloped roof and optional tapered beveled glass. There are eight different styles to order In this series. Shown is 351513L INCIBG/BP/CV. Cat No. W H Ext` Top to Max." Max OAst INC HID 3530 83W 17' 10OW 50Wt 3515 8314' 25' 1011' 12112' 100W 50W11 3514 8314' 19' 10112' 12112' 100W 50Wtt 3516 83(4° 16' 10112° 12112' 100W 50Wtt 3514 3527 8314° 44'wl24'chain 100W 5owtt 3635 83)4' 18' 100W 50Wtt 35 6112' 131u' 71a' 9' 60W — 35LF 81(z 19' 7112' 9' 60W — 0 I 35 CEI /C® MAR 1 6 Z006 Community Development 'Add 2'm 4'depe g m Mast Ba regvlrtmaN. 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There is a single-family home immediately to the east, three duplexes to the north, and the bottom portion of Lot 44, Block 4, immediately to the west which is the subject of another application for this meeting. The proposed building is large and would be comprised mainly of stucco with 'field' stone added to the majority of the first level on the front side of the building. Cedar board on board siding (vertical and horizontal) and fascia is also being proposed. Each side of the duplex has three levels and the front and sides of the structure are wrapped with decks, both covered and uncovered. The building stands close to 34' at the highest ridgelines, and the roof plan provides for a variety of roof pitches: 4:12, 6:12, and 8:12. Most of the dormers feature Dutch gables. Sketch review for this project took place at the Commission's February 21, 2006 meeting, where the Commission commented on: large massing, lack of architectural interest on the North side of the structure, auto mobility in the driveway, inconsistencies in the plan set, and materials application and detailing. Since the sketch design review, there have been minimal changes to this design proposal. After review of the final design drawings, changes to the proposal are limited to the following: • Some areas of stucco have changed to wood siding • 2 chimneys added - one for each unit • Window and sliding door added to main level of the North elevation The floor plans and site plan remain unchanged. The massing and limits of disturbance still appears substantial. The building is 'L' shaped and the elevations appear to make it somewhat difficult to interpret the resulting massing of the building. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 40, Block 4, Wildridge Subdivision - Matsen Duplex Final Design March 21, 2006 Planning & Zoning Commission meeting Page 2 of 5 Design Review Considerations According to the Town of Avon Residential. Commercial. and Industrial Design Review Guidelines, Section 7, the Commission shall consider the following items when reviewing the design of this project: 1. The conformance with setbacks, massing, access, land use and other provisions of the Town of Avon Zoning Code. • Allowed use: The proposed duplex residence is a permitted use on the site. • Density. The lot is zoned for a duplex and the density is appropriate. • Lot Coverage: Maximum site coverage allowed under the Wildridge PUD is 50%. This project is in compliance with the PUD proposing 24.7% lot coverage, which includes the building and all other impervious surfaces. • Setbacks: The setbacks for the property are typical for the Wildridge Subdivision. There is a 25' front and 10' side and rear yard setbacks. All building setbacks have been adhered too with this submittal. • Easements: Utility and Drainage Easements of 7.5' in width border each side of the property. There is a 10' Slope Maintenance, Drainage, and Snow Storage Easement on the south side of the property adjacent and bordering Wildridge Road East. The platted easements remain unobstructed with this design. • Building Height. The maximum allowable building height for this property is 35.' This design is in compliance with the applicable zoning, and staff would request a framing Improvement Location Certificate (ILC) to be submitted and approved by the Town to verify compliance with this zoning requirement. • Grading/Drainage: All existing and proposed grade contours are indicated on the plans. It appears that there is adequate room for drainage around the structure. The amount of grading proposed with this submittal is excessive with the limits of disturbance covering the entire property. Staff would recommend that the disturbance to the hillside above the structure be further restricted. • Parking: A minimum of 6 parking spaces are required for this project. This design is in compliance with the Zoning Code, proposing 5 indoor parking spaces and the ability to park up to 5 additional spaces immediately outside of the garage doors. There is a bumpout area for the benefit of vehicles leaving Unit A. • Snow Storage: Two separate areas are called out on the Site Plan designated for snow storage. The areas on the site plan for snow storage appear functional and the majority of the driveway should benefit from sun exposure. At least 891 square feet (20%) of storage area must be provided, and the plans call out 920 square feet. There is additional room adjacent to the driveway for storage. 2. The general conformance with Goals and Policies of the Town of Avon Comprehensive Plan, and any sub -area plan which pertains. The newly updated Comprehensive Plan puts limited emphasis on the Wildridge PUD, which is referred to Subarea 22. This plan is in general conformance with the Comprehensive Plan. Town of Avon Community Development (970) 7484030 Fax (970) 949-5749 Lot 40, Block 4, Wildridge Subdivision - Matsen Duplex Final Design March 21, 2006 Planning & Zoning Commission meeting Page 3 of 5 3. Whether adequate development rights exist for the proposed improvements. Adequate development rights exist on the property for up to two dwelling units. 4. The Final Design plan is in general conformance with Sub -Sections A through D of the Residential Design Guidelines. A. Site Development: o Site Design: The Design Guidelines put emphasis on site layout design and sensitivity to solar orientation and surrounding existing and potential buildings. Structures should blend in with natural settings and the need for extensive site grading and slope retention should be avoided. The structure is set up on the property to capture views to the south. The amount of proposed site disturbance appears excessive and this project could conflict with requirement A6 from the Guidelines - "Buildings on sloping lots shall be designed to step with the existing (natural) grades." o Site Access: According to the Design Guidelines (Table 1.0), driveway grades should not exceed 10%, and no more than 4% entering the site and garages. The driveway entrance is compliant with the guidelines with a 3% initial grade, eventually ascending at 8% grade to reach up to the structure. The entrance off Wildridge Road East is perpendicular and vehicles should be able to stop and look both ways before entering the Right -of -Way. The driveway is close to the bend in the road. o Parking and Loading: The minimum parking standards have been adhered to with this design. B. Building Design: o Building Materials and Colors: A variety of high quality building materials are proposed with this application including: 50 -year asphalt shingles, horizontal & vertical wood siding, aluminum -clad windows - brick red color, beige stucco, and "Leadville" fieldstone veneer. All of the proposed building colors are earthtone and should be appropriate for the site and neighborhood. A color sample will be available for review at the Work Session on March 21 st. o Exterior Walls, Roofs, and Architectural Interest: The roof pitch through out the project varies from 4:12, 6:12, and 8:12. Most of the dormers feature Dutch gables in order to add architectural interest. The roof appears to conform to the guidelines. Since sketch design review, little interest has been added to the structure or the exterior walls. Some areas of stucco have been changed to wood siding. o Outdoor Lighting: A lighting cut sheet has been provided for one building mounted light. The proposed fixture is an 'Energy Star', which uses frosted glass and a 13 watt spiral fluorescent bulb. Town of Avon Community Development (970) 748-4030 Fax (970) 949.5749 Lot 40, Block 4, Wildridge Subdivision - Matsen Duplex Final Design March 21, 2006 Planning & Zoning Commission meeting Page 4 of 5 o Duplex Developments: The proposed duplex is in compliance with the Design Guidelines with a "unified structure and enough variety and architectural interest to distinguish from a single-family home." C. Landscaping: Retaining Walls: For the proposed site layout to function, retainage is required on the downhill side of the driveway. The applicant has provided two possible wall designs: single tier, and two-tier design. The single wall design would stand over 8' tall and the two-tier design would be broken up and have the appearance of a 10' of wall, as viewed from the road. The Design Guidelines state "a series of lower retaining walls with landscaped terraces is preferable to a high wall with an unbroken vertical face." In either case the applicant is proposing sizable trees (8' tall) at the base of the wall(s). Staff would recommend the two-tier design if landscaping is possible between the walls, and it appears that this is an option with the proposed 'Versa -Lok' wall system. o Design Character: The Landscape Plan appears to generally comply with the Residential Landscaping Guidelines. A limited amount of spray irrigation is proposed and the plan is in compliance with the 20% maximum irrigated area requirement. The plan proposes thirteen (13) 8' evergreens, seven (7) 2" caliper aspens, and five (5) 2" caliper cottonwoods. Staff recommends that the cottonwood trees be replaced with a species found in Appendix 1 of the Guidelines - Recommended Plant List. Additionally, staff would recommend that all disturbed areas receive sage brush plantings in addition to the native grass as proposed. D. Miscellaneous Items: C, Accessory Structures: There are no accessory structures proposed with this project. o Signs: No signs are proposed, only address markers on the building. Given the distance from the structure to the road an address placard at the street will likely be required prior to occupancy. 5. The compatibility of proposed improvements with site topography, to minimize site disturbance, orient with slope, step building with slope, and minimize benching or other significant alteration of existing topography. As mentioned above, the project does not appear to be fully compatible with the existing topography. As currently proposed the entire .79 acres would be disturbed. The structure would be dug into the hillside with the lower level buried on the north elevation. Site disturbance appears excessive and should be limited to help the overall aesthetic appearance. Staff is recommending that the limits of disturbance be further limited. Town of Avon Community Development (970) 7484030 Fax (970) 949-5749 Lot 40, Block 4, Wildridge Subdivision - Matsen Duplex Final Design March 21, 2006 Planning & Zoning Commission meeting Page 5 of 5 6. The appearance of proposed improvements as viewed from adjacent and neighboring properties and public ways, with respect to architectural style, massing, height, orientation to street, quality of materials, and colors. This project will be highly visible from Wildridge Road East. The architectural style is comparable to neighboring properties and should be appropriate as viewed from neighboring properties and the road. As mentioned, the massing of this structure is large and may have a dominating appearance. The applicant has proposed high quality materials and earth tone colors that should make this project compatible in appearance with the surrounding environment. 7. The objective that no improvement be so similar or dissimilar to others in the vicinity that monetary or aesthetic values will be impaired. There shouldn't be any monetary or aesthetic values impaired with the proposed improvements. 8. The general conformance of the proposed improvements with the adopted Goals, Policies and Programs for the Town of Avon. The project is in general conformance with the Town's adopted goals and policies and is a use by right per the Wildridge Subdivision. Discussion While some of the Commission's and staffs concerns have been addressed, specifically adding some attention to the north elevation, the massing and site disturbance resulting from this proposal still appear excessive and inappropriate. Staff struggles with this proposal and would request that the applicant take serious steps to reduce the building's massing, and to reduce the amount of proposed site disturbance. Staff Recommendation Staff is recommending this final design application be tabled in order for the applicant to address some of the concerns raised during sketch review, and again in this final design staff report, specifically: 1) substantial massing, 2) excessive site disturbance. Recommended Motion "I move to table the final design plan for the duplex on Lot 40, Block 4, Wildridge Subdivision in order for the applicant to address the massing and limits of disturbance. If you have any questions regarding this project or any planning matter, please call me at 748-4009, or stop by the Community Development Department. 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WEE ._ X11►��-'���Hm� i ElI Mo M OD ml LI D�j SNOUVA373 '371U J.33HS 1000 41031'OMd k soot iNoiaedoo JT1No13304'JN111f1SNWJIU,kdOo O Oa�O700 NO/I b' 1SV3 OVOU 30O18071M 0105 Y _� 3OO121O71M P 310078 0P 107 $$ X37dna 1Sd3 GVOcV 30018(771M N3S1dW �4 Staff Report SIGN DESIGN AVON C o Lo an DO March 21, 2006 Planning & Zoning Commission meeting Report date March 15, 2006 Sign type Master Sign Program - Addition Legal description Lot 22AB, Block 2, Benchmark at Beaver Creek Subdivision (Building C, Wells Fargo) Zoning Planned Unit Development (PUD) Address 245 Chapel Place Introduction RMD Sign Company is proposing signage on Lot 22AB of the Chapel Square PUD, the new home of Wells Fargo Drive through Bank. There are two freestanding signs proposed, each standing 5'6" tall. The signs would be located at the entrance and exit areas of the newly constructed drive through lane. These signs are directional in nature, and would be constructed with a textured aluminum base painted to match the building stucco. The other signs are proposed on the south/east elevation of the canopy. There are two open/closed signs (already installed) to help direct customers at the drive through lanes, and also two aluminum panels: one "Commercial Lane" sign and one "Clearance 11 sign. All proposed signs with this application are unlit. Master Sign Programs Sign Programs are encouraged by the Sign Code for larger projects. Section 15.28.080.16 from the Avon Municipal Code states "sign programs shall be compatible with the site and building and should provide for a similarity of types, sizes, styles and materials for signs within a project." Design Review Considerations According to the Town of Avon Sion.Code, Section 15.28.070, the Planning & Zoning Commission shall consider the following items in reviewing this design application: 1. The suitability of the improvement, including materials with which the sign is to be constructed and the site upon it is to be located. The proposed materials for the additional signage included in this application are consistent with the existing sign program and the Sign Code. The area is mixed-use Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 22AB, Block 2, Benchmark at Beaver Creek Subdivision, Wells Fargo Signs March 21, 2006 Planning & Zoning Commission meeting Page 2 of 3 with commercial, residential, service, and office land uses. While sign construction varies on adjacent and neighboring improvements, the signs in the area are generally internally lit pan channel letters or box type construction. The placement of the signs on the site and building appears acceptable. 2. The quality of the materials to be utilized in any proposed improvement. The Sign Code.encourages "quality sign materials, including anodized metal; routed or sandblasted wood, such as rough cedar or redwood; interior -lit, individual plexiglass -faced letters; or three dimensional individual letters with or without indirect lighting, are encouraged." The proposed materials are appropriate for the project. 3. The visual impact of any proposed improvement, as viewed from any adjacent or neighboring property. The proposed signs should not have any negative impact as viewed from adjacent properties. The signs would be visible from Chapel Place, the access drive behind City Market grocery store, and the Village at Avon PUD to the east. 4. The objective that no improvement will be so similar or dissimilar to other signs in the vicinity that values, monetary or aesthetic, will be impaired. It is Staffs opinion that there will be no monetary or aesthetic values impaired with these signs. 5. Whether the type, height, size, and/or quality of signs generally complies with the Sign Code, and are appropriate for the project. The proposed signs generally comply with the Sign Code in terms size and construction quality. The height of the two freestanding 6. Whether the sign is primarily oriented to vehicular or pedestrian traffic, and whether the sign is appropriate for the determined orientation. The primary orientation of the proposed signage is to automobile traffic which is appropriate given their proposed application. Staff Review and Discussion The goal or intention of a MSP is to have consistent signage on a property in terms type, size, and construction. These signs appear to be appropriate for the project Recommendation Staff recommends conditional approval of the sign design application for Lot 22AB, Block 2, Benchmark at Beaver Creek Subdivision. Recommended Motion "I move to approve the sign design application for Lot 22AB, Block 2, Benchmark at Beaver Creek Subdivision with the following conditions: 1. The base portion of the freestanding signs will be reduced from 3' to 2' in height, and the color of the aluminum will match the building stucco color exactly. 2. A sign permit must be issued prior to installation of signs. Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Lot 22AB, Block 2, Benchmark at Beaver Creek Subdivision, Wells Fargo Signs March 21, 2006 Planning & Zoning Commission meeting Page 3 of 3 3. Landscaping will be incorporated at the base of the freestanding signs, and the sign permit will not close until landscaping is complete. 4. Except as otherwise modified by this approval, all material representations made by the applicant or applicant representative(s) in this application and in public hearing(s) shall be adhered to and considered binding conditions of approval." If you have any questions regarding this project or any planning matter, please call me at 748.4030 or stop by the Community Development Department. Respectfully submitted Matt Pielsticker Planner I Attachments: Letter from property Manager Facsimile from RMD Signs Sign Design Town of Avon Community Development (970) 748-4030 Fax (970) 949-5749 Mar 08 06 09:18a March 7, 2006 ROHIM KEVIN IIEIGHRN 970-476-3436 l UiMBERLINE COMMERCIAL REAL ESTATE Matt Piel sticker Town of Avon Community Development P.O. Box 975 Avon, CO 81620 RE: Master Sign Program - Chapel Square Wells Fargo Directional Signage Dear Matt: VIA FACSIMILE (970)949-5749 Please accept this letter as written consent by the owners of Chapel Square, Chapel Square Ventures, LP, for the directional signage being proposed by Wells Fargo Bank as part of their newly constructed drive through facility. Although we recognize and understand that this type of signage was not specifically referenced in the Master Sign Program approved by the Town of Avon on March 2, 2004, we feel that it is appropriate and consistent with the intent of that FA -•_a. If you have any questions or concerns related to this matter, please do not hesitate to contact me. Most sinc ly, Greg G meau Timberli Commercial Management cc: John Lundeen - Chapel Square Ventures, LP Frances Rolater 12 Vail Road, Suite 600 - Vail. Colorado 81657 ah. 970.476.3436 • far. 970.476.1986 - Paget to follow DATE 3-14-06 TO: M aft COMF ANY Town of Avon FAX: 170-949-5749 FROM Jeff Benge RE:Wi IIs Fargo Bank Chapel Square A/ SIGN 2045 W 8"' Ave. Denver, CO 80204 Tel: 303-573-5500 Fax: 720-932-7945 MESAGE: Pleas, take this fax as R.M.D Signs request to delete the 10"X5' single face Wells Fargo ATM sign from c Jr sign permit application. Thank you for your help with project. 10 'd SV6L Z£6 OZL 'ON XH SKIS OWN Wd 6ti:£0 3K 9004-HAVW cu E LLJ ZS 0 > UJ s A2 LUMin0. Vf cc LU JCL- C) a- CL a _j CL CD CD cc s:g IC-IL,i.i,. 'ji V) U-1 'a ;a rn ui U-i --j UJ co 7 CL. V3 -0 CA cr rr LU cc 0 HCC ZT-r cv) CY2 CD t, rr M I C1 ca. it NWctt LU Q LU 5-9 j LA- cr (D m CA. L u CL O. Q C49 CID U3 fa c cv cn fn I 10 3: U- co ca LU CL.— co iu 4D V 7= p 00 cr,-- t Hi LU ca CM 91 CSC Lu CD ]r7k �- Q Z:5 LL. c7 fry tLi CD C) cz C.L CD CNI E 00 41SL < C) -4; 0 co 00 n Lp IT civ cv 0 O SL r" 06 -moi G cx 5:2 S cs F -L CD ui c m 0 0ro M (D 00:3 0 En 00 > < (D T' O" In w 2 Xr-rnm= cn C:) cn cnM C_- 2'-6' 2" 4' rn . ....... . ..... C3 It CID 04� O C=> M .. . ............ =6 ti X cn m -4 --4 -n vt C) �1> ca C) C:� -n :�o �1:- — rn ) G, c -n '71 -n r- 3�- c C=> c w m n -pt C-3 rn rn M 7,- --4 m m C-�' -0 Cr) m yrs:> )> m m cn m C> rn E, n r- Q0 -4 m 2, M 4Zmay -4 M :10 03-p V CD In En >. C� M C-, (j M G) — Z�l M ZC) tis Z: -n m ca m Om 0 "n 2 C/I r -0 m D> 4 M v ;m co CD cs rn m 31-0" 2-6" 2.114° V M N:l — I cr) A CID O C=> M A PUD AMENDMENT APPLICATION FOR SHERATON MOUNTAIN VISTA Points of Colorado, Inc. RECEIVED 8801 Vistana Centre Drive FEB 0 3 2006 Orlando, FL 32821 C00munny�,,� m Prepared by: Ruth Borne, Attorney at Law P.O. Box 7833 Avon, CO 81620 January 2006 ,4 PUD Amendment Application for Sheraton Mountain Vista Lot C, Mountain Resort Subdivision, Town of Avon, Colorado The applicant, Points of Colorado, Inc. is requesting a PUD Amendment to the Development Plan and Development Agreement for Lot C, Mountain Resort Subdivision, Town of Avon, Eagle County, Colorado (hereinafter referred to as "Lot C") as set forth in Series 2000, Ordinance 00-02 in accordance with the requirements of the Avon Municipal Code, Section 17.20.110. A previous PUD application was submitted in May, 2005 and through meetings with staff, the Planning & Zoning, and Town Council several modifications have been implemented into this application. The intent of the PUD Zone District is to provide for flexibility and creativity in the development of land in order to promote its most appropriate use. Section, 17.20.110(a) The development plan is the principal document in guiding the development, density, uses and activities of PUD. Section, 17.20.110(e) In addition to the development plan, other relevant documents accompanied with this application includes the following: • Comparison of PUD applications for Lot C — Exhibit "A" • 2204 and 2005 Occupancy Graph of Lot C — Exhibit `B" • Parking Study prepared by Marcin Engineering LLC on Lot C- Exhibit "C' • PUD Development Plan dated February 22, 2000 — Exhibit "D" • Development Agreement - Confluence and Tract C — Exhibit "E" • Amendment to Development Agreement for Confluence and Tract C — Exhibit ..F„ • Draft of Second Amendment to Development Agreement for Confluence and Tract C — Exhibit "G" • Fiscal Analysis prepared by Price Waterhouse — Exhibit "H" The following shall be used as the principal criteria in evaluating a PUD application: 1. Conformity with the 1996 Avon Comprehensive Plan Goals and Objectives, Draft Town of Avon Comprehensive Plan dated February 2005, and Avon Town Center Implementation Plan. In light of the impending approval of the Draft Town of Avon Comprehensive Plan, and the existing 1996 Avon Comprehensive Plan, we will discuss conformity with each respective plan as policy for determining land use decisions. In addition, we will address conformity with the Avon Town Center Implementation Plan. Please note: the Town Center Plan was adopted in November 2001, subsequent to the approval of the Lot C PUD Development Plan and related documents. The design review approval for Phase 1B complied with the terms and conditions of the Town Center Plan. 1996 Avon Comprehensive Plan Goal A.1 Ensure a balanced system of land uses that maintains and enhances Avon's identity as a residential community, and as a regional commercial, tourism and entertainment center. The PUD Amendment ensures the future of attracting tourism and creating a balance of land uses with additional retail space and timeshare units. The PUD Amendment consists of 20 deed restricted housing units, 32,860 SF of office/ commercial/retail space, and 187 timeshare units. The structured and surface parking requirements are consistent with the existing PUD approval and include 374 parking spaces. 2005 Comprehensive Plan Goal A.1 Provide a balanced system of land uses that offer a range of housing options; diverse commercial and employment opportunities; inviting guest accommodations; and high quality civic and recreational facilities that work in concert to strengthen Avon's identity as both a year-round residential community, tourism and economic center. "The development of mixed use projects, whether they are vertically mixed within individual structures or horizontally mixed across consolidated development sites, are identified in Avon's Town Core as an important means of strengthening Avon's ability to react to changing market conditions. More importantly, such developments create a more stable and desirable communityframework that results in civic pride." The PUD Amendment provides a balanced system of land uses and opportunity to increase the amount of vitality in Avon with an increased amount of commercial/retail from the existing PUD. It is also important to note the increase of occupancy that Sheraton Mountain Vista is providing to the Town as evidenced by the Occupancy Graph — Exhibit `B". This includes both hotel and timeshare occupancy. The Town Center Plan as well as the Town of Avon Market Conditions Report prepared by EPS recognizes the issue of the current market conditions. The implementation of the Town Center Plan is critical and will create the synergy the Town needs to become a vibrant commercial core. In the interim it is crucial to create flexibility in the commercial/office space to have "lights on". Employees in offices spend money in Town and begin to create an economic center. The desired outcome is to create a balance and not forgo the opportunity to create a vital commercial core with entertainment, retail, restaurants, and bars. The PUD Amendment is not seeking to forgo these opportunities for the Town and is continuing to invest in the Town's future. 2 Policy A3.3 Commercial, public and other uses that generate employment and customer traffic should be located to minimize the need for automobile travel. The project allows for pedestrian movement on all areas adjacent to public rights of way and throughout the project. The pedestrian circulation design for resort guests, visitors and employees emphasizes pedestrian movement. The close proximity to the Confluence, Town Center, Nottingham Lake and Avon Recreation Center encourages pedestrian movement rather than automobile traffic. The project now includes a transit oriented aspect by providing a bus shelter surrounded by retail space on both sides. Policy A3.5 Since undeveloped land in Town Center is scarce, it will be developed at higher density, include a vertically integrated mix of commercial and residential uses, and rely primarily on underground and/or structured parking. Lot C is a high density project in conformance with the Town Center Plan, Avon Comprehensive Plan, 2006 Comprehensive Plan, and Avon Municipal Code. The project is well integrated with commercial and retail uses on the ground level throughout the project with residential/timeshare units on the upper levels. The project primarily consists of underground parking with vehicular access from three locations at full build -out. The compact spaces have been reduced in the overall project to 25%. The parking requirements for the PUD Amendment has no mixed-use reduction. The 15% mixed-use reduction for parking in the existing PUD application is no longer applicable to this portion of the development. The parking study prepared by Marcin Engineering further reinforces the adequacy of parking for the project. See Exhibit «C„ This policy is also present in the 2005 Comprehensive Plan Goal A.3 Discussion "...Avon's overall pattern of development should continue to follow a classic urban form with its densities and tallest development located in the Town Core, surrounded by development that steps down in both height and intensity." The proposed architectural elements for Phase 1 C and 1 D have strong architectural forms broken up on all elevations to create architectural interest while stepping down in both height and density. 2. Conformity and compliance with the overall design theme of the Town, the subarea design recommendations and design guidelines adopted by the Town. The current commercial design guidelines were adopted subsequent to the Lot C PUD Development. Phase 1B was subject to the guidelines as part of design review. Many of the principles in the current commercial design guidelines were present in the previous guidelines, which is the reason there are no linear balconies, several projections, articulated fenestration, and diverse roof massing. Particular attention was made to creating interesting pedestrian walkways and entryways. The PUD Amendment reinforces these design elements and continues to comply with the commercial design guidelines. 3. Design compatibility with the immediate environment, neighborhood and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, character and orientation. The character and architectural design of Lot C has been established with the construction and development of the office building, affordable housing and two phases of the timeshare building. The PUD Amendment continues to create articulation and architectural interest of the buildings on the ground level, roof lines as well as the entire massing of the buildings. Attention had been made to enhance the entry to the project on all sides for pedestrians as well as overall visual enhancement. The overall scale and bulk have been reduced in response to public input provided at the Planning & Zoning Commission hearings. 4. Uses, activity and density which provide a compatible, efficient and workable relationship with surrounding uses and activity. The evolution of timeshare across the country is expanding as a result of different vacation needs for families. The December issue of Conde Nast Magazine reported that: Time-share ownership is increasing at a rate of 12% a year Up 50% from 2003 $1.1 billion was spent in 2004 in time-share, fractional and destination club memberships worldwide The Fiscal Analysis Report (Exhibit "G") fiscal analysis supports this premise based upon the increased occupancy rates for timeshare over hotel accommodations. See Occupancy Rates- Exhibit `B". The fiscal analysis evaluates the proposed mix of uses and supports this PUD Amendment. This project consists of a compatible and efficient mix of uses consisting of timeshare, retail, office space, surface and structured parking, and affordable housing. 5. Identification and mitigation or avoidance of natural and/or geologic hazards that affect the property upon which the PUD is proposed. There are no natural or geologic hazards associated with the existing or proposed PUD Amendment. 6. Site plan, building design and location and open space provisions designed to produce a functional development responsive and sensitive to natural features, vegetations and overall aesthetic quality of the community. Lot C is a functional development. Each phase has stood on its own as an independent project. The proposed phases will be sensitive to the aesthetics of the community and function independent of future phases. The site plan allows for aesthetic landscaping and hardscape articulated massing to maintain views and encourages pedestrian movement. 7. A circulation system designed for both vehicles and pedestrian addressing on and off-site traffic circulation that is compatible with the Town Transportation plan. The existing Lot C PUD contemplated vehicular and pedestrian in compliance with the Town Transportation Plan and additionally considered the merits of the development of access to the Confluence property as well as the potential for development of the Town Center Plan. The pedestrian access and circulation is not compromised by this proposal. In fact, the road and pedestrian plan is essentially unchanged and provides pedestrian access through the project as well as Sun Road, Benchmark Road, and Beaver Creek Blvd. 8. Functional and aesthetic landscaping and open space in order to optimize and preserve natural features, recreation, views, and function. The hardscape and landscaping are intended to preserve pedestrian function and overall views to recreation, public art, and the natural environment. 9. Phasing plan or subdivision plan that will maintain a workable functional and efficient relationship throughout the development of the PUD. The phasing plan shall clearly demonstrate that each phase can be workable, functional and efficient without relying upon completion of future project phases. The existing Lot C PUD included three phases of development; two of the phases are complete in accordance with the terms and conditions of the PUD. The PUD Amendment includes one additional phase for a total of four (4) phases. Each phase complies with the development standards without relying upon the completion of the future phase. E Upon the occupancy of Phase 1 C, the ground floor of Lot 4 will be a restaurant. 10. Adequacy of public services such as sewer, water, schools, transportation systems, roads, parks and police and fire protection. The public services required for this PUD Amendment are adequate and discussed in depth in the fiscal analysis which is included in this application. 11. That the existing streets and roads are suitable and adequate to carry anticipated traffic within the proposed PUD and in the vicinity of the proposed PUD. There are no modifications to the PUD being proposed with this application. 12. That the PUD Amendment requested provides evidence of substantial compliance with the public purpose provisions of Section 17.28.085 of the Zoning Code. The application demonstrates a public purpose which the current zoning entitlements cannot achieve. The additional parking, higher occupancy of a timeshare/hotel product, a restaurant on the Mall and an additional 1,000 square feet of commercial/retail square footage contribute to the overall goals of the Town that does not exist in the current PUD zoning for Lot C. Approval of the zoning application provides long-term economic, cultural or social community benefits that are equal to or greater than potential adverse impacts as a result of the changed zoning rights. As confirmed in the Avon Town Center West Investigation prepared by Design Workshop ("Investigation") dated January 10, 2006, the proposed revisions of this PUD Amendment clearly support the long-term economic and social goals of the Town. Most significant is the additional retail and restaurant opportunities presented in this PUD Amendment as well as adequate parking to bring the vitality the Town is looking for. In fact, the Investigation cites the Price Waterhouse study prepared on behalf of Points of Colorado for this PUD Amendment to confirm the higher occupancy rates and relationship to consumer spending creating the critical mass the Town is seeking. • The flexibility afforded in approval of the zoning application will result in better siting of the development, preserving valued environmental and cultural resources and increasing the amount of public benefit consistent with the community master plan documents. Town Center West and all of the relevant planning documents support this PUD Amendment. The refinement of pedestrian access, more restaurant/retail opportunities, and adequate parking facilities support this modification and comply with all the current planning goals and objectives. 13. Description of the proposed development standards. The developments standards are set forth in the Comparison Chart and also on the cover sheet of the Amendment PUD Development Plan. The highlights of the development standards for the PUD Amendment include: • Increased retail/commercial square footage of approximately 1,100 square feet over the existing PUD approval. • Restaurant is proposed upon occupancy of Phase 1 C on Lot 4 — first floor • Reduced compact spaces of only 25% for the entire project • Increase parking standard for two-bedroom timeshare to 1.25 per unit • No mixed use parking reduction requested • All hotel accommodation and sales taxes are remitted to the Town 7 F m 'S m ❑ m N N La a La e Y a c a | ! k § ! : 8 §! 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ME =W =� nll'i, 00 00 C4 C-4 (11 71 a �� cV .— w N as C'3 Q a � o a a = 13 5 ( 0 w cc w CL LL LL co LL U) N M 'OV N Z O cV .— w N C'3 Q a F) 0 Z D z i 4 w cc w J J O J C,3 m J O F ¢ OC w MM! it 7 r 9 N � u a N a � o as �D a J J J O 0- LL cn U- 0) a ? ui M LO to to Z O C N N to J_ �m D Q Y Z a cc ¢ Qac =J J l�lj LU H (a, LL f Q I= OC m a r 9 N � u a N h N (0 CL rn m c v M o m IL a N Q Q Q > O` LL tL LL '- m a cn cn U) LL E O O O zs N O OD W N Q Z n Z D Q z M W cn oYc a ¢ 2 J J_ J_ J_ J J W Q Q Q W Q W Q 2 ¢ ¢ ¢ = O �1� ♦LZO-9Y1—OL6 - Z M1 00V210100 'NOAV ozv�o OOV210100 'NOnV z Z O3dO"13A3CNn B lol zsO\ xoe O a Z NVId 3OVNIVLO 29 ONIOVNO AMVNIHMUd 011 ONIM33NION3 NIONW4 1N3WdOl3A30 LlNn NV -id O 101 n, I \ r 69 1 V 1 y s Al - i ,s{4n �'fi1°'' l lyvY.p2 i Z M1 Z 1 i j O z Z 0 O J Z O V \ n, I \ r 69 1 V i I 1 Z 1 i j O n, I \ r ;�50(,e5 �+ Final 10/27/98 DEVELOPMENT AGREEMENT Confluence and Tract C THIS DEVELOPMENT AGREEMENT (this "Agreement') is made and entered into as of October 27, 1998 by and between Vail Associates Investments, Inc., a Colorado limited liability company (hereinafter "Owner"), Avon Commercial Center Ltd., a Colorado limited partnership, Shapiro Development Co., general partner, or assigns (hereinafter "Shapiro") and the Town of Avon, a municipal corporation of the State of Colorado (the "Town'), RECITALS A. Owner is a limited liability company, duly organized and in good standing under the laws of the State of Colorado. Shapiro is a Colorado limited partnership, duly organized and in good standing under the laws of the State of Colorado. B. Owner owns a parcel of real property conditionally annexed to the Town and generally referred to as the "Confluence" as more particularly described in Exhibit A-1 attached to this Agreement (the "Confluence"). In addition, Owner owns a parcel of real property in the Town generally known as "Tract C' as more particularly described in Exhibit A-2 attached to this Agreement ("Tract C). Shapiro owns a parcel of real property in the Town generally known as "Tract B" as more particularly described in Exhibit A-3 attached to this Agreement. C. Owner desires to develop the Confluence and Tract C as mixed use developments (the parcels referred to collectively as the "Property") which may include, among other uses, lodging, restaurant, retail, parking, public facilities, open space, office, commercial, conference center and other uses. Shapiro desires to develop Tract B pursuant to the terms of a separate agreement and desires to avail itself of the provisions of Article V of this Agreement to aid in such development for the benefit of the Town and Shapiro. D. A condition of annexation of the Confluence was the successful negotiation of a "Development Agreement" concerning the development of the Property, failing which, the Confluence shall be disconnected from the Town. A significant element of the negotiations affecting the Property is the zoning of the Property for which Owner has submitted a Zoning Application to the Town for the Confluence and a separate Zoning Application for Tract C. The Town and Owner acknowledge that this Development Agreement properly addresses matters related to Tract C and Tract B notwithstanding that execution hereof is a condition to annexation of only the Confluence. E. The Town has authority to zone and govern development of the Property in accordance with this Agreement, the Comprehensive Plan, the Confluence PUD, the Tract C PUD (as such terms are defined herein), the Municipal Code, and other applicable Town requirements and polices. Furthermore, the Town has authority to agree to the vesting of property development rights concerning the Property, the creation of special districts to provide public facilities relating to the Property, the rebate of sales and other taxes which would normally be collected as a result of taxable activities occurring on the Property and on Tract B and the I�IIII ILII Illlllllllll�tlllll NIII ILII III II II IIII IIII 0 °05143 0'4OP Final 10/27/98 granting of tax credits to assist with the equitable sharing of costs associated with development of public facilities. F. The Property and Tract B are expected to contribute substantially to the economic growth of the Town and consequently will increase future tax revenues to the Town. The Town desires to satisfy the condition of annexation of the Confluence by execution and performance of this Development Agreement affecting the Confluence, Tract C and Tract B in order to provide for orderly growth in and around the Town and to increase its tax revenues. Owner, Shapiro and the Town desire to provide for a tax rebate mechanism so that Owner and Shapiro may use the rebate revenues or other fees imposed in lieu of taxes to assist in financing the public facilities that will be required by the Property and Tract B which will benefit the Town. G. The Town may agree to rebate taxes to the Districts subject to discretionary annual budget appropriations by the Town which, if not made by the Town, will substantially impair the ability of Owner to develop the Property, will substantially impair the ability of Shapiro to develop Tract B, and which failure to appropriate shall be deemed to be a failure of a condition to annexation of the Confluence resulting in a contractual right of Owner to disconnect the Confluence from the Town. H. The legislature of the State of Colorado adopted Sections 24-68-101, et M. of the Colorado Revised Statutes (the "Vested Property Rights Statute") to provide for the establishment of vested property rights in order to ensure reasonable certainty, stability and fairness in the land use planning process and in order to stimulate economic growth, secure the reasonable investment -backed expectations of landowners, and foster cooperation between the public and private sectors in the area of land use planning; said Vested Property Rights Statute authorizes the Town to enter into development agreements with landowners providing for vesting of property development rights. I. Consistent with the Vested Property Rights Statute, Chapter 17.14 of the Municipal Code authorizes the Town to enter into development agreements with landowners and other qualified applicants providing for the vesting of property development rights. J. Development of the Property in accordance with this Agreement will provide for orderly growth in accordance with the policy and goals set forth in the Comprehensive Plan, ensure reasonable certainty, stability and fairness in the land use planning process, stimulate economic growth, secure the reasonable investment -backed expectations of Owner, foster cooperation between the public and private sectors in the area of land use planning, and otherwise achieve the goals and purposes for which the Vested Property Rights Statute and Chapter 17.14 of the Municipal Code were enacted. In exchange for these benefits and the other benefits to the Town contemplated by this Agreement, together with the public benefits served by the orderly development of the Property, Owner desires to receive the assurance that it may proceed with development of the Property pursuant to the terms and conditions contained in this Agreement. K. The Town's authority to enter into this Agreement stems from the power vested generally in Colorado municipalities to address matters of local concern by contract, ordinance Illlll VIII lllllll VIII VIII NIII VIII III VIII Illi Illi Page: 2 0 749431 4:40P 2 tare Fisher Eaa1• Cty, Co 23 R 186.00 D 0.00 Final 10/27/98 or otherwise. Because the Town of Avon collects its own taxes, it also has authority to rebate taxes collected or grant credits to taxpayers for fees collected by Owner and Shapiro within certain geographical areas. Further, the Town may allow Owner or qualified non-profit corporations to collect such fees. Because such fees will not be collected by the Town and will not derive from the Town, and because all rebates due hereunder shall be subject to annual budget appropriation, the rebate of taxes by the Town, the grant of tax credits by the Town, and the collection of fees by qualified corporations in lieu of such taxes shall not be multiple fiscal year contractual undertakings of the Town and shall not be a tax policy change directly causing a net tax revenue gain to the Town which would otherwise require electoral approval. AGREEMENT NOW, THEREFORE, in consideration of the premises set forth above, the terms, conditions and covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Owner and the Town agree as follows: ARTICLE I DEFINITIONS AND GENERAL PROVISIONS 1.0 Definitions. The following terms and references shall have the meanings set forth below unless the context in which they are used clearly indicates otherwise: 1.1 Affordable Housing. Housing where the occupant is paying no more than 300/6 of gross income for gross housing costs, including utility costs. 1.2 Annexation Agreement The conditional Annexation Agreement affecting the Confluence Parcel approved by the Town on August 25, 1998, a copy of which is attached to this Agreement as Exhibit B. 1.3 Confluence. The parcel of unimproved real property described on Exhibit A-1. 1.4 Comprehensive Plan. The Avon Comprehensive Plan adopted by the Planning and Zoning Commission of the Town on November 5, 1996. 1.5 Development Standards. As defined in Section 3.2. The Development Standards pertaining to the Confluence are attached hereto as Exhibit CA and the Development Standards pertaining to Tract C are attached hereto as Exhibit C-2- 1.6 Districts. Shall mean Confluence Metropolitan District and Avon Station Metropolitan District approved by the Town to serve the Property and Tract B. 1.7 Dwelling Unit. As defined in Section 17.08.270 of the Municipal Code. 111111111111 VIII 111111111111111111111 VIII 11111111111111111111111 P 749431 943 04340P Sara Fisher Eagle Ctv. CO 23 R 165.00 0 0.00 Final 10/27/98 1.8 Effective Date. The effective date of the Town Council ordinance approving this Agreement. 1.9 Exhibits. The following are Exhibits to this Agreement, all of which are incorporated by reference into and made a part of this Agreement, Exhibit A-1 Legal Description of the Confluence Exhibit A-2 Legal Description of Tract C Exhibit A-3 Legal Description of Tract B Exhibit B The Annexation Agreement Exhibit C-1 The Development Standards for the Confluence Exhibit C-2 The Development Standards for Tract C 1.10 Lodging Tax. For purposes of this Agreement, Lodging Tax shall mean any municipal lodging or accommodations tax imposed by the Town pursuant to Municipal Code Ch. 3.28 or any similar code provision enacted during the Term of this Agreement upon any sales or rental of lodging within the Property and Tract B. 1.11 Mall. Avon Town Center Mall established by Ordinance 81-11. 1.12 Municipal Code. The Town's Municipal Code, as in effect from time to time. 1.13 Prooertv. The Tract C property and the Confluence property. 1.14 PUD. Planned unit development or PUD, as such terms are defined and used in the Municipal Code. 1.15 Real Estate Transfer Tax. For purposes of this Agreement, Real Estate Transfer Tax shall mean any municipal real estate transfer tax imposed by the Town pursuant to Municipal Code Ch. 3.12 or any similar code provision enacted during the Term of this Agreement upon sales of time share units within the Property and Tract B. 1.16 Sales Tax. For purposes of this Agreement, Sales Tax shall mean any municipal sales tax imposed by the Town pursuant to Municipal Code Ch. 3.08 or any similar code provision enacted during the Term of this Agreement upon furnishing of rooms or accommodations within the Property and Tract B. L 17 Sanitation District. Eagle River Water and Sanitation District. 1.18 Subdivision Improvement Agreement. An agreement guaranteeing the construction of public improvements for the Property pursuant to Title 16 of the Municipal Code. 111111 p1111111111111111111111111111111111111111111111 Page: 02125/2001 20of 33 04:40P Sara Fisher Ea0l• Dty, CO 23 R 165.00 D 0.00 Final 10/27/98 1.19 Town. The Town of Avon, a municipal corporation of the State of Colorado. 1.20 Town Council, The Town Council of the Town. 1.21 Tract B. The real property described in Exhibit A-3 attached hereto. 1.22 Tract . The parcel of unimproved real property described on Exhibit A-2. 1.23 Vested Property Rights Statute. As defined in Recital H above. 1.24 Z nin . Formal and final passage of an ordinance and/or resolution by the Town Council confirming a zoning designation on a parcel of land as provided in the Municipal Code. Such final passage shall be deemed to occur after the passage of any statutory or common law period for the filing of a petition for referendum to reverse or nullify such zoning ordinance. 1.25 Zoning Application. The separate zoning applications for each parcel comprising the Property. ARTICLE H CONDITIONS PRECEDENT; COVENANTS; THIS AGREEMENT 2.1 Condition Precedent. Annexation of the Confluence to the Town was accomplished pursuant to Ordinance No. 98-18and Resolution No. 98-54, and the Annexation Agreement which specifically provided that said annexation would be conditional and subject to disconnection until this agreement is executed and effective. The parties hereto agree that annexation of the Confluence was in all respects in accordance with the Town charter and the Colorado Municipal Annexation Act of 1965, as amended (C.R,S. §§ 31-12-101, et seq.). The condition of annexation of the Confluence shall not be deemed to have been satisfied until Zoning of the Property pursuant to Article III of this Agreement has been completed and thereafter shall be deemed to have not been fully satisfied if the Town fails or is prevented in any way from making rebate payments or granting tax credits as set forth herein. Until Zoning pursuant to Article III of this Agreement has been completed, this document shall constitute an offer by Owner and the Town to enter into this Agreement (notwithstanding the parties' mutual execution and delivery of this document) and the condition to annexation of the Confluence to the Town shall not be deemed satisfied. Consequently, at any time before such condition is satisfied, Owner or the Town may withdraw the offer to enter into this Agreement. If either party withdraws its offer to enter into this Agreement, this Agreement shall be deemed void and of no force or effect, the Confluence shall be deemed not annexed to the Town and shall be immediately disconnected, and the vested property rights described in this Agreement shall be deemed not established. 22 Term. In recognition of the size of the development contemplated under this Agreement, the substantial investment and time required to complete the development of the Sara IIIIII IIIII IIIIIIIiIIIIrIIIII IIIII I III III IIIII II I IIII 3 R 155.00 Page: 430 a 04:40P Final 10/27/98 Property, the potential for phased development of the Property, and the possible impact of economic cycles and varying market conditions during the course of development, Owner and the Town agree that the term of this Agreement and the vested property rights established under this Agreement shall commence on the Effective Date and shall continue until the 35't' anniversary of the Effective Date. References to the Term of this Agreement and the vesting of property rights in the proceeding sentence shall not be deemed to limit or otherwise affect the rights of the Town described in Section 6.2 to initiate or pursue dissolution of the Districts. After the expiration of the Term, this Agreement shall be deemed terminated and of no further force or effect; provided, however that such termination shall not effect (a) the annexation of the Confluence to the Town; (b) any common-law vested rights obtained prior to such termination, or (c) any right arising from Town permits, approvals or other entitlements for the Property which were granted or approved prior to, concurrently with, or subsequent to the approval of this Agreement and the Development Standards. 2.3 Amendment of Agreement. Except as otherwise set forth in this Agreement, this Agreement may be amended or terminated only by mutual consent of the Town and Owner in writing following the public notice and public hearing procedures required for approval of this Agreement. For the purpose of any amendment to this Agreement, "Owner" shall mean only the Owner as defined herein and those parties, if any, to whom such signatories have specifically been granted, in writing by Owner, the power to enter into such amendments. Any amendment to any provision of this Agreement which affects Shapiro's rights to rebates or tax credits hereunder shall require Shapiro's written consent. 2.4 Cooperation in Defending Legal Challenges. If any legal or equitable action or other proceeding is commenced by a third party challenging the validity of any provision of this Agreement or the Development Standards, Owner and the Town agree to cooperate in defending such action or proceeding and to bear their own expenses in connection therewith. Unless the Town and Owner otherwise agree, each party shall select and pay its own legal counsel to represent it in connection with such action or proceeding. ARTICLE III ZONING, VESTED RIGHTS AND EXACTIONS 3.1 PUD Zoning. Each parcel comprising Confluence and Tract C shall be zoned as a separate PUD as provided in this Agreement and in their respective Development Standards. 3.2 Development Standards and Phasing. (a) Development Standards. The "Development Standards" set forth the guidelines for development of the Property are approved by the Town as the zoning for the Property, and indicate, among other things, set back distances, building height limitations, site coverage levels, development densities, allowed uses (both permitted uses by right and those permitted upon special review), parking requirements and other guidelines and limitations for the development of the Property. I�lllllVllllll,llll��IIIIIIIIIII�NIIIIIIIII�IIIII�II00 Page: 63 33 W40P Final 10/27/98 (b) Subsequent Development Appr val. After PUD Zoning of the Property Pursuant to Section 3.4(a), Owner and the Town shall enter into a development plan approval Process, pursuant to which Owner and the Town shall, in a manner which is uniform with and similar to other phased development approvals of the Town (and consistent with the provisions of Section 3.4(d)) further refine the Development Standards and designate site plans, PUDs and other details, including an approved Subdivision Improvement Agreement, all consistent with the Development Standards and this Agreement (collectively, "Subsequent Development Approval." 3.3 Vesting -of PropeM Rights. Owner and Town agree that (a) this Agreement and the Development Standards constitute an approved "site-specific development plan" as defined in the Vested Property Rights Statute and Section 17.14.100 of the Municipal Code and as adopted pursuant to the requirements of Section 17.12.020 of the Municipal Code which the Town acknowledges hereby has been approved by proper procedure under the Town's charter and the Municipal Code, and (b) that Owner as the legal owner of the Property shall have vested property rights to undertake and complete development and use of the Property as provided in this Agreement and the Development Standards. Pursuant to Section 17.14.050 of the Municipal Code, approval of this Agreement and the Development Standards constitutes a vested property right pursuant to Article 68 of Title 24, C-R. S., as amended. 3.4 Property Rights Vested. The rights identified below shall constitute the vested property rights under this Agreement: (a) The right to develop, plan and engage in land uses within the Property in the manner and to the extent set forth in and pursuant to this Agreement and the Development Standards. (b) The right to develop, plan and engage in land uses within the Property in accordance with the densities, physical development standards and other physical parameters set forth in the Development Standards. (c) The right to develop the Property in the order, at the rate and at the time as market conditions dictate, subject to the terms and conditions of this Agreement and the Development Standards. (d) The right to develop and complete the development of the Property (including, without limitation, the right to receive all Town approvals necessary for the development of the Property) with conditions and standards determined pursuant to Section 3.2(b)which are no more onerous than those imposed by the Town upon other Owners in the Town on a uniform, non- discriminatory and consistent basis, and subject only to the exactions and requirements set forth in this Agreement and the Development Standards; provided that such conditions, standards and dedications shall not directly or indirectly have the effect of materially altering, impairing, preventing, diminishing, imposing a moratorium on development, delaying or otherwise materially adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards. �IIII ILII I�Ill,lllllrlll�l VIII III�I II VIII NII IIII 165.00 Page 749431f 33 4:40P Sara Fisher 0 Final 10/27/98 (e) The Town shall not initiate any zoning, land use or other legal or administrative action that would directly or indirectly have the effect of materially altering, impairing, preventing, diminishing, imposing a moratorium on development, delaying or otherwise adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards. 3.5 Exactions. (a) Access Roads. Roadways within the Property shall be provided by Owner and/or one or more of the Districts which shall dedicate such roads to the Town, whereupon the Town shall accept such roads for dedication in their then current condition and shall assume maintenance of such roads, including snow removal. All such roadways shall be constructed to the Town's normal standards for similar roadways, which standards shall be set forth in the Subsequent Development Approval relating to the portion of the Property containing such roadways. (b) Drai 'nage. On site drainage facilities for the Property shall be provided by Owner and/or one or more of the Districts to handle drainage resulting from the development of the Property. (c) Pedestrian Overpass. Owner and/or one or more of the Districts shall provide a pedestrian overpass (crossing the railroad line provided such railroad line has not been vacated, in which case an appropriate pedestrian crossing will be provided) connecting the Confluence with the Town core area. The pedestrian overpass shall be constructed along with the first phase of the conference center as set forth in Section 3.5(d). The design, location and other details of the pedestrian overpass shall be determined by Owner and the Town. Any dispute concerning such matters shall be resolved by arbitration. (d) Conference Center. One or more of the Districts shall construct a conference center facility on the Confluence as part of the development on the Confluence. Such conference center shall contain a total of approximately 15,000 square feet and will be constructed in two phases (one half of the square footage of the conference center in each such phase). The first phase of the conference center construction shall be commenced upon the Town's issuance of a building permit for the 100 Dwelling Unit for the Confluence and shall be diligently pursued to completion. The second phase of conference center construction shall be undertaken upon the Town's issuance of a building permit for the 200'' Dwelling Unit for the Confluence. The twenty -mill levy contemplated by the Districts' service plan shall be utilized for construction and operation of the conference center. In connection with development of the conference center, Owner shall reserve space and/or air rights in its development for expansion of the conference center to up to a total of 40,000 square feet; provided, however, that neither Owner nor the Districts shall be obligated under this Agreement to pay for such expansion of the conference center nor for land costs. At the Town's request, the twenty mill levy imposed by the Districts for construction and operation of phase I and phase 2 of the conference center shall be imposed by the Districts (after retirement of debt for phase 1 and phase 2) for purposes of assisting to finance the expansion of the conference center and to pay operating costs of the expanded conference center. Owner shall use best efforts to cause the Districts to issue bonds for such expansion but shall not be required to provide credit (IIIII IIIII.NIIII IIIIIrIIIII IIIII IIIII III IIIII IIII IIII m P 9 9203 as 40P Final 10/27/98 enhancement for or purchase such bonds. Owner shall use best efforts to cause the Districts to seek electoral authorization at a November 1999 election for such bonds. (e) Affordable Housing. Owner shall develop deed restricted affordable housing units (each, an "Affordable Housing Unit") within the Town, either on or off the Property at a rate of five Affordable Housing Units for each 5013welling Units developed on the Property. As a condition to issuance by the Town of each 501' building permit (i.e., 5o' 100s', 150'x`, etc.) for Dwelling Units on the Property, Owner must establish that it has developed or unconditionally commits to develop the required number of Affordable Housing Units. The nature and form of the deed restrictions on such Affordable Housing Units shall be substantially similar to that used in other affordable housing projects in the Town, and shall be determined by Owner and the Town prior to issuance by the Town of a building permit for the 50s' Dwelling Unit. (f) Fee for Fire Station Expansion. Owner or the Districts shall pay to the Town $160,000 prior to the issuance of the first certificate of occupancy for the Property for expansion of fire station facilities. (g) Railroad Crossing. Prior to issuance of any building permit for the Property, Owner shall gram to the Town an easement for an "at grade" crossing of the existing railroad tracks at the west end of the Confluence at a location and pursuant to terms reasonably satisfactory to Owner and the Town. Said easement shall be subject to all matters of record, including without limitation the railroad right of way. Owner shall have no obligation to make any improvements related to such easement. Any dispute concerning the size or design of such crossing shall be resolved by arbitration. (h) Water and Water Rights. (i) The Town's augmentation plan decreed in Water Division No. 5 Case No. 84CW225 allocated 5.52 consumptive acre feet for the development of the Confluence (Avon Station). The allocated consumptive use was based upon the development of 200 Dwelling Units, 10,000 square feet of commercial area and 1.8 acres irrigated area. The proposed Confluence development will include up to 200 dwelling units, 800 hotel rooms, 40,000 square feet of commercial area and anon -specified irrigated area. Depending upon the final development plan, water requirements for the Confluence are expected to be higher than that allocated in the Town's augmentation plan. The difference between the 5.52 consumptive acre-feet and the water requirements for the proposed Confluence development is hereinafter defined as the "Increased Water Requirements." (ii) Owner shall commission a study regarding water consumption and augmentation requirements related to the maximum development as allowed by the approved PUD zoning. The study shall determine the Increased Water Requirements of the Confluence. Said study and projections shall be subject to review and approval by the Town. Upon Town approval of the water consumption and augmentation study, Owner shall, as a condition of water service for the Increased Water Requirements, dedicate and convey to the Town sufficient water rights and water storage rights that can be used in conjunction with the augmentation plan and the storage capacity presently owned by the Town to make up the amounts needed to serve the Increased Water I�III�II IIII Eagle I�I�VIII (IIII III VIII IIII 185,00 ?49 W3 0 34 40P 9 11/02/1998 16:30 3038581802 WHITE AND ASSOC PAGE 82 Final 10/27/98 Requirements Owner shall reimburse the Town's expenses, including reasonable and actual engineuing costs and legal fees, of including such additional water in the Town's augmentation play Any water rights to be dedicated and conveyed to the Town shall be subject to the Town's approval and acoeptence, provided, however, Eagle Park Reservoir water shall be deemed an acceptable source of dedication waiter under this Agreement. The Town shall not be required to store water in or release water from Benchmark Lake to meet any Increased Warr Requirements. Dedication of augmentation water and related water rights shall be completed prior to the issuance of the first building permit on the Confluence n Mill• The Town and Owner agree that the Mall shall be constructed and maintained by the Districts pursuant to the Districts' service plan 3.6 No Obligation -to -De -oft Owner shall have no obligation to develop all or any portion of the Property and shall have no liability to the Town or any other party for its failure to develop all or any part of the Property. Owner and the Town contemplate that the Property may be developed in phases. Owner shall have no obligation to develop all or any portion of any such phase notwithstanding the development or non -development of any other phase, and Owner shalt have no liability to the Town or any other party for its failure to develop all or any portion of any such phase ofthe Property. 3.7 QnVEance with General Bent ions. Except as otherwise provided in this Agreement or the Development Standards, the establishment of vested property rights under this Agreement shall not preclude the application on a uniform and non-discriminatory basis of Town regulations of general applicability (including, but not limited to, building, fire, plumbing, electrical and mechanical codes, the Municipal Code; and other Town rules and regulations) or the application of state or federal regulations, as all of such regulations exist on the date of this Agreement or may be enacted or amended after the date of this Agreement, provided that such newly enacted or amended Town regulation shall not directly or indirectly have the effect of materially altering, tmpairw& preventing, diminishing, imposing a moratorium on development, delaying or otherwise adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards Owner does not waive its right to oppose the enactment or amendment of any such regulations. 3.8 Q11 The parties agree that any dispute arising under this Article III shall be subject to arbitration among the parties in accordance with customary rules of the American Arbitration Associations than shall be binding upon the parties. 3.9 Owner Oilligtltt • All obligations of Owner in this Agreement may be performed by the Districts at Owner's election. ARTICLE IV PUBLIC FACILrIM 4.1 Mm;nipaj services, The Town shalt have the responsibility and obligation to provide all municipal services, including transit busing, to the Property and other administrative services equivalent to those provided to any other area of the Town on a uniform and non- discriminatory basis. 1 1I111I1 I11 Ij11{ 749431 Page: a�II11I�1I�I�.00205/00000'.40P 10 Final 10/27/98 4.2 Water and Services. The Town shall provide water service to the Property upon notification of need by Owner as required for the development of the Property. The Town's obligation to provide water shall survive any disconnection of Confluence pursuant to this Agreement or otherwise. Water infrastructure/capital facilities which are necessary for the Town to provide water to the Property shall be provided by Owner and/or one or more Districts which shall dedicate such improvements to the Town, whereupon the Town shall accept such improvements for dedication in their then current condition and shall assume maintenance of such improvements and facilities. All such improvements shall be constructed to the Town's normal standards for similar facilities, which standards shall be set forth in the relevant Subsequent Development Approval relating to the portion of the Property containing such water improvements. The Town shall charge water tap fees and usage charges to users within the Property on a uniform, non-discriminatory basis with other users within the Town and shall use best efforts to require the Upper Eagle Regional Water Authority, or other water service providing entity to abide by this covenant. 4.3 Sanitation Service. The Property shall receive sanitation service from the Sanitation District. The Town shall not impose rates, fees, tolls or charges for sanitation services for the Property. ARTICLE V REBATE AGREEMENT 5.1 Allocation of Taxes. In consideration of the performance by Owner of its obligations under this Agreement, the Town agrees: (a) to account for all Sales Taxes and Lodging Taxes collected by the Town and attributable to the Property and to Tract B and (b) to rebate 75% thereof to the Districts within sixty (60) days following the end of the calendar month when collected (or partial month, if appropriate, in the case of the month in which this Agreement becomes effective or is terminated). The Town shall maintain a separate "Rebate Account" into which such taxes shall be deposited until rebated; one for each parking improvement project located within the Confluence, Tract C, and Tract B, respectively. Said Rebate Accounts shall be separately accounted for and shall not be used, pledged or otherwise encumbered except as specifically set forth herein. As additional consideration of the performance by Owner of its obligations under this Agreement, the Town further agrees: (a) to account for all Real Estate Transfer Taxes collected by the Town and attributable to the Property and to Tract B and (b) to rebate 50% thereof to the Districts within sixty (60) days following the end of the calendar month when collected (or partial month, if appropriate, in the case of the month in which this Agreement becomes effective or is terminated). Such taxes shall be deposited into the separate Rebate Accounts as provided above until rebated. Said Real Estate Transfer Taxes shall be required to be rebated only with respect to the first sale of each time-share interest in each unit constructed on the Property or Tract B, and shall not be required with respect to any subsequent resale thereof. It is the expectation of the parties that a separate series of bonds shall be issued for each parking improvement project located within the Confluence, Tract C, and Tract B, respectively. It is also the expectation that the allocation and rebate of taxes from each separate 4IIIuIINher I1NNI11111IN111111111111111111111111 0210512001 43 a P tt Final 10/27/98 Rebate Account as provided above be used only for paying the debt service corresponding to the parking improvements financed and secured by future rebates from each separate respective Rebate Account. The allocation and rebate of taxes as contemplated in this Section 5.1 shall continue to be made from each separate Rebate Account until the bonds or other instruments of indebtedness issued by the Districts and secured by rebates from the separate Rebate Accounts have been paid in full. However, in no instance shall the Town continue the allocation and rebate of taxes from each separate Rebate Account beyond fifteen (15) years after the commencement of deposits in each Rebate Account for each respective bond issue. The Town shall make all such allocations and deposits unless prevented by court order from so doing. In the event any action is commenced challenging the right of the Town to make such allocations and deposits, the Town shall notify Owner and Shapiro in writing of such action prior to the Town filing its first responsive pleading in such action and shall allow the Districts to participate in any defense to such action as set forth in Section 2.4 above. 5.2 Limitation on Bonds to be Issued. Financing on behalf of the Districts for each individual parking improvement project located within the Confluence, Tract C, and Tract B, respectively, is hereby limited to two-thirds (2/3'6) of the estimated capital cost of the respective parking improvement being financed. 5.3 Determination of Amount of Allocated Revenues. The Town shall provide the Districts a summary of any Sales Tax, Lodging Tax, and Real Estate Transfer Tax collected by the Town for each month or partial month with respect to the Property and Tract B that supports the amounts rebated for such month. Such summary shall be provided at the time the rebate is made. 5.4 Computation of Tax Revenues. Within one hundred twenty (120) days following the end of the each Town fiscal year, the Town shall deliver to the Districts a final accounting of all sales taxes, lodging taxes and real estate transfer taxes collected by the Town and attributable to the Property and to Tract B and the amount rebated to the Districts. 5.5 No Debt or Pecuniary Liability; No Multiple -Fiscal Year Obligation. All rebate payments hereunder and any other financial obligation of the Town herein in any year shall be expressly subject to annual appropriation by the Town; provided, however, that it is the present expectation of the parties that the Town will make the payments contemplated by this Agreement. The Town agrees that failure to appropriate sufficient funds in any year to enable the Town to perform its obligations hereunder shall constitute, at the Districts' election, a failure of the Town to perform this Agreement and therefore a failure of a condition of annexation of the Confluence and shall permit the Districts, at its sole election, to disconnect the Confluence as set forth herein. Such rights shall not impair the Districts' rights set forth elsewhere in this Agreement. The Town also agrees that failure to appropriate sufficient funds in any year to enable the Town to perform its obligations hereunder shall also entitle Shapiro to the benefits of section 5.9 hereof, None of the obligations of the Town hereunder to the Districts shall be payable from any source other than as provided in Section 5. 1, and this Agreement shall never constitute a debt, indebtedness or multiple -fiscal year financial obligation of the Town within the meaning of the Constitution or laws of the State of Colorado. II��IIIIIII���IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�IIIIII�I Page: 43 oa:4e Sara Fisher Eavis Cty. CO 23 R 166.00 0 0.00 12 Final 10/27/98 5.6 Budget and Appropriation of Payments. The Town's finance director shall include in the budget proposals submitted to the Town Council in each year prior to termination of this Agreement, amounts sufficient to meet the obligation of the Town hereunder to the extent the Town shall have received such amounts, or anticipates receiving such amounts from Sales Taxes, Lodging Taxes or Real Estate Transfer Taxes. The Town hereby represents that it presently intends to appropriate the amounts under this Agreement to the fullest extent permitted by law. If, based upon an opinion of independent counsel not previously or at the time such opinion is delivered representing the Districts and acceptable to the Town, it is determined that the activities under this Agreement shall be determined an "enterprise" of the Town for purposes of Article X, Section 20 of the Colorado Constitution, or that transactions of a nature similar to the transactions provided for in this Agreement are not required under the laws of the State of Colorado to be subject to annual appropriation without regard to approval of any such transactions by the electors of the Town, this Agreement shall be reformed so as to delete the annual appropriation provision of Section 5.4 and as elsewhere found in this Agreement. 5.7 Subsequent Changes in Tax Rates. In the event that the Town reduces the Sales Tax, Lodging Tax, or Real Estate Transfer Tax rate applicable to taxable activities on the Property and Tract B, the calculation of the rebate percentage for rebates due to the Districts shall be recalculated so that the Districts shall receive rebates throughout the term of this agreement as if no change in tax rates had occurred. In the event the Town increases the Sales Tax, Lodging Tax, or Real Estate Transfer Tax pursuant to an election and the incremental increase in the tax rate is earmarked for a special purpose pursuant to the ballot question that is passed by the voters, such addition taxes resulting from the tax increase and collected by the Town applicable to the Property and Tract B shall not be subject to allocation and rebate by the Town to the Districts. 5.8 Books and Records. Both the Town and the Districts shall maintain adequate books and records to accurately perform and account for their respective obligations under this Agreement. Town and District representatives shall be granted reasonable access during normal business hours to such books and records in order to determine compliance with the terms of this Agreement or the accuracy of such books and records. The parties shall use their best efforts to resolve any issues, discrepancies, or inaccuracies discovered in any review of either parties' books and records. 5.9 Tax Credits. (a) In the event the Town is prevented by binding court order from paying rebates with respect to the Property or otherwise fails to appropriate, Owner shall have the option of disconnecting the Confluence from the Town as contemplated herein. In the event Owner determines not to disconnect the Confluence, or if the Town contests or otherwise fails to assure said disconnection in any way, the provisions of Section 5.8(b) hereof shall be immediately binding upon the Town. In the event the Town is prevented by binding court order from paying rebates with respect to Tract B, or otherwise fails to appropriate, the provisions of Section 5.8(b) hereof shall be immediately binding upon the Town. . 11111111111111111111111111111111[1111111111111111111 P 95143 0a ae Sara Fiahar Ea0la Cty, CO 23 0 186.00 0 0.00 13 Final 10/27/98 (b) Each taxpayer liable for Sales Tax, Lodging Tax or Regi Estate Transfer Tax on taxable transactions within the Property or Tract B shall receive a credit against such taxes in each year equal to the total amount of the rebate which would otherwise have been due from the Town. The Town shall notify all persons who would typically collect such taxes from a taxpayer that taxes shall not be due from such taxpayer in an amount equal to fees paid by such taxpayer. Such credit shall be automatic and shall take effect immediately without being claimed on taxpayer's return relating to the applicable tax and without any requirement of approval or other action by the Town, but the transactions and payments supporting the credit for any given year shall nevertheless be subject to audit to the same extent, for the same limitations periods and in the same manner as the items which are required to be reported on the taxpayer's return relating to the applicable tax. The Town's agreement to grant such credit shall not be considered a multiple fiscal year financial obligation of any kind. The credits contemplated in this Section shall continue until bonds or other instruments of indebtedness issued by the Districts or other eligible non-profit corporations acting on behalf of the Districts which are paid by the fees received from such taxpayers have been paid in full and notice thereof has been delivered to the Town. It is the expectation of the parties that a separate series of bonds shall be issued for Confluence parking improvements, Tract C parking improvements and Tract B parking improvements. The Town shall grant such credits unless prevented by court order from so doing. In the event any action is commenced challenging the right of the Town to grant such credits, the Town shall notify Owner and Shapiro in writing of such action prior to the Town filing its first responsive pleading in such action and shall allow the Owner and/or Shapiro to participate in any defense to such action as set forth in Section 2.4 above. The Town agrees that it shall take no action to prevent, and shall not fail to take any action necessary to allow, Owner and/or Shapiro, or corporations they organize, from imposing and/or collecting fees as contemplated herein. 5.10 Legal Challenge to Tax Agreement. In the event any agreement contained herein regarding taxes is ever the subject of successful legal challenge, the Town shall diligently resist such challenges in cooperation with the Owner as set forth in Section 2.4 above. If such challenges are successful in any material way, the Town shall undertake such curative actions as are necessary to attempt to fully restore the benefits of this Agreement to each of the parties. 5.11 Town Deposits. The Town may make other deposits from any other taxes or funds of its own to the rebate accounts 5.12 Town Expenses. Upon receipt of an invoice from the Town, the Districts shall pay the reasonable expenses of the Town for calculating and administering the rebates hereunder. ARTICLE VI SPECIAL DISTRICTS 6.1 Special Districts. The Town agrees to take all reasonable action necessary to approve an amendment to the service plan for the Districts to conform to the financial provisions of this Agreement and to permit the Districts to form qualifying non-profit corporations to carry Fisher NI IIIIIIIrIIIIIrIIIII VIII 11111 111 (VIII Ill165,00l °9 03 04 < P 14 Final 10/27/98 out the purposes of this agreement and the amended service plan. The Mall shall be included in the Districts at the request of the Town. In addition, properties known as Avon Town Square, Lot 61, and other properties maybe included in the Districts upon reasonable terms and conditions. 6.2 Dissolution of Districts. Dissolution of the Districts shall occur in the manner set forth in the service plan for the Districts and in accordance with the provisions and procedures set forth in C.R.S. §§ 32-1-701, et seq. as in effect as of the date of this Agreement. ARTICLE VII DEFAULTS, REMEDIES, AND TERMINATION 7.1 Default by Town. A "breach" or "default" by the Town under this Agreement shall be defined as: (a) any zoning, land use or other action or inaction, direct, indirect or pursuant to an initiated measure, taken without Owner's consent, that materially alters, impairs, prevents, diminishes, imposes a moratorium on development, delays or otherwise materially and adversely affects any development, use or other rights of Owner under this Agreement or the Development Standards or PVDs; or (b) the Town's failure to fulfill or perform any material obligation of the Town contained in this Agreement. 7.2 Default by Owner. A "breach" or "default" by Owner shall be defined as Owner's failure to fulfill or perform any material obligation of Owner contained in this Agreement. 7.3 Notices of Default. In the event of a default by either party under this Agreement, the non -defaulting party shall deliver written notice to the defaulting party of such default, at the address specified in Section 8.8, and the defaulting party shall have thirty (30) days from and after receipt of such notice to cure such default. If such default is not of a type which can be cured within such thirty (30) day period and the defaulting party gives written notice to the non - defaulting party within such thirty (30) day period that it is actively and diligently pursuing such cure, the defaulting party shall have a reasonable period of time given the nature of the default following the end of such thirty (30) day period to cure such default, provided that such defaulting party is at all times within such additional time period actively and diligently pursuing such cure. 7.4 Rem ies. (a) If any default under this Agreement is not cured as described above, the non -defaulting party shall have the right to enforce the defaulting party's obligations hereunder by an action for any equitable remedy, including injunction and/or specific performance, and/or an action to recover damages. Each remedy provided for in this Agreement is cumulative and is in addition to every other remedy provided for in this Agreement or otherwise existing at law, in equity or by statute. (b) The Town acknowledges that since this Agreement and the Development f II �1&19111!11tlyl Standards constitute a development agreement which confers rights beyond those provided by SIIuIIIIIIIIIIIIII1IIlIlII1IIIIIIII1O0 094s 0a:; P 15 Final 10/27/98 the three (3) year statutory vesting approach described in the Vested Property Rights Statute, in the event of a breach or default by the Town, in addition to any of the foregoing remedies, Owner shall be entitled to: (i) recover from the Town any damages that should have been specifically available to Owner as contemplated in Colorado Revised Statutes Section 24- 68-105(l)(c) as in effect on the Effective Date, plus any other and additional damages provable at law; and (ii) cause the Confluence, or any portion thereof designated by Owner, to be disconnected from the Town. 75 Disconnection. The Town acknowledges that Owner has agreed to develop the Confluence at significantly lower density than Owner originally desired in consideration of the Town's agreement to rebate taxes as set forth herein, and that failure of the Town to appropriate revenues sufficient to pay the rebates contemplated herein will substantially impair the value of the Confluence. Accordingly, in the event the Town exercises its discretion in any year and determines not to make sufficient budget appropriations to pay such rebates, fails to make any other appropriations which may be required by law to enable the Town to perform this Agreement in all respects, if the Town contests disconnection or otherwise acts (or fails to act) in any way to avoid disconnection, if the Town is prevented by appropriate judicial order from making such appropriations, or if any other event occurs to cause rebates not to be paid as contemplated hereinOwner shall have the immediate and continuing right, at its election, to disconnect the Confluence from the Town it being the express agreement of the parties hereto that any such act, at the sole election of Owner, shall be deemed to be a failure of the Town to meet a condition of annexation of the Confluence and/or a failure to serve the Confluence in the manner agreed herein, and shall entitle Owner to the immediate disconnection of the Confluence notwithstanding any statutory procedure or requirement for disconnection by petition. In furtherance of said agreement, the Town represents that as a home rule municipality this contractual right of disconnection shall be in addition to any statutory right or procedure for disconnection which may exist under law which shall not be deemed exclusive rights and procedures. The Town agrees in such event that it will take all necessary steps to accomplish such disconnection and shall not contest any disconnection effort by Owner. The Town shall cooperate in all respects to accomplish such disconnection whether under the agreements set forth herein or under any applicable statutory disconnection procedure, which a court may require. Said disconnection shall not affect any development rights concerning the Confluence which are vested under common law vesting principles or which are vested pursuant to this Agreement. In the event the Town breaches this Agreement by failing to pay rebates, credit taxes or amend its Municipal Code as agreed in Article V hereof, Owner shall have all rights of disconnection set forth herein. IIIII�II�I II�IIII VIII VIIIIIIIIIIII IIIIIIIfI IIIIIII 749431 0 012 04: 400P Sara Fisher Easl• Cty, CO 23 R 186.00 D 0.00 16 Final 10/27/98 ARTICLE VIII MISCELLANEOUS 8.1 Applicable Law Agreement shall be construed and enforced in accordance with the laws of the State of Colorado. 8.2 No Joint Venture or Partnership No form of joint venture or partnership exists between the Town and Owner, and nothing contained in this Agreement shall be construed as making Town and Owner joint venturers or partners. 8.3 Expenses. Except as otherwise provided in a separate written agreement, Owner and the Town shall each bear their respective costs and expenses associated with implementing and enforcing the terms of this Agreement. 8.4 Waive . No waiver of one or more of the terms of this Agreement shall constitute a waiver of other terms. No waiver of any provision of this Agreement in any instance shall constitute a waiver of such provision in other instances. 8.5 Town Findings. The Town hereby finds and determines that execution of this Agreement is in the best interests of the public health, safety, and general welfare, and the provisions of this Agreement, the PUDs, Development Standards, and vesting agreements contained herein are consistent with the Comprehensive Plan, Municipal Code, and other applicable regulations and policies of the Town. 8.6 Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect so long as enforcement of the remaining provisions would not be inequitable to the party against whom they are being enforced under the facts and circumstances then pertaining. 8.7 Further Assurances. Each party shall execute and deliver to the other all such other further instruments and documents as may be reasonably necessary to carry out this Agreement in order to provide and secure to the other party the full and complete enjoyment of its rights and privileges under this Agreement. 8.8 Notices. Any notice or communication required under this Agreement between the Town and Owner must be in writing, and may be given either personally or by registered or certified mail, return receipt requested. If given by registered or certified mail, the same shall be deemed to have been given and received on the first to occur of (i) actual receipt by any of the addresses designated below as the party to whom notices are to be sent, or (ii) five days after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail. If personally delivered, a notice shall be deemed to have been given when delivered to the party to whom it is addressed. Any party hereto may at any time, by giving written notice to the other party hereto as provided in this Section designate additional persons to whom notices or communications shall be given, and designate any other Sara II�III VIII II��III�IIIII�IIIII VIII VIII III �IIIII III /III Page 43�e4: a P 17 Final 10/27/98 address in substitution of the address to which such notice or communication shall be given. Such notices or communications shall be given to the parties at their addresses set forth below: If to Town: Town of Avon P.O. Box 975 Avon, Colorado 81620 Attention: Town Manager If to Owner: Vail Associates Investments, Inc. c/o James S. Mandel, Esq. P.O. Box 7 Vail, Colorado 81658 Attn: Legal Department Attn: James P. Thompson With a Copy to: Sheldon & Gordon, P.C. 4582 South Ulster Street Parkway, Suite 902 Denver, Colorado 80237 Attn: Michael A. Sheldon, Esq, and to: White and Associates Professional Corporation 8005 S. Chester Street, Suite 125 Englewood, Colorado 80112 Attention: Gary R. White, Esq. If to Shapiro: Avon Commercial Center Ltd., a Colorado limited partnership, Shapiro Development Co., general partner c/o Shapiro Development Co. P.O. Box 5640 Avon, CO 81620 Attn: Ken Shapiro 8.9 Assignment. This Agreement shall be binding upon and except as otherwise provided in this Agreement, shall inure to the benefit of the successors in interest or the legal representatives of the parties hereto. Except as specifically set forth herein, Owner shall have the right to assign, delegate or transfer all or any portion of its interests, rights or obligations under this Agreement to third parties acquiring an interest or estate in the Property, including, but not limited to, purchasers or long term ground lessees of individual lots, parcels, or of any improvements now or hereafter located within the Property. Provided that the Town's approval of the assignee or transferee is first obtained, an assumption or transfers providing for express assumption of any of Owner's obligations under this Agreement by its assignee or transferee shall be relieved of any further obligations under this Agreement with respect to the matter so INN�10Ad�SYWM' :�:> 18 Final 10/27/98 assumed. The Town's obligations hereunder may not be assigned or delegated without Owner's written consent, and any attempted assignment or delegation by the Town not in compliance herewith shall be null and void. The Town's approval of any such assignee or transferee shall not be unreasonably withheld or delayed. 8.10 Counterparts. This Agreement shall be executed in multiple counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 8.11 Amendments and Waivers. No amendment or waiver of any provision of this Agreement, nor consent to any departure herefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. IN WITNESS WHEREOF, Owner and the Town have executed this Agreement as of the date first written above. STATE OF COLORADO ) ) ss. COUNTY OF W) TOWN: TOWN OF AVON, a municipal corporation of the State of Colorado By: ayo �h Subscribed before me this day ofZg_&e,4_ 1998, by \,&ck f aiag :C. as Mayor of Town of Avon, Colorado and as Town Clerk of Avon. Aly Ccrr,�issian Expires 03/28/2002 My commission expires: Notary Nblic ' Jill jil 11111111111111111111111111111111111111 Jill 9404 aP 19 Pagel Sara Fi~ Eagle C[y, CO 23 R 166.00 0 0.00 STATE OF COLORADO ) / ss. COUNTY OF i Sub ribe¢ before me �{ u�S" '�Q Wf)-M,1 as Investments, Inc. and i obywA A Vail Associates Investments, Inc. Final 10/27/98 OWNER: VAIL ASSOCIATES INVESTMENTS, INC., a Colorado limited liability company h � day of �)Z � 1998, by E' t rj_ {. AJ. 11 & 4q of Vail Associates ntr2;iO as r,v_nAata.t"iof My commission expires: Notary Public 749431 Page: 20 of 33 1111111111111111111111111111111111111111111 OV05120,01 04:40P PA Final 10/27/98 Avon Commercial Center Ltd., a Colorado limited partnership, Shapiro Development Co., general partner By: Its: ATTEST STATE OF COLORADO ) ss. COUNTY OF Ene ) Subscribed before me this o?ItL day of & To i,e r 1998, by SA u o c-4 r$o c r, a as c e Q c e s d of SirAp,,v, ')eve loprkev,.i' CO. and Kaye r� Rerhon as S— [T i-ar� of sk"P:co '5e,3' 1 oPMC'1tC0 My commission expires: IIIIIIIIiIIIIIIiBllllllllllllllllillllllillllllllllll P051 00 0; a P Sara Flzh*r Eaal• Oty, CO 23 R 166.00 D 0.00 VAINCWGRTIGAW 10081001980 244.2036 21 Final 10/27/98 Exhibit A-1 irp�Mwvumgi� m°!.�: The Coellaence Legal Description A parcel of land located in the south'/, of the northwest 1/4 of Section 12, Township 5 South, Range S2 West of the Sixth Principal Meridian, Eagle County, Colorado, being more particularly described as follows: Beginning at a point on the southerly right-of-way line of the Denver & Rio Grande Western Rail Road and the westerly right-of-way line of Avon Road, from which the Center % corner of Section 12 bears S 04°18'06" E, 61239 feet; thence along the southerly railroad right-of-way N 65'23727' W, 1729.75 fat to the southeasterly most comer of Tract x Benchmark at Beaver Creek Subdivision Amendment Number 4, as recorded in book 274 at page 701; thence departing the southerly right-of-way line and along the southerly line of Tract H N 89032'01" W, 397.29 feet to a point on the easterly line of Beaver Creek Subdivision, Trace O and P, as recorded in Book 656 at page 662, said line being also the approximate centerline of the Eagle Riva, thence along the easterly line the following ten (10) courses: 1) S 48°08'55" E, 132.70 feet, 2) S 57"22'26' E, 341.00 feet. 3) S 49°50'33" E, 455.67 feet, 4) S 47*47'00^ E, 293.81 feet, 5) S 43*40'09" E, 152.41 het, 6) S 50*10'13" E, 154.% feet, 7) S 53*42'45" E, 18729 feet, 8) S 81'26'34" £, 214.88 feet, 9) N %'00'59" E, 162.21 feet, 10) N 86*36'05" 1~ 197.35 feet to a point on the westerly right-of-way line of Avon Road, thence along the westerly right-of-way line the following four (4) courses• 1) N 12*05'08" E, 120.18 feet, 2) N 12°07'30"F, 86.00 fee4 3) N 21-17-14- E. 52.00 feet, 4) N 04.29'54" E, 119.79 Feer to the Point of Beginning. Parcel contains 18.886 acres. �IIIIIIIIIIIII�IIIII�III VIMf IIIII�I I III 9 43o Pm0iIVIIiItVII Im Final 10/27/98 Exhibit A-2 IMI�NYN�9NNIN :.°�"::Sara Fisher Es�la Cty. CO 23 R 165.w 0 0.00 23 Lot C Legal Description A parcel of land descn'bed as Lot C. Avon Center at Beaver Creek, Beochrnarls at Beaver Creels. Town of Avon, Eagle County, Colorado, being more particular described as follows: Amendment No. 4, Beginning at the easternmost comer of Lot C, also being the northernmost corner of La B; thence along the line common to Loa B and C, S520 41'02"W, 397.57 feet; thence departing said common lot lino, N65° 38'08' W, 22.72 feet thence N020 30' 12"W,176.33 feet to a point on the southerly right -of way of Benchmark li .it Road; thence along said right -of --way N59° 20'02"E,5'2 "E, 40 feet feet; t point on the westerly right -of --way of Beaver Creek Boulevard thence along said a left $0.way ct, 0 Wing a r, 400.62 feet; thence continuing along said right-of*along the arc of a tangenr curve to the E. 80.83 feet, having a radius of Beginning. feet, a central angle of 080 34'36" and a chord which bears S31° 22'41"E. 80.76 feet to the Point of Beginning. Parcel contains 3.24 acres. 749431 Page: 25 of 33 OV0612001 04:40P Final 10/27/98 Exhibit A-3 749431 Sara IIIIhiIIIIIIIEIIIIIIIIIIiIIINIIIIIIIiIIIIIIIIIIIIiIIIeP4,4 PR 66 24 LEGAL DESCRIPTION: Lot B, Avon Center at Beaver Creek The point of beginning being the southwest corner of Lot 8, Avon Center; thence N.52'41'01 "E., a distance of 397.67 feet to a point on a curve to the right, said curve having a radius of 450.00 feet; thence along said curve a distance of 187.14 feet through a central angle of 19'51'210, having a chord bearing and distance of 5.45'35'39"E„ 186.20 feet; thence 5.82'54'37"W., a distance of 15.00 feet; thence 5.27'05'23"E., a distance of 12.03 feet: thence S.62'54'37"W„ a distance of 137,48 feet; thence S.27107'37"E., a distance of 65.53 feet; thence S.62'52'23"W., a distance Of 55.96 feet; thence S.27'05'230E., a distance of 61.17 feet; thence 5.62'54'27"W., a distance of 12.10 feet; thence S.27'05'23"E., a distance of 40.05 feet; thence N.65'58108"W., a distance of 366.19 feet to the True Point of Beginning. Said parcel of land contains 75,617 square feet (1.735 acres), more or less. IIIIII VIII IIIIIIISara Fisher llllll`IIIII VIII VIII III illllll MAO P 003 of 33 4:40P 0 -- d Wd22:S8 86, 22 100 Final 10/27/98 Exhibit C-1 1111111 IN 111111111111111111111111111111111111111111�'�9200,0e 4 P 26 SECTION Il: Zoning Review: Title 17 I DEVELOPMENT STANDARDS: Confluence PUD Revised Submittal No.3 October 27, 1998 A. Intention: This development is intended to complement the adjacent town center developments, future developments and expansions and to provide a variety of uses on the Confluence such as lodges, commercial establishments and offices in a predominantly pedestrian environment. These development standards are intended to provide a development which distinguishes this development from other areas within the Town. B. Allowed Uses: The following uses shall be permitted in this Confluence development and those designated with a ■ shall also be allowed at plaza / ground level, those uses not designated with a shad not be permitted at plaza /ground level. Commercial uses designated with a O shall be permitted to a maximum of 40,000 SF GLFA; 1. ■ O Retail Stores; 2. ■ O Specialty Shops; 3. ■ O Restaurants, excluding drive-through windows; 4. ■ O Cocktail Lounges; 5. ■ O Personal service shops; 6. ■ O Professional offices; 7. ■ Hotels; 8. ■ Lodges; 9. Apartments; 10. Condominiums; 11. ■ Indoor recreation 12. ■ O Financial institutions; 13. Bed and breakfast lodge; 14. Time-share, interval ownership, and fractional fee ownership projects; 15_ ■ Intercept/ day -skier parking; 16. ■ O Entertainment Facilities 17-0 Additional uses determined to be similar to allowed uses in accordance with the intent of this zone district, to be approved by the zoning admininistrator. C. Special Review Uses; L Public Transportation facilities; 2. Public parking facilities except for intercept / day -skier parking provided at initial development phase. 3. Theatres; 4. Conference / Convention Facilities; 5. Aboveground public utility installations; 6. Churches; 7. Drive-through windows. 119NYAIApnIbN� d�'�?:e Confluence PUD Revised Submittal Na.3 October 27, 1998 Page 2 of 2 D. Development Standards: L Lot Area: 18.886 Acres (Not to be affected by future condominium and/or subdivision plattingj 2 Building height: No building or portion thereof may extend above a plane 10 feet below that projected horizontally from the top of the Avon Center Building, and in no case shall any building be taller than 120 feet, measuring said height as defined in Title 17 of the Avon Municipal Code. Specific buildings will provide for appropriate view corridors from town core areas. 3. Building Setbacks: See Building Setback Diagram — Exhibit N (Revised 10/9/98) A. Riverfront: Seventy Five Feet [75'] from the mean annual high water mark. If the 100 year flood plain or identified wetlands exceed the 75' setback those exceptions will constitute the designated setback. B. Side [East]: Twenty Feet [20'] C. Rear [North]: Ten Feet [IO'] Zero Feet (0'] for structures pertaining to transportation systems and / or buildings or pedestrian linkages. Non -habitable porte-cochere, low level roof structures covering open air pedestrian ways and awnings relating to commercial uses may encroach into setback. 4. Maximum Site Coverage: Seventy per cent [70%] S. Maximum Density: 456 Dwelling Units which equates to 30 Dwelling Units per acre of buildable area. (3 hotel rooms or Accommodation Units = 1 Dwelling Unit) 6. Parking: A. Commercial: Five spaces per thousand square feet gross leasable floor area [GLFAJ applied to a full range of commercial uses (allowed in `Town Center' zoning such as retail, restaurant, and / or office] excluding parking requirements for incidental guest oriented commercial uses within hotels. B. Residential/Lodging: I . Hotel: 1.0 parking space per room (Including parking requirements for incidental guest oriented commercial uses within hotel) 2. Timeshare / Interval Ownership Units: 0.6 parking spaces per bedroom 3. Dwelling Unit: 2.0 parking spaces per unit up to two [2] bedrooms plus, 0.5 parking spaces per additional bedroom, 4. Deed Restricted Employee Housing: 0.5 parking spaces per bedroom C. No additional guest spaces shall be required. All surface and below grade parking spaces shall be counted toward meeting these requirements. 1 IIIDVIII II�IIII II C Co VIII II� IIII (IIII IIII 0Page: 40 04 4 P Final 10/27/98 Exhibit C-2 IIID VIIIIIIIIIIVIIIVIIIVIIIVIII��IIIIIIII IIII Page: OI 04:40 Sara Fisher Eagl• Cty, CO 23 R 166.00 0 0.00 27 Lot C PUD Revised Submittal October 27, 1999 SECTION A: Zoning Review: Title 17 I DEVELOPMENT STANDARDS: A. Intention: This development is intended to complement the surrounding town center developments, future developments and expansions and to provide a variety of uses on Lot C such as lodges, commercial establishments and offices in a predominantly pedestrian environment. These development standards are intended to provide a development which distinguishes this development from other zone districts within the Town. 8. Allowed Uses: The following uses shall be permitted in this Lot C development and those designated with a ■ shall also be allowed at plaza / ground level, those uses not designated with a • shall not be permitted at plaza / ground level: L 11 Retail Stores; 2. ■ Specialty Shops; 3. ■ Restaurants, excluding drive-through windows; 4. IN Cocktail Lounges; 5. ■ Personal service shops; 6. ■ Professional offices; 7. ■ Hotels; 8. ■ Lodges; 9. Apartments; 10, Condominiums; 11. ■ Indoor recreation and/or entertainment facilities; 12. ■ Financial Institutions; 13. Bed and breakfast lodge; 14. Time-share, interval ownership, and fractional fee ownership projects; and, 15. ■ Additional uses determined to be similar to allowed uses in accordance with the intent of this zone district, to be approved by the zoning administrator. C. Special Review Uses: 1. Public Transportation facilities; 2. Public parking facilities; 3. Theatres; 4. Conference / Convention Facilities; 5. Churches; 5. Aboveground public utility installations; and, 6. Drive-through windows. �IIIII�Iof 33 431 IIIIIIII�IIIII�IIIIIII�IIIIII�llllllllll! P o� 04:40P Sara Fisher Eagle Cty. Co 23 R 165 .00 D 0.00 • Lot C PUD Revised Submittal October 27, 1998 Page 2 of 2 D. Development Standards: 1. Lot Area; 3.24 Acres [Subject to future condominium and/or subdivision platting] 2. Building Height: Subject to a Building Height equal to the Avon Center Building 3. Building Setbacks: Height subject to verification by a licensed professional surveyor. A. Front [North): West Beaver Creek Boulevard - Twenty Feet [20'1 Front [West]: Benchmark Road — Twenty Feet [20'1 B. Side (East]: Lot 'B' — Ten Feet [I01] Side (West]; Benchmark Road—Ten Feet [10') C. Rear [South): The Town of Avon Mall - Ten Feet [10'] (Non -habitable porte-cochere, low level roof structures covering open air pedestrian ways and awnings relating to commercial uses may encroach ten feet into setbacks.) 4. Maximum Site Coverage; Seventy per cent [701/6] S. Maximum Density: 210 Dwelling Units - Site Density of 65 Dwelling Units / Acre 6. Panting: (3 hotel rooms or Accommodation Units - I Dwelling Unit) A. Commercial: Five spaces per thousand square feet gross leasable floor area [GLFA] applied to a full range Of commercial uses [allowed in `Town Center' zoning such as retail, restaurant, and / or office] excluding incidental guest oriented commercial uses within hotel. B. Residential/Lodging: 1. Hotel: 1.0 parking space per room (Including incidental guest oriented commercial uses within hotel) 2. Timeshare / Interval Ownership Units: 0.6 parking spaces per bedroom 3. Residential Unit: 2.0 parking spaces per unit up to two (2) bedrooms plus, 4. Deed Restricted Employee Housing: 0.5parking parking spaces per additional bedroom. oom C. No additional guest spaces shall be required. All surface and paces beloowgrade parking spaces shall be counted toward meeting these requirements. 749431 I IIIIII VIII IINIII��III VIII VIII VIII (I VIII IIII IIII O 0 4.40 TOWN OF AVON ORDINANCE NO. 02 SERIES OF 2000 AN ORDINANCE CONDITIONALLY APPROVING A PUD DEVELOPMENT PLAN (INCLUDING DEVELOPMENT STANDARDS) FOR TRACT C, AVON CENTER AT BEAVER CREEK SUBDIVISION, AND AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WHEREAS, Vail Associates Investments, Inc., a Colorado corporation ("VA") is the owner of Tract C (also known as Lot C), Avon Center at Beaver Creek Subdivision, and WHEREAS, upon the application of VA the Town, on or about October 27, 1998, enacted Ordinance 98-21, approving a zoning change of said Tract from TC to PUD, and WHEREAS, said ordinance provided, among other things, that "Development may occur on this site only in conformance with a site-specific Development Plan ... reviewed and approved by the Town through a separate application and review process pursuant to Section 17.20.110 of the Avon Municipal Code," and WHEREAS, contemporaneous with the adoption of Ordinance 98-21 the Town and VA entered into that contract known as "Development Agreement — Confluence and Tract C," (the "1998 Development Agreement"), and WHEREAS, VA now has applied to the Town for approval of a site-specific Development Plan (including Development Standards) (a copy of which is attached hereto as Exhibit A and made a part hereof), concerning Tract C, and WHEREAS, the Town and VA desire to enter into a contract, a copy of which is attached hereto as Exhibit B and made a part hereof, amending the 1998 Development Agreement insofar as it concerns Tract C only, and WHEREAS, a public hearing as prescribed by law was held on VA's said application before the Town of Avon Planning and Zoning Commission, followed by the delivery to the Town Council of P&Z's recommendation on said application (a copy of which is attached hereto as Exhibit C and made a part hereof), and WHEREAS, the Town Council finds that VA's application is consistent with the Comprehensive Plan for the Town, and 1111111 IIIII 1111111 III 1111111 I1'I' IIIII III IIIII IIII IN 730844 05/30/29M 11:25A 289 Sara Fisher CO DOCS A56190v4 1 of 18 R 90.00 0 0.00 N 9.00 Eagle CO WHEREAS, an express condition of the Town's adoption of this ordinance and approval of VA's application is the execution of the attached form of"Amendment to Development Agreement For Confluence and Tract C" (the "Amendment") and, WHEREAS, subject to the conditions and limitations set forth in this ordinance, the Town Council wishes to grant approval of VA's application, and WHEREAS, the Town Council finds that the adoption of this ordinance and the execution of the Amendment are both in the public interest and serve the public purposes of increasing employment and economic development in the Town, including the development of new businesses and the expansion of existing businesses. NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, that: 1. The Mayor is authorized to execute on behalf of the Town the attached Amendment; 2. Upon the execution of the Amendment, VA's application for approval of its attached Development Plan for Tract C is approved subject to the conditions and limitations set forth in Sections 8.12 and 8.13 of the attached form of Amendment. INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED POSTED, this 8d' day of February, 2000, and a public hearing on this Ordinance shall be held at the regular meeting of the Town Council of the Town of Avon, Colorado on the 22nd day of February, 2000, at 5:30 p.m., in the Municipal Building of the Town of Avon, Colorado. J Yodf Wyor INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED POSTED, this 22nd day of February, 2000. CO DOCS A 56190 v 4 avt11 i4/ I sl 111111111111111111111111111111111111111111111111111 IN 730844 05/30/2000 11:25R 289 Sara Fisher 2 of 18 R 80.00 D 0.00 N 0.00 Eagle CO APPROVED AS TO FORM AND LEGAL SUFFICIENCY: I TT Burt Revin, Town Attorney 111111111111111111111111111111111111111111111111111 IN 730044 05/30/2000 11:258 289 Sara Fisher 3 of 18 R 80.00 0 0.00 N 0.00 Eagle CO CO DOCS_A 56190 v 4 kuu 18 IT- 13 AMENDMENT TO DEVELOPMENT AGREEMENT FOR CONFLUENCE AND TRACT C THIS AMENDMENT to the Development Agreement for Confluence and Tract C (this "Amendment") is made and entered into by and between Vail Associates Investments, Inc., a Colorado limited liability company (hereinafter "Owner") and the Town of Avon (hereinafter the "Town"), a Colorado municipal corporation. RECITALS A. Owner owns a parcel of real property in the Town generally known as Tract C (also known as Lot C), Avon Center at Beaver Creek Subdivision (hereinafter "Tract C"), as more particularly described in Exhibit A attached. B. On or about October 27, 1998, the parties hereto entered into a contract, a copy of which is attached as Exhibit B, titled "Development Agreement - Confluence and Tract C" (hereinafter the "1998 Development Agreement"). C. The parties wish to amend the 1998 Development Agreement concerning Tract C only. The parties expressly intend not to modify any of the terms of the 1998 Development Agreement insofar as that agreement refers to and concerns the properties defined therein as the "Confluence" and "Tract B." AMENDMENT ARTICLE V REBATE AGREEMENT 5.1 Allocation of Taxes. The parties have renegotiated their agreement with regard to the allocation of taxes, as follows. (a) Section 5.1 of the 1998 Development Agreement Deleted. Section 5.1 of the 1998 Development Agreement is hereby deleted as it pertains to Tract C, and the parties agree as follows. (b) Sales and Accommodations Taxes Attributable to Lease or Rental of Hotel Rooms. The Town agrees to account for sales taxes (as generated in accordance with Chapter 3.08 of the Avon Municipal Code, as amended) and accommodations taxes (as generated in accordance with Chapter 3.28 of the Avon Municipal Code, as amended) collected by the Town and attributable to the lease or rental of hotel rooms on Tract C, and to rebate 75% thereof to the special district which includes Tract C within its boundaries (the "Tract C District") within sixty (60) days following the end of the calendar month when collected (or I I"III'IIII "I"II II' I'IIIII IIT II'II III "VI'I'I IIII Co DOCS A5st8Bva 730844 05/30/2000 11:26R 288 Sara Fisher - 4 of 18 R 80.00 0 0.00 N 0.00 Eayla CO partial month, if appropriate, in the case of the month in which this Amendment becomes effective or is terminated). The Town shall maintain a separate "Tract C Sales and Accommodations Tax Rebate Account" (the "Sales Tax Rebate Account") into which such taxes shall be deposited until rebated for the parking improvement project located on Tract C. Said Sales Tax Rebate Account shall be separately accounted for and shall not be used, pledged or otherwise encumbered except as specifically set forth herein. The Town shall not be obligated to account for or rebate any sales taxes on retail sales or other taxable sales occurring within the hotel on Tract C. The duration of this obligation to account for and rebate accommodations taxes or sales taxes attributable to the lease or rental of hotel rooms shall be for a period of fifteen (15) years, commencing upon the date when the hotel is opened to the public or on lune 1, 2006, whichever date is earlier; provided, however, that in no event shall the Town be under an obligation to account for or rebate such taxes after the bonds or other obligations related to the Tract C parking improvements project are satisfied or retired. (c) Real Estate Transfer Taxes. Subject to the conditions stated below, the Town agrees to account for all Real Estate Transfer Taxes (RETT) attributable to the first sale of time-share units located on Tract C, and to rebate 50% thereof to the Tract C District within sixty (60) days following the end of the calendar month when collected (or partial month, if appropriate, in the case of the month in which this Amendment becomes effective or is terminated). The Town shall maintain a separate "Tract C Real Estate Transfer Tax Rebate Account" (the "RETT Rebate Account"), into which such taxes shall be deposited until rebated for the parking improvement project located on Tract C. Said RETT shall be required to be rebated only with respect to the first sale of each time-share interest in each unit constructed on Tract C, and shall not be required with respect to any subsequent resale thereof. It is the expectation of the parties that a series or series of bond or other obligations shall be issued or incurred for the parking improvements project located on Tract C. It is also the expectation of the parties that the allocation of and rebate from the RETT Rebate Account is to be used only for paying the debt service corresponding to the parking improvements project on Tract C. The allocation and rebate of RETT shall continue to be made from the �LL • RETT Rebate Account until the bond or bonds (or other obligations) issued or incurred by the L o Tract C District and secured by rebates from said account have been paid in full. However, in no instance shall the Town continue the allocation and rebate of RETT taxes from the RETT g m Rebate Account beyond fifteen (15) years after the commencement of deposits in said account. Mw Notwithstanding the foregoing, prior to the earlier to occur of lune 1, 2007 or a hotel m in Tract C opening to the public, all amounts required to be deposited by the Town in the RETT Rebate Account shall be held in an interest-bearing escrow fund to be established with a X118 banking institution mutually acceptable to the Town and the Owner. In the event such hotel is semi opened to the public on or before lune 1, 2007, any interest accumulated on rebateable funds =r within the escrowed RETT Rebate Account shall be split evenly between the Town and the Wr rp �- ^ CO DOCS A 56189 v 4 2 M is Tract C District and the balance of such fund shall be conveyed to the Tract C District free and clear of any claim by the Town. If the hotel is not opened to the public on or before June 1, 2007, then all amounts held in the escrowed RETT Rebate Account shall be conveyed to the Town free and clear of any claim by the Tract C District. Notwithstanding the foregoing, the Town shall in no event be under an obligation to rebate RETT in an amount which exceeds One and a half Million Dollars ($1,500,000) (excluding any interest accumulated on funds deposited within the RETT Rebate Account). (d) Cooperation by the Town. The Town shall make all allocations and deposits of taxes, as provided above, unless prevented by court order from so doing. In the event any action is commenced challenging the right of the Town to make such allocations and deposits, the Town shall notify Owner in writing of such action prior to the Town filing its first responsive pleading in such action and shall allow the Districts to participate in any defense to such action as set forth in Section 2.4 of the 1998 Development Agreement. ARTICLE VIII MISCELLANEOUS 8.12 Recreation Amenities Fee. Commencing as of the effective date of this agreement, and continuing in perpetuity, the Owner, or the condominium timeshare association, if any, is obligated to the Town for payment of a Recreation Amenities Fee. The fee shall be calculated and paid to the Town semiannually and will be based on an initial annual amount of twenty-five ($25) dollars for each deeded time-share unit located on Tract C. (For purposes hereof, time-share unit includes any accommodation unit separately deeded.) The amount of the semiannual payments will be calculated according to the following formula: Number of existing or newly deeded time-share units per semiannual period (January -June; July -December), multiplied by $25 (or as adjusted by CPI, as defined below), divided by 2. The due dates for the semiannual payments are August 20 and February 20 for the previous semiannual calculation period. For purposes hereof, "deeded time-share unit" is defined as any time-share unit heretofore deeded by a time-share developer to the owner thereof and includes time-share units which have been foreclosed upon or re -conveyed in lieu -of foreclosure. On January 1, 2001, and on the first day of each year thereafter, the amount of the fee shall be increased by the prior years' average consumer price index for All Urban Consumers (CPI -U) for the Denver -Boulder -Greeley metropolitan area as published semiannually and appearing in the January and July issues of the CPI Detailed Report published by the Bureau of CO DOCS_A 56169 v 4 3 Labor Statistics. It shall be the duty of the Owner or the condominium timeshare association, if any, to keep and preserve such records as are necessary to determine the amount of fees due hereunder. Such records shall be preserved for a period of three years and shall be open for inspection by representatives of the Town during regular business hours. If a remittance to the Town is delinquent, or the remittance is less than the full amount due, the Town shall make a written determination of the amount due and deliver or mail the same to the office of the Owner or the condominium timeshare association, if any. The amount properly determined to he owing shall be subject to a penalty in the amount of ten percent of the amount due and shall bear interest from the due date of the remittance at the rate of one and one-half percent per month until paid. 8.13. Additional Provisions. Town of Avon Ordinance No. 02, Series of 2000, conditionally approves a PUD Development Plan (Including Development Standards) for Tract C. Said Development Plan was approved subject to the following conditions which are incorporated herein and made a part of this Amendment: A. Proposed storm water detention and pollution control facilities located on Town owned property known as Tract G (the "Town Lot"), as depicted on the Development Plan fol Tract C, are approved in concept only, by this Ordinance. Design, construction, and management of the storm water detention and pollution control facilities located on the Town Lot must be approved by the Town at a later date, and will be governed by a separate agreement which shall provide satisfactory assurances that these facilities will be operated and maintained at no cost to the Town and will be relocated or replaced at no cost to the Town in the event the facilities conflict with future development on the Town Lot. B. At buildout, the project shall incorporate: 1, a minimum of 21,350 square feet (sf) of gross leaseable floor area (GLFA) ground -floor commercial space suitable for commercial retail use which square footage includes 4,800 sf GLFA of restaurant space in the Phase 2 hotel; 2, a minimum of 10,500 sf GLFA of office/retail commercial space on the second and third floor of the freestanding commercial building closest to the Seasons building; 3. a hotel of no less than 125 rooms; 1111111111111111111111111111111111 IIIII 111 11111 1111 IIII 730044 06/30/2000 11:26R 299 Sara Fisher 7 of 10 R 90.00 D 0.00 N 0.00 Eagle CO CO -DOCS A 56189 v 4 4. 20 dwelling units of deed restricted employee housing (the "Employee Units") including eight studios, eight one -bedroom, two two-bedroom and two three-bedroom units totaling no less than 26 bedrooms; and 5. not more than 133 two-bedroom time-share units, each of which may be subdivided into one one -bedroom dwelling unit and one one -bedroom accommodation unit for a total of 266 condominium units. For zoning density purposes each two-bedroom time-share unit will be one dwelling unit. However, each dwelling unit and accommodation unit shall be considered a separate time-share unit which may be separately conveyed, occupied, rented or exchanged. Subdivision of time-share units shall be accomplished by the condominium declaration and map for the project. The phasing of the project shall be as follows: Phase 1-A: 50 time-share units and 5,800 sf GLFA of ground floor commercial space fronting West Beaver Creek Boulevard and the internal pedestrian connection to the Avon Town Center Mall and the Employee Units. 2,050 sf GLFA of such retail space may be used for lobby, check-in and support functions for the time-share units until Phase 1-B is completed. Parking will include construction of 180 spaces. Phase 1-B: 35 time-share units. A building permit will be issued for Phase 1-B (the second phase of the Timeshare portion of the project) at such time as a building permit is issued for the 15,750 sf GLFA three story freestanding commercial building closest to the Seasons building (at least the ground level of which will be for retail use and the second and third floors of which may be used for office or retail use). Parking will include construction of 11 spaces. Phase 1-C: 48 time-share units. A building permit will be issued for Phase 1-C (the third phase of the Timeshare portion of the project) at such time as a building permit is issued for the hotel (which shall include a minimum of 5,500 sf GLFA ground -level commercial area suitable for retail use) and 4,800 sf GLFA of restaurant space in the hotel. M$ Parking will include construction of 183 spaces. A complete landscaping plan and construction laydown plan will be required prior �w to issuance of a building permit for each phase of the project. n m D. The parking structure will be designed for future access to the Sunroad ramp and M � z Tract B. 11 ="m E. All parking aisles are required to comply with the 24'0" width. o F. All of the encroachments proposed in the setbacks are non -habitable. The non - habitable encroachments are limited to balconies, porte-cochere, roof overhangs, awnings, and lower level roof structures. Limited occupancy within setbacks will also be allowed for outdoor sidewalk —rm CO -DOCS -A 56189 v 4 5 caf6 areas, merchant temporary displays and kiosks and other such accessory uses consistent with the pedestrian nature of the setback areas, subject to the Town's typical review and regulation of such uses. G. All perimeter sidewalks throughout the project shall be a minimum of 8'0" width. H. No columns or structural supports may either impede the 8'0" wide sidewalk clearance requirements or encroach into driveways or entrances. 1. All curbs along streets and entrances must include 2'0" gutter pans in addition to the driving lanes. J. All streetscape improvements will include furniture, fixtures, kiosks, and lights per Town standards. K. All street and streetscape improvements along West Beaver Creek Boulevard and Benchmark Road must be completed (except for any items that cannot be completed for seasonal or force majeure reasons) at or prior to the time of issuance of the first temporary certificate of occupancy ("TCO") for the project. L. The final design and specifications for the bus stop require Design Review approval. M. All surface entries and loading entrances shall have a minimum vertical clearance of 13'6". N. All parking entrances from public roads shall have a 28'0" access width, which will include a 2'0" gutter pan on each side. 0. The fountain and seating area adjacent to the Town Center Mall must be complete �+ at the time of issuance of the first TCO for the Phase 1-13 three-story freestanding commercial $ building closest to the Seasons building. y �LL • r . a P. The grading plan adjacent to the Town Center Mall included in the Development Plan X43 shall be approved through Design Review (which approval shall not be unreasonably withheld) 1�11mm contemporaneously with the Streetscape improvement Plan in connection with Phase 1-A of the �P1O project. —�z �.. Q. An access easement containing the following terms and conditions must be granted a , a by the owner of Tract C for the benefit of Tract B (as contemplated by the P & Z approval for Tract B) prior to the issuance of any building permit: �iti' 1. A 39'0" wide access easement extending southwesterly approximately 145 �� feet from the intersection of Sunroad and West Beaver Creek Boulevard to the entrance to the hotel with 19'5" of such easement on each of Tract B and Tract C. From the hotel o _Fw CO DOCS A 56189 v 4 6 entrance to the parking structure the easement shall be 25'0" wide with 12'5" of such easement on each of Tract B and Tract C. 2. A provision for reciprocal licenses for access across and storage and staging during construction on designated, vacant portions of Tract B and Tract C, so long as such portions remain unimproved. The license shall specifically provide that any use of such area may be terminated upon 30 days' notice from the owner of either tract in anticipation of commencement of construction of any improvements on vacant areas of Tract B or Tract C. 3. The easement shall also set forth authorization for construction and management of the storm drainage facilities from Tract B across Tract C as contemplated by Paragraph A above. R. The accessibility and function of the trash and delivery areas depicted in the Development Plan for Tract C are conceptually approved. Specific aspects of the trash and delivery areas will require subsequent Design Review approval. S. The architecture, construction details, final grading and drainage plans depicted in the Development Plan for Tract C are conceptually approved, but will require separate Design Review approval. T. Parking shall include 374 parking spaces upon completion of the entire Tract C project. 8.14 Provisions Regarding 1998 Development Agreement. y ' A. In the event Vistana, Inc."purchases Tra C from the Owner, the parties agree that the Owner's right, title and interest in this Amendm t shall be assigned pursuant to Section 8.9 of the 1998 Development Agreement to Vistana, Inc. and this Amendment shall be binding upon and except as otherwise provided in the Amendment, shall inure to the benefit of Vistana, Inc, and its successors in interest. Further in the event of such purchase by Vistana, Inc., all obligations of the Owner herein shall become obligations of Vistana, Inc.06�104- oil fiwn `F B. This Amendment contains all obligations of the Owner with respect to the development of Tract C. The 1998 Development Agreement shall continue to control the obligations of the owners of the properties defined therein as the Confluence and Tract B. No failure of the owners of the Confluence or Tract B to comply with the requirements of or satisfy the obligations of the 1998 Development Agreement shall affect the development of Tract C pursuant to the terms of this Amendment and the owner of Tract C and the Tract C District shall have no responsibility to comply with the requirements of or satisfy the obligations in the 1998 Development Agreement. In the event any provisions of this Amendment may conflict with provisions of the 1998 Development Agreement, the provisions of this Amendment shall control. 1111111 IIIA 111111111111111111111111111 III 111111111 IN 730844 05/30/2000 11:25A 289 Sara Ftahar 10 of 18 R 90.00 0 0.00 N 0.00 Eaglo CO CO_DOCS_A 56189 v4 effect. C. Unless amended herein, the terms of the 1998 Development Agreement remain in IN WITNESS WHEREOF, Owner and the Town have executed this Amendment as of the date indicated below. nurtV)E TOFORMf "in, Town At STATE OF COLORADO ) ss. COUNTY OF EAGLE ) TOWN: TOWN OF AVON, a municipal corporation By: etc/ Judy Yo r, 144yor DATE: Subscribed before me this rA day of fDW12000, by Judy Yoder, as Mayor of the Town of Avon, Colorado. My commission expires: A - Zte- agz- (!1., it L A! JUDEA otary Public assmicli 111111111111111111111111111111111111111111111111111 IN 730814 M/30/2000 11:29A 288 Sara Fisher 11 e1 18 R 80.00 0 0.00 N 0.00 Eagle CO CO_DOCS A 56189 v 4 OWNER: VAIL ASSOCIATES INVESTMENTS, INC., a Colorad limited liability co ny By: Its: (` DATE: ATTEST: STATE OF COLORADO ) ss. COUNTY OF EAGLE ) Subscribed before me iay of 2000, by., as of ail Associates Invest ts, Inc Public OF 11f Commission E)Vm 09hVM 111111111111111111111111111110111111111111111111111111 730844 06/30/2000 11:25R 289 Sara Fiahar 12 of 18 R 90.00 D 0.00 N 0.00 Eagle CO co Docs A 56189 v 4 9 �Xtiiati L TOWN OF AVON PLANNING & ZONING COMMISSION RESOLUTION NO. 99-18 SERIES OF 1999 A RESOLUTION RECOMMENDING TO THE TOWN COUNCIL OF THE TOWN OF AVON APPROVAL OF A PLANNED UNIT DEVELOPMENT PLAN AND AMENDING THE DEVELOPMENT STANDARDS ESTABLISHED BY ORDINANCE 98-21, LOT C, AVON CENTER AT BEAVER CREEK SUBDIVISION, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Vail Associates Investments Inc., owner of the Lot C, has applied for approval of a Planned Unit Development Plan (PUD) and Amended PUD Development Standards, as stipulated in Title 17 of the Avon Municipal Code; and WHEREAS, a public hearing has been held by the Planning & Zoning Commission of the Town of Avon, pursuant to notices required by law, at which time the applicant and the public were given an opportunity to express their opinions and present certain information and reports regarding the proposed PUD Zoning and Development Plan application; and WHEREAS, the Planning & Zoning Commission has reviewed and evaluated the Development Plan according to the criteria Section 17.20.110, subsections H and I, of the Avon Municipal Code; and WHEREAS, upon satisfaction of the Planned Development Plan the Conditions herein including execution of an acceptable Development Agreement by the Town 1 111111 11111 1111111 1111111111 11111 11111 111 111111 111 I 73N44 M/38/2MS ,IN F W&Z Resolutions\1999 Resolu ions,99-181acR doc 13 of 18 R 90.00 0 0.00 N 0.00 Eagle CO Council of the Town of Avon, the Planning & Zoning Commission finds that: 1. The density, land uses and overall pattern of development conform to the Avon Comprehensive Plan goals and objectives. 2. The PUD Development Plan and Development Standards conform to the overall design theme of the town, the Subarea design recommendations and design guidelines; 3. The PUD Development Plan and Development Standards are compatible with the immediate environment, neighborhood, and adjacent properties relative to architectural design, scale, bulk, building height, buffer zones, character, and orientation; 4. The PUD Development Plan and Development Standards propose a mix of uses, activity, and density which provide a compatible, efficient, and workable relationship with surrounding uses and activity; 5. The PUD Development Plan will identify and propose any necessary mitigation and/or avoidance of natural and/or geologic hazards that affect the property; 6. The development as represented by the PUD Development Plan and Development Standards appear to be designed to produce a functional development responsive and sensitive to natural features, vegetation and overall aesthetic quality of the community; 7. The project will incorporate a circulation system designed for both vehicles and pedestrians addressing on and off-site traffic circulation that is compatible with the town transportation plan and proposed downtown plan; 8. The PUD Development Plan and development standards propose functional and aesthetic landscaping and open space, and the PUD Development Plan will optimize and preserve natural features, recreation, views and function; 9. Phasing plans maintain a workable, functional and efficient relationship throughout the development of the PUD. The phasing plans clearly demonstrate that each phase can be workable, functional and efficient without relying upon completion of IIIIII IIIII IIIIIII III 11111111111111111111 HIM III IN 780844 04/30/2000 11:208 289 Sara Fisher FAP&Z\Rmo1utions\1999 Ruolutions\99-1810tcRAM 14 of 18 R 90.00 D 0.00 N 0.00 Eagle CO future project phases based on the execution of an acceptable development agreement and ordinance conditions; 10. There are, or will be as needed, adequate public services including sewer, water, schools, transportation systems, roads, parks, and police and fire protection; NOW, THEREFORE, BE IT RESOLVED, that the Planning & Zoning Commission hereby recommends to the Town Council of the Town of Avon, Colorado to approve the PUD Development Plan and amended development standards as depicted in Exhibit A, entitled Lot C Avon, Colorado PUD Development Plan dated December 14, 1999 as follows: a. Reducing the West Beaver Creek building Setback from 20 feet to 10 feet, reducing Benchmark Road building setback from 10 feet to 5 five feet, the establishment of an 8 foot underground parking setback. b. Allowance of non -habitable encroachments into the 10 -foot setbacks. c. An exemption for 20 employee housing units from the maximum allowed density of 210 dwelling units, subject to the following conditions: I. General requirements and limitations: 1. The phasing plan as proposed does not comply with the Comprehensive Plan. The hotel and retail phase should be constructed with Phase 1A. 2. The two-bedroom time-share units constitute one dwelling unit and may not be further subdivided, sold, transferred, conveyed, leased, or sub- leased separately. 3. A complete landscaping plan and construction laydown plan will be required prior to issuance of a building permit for each phase of the project. 4. A common area with a fireplace is required on each floor of the employee Housing Project. 5. The parking structure will be designed for future access to the Sunroad ramp and Lot B. 111111111111111111111111111111111111111111111111111 IN w\r&zvtaomaoos\I9 Raolutio \99.18101cRAoc 730844 06/30/2000 M25R 288 Sara Fisher 15 of 18 R 00.00 0 0.00 N 0.00 Eagle CO 6. All parking aisles are required to comply with the 24'0" width. 7. All of the encroachments proposed in the setbacks are non -habitable. The non -habitable encroachments are limited to balconies, porte-cochere, roof overhangs, awnings, and lower level roof structures. 11. Streets and Streetscape: 8. All perimeter sidewalks throughout the project shall be a minimum of 8'0" width. 9. No columns or structural supports may either impede the 8'0" wide sidewalk clearance requirements or encroach into driveways or entrances. 10. All curbs along street and entrances must include 2'0" gutter pans in addition to the driving lanes. 11. All streetscape improvements will include furniture, fixtures, and lights per Town standards. 12. All street and streetscape improvements along West Beaver Creek Boulevard and Benchmark Road must be completed at the time of issuance of the first TCO for the project. 13. The final design and specifications for the bus stop will be required at design review. 14. All surface entries and loading entrances shall have a minimum vertical clearance of 13'6'. 15. All parking entrances from public roads shall have a 28'0" access width, which will include a 2'0" gutter pan on each side. 16. The fountain/seating area adjacent to the Town Center Mall must be complete at the time of issuance of the first TCO for the project. 17. The grading plan adjacent to the Town Center Mall is not approved and must be resolved at design review contemporaneous with the streetscape improvement plan with the first phase of development. 11111II 11III 11I111I 111111111111111 ON 11111111111111 IN 730444 85/30/20M 11:25A 269 Sara Fisher 16 of 18 R 90.00 D 0.00 N 0.00 Eagle CO P:\P&ZVRosolutions\1999 Rmlulioos\99-1 SIOWRAW III. Required Agreements: is. An Access Easement Agreement by Lot C for the benefit of Lot B executed prior to issuance of a building permit and approved by the Town of Avon. The Agreement must contain the following terns and conditions: i. A 39'0 access easement at Sunroad Le, 19'5" on each property. ii. Reciprocity for access and storage during construction. iii. This Agreement will also set forth authorization for construction and management of the storm drainage facilities from Lot B. 19. An Agreement will be required prior to issuance of a building permit for the management, design and construction of the storm water detention and pollution control facilities proposed on Town property known as "tract G, Benchmark at Beaver Creek Subdivision". The PUD Development Plan in not an approval for the proposed use of Tract G for storm water and pollution control facilities. IV. Amendments to the PUD Development Plan: 20. The PUD Development Plan may be modified by reducing the number of time-share units to accommodate the required parking, additional retail space, employee housing, or hotel units without requiring a PUD Amendment. V. Final Design Review: 21. The accessibility and function of the trash and delivery areas is not approved. All aspects of the trash and delivery areas will be resolved and clarified at Design Review. 22. The architecture, construction details, final grading and drainage plans depicted in the PUD Development Plan are conceptual only. A separate process is required for refining and resolving the details for the project. I IIIIII III IIIIIII ill IIIIIII IIIII III III IIIIII Ill IN 730844 05/30/2000 11:25A 289 Sara Fisher 17 of 28 R 00.00 D 0.00 N 0.00 Eagle 00 F:\P&M"olutims\1999 Rcsoluda \99-181mcR.dx ADOPTED THIS 2l" DAY OF DECEMBER, 1999 Signed.- Date: Anne Fehlner, Chai Att I �U_ i Date: Greg Macik, Secretary 1111111111111111111 III 11111111111111111 III 111111 III 1111 730844 06/30/2000 11:26A 269 Sara Fisher 18 of 18 R 90.00 D 0.00 N 0.00 Eagle 00 FAP&Z\Reso1ntioos\1999 Resolutions\99-181otcR w SECOND AMENDED AND RESTATED DEVELOPMENT AGREEMENT FOR LOT C, MOUNTAIN VISTA RESORT SUBDIVISION THIS SECOND AMENDED AND RESTATED DEVELOPMENT AGREEMENT (this "Agreement') is made and entered into as of , 2005 by and between Points of Colorado, Inc., a Colorado corporation (hereinafter "Owner), and the Town of Avon, a municipal corporation of the State of Colorado (the "Town"). RECITALS A. Owner is a Corporation duly organized and in good standing under the laws of the State of Colorado. B. Owners owns a parcel of real property known as Lot C (also known as Tract C), Mountain Vista Resort Subdivision (hereinafter referred to as "Lot C"), as more particularly described in Exhibit A as attached to this Agreement. C. On or about October 27, 1998, the Town entered into a Development Agreement — Confluence and Tract C, (hereinafter referred to as "1998 Development Agreement") with Vail Associates Investments, Inc., a Colorado limited liability company and entered into a subsequent Amendment to Development Agreement for Confluence and Tract C on February 22, 2000, Ordinance No. 02, Series of 2000 concerning Lot C only (hereinafter referred to as "2000 Development Agreement"). D. In March 2000, Vail Investments Inc. assigned, transferred and conveyed all of its rights, liabilities and obligations as to Lot C to the Owner, Points of Colorado, Inc and its affiliates and assigns. E. Owner is submitting an application for a second amendment to the Lot C Development Agreements. This Agreement amends and restates the 1998 Development Agreement and 2000 Development Agreement with respect to Lot C only. The Parties expressly intend not to modify any of the terms of the 1998 Development Agreement insofar as that agreement refers to and concerns the properties defined therein as the "Confluence and "Tract B". F. The Town has authority to zone and govern development of the Property in accordance with this Agreement, the Comprehensive Plan, Lot C Development Plan (as such terms is are defined herein), the Municipal Code, and other applicable Town requirements and polices. Furthermore, the Town has authority to agree to the vesting of property development rights concerning the Property, the creation of special districts to provide public facilities relating to the Property, the rebate of sales and other taxes which would normally be collected as a result of taxable activities occurring on the Property and the granting of tax credits to assist with the equitable sharing of costs associated with development of public facilities. G. The Property is expected to continue to contribute substantially to the economic growth of the Town and consequently will increase future tax revenues to the Town. The Town desires to execute this Second Amendment in order to provide for orderly growth in and around the Town and to increase its tax revenues for the Owner and the Town to provide for a tax rebate mechanism so that Owner may use the rebate revenues or other fees imposed in lieu of taxes to assist in financing the public facilities, which will benefit the Town. H. The Town may agree to rebate taxes to the Mountain Vista Metropolitan District subject to discretionary annual budget appropriations by the Town which, if not made by the Town, will substantially impair the ability of Owner to develop the Property. I. The legislature of the State of Colorado adopted Sections 24-68-101, et seq. of the Colorado Revised Statutes (the "Vested Property Rights Statute") to provide for the establishment of vested property rights in order to ensure reasonable certainty, stability and fairness in the land use planning process and in order to stimulate economic growth, secure the reasonable investment -backed expectations of landowners, and foster cooperation between the public and private sectors in the area of land use planning; said Vested Property Rights Statute authorizes the Town to enter into development agreements with landowners providing for vesting of property development rights. J. Consistent with the Vested Property Rights Statute, Chapter 17.14 of the Municipal Code authorizes the Town to enter into development agreements with landowners and other qualified applicants providing for the vesting of property development rights. K. Development of the Property in accordance with this Agreement will provide for orderly growth in accordance with the policy and goals set forth in the Comprehensive Plan, ensure reasonable certainty, stability and fairness in the land use planning process, stimulate economic growth, secure the reasonable investment -backed expectation of the Owner, foster cooperation between the public and private sectors in the area of land use planning, and otherwise achieve the goals and purposes for which the Vested Property Rights Statute and Chapter 17.14 of the Municipal Code were enacted. In exchange for these benefits and the other benefits to the Town contemplated by this Agreement, together with the public benefits served by the orderly development of the Property, Owner desires to receive the assurance that it may proceed with development of the Property pursuant to the terms and conditions contained in this Agreement. L. The Town's authority to enter into this Agreement stems from the power vested generally in Colorado municipalities to address matters of local concern by contract, ordinance or otherwise. Because the Town of Avon collects its own taxes, it also has authority to rebate taxes collected or grant credits to taxpayers for fees collected by Owner within a certain geographical area. Further, the Town may allow Owner or qualified non-profit corporations to collect such fees. Because such fees will not be collected by the Town and will not derive from the Town, and because all rebates due hereunder shall be subject to annual budget appropriation, the rebate of taxes by the Town, the grant of tax credits by the Town, and the collection of fees by qualified corporations in lieu of such taxes shall not be multiple fiscal year contractual undertakings of the Town and shall not be a tax policy change directly causing a net tax revenue gain to the Town which would otherwise require electoral approval. AGREEMENT NOW, THEREFORE, in consideration of the premises set forth above, the terms, conditions and covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Owner and the Town agree as follows: ARTICLE I DEFINITIONS AND GENERAL PROVISIONS 1.0 Definitions. The following terms and references shall have the meanings set forth below unless the context in which they are used clearly indicates otherwise: 1.1 Accommodation Tax. For purpose of this Agreement, Accommodation Tax shall mean any municipal lodging or accommodations tax imposed by the Town pursuant to Municipal Code Ch. 3.28 or any similar code provision enacted during the Term of this Agreement upon any sales or rental of lodging within the Property. 1.2 Accommodation Unit. Any room or group of rooms used primarily for transient lodging and accessible from common corridors, elevators, walks or balconies without passing through another Accommodation Unit and shall be no larger than 600 square feet. An Accommodation Unit may include an efficiency kitchen. Each Accommodation Unit shall be counted as one-third (1/3) of a Dwelling Unit for purposes of calculating allowable Dwelling Units per acre. 1.3 Comprehensive Plan. The Avon Comprehensive Plan adopted by the Planning and Zoning Commission of the Town on November 5, 1996 and any amendments thereto. 1.4 Confluence. The parcel of unimproved real property described in the 1998 Development Agreement. 1.5 Development Standards. As defined in the Lot C PUD Development Plan dated February 22, 2000 attached hereto as Exhibit D and the Second Amended PUD Development Plan attached hereto as Exhibit E. 1.6 District. Shall mean the Mountain Vista Metropolitan District approved by the Town to serve the Property. 1.7 Dwelling Unit. One (1) or more rooms, including cooking facilities, intended or designed for occupancy by a family or guests independent of other families or guests, or (2) An aggregate of Accommodation Units provided as follows: a. Three (3) Accommodation Units shall be counted as one dwelling unit. B. Two (2) accommodation Units in association with a dwelling unit shall be counted as one dwelling unit. 1.8 Effective Date. The effective date of the Town Council ordinance approving this Agreement. 1.9 Efficiency Kitchen. An Efficiency Kitchen means a room, wet bar or similar facility that may contain a sink, refrigerator, dishwasher, microwave oven, cook top, wet bar or similar facility, but expressly not a stove or oven within an Accommodation Unit or residential Unit. Stub outs for natural gas, propane, or 220-V electric hook-ups are not allowed. 1.10 Exhibits. The following are Exhibits to this Agreement, all of which are incorporated by reference into and made a part of this Agreement: Exhibit A Legal Description of Lot C Exhibit B 1998 Development Agreement Exhibit C 2000 Development Agreement Exhibit D 2000 PUD Development Plan Exhibit E 2006 Second Amended PUD Development Plan 1.12 Municipal Code. The Town's Municipal Code, as in effect from time to time. 1.13 Property. The parcel of property described on Exhibit A, known as Lot C (Tract C). 1.14 PUD. Planned Unit Development or PUD, as such terms are defined and used in the Municipal Code and further defined herein as to the Property.. 1.15 Real Estate Transfer Tax. For purposes of this Agreement, Real Estate Transfer Tax shall mean any municipal real estate transfer tax imposed by the Town pursuant to Municipal Code Ch. 3.12 or any similar code provision enacted during the Term of this Agreement upon sales of time share units within the Property. 1.16 Sales Tax. For purposes of this Agreement, Sales Tax shall mean any municipal sales tax imposed by the Town pursuant to Municipal Code Ch. 3.08 or any similar code provision enacted during the Term of this Agreement upon furnishing of rooms or accommodations within the Property. 1.17 Sanitation District. Eagle River Water and Sanitation District. 1.18 Subdivision Improvement Agreement. An agreement guaranteeing the construction of public improvements for the Property pursuant to Title 16 of the Municipal Code. 1.19 Town. The Town of Avon, a municipal corporation of the State of Colorado. 1.20 Town Council. The Town Council of the Town. 1.21 Vested Property Rights Statute. As defined in Recital I above. 1.22 Zoning. Format and final passage of an ordinance and/or resolution by the Town Council confirming a zoning designation on a parcel of land as provided in the Municipal Code. Such final passage shall be deemed to occur after the passage of any statutory or common law period for the filing of a petition for referendum to reverse or nullify such zoning ordinance. 1.23 Zoning Application. The zoning applications for the Property. ARTICLE II CONDITIONS PRECEDENT; COVENANTS; THIS AGREEMENT 2.1 Term. In recognition of the size of the development contemplated under this Agreement, the substantial investment and time required to complete the development of the Property, the potential for phased development of the Property, and the possible impact of economic cycles and varying market conditions during the course of development, Owner and the Town agree that the term of this Agreement and the vested property rights established under this Agreement shall commence on the Effective Date and shall continue until February 22, 2011. References to the Term of this Agreement and the vesting of property rights in the proceeding sentence shall not be deemed to limit or otherwise affect the rights of the Town described in Section 7.2 to initiate or pursue dissolution of the Districts. After the expiration of the Term, this Agreement shall be deemed terminated and of no further force or effect; provided, however that such termination shall not effect (a) any common-law vested rights obtained prior to such termination, or (b) any right arising from Town permits, approvals or other entitlements for the Property which were granted or approved prior to, concurrently with, or subsequent to the approval of this Agreement and the Development Standards. 2.2 Amendment of Agreement. Except as otherwise set forth in this Agreement, this Agreement may be amended or terminated only by mutual consent of the Town and Owner in writing following the public notice and public hearing procedures required for approval of this Agreement. For the purpose of any amendment to this Agreement, "Owner" shall mean only the Owner as defined herein and those parties, if any, to whom such signatories have specifically been granted, in writing by Owner, the power to enter into such amendments. 2.3 Cooperation in Defending Legal Challenges. If any legal or equitable action or other proceeding is commenced by a third party challenging the validity of any provision of this Agreement or the Development Standards, Owner and the Town agree to cooperate in defending such action or proceeding and to bear their own expenses in connection therewith. Unless the Town and Owner otherwise agrees each party shall select and pay its own legal counsel to represent it in connection with such action or proceeding. ARTICLE III ZONING, VESTED RIGHTS AND EXACTIONS 3.1 PUD Zoning. The Property shall be a separate PUD as provided in this Agreement and in its respective Development Standards. 3.2 Development Standards and Phasing. (a) Development Standards. The "Development Standards" attached hereto as Exhibit E set forth the guidelines for development of the Property are approved by the Town as the zoning for the Property, and indicate, among other things, set back distances, building height limitations, site coverage levels, development densities, allowed uses (both permitted uses by right and those permitted upon special review), parking requirements and other guidelines and limitations for the development of the Property. The Development Standards take precedence over other Town zoning regulations or the Town's Municipal Code. (b) Subsequent Development Approval. After PUD Zoning of the Property pursuant to Section 3.4(a), Owner and the Town shall enter into a design review approval process, pursuant to which Owner and the Town shall, in a manner which is uniform with and similar to other phased development approvals of the Town (and consistent with the provisions of Section 3.4(d)) further refine the Development Standards and other details consistent with the Development Standards and this Agreement (collectively, "Subsequent Development Approval.") 3.3 Vesting of Property Rights. Owner and Town agree that (a) this Agreement and the Development Standards constitute an approved "site-specific development plan" as defined in the Vested Property Rights Statute and Section 17.14.100 of the Municipal Code and as adopted pursuant to the requirements of Section 17.12.020 of the Municipal Code which the Town acknowledges hereby has been approved by proper procedure under the Town's charter and the Municipal Code, and (b) that Owner as the legal owner of the Property shall have vested property tights to undertake and complete development and use of the Property as provided in this Agreement and the Development Standards until February 22, 2011. Pursuant to Section 17.14.050 of the Municipal Code, approval of this Agreement and the Development Standards constitutes a vested property right pursuant to Article 68 of Title 24, C.R.S., as amended. 3.4 Property Rights Vested. The rights identified below shall constitute the vested property rights under this Agreement (a) The right to develop, plan and engage in land uses within the Property in the manner and to the extent set forth in and pursuant to this Agreement and the Development Standards. (b) The right to develop, plan and engage in land uses within the Property in accordance with the densities, physical development standards and other physical parameters set forth in the Development Standards. (c) The right to develop the Property in the order, at the rate and at the time as market conditions dictate, subject to the terms and conditions of this Agreement and the Development Standards. (d) The right to develop and complete the development of the Property (including, without limitation, the right to receive all Town approvals necessary for the development of the Property) with conditions and standards determined pursuant to Section 3.2(b) which are no more onerous than those imposed by the Town upon other Owners in the Town on a uniform nondiscriminatory and consistent basis, and subject only to the exactions and requirements set forth in this Agreement and the Development Standards; provided that such conditions, standards and dedications shall not directly or indirectly have the effect of materially altering, impairing, preventing, diminishing, imposing a moratorium on development, delaying or otherwise materially adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards. (e) The Town shall not initiate any zoning, land use or other legal or administrative action that would directly or indirectly have the effect of materially altering, impairing, preventing, diminishing, imposing a moratorium on development, delaying or otherwise adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards. 3.5 Water and Water Rights. Upon Town approval of the increased water consumption required for the Property, Owner shall, as a condition of water service for the increased water requirements dedicate and convey to the Town sufficient water rights and water storage rights that can be used in conjunction with the augmentation plan and the storage capacity presently owned by the Town to make up the amounts needed to serve the increased water requirements. Owner shall reimburse the Town's expenses, including reasonable and actual engineering costs and legal fees, of including such additional water in the Town's augmentation plan. Any water rights to be dedicated and conveyed to the Town shall be subject to the Town's approval and acceptance, provided, however, Eagle Park Reservoir water shall be deemed an acceptable source of dedication water under this Agreement. The Town shall not be required to store water in or release water from Benchmark Lake to meet any Increased Water Requirements. Dedication of augmentation water and related water rights shall be completed prior to the issuance of the building permit for Phase 1 C. 3.6 No Obligation to Develop. Owner shall have no obligation to develop all of any portion of the Property and shall have no liability to the Town or any other party for its failure to develop all or any part of the Property. Owner and the Town contemplate that the Property may be developed in phases. Owner shall have no obligation to develop all or any portion of any such phase notwithstanding the development or non -development of any other phase and Owner shall have no liability to the Town or any other party for its failure to develop all or any portion of any such phase of the Property. 3.7 Compliance with General Regulations. Except as otherwise provided in this Agreement or the Development Standards, the establishment of vested property rights under this Agreement shall not preclude the application on a uniform and non-discriminatory basis of Town regulations of general applicability (including, but not limited to, building, fire, plumbing, electrical and mechanical codes, the Municipal Code, and other Town rules and regulations) or the application of state or federal regulations, as all of such regulations exist on the date of this Agreement or may be enacted or amended after the date of this Agreement, provided that such newly enacted or amended Town regulation shall not directly or indirectly have the effect of materially altering, impairing, preventing, diminishing, imposing a moratorium on development, delaying or otherwise adversely affecting any of Owner's rights set forth in this Agreement or the Development Standards. Owner does not waive its right to oppose the enactment or amendment of any such regulations. 3.8 Arbitration. The parties agree that any dispute arising under this Article III shall be subject to arbitration among the parties in accordance with customary rules of the American Arbitration Associations that shall be binding upon the parties. 3.9 Owner Obligations. All obligations of Owner in this Agreement may be performed by the District at Owner's election. ARTICLE IV PUBLIC FACILITIES 4.1 Municipal Services. The Town shall have the responsibility and obligation to provide all municipal services, including public transit to the Property and other administrative services equivalent to those provided to any other area of the Town on a uniform and non- discriminatory basis. 4.2 Water and Sewer Services. The Town shall provide water service to the Property upon notification of need by Owner as required for the development of the Property. Water infrastructure/capital facilities which are necessary for the Town to provide water to the Property shall be provided by Owner and/or one or more Districts which shall dedicate such improvements to the Town, whereupon the Town shall accept such improvements for dedication in their then current condition and shall assume maintenance of such improvements and facilities. All such improvements shall be constructed to the Town's normal standards for similar facilities, which standards shall be set forth in the relevant Subsequent Development Approval relating to the portion of the Property containing such water improvements. The Town shall charge water tap fees and usage charges to users within the Property on a uniform, non- discriminatory basis with other users within the Town and shall use best efforts to require the Upper Eagle River and Water Sanitation District, or other water service providing entity to abide by this covenant. 4.3 Sanitation. The Property shall receive sanitation service from the Sanitation District. The Town shall not impose rates, fees, tolls or charges for sanitation services for the Property. ARTICLE V REBATE AGREEMENT 5.1 Allocation of Taxes. (a) Sales and Accommodations Taxes Attributable to Lease or Rental of Hotel Rooms The Town shall retain one hundred percent (100%) of the accommodations and sales taxes attributable to the lease or rental of hotel rooms on the Property. The Town shall not be obligated to account for or rebate any sales on retail sales or other taxable sales occurring within the hotel or other commercial areas on the Property. In no event shall the Town be under an obligation to account for or rebate such taxes after the bonds or other obligations related to the parking improvements on the Property are satisfied or retired. (c) Real Bide Transfer Taxes Subject to the conditions stated below, the Town agrees to account Real Eslate Transfer Taxes (REIT) attributable to the fust sale of each deeded tunashare interest located on the Property, and to rebate 5(P/o thereof to the Mountain Vista Mehnpoht m District: within sixty (60) days following the end of the calendar month when collected (or partial month, if appropriate, in the case of the month in which this Amendment becomes effective or is terminated). The Town shall maintain a separate "Lot C Real Estate Transfer Account" (the 'REIT Rebate Account"), into which such taxes shall be deposited until rebated for the parking improvement project located on the Property. Said REIT shall be required to be rebated only with respect to the fust sale of each deeded time-share interest in each unit constructed on the Property, and shall not be required with respect to any subsequent resale thereof. For purposes hereof; "deeded time-share interest" is defined as any seven-day time-share interest in a three-bedroom, two-bedroom time-share unit, one -bedroom dwelling unit or one -bedroom accommodation unit as described in the deed from a turre-slare developer to an initial purchaser or any subsequent transfer by deed thereafter Dec" trrr nae intclests stall also include time-share wiffests which have been acquired by a time -shave developer through foreclosure or deed in heu-of foreclosure and are thereafter remnveyed by a time- share developer. It is the expectation of the parties that a series or series of bonds or other obligations shall be issued or incurred for the parking improvements project k)cated on Property. It is also the expectation of the parties that the allocation of and rebate from the REIT Rebate Account is to be used only for paying the debt service corresponding to the parking mgaovements project on the Property. The allocation and rebate of RETT shall continue to be from the RM Rebate Account until the bonds or bonds (or other obligations) issued or mcurred by die Mount= Vista Metropolitan District and secured by rebates from said account have been paid in full. However, in no instance stall the Town continue the allocation and rebate of RETT taxes from the RETT Rebate Account beyond fifteen (15) years after the commencement ofdeposits in said account Notwithstanding the foregoing, the Town shall in no event be under an obligation to rebate RETT in an amount which exceeds One and a half Million Dollars ($1,500,000.) excluding any interest accumulated on funds deposited within the RETT Rebate Account. (d) Cooperation by the Town. The Town shall make all allocations and deposits of taxes, as provided above, unless prevented by court order from so doing. In the event any action is commenced challenging the right of the Town to make such allocations and deposits, the Town shall notify Owner and the Mountain Vista Metropolitan District in writing of such action prior to the Town filing its first responsive pleading in such action and shall allow the Mountain Vista Metropolitan District to participate in any defense to such action as set forth in this Agreement. 5.2 Limitations on Bonds to be Issued. Financing on behalf of the Mountain Vista Metropolitan District for the parking improvements located on the Property is hereby limited to two-thirds (2/3rds) of the estimated capital cost of the respective parking improvement being financed. 5.3 Determination of Amount of Allocated Revenues. The Town shall provide the Districts a summary of the Real Estate Transfer Tax collected by the Town for each month or partial month with respect to the Property that supports the amounts rebated for such month. Such summary shall be provided at the time the rebate is made. 5.4 Computation of Tax Revenues. Within one hundred twenty (120) days following the end of each Town fiscal year, the Town shall deliver to the Mountain Vista Metropolitan District a final accounting of all the real estate transfer taxes collected by the Town and attributable to the Property and the amount rebated to the District. 5.5 No Debt or Pecuniary Liability; No Multiple -Fiscal Year Obligation. All rebate payments hereunder and any other financial obligation of the Town herein in any year shall be expressly subject to annual appropriation by the Town; provided, however, that it is the present expectation of the parties that the Town will make the payments contemplated by this Agreement. None of the obligations of the Town hereunder to the Mountain Vista Metropolitan District shall be payable from any source other than as provided in Section 5.1, and this Agreement shall never constitute a debt, indebtedness or multiple -fiscal year financial obligation of the Town within the meaning of the Constitution or laws of the State of Colorado. 5.6 Budget and Appropriation of Payments. The Town's finance director shall include in the budget proposals submitted to the Town Council in each year prior to termination of this Agreement, amounts sufficient to meet the obligation of the Town hereunder to the extent the Town shall have received such amounts, or anticipates receiving such amounts from Sales taxes, Accommodation Taxes or Real Estate Transfer Taxes. The Town hereby represents that it presently intends to appropriate the amounts under this Agreement to the fullest extent permitted by law. It is based upon an opinion of independent counsel not previously or at the time such opinion is delivered representing the District and acceptable to the Town, it is determined that the activities under this Agreement shall be determined an "enterprise" of the Town for purposes of Article S, Section 20 of the Colorado Constitution, or that transactions of a nature similar to the transactions provided for in this Agreement are not required under the laws of the State of Colorado to be subject to annual appropriation without regard to approval of any such transactions by the electors of the Town, this Agreement shall be reformed so as to delete the annual appropriation provision of Section 5.4 and as elsewhere found in this Agreement. 5.7 Subsequent Changes in Tax Rates. In the event that, the Town reduces the Real Estate Transfer Tax rate applicable to taxable activities on the Property, the calculation of the rebate percentage for rebates due to the District shall be recalculated so that the Districts shall receive rebates throughout the term of this agreement as if no change in tax rates had occurred. In the event the Town increases the Real Estate Transfer Tax pursuant to an election and the incremental increase in the tax rate is earmarked for a special purpose pursuant to the ballot question that is passed by the voters, such additional taxes resulting from the tax increase and collected by the Town applicable to the Property shall not be subject to allocation and rebate by the Town to the District. 5.8 Books and Records. Both the Town and the District shall maintain adequate books and records to accurately perform and account for their respective obligations under this Agreement. Town and District representatives shall be granted reasonable access during normal business hours to such books and records in order to determine compliance with the terms of this Agreement and to determine the accuracy of such books and records. The parties shall use their best efforts to resolve any issues, discrepancies, or inaccuracies discovered in any review of either parties' books and records. 5.9 Tax Credits. (a) Each taxpayer liable for the Real Estate Transfer Tax on taxable transactions within the Property shall receive a credit against such taxes in each year equal to the total amount of the rebate which would otherwise have been due from the Town. The Town shall notify all persons who would typically collect such taxes from a taxpayer that taxes shall not be due from such taxpayer in an amount equal to fees paid by such taxpayer. Such credit shall be automatic and shall take effect immediately without being claimed on taxpayer's return relating to the applicable tax and without any requirement of approval or other action by the Town, but the transactions and payments supporting the credit for any given year shall nevertheless be subject to audit to the same extent, for the same limitations periods and in the same manner as the items which are required to be reported on the taxpayer's return relating to the applicable tax. The Town's agreement to grant such credit shall not be considered a multiple fiscal year financial obligation of any kind. In the event the Town is prevented from by binding court order from paying rebates with respect to Lot C, or otherwise fails to appropriate, the provisions of Section 5.8 hereof shall be immediately binding on the Town. The credits contemplated in this Section shall continue until bonds or other instruments of indebtedness issued by the District or other eligible non-profit corporations acting on behalf of the District which are paid by the fees received from such taxpayers have been paid in full and notice thereof has been delivered to the Town. The Town shall grant such credits unless prevented by court order from so doing. In the event any action is commenced challenging the right of the Town to grant such credits, the Town shall notify Owner in writing of such action prior to the Town filing its first responsive pleading in such action and shall allow the Owner to participate in any defense to such action as set forth in Section 2.3 above. The Town agrees that it shall take no action to prevent, and shall not fail to take any action necessary to allow, Owner from imposing and/or collecting fees as contemplated herein. 5.10 Legal Challenge to Tax Agreement. In the event any agreement contained herein regarding taxes is ever the subject of a successful legal challenge, the Town shall diligently resist such challenges in cooperation with the Owner as set forth in Section 2.3 above. If such challenges are successful in any material way, the Town shall undertake such curative actions as are necessary to attempt to fully restore the benefits of this Agreement to each of the parties. 5.11 Town Deposits. The Town may make other deposits from any other taxes or funds of its own to the rebate accounts. 5.12 Town Expenses. Upon receipt of an invoice from the Town, the District shall pay the reasonable expenses of the Town for calculating and administering the rebates hereunder. ARTICLE VI RECREATIONAL AMENITIES FEE 6_1 Commencing as of the effective date of this agreement, and continuing in perpetuity, the condominium time-share association formed to manage the condominium time-share project in Lot C (the "Time -Share Association), is obligated to the Town for payment of a Recreation Amenities Fee. The fee shall be calculated and paid to the Town semiannually and will be based on an initial annual amount of twenty-five ($25) dollars for each deeded time-share interest located on Lot C. Prior to the formation of the Time -Share Association, the Owner shall be obligated to pay any Recreation Amenity Fee. The amount of the semiannual payments will be calculated according to the following formula: Number of existing or newly deeded time-share interests per semiannual period (January -June, calculated as of June 1, and July -December calculated as of December 1), multiplied by $25 (or as adjusted by CPI -U as defined below divided by 2. The due dates for the semiannual payments are August 20 and February 20 for the previous semiannual calculation period. On January 1, 2001, and on the first day of each year thereafter, the amount of the fee shall be increased by the prior years average consumer price index for All Urban Consrners for the Denver -Boulder -Greeley metropolitan area as published semiannually and appearing in the January and July issues ofthe CPI Detailed Report published by the Bureau of Labor Statistics (the "CPI -U'). It stall be dme duty of the condominium Timeshare Association to keep and preserve such records as are necessary to determine the amount of fees due hereunder Such records shall be preserved for a period of throe years and shall be open for inspection by representatives of the Town during regular business hours. Prior to the formation of the Time -Share Association, the Owner shall have the above -referenced obligation to keep and preserve such records. If a remittance to the Town is delinquent, or the remittarrce is less than the full amount due, the Town shall make a writ m determination of the an"" due and deliver or mail the same to the office of the condominium Times - Sham Association, The amount properly determined to be owing shall be subject to a penalty in the amount of ten percent of the amount duce and shall bear interest fiom the duce date of the remittance at the rate of one-half percent per month until paid Prior to the formation ofthe Time Share Association, such written determination will be delivered to the Owner. ARTICLE VII SPECIAL DISTRICT 7.1 Special Districts. The Town agrees to take all reasonable action necessary to approve any amendment to the service plan for Mountain Vista Metropolitan District to conform to the financial provisions of this Agreement. 7.2 Dissolution of Districts. Dissolution of the District shall occur in the manner set forth in the service plan for the District and in accordance with the provisions and procedures set forth in C.R..S. §§ 32-1-701, et seq. as in effect as of the date of this Agreement. ARTICLE VIII DEFAULTS, REMEDIES, AND TERMINATION 8.1 Default by Town. A "breach" or "default" by the Town under this Agreement shall be defined as: (a) any zoning, land use or other action or inaction, direct, indirect or pursuant to an initiated measure, taken without Owner's consent, that materially alters, impairs, prevents, diminishes, imposes a moratorium on development, delays or otherwise materially and adversely affects any development, use or other rights of Owner under this Agreement or the Development Standards or PUDs; or (b) the Town's failure to fulfill or perform any material obligation of the Town contained in this Agreement. 8.2 Default by Owner. A "breach" or "default" by Owner shall be defined as Owner's failure to fulfill or perform any material obligation of Owner contained in this Agreement. 8.3 Notices of Default. In the event of a default by either party under this Agreement, the non -defaulting party shall deliver written notice to the defaulting party of such default, at the address specified in Section 9.8, and the defaulting party shall have thirty (30) days from and after receipt of such notice to cure such default. If such default is not of a type which can be cured within such thirty (30) day period and the defaulting party gives written notice to the non - defaulting party within such thirty (30) day period that it is actively and diligently pursuing such cure, the defaulting party shall have a reasonable period of time given the nature of the default following the end of such thirty (30) day period to cure such default, provided that such defaulting party is at all times within such additional time period actively and diligently pursuing such cure. 8.4 Remedies. (a) If any default under this Agreement is not cured as described above, the non -defaulting party shall have the right to enforce the defaulting party's obligations hereunder by an action for any equitable remedy, including injunction and/or specific performance, and/or an action to recover damages. Each remedy provided for in this Agreement is cumulative and is in addition to every other remedy provided for in this Agreement or otherwise existing at law, in equity or by statute. (b) The Town acknowledges that since this Agreement and the Development Standards constitute a development agreement which confers rights beyond those provided by the three (3) year statutory vesting approach described in the Vested Property Rights Statute, in the event of a breach or default by the Town, in addition to any of the foregoing remedies, Owner shall be entitled to recover from the Town any damages that should have been specifically available to Owner as contemplated in Colorado Revised Statutes Section 24-68- 105(1)(c) as in effect on the Effective Date, plus any other and additional damages provable at law. ARTICLE IX MISCELLANEOUS 9.1 Applicable Law. Agreement shall be construed and enforced in accordance with the laws of the State of Colorado. 9.2 No Joint Venture or Partnership. No form of joint venture or partnership exists between the Town and Owner, and nothing contained in this Agreement shall be construed as making Town and Owner joint ventures or partners. 9.3 Expenses. Except as otherwise provided in a separate written agreement, Owner and the Town shall each bear their respective costs and expenses associated with implementing and enforcing the terms of this Agreement 9.4 Waiver. No waiver of one or more of the terms of this Agreement shall constitute a waiver of other terms. No waiver of any provision of this Agreement in any instance shall constitute a waiver of such provision in other instances. 9.5 Town Findings. The Town hereby finds and determines that execution of this Agreement is in the best interests of the public health, safety, and general welfare, and the provisions of this Agreement, the PUDs, Development Standards, and vesting agreements contained herein are consistent with the Comprehensive Plan, Municipal Code, and other applicable regulations and policies of the Town. 9.6 Severability. If any term, provision covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable the remaining provisions of this Agreement shall continue in full force and effect so long as enforcement of the remaining provisions would not be inequitable to the party against whom they are being enforced under the facts and circumstances then pertaining. 9.7 Further Assurances. Each party shall execute and deliver to the other all such other further instruments and documents as may be reasonably necessary to carry out this Agreement in order to provide and secure to the other party the full and complete enjoyment of its rights and privileges under this Agreement. 9.8 Notices. Any notice or communication required under this Agreement between the Town and Owner must be in writing, and may be given by registered or certified mail with return receipt requested. If given by registered or certified mail, the same shall be deemed to have been given and received on the first to occur of (i) actual receipt by any of the addresses designated below as the party to whom notices are to be sent, or (ii) five days after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail. Any party hereto may at any time, by giving written notice to the other party hereto as provided in this Section designate additional persons to whom notices or communications shall be given, and designate any other address in substitution of the address to which such notice or communication shall be given. Such notices or communications shall be given to the parties at their addresses set forth below: If to Town: Town of Avon P.O. Box 975 Avon, Colorado 81620 Attention: Town Manager If to Owner: General Counsel Points of Colorado, Inc.. 8803 Vistana Center Drive Orlando, FL 32821 9.9 Assignment. This Agreement shall be binding upon and except as otherwise provided in this Agreement, shall inure to the benefit of the successors in interest or the legal representatives of the parties hereto. Except as specifically set forth herein, Owner shall have the right to assign, delegate or transfer all or any portion of its interest rights or obligations under this Agreement to third parties acquiring an interest or estate in the Property, including, but not limited to, purchasers or long term ground lessees of individual lots, parcels, or of any improvements now or hereafter located within the Property. Provided that the Town's approval of the assignee or transferee is first obtained, an assumption or transfers providing for express assumption of any of Owner's obligations under this Agreement by its assignee or transferee shall be relieved of any further obligations under this Agreement with respect to the matter so assumed. The Town's obligations hereunder may not be assigned or delegated without Owner's written consent, and any attempted assignment or delegation by the Town not in compliance herewith shall be null and void. The Town's approval of any such assignee or transferee shall not be unreasonably withheld or delayed. 9.10 Counterparts. This Agreement shall be executed in multiple counterparts, each of which shall be deemed be an original and all of which taken together shall constitute one and the same agreement. 9.11 Amendments and Waivers. No amendment or waiver of any provision of this Agreement, nor consent to any departure hereof, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which even. IN WITNESS WHEREOF, Owner and the Town have executed this Agreement as of the date first written above. TOWN: TOWN OF AVON, a municipal corporation of the State of Colorado Mayor ATTEST Town Clerk STATE OF COLORADO ) ) ss. COUNTY OF ) Subscribed before me this day of 200_, by as Mayor of the Town of Avon, Colorado and as Town Clerk of Avon. My commission expires: Notary Public Analysis of Fiscal Impacts of Two Future Development Scenarios of the Sheraton Mountain Vista Resort in Avon, Colorado March 24, 2005 Prepared for Starwood Vacation Ownership, Inc. PricewaterhouseCoopers L.L.P. Hospitality & Leisure Group PWCEWATERHOUSECO OPERS PricewaterhouseCoopen LLP 1441 0riaell Avenue Suite 1100 Miami FL 33131 Telephone (305) 375 7400 Facsimile (305) 375 6221 March 24, 2005 Mr. Denis Ebrill Sr. Vice President of Product Development Starwood Vacation Ownership 8801 Vistana Centre Dr. Orlando, FL 32821 Re: Avon, Colorado Fiscal Impact Analysis Dear Mr. Ebrill: In accordance with PricewaterhouseCoopers (" PwC') engagement letter dated November 19, 2004 and addendum dated December 9, 2004, this report contains the findings of our analysis. of two Resort. to various Our report is subject to the Assumptions and Limiting Conditions, which follow. ASSUMPTIONS AND LIMITING CONDITIONS The accompanying analyses do not constitute an audit, examination, review or compilation of historical or prospective financial information conducted in accordance with Generally Accepted Auditing Standards or with standards established by the American Institute of Certified Public Accountants ("AICPA"). Accordingly, we are unable to express any opinion or any other form of assurance with respect to whether the prospective financial information is presented in conformity with AICPA presentation guidelines. To the best or our knowledge and belief, the statements of facts contained in this report, upon which die analysis and conclusion(s) expressed are based, are true and correct. Informadon, estimates and opinion furnished to us and contained in the report were obtained from sources considered reliable and believed to be true and correct. However, no representadon, liability or warranty for the accuracy of such items is assumed by or imposed on us, and is subject to corrections, errors, omissions and withdrawals without notice. Our analyses are based on estimates and assumptions developed in connection with this engagement. Some assumptions, however, inevitably will not materialize, and unanticipated events and circumstances will occur. We take no responsibility for any events, conditions or circumstances that take place subsequent to the last day of our fieldwork, December 16, 2004. This report and its comments are intended solely for the internal use of Starwood Vacation Ownership and may not be relied on for any other purpose or by any other entity. Neither our report, nor its contents, not any reference to PwC may be included or quoted in any loan document, offering circular, registration statement, prospectus, sales brochure, appraisal, or other agreement. Respectfully submitted, Starwood Vacation Ownership, Inc. Table of Contents Executive Summary ................................................................ Project Overview................................................................ Fiscal Impact Results......................................................... Introduction............................................................................. Overview............................................................................. Selected Assumptions......................................................... Visitation Analysis.................................................................. Hotel................................... March 24, 2005 6 ....................................... 8 8 --......................................... Vacation Ownership ................................................................................................... Visitor Spending and Related Sales Tax Impacts 12 ........................................................... VisitorSpending 18 .......................................................................................................... I8 RetailSales Tax........................................................................................................... 21 CountyTax Rebate .....................................................................................................21 Accommodation Related Taxes....................................................................................... 22 Property Taxes and Other Revenues ............................................................................... PropertyTaxes............................................................................................................23 23 Real Estate Transfer Taxes........................................................................................ FranchiseFee 24 ................................................................ .......................................... RecreationAmenities Fee 24 ........................................................................................... 25 Construction Permit Fee and Water and Tap Fees ................................................. Transportation Expenses 25 ................................................................................................. 26 OtherExpenses................................................................................................................ 28 PoliceDepartment....................................................................................................... 28 MallArea Maintenance .............................................................................................28 AdministrativeCosts..................................................................................................28 Community Development Fees ..................................................................................28 Capital Projects Funds, Debt Service Fund and Transfer to Water Fund............ 28 Revenue and Expenses Based on Property Value....................................................311 Revenue and Expenses Based on the Number of Visitors .......................................31 Revenue and Expenses Based on Accommodations ................................................. Revenue and Expenses Based on Fees 32 .......................................................................33 Summary...................................................................................................................... 34 PKEWATERHOUSECCOPERS 13 Starwood Vacation Ownership, Inc. March 24, 2005 EXECUTIVE SUMMARY Project Overview PricewaterhouseCoopers L.L.P. ("PwC") prepared an analysis of the fiscal impact to the Town of Avon ("Town"), Colorado of two future development scenarios proposed by Starwood Vacation Ownership, Inc. ("SVO") for the Sheraton Mountain Vista Resort "SMV Resort", the Original Scenario and the Modified Scenario. This analysis measures expected revenues from sales and accommodation taxes, property taxes, and various fees, and expected additional costs to the Town of Avon. The purpose of the analysis is to compare the level of tax revenues less certain costs in each scenario for the purpose of discussions between the Town and SVO related to potential modifications to the development plan. The Town retained Stan Bernstein and Associates, Inc. to evaluate PwCs analysis and provide feedback on both scenarios. The Town also provided certain assumptions, in particular in the area of expenses. SVO provided operating history of the existing SMV Resort and certain assumptions about the expected future vacation ownership sales performance in each scenario, and conducted an abbreviated visitor spending survey at SMV Resort. PwC analyzed the local lodging market to estimate the potential performance of the hotel component in the Original Scenario, analyzed the potential demand for vacation ownership interests to comment on the reasonability of SVO's sales estimates, and prepared visitor spending assumptions. Based on this information, PwC calculated estimated levels of tax revenues and costs to the Town in each scenario. The two scenarios analyzed are described as follows. In the Original Scenario, 48 vacation ownership units are developed, a 125 -room hotel is developed (the "Proposed Hotel"), and the parking garage is completed. In the Modified Scenario, 119 vacation ownership units are developed, and the parking garage is completed. In both scenarios, the timeshare units are referred to as two-bedroom lock -off units. Because each unit may be used as two separate one -bedroom units, each bedroom is therefore also referred to as a "key". The existing SMV Resort consists of 85 timeshare units, 20 employee housing units, a parking garage, and a three-story commercial office building. The tax revenues and costs analyzed relate only to the new development in each scenario and exclude the revenues and costs supported by the existing resort. It is assumed that the vacation ownership and hotel units in the Original Scenario are completed for occupancy as of June 1, 2007. In the Modified Scenario, 55 vacation ownership units are completed for occupancy as of June 1, 2007, and 64 vacation ownership units are completed for occupancy as of June 1, 201 I . The 14 -year analysis period extends from 2007 through 2020; some construction permit fees expected to occur in 2006 are also included. Fiscal Impact Results The Modified Scenario is expected to generate a slightly higher level of net revenue to the Town. This is the result of spending by an increased number of visitors and additional revenues generated from taxes and fees assessed to vacation ownership units, which are expected to more than offset the expected decline in hotel accommodation PPJCEWATER rouSECCOPER5 Starwood Vacation Ownership, Inc. March 24, 2005 taxes. All figures are expressed in constant 2004 dollars. fol lows: Our key findings are as • The Modified Scenario is expected to offer a greater bedroom capacity than the Original Scenario. In the Original Scenario, the 48 timeshare units offer 96 bedrooms and the hotel offers 125 guestrooms, for a total of 221 bedrooms, or keys. Meanwhile, the Modified Scenario offers the equivalent of 238 bedrooms, or keys. In total, during a stabilized year, the Original Scenario is expected to offer 80,569 available keys, and the Modified Scenario is expected to offer 86,632 available keys. The annual occupancy of the timeshare units in both scenarios, including rentals, is expected to average approximately 85 percent in a stabilized year after vacation ownership sales have been completed, while the annual occupancy of the Proposed Hotel is expected to average approximately 55 percent. This difference is expected because households that own vacation ownership intervals in resorts tend to use the resort time they have available rather than lose the opportunity, and timeshare facilities are able achieve a higher occupancy through owners, owner exchangers and renters. Meanwhile hotels, which focus on serving guests seeking to rent accommodations on a temporary basis, must also compete with rental programs of vacation ownership and condominium units that offer kitchens and parlors, in addition to other hotels. SVO and PwC conducted a limited survey at SMV Resort during the week beginning December 14, 2004. PwC assisted with the survey design and with the development of the approach used to solicit responses from guests. PwC believes such a visitor survey is an appropriate way to gather useful information on guest expenditures and has used such visitor surveys in other economic impact analyses. It should be noted that, due to the limited period available for the fiscal impact analysis, this survey only represents a limited sample of resort guests during a one-week period and it is not representative of an entire year. Based on the visitor spending survey, it was assumed that vacation ownership guests spend an average of $22.00 taxable dollars per person per day, and that hotel guests spend an average of $26.00 per person per day (a rounded figure potentially with lower spending on groceries more than offset by increased spending at restaurants). Based on an average of 1.7 guests per hotel room, 2.0 guests per vacation ownership rental key (equivalent to 4.0 guests per a two-bedroom lock -off unit), and 2.25 guests per vacation ownership key (4.5 guests per two-bedroom lock -off unit), visitors in the Original Scenario are expected to support $2,562,115 in annual taxable retail spending. This compares to $3,602,159 in annual taxable retail visitor spending in the Modified Scenario. These estimates ' The dollar amounts presented are in most cases estimates shown without rounding. This should not be interpreted to give an additional level of precision to the estimates; instead, it has been done to make the corresponding number in the tables easier for the reader to follow. PR"TEWOUs�Q7PERS M F1 Slarwood Vacation Ownership, Inc. March 24, 2005 exclude spending on accommodations, purchases made at Wal-Mart, and all other non-taxable spending as defined by the Town, and its consultant Stan Bernstein and Associates, Inc. ("Stan Bernstein and Associates"). Wal-Mart is located in the Village at Avon and, as a result, is not expected to generate tax revenues for the Town during the analysis period. Accommodation taxes are calculated separately. In a stabilized year, retail sales tax revenue to the Town is estimated to be $102,485 in the Original Scenario and $144,086 in the Modified Scenario. For the 14 -year period of analysis, Town revenue from retail sales taxes on visitor spending is expected to total $1,344,907 in the Original Scenario and $1,526,359 in the Modified Scenario. The Town is assumed to rebate 75 percent of the hotel room sales and accommodation taxes to the Mountain Vista District which has been set up by SVO. Therefore, the Town will receive 25 percent of the sales and accommodation taxes on hotel rooms in the Original Scenario and 100 percent of the sales and accommodations taxes on the rental of vacation ownership units in both scenarios. In a stabilized year, the Town's portion of hotel room and vacation ownership rental tax revenue is expected to be approximately $71,560 in the Original Scenario and $40,544 in the Modified Scenario. The tax revenues for the Town generated from hotel room and vacation ownership unit rentals in the 14 - year period is estimated to be $1,253,967 in the Original Scenario and $1,360,107 in the Modified Scenario. • The recreation amenity fee assessed to all deeded vacation ownership units is expected to generate $107,005 in a stabilized year in the Original Scenario and $258,001 in a stabilized year in the Modified Scenario. For the 14 -year period of analysis, total revenue from the recreation amenity fee is expected to be $1,388,536 in the Original Scenario and $2,709,339 in the Modified Scenario. The assessed value used for the calculation of general fund property tax and specific ownership property tax mill levies is estimated to be $3,443,605 in the Original Scenario and $2,590,562 in the Modified Scenario. In a stabilized year, the general fund property tax revenues are anticipated to be $30,841 in the Original Scenario and $23,201 in the Modified Scenario. For the 14 -year period, general fund tax revenues are expected to total $382,859 in the Original Scenario and $250,585 in the Modified Scenario. Specific ownership property taxes are expected to be $2,847 per year in the Original Scenario and $2,142 in the Modified Scenario, totaling $35,347 in the Original Scenario and $23,135 in the Modified Scenario. The additional cost of the complementary bus services is estimated to be $47 per labor hour, and $33,000 annually per bus for lease costs. In both scenarios, transportation expenses are estimated to be $1.95 per guest night during ski season and $1.44 per guest night during non -ski season. ft WATEWOUStCNPERS 3 Starwood Vacation Ownership, Inc March 24, 2005 Total transportation expenses during the 14 -year period are estimated to be $3,435,087 in the Original Scenario and $4,127,080 in the Modified Scenario. Total police department expenses in the Original Scenario are estimated on the basis of property value and are estimated to be $41,323 in a stabilized year. In the Modified Scenario, police department expenses were assumed to be approximately 25 percent higher than in the Original Scenario to reflect an increased level of visitation, and were expected to be $51,654 in a stabilized year. This supports an estimated total during the 14 -year period of $552,310 in the Original Scenario and $581,108 in the Modified Scenario. Other anticipated expenses to the Town include the debt service fund, capital projects fund, administrative costs, mall area maintenance, community development fees, and water fund expenses. For the 14 -year period these expenses are expected to total $4,060,159 in the Original Scenario and $6,610,191 in the Modified Scenario. Net revenue for the entire 14 -year period is negative $379,848 in the Original Scenario, with costs exceeding revenue, and $271,769 in the Modified Scenario, with revenue exceeding costs. Therefore, the Modified Scenario is expected to have a net revenue impact of $651,617 relative to the Original Scenario. The average difference between the two scenarios equates to approximately $46,544 per year, or I I percent of the total revenue generated in a stabilized year in the Original Scenario. Figure I on the following page presents the total revenue and expenses for each scenario for the 14 -year period of analysis. kXUATERJOUSECCOPERS 4 § § 00 \\\ E \(\ 0w \\ /� t/ k� ! \\\ }� q$ § $» @y) )r# E ! � ) \) \\\ )i \o )# ƒM \ƒ\ 00 \\\ E \(\ 0w j. /ƒ` t/ k� ! \\\ }� \\} 00 \\\ ■ E j. /ƒ` t/ ! )r# E ! � )i \o © ■ Starwood Vacation Ownership, Inc. INTRODUCTION March 24, 2005 Overview PwC prepared an analysis of the fiscal impact to the Town of Avon, Colorado of two future development scenarios proposed by SVO for the Sheraton Mountain Vista Resort, the Original Scenario and the Modified Scenario. This analysis measures expected revenues from sales and accommodation taxes, property taxes, and various fees, and expected corresponding costs to the Town. The purpose of the analysis is to compare the level of tax revenues less certain costs in each scenario for the purpose of discussions between the Town and SVO related to potential modifications to the development plan. Our analysis corresponds to the assumptions presented below. The results are presented in seven parts, with the first part covering our visitation analysis, and the subsequent parts comparing the various estimated revenues and expenses of the two scenarios, beginning with visitor spending estimates and related sales tax impacts, and followed by property taxes, accommodation taxes, fees, transportation costs, other expenses, and a concluding summary. All dollar figures are shown as 2004 dollars without adjustment for inflation, unless otherwise noted. The dollar amounts presented are in most cases shown without rounding. This should not be interpreted to give an additional level of precision to the estimates; instead, it has been done to make the corresponding number in the tables easier for the reader to follow. However, because pennies are not shown, some dollar figures in tables do not total. Selected Assumptions The estimates presented correspond to the two following scenarios: • Original Scenario: Forty-eight vacation ownership units are developed, a 125 -unit hotel is developed, and the parking garage is completed. The vacation ownership and hotel units are completed for occupancy as of June 1, 2007. • Modified Scenario: One hundred and nineteen vacation ownership units are developed, and the parking garage is completed. Fifty-five vacation ownership units are completed for occupancy as of June 1, 2007, and 64 vacation ownership units are completed for occupancy as of June 1, 2011. Additionally, the following assumptions may be noted: • In both scenarios, the vacation ownership units are referred to as two- bedroom lock -off units because each unit may be used as two separate one -bedroom units, each unit is therefore also referred to as a "key". • It is assumed that 52 weeks per year are sold per vacation ownership unit, with routine maintenance conducted during periods of low occupancy. • The existing SMV Resort consists of 85 timeshare units, 20 employee housing units, a parking garage, and a three-story commercial office building. The tax revenues and costs analyzed relate only to the new development in each scenario and exclude the revenues and costs supported by the existing resort. PkI"ATE)NOUSECQ7PERS 2 Starwood Vacation Ownership, Inc. March 24, 2005 • It has been assumed that the proposed gondola, which would connect Avon to Beaver Creek Landing, is not completed during the analysis period. • PwC assumed that SVO and the Town will reach an agreement similar to current Intergovernmental Agreement and the Town is assumed to rebate 75 percent of the hotel room sales and accommodation taxes to the Mountain Vista Special District, and real estate transfer taxes for the original sale of vacation ownership units will be shared by the Town and the Mountain Vista District. This assumption is based on conversations with SVO. • PwC excluded any fiscal impacts from on-site restaurant sales and additional on-site retail space in both scenarios. Visitor spending on restaurants and at retail outlets in Avon, including the existing retail outlets at SMV Resort, is included in the impact analysis which used the results of the visitor spending survey presented in the visitor spending section of this report. While the availability of an on-site restaurant or retail space may be expected to increase visitor spending, PwC did not conduct specific market research to estimate the extent to which such facilities would generate additional sales in the Town and therefore have not included such an estimate in the analysis of either scenario. P9MATERHOUSECO)PERS 7 Starwood vacation Ownership, Inc. March 24, 2005 VISITATION ANALYSIS The numbers of overnight visitors supported by each scenario are key inputs in the calculation of fiscal impacts. Therefore, PwC placed an emphasis on understanding the market conditions in Avon and preparing reasonable estimates of the expected occupancy rates in each scenario. These occupancy levels, multiplied by assumed visitors per guestroom, support the fiscal impact estimates related to visitor spending presented subsequently. To prepare for the occupancy analysis, PwC conducted fieldwork in Avon on December 14th, 15th and 16th, 2004. We visited the site, interviewed operators of local hotels, timeshare resorts, and condominiums with rental programs, and collected published statistics on occupancy rates in the Vail Valley. We conducted interviews with the managers at SMV Resort responsible for timeshare sales and hotel operations. To encourage candid discussion, these interviews were conducted without members of the SVO development team. Additionally, we met with representatives of the Town and discussed potential developments in the local area. The results of our analysis are presented below; first addressing the general site characteristics, then the expected occupancy rate for the Proposed Hotel in the Original Scenario, and third the expected occupancy rate for the proposed timeshare portions in the Original and Modified Scenarios. The Town of Avon is located in the Vail Valley proximate to skiing at Beaver Creek, Bachelor Gulch, Vail and Arrowhead. It supports leisure traveler demand in the winter, and its proximity to outdoor recreation opportunities supports leisure traveler demand in the summer. However, the town is not on the mountain, and consequently has not experienced the same tourism development as the resort areas located on the mountain. Instead, the Avon more closely resembles other communities located along Interstate 70. Currently, the Comfort Inn is the only hotel in Avon and there are several vacation ownership properties. Hotel The Proposed Hotel is assumed to be an upscale 125 -unit hotel with the Sheraton brand. It is assumed that the Proposed Hotel will offer a restaurant on the ground Floor and a single meeting room suitable for small group events. Due to its small size, the hotel is not assumed to offer a complete array of full-service hotel amenities, banquet kitchen or extensive meeting space. We have summarized our key hotel market findings in three statements: 1) Seasonal Fluctuations in demand, combined with weak demand in some mid -week periods even during peak season, are expected to make it difficult for the Proposed Hotel to reach a strong annual occupancy. 2) The location of the Proposed Hotel is of limited attractiveness to skiers or motorists on 1-70, two important sources of lodging demand in Vail Valley. 3) The Proposed Hotel is expected to experience competition from other area hotels as well as vacation ownership and condominium facilities in Avon with rental programs. These vacation ownership and condominium facilities provide units P91SEWATE&HOUSECCOPERS 8 StarwOOd Vacation Ownership, Inc. March 24, 2005 with additional amenities such as parlor rooms and kitchens and offer low prices during many periods. These findings are supported by the following market observations: The Vail Valley is a popular destination subject to considerable seasonal fluctuation in demand. Because hotels rent rooms on a daily basis as opposed to weekly timeshare sales, they are more greatly affected by weekly fluctuations. Statistics reported by Hill & Company in the Vail Valley Occupancy and Average Rate Research Study dated February 2004 indicate that hotel occupancy rates in the area Fluctuate significantly by season, with average monthly occupancies as high as 76 to 80 percent in the strongest months such as February and March, and lows of 30 to 35 percent in the weakest months of May, October and November. Monthly occupancy rates in Vail Valley during 2003 are presented in Figure 2. Figure 2 —Vail Valley Hotel Occupancy by Month: 2003 -A F Source: Hill & L.L P P SeQ�e O° aoo° Oeee 1 Local hotel operators confirm such seasonal fluctuations and indicate that the slow periods make it challenging to achieve strong annual hotel occupancy rates. For example, demand is exceptionally weak in the shoulder months of May and October. Even during strong winter months, midweek nights, which are less popular with leisure travelers, can be difficult to fill. On an annual basis, hotel occupancies in the Vail Valley have ranged between 55 and 62 percent during the five-year period ending December 31, 2003 .2 Our interviews with hotel operators, such as the general managers at the Park Hyatt in Beaver Creek, Riverwalk Inn in Edwards Z Source: Hill & Company, February 2004. 11maWATER40USFCW PERS I Starwood vacation Ownership, Inc. March 24, 2005 and Comfort Inn in Avon, indicate that while in previous years some hotels have achieved higher occupancy rates and properties with ski- in/ski-out locations typically outperform the average, these levels are an accurate reflection of the current market. Many of the hotels able to achieve higher than average occupancy rates are located in areas that offer direct access to the ski slopes, are able to attract large meetings and conventions during the non -ski season, or both. The Proposed Hotel will not offer either of these advantages. • The 1-70 corridor offers many limited service hotels catering to rate - sensitive walk-in guests. Although the Proposed Hotel is expected to offer a superior product, it will nevertheless face competition from these limited service hotels for some travelers, making it difficult to attract guests by offering low prices. • Avon offers several vacation ownership resorts and condominiums that operate rental programs. Many of these units offer parlors and kitchens, making them an attractive alternative for guests seeking temporary accommodations, and the Proposed Hotel will face competition from these properties for some travelers. The Sheraton brand, benefits from participation in the Starwood Preferred Guest program, and is recognized by many leisure and business travelers. In many situations, the addition of a branded hotel has the potential to induce new room nights into a local lodging market, through the increased exposure that accompanies marketing activities and the tendency of some brand -loyal travelers to stay at a familiar hotel brand despite somewhat less convenient locations. In this case, while the Proposed Hotel is still expected to induce some new demand to the market, the effect of the addition of the Sheraton brand will be somewhat muted. SMV Resort is already listed on the Sheraton brand website, and already accommodates some travelers who believed they were booking a room at a standard Sheraton hotel rather than a vacation ownership property. To estimate the Proposed Hotel's occupancy, PwC considered the monthly occupancy rates of hotels and other accommodations in the Vail Valley. As part of this analysis, we considered information gathered in interviews with the Park Hyatt in Beaver Creek, the Riverwalk Inn in Edwards, and the Comfort Inn in Avon, and estimated each of these hotels' monthly occupancy rates. We used the information presented by Hill & Company in its Vail Valley Occupancy and Average Rate Research Study to understand monthly occupancies in the Vail Valley overall. We also analyzed the monthly occupancy rates of vacation ownership and condominium rental programs in Avon reported in interviews we conducted with management at Christie Lodge, The Seasons, and SMV Resort. PwC then estimated monthly occupancies for the Proposed Hotel, considering its ability to compete with other hotels and other available accommodation inventory. Overall, our estimates show the Proposed Hotel is expected to achieve a stabilized annual occupancy level of approximately 55 percent. ftdCE WATE*i0USfCCnPER5 10 Starwood Vacation Ownership, Inc. March 24, 2005 We estimate that the Proposed Hotel will reach this stabilized level in the first year of operation by selling rooms to the SMV Resort timeshare sales team for the use of accommodating potential timeshare owners. SMV Resort currently utilizes local hotels in the area to accommodate potential buyers while on sales tour vacations, and is expected to be able to readily shift much of this business to the Proposed Hotel. By accommodating these guests, the Proposed Hotel will achieve higher occupancy rate in its first year of operation than would be expected if the SMV Resort did not operate an active vacation ownership sales program. We have assumed an average of 1.7 guests will occupy each guestroom. This estimate reflects an assumption that the Proposed Hotel will serve a mix of business travelers with an average of guests per room closer to 1.0, and leisure travelers with an average of guests per room closer to 2.0. Therefore, overall we estimate the Proposed Hotel will support approximately 42,659 visitors annually at a stabilized level (Figure 3). Figure 3 — Overnight Visitors Supported by Proposed Hotel in Stabilized Year Number of rooms 125 Rooms available 45, 5 Occupancy 55% 25 Number of occupied rooms 255% Guests per room 1 Total number of guests 42,659 1.77 Source: PricewaterhoureCoopers, L[.. P. To estimate the Proposed Hotel's average daily rate, PwC used a similar approach as was used to estimate the expected occupancy rate, preparing monthly estimates of ADR for the Proposed Hotel that were then used in calculating an annual average. The 2003 Vail Valley Hotel ADR statistics presented by Hill & Company were useful in this analysis and are presented in Figure 4. f')MMERHOUSECQ)PERS Starwood vacation Ownership, Inc. Figure 4 - Vail Valley Hotel ADR by Month: 2003 $450 --------------------- $400 i---- $350 - $300 $250 $200---- -- - - $150--- --- $100 $50 $0 Sol L. L.P. March 24, 2005 le,9 e�pa `\ooa �p� mod O Because the Proposed Hotel will not offer direct access to ski slopes, it is not expected to be able to achieve the same sl Furthermore, we estimate that room rates at the Proposed Hotel inthe ' n the non -non -ski season will also be below the average ADR in the Vail Valley because the Proposed Hotel will face competition from rental programs at nearby vacation ownership and condominium facilities that typically offer units at low prices during non -ski season months and will not be able to attract groups seeking meeting facilities. We have estimated that the Proposed Hotel will achieve an average daily rate of approximately $110 on an annual basis. This estimate reflects the seasonal fluctuations in average daily rate that are reported by other hotels and resort accommodations in the area, the average nightly rental rate achieved by the existing SMV Resort, and our analysis of the lodging market. Vacation Ownership Our analysis of the expected occupancy rate of vacation ownership units reflects the anticipated sales pace of the vacation ownership expansion in its initial years and the expected usage patterns for owner -held and developer -held units. We have estimated that the sales pace and occupancy levels will be approximately equal in both the Original Scenario and the Modified Scenario. Figure 5 represents the absorption schedule provided by SVO. The absorption rate reflects the number of units sold as a share of the total number of units in each phase. PRICEWATERHOU5ECQ7PER5 12 Starwood Vacation Ownership, inc. Figure 5 — Assumed Sales Pace for Vacation Ownership Intervals March 24, 2005 31 intervals _ 2.496 1 intervals 2,496 2.496 2,496 2.496 2,496 orptern rate 253 632 664 0 10% 25% 27% 28% 10% 0% fined Scenario se 1.C, 551wo-bedmom lock -off units iI intervals 2.860 intervals 2.860 2,860 2,860 2.860 2.860 2,860 2.860 hrpfim rate 253 632 664 697 614 p 2,860 2,860 9% 22% 23% 24% 21% poo ;e 1-0, 64 two-bedroom lock -oft intervals units intervals 3.328 3,328 3,328 3,328 3,328 3.328 fption rate 112 734 771 809 850 52 3% 22% 23% 24% 26% 2% Note: units sold are expected to be available for owner occupancy in the following year. Sales in 2006 reflect a partial year sales effort. SVO provided an estimated average sales price of $31,643 for a two-bedroom lock -off interval with one-week of annual use. PwC believes these estimates are reasonable for the purposes of this analysis based on the reported sales pace at the initial stages of the resort, interviews with the SMV Resort vacation ownership sales manager and other vacation ownership operators in the Vail Valley, and an understanding of trends in the timeshare industry. The Vail Valley is a very popular destination with vacation ownership travelers, and resorts in the region have reported rapid absorption of units. The SMV Resort, which offers an attractive vacation ownership product, well-known and respected brand, and location that is more affordable than resorts that offer direct access to ski slopes, is expected to continue to be a popular resort for potential buyers. Once sales are complete, the proposed vacation ownership expansion is expected to operate at a stabilized annual occupancy level of approximately 85 percent in both scenarios.3 This estimate reflects the following assumptions. Approximately 80 percent of available unit nights are expected to be occupied by the unit owners, their guests, or guests using the units as part of an exchange network such as the Starwood Vacation Network or Interval International. Additionally, approximately 10 percent of the available inventory is expected to be made available for rental 4 Of this available rental 'This occupancy level is calculated to reflect occupied unit nights as a share of total available unit nights. Units that are not used because of reasons such as maintenance are considered unoccupied but are not deducted from the total number of available unit nights used in the denominator. ' This inventory is expected to become available as owners submit weeks or partial weeks to SVO for rental as a way to potentially earn rental income from time that they were not expecting to use, or through yield -management practices. Such yield -management practices are expected to enable the resort to anticipate and react to certain levels of non -usage. PRIWATERHOUSECC7PERS 13 Starwood Vacation Ownership, Inc. March 24, 2005 inventory, approximately 45 percent is expected to be rented and occupied. The remaining 10 percent of available inventory is expected to represent intervals that are held for the use of owners or exchange guests, but which go unoccupied. Inventory made available by owners or exchange guests who use only a partial week at the resort, but who do not provide the resort adequate advance notice to permit an allocation to the rental pool, count as part of this unoccupied inventory. While active sales are still in process at the vacation ownership expansion, overall occupancy levels are expected to be somewhat lower than the expected stabilized level of 85 percent. This represents the impact of two assumptions. First, although vacation ownership occupancy remains at 80 percent of available (sold) rooms, the number of such rooms is less during the initial sales; thus, the total number of rooms utilized by owners is less during the initial sales period. We have estimated a higher rental occupancy during this period to account for the availability of seasonally favorable rental weeks. Furthermore, a larger portion of these unsold units will be used for revenue generating sales and marketing activities, such as hosting potential buyers at the resort. However, many unsold unit nights will go unused, typically during mid -week periods or during the shoulder season and the annual rental occupancy is not expected to exceed 60 percent. The higher rental occupancy during initial sales does not compensate for the lower number of owners. Also, at least one unit will be kept unoccupied as a model for sales tours. Figure 6 on the following page presents the vacation ownership and rental occupancy for 14 -year period of analysis. It may be noted that the Original Scenario stabilizes in 2011 and the Modified Scenario stabilizes in 2016. PoaWATERHOUSECQ7PERS 14 r ^� O c O n N m ao d R Q d o m V� y y N O W b b ID � N m b O1 da Opi O a O� N ry a N e e N A d m N O an N d a oo d a N e b f7 \ IA O o m m O N O N Y b m h m r e d m m N b O� 0 H m m 0 m m N ry m vi < N °O 0 ro m m o d r. d u •+ n � o � N t7 m N 'p N b G N Da O 7 � jlI and a C O a a ^� d N m ao d m m Q d o m y an d O W b b ID � N m O1 da Opi O a O� N ry a N e e � d m N O an m d a oo d a N e N o f7 \ IA m m O rn m m h m O e Od1 O e d m m N b O� m o N e m m N d m m d ry m N N °O Oj m m m o d n N Ol t7 m N b N N 0a Da O y YI � jlI and a � o O a N m N n rn Id'1 m N d N m d m W N y b d n � m d o d a UVJ O Y� 0c dOm m'N mdn d m o m N� ry 1� �D 00 VNl N N CJ N r N p N N N d N p N oP p+ o n b YIJ �I0 i Starwood vacation Ownership, Inc. March 24, 2005 The estimate that total unit occupancy is expected to stabilize at 85 percent is based on the following observations: • The Vail Valley is a popular destination among timeshare owners, and it is currently the only timeshare ski destination in the Starwood Vacation Ownership network. • The occupancy of owner -held units at the existing vacation ownership units at SMV Resort by owners and exchange guests has averaged approximately 77 percent in recent years. • The occupancy of owner -held units at the Lakeside Terrace resort, which is no longer in active sales and which is managed by SVO, averages approximately 82 percent. • The occupancy of units made available for rental at the SMV Resort has averaged approximately 42 percent in recent years. • The occupancy of units made available for rental at other timeshare and condominium resorts in Avon fluctuates greatly by season, exceeding 90 percent in some periods, and falling below 35 percent in shoulder periods. • SMV Resort offers a well-designed and maintained resort product, with a well-recognized brand that is expected to be attractive to owners, exchange guests, and renters supporting occupancy levels even during less attractive periods of the year. We have estimated an average of 2.25 guests will occupy each bedroom (key) utilized by vacation owners and 2.00 guests will occupy each bedroom (key) utilized by guests renting vacation ownership units. This estimate reflects our discussions with the existing management of the SMV Resort. Therefore, overall we estimate the proposed vacation ownership expansion will support approximately 66,044 visitors annually at a stabilized level in the Original Scenario and 163,734 visitors annually in the Modified Scenario (Figure 7). PMATEWOUSECCnPERS m Starwood Vacation Ownership, Inc March 24, 2005 Figure 7—Overnight Visitors Supported by Proposed Vacation Ownership Expansion in Stabilized Year Original Scenario Modified Scenario Number of two-bedroom lock -off units 48 8,663 45% 3,898 2.00 7,797 Number of keys (bedrooms) 119 Total number of keys available 96 34, 944 238 (52 seven day weeks) 86,632 Owners Number of keys sold 34,944 Owner occupancy 6,632 880% Number of keys occupied by owners 80% 80 /o Owner guest per key 27,955 9,306 62.25 Number owner guests 2,89 2.25 62,899 155,938 Rental Number of keys available for rental Rental occupancy Number of occupied rental keys Rental guest per key Number of rental guests 3,494 o 45% 1,572 2.00 3,145 8,663 45% 3,898 2.00 7,797 Total Total keys occupied Total occupancy Total number of guests 29,516 85/0 o 66,044 85% 73,204 163,734 Source: PricewaterhouseCoopers, L.L.P PK WATER C)L6ECOPERS 19 17 Slarwaad Vacation Ownership, Inc. March 24, 2005 VISITOR SPENDING AND RELATED SALES TAX IMPACTS In an effort to better understand the amount visitors spend in Avon, PwC and SVO conducted a limited visitor spending survey at SMV Resort. This section contains a summary of the survey results, visitor spending assumptions used to estimate total expenditures, and a brief description of the tax revenues generated as a result of these expenditures. Visitor Spending The table on the following page presents the results of a survey conducted at SMV Resort during the week beginning December 14, 2004 (Figure 8). PwC assisted with the survey design and with the development of the approach used to solicit responses from guests. PwC believes such a visitor survey is an appropriate way to gather useful information on guest expenditures and has used such visitor surveys in other economic impact analyses. It should be noted that, due to the limited period available for the fiscal impact analysis, this survey only represents a limited sample of resort guests during a one-week period and it is not representative of an entire year. Of the 86 visitor parties at the resort that were provided copies of the survey, 44 responded. The key results of the survey may be summarized as follows. On an average per person per day basis, the visitors surveyed spent $82.84 during their resort stay.5 Of this spending, $4.60 occurred on-site at SMV Resort, $27.47 occurred at other businesses in Avon excluding Wal-Mart, $3.51 occurred at Wal-Mart, and $47.26 occurred outside Avon. Overall, $35.58 was spent per person per day in Avon, representing 45 percent of the total. The total amount spent in Avon excluding sales at Wal-Mart was $32.07. The following is an example to demonstrate how the information in each row in Figure 8 may be read. Using the row in the "In Avon" section that covers "Restaurant meals and take-out food", the first column shows that, of those owners that reported spending money on restaurant meals and take-out food in Avon at any point in their trip, the average amount spent per person per day was $10.42. Since 75 percent of respondents made such purchases, referred to as the participation rate, the average spending per person per day overall for all respondents was $7.81. Calculating the sum of the average spending per person per day in the seven rows of the "In Avon" category results in the sub -total of $27.47. 3 Based on a sample mean of $82.84, a standard deviation of $57.05 and 44 respondents, the 95 percent confidence interval around the sample mean is $65.89 to $99.70. e Town does not currently receive tax revenue from sales in the Village at Avon, which contains the Wal- Mart. PMITWATEWOUSECa7PfR5 18 Slarwood Vacation Ownership, Inc. March 24, 2005 Figure 8 — Average Per Person Per Day Visitor Spendinn Average number of people in party Adults Children Total Average number of bedrooms occupied by visiting Average number of people per key (bedroom) Average number of nights at the SMV Resort on-site 2.25 0.45 2.70 1.18 2.33 5.77 Average Average amount spent Participation spending per per day rate person Per day "• ^•"•• I���ruamg on�te1 •+.+.a•ao ssvvn Total per person per day Purchases in Avon including Wal-Mart $82.84 Items purchased at Wal-Mart $35.58 Other Items that may not be taxed by the Town $3.51 (gas, parking, transportatlon, health spa and exercise $10.46 faculty, outdoor recreation activates, other) Note: a total of44 surreys were received and processed. Source: Slarwood Yncnrion Ownership, /nc. and PoicewarerhouseCoopers. L.L.P. PwcfWATM0VSC(DPERS 19 Starwood Vacation Ownership, Inc. March 24, 1005 Although this survey is not representative of an entire year, it may be noted that the spending levels reported were similar to the findings in other industry surveys. As a point of reference, a nation-wide survey conducted in 2004 by PwC and IBM for the American Resort Development Association (`•ARDA") reported average spending of $65 per person per day by vacation owners and their guests. Longwood International reported overall per person per day spending by Colorado visitors in 2003 averaged $79, with the spending of skiers averaging $144. The following per person per day estimates were drawn from the survey and used in the impact analysis: • Based on discussions with the Town and Stan Bernstein and Associates, it was assumed that approximately $14 of the total per person per day spending in Avon will not be taxable by the Town. This amount includes all expenditures at Wal-Mart ($3.51) and other stores in the Village at Avon plus any other non-taxable items categories in the survey form ($10.46). Therefore, the estimated taxable per person expenditure in Avon for visitors utilizing vacation ownership units is estimated to be the total amount spent in Avon ($35.58) less the amounts outlined above, is $21.61, which has been rounded up to $22 per day. The visitor spending survey conducted at SMV Resort collected information from respondents at the resort, regardless whether they were owners at the resort, exchange guests, or renters. While it is technically possible to separate the survey responses into categories, the limited number of survey respondents does not support a useful comparison between average spending by owners and exchange guests, and average spending by renters. Additionally, while the renters who responded to the survey were paying a nightly or weekly rate, they also had access to a kitchen in each bedroom, and may have exhibited different spending patterns than hotel guests at the Proposed Hotel. For the purpose of this analysis, in the Original Scenario it was assumed that hotel guest spending would be similar to vacation ownership resort guest spending with two differences as explained in the following assumption: Spending per hotel guest is assumed to be slightly higher than the visitors utilizing vacation ownerships units as hotel guests will not have kitchens and may potentially spend more in local restaurants. It is assumed hotel guest spending on restaurant and takeout meals may be expected to be approximately $10 higher than vacation ownership guest restaurant spending. Meanwhile, hotel guests 'nay make fewer grocery purchases, and the full $4.77 in average daily per person grocery spending was excluded from expected hotel guest spending. This resulted in a rounded total of $26.00 per guest. Based on the per person per day spending assumptions and the visitor assumption presented, total visitor spending in Avon in a stabilized year, excluding non-taxable sales and spending at Wal-Mart, is estimated at $2,562,115 in the Original Scenario and $3,602,159 in the Modified Scenario. PPoaWATEIU-lOUSFC(OPERS 20 Starwood Vacation Ownership, in, Retail Sales Tax March 24, 2005 The Town receives a four percent sales tax on all retail sales, excluding sales that occur at the Village at Avon, which contains the Wal-Mart. For each scenario, total estimated retail sales were multiplied by four percent to calculate retail sales tax receipts. In a stabilized year, retail sales taxes are expected to total $102,485 in the Original Scenario and $144,086 in the Modified Scenario. For the 14 -year period, total revenue from retail sales taxes on visitor spending is expected to be $1,344,907 in the Original Scenario and $1,526,359 in the Modified Scenario. County Tax Rebate Based on discussions with the Town, PwC has assumed the Town will receive a 15 percent rebate on the one percent Eagle County ("County") tax on sales that take place in Avon. Because the County does not tax groceries, visitor spending estimates for this calculation do not include estimated grocery expenditures. Revenue generated from the rental of hotel rooms and vacation ownership unit rentals is included in the total amount taxed by the County and, therefore, is also included in the rebate to the Town. In a stabilized year, the county tax rebate is expected to be $7,900 in the Original Scenario and $5,196 in the Modified Scenario, resulting in a 14 -year total of $110,564 in the Original Scenario and $72,488 in the Modified Scenario. PPoMATERHOUSECWPERS 9 Starwood Vacation Ownership. Inc. March 24, 1005 ACCOMMODATION RELATED TAXES Revenues generated from hotel guest room sales and rental of vacation ownership units are subject to a four percent accommodation tax and a four percent sales tax. Vacation ownership units utilized by owners are not subject to these taxes, though a recreational amenities fee does apply and is discussed later in this document. The Town is assumed to rebate 75 percent of the hotel room sales and accommodation taxes to the Mountain Vista District which has been set up by SVO, for fifteen years beginning the earliest date Of June 1, 2006 or upon the hotel opening. Therefore, the Town will receive 25 percent of the sales and accommodation taxes on hotel rooms in the Original Scenario and 100 percent of the sales and accommodations taxes on the rental of vacation ownership units in both scenarios. In a stabilized year, the estimated total accommodation tax revenues are expected to be $237,139 in the Original Scenario and $40,544 in the Modified Scenario. The Town's portion of those revenues is expected to be $71,560 in the Original Scenario and the full $40,544 in the Modified Scenario. For the 14 -year period, the Town's portion of the tax revenues generated from hotel room and vacation ownership unit rentals are estimated to be $1,253,967 in the Original Scenario and $1,360,107 in the Modified Scenario. Modified Scenario generates a greater level of sales and accommodation taxes as a result of the increased number of rooms available to rental guest during the initial years of both phases. PMaWATfR OU5ECR7PERS 22 Starwood !Vacation Ownership, Inc. March 24, 2005 PROPERTY TAXES AND OTHER REVENUES The following section covers the other sources of tax revenues and fees that have been included in this analysis. These include revenues supported by property values, real estate transfer taxes, franchise fees, recreation amenities fees, construction permit fees, and water and tap fees. Property Taxes Our estimates of annual tax revenues supported by property values in each scenario may be summarized as follows. Based on discussions with officials at the County assessor's office, hotel properties are classified as non-residential property and are subject to a real property tax that is calculated by the County using an income approach. To prepare an estimate of the approximate total value that may apply for the Proposed Hotel, we used the total market values of three hotels in Eagle County reported by the County assessor's office to calculate an average total value per key, or per guestrootrt, of approximately $66,170. Multiplying the estimated total value per key by 125 keys supports an estimate of total value for property tax purposes of approximately $8,271,281. Multiplying by the 29 percent assessment rate for non-residential properties supports an estimated assessed value of $2,398,672. Meanwhile, vacation ownership units are subject to a real property tax that is calculated by Eagle County using a comparable sales approach that treats an individual vacation ownership unit as equivalent to a whole ownership unit of similar physical characteristics. The units in the Original Scenario or Modified Scenario vacation ownership expansion are expected to be similar in size and quality to the existing units at SMV Resort. Therefore, a representative total market value of $286,440 per two-bedroom lock -off unit, which is based on average values" of each portion of the existing units reported by the assessor's office, has been used in both scenarios. Multiplying this value by the number of units in each scenario, and a 7.6 percent assessment rate for residential properties, supports an estimated assessed value of $1,044,933 in the Original Scenario and $2,590,563 in the Modified Scenario. Based on conversations with Stan Bernstein and Associates, PwC assumed the property will first be assessed in January of 2007, when the property is partially complete, for a Property tax payment in 2008, and then reassessed in 2008 as a completed building for its property tax payment due in 2009. PwC used this timing and estimated assessed values to estimate general fund property tax, debt service fund property tax and specific ownership tax revenues: • The general fund property tax amount, calculated as $8.956 per $1,000 of assessed value, is estimated at $30,841 per year in the Original Scenario and $23,201 in a stabilized year in Modified Scenario. The total values of the three hotels on a per key basis were as follows: Riverside Inn in Fdwards $70,400, Comfort Inn in Avon, $48,131 and West Vail Lodge in Vail $79,979. The County assessor's office assesses each unit separately, and PWC calculations used a representative price for each unit and added them together for an average value of a two-bedroom lock -off unit, which is approximately $227 per square foot. f'RaWATERHOUSECO)PERS 23 Starwood Vacation Ownership, /nc. March 24, 2005 • The debt service fund property tax amount, calculated as $4.825 per $1,000 of assessed value, is estimated at $16,615 per year in the Original Scenario and $12,499 in a stabilized year in the Modified Scenario. • The specific ownership tax revenue amount, calculated as six percent of the combined total of the general fund property tax revenue plus the debt service fund property tax revenue, is estimated at $2,847 per year in the Original Scenario and $2,142 in a stabilized year in the Modified Scenario. • The county road and bridge fund represents the Town's portion of the tax revenue collected for the State's county road and bridge fund and it is calculated as 50 percent of the total 1.91 mill levy assessed. It is anticipated that Town will collect $3,289 in a stabilized year in the Original Scenario and $2,474 in a stabilized year in the Modified Scenario. Real Estate Transfer Taxes Real estate transfer taxes apply to the sale of vacation ownership units and are calculated as two percent of the total sale price. Although the Town has an exemption for the first time purchase of primary residences tip to $160,000, this does not apply to vacation ownership units. For the original sale of a vacation ownership unit, there is a 50 percent transfer tax rebate to the Mountain Vista District. Therefore, one percent of the first sale goes to the Town and one percent to the Mountain Vista District; and, the entire two percent tax is received by the Town on all subsequent sales of the same unit. For the purpose of calculating annual transfer tax revenues supported by subsequent sales, the yearly percentage of vacation ownership units resold each year was assumed at five percent of the total sold inventory after four years of operation. This assumption was based on information provided by SVO and information on typical default rates on timeshare mortgages reported by other companies in the industry. Total transfer tax revenues for the 14 -year period are estimated to be $1,729,670 in the Original Scenario and $3,836,904 in the Modified Scenario. Franchise Fee Franchise fees are revenues derived from the sales of Xcel Energy, Comcast Cable and Holy Cross Electric, which have franchises granted by the Town for the use of public streets and rights-of-way, and the privileges of doing business in Avon. For each utility, a percentage of gross sales is charged as a franchise fee. Gross sales were estimated based on the 2003 total bills at SMV Resort in terms of total expense per occupied key (bedroom) or per available key (bedroom) on a daily basis.9 Total franchise fees for the 14 -year period are estimated to be $229,665 in the Original Scenario and $242,255 in the Modified Scenario. s The following table outlines the estimated expense and fee charged by the Town on a daily basis: Udny Amount used to estimate total revenue CORCast Cable Fee charged to total revenue 5Per available key 5% Franchise fee Excel Energy $55 35 .35 Per occupied key Ftoy Goss Electric3% Franchise tee $3.28 Fir occupied key 3% Franchise fee PWWATE1 tF(OUSBCa7PERS 24 Starwood Vacation Ownership, Inc. March 24, 2005 Recreation Amenities Fee All vacation ownership units that have been deeded by the developer to the owner, including units which have been foreclosed upon or re -conveyed in lieu of foreclosure, are subject to an annual $28.02 recreation amenities fee. This fee is based on an original agreement of $25 per deeded unit with an annual increase of the consumer price index for the Denver -Boulder -Greeley metropolitan area. The fee applies whether the unit is a two-bedroom or one -bedroom interval.1' Because this model is based in 2004 dollars, $28.02 was used throughout the model. Total recreation amenities fees for the 14 -year period are estimated to be $1,388,536 in the Original Scenario and $2,709,339 in the Modified Scenario. Construction Permit Fee and Water and Tap Fees Estimates of construction permit fees and water and tap fees were provided by SVO and confirmed by the Town. The fees in both scenarios are one time fees paid the year prior to opening. In the Original Scenario, estimated fees are $364,804 for construction permits and $582,300 for water and tap fees. In the Modified Scenario, construction permit fees are expected to be $223,982 in 2006 for and $231,273 in 2010, and water tap fees are estimated to be $440,000 and $512,000 in 2006 and 2010, respectively. 10 Based on conversations with SVO, one bedroom unit sales are estimated to be 53 percent in the Original Scenario, 53 percent in phase IC of the Modified Scenario and 45.2 percent in phase I D of the Modified Scenario. JkaWATE%0VSFCCnPERS 11 25 Starwood Location Ownership, Inc. March 24, 2005 TRANSPORTATION EXPENSES The Town provides a complementary shuttle to Beaver Creek and in -town during ski season and operates a shorter in -town route throughout the year. For the purpose of this analysis, PwC has used assumptions for the calculations of transportation expenses that were provided by the Town and its representatives. As with certain other assumptions from the Town, we have discussed transportations expenses to understand how the calculations are performed but have not independently assessed whether the expense levels are appropriate. In general, the transportation expense calculations assume that an increase in the number Of visitors may necessitate additional busses and driving hours". Transportation expense estimates are based on the total number Of visitors and it is assumed that all types of overnight guests will use the complementary transportation service equally. To estimate the transportation expense, the cost of total estimated hours of utilization is added to total estimated lease costs for additional buses. The estimated number of -busses required in ski -season is calculated by assuming that half of the daily skiers who ride the bus will desire to ride at the same time during peak hours. 12 Since each bus is assumed to carry 61 riders, the calculation assumes that for each 122 additional average daily skiers who ride the bus, another bus will be required. As a result, in a stabilized year in the Original Scenario 1.4 busses are required, and in the Modified Scenario 2.1 busses are required; in addition, in each scenario one half of a bus is included as a spare bus in calculating lease costs. Daily operating hours per bus are estimated separately for ski -season and non -ski -season. It is assumed that 12 hours of daily service will be provided. In ski -season, it is assumed that all required busses will be used during the six peak hours of each day, and that half the busses will be used for an additional six non -peak hours each day. Therefore, a total of nine hours of daily operation are required per required bus. In the Original Scenario, the 1.4 required busses result in a total of 12.4 daily ski -season operating hours, and in the Modified Scenario the 2.1 required busses result in 18.7 daily ski -season operating hours. In non -ski -season, it is assumed that the number of operating hours each day will be 45 percent of the operating hours on an average ski -season day. This assumption is based on the Town of Avon's 2005 budgeted operating hours, which shows 45 percent as many operating hours on the average non -ski -season day as on an average ski -season day. Therefore, in the Original Scenario, a total of 5.6 daily non -ski -season operating hours are expected, and in the Modified Scenario, 8.4 daily non -ski -season operating hours are expected. Based on figures provided by the Town of Avon, the cost per hour is estimated to be $47 and the lease cost of additional buses needed is assumed to be $33,000 per bus. The cost " To calculate total ski season guests, pwC utilized monthly occupancy figures to estimate 52 percent of total occupancy occurs during ski season. I3 To calculate ski season bus utilization, PwC used the Town's assumption that 66 percent of the visitors will ski and 85 percent of the skiers will utilize the bus. f�UIWATE&10U$ECWPER5 26 Starwood [station Ownership, Inc. March 24, 2005 of an additional one half of a bus is included to account for a contribution to thpool of spare buses required for maintenance purposes. e In a stabilized year, transportation expenses are estimated to be $260,673 in the Original Scenario and $384,285 in the Modified Scenario. For the 14 -year period, total transportation expenses are expected to be $3,435,087 in the Original Scenario and $4,127,080 in the Modified Scenario. In both scenarios, transportation expenses are estimated to be $1.95 per ski season guest and $1.44 per non -ski season guest. " Il This per guest figure refers to the total number of visitors, not the visitors who use the bus. PRaWATMOUSECRCIPERS 27 Starwood Vacation Ownership, Inc. March 24, 1005 OTHER EXPENSES This section covers additional expenses to the Town. Police Department It is difficult to assess additional expenses that the police department may incur with an increase in accommodations and visitors. For the purpose of this analysis, the Town provided a millage rate assumption to be used in the model of $12 per $1,000 of assessed value to estimate police department expenses. PwC and Stan Bernstein and Associates discussed the assumption that with a higher level of visitation in the modified scenario it is appropriate to assume a higher level of police department expenses. Therefore, police department expenses in the Modified Scenario were assumed to be 25 percent higher than in the Original Scenario. The 25 percent increased does not reflect the full difference in the number of visitors as some police costs may not necessarily increase proportionately with the number of visitors. The estimated stabilized yearly police department expense in the Original Scenario is $41,323 and $51,654 in a stabilized year of the Modified Scenario. Because the Modified Scenario has two phases and will not reach its full number of keys until the year 2012, PwC adjusted years 2007 to 2011 by proportionally reducing the Modified Scenario police department expenses based on the number of keys available each year relative to the maximum capacity. Total police department expenses during the 14 -year period are estimated to be $554,310 in the Original Scenario and $581,108 in the Modified Scenario. Mall Area Maintenance PwC assumed maintenance expenses for the mall area related to the new portion of SMV Resort to approximate $58,333 per year, or one third of the amount used in previous models for the entire SMV Resort. This amount is a flat fee each year and it is assumed to be equal in each scenario. Both scenarios are expected to have a total 14 -year expense to the Town of $816,667. Administrative Costs Administrative costs are estimated to be 7.5 percent of all operating expenses, which are transportation, police department and mall area maintenance. This estimated percentage was provided by the Town and has been used in previous models. For the 14 -year period, total administrative costs are estimated to be $360,455 in the Original Scenario and $414,364 in the Modified Scenario. Community Development Fees Community development fees are estimated to be 100 percent of construction permit fees. SVO provided estimated construction permit fees for the purpose of this analysis. Total community development fees are estimated to be $364,804 in the Original Scenario and $455,255 in the Modified Scenario. Capital Projects Funds, Debt Service Fund and Transfer to Water Fund Based on previous models and discussions with the Town, PwC assumed the capital projects fund, debt service fund and transfer to water fund expenses to be equal to a corresponding tax or fee. The capital projects fund is equal to the real estate transfer tax f'kCEWATERHOUSCO)PER5 28 Starwood Vacation Ownership, Inc. March 24, 2005 revenue. Total capital project fund expenses during the 14 -year period are estimated to be $1,729,670 in the Original Scenario and $3,836,904 in the Modified Scenario. The debt service fund is equal to the debt service fund property tax revenue, which is estimated to be $206,263 in the Original Scenario and $135,001 in the Modified Scenario, during the 14 -year period. The total transfer to water fund is equal to the water and tap fee estimates, which are $582,300 in the Original Scenario and $952,000 in the Modified Scenario. 1'kCEWATMOUSECOCIPERS (I 29 Slarwaad Vacation Ownership, Inc. SUMMARY OF RESULTS March 24, 2005 Based on the assumptions outlined in this report, the Modified Scenario is expected to generate slightly more revenue for the Town than the Original Scenario. The net incremental revenue for the entire 14 -year period is negative $379,848 in the Original Scenario, with costs exceeding revenue, and $271,769 in the Modified Scenario, with revenue exceeding costs. Therefore, the Modified Scenario is expected to have a net revenue impact of $651,617 relative to the Original Scenario. The average difference between the two scenarios equates to approximately $46,544 per year, or I I percent of the total revenue generated in a stabilized year in the Original Scenario. This summary examines the changes in revenue and expenses between the scenarios by summarizing the analysis as four parts: revenue and expenses related to property value, revenue and expenses based on the number of visitors, revenue and expenses based on occupancy taxes, and revenue and expenses based on fees. Revenue and Expenses Based on Property Value Figure 9 presents the estimated revenues and expenses that are based on property value through a transfer tax, mill levy or an association with revenue derived by applying a mill levy. The revenue and expenses presented in the table are the sum of the estimated yearly revenue and expenses in cacti scenario for the 14 -year period. The differences represent the Modified Scenario less the Original Scenario. Figure 9 — Revenue and Expenses Based on Property Value: 2007 to 2020 Revenue Modified Scenario Expenses Modified Scenario General Debt Service Specific County Road Fund Fund Ownership and Bridge Real Estate Taxes Fund Taxes Subtotal 250,585 382,859 135,001 206,263 23,135 26,720 3,836,904 4,272,345 132,275) (71,262) 35,347 (12,212) 40,825 (14,105) 1,729,670 2,107,234 2,394,965 $1,877,38[ Debt Service Capital Projects Obligation Projects Fund Fund Subtotal 135,001 206263 3,836,904 3,971,905 _ 1,729,670 194R non Revenue difference minus expense difference Source: Town of Avon; Slarwood vacation Ownership, Inc, and LLP. ($158,592) The variance between the Original and Modified Scenarios can be attributed to the manner in which vacation ownership properties and hotels are assessed. As discussed previously, vacation ownership units are assessed as residential property that is subject to a 7.6 percent assessment ratio, while hotels are assessed as commercial property that is subject to a 29 percent assessment ratio. Therefore, the Original Scenario containing the hotel has a higher assessed value than the Modified Scenario and the revenue and expenses based on mill levies are higher in the Original Scenario. The general fund PPKEINATMOUSECQ7PERS 30 Starwood Vacation Ownership, Inc. March 24, 2005 property tax, debt service fund property tax and county road and bridge fund revenues are all estimated by applying a mill levy to the assessed property value. The specific ownership taxes are estimated to be six percent of the general service fund and debt service fund, and the debt service obligation fund expense is equal to the debt service fund. Real estate transfer taxes are a percentage of the sale of vacation ownership units, and, therefore, a larger amount is collected in the Modified Scenario which has a greater number of vacation ownership units. However, the transfer tax revenue are not expected to have an impact on the net difference between the two scenarios or the net revenue for the Town because the revenue generated from real estate transfer taxes is equal to the capital projects fund expense. It may be noted that general fund property tax, specific ownership tax and the county road and bridge fund do not have a corresponding expense and, therefore, impact the net revenue in each scenario. The revenue derived from the general fund mill levy, specific ownership tax and county road and bridge fund mill levy is $459,032 in the Original Scenario and $300,440 in the Modified Scenario, and the difference between the two scenarios represents the total difference in the revenues and expenses based on property value. Revenue and E.rpenses Based on the Number of Visitors This section reviews the estimated revenue and expenses that are related to an increased number of visitors. A separate analysis of the revenues generated from taxation of visitor spending on hotel room and vacation ownership rental is presented in a separate section covering the revenues associated with visitor accommodations. Figure 10 presents the estimated revenues and expenses which are calculated based on the number of visitors in each scenario. The revenue and expenses presented in the table are the sum of the estimated yearly revenue and expenses in each scenario for the 14 -year period. The differences represent the Modified Scenario less the Original Scenario. PRICEWATEWOUSECa7PERS 31 Starwood Vacation Ownership, Inc. March 74, 2005 Figure 10 — Revenue and Expenses Based on the Number of Visitors: 2007 to 2020 Revenue difference minus expense difference ($591,248) re: Town Of Avon,Starwood Vacation Ow,nership, /nc.; and PriceWaterhouseCoopers, L.L.P. The number of visitors that stay in the Town of Avon has a financial impact on the Town through retail spending and the expenses of additional services required. The administrative costs presented above are 7.5 percent of the mall area maintenance, police and transportation system expenses and is greatly impacted by the transportation and Police expense; for this reason, administrative expenses are considered to be driven by the number of visitors and included in this portion of the summary. Based on the assumptions outlined in this report, the revenue generated from retail sales is not enough to offset the additional expenses required to support additional visitors to the Town. It is possible that this relationship could change over time as Avon develops as a more pedestrian friendly resort destination encouraging visitors to spend a larger portion of their total vacation spending in Avon. Given the current assumptions, before considering revenues generated by accommodations, the Modified Scenario results in a negative impact. Revenue and Expenses Based on Accommodations There are significant shifts in occupancy taxes and fees assessed to deeded units between the scenarios. For this reason, revenues and expenses related to the accommodations is examined separately from the impact of the number of visitor to the Town. Figure 1 1 presents the estimated revenues generated from the rental of hotel rooms and vacation ownership units and the recreation amenity fee assessed to deeded vacation ownership units. The differences represent the Modified Scenario less the Original Scenario. f'kaWATEWOUSECCOPER5 32 Retail Sales Revenue Tax Subtotal Modified Scenario 1,526,359 Original Scenario 1,344 907 1,526,359 Drfference 181,452 1,344,907 $181,452 Transportation Police System Administration Expenses Department Costs Costs Subtotal Modified Scenario Original Scenario 581,108 4,127,080 414,364 5,122,552 554.310 1 Air nQ7 ��' ,11 _ Revenue difference minus expense difference ($591,248) re: Town Of Avon,Starwood Vacation Ow,nership, /nc.; and PriceWaterhouseCoopers, L.L.P. The number of visitors that stay in the Town of Avon has a financial impact on the Town through retail spending and the expenses of additional services required. The administrative costs presented above are 7.5 percent of the mall area maintenance, police and transportation system expenses and is greatly impacted by the transportation and Police expense; for this reason, administrative expenses are considered to be driven by the number of visitors and included in this portion of the summary. Based on the assumptions outlined in this report, the revenue generated from retail sales is not enough to offset the additional expenses required to support additional visitors to the Town. It is possible that this relationship could change over time as Avon develops as a more pedestrian friendly resort destination encouraging visitors to spend a larger portion of their total vacation spending in Avon. Given the current assumptions, before considering revenues generated by accommodations, the Modified Scenario results in a negative impact. Revenue and Expenses Based on Accommodations There are significant shifts in occupancy taxes and fees assessed to deeded units between the scenarios. For this reason, revenues and expenses related to the accommodations is examined separately from the impact of the number of visitor to the Town. Figure 1 1 presents the estimated revenues generated from the rental of hotel rooms and vacation ownership units and the recreation amenity fee assessed to deeded vacation ownership units. The differences represent the Modified Scenario less the Original Scenario. f'kaWATEWOUSECCOPER5 32 Starwood Vacation Ownership, Inc, Figure I1 — Revenue and Expenses Based on Accomodations: 2007 to 2020 Expenses Modified Scenario Accomodation County Tax Revenue Rebate Wdified Scenario 72,488 Ori final Scenario 110.564 Expenses Modified Scenario Accomodation Amentiesn FraFeeise and Sales Fees 1,360,107 2,709,339 242,255 1,253,967 1.388 ssr, oon I— Revenue difference minus expense difference Town ofAvonr Slarwood I'acalon and L.L.P. March 24, 2005 Subtotal 4,384,189 Subtotal $1,401,457 The revenues based on accommodations are affected by the different types of taxes and fees placed on hotel rooms and vacation ownership units. Because the Town only receives 25 percent of the hotel sales and accommodation taxes, the replacement of the hotel with a greater number of vacation ownership units in the Modified Scenario does not have an overall negative impact on the difference between the scenarios. The sales and accommodations tax revenues in the Modified Scenario are generated from taxes on vacation ownership rentals. The county tax rebate is a rebate of all sales taxes charged by the County, and in this analysis, taxes on accommodations account for the majority of the rebate. Franchise fees are placed on utility services used in the units by the hotel and vacation ownership guests. The net increase between the scenarios can primarily be attributed to the annual recreation amenity fee placed on each deeded timeshare unit; because this fee is not placed on hotel rooms, it is significantly larger in the Modified Scenario. Revenue and EYpenses Based on Fees Figure 12 presents the estimated revenues and expenses related to certain fees. The differences represent the Modified Scenario less the Original Scenario. P��WATEMOUS�a7PERS D Starwood vacation Ownership, Inc. Figure 12 — Revenue and Expenses Based on Fees: 2007 to 2020 March 24, 2005 Revenue Construction Water and Tap Permit Fees Fees Subtotal Modred Scenario Original Scenario 455,255 952,000 1,407,255 Uitterence ;64,804 582 300 947 104 90 ,451 369,700 $460,151 Mall Community Transfer to Expenses Walkway Development Water Fund Maintenance Fee Modred Scenario 816,667 455.255 952,000 Subtotal O2 final Scenario DtRrencp 816.667 364,804 582,300 2,223,922 1,763.771 Revenue difference minus expense difference Source: Town 2jA von; Starwood Pocoiion Oivnersh� and $0 The fees presented above do not cause an overall net revenue difference because each revenue source is matched by an equivalent expense. The estimated water and tap fee and construction permit fee are one time fees. The expenses are all estimated to be 100 percent of fees, and for this reason, there is no difference between the scenarios. Summary To understand comparisons of the scenarios, it is useful to note that the difference between the scenarios is driven primarily by the change in the revenues in each scenario rather than by a change in expenses. The greatest change in revenue between the scenarios is the real estate transfer tax amount, which generates an additional $2,107,234 in the Modified Scenario. However, the real estate transfer taxes are offset by the capital projects fund which nullifies its impact on the net revenue in each scenario in this analysis. The revenue that has the largest impact on the net revenue in each scenario is the recreation amenity fee placed on the vacation ownership units. This fee generates an additional $1,320,803 in the Modified Scenario. Overall, considering revenues by the four conceptual categories, the greatest impact between the scenarios comes from revenues based on property values with the Modified Scenario generating an additional $1,877,380 in revenue. The main changes in expenses not matched by corresponding changes in revenues are transportation expenses, which are based on the number of visitors. Transportation expenses are estimated to be $3,435,087 in the Original Scenario and $4,127,080 in the Modified Scenario, resulting in an additional $691,993 of transportation expenses in the Modified Scenario. I'MEWATEWUSECOPERS 9 34 Starwood vacation Ownership, Inc, March 24, 1005 Figure 13 summarizes the conclusion. For each group of revenues and expenses presented in the previous figures, the net change in revenue between the two scenarios is listed as a gain or loss for the Modified Scenario. The total is the difference between net revenue in each scenario." Therefore, the Modified Scenario is expected to have a net revenue impact of $651,617 relative to the original scenario. Figure I3 —Summary of Difference in Net Change Between the Two Scenarios: 2007 to 202015 Based on Property Value (158,592) Based on Accommodations 1,401,457 Based on Number of Visitors (591,248) Based on Fees 0 Total Difference $651,617 wow racauon( h(c: and L.L.P. 11 For a complete summary of revenue and expenses in each scenario, see the appendix. )'�MWATEPHOUS�COPER5 35 0 OF W .'• ^ a r� Y 4 T T T Y 4 T 4 T V. 2 �! O IU p T g P pa T Omi O+ N T P T P ry rv� n n n n n n n n N� LL •I m� N N N N Y1 V1 y1 N y� y� n O m b (O O b b b tfO e0 b b v H V o;ry.=m.om mm'. ad'w om,m m� o ry n n n n n b M � ry ry ry ry ry ry ry ry N N I� ry ry ry ry n� b -rirvNrvry rvwrvrvry ` �' '� m.m min .em ,0 0 0 r C J � e e e •-� •- � � �iRhRRRRRR�ui v��i �{„ O H �nmRRRRRRRRRR� n° 8g§rv_rv"rv"'ry rvrvrv�s o W .-v v nvv v a v vvev'�' S S P 2 s R ry R r R R RR og U b M i s Q U r�omNOg vSmi �'6, B, '6N{$� 25 8 n mo ^� n n n vni ry n n n n n vmmnSym �mam�R�rv�p�rvry rvc'hry riry rvry _I 0 11 J s d qq-rNrrvrvnrvry oa���RRRRRrRRRo v o 0 0i n ry ry n ry ry ry ry ry B RrRQRRRN�X.0 n F � u yc o w i - E & �o n 0`4 00 0 0 00000 � � 4 _yy .oma �rvnm��v Sd'8 o8,�8,x„ 3� O e J m O i o.nry m'm � -nnv�,on mm o q W��8�8RRQR�RRrRRS� n Appendix 3 — Visitor Spending Survey The visitor spending survey is on the following page. r•t1 / If' wn S Vy Sheraton n1OU1TAUN VISTA . v..r-erin.cnM'ncu.�inr ueauni December 15, 2004 Dear Starwood Vacation Ownership Owner or Guest. We would appreciate your participation in a brief survey on guest spending in the local area. The Sheraton Mountain Vista Resort is surveying only a small number of guests during this week and each response is very important to us. We ask for your help and encourage you to complete the survey form promptly on one of the last days of your trip and return it to the resort front desk by Wednesday December 22. As a further incentive, respondents who return the completed survey by the deadline will have the opportunity to win $1,000 cash prize (see instructions on last page). Your responses to all questions are confidential. Sincerely, Brad Jeffers, Sheraton Mountain Vista Resort General Manager The questions refer to your current vacation at Sheraton Mountain Vista Resort. The survey covers spending during the current vacation only, please do not include spending prior to this current vacation period. 1. Please describe the ownership status of the unit in which you stayed: 1 own a unit at Sheraton Mountain Vista Resort I am visiting this unit on exchange I am renting this unit Other (please specify below) Other 2. How many people were in your party, including yourself? Adults: = Children 18 years or younger: = 3. How many total bedrooms were in the unit or units used by your party during your current vacation? Please count a two-bedroom unit as two and a one -bedroom unit as one. Number of bedrooms: EEI 4. How many nights did your traveling party stay at the Sheraton Mountain Vista Resort? (please report spending covering this entire period in question 5 on the following page) Number of nights: 0 Page I 5. Considering the period of your stay at the Sheraton Mountain Vista Resort as indicated in Question 4, please estimate the total expenditures of your entire party for each of the following items. Indicate amounts spent at the timeshare resort separately from spending in Avon or outside Avon. For reference a map of Avon is located on the next page. Outside Avon would include all areas off of the map including Beaver Creek, Edwards and Vail. Do not include the rental cost of the resort accommodations, if any. It is important that the spending reported cover the same time period and traveling party as reported above. Enter a zero if nothing was spent in a category. at Gasoline, parking and other local transportation (taxis. buses, resort to Avon q rentalcars etc. Please exclude initial transportation to and $ departure from the destination.) $ $ Groceries purchased at stores other than Wal -mart (excluding packaged alcoholic beverages) Groceries purchased at Wal -mart (excluding packaged alcoholic beverages) Shopping for items other than groceries at stores other than Wal -mart (packaged alcoholic beverages, clothes, ski equipment, souvenirs, art, jewelry, handicrafts, etc.) Shopping for items other than groceries at Wal -mart (packaged alcoholic beverages, clothes, ski equipment, souvenirs, art, jewelry, handicrafts, etc.) Restaurant meals and beverages, take-out food Health spa, exercise facilities or related Outdoor recreation services (downhill and cross -county skiing lift tickets and rentals, other equipment rentals such as snowmobile, snowshoes, etc.) Other expenses and services (not including occupancy or maintenance fees charged by the timeshare resort) Page 2 MAP OF AVON (PROVIDED FOR REFERENCE IN ANSWEREING QUESTION #5) Wal Page 3 To enter the drawing for a $1,000 cash prize as mentioned in the instructions, please print your name and address in the space provided below. This information will be used only to notify you if you are a winner, and will not be linked to any data. See enclosed rules below for additional information. Name: Address: City: WIN $1,000 CASH PRIZE By returning your completed survey to the front desk by December 22, 2004, you are eligible to win $1,000 cash prize. One respondent will be chosen randomly within two weeks after the end of the contest. Just return the completed survey by December 22, 2004. The winner will be informed within seven (7) days of drawing. Chances of winning approximately t in 150. Void where prohibited or otherwise restricted by law. OFFICIAL RULES OF CONTEST No purchase necessary to enter to win. This promotion is sponsored by Points of Colorado, Inc. ("Sponsor"), 8801 Vistana Centre Drive, Orlando, FL 32821. Contest ends at 11:59 pm ET on December 22, 2004. Your answers to the survey questions do not affect your chances of winning. The $1,000 prize will be awarded. Points of Colorado. Inc. or its affiliated entity is obligated under the Internal Revenue Code to issue a form 1099 for prize winnings in excess of $600. Taxes on prize, if any, are the sole responsibility of the Prizewinner. For the name of the Prizewinner, send a self addressed, stamped envelope to "Sheraton Mt Vista Survey" Contest, 8801 Vistana Centre Drive, Orlando, FL 32821. Page 4 w N gill cm oa91800v80100None N`dld 1N3Wd013A30Ofld 03aN30 ViSIA NIViNnon S,NOiVld3HS 8 0 o r ru 12 81165 1 80 E 41" 4 --Rsoxa ° RMol 6 b ° 0 z 2 oil' ° �h film 8'� o; 8 $0a7.P �I$°°°t��9$$'tl p t�• "P`�v4it$` Pig . z �oII 5I=a_��21 O �Ny^ vw�°i 2 N o° „ O F m3 is N � d OH 0. �$_�� 3 4m 46 m g 4 0 MIN on �v I Q IRA] S 14. ci ohlGi z��35 y 8 8 2222-9R eS -p- €y� Z< 3t R °6p4O p4 G PG PpG � �� [jEj�y +j� +j�ul�7 N G O9 :tJN 119� V`a21' W$33 wwy 2022 222424V22222292?2Q8-8o1-1- Ifl 229 o W o z45S F3 0 111121 -if g FPC E- °i o20 ' oo,b S',b9 u �a2gya aidJ. J°i �6���eb a°bd y`y—'do dd ?o••2'wa. 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