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Lot 3 Stonebridge Development Agreement Eagle County,CO 202404276 Regina O'Brien 04/24/2024 Pgs: 15 12:55:58 PM REC: $83.00 DOC:$0.00 DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT("Agreement") is made and entered into as of March 15, 2024, ("Effective Date") by and between Lot 3 Mountain Vista LLC,a Colorado limited liability corporation ("Owner"), and the Town of Avon,a home rule municipal corporation of the State of Colorado ("Town") (Owner and Town may be referred to individually as"Party" and collectively as "Parties). RECITALS A. The Owner owns approximately 1.099 acres within the Town that is legally described as: Lot 3, Mountain Vista Resort Subdivision,according to the Plat thereof recorded on March 31,2021 at Reception No.202109327, Town of Avon,County of Eagle,State of Colorado Street address: 140 W Beaver Creek Blvd, Town of Avon, County of Eagle, State of Colorado("Property"). B. The Owner submitted an application to the Town for approval of a Major Development Plan and Development Bonus application for a hotel project currently referred to as Stonebridge Hotel ("Application"). C. After holding a public hearing on April 18, 2023,the Town of Avon Planning and Zoning Commission recommended approval of the Application. D. After holding a public hearing on June 13 and June 27, 2023, the Avon Town Council ("Council") approved the Application with conditions. E. The Application includes a Landscape Plan and Irrigation Plan, which includes a limited irrigated area and drought tolerant species. F. The Application includes public improvements that necessitate further review, security, warranty, and acceptance upon satisfactory completion. G. 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 Town's Comprehensive Plan; ensure reasonable certainty, stability and fairness in the land use planning process; stimulate economic growth; secure the reasonable investment-backed expectations 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 of the Town. Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 1 of 14 AGREEMENT NOW,THEREFORE, in consideration of the recitals set forth above,the terms,conditions, covenants, and mutual promises set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Owner and the Town agree as follows with respect to the development of the Property: ARTICLE I DEFINITIONS The following terms shall have the meanings set forth below unless the context in which they are used clearly indicates otherwise: 1.1 Development. The hotel project("Hotel")to be constructed on the Property as described in the Development Plan. 1.2 Development Bonus. The Development Bonus includes those certain underground setback encroachments on the west side and above ground encroachments along the south boundary of the Development. 1.3 Development Plan. The Major Design and Development Plan described and depicted in the Application that was approved by the Town is made part of the land use approval for the Development Plan. 1.4 Development Plan Components. The following plan set sheets contained in the Development Plan are incorporated by reference into and made a part of this Agreement: Landscape Plan & Irrigation Plan Owner Maintained Public Improvements 1.5 Exhibits. The following Exhibit is to this Agreement is incorporated by reference and made part of this Agreement: Exhibit A- Parking Plan 1.6 Landscape & Irrigation Plan. The approved Landscape Plan and Irrigation Plans, pages 11-15 of the Development Plan, is made part of the land use approval for the Development Plan. 1.7 Municipal Code. The Avon Municipal Code, including the Avon Development Code, as may be amended from time to time. 1.8 Public Improvements. Those improvements to be acquired, constructed, or installed for the benefit of the public, including, but not limited to, the Public Improvements described in Article IV. Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 2 of 14 202404276 1.9 ROW. "ROW" shall mean that certain public right of way as described in the Development Plan. 1.10 Term. The term of this Agreement as provided in Article III. ARTICLE II DEVELOPMENT PLAN 2.1 Development Plan. The Development Plan sets forth the approved scope of development of the Property and has been approved by the Town through action by the Town of Avon Planning and Zoning Commission and Council, including the Development Bonus. 2.2 Compliance with General Regulations. The approval of the Development Plan and this Agreement shall not preclude the application of Town ordinances and regulations, or state or federal laws and regulations, which are general in nature and are applicable to all property subject to land use regulation by the Town, including, but not limited to, building, exterior energy offset, fire, plumbing, electrical and mechanical codes,as all such regulations exist on the date of this Agreement or may be enacted or amended after the date of this Agreement. 2.3 Parking Plan. The Owner hereby declares and covenants that the Property shall include a full-time valet-only parking operation and equipment necessary, including but not limited to vertical vehicle stackers, to provide parking at a minimum of a 1:1 ration of rooms to vehicles in substantial conformance with the Parking Plan, attached as Exhibit A: Parking Plan. ARTICLE III TERM 3.1 Term. The term of this Agreement shall commence on the Effective Date of this Agreement and shall continue after construction of the building(s) for so long as the building(s)which comprises the Development continues to exist and for three(3)years after such time the building(s)that comprises the Development no longer exist on the Property. In the event the building(s)which comprises the Development is destroyed by fire or other calamity and then reconstructed within three(3)years, such reconstructed building shall be deemed the building(s)that comprises the Development and this Agreement shall continue in full force and effect until three (3)years after the reconstructed building no longer exists. The Parties may terminate this Agreement earlier by mutual agreement. ARTICLE IV PUBLIC IMPROVEMENTS 4.1 Public Improvements. The Owner agrees to construct and install the public improvements set forth in this Agreement ("Public Improvements"). Such obligations directly relate to the Application complying with the minimum required development standards set forth in the Code and are material to the terms, conditions, covenants, and mutual promises Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 3 of 14 202404276 bargained for by Town and the Owner in this Agreement. The Owner shall install or cause to be installed all Public Improvements that the Owner is required to construct in a good and workmanlike manner in accordance with the applicable regulations of the Town and applicable Utilities, as defined below, and in accordance with this Agreement. (a) Utility Improvements. The Owner agrees to install all utility improvements as described in the Development Plan. (b) Drainage Improvements. The Owner shall install drainage improvements for stormwater control and quality as described in the Development Plan. (c) Pedestrian Connection. The Owner shall participate in connecting this property to the Town Hall site generally located on the east side of the Development connecting West Beaver Creek Boulevard to the pedestrian improvements on the east side of Town Hall. The parties shall agree to the location and design prior to issuance of a building permit. This connection shall provide pedestrian access to the general public from West Beaver Creek Boulevard to the Town Hall until such time as a public pedestrian way is completed on the adjoining Lot B. (d) Interface with Town Hall. The Owner shall install landscaping and/or hardscaping between the property and the Town Hall sidewalk in accordance with designs approved by the parties prior to the issuance of a building permit. 4.2 Security for Public Improvements. Owner shall post sufficient security to guarantee the installation, performance, or maintenance of any required Public Improvements, and any public facilities damaged by Developer during construction of the Development or Public Improvements. The total amount of required security for Public Improvements for the Development shall be 125%of the Owner's engineer's estimate of the cost to complete Public Improvements identified on the Public Improvement Map. Security shall be in a form acceptable to and approved by the Town Manager and Town Attorney. As Public Improvements are completed, Developer may apply to the Town Manager for release for all or part of the security. 4.3 Timing of Public Improvements. The Owner shall complete the Public Improvements and the Town shall have provided written notification of acceptance of the Public Improvements by the Town ("Town's Notification of Acceptance") on or before the earlier of(1) date of a certificate of occupancy or temporary certificate of occupancy, whichever is earlier, for the Development, or(2) within three(3)years of obtaining a building permit, whichever is earlier. The Owner shall inform the Town of all construction plans within Town property and within the ROW at least ninety (90) days prior to the start of construction that is to occur within Town property or the ROW. If the Owner has not received the Town's Notification of Acceptance from the Town of all Public Improvements, the Town may withhold the issuance of a Temporary Certificate of Occupancy. Development Agreement:Lot 3 Mountain Vista,LLC-Town of Avon March 26,2024 Page 4oft4 202404276 4.4 Warranty Period. The Public Improvements constructed and installed by the Owner shall be warranted to be free from defects in material,workmanship, and quality for a period of two (2)years after the date of the Town's Notification of Acceptance ("Warranty Period"). In the event of any such defect arising during the Warranty Period, the Town may require the Owner to correct the defect in material, workmanship, or quality. Ten percent(10%)of the total actual cost of completion of all Public Improvements to be installed and constructed by the Owner shall be collected by the Town from the Owner as security during such two (2)year period as the improvement warranty pursuant to Code § 7.32.100,as may be amended. In the event any corrective work with respect to the material, workmanship and quality is performed during the Warranty Period then the warranty on said corrected work with respect to the material, workmanship and quality shall be extended for two (2) years from the date on which it is completed. Security equal to 125%of the cost of any corrected work with respect to the material, workmanship and quality,as estimated by the Town, shall be retained by the Town or immediately paid to the Town by the Owner, if sufficient funds are not held by the Town, in accordance with Code § 7.32.100, for a period of two (2)years from the date of completion of the corrected work. 4.5 Engineering Certification. Upon completion of portions of the Public Improvements to be installed and constructed by the Owner,the Owner will cause its engineers (who shall have been actively engaged in observing to a commercially reasonable degree the construction of the Public Improvements and who are licensed in the State of Colorado) to provide a written opinion. The written opinion shall be in form and content reasonably satisfactory to the Town's Engineer, and based upon on-site observation, review of sufficient construction- observation reports, field test reports, and material test reports and certifications by qualified personnel, shall opine that the installation of the Public Improvements, or portions thereof as may be completed from time to time, have been completed, and that to the best of the opining engineer's knowledge and professional judgment,the Public Improvements are in conformance with all Standards (as defined below), plans, and specifications as submitted to and previously approved by the Town, or the pertinent utility supplier, as depicted on Sheets 7-10 of the Development Plan. Inspection reports, test results, as-constructed plans, including surveys, and other supporting documentation shall be submitted with the certification. The as-constructed plans shall be submitted on paper and in a digital format, either AutoCad DWG, AutoCad DXF, or ESRI GIS shapefile. 4.6 Inspection Procedures. All Public Improvement work shall be done under the published inspection procedures and standards (collectively, "Standards") established by the Town, Holy Cross Energy, Eagle River Water and Sanitation District, Upper Eagle Regional Water Authority, Xcel Energy, CenturyLink, Comcast,or any other utility ("Utilities"),as applicable and shall be subject to the reasonable satisfaction of the Town and applicable Utilities. No work shall be deemed complete until the reasonable approval and acceptance of the Public Improvements by the Town or the Utilities. Inspections by the Town and Utilities shall not relieve the Owner or the Owner's agents from any responsibility or obligation to ensure that all work is completed in conformance with all Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 5 of 14 202404276 Standards, plans, and specifications as submitted to and previously approved by the Town and Utilities. (a) Cost of Inspections: The cost, if any, of inspections, by Town employees, or an independent third-party inspector, shall be paid by the Owner. (b) Notice of Non-Compliance: In the event that the Town, through its inspectors, reasonably determines that the Public Improvements to be installed and constructed by the Owner are not in compliance with the Development Plan, it shall give written notice of such non-compliance ("Notice of Non- Compliance")to the Owner. The Notice of Non-Compliance shall include a narrative describing the unsatisfactory construction work with specific reference to the applicable construction plans and specifications with which the Public Improvements fail to comply. The Notice of Non- Compliance must be provided to the Owner within two (2)working days of the date of the inspection. 4.7 Indemnification and Hold Harmless.The Owner shall indemnify, defend and hold harmless the Town(and its officials, agents, representatives, employees, contractors, and successors and assigns) from all claims, demands, damages (including, without limitation, consequential damages), causes of action, fines, penalties, losses, liability, judgments,costs or expenses(including reasonable attorneys' fees)resulting from claims for bodily injury (including death)to any person or damage to any property, arising during the construction of the Public Improvements or otherwise arising on the Property or from the Owner's activities while performing this Agreement (including, without limitation, maintenance, repair and replacement activities), including without limitation any claim that all or any portion of the Public Improvements installed and constructed by the Owner on Town property or ROW constitute a dangerous and/or unsafe condition within a public right-of-way; provided, however, that this indemnity shall not apply to any claims, demands, damages (including, without limitation, consequential damages), causes of action, fines, penalties, losses, Iiability,judgments, costs or expenses(including reasonable attorneys' fees) resulting from any act or omission of the Town or its officials, agents, representatives, employees, inspectors, including independent third-party inspectors, contractors, and successors and assigns. 4.8 Insurance. With respect to Owner's obligation with respect to and/or any claims arising from the construction or installation of the Public Improvements, all Owner's or Owner's contractor's insurance policies related in any way to the Public Improvements shall be endorsed to include the Town and the Town's officers and employees as additional insureds/loss payees, applicable within each policy. Every policy covering the Public Improvements shall be primary insurance, and any insurance carried by the Town, its officers,or its employees, or carried by or provided through any insurance pool of the Town, shall be excess and not contributory insurance to that provided by the Owner or the Owner's contractors. No additional insured endorsement to the policy required herein shall contain any exclusion for bodily injury or property damage arising from completed operations.The Owner and its contractor shall be solely responsible for Development Agreement:Lot 3 Mountain Vista,LIC—Town of Avon March 26,2024 Page 6 of 14 202404276 endorsement/additional insured costs, premiums and deductible losses under any policy required above. ARTICLE V WATER PROVISION,WATER USE AND ENFORCEMENT 5.1 Outdoor Water Usage. The Property has an irrigation limitation of 8,914 square feet of landscaped area as authorized by the Town. (a) The Owner shall install a manual shut-off valve and separate irrigation meter pursuant to Avon Municipal Code §7.28.050(m)(7)(i)(B)and (D). This section establishes a maximum allowable outdoor water use limit for the development to ensure this Development does not exceed its outdoor water allocation as established by the Upper Eagle Regional Water Authority's Water Dedication Requirement and Water Service Agreement between the Owner and the Upper Eagle Regional Water Authority. (b) Outdoor Water Usage on the Property may be curtailed by the Town during periods of low stream flows, and/or during instream flow calls. ARTICLE VI MAINTENANCE AND ONGOING OBLIGATIONS 6.1 Operations and Maintenance. The Owner understands and acknowledges that those certain aspects of the maintenance, operation and use of the Development, including drainage, infrastructure, landscaping, and sidewalks ("Owner Maintained Public Improvements"), as delineated on Sheets 7, 8, 9 and 1 lof the Development Plan and incorporated herein, require maintenance by Owner. (a) Except in the event such liability arises from the action or omission of Town or its officials, agents, representatives, employees, inspectors, including independent third-party inspectors, contractors, and successors and assigns, but without waiving governmental immunity, the Owner agrees that the Town is not liable, and will not assume any liability, responsibility, or costs for any damage, maintenance, or repair of any Owner Maintained Public Improvements erected or maintained by the Owner under this Agreement. (b) If the Owner fails to maintain the Owner Maintained Public Improvements, the Town may perform the necessary maintenance and/or repair, as determined by the Town in its sole discretion, after providing at least thirty (30)days written notice to the Owner detailing the necessary maintenance and/or repair. If, after the remedy period set in the notice, the Owner fails to perform the necessary maintenance and/or repair, the Town may perform such maintenance and/or repair. The actual costs of the maintenance and/or repair, together with a fifteen percent(15%)charge for administration, shall be assessed against the Property. The Town shall send a notice of assessment to the Owner and upon the Development Agreement:Lot Mountain Vista,LLC—Town of Avon March 26,2024 Page?of 14 202404276 expiration of the thirty (30) period provided in such notice,the costs, including the administrative charge, shall be a lien upon the Property. If the assessment is not paid within thirty(30)days of the lien, the Town may impose interest upon such costs and upon the administrative charge, at the rate of eighteen percent (18%) per year. All costs, interest and charges, including the costs of collection, may be certified to the County Treasurer and collected in the same manner as taxes. ARTICLE VII EMPLOYEE HOUSING 7.1 Employee Housing Units. Owners agree to construct, as part of the Development,two (2) units that may be used as non-permanent housing for certain employees of the Hotel (each, an "Employee Housing Unit"and collectively, the "Employee Housing Units"). For so long as (i) Owner is the owner of the Property and (ii)the Property is being used as the Hotel, Owner shall endeavor, in good faith, to offer the Employee Housing Units to employees of the Hotel. The terms and conditions of the use of the Employee Housing Units shall be in Owner's sole discretion and Owner's failure or inability to use the Employee Housing Units for housing its employees shall not be a default under this Agreement or any other agreement between Owner and the Town. ARTICLE VIII RESTORATION OF SITE 8.1 Restoration Due to Inactivity. Unless a building permit extension is granted in writing by the building official upon justifiable cause demonstrated by the Owner, the building permit shall become invalid after 180 days of suspended work, except to the extent such suspension is due to events, actions or conditions that are outside of the Owner's reasonable control, in which case, the validity of the building permit shall be extended on a day-for-day basis not to exceed 120 days. If the building permit becomes invalid,the Owner shall restore the site to the condition the site was in at the time of issuance of the building permit (subject to changes reasonably necessary for public safety or preservation of land and adjoining land, or to prevent waste)within thirty (30)days from the date of notice by the Town that restoration is required. Upon restoration of the Property in accordance with this Article and to the reasonable satisfaction of the Town, this Agreement shall automatically terminate. 8.2 Restoration Funds. The Owner, upon issuance of a building permit shall provide security pursuant to Avon Municipal Code as security for any possible future required restoration. If the obligation to restore arises(i.e., if the permit becomes invalid) and if the Owner thereafter fails to restore the Property in compliance with this Article and to the Town's satisfaction,the Town may use such funds to cover the costs of any required restoration work. The Town shall maintain an accounting of such costs and once restoration work is completed, the Town shall return any remaining funds along with such accounting. If the funds are insufficient to perform the restoration work, the Owner, upon demand from the Town, shall deposit additional required funds as determined by the Town. If the Owner Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 8 of 14 202404276 fails to provide such funds, the Town's costs of restoration over the amount of funds current held, shall be a lien upon the Property to be collected in the same manner as property tax and the Town may certify such amount to the County Assessor for collection, including an additional 10% imposed by the Town for costs of collection. 8.3 Return of Funds. After the issuance of a Certificate of Occupancy,the Town shall refund 50%of the restoration funds to the Owner. After the issuance of a final Certificate of Occupancy for the last building to be constructed within the Development, the Town shall refund the remaining restoration funds to the Owner. ARTICLE IX DEFAULTS, REMEDIES AND TERMINATION 9.1 Default by Town. A "breach"or"default" by the Town under this Agreement shall be defined as the Town's failure to perform its obligations under this Agreement, after the applicable cure period described in Section 9.3, below. 9.2 Default by Owner. A "breach"or"default" by the Owner shall be defined as the Owner's failure to fulfill or perform any obligation of the Owner contained in this Agreement following the applicable cure period described in Section 9.3, below,or the Owner's failure to fulfill or perform any obligation of the Owner contained in any other written agreement relating to the Property between the Town and the Owner or the Town following any applicable cure period contained in such agreement. 9.3 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 10.6, and the defaulting Party shall have five(5)days for monetary obligations and thirty(30) days for non-monetary obligations from and after receipt of such notice to cure such default. With respect to non-monetary obligations, if such default is not of a type that with the exercise of reasonable diligence 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 up to one hundred eighty (180)days given the nature of the default to cure such default, provided that such defaulting Party is at all times within such additional time period actively and diligently pursuing such cure. 9.4 Remedies for Default by Town. If a default by Town under this Agreement is not cured as described in Section 9.3,the Owner shall have the right to enforce the Town's obligations by an action for any equitable remedy, including, without limitation, injunction or specific performance or an action to recover damages. Each remedy in this Section 9.4 is cumulative and is in addition to every other remedy provided for in this Agreement or otherwise existing at law or in equity. 9.5 Remedies for Default by the Owner. If any default by the Owner under this Agreement is not cured as described in Section 9.3, the Town shall have the right to enforce the Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 9 of 14 202404276 Owner's obligations hereunder by an action for any equitable remedy, including injunction or specific performance, or an action to recover damages. Each remedy in this Section 9.5 is cumulative and is in addition to every other remedy provided for in this Agreement or otherwise existing at law or in equity. A default of this Agreement by the Owner also constitutes a violation of the Code and non-compliance with the Development Plan for this Property and the Town shall have all enforcement rights as described in the Code and other applicable sections of the Code concerning enforcement and penalties for violations, as the Code may be amended from time to time. 9.6 Mediation. The Parties agree that prior to submitting any controversy or claim arising out of or relating to this Agreement, including, without limitation, any breach, default, or interpretation hereof, to a legal process, and as a prerequisite to initiating any legal process, the Parties shall attempt to resolve the controversy or claim in good faith in accordance with the procedures stated in this Section 9.6. The Party asserting the breach, default, controversy, or claim shall first provide written notice to the other Party,citing this Section 9.6, and requesting consideration by the other Party to resolve the controversy or claim. The Parties shall use reasonable efforts to resolve the dispute within thirty (30) days from the date of the notice commencing this process. If the dispute is not resolved within thirty (30) days of the date of the notice, or by such longer period as may be mutually agreed by the Parties, then either Party may initiate a legal action. At any time after the written notice citing Section 9.6, the Parties may mutually agree to appoint an independent neutral third party ("Mediator")to assist them in resolving the dispute. In such an instance, (i)each Party agrees to provide the Mediator access to all relevant and non-privileged documents and may impose reasonable confidentiality provisions; (ii)the Parties may make representations and submissions to the Mediator but there shall be no formal hearing unless the Mediator requires a formal hearing and provides a written notice to the Parties; (iii)the Mediator shall make his recommendations in writing as soon as is reasonably possible but not later than thirty (30)days following the receipt of representations and submissions by each Party; (iv) the Mediator's recommendation shall not be binding upon the Parties, but would become binding upon the Parties if voluntarily accepted by both Parties in writing; and (v) the fees of the Mediator shall be paid equally by the Parties. Following receipt by the Parties of the recommendations made by the Mediator, the Parties shall have ten (10)days, or such longer period as may be mutually agreed by the Parties, to accept said recommendation or a mutually acceptable alternative. Submission of the dispute to the Mediator shall be deemed by the Parties to toll the applicable statute of limitations until the mediation process is concluded. ARTICLE X MISCELLANEOUS 10.1 Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Colorado. 10.2 No Joint Venture or Partnershi.. No form of joint venture or partnership exists between the Town and the Owner, and nothing contained in this Agreement shall be construed as making the Town and the Owner joint venturers or partners. Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 10 of 14 202404276 10.3 Applicability of Avon Municipal Code. All matters not covered by this Agreement are controlled by the Code to the extent applicable. This Agreement does not prevent the Town from imposing additional requirements not inconsistent with this Agreement as conditions for approval of a subdivision or the granting of a building permit. 10.4 Waiver. No waiver of one or more of the terms of this Agreement shall be effective unless in writing. No waiver of any provision of this Agreement in any instance shall constitute a waiver of such provision in other instances. 10.5 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 at the intent of this Agreement is not frustrated. 10.6 Notices. Any notice or communication required or permitted under the terms of this Agreement shall be in writing, may be given by the Parties hereto or such Party's respective legal counsel, and shall be deemed given and received (i) when hand delivered to the intended recipient(s), by whatever means; (ii)three(3)business days after the same is deposited in the United States Mail, with adequate postage prepaid, and sent by registered or certified mail, with return receipt requested; (iii)one (1)business day after the same is deposited with an overnight courier service of national reputation having a delivery area encompassing the address of the intended recipient, with the delivery charges prepaid; or(iv)when received via electronic mail to intended recipient's electronic mail address, provided below. Any notice shall be delivered, mailed,or sent, as the case may be, to the appropriate address set forth below: If to Town: Town of Avon Attention: Town Manager P.O. Box 975 Avon, Colorado 81620 Telephone: 970-748-4004 Email: townmanamen' 'avon.org And: Town of Avon Attention: Town Attorney P.O. Box 975 Avon, Colorado 81620 Telephone: 970-748-4001 Email: townattomey ,avon.org If to Owner: Lot 3 Mountain Vista LLC 730 17th St., Suite 108 Denver, Colorado 80202 Attention: Abraham Juan Marcos Garza& Daniel Wolf Telephone: 720-946-3923 Development Agreement:Lot 3 Mountain Vista,LLC—Town of Avon March 26,2024 Page 11 of 14 202404276 Email: abraham;rgrupodenimusa.com & dan@grupodenimusa.com And: Avon Investor, LLC do Copford Capital Management, LLC 4949 S.Niagara St., Suite 300 Denver, Colorado 80237 Attention: Navin C. Dimond Telephone: 303-785-3100 Email: ndimond@sbcos.com With a copy to: Otten Johnson Robinson Neff& Ragonetti 950 17th St., Suite 1600 Denver, Colorado 80202 Attention: Howard J. Pollack Telephone: 303-575-7515 Email: hollack; ottenjohnsoncom Each Party may change its addresses and/or email addresses for notices pursuant to a written notice that is given in accordance with the terms hereof. As used herein,the term "business day" shall mean any day other than a Saturday, a Sunday or a legal holiday for which U.S. Mail service is not provided. Whenever any date or the expiration of any period specified under this Agreement falls on a day other than a business day, then such date or period shall be deemed extended to the next succeeding business day thereafter. 10.7 Amendment of Agreement. For the purpose of any amendment to this Agreement, "Owner" shall mean only the Owner as defined herein and those parties, if any, who have specifically been granted, in writing by the Owner, the power to enter into such amendments. No amendment to this Agreement shall be valid unless signed in writing by Owner and Town. 10.8 Assignment. This Agreement shall be binding upon and shall inure to the benefit of the successors in interest or the legal representatives of the Parties hereto. The Owner shall have the right to assign or transfer all or any portion of its interests, rights or obligations under this Agreement to an entity or entities formed for the purpose of developing the Property which are managed by an affiliate of the Owner and comprised of affiliates of the Owner. Further, the Owner shall have the right to assign 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. Notwithstanding the forgoing, any assignee shall fully assume in writing all obligations of the Owner assigned to such assignee and Owner must obtain the Town's written consent to such assignment, which consent will not be unreasonably withheld or delayed if the Owner has reasonably demonstrated to the Town Development Agreement:Lot 3 Mountain Vista,LLC-Town of Avon March 26,2024 Page12of14 202404276 that the assignee has the financial capability to perform the obligations under this Agreement so assigned. Nothing in this Section shall be deemed to limit or in any way restrict the sale or other conveyance of property within the Property. 10.9 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. Any electronically delivered counterparts shall have the same force and effect as an "ink-signed"original. 10.10 No Waiver of Governmental Immunity.Nothing in this Agreement shall be construed to waive, limit,or otherwise modify any governmental immunity that may be available by law to the Town, its officials, employees, contractors, or agents, or any other person acting on behalf of the Town and, in particular, governmental immunity afforded or available pursuant to the Colorado Governmental Immunity Act, Title 24, Article 10, Part 1 of the Colorado Revised Statutes.. IN WITNESS WHEREOF, the Owner and the Town have executed this Agreement as of the date first written above. TOWN OF AVON: 2- By: ATTEST: Am Phillips, a r Miguel Ja gui Casanueva APPROVED FORM: Nina Williams, n Attorney Development Agreement:Lot 3 Mountain Vista,LLC-Town of Avon March 26,2024 Page 13 of 14 202404276 OWNER: LOT 3 MOUNTAIN VISTA LLC,a Colorado limited liability company By: GD-SB Avon LLC.a Delaware limited liability company, its Manager By: SBCO Investment Manager, LLC, a Colorado limited liability company. Manager 2 1 By: / , Navin C. D. end, Ma ;:-r By: GD Manager LLC, a Colorado limited liability company, Manager By: Daniel 1 Wolf, Manager • Acknowledged before me this,ic day of y , 2024, by Navin C. Dimond, as Manager of SBCO Investment Manager, LLC, a Cfolora o limited liability company, which is the co-manager of GD-SB Avon LLC, a Delaware limited liability company,the Manager of Lot 3 Mountain Vista LLC,a Colorado limited liability company on behalf of the limited liability company. ALLISON SMITH My commission expires: .„16.i! )0,2 C NOTARY PUBLJC STATE OF COLORADO NOTARY ID 20214041321 MY COMMISSION EXPIRES OCTOBER 19,2025 otary Public fitS Acknowledged before me this day of , 2024, by Daniel I. Wolf, as Manager of GD Manager LLC, a Colorado limi -il liability company, which is the co-manager of GD-SB Avon LLC, a Delaware limited liability company, the Manager of Lot 3 Mountain Vista LLC, a Colorado limited liability company, on behalf of the limited liability company. SI My commission expires: ,/7 KELL'E ANNE OFFENHEISER Notary Public State of Colorado Notary ID#20104028897 iotay Public My Commission Expires 05-19-2027 W.-Ms I 202404276 , I. I I I I II II 1 i ,-,-: —,- •- - lb11 I ill111101111111 1 1! • , Ix 1 I 51!ts . . . . . , 05[111111111MM' . 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