06-07-2003 TRAER CREEK METROPOLITAN DISTRICT LETTER OF UNDERSTANDING REGARDING THE CONDITIONS FOR THE ISSUANCE OF CERTIFICATES OF OCCUPANCY RELATED TO THE WAL-MART STORETRAER CREEK METROPOLITAN DISTRICT
141 Union Blvd
Suite 150
Lakewood, CO 80228
June 7, 2003
Mr. Larry Brooks
Town Manager
Town of Avon
P.O. Box 975
Avon, CO 81620
Re: Letter of Understanding Regarding the Conditions for the Issuance of
Certificates of Occupancy Related to the Wal-Mart Store in Avon,
Colorado
Dear Mr. Brooks:
Traer Creek Metropolitan District (the "District") is constructing certain public
infrastructure improvements within the Town of Avon, Colorado (the "Town") in
accordance with the provisions of a Subdivision Improvements Agreement dated
November 13, 2001 by and among the District, the Town, and Traer Creek, LLC, a
Colorado limited liability company (Traer"). As of the date hereof certain of the
improvements are not complete. Traer is requesting the Town to issue a temporary
certificate of occupancy for the Wal-Mart store which is located within the boundaries of
the District. The Town will agree to issue the temporary certificate of occupancy for the
Wal-Mart store provided the District deposits the sum of $150,000 into an escrow
account with the Town ("Escrow Account").
The Town shall be entitled to use the money deposited in the Escrow Account for the
following purpose:
If the District does not complete Nottingham Ranch Road from Post
Boulevard to tie-in with existing Nottingham Ranch Road, including but
not limited to all grading, drainage, utilities and paving on or before July 1,
2003, the Town shall be entitled to withdraw up to $150,000 from the
Escrow Account on July 2, 2003. The Town shall be entitled to use such
money to complete the Nottingham Ranch Road improvements. If the
Town determines to complete this work, the Town shall not hold up the
issuance of the Certificate of Occupancy for the Wal-Mart Store on July 15,
2003,-based upon the status of Nottingham Ranch Road.l6
In the event the Town withdraws money from the Escrow Account, the Town shall
provide the District with a complete accounting of all moneys spent, including copies of
all invoices, cancelled checks, and any other documentation reasonably requested by the
District. Any money that remains in the Escrow Account after the Town has completed
the Nottingham Ranch Road improvements shall be returned to the District. The District
understands that all interest on moneys deposited in the Escrow Account will accrue to
the benefit of the Town. If the Town has not withdrawn any money from the Escrow
Account on July 2, 2003 the Town shall refund the $150,000 to the District on or before
July 7, 2003.
If the Town determines to complete the Nottingham Ranch Road improvements
the District will no longer be responsible or liable for such work.
If the terms of this Letter of Understanding are acceptable to the Town please
execute and date the acknowledgment set forth below.
Sincerely,
TRAER CREEK METROPOLITAN
DISTRICT
By:
S i Q bo ,t 4 v -r
Its: l C N 1
Mr. Larry Brooks
June 6, 2003
Page 3
ACKNOWLEDGMENT AND CONSENT:
The undersigned hereby agrees to the terms set forth herein.
TOWN OF AVON, a Colorado
cc: Board of Directors
Debbie McCoy
WAClients\435 Traer Creek\Agree\Ltr Agreement re TCOAvon.wpd
municipal corporation
TRAER CREEK METROPOLITAN DISTRICT
141 Union Blvd
Suite 150
Lakewood, CO 80228
June 7, 2003
Mr. Larry Brooks
Town Manager
Town of Avon
P.O. Box 975
Avon, CO 81620
Re: Letter of Understanding Regarding the Conditions for the Issuance of
Certificates of Occupancy Related to the Wal-Mart Store in Avon,
Colorado
Dear Mr. Brooks:
Traer Creek Metropolitan District (the "District") is constructing certain public
infrastructure improvements within the Town of Avon, Colorado (the "Town") in
accordance with the provisions of a Subdivision Improvements Agreement dated
November 13, 2001 by and among the District, the Town, and Traer Creek, LLC, a
Colorado limited liability company (Traer"). As of the date hereof certain of the
improvements are not complete. Traer is requesting the Town to issue a temporary
certificate of occupancy for the Wal-Mart store which is located within the boundaries of
the District. The Town will agree to issue the temporary certificate of occupancy for the
Wal-Mart store provided the District deposits the sum of $150,000 into an escrow
account with the Town ("Escrow Account").
The Town shall be entitled to use the money deposited in the Escrow Account for the
following purpose:
If the District does not complete Nottingham Ranch Road from Post
Boulevard to tie-in with existing Nottingham Ranch Road, including but
not limited to all grading, drainage, utilities and paving on or before July 1,
2003, the Town shall be entitled to withdraw up to $150,000 from the
Escrow Account on July 2, 2003. The Town shall be entitled to use such
money to complete the Nottingham Ranch Road improvements. If the
Town determines to complete this work, the Town shall not hold up the
issuance of the Certificate of Occupancy for the Wal-Mart Store on July 15,
2003,-based upon the status of Nottingham Ranch Roadj
v
In the event the Town withdraws money from the Escrow Account, the Town shall
provide the District with a complete accounting of all moneys spent, including copies of
all invoices, cancelled checks, and any other documentation reasonably requested by the
District. Any money that remains in the Escrow Account after the Town has completed
the Nottingham Ranch Road improvements shall be returned to the District. The District
understands that all interest on moneys deposited in the Escrow Account will accrue to
the benefit of the Town. If the Town has not withdrawn any money from the Escrow
Account on July 2, 2003 the Town shall refund the $150,000 to the District on or before
July 7, 2003.
If the Town determines to complete the Nottingham Ranch Road improvements
the District will no longer be responsible or liable for such work.
If the terms of this Letter of Understanding are acceptable to the Town please
execute and date the acknowledgment set forth below.
Sincerely,
TRAER CREEK METROPOLITAN
DISTRICT
By.
Its: yAD c N t'
Mr. Larry Brooks
June 6, 2003
Page 3
ACKNOWLEDGMENT AND CONSENT:
The undersigned hereby agrees to the terms set forth herein.
TOWN OF AVON, a Colorado
cc: Board of Directors
Debbie McCoy
W AClients\435 Traer Creek\Agree\Ltr Agreement re TCOAvon.wpd
municipal corporation
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CONDITIONS
LIMITED TEMPORARY CERTIFICATE OF OCCUPANCY
FOR WAL-MART
Building Permit No. C-BP2001-8
OCCUPANCY WILL BE LIMITED TO CONSTRUCTION AND
EMPLOYEE PERSONNEL FOR THE LIMITED PURPOSE OF
COMPLETING CONSTRUCTION AND STOCKING, SHELVING AND
MERCHANDISING THE PREMISES.
THIS` LIMITED TCO DOES NOT AUTHORIZE GENERAL PUBLIC
ACCESS.
THIS LIMITED TEMPORARY CERTIFICATE OF OCCUPANCY
"TCO") MAYBE REVOKED ANYTIME THE TOWN OF AVON
DETERMINES ANY OF THE FOLLOWING CONDITIONS ARE NOT
COMPLIED WITH:
1. Public access to the site f'or vehicles and pedestrians shall be provided and
continuously maintained from both East Beaver Creek Boulevard and US
Highway 6. The US Highway 6 access is dependent on CDOT approval
of the US Highway 6 roundabout improvements. The conditional
acceptance granted June 6, 2003, by CDOT for this US Highway 6 access
is only valid for twenty (20) days. In the event CDOT either revokes or
does not extend this permit, the Town will revoke the rights granted under
this Limited Temporary Certificate of Occupancy.
2. Positive separation must be maintained at all times between non-
construction personnel and construction activities, both inside and outside
the building.
3. Positive separation must be maintained between Wal-Mart (Lot 3) and
Tract E construction activity.
4. Site distance at all entrances to the parking lots from public streets must
comply with local standards established by the Town Engineer.
5. Traffic control plans must be submitted to and approved by the Town of
Avon prior to any work on or adjacent to roadways open to the public.
(This specifically includes but is not limited to Nottingham Ranch Road /
Post Boulevard Intersection and all landscape or other work adjacent to
roadways.)
6. Complete all underground construction including concrete footings and
foundations for canopy columns on Tract E between Wal-Mart (Lot 3) and
Home Depot (Lot 4) by July 7, 2003.
7. Complete all surface paving and sidewalks for vehicular and pedestrian
access across Tract E between Wal-Mart (Lot 3) and Home Depot (Lot 4)
by July 11, 2003.
PRIOR TO ISSUANCE OF CERTIFICATE OF OCCUPANCY AND
OPENING OF THE BUILDING TO THE GENERAL PUBLIC FOR
SALES OR ANY OTHER ACTIVITY, THE FOLLOWING CONDITIONS
MUST BE SATISFIED:
1. Completion of all outstanding building code related items for occupancy
by the public.
2. Completion of all site improvements including but not limited to
landscaping, parking, walkways, delivery and access drives as depit:.ted on
approved plans for Lot 3, The Village (at Avon) Filing 1.
3. Provide vehicle and pedestrian access across Tract E between Home
Depot (Lot 4) and Wal-Mart (Lot 3). Access must be separated and
protected from adjacent construction activities on Tract E. This access
must be maintained for at least the first three weeks that the store is open
to the general public.
4. A non-expiring conditional acceptance must be granted by CDOT for the
Post Boulevard/US Highway 6 roundabout improvements.
5. In the event the Town of Avon discovers additional building, construction
or other related concerns with Lot 3, The Village (at Avon) Filing 1, the
Town of Avon reserves the right to require additional conditions to ensure
compliance with approved plans and related agreements.
Nothing granted by this document shall be construed to represent acceptance of any
component of work (including, but not limited to quality assurance, quality control, or
sufficiency) that is required relative to the Subdivision Improvements Agreement. There
shall be no correlation between the conditional rights granted herein, and acceptance of
any improvements, or the release of any money governed by the Subdivision
Improvements Agreement, or supplemental securities related to the improvements.
Dated this c- day of June, 2003
]:\Avon Village\2.0 Fihng 1\2.7 Building Permits\Wal-Mart\Ltd 7CO Conditions-Attached. Doc
Town of Avon for
William Gray, Building Official