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04-27-2004 TRAER CREEK-RP LLC RESOLUTION NO. 04-17 APPROVING FINAL PLAT AND SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE VILLAGETOWN OF AVON, COLORADO RESOLUTION NO. 04-17 Series of 2004 A RESOLUTION APPROVING FINAL PLAT AND SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE VILLAGE (at Avon) FILING 3, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Traer Creek-RP LLC, the owner of the applicable portion of The Village (at Avon) has filed a Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado for approval in accordance with Chapter 16.20 of the Avon Municipal Code; and WHEREAS, on April 27, 2004, the Town held a public hearing at which it received evidence and testimony concerning the Preliminary Plan for The Village (at Avon) Filing 3, at the conclusion of which the Town Council considered such evidence and testimony and approved the Preliminary Plan by adoption of Resolution 04-15; and WHEREAS, the Final Plat is in general conformance with the Preliminary Plan as approved by Resolution No. 04-15; and WHEREAS, the Final Plat is subject to the terms and conditions of the Annexation and Development Agreement dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the Final Plat is subject to the terms and conditions of the P.U.D. Guide and P.U.D. Development / Sketch Plan dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the attached Subdivision Improvements Agreement provides for the construction of the public improvements required for development of The Village (at Avon) Filing 3 Subdivision and the securities to assure completion of the public improvements as required by Section 16.24. 100 of the Avon Municipal Code. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, that the Town hereby finds and determines that the Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3 is in general conformance with the Preliminary Plan as approved by Town of Avon Resolution No. 04-15 and other applicable development laws, regulations and policies of the Town of Avon and hereby approves the same subject to completion of technical corrections as identified by Town Staff and the submission to and acceptance by, the Town of Avon, of the following items prior to recording of the Final Plat and Subdivision Improvements Agreement: A. Copy of "Resolution of Traer Creek Metropolitan District Regarding Appropriation of Funds Under Subdivision Improvements Agreement" as duly adopted and executed by District Board of Directors (Subdivision Improvements Agreement Exhibit C); and B. Construction plans, specifications and related documents for construction of public improvements as identified in Subdivision Improvements Agreement Exhibits A and B as amended to address technical corrections identified by Town Staff; and C. Addition of drainage easements and stream setbacks to Final Plat, in accordance with Town of Avon Subdivision Regulations. ADOPTED THIS a5 DAY OF MAY, 2004. TOWN COUNCIL TOWN OF AVON, COLORADO Albert D. Reynolds, Ma r ATTEST: To y,~y OF A~ enny, Pa =rk 5T-sAL! Resolution No. 04-17 Final Plat Filing 3 V@A O • SUBDIVISION IMPROVEMENTS AGREEMENT THE VILLAGE (AT AVON) FILING 3 THIS AGREEMENT, made and entered into this kday of Jlk~_ '2004, is by and among Traer Creek-RP LLC, a Colorado limited liability company ("Subdivider"), Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), and the Town of Avon, a Colorado municipality, by and through its Council (the "Town"). RFC'ITALS WHEREAS, Subdivider and the District, in connection with the approval of the final plat for The Village (at Avon) Filing 3, consisting of 108.720 acres in the SE'/4 of Section 7 and in the W %2 of the SW %4 of Section 8, T. 5 S., R. 81 W. , of the 6th P.M., Town of Avon, Eagle County, Colorado (the "Subdivision"), desire to enter into a Subdivision Improvements Agreement with the Town as provided for by Section 16.24. 100 of the Avon Municipal Code, as amended (the "Code"); and WHEREAS, pursuant to the Code, the Town desires to make reasonable provisions for completion of certain public improvements (the "Improvements") set forth in Exhibit A attached hereto and incorporated herein by reference; and • WHEREAS, the District is responsible for the performance and completion of the Improvements. AGREEMENT NOW THEREFORE, in consideration of the following mutual covenants, conditions and promises, the parties hereby agree as follows: 1. Final Plat Approval. The Town agrees that upon compliance with all other conditions of approval, and subject to the terms and conditions of this Agreement, the Final Plat of The Village (at Avon) Filing 3 shall be promptly filed for record with the Office of the Eagle Countv Clerk and Recorder. 2. Completion of Work. (a) Performance. District agrees to furnish all equipment, labor and material necessary to perform and complete, in a good and workmanlike manner, all improvements and work incidental thereto as set forth in Exhibit A. District further agrees that it shall be solely responsible for all costs related to the performance and completion of the Improvements as set • 16680/Traer 1 May 20, 2004 INIIIIIIIaIIIIIIIIIINIVIIIIIIIIIIIIIalllllllllllll 882?' e~ Teak J Simonton Eagle, Co 89 R 71.00 D 0. 00 • forth on Exhibit B. All said work shall be performed in accordance with the construction plans and specifications as submitted to and approved by the Town prior to commencement of construction of Improvements. All Improvements shall be completed within one (1) year of the date of the Town's approval of the Final Plat for the Subdivision, subject to extensions for force majeure events as defined in Section 13 below. (b) Inspection Procedures. (1) All work shall be done under the inspection procedures and standards established by the Town, shall be subject to the reasonable satisfaction of the Town and shall not be deemed complete until the reasonable approval and acceptance of the Improvements by the Town. The Town will forward copies of all observation reports to the District, Subdivider and the District's engineers (who shall be registered in the State of Colorado) responsible for providing the opinion required by Section 7 hereof. (2) Designation of Inspectors. Prior to commencement of construction work on the Improvements, the Town will designate the individuals or independent third parties employed by the Town who are authorized to inspect the construction of the Improvements. Such inspections by the Town shall not relieve the District or its agents from any responsibility or obligation to assure that all work is completed in conformance with standards, plans and specifications as submitted to and previously approved by the Town. • (3) Cost of Inspections. The cost of such inspections, whether by Town employees or an independent third party inspector, shall be paid by the District, subject to the limitations set forth in paragraph 8 below. (4) Notice of Non-Compliance. In the event that the Town, through the inspectors, reasonably determines that the Improvements are not in compliance with the pre- approved construction plans and specifications, or that additional observation or testing by the project engineer is necessary to assure compliance, it shall give written notice of such non- compliance, or additional observation or testing requests, to District's engineers, Subdivider and the District ("Notice of Non-Compliance"). The Notice of Non-Compliance shall include a narrative describing the unsatisfactory construction work with specific reference to the applicable construction plans and specifications. The Notice of Non-Compliance must be provided to District's engineers, Subdivider and the District within two (2) working days of the date of the observation. 3. Security for Completion of improvements. (a) Security. To secure completion of the Improvements, the District hereby agrees to secure its obligations under this Agreement with Collateral in accordance with Section 16.24.100 of the Code. Collateral shall be one or a combination of the following: cash or its • 16680/Traer 2 May 20, 2004 882178 IIINIIIINIIIIINIIIUINIIIINIIIIIIIIIINIUI~~I.;s;.o:,~w, 33P Teak J Simonton Eagle, CO 89 • equivalent; securities of acceptable value; letter of credit; bond for warranty period only; and land of acceptable value by deed of trust. (b) Substitution of Securi ty. The District may substitute another form of collateral acceptable to the Town in place of the forms of security set forth below in order to guaranty the faithful completion of the Improvements and the performance of the terms of this Agreement. 4. District's Obligations Concerning Improvements. (a) Funding Resolution. The District has adopted a resolution (the "Funding Resolution") attached hereto as Exhibit C authorizing the District's execution of this Agreement and providing for the appropriation, segregation and use of funds in an amount sufficient to guarantee the construction of the Improvements set forth on Exhibit A. The estimated costs of completion of the Improvements are set forth on Exhibit B attached hereto and incorporated herein by reference. The Funding Resolution specifically provides that all funds referenced therein are unencumbered and free from claims of others such that, if necessary, any requests for payment approved by the Town may be promptly honored. As a condition to recordation of the Final Plat, the District shall provide the Town Engineer with evidence that such funds have been appropriated and segregated in a separate account (the "Security Account") and identified for use • in connection with this Agreement. The District shall renew the Funding Resolution at the beginning of each subsequent calendar year until all Improvements have received final acceptance or until the District provides substitute collateral acceptable to the Town. (b) Progress Payments on Improvements. The District may make progress payments to its contractors from the Security, Account on a monthly basis upon the partial completion of itemized improvements which have been set forth on Exhibit A and upon fifteen (15) day's prior written notice including an itemized statement of the District to the Town. The District shall retain ten percent (10%) of the amount of each payment until final completion and acceptance of all work covered by each construction contract; provided however, when the value of work completed has progressed to fifty percent (50%) of the contract amount, the District shall not be required to withhold additional retainage for the remainder of the work under such contract. The (10 ten percent retainage of the value of work completed may be reinstated if in the Town's opinion the lack of progress or other substantial reasons exist. Except for the foregoing, in no event shall any progress payment cause the remaining sum to be available in the Security Account for subsequent disbursements to be less than one hundred ten percent (110%) of the costs to complete all remaining Improvements as estimated at the time of each progress payment. Upon completion of all work related to the Improvements, the Town's acceptance of the Improvements and the expiration of the Warranty Period set forth in paragraph 5 below, the Town shall release any further interest in the Security Account. is 16680/Traer 3 May 20, 2004 III~Nllllllllllllllllllllllllllllllllilflllllllllllaa8z 3 of 8,.., J Simonton Eagle! CO 89 R D 0. 00 • (c) Default by District. In the event of a default in whole or in part by the District, the Town shall be authorized to access the funds in the Security Account for the purpose of undertaking completion or remediation work on the Improvements after providing thirty (30) days advance notice of default to Subdivider and the District and providing an opportunity during such period for the District and the Subdivider to cure the default. The Town shall be entitled to draw on the Security Account by Resolution of the Town Council stating (i) that the District is in default, and (ii) the funds are required in order to complete or correct work on the Improvements. District funds identified in the Funding Resolution shall be held, whether by the District or the Town, in compliance with the requirements of C.R.S. 29-1-803(1) for the purpose of providing for the completion of the Improvements. 5. Warrant Period. The Improvements shall be warranted to be free from defects in workmanship or quality for a period of one (1) year after acceptance of all the work by the Town. In the event of any such defect, the Town may require the District to correct the defect in material or workmanship. The amounts for completion of all warranty work on the Improvements shall be secured by a letter of credit, bond or other acceptable collateral in the amount of one hundred and ten percent (110%) of the cost of such corrective work to be held by the Town during such one (1) year period, as a guaranty of performance of any work required under the above- described warranty. In the event any corrective work is performed during the one (1) year warranty period then the warranty on said corrected work shall be extended for one (1) year from the date on which it is completed. • 6. Condition of Public Dedicated Roadways. The District shall at all times prior to acceptance of any publicly dedicated roadways within the Subdivision by the Town give good and adequate warning to the traveling public of each and every known dangerous condition existent in said roads and shall protect the traveling public from such defective or dangerous conditions. Until the completion of all the Improvements herein agreed to be constructed, roads not accepted as improved shall be under the charge and control of the District for purposes of this Agreement; and the District may close all or a portion of any street or road within the Subdivision whenever it is necessary to protect the traveling public during the construction or installation of the Improvements herein agreed to be made. 7. Engineer's Opinion. Upon completion of portions of the Improvements, the District will cause its engineers (who shall be registered in the State of Colorado) to provide a written opinion that the installation of the Improvements, or portions thereof as may be completed from time to time, have been completed in general conformance with standards, plans and specifications as submitted to and previously approved by the Town. Inspection reports, test results and other supporting documentation shall be submitted with the opinion. The engineer's opinion shall also include a statement that the opinion is based on a reasonable review and investigation of all observation reports by the Town inspectors and that all issues of "Non- Compliance" and additional observation and testing requests that have been provided to the 0 16680/Traer 4 May 20, 2004 882178 Page: 4 of 14 06/29/2004 01:33P Teak J Simonton Eagle: CO 89 R 71. 00 D 0.00 is engineer were addressed to their satisfaction prior to the issuance of engineer's opinion. 8. Subdivision and Inspection Fees. Fees in accordance with the Town's Subdivision Regulations for the review of Preliminary Plans and Final Plats have been paid in full. Additional fees shall be paid to the Town by the District within thirty (30) days after delivery of written invoice for such fees to cover the cost of inspections by the Town. The fees will be based on direct (out-of-pocket) costs of the Town plus an administrative fee in the amount of fifteen (15%) percent of the direct costs, but in no event will the total amount of such additional fees exceed five percent (5%) of construction costs. 9. No Obligation of Town to Complete Improvements. Subdivider and the District agree that in the event the District shall fail to perform its obligations as set forth herein, the Town shall be under no obligation to complete or perform any of the Improvements. No one, individually or otherwise, other than the parties hereto, shall acquire, as a result of this Agreement, any rights, claims or obligations from or against the Town, its agents, employees or officers. Actions by the Town against the District to enforce any provision of this Agreement shall be at the sole discretion of the Town. Except in the event the Subdivider completes cure of the District default and thereby is entitled to require the Town to accept the Improvements, no third parties (including the Subdivider) shall have any rights to require any action by the Town pursuant to this Agreement and this Agreement shall not create a liability on the part of or be a cause of action against the Town, for any personal or property damage that may result to any third parties (including the Subdivider) from the failure of the District to complete the 40 Improvements herein specified. 10. Non-Liability of Town, Indemnification. The Town shall not, nor shall any officer, agent, or employee thereof, be liable or responsible for any accident, loss or damage related to the work specified in this Agreement, nor shall the Town, nor any officer, agent or employee thereof, be liable for any persons or property injured by reason of the nature of said work. To the extent permitted by law, the District hereby agrees to indemnify and hold harmless the Town, and any of its officers, agents and employees against any losses, claims, damages or liabilities to which the Town or any of its officers, agents or employees may become subject, because of any losses, claims, damages or liabilities (or actions in respect thereof) that arise out of, or are based upon, any acts or omissions in the performance of the obligations of the District as hereinbefore stated. Furthermore, the District shall reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in connection with investigating or defending any such loss or claim. 11. Rights of Town in Event of Default. In the event that the District defaults in whole or in part in the performance of this Agreement, and after the expiration of thirty (30) days after having given written notice to Subdivider and the District of such default during which period of time the Subdivider or the District failed to correct said default, the Town may, at its sole discretion, proceed with the construction or completion of the Improvements specified on 0 16680/Traer 5 May 20, 2004 882178 Page: 5 of 14 06/29/2004 01:33P Teak J Simonton EaqleCO 89 R 71 .00 D 0.00 Exhibit A. All such costs paid by the Town for such Improvements (or paid by Subdivider if it chooses, in its sole and exclusive discretion, to cure the District's default), together with all costs of personnel, equipment and other matters expended by the Town (or Subdivider in the event Subdivider undertakes a cure of the District's default as aforesaid) in furtherance of the construction responsibilities of the District, shall be paid by the District. Any such costs relating to the Improvements, which have not been reimbursed by the District to the Town or Subdivider, as applicable, shall be a lien on any property in the Subdivision conveyed to the District contemporaneously with recordation of the final plat of The Village (at Avon) Filing 3. Said lien may be foreclosed in the same manner as a mortgage and shall entitle the Town or Subdivider, as applicable, to add its costs and reasonable attorneys' fees in such foreclosure or other collection. Without limiting the foregoing, the Town and/or Subdivider may, but shall not be obligated to, bring a mandatory injunction action against the District to require installation and construction of the Improvements, if not constructed within the time limits described in this Agreement. If any such action is brought by, the Town and/or Subdivider, the Town or Subdivider, as applicable, shall be awarded its court costs and reasonable attorneys' fees. 12. Letter Certifying Completion and Final Acceptance of Improvements. When all Improvements have been completed and accepted by the Town, and the Warranty Period has expired, the Town agrees that it will issue a letter, in recordable form, certifying that all obligations of Subdivider and the District under this Agreement have been satisfied. 13. Force Majeure. Whenever a party is required to perform an act under this Agreement by a certain time, said time shall be deemed extended so as to take into account events of "Force Majeure." "Force Majeure" is any of the following events that prevents, delays, retards or hinders a Party's performance of its duties hereunder: act of God; fire; earthquake; flood; explosion; war; invasion; insurrection; riot; mob violence; sabotage; vandalism; inability to procure or general shortage of labor, equipment, facilities, materials or supplies in the open market; failure of transportation; strikes; lockouts; litigation; condemnation; requisition; governmental, civil, military or naval authorities; or any similar cause not within such party's control. 14. Amendments. This Agreement may be amended from time to time, provided that such amendment is in writing and signed by all parties hereto. 15. Covenants Running with the Land. This Agreement and the obligations hereof shall be deemed to be covenants running with the land and shall be binding on the successors and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 0 16680/Traer 6 111111 V I I I 1111111 V I I I I I I I Teak J Simonton Eagle, May 20, 2004 IIII IIIIIII!II VIII VII III Co 89 R 71 882178 Page: 6 of 14 06/29/2004 01:33P 00 D 0.00 • (SIGNATURE PAGE TO SUBDIVISION IMPROVEMENT AGREEMENT THE VILLAGE (AT AVON) FILING 31 TOWN OF AVON, a Colorado municipal corporation AT To Cl k Mayor APPROVED AS TO FORM: -~h v 'IL To n Attorney ~'9IA,p ~F TRAER CREEK-RP LLC, a Colorado limited liability company By: TRAER CREEK LLC, a Colorado limited liability company, its Manager agnu indholm, Manager TRAER CREEK7 A N DISTRICT, a 7TO'O quasi-municipal n By: 40 16680/Traer 7 May 20, 2004 IIIIIIIIIIIIIIIIIIIIRIIIIIIIIIIillllllllllllllllllllll 882;'8;,,. Teak J Simonton Eagle, CO 89 R 71. 00 D 0. 00 s~ EXHIBIT A. DESCRIPTION OF IMPROVEMENTS 1. Mobilization II. Roads - Includes Excavation, Embankment, Retaining Walls, Fine Grading, Sub-Base Materials & Preparation, Concrete Curb, Gutter, Medians, Crosspans, Rec Path & Sidewalks, Asphalt Paving and Asphalt Rec Path, Guardrail, Pedestrian Rail, Pedestrian Tunnel, Paved Crosswalks, Signage, Striping and Other Incidental Construction per Approved Plans & Documents A. Post Boulevard from Roundabout 5 through Swift Gulch Road Intersection B. Swift Gulch Road from The Village (at Avon) Filing 2 to Post Boulevard Intersection III. Utilities A. Water B. Sewer III. Slope Protection & Erosion Control A. Rip-Rap i B. Erosion Control Matting C. Silt Fence, Wattles & Other Temporary Erosion Control Facilities IV. Storm Drainage A. Storm Drain Pipes B. Inlets and Headwalls & Rip-Rap C. Manholes & End Sections V. Shallow Utilities A. Electric B. Telephone C. Cable TV D. Natural Gas E. Conduit for Other VI. Street Revegetation & Landscaping VII. Street Lighting 0 16680/Traer May 20, 2004 Illllllllllllllyllllllllllllllllllllll!IlNllillilllll X82 a e, Teak J • EXHIBIT B COST ESTIMATE OF IMPROVEMENTS ~ INI~~NJU~I~I~Nn11111N.lhll111lnlllll Teak 882178 Page: 9 of 14 06/29/2004 01:33P 00 D 0.00 Swift Gluch Road Traer Creek Metro. District Unit Price Comparisons 24 MAY 04 • Gould Descri tion T Quantity p Unit Price Total $ 1 GENERAL 2 Mobilization 1 LS 125,750.00 125,750.00 3 Construction Surve in /La out 1 LS 43,395.00 43,395.00 4 Subtotal 169,145.00 5 ROADS 6 Clearing 1 LS 33,850.00 33,850.00 7 Topsoil Remove and Stockpile (6") 11,534 CY 2.35 27,104.90 8 Topsoil Replace (4") 3,770 CY 6.30 23,751.00 9 Excavation Placed as Embankment 72,867 CY 3.10 225,887.70 10 Excavation Export and Place in Stockpile 54,841 CY 2.35 128,876.35 11 Soil Nail Walls with Block Veneer 13,723 SF 52.55 721,143.65 12 MSE Walls using Modular Block Units 2,573 SF 39.85 102,534.05 13 Guardrail 1,920 LF 16.00 30,720.00 14 Guardrail End Anchors 6 EA 760.00 4,560.00 15 Concrete Curb and Gutter 2,424 LF 13.50 32,724,00 16 3' Concrete Pan 69 LF 26.40 1,821.60 <'»:::::<:»::> t 4 (LNi 14 $jvy i.t;y':!%?S:~4K{O~~ '•:±..V i JL': :::i:::•::i::::::::::ii::i'ri'r} i:: i::} . p {iiin v::, ::::'r, :::i: ' i ' ::i .7..(()::::: f:::. }•:::v:::::::i:t::::i I.1:6,~QE 10............ 19 Asphalt (4" thick) 2,522 TON 46.80 118,029.60 20 Asphalt (9". thick) 1,510 TON 46.80 70,668.00 21 Precast Tumbled Pavers 941 SF 12.75 12,001.70 22 18". Cast-in-Place Concrete. Band 144 LF 23.70 3,412.80 23 Type 2 (llm). Mountable Curb. and Gutter 270 LF 20.00 5,400.00 24 Type 1 ADA Ramp 4 EA 800.00 3,200.00 25 Median Spill Curb and Gutter 1,342 LF 16.00 21,472.00 26 Line Striping 14,196 LF 0.40 5,678.40 I 27 Signs 32 EA 500.00 16,000.00 28 Barricade. (Type 3M-A) 4 EA 600.00 2,400,00 29 Pedestrian Tunnel 1 LS 160,100.00 160,100.00 30 Pedestrian Rail 959 LF 7.80 7,480.20 31 Concrete. Rec. Path. (6". thick). 10'. wide 1,173 SY 31.50 36,949.50 32 Asphalt (3" thick). Rec Path 1,289 TON 47.95 61,807:55 , d:8 s.; .~8~:.. 6'.;:ti11~K';:Ft~C:::f?` . ;::.;;:.:'t' :<:::>::>:<::«:::;:.:. 34 Chain. Link Fence. (M-607-2) Single Gate 2 EA 3,260.00 6,520.00 35 Subtotal 2,024,952.40 36 WATER 37 6". DIP 163 LF 44.00 7,172.00 38 8". DIP 1,391 LF 46.30 64,403.30 39 16". DIP 478 LF 66.00 31,548.00 40 6" Gate Valve 4 EA 800.00 3,200.00 41 8". Gate Valve 5 EA 1,085.00 5,425.00 42 16" Gate Valve 2 EA 4,530.00 9,060.00 43 Air Release Vault 2 EA 2,800.00 5,600.00 44 Relocate Air Release Vault 1 LS 2,800.00 2,800.00 45 Fire Hydrant Assembly 4 EA 3,240.00 12,960.00 46 Water Service Lines (1-1/2" diam.) Copper 1 EA 2,400.00 2,400.00 47 Irrigation Meter Pit 1 EA 1,750.00 1,750.00 48 Subtotal 146,318.30 49 SLOPE PROTECTION AND EROSION CON TROL 50 Stabilized Construction Entrance 3 EA 1,600.00 4,800.00 51 Silt Fence 865 LF 1.70 1,470.50 52 Rip-Rap (inlet/outlet protection) d50=9" 58 LF 24.00 1,392.00 53 Rip-Rap (inlet/outlet protection) d50=12" 16 LF 24.00 384.00 54 Rip-Rap (inlet/outlet protection) d50=18" 123 LF 60.00 7,380.00 55 Riprap (inlet/outlet protection) d50=24" 11 LF 90.00 990.00 56 Straw Bale Dike 2 EA 75.00 • 150.00 882178 1111111111 111111 111111 Page: 10 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 Swift Gluch Road Traer Creek Metro District Unit Price Comparisons 24 MAY 04 4 Gould tion D i 11 Quantit escr p y Unit Price Total $ 57 Wattle 36 EA 115.00 4,140.00 58 Beaver Dam (inlet protection) 9 EA 260.00 2,340.00 59 Silt Sack (inlet protection) 17 EA 125.00 2,125.00 60 Erosion Control Matting (14' wide) 192 LF 3.10 595.20 LandLok 450 61 Erosion Control Matting (4' wide) 2,319 LF 1.20 2,782.80 LandLok 450 62 Reve etation 1 LS 18,545.00 18,545.00 63 Subtotal 47,094.50 64 DRAINAGE 65 Mountable Curb Inlet 1 EA 2,200.00 2,200.00 66 C Inlet 12 EA 2,475.00 29,700.00 67 D Inlet 4 EA 3,300.00 13,200.00 . 68 2x6 Curb. Inlet 1 EA 3,650.00 3,650.00 69 2x3 Valley Inlet 1 EA 2,245.00 2,245.00 70 5' Type R Inlet 5 EA 4,300.00 21,500.00 71 18". CMP . 159 LF 39.95 6,352.05 72 18". RCP 711 LF 37.45 26,626.95 73 21" RCP 558 LF 41.50 23,157.00 74 24" RCP 21 LF 52.00 1,092.00 75 24". CMP 576 LF 41.50 23,904.00 76 36" CMP 290 LF 57.25 16,602.50 77 84" CMP 87 LF 220.00 19,140.00 78 84' Headwalls plus RipRap 1 LS 38,300.00 38,300.00 79 24" CMP. End Sections 12 EA 430.00 5,160.00 80 36" CMP End Sections 2 EA 535.00 1,070.00 81 4' Diam Storm Drain Manhole 2 EA 2,600.00 5,200.00 82 Subtotal 239,099.50 83 SEWER f / 84 8" PVC 1,560 LF 36.00 56,160.00 85 6". PVC. Services 140 LF_ 36.00 5,040.00 86 Encasement 100 LF 45.00 4,500.00 87 SDR.17 HOPE 100. psi 335 LF 20.00 6,700.00 88 Manhole 10 EA 2,800.00 28,000.00 89 Sewer Video 1,620 LF 1.50 2,430.00 90 Subtotal 102,830.00 91 SHALLOW. UTILITIES 92 Trenching 7,174 LF 10.00 71,740.00 93 Electric Conduit 6" (install only) 2,955 LF 0.85 2,511.75 94 Electric. Conduit 4' (install only) 16,631 LF 0.85 14,136.35 95 Telephone Conduit 4" 2,914 LF 2.00 5,828.00 96 Cable TV Conduit 4" 2,914 LF 2.00 5,828.00 97 Secondary Electric 4" Conduit and Wire 1,042 LF 2.00 2,084.00 98 Secondary Electric 2" Conduit and Wire 3,055 LF 1.00 3,055.00 99 Communications 4484-TCA Vault 7 EA 4,840.00 33,880.00 100 Electric UM 35L Splice Vault (install only) 7 EA 600.00 4,200.00 101 Boulder Walls 720 SF 20.00 14,400.00 102 12" RCP 60 LF 26.45 1,587.00 103 4". Fiber Optic Conduit 1,457 LF 2.00 2,914.00 104 6" Spare Conduit 9,549 LF 2.60 24,827.40 105 4" Spare Conduit 9,321 LF 2.00 18,642.00 106 Handhole 18 EA 200.00 3,600.00 107 12"x8"x6" Fiberglass Pullbox 7 EA 200.00 1,400.00 108 Subtotal 210 633.50 109 Landscaping (Allowance) 1 LS 30,000.00 30,000.00 110 Lighting, Allowance t T l 1 LSJ 55,000.00 F- 55 000.00 7 o a I 3.20 1 3,025,0 882178 Page: 11 of 14 Teak J Simonton Eagle, CO 89 R 71 .00 D 0000 1:33P 6/29 EXHIBIT C DISTRICT FUNDING RESOLUTION • 882178 Page: 12 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 16680/Traer May 20, 2004 RESOLUr'><?ON OF TRAIER CREEK 11'fETROPOLITAN DISTRICT REGARDING APPROPRIATION OF FUNDS UNDER S'U'BDIVISION IMPROVEMENTS AGREEMENT TKE VILLAGE (AT AVON) FILING 3 WHE1tw, Tracr Creek Metropolitan District (the "District') is a quasi-municipal corporation and political subdivision of the State of Colorado; and WHEREAS, the District is authorised, pursuant to Section 32-1-1001(1)(d)(1), C.R,S.. to enter into contracts aDd agreements affecting the affairs of the District; and WHEREAS, the District has entered into a Subdivision Improvements Agreement The Village (At Avon) Filing 3 dated _June 8 , 2004 (the "SW') with the Town of Avon, Colorado (the "Town') and Tzaer Creek-RP LLC, a Colorado limited liability company ("Subdivider') regarding the funding and/or construction of public inftstructure improvements in connection with the approval of the final Plat of The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado; and WHEREAS, the District is responsible for the performance and completion of public improvements assigned on Exhibit A ofthe SXA (the "District Improvements'); NOW, THEREFORE, BE IT RESOLVM $Y THE BOARD OF DMECTORS OF TRAER CRBEX METR.OPOMAN DISTRICT AS FOLLOWS: 1. The Board of Directors hereby finds, determines and declares that it is in the best interest of the District to execute and doliver to the Town the SIA and the appropriate officers of the District are hereby authorized to execute atad deliver such SIA to the Town. 2. The Board of Directors hereby appropriates, reserves and allows for tender to the Town pursuant to the SIA available hands of the District in an mount not less than $3,025,273.20 (the "Funds") to guarantee construction of the District Improvements. 3. The Board of Directors hereby certifies to the Town Council that the Funds are unencumbered and free from claims of others so that any requests of the Town for payment under the SIA maybe promptly honored. The Board of Directors further certifies to the Town Council that the Funds have been set aside in a separate account and identified for the purposes recited herein and that such Funds shall be held in compliance with the requirements of Section 29-1-803(1), C.R.S., for the purpose of providing for the completion of the District Improvements. 4. This Resolution shall be renewed at the beginning of each subsequent calendar year until all the District improvements have received final acceptance or until the District provides substitute collateral acceptable to the Town. (00019=3.00C YA ) IlnllIINIhl~lVIIINI Teak J Simonton Eagle 111111111111111111111111 co 89 R 71 882178 Page: 13 of 14 06/29/2004 01:33P 00 D 0.00 1 [SIGNATURE PAGE FOR RESOLUTION REGARDING APPROPRIATION OF FUNDS J; UNDER SVBDMSYON IMPROVEMENTS AGREEMENT TEM VILLAGE (AT AVON) FILING 31 APPROVED AND ADOPTED this I+,-. day of TRAER CREPK By: Ancsr: Efic p1gate, Secretary 882178 Page: 14 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 (0001M3.wC v;1) 2 1-6 Lo V\ TOWN OF AVON, COLORADO RESOLUTION NO. 04-17 Series of 2004 A RESOLUTION APPROVING FINAL PLAT AND SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE VILLAGE (at Avon) FILING 3, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Traer Creek-RP LLC, the owner of the applicable portion of The Village (at Avon) has filed a Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado for approval in accordance with Chapter 16.20 of the Avon Municipal Code; and WHEREAS, on April 27, 2004, the Town held a public hearing at which it received evidence and testimony concerning the Preliminary Plan for The Village (at Avon) Filing 3, at the conclusion of which the Town Council considered such evidence and testimony and approved the Preliminary Plan by adoption of Resolution 04-15; and WHEREAS, the Final Plat is in general conformance with the Preliminary Plan as approved by Resolution No. 04-15; and WHEREAS, the Final Plat is subject to the terms and conditions of the Annexation and Development Agreement dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the Final Plat is subject to the terms and conditions of the P.U.D. Guide and P.U.D. Development / Sketch Plan dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the attached Subdivision Improvements Agreement provides for the construction of the public improvements required for development of The Village (at Avon) Filing 3 Subdivision and the securities to assure completion of the public improvements as required by Section 16.24. 100 of the Avon Municipal Code. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, that the Town hereby finds and determines that the Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3 is in general conformance with the Preliminary Plan as approved by Town of Avon Resolution No. 04-15 and other applicable development laws, regulations and policies of the Town of Avon and hereby approves the same subject to completion of technical corrections as identified by Town Staff and the submission to and acceptance by, the Town of Avon, of the following items prior to recording of the Final Plat and Subdivision Improvements Agreement: A. Copy of "Resolution of Traer Creek Metropolitan District Regarding Appropriation of Funds Under Subdivision Improvements Agreement" as duly adopted and executed by District Board of Directors (Subdivision Improvements Agreement Exhibit C); and B. Construction plans, specifications and related documents for construction of public improvements as identified in Subdivision Improvements Agreement Exhibits A and B as amended to address technical corrections identified by Town Staff; and C. Addition of drainage easements and stream setbacks to Final Plat, in accordance with Town of Avon Subdivision Regulations. ADOPTED THIS a5 DAY OF MAY, 2004. TOWN COUNCIL TOWN OF AVON, COLORADO ATTEST: ~G f Pa ty M enny, To rk Albert D. Reynolds, Ma r S I A L Resolution No. 04-17 Final Plat Filing 3 V@A Memo To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Norm Wood, Town Engineer Date: May 20, 2004 Re: The Village (at Avon) Filing 3 - Final Plat and Subdivision Improvements Agreement / Resolution No. 04-17, Series of 2004 Summary: Traer Creek-RP LLC has submitted a Final Plat and related Subdivision Improvements Agreement (SIA) for The Village (at Avon) Filing 3. This is a subdivision of a parcel of land located in the Southeast t/4 of Section 7 and in the West of the Southwest t/4 of Section 8, Township 5 South, Range 81 West of the 6th Principal Meridian in the Town of Avon, Eagle County, Colorado. This area includes all or portions of the P.U.D. Planning areas OS-5, N, G and RMF-l. The submittal includes construction plans for the extension of Swift Gulch Road and corresponding Bike Path from Buffalo Ridge (Filing 2) to Post Boulevard north of the new I-70 Interchange. Traer Creek Metropolitan District will be a party to the SIA in addition to Traer Creek-RP LLC. The Final Plat is in conformance with the Preliminary Plan that was previously approved by Resolution No. 04-15, Series of 2004. The Subdivision Improvements Agreement provides for construction of the public improvements required to serve the proposed subdivision and for the provision of securities to assure completion of the improvements. The SIA also establishes guidelines for quality control, release of securities as construction is completed and establishes the warranty period for the completed improvements. The public improvements generally consisting of streets, roads, water, sewer and storm drainage facilities will be constructed by Traer Creek Metropolitan District. The security for the completion of these improvements will be in the form of a District Fund in an amount equal to the cost of the improvements estimated at $3,324,003 and established solely for this purpose. This fund will be established by a "Resolution of Traer Creek Metropolitan District Regarding Appropriation of Funds Under Subdivision Improvements Agreement" (Exhibit C) to the Subdivision Improvements Agreement. 1:\Engineering\Avon Village\4.0 Filing 3\4.5 Final Plat\4.5.2 Permits & Approvals\Res 04-17 Approval Memo.Doc 1 The proposed Final Plat and SIA are in conformance with the Annexation and Development Agreement, The Village (at Avon) P.U.D. Guide and P.U.D. Development Plan as Amended and has no effect on existing zoning. Approval of this Final Plat and SIA is recommended. Recommendations: Approve Resolution No. 04-17, Series of 2004, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado. Proposed Motion: I move to approve Resolution No. 04-17, Series of 2004, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado. Town Manager Comments: l:\Engineering\Avon Village\4.0 Filing 3\4.5 Final Plat\4.5.2 Permits & Approvals\Res 04-17 Approval Memo.Doc 2 W,`f w • SUBDIVISION IMPROVEMENTS AGREEMENT THE VILLAGE (AT AVON) FILING 3 THIS AGREEMENT, made and entered into this kt1day of , 2004, is by and among Traer Creek-RP LLC, a Colorado limited liability company ("Subdivider"), Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), and the Town of Avon, a Colorado municipality, by and through its Council (the "Town"). RECITALS WHEREAS, Subdivider and the District, in connection with the approval of the final plat for The Village (at Avon) Filing 3, consisting of 108.720 acres in the SE 1/4 of Section 7 and in the W % of the SW %4 of Section 8, T. 5 S., R. 81 W. , of the 6th P.M., Town of Avon, Eagle County, Colorado (the "Subdivision"), desire to enter into a Subdivision Improvements Agreement with the Town as provided for by Section 16.24. 100 of the Avon Municipal Code, as amended (the "Code"); and WHEREAS, pursuant to the Code, the Town desires to make reasonable provisions for completion of certain public improvements (the "Improvements") set forth in Exhibit A attached hereto and incorporated herein by reference; and • WHEREAS, the District is responsible for the performance and completion of the Improvements. AGREEMENT NOW THEREFORE, in consideration of the following mutual covenants, conditions and promises, the parties hereby agree as follows: 1. Final Plat Approval. The Town agrees that upon compliance with all other conditions of approval, and subject to the terms and conditions of this Agreement, the Final Plat of The Village (at Avon) Filing 3 shall be promptly filed for record with the Office of the Eagle County Clerk and Recorder. 2. Completion of Work. (a) Performance. District agrees to furnish all equipment, labor and material necessary to perform and complete, in a good and workmanlike manner, all improvements and work incidental thereto as set forth in Exhibit A. District further agrees that it shall be solely responsible for all costs related to the performance and completion of the Improvements as set • 16680/Traer 1 May 20, 2004 882178 Page: I of 14 06/29/2004 01:33P Teak J Simonton Eagle, Co 89 R 71. 00 D 0.00 • forth on Exhibit B. All said work shall be performed in accordance with the construction plans and specifications as submitted to and approved by the Town prior to commencement of construction of Improvements. All Improvements shall be completed within one (1) year of the date of the Town's approval of the Final Plat for the Subdivision, subject to extensions for force majeure events as defined in Section 13 below. (b) Inspection Procedures. (1) All work shall be done under the inspection procedures and standards established by the Town, shall be subject to the reasonable satisfaction of the Town and shall not be deemed complete until the reasonable approval and acceptance of the Improvements by the Town. The Town will forward copies of all observation reports to the District, Subdivider and the District's engineers (who shall be registered in the State of Colorado) responsible for providing the opinion required by Section 7 hereof. (2) Designation of Inspectors. Prior to commencement of construction work on the Improvements, the Town will designate the individuals or independent third parties employed by the Town who are authorized to inspect the construction of the Improvements. Such inspections by the Town shall not relieve the District or its agents from any responsibility or obligation to assure that all work is completed in conformance with standards, plans and specifications as submitted to and previously approved by the Town. • (3) Cost of Inspections. The cost of such inspections, whether by Town employees or an independent third party inspector, shall be paid by the District, subject to the limitations set forth in paragraph 8 below. (4) Notice of Non-Compliance. In the event that the Town, through the inspectors, reasonably determines that the Improvements are not in compliance with the pre- approved construction plans and specifications, or that additional observation or testing by the project engineer is necessary to assure compliance, it shall give written notice of such non- compliance, or additional observation or testing requests, to District's engineers, Subdivider and the District ("Notice of Non-Compliance"). The Notice of Non-Compliance shall include a narrative describing the unsatisfactory construction work with specific reference to the applicable construction plans and specifications. The Notice of Non-Compliance must be provided to District's engineers, Subdivider and the District within two (2) working days of the date of the observation. Security for Completion of Improvements. (a) Security. To secure completion of the Improvements, the District hereby agrees to secure its obligations under this Agreement with Collateral in accordance with Section 16.24. 100 of the Code. Collateral shall be one or a combination of the following: cash or its • 16680/Traer 2 May 20, 2004 IIIIIIIII~IIIIIIIIIhI~IIIIIIIIIIIIIIII~InIIIN X821; 8~ 33P Teak J • equivalent; securities of acceptable value; letter of credit; bond for warranty period only; and land of acceptable value by deed of trust. (b) Substitution of Securi ty. The District may substitute another form of collateral acceptable to the Town in place of the forms of security set forth below in order to guaranty the faithful completion of the Improvements and the performance of the terms of this Agreement. 4. District's Obligations Concerning Improvements. (a) Funding Resolution. The District has adopted a resolution (the "Funding Resolution") attached hereto as Exhibit C authorizing the District's execution of this Agreement and providing for the appropriation, segregation and use of funds in an amount sufficient to guarantee the construction of the Improvements set forth on Exhibit A. The estimated costs of completion of the Improvements are set forth on Exhibit B attached hereto and incorporated herein by reference. The Funding Resolution specifically provides that all funds referenced therein are unencumbered and free from claims of others such that, if necessary, any requests for payment approved by the Town may be promptly honored. As a condition to recordation of the Final Plat, the District shall provide the Town Engineer with evidence that such funds have been appropriated and segregated in a separate account (the "Security Account") and identified for use • in connection with this Agreement. The District shall renew the Funding Resolution at the beginning of each subsequent calendar year until all Improvements have received final acceptance or until the District provides substitute collateral acceptable to the Town. (b) Progress Payments on Improvements. The District may make progress payments to its contractors from the Security Account on a monthly basis upon the partial completion of itemized improvements which have been set forth on Exhibit A and upon fifteen (15) day's prior written notice including an itemized statement of the District to the Town. The District shall retain ten percent (10%) of the amount of each payment until final completion and acceptance of all work covered by each construction contract; provided however, when the value of work completed has progressed to fifty percent (50%) of the contract amount, the District shall not be required to withhold additional retainage for the remainder of the work under such contract. The (10 ten percent retainage of the value of work completed may be reinstated if in the Town's opinion the lack of progress or other substantial reasons exist. Except for the foregoing, in no event shall any progress payment cause the remaining sum to be available in the Security Account for subsequent disbursements to be less than one hundred ten percent (110%) of the costs to complete all remaining Improvements as estimated at the time of each progress payment. Upon completion of all work related to the Improvements, the Town's acceptance of the Improvements and the expiration of the Warranty Period set forth in paragraph 5 below, the Town shall release any further interest in the Security Account. • 16680/Traer 3 May 20, 2004 ; Page: 3 of 06/29/2004 82178 IIIIIIIIIIIIIIIIIIIIIVIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIn 8 Teak J Simonton Eagle, CO 89 R 71. 00 D 0. 00 • (c) Default by District. In the event of a default in whole or in part by the District, the Town shall be authorized to access the funds in the Security Account for the purpose of undertaking completion or remediation work on the Improvements after providing thirty (30) days advance notice of default to Subdivider and the District and providing an opportunity during such period for the District and the Subdivider to cure the default. The Town shall be entitled to draw on the Security Account by Resolution of the Town Council stating (i) that the District is in default, and (ii) the funds are required in order to complete or correct work on the Improvements. District funds identified in the Funding Resolution shall be held, whether by the District or the Town, in compliance with the requirements of C.R.S. 29-1-803(1) for the purpose of providing for the completion of the Improvements. 5. Warran Period. The Improvements shall be warranted to be free from defects in workmanship or quality for a period of one (1) year after acceptance of all the work by the Town. In the event of any such defect, the Town may require the District to correct the defect in material or workmanship. The amounts for completion of all warranty work on the Improvements shall be secured by a letter of credit, bond or other acceptable collateral in the amount of one hundred and ten percent (110%) of the cost of such corrective work to be held by the Town during such one (1) year period, as a guaranty of performance of any work required under the above- described warranty. In the event any corrective work is performed during the one (1) year warranty period then the warranty on said corrected work shall be extended for one (1) year from the date on which it is completed. • 6. Condition of Public Dedicated Roadwa s. The District shall at all times prior to acceptance of any publicly dedicated roadways within the Subdivision by the Town give good and adequate warning to the traveling public of each and every known dangerous condition existent in said roads and shall protect the traveling public from such defective or dangerous conditions. Until the completion of all the Improvements herein agreed to be constructed, roads not accepted as improved shall be under the charge and control of the District for purposes of this Agreement; and the District may close all or a portion of any street or road within the Subdivision whenever it is necessary to protect the traveling public during the construction or installation of the Improvements herein agreed to be made. 7. Engineer's Opinion. Upon completion of portions of the Improvements, the District will cause its engineers (who shall be registered in the State of Colorado) to provide a written opinion that the installation of the Improvements, or portions thereof as may be completed from time to time, have been completed in general conformance with standards, plans and specifications as submitted to and previously approved by the Town. Inspection reports, test results and other supporting documentation shall be submitted with the opinion. The engineer's opinion shall also include a statement that the opinion is based on a reasonable review and investigation of all observation reports by the Town inspectors and that all issues of "Non- Compliance" and additional observation and testing requests that have been provided to the • 16680/Traer 4 May 20, 2004 111111 VIII1111111 VIII eI IIU IuIIII III IINI IIII IIN, 88z ''8; ,.o Teak J Simonton l, CO 89 R 71. • engineer were addressed to their satisfaction prior to the issuance of engineer's opinion. 8. Subdivision and Inspection Fees. Fees in accordance with the Town's Subdivision Regulations for the review of Preliminary Plans and Final Plats have been paid in full. Additional fees shall be paid to the Town by the District within thirty (30) days after delivery of written invoice for such fees to cover the cost of inspections by the Town. The fees will be based on direct (out-of-pocket) costs of the Town plus an administrative fee in the amount of fifteen (15%) percent of the direct costs, but in no event will the total amount of such additional fees exceed five percent (5%) of construction costs. 9. No Obligation of Town to Complete Improvements. Subdivider and the District agree that in the event the District shall fail to perform its obligations as set forth herein, the Town shall be under no obligation to complete or perform any of the Improvements. No one, individually or otherwise, other than the parties hereto, shall acquire, as a result of this Agreement, any rights, claims or obligations from or against the Town, its agents, employees or officers. Actions by the Town against the District to enforce any provision of this Agreement shall be at the sole discretion of the Town. Except in the event the Subdivider completes cure of the District default and thereby is entitled to require the Town to accept the Improvements, no third parties (including the Subdivider) shall have any rights to require any action by the Town pursuant to this Agreement and this Agreement shall not create a liability on the part of or be a cause of action against the Town, for any personal or property damage that may result to any third parties (including the Subdivider) from the failure of the District to complete the improvements herein specified. 10. Non-Liability of Town, Indemnification. The Town shall not, nor shall any officer, agent, or employee thereof, be liable or responsible for any accident, loss or damage related to the work specified in this Agreement, nor shall the Town, nor any officer, agent or employee thereof, be liable for any persons or property injured by reason of the nature of said work. To the extent permitted by law, the District hereby agrees to indemnify and hold harmless the Town, and any of its officers, agents and employees against any losses, claims, damages or liabilities to which the Town or any of its officers, agents or employees may become subject, because of any losses, claims, damages or liabilities (or actions in respect thereof) that arise out of, or are based upon, any acts or omissions in the performance of the obligations of the District as hereinbefore stated. Furthermore, the District shall reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in connection with investigating or defending any such loss or claim. 11. Rights of Town in Event of Default. In the event that the District defaults in whole or in part in the performance of this Agreement, and after the expiration of thirty (30) days after having given written notice to Subdivider and the District of such default during which period of time the Subdivider or the District failed to correct said default, the Town may, at its sole discretion, proceed with the construction or completion of the Improvements specified on • 16680/Traer 5 May 20, 2004 ~~~p~~~~~p~~~lu~~~u~~~~~~~~~~n~~U .~82 ae,.,P Exhibit A. All such costs paid by the Town for such Improvements (or paid by Subdivider if it chooses, in its sole and exclusive discretion, to cure the District's default), together with all costs of personnel, equipment and other matters expended by the Town (or Subdivider in the event Subdivider undertakes a cure of the District's default as aforesaid) in furtherance of the construction responsibilities of the District, shall be paid by the District. Any such costs relating to the Improvements, which have not been reimbursed by the District to the Town or Subdivider, as applicable, shall be a lien on any property in the Subdivision conveyed to the District contemporaneously with recordation of the final plat of The Village (at Avon) Filing 3. Said lien may be foreclosed in the same manner as a mortgage and shall entitle the Town or Subdivider, as applicable, to add its costs and reasonable attorneys' fees in such foreclosure or other collection. Without limiting the foregoing, the Town and/or Subdivider may, but shall not be obligated to, bring a mandatory injunction action against the District to require installation and construction of the Improvements, if not constructed within the time limits described in this Agreement. If any such action is brought by, the Town and/or Subdivider, the Town or Subdivider, as applicable, shall be awarded its court costs and reasonable attorneys' fees. 12. Letter Certi ing Completion and Final Acceptance of Improvements. When all Improvements have been completed and accepted by the Town, and the Warranty Period has expired, the Town agrees that it will issue a letter, in recordable form, certifying that all obligations of Subdivider and the District under this Agreement have been satisfied. 13. Force Majeure. Whenever a party is required to perform an act under this Agreement by a certain time, said time shall be deemed extended so as to take into account events of "Force Majeure." "Force Majeure" is any of the following events that prevents, delays, retards or hinders a Party's performance of its duties hereunder: act of God; fire; earthquake; flood; explosion; war; invasion; insurrection; riot; mob violence; sabotage; vandalism; inability to procure or general shortage of labor, equipment, facilities, materials or supplies in the open market; failure of transportation; strikes; lockouts; litigation; condemnation; requisition; governmental, civil, military or naval authorities; or any similar cause not within such party's control. 14. Amendments. This Agreement may be amended from time to time, provided that such amendment is in writing and signed by all parties hereto. 15. Covenants Running with the Land. This Agreement and the obligations hereof shall be deemed to be covenants running with the land and shall be binding on the successors and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 0 16680JTraer 6 May 20, 2004 882178 Page: 6 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0. 00 (SIGNATURE PAGE TO SUBDIVISION IMPROVEMENT AGREEMENT THE VILLAGE (AT AVON) FILING 31 TOWN OF AVON, a Colorado municipal corporation AT Tow "I k Mayor APPROVED AS TO FORM: To n Attorney *V~ CF ~"g::o.•••••~ :4ti TRAER CREEK-RP LLC, a Colorado limited r? • liability company e J~ tt r By: TRAER CREEK LLC, a Colorado limited liability company, its Manager -7'j agnu indholm, Manager AN DISTRICT, a TRAER CREEK &anX~' quasi-municipal? By: 40 16680/Traer 7 May 20, 2004 111111 VIII1111111 VIII IIII IIII IIINII111llnl hll l~l 88n "e, ,,o Teak J Simonton Eagle, CC 89 R 71. 00 D 0. 00 i s EXHIBIT A DESCRIPTION OF IMPROVEMENTS I. Mobilization II. Roads - Includes Excavation, Embankment, Retaining Walls, Fine Grading, Sub-Base Materials & Preparation, Concrete Curb, Gutter, Medians, Crosspans, Rec Path & Sidewalks, Asphalt Paving and Asphalt Rec Path, Guardrail, Pedestrian Rail, Pedestrian Tunnel, Paved Crosswalks, Signage, Striping and Other Incidental Construction per Approved Plans & Documents A. Post Boulevard from Roundabout 5 through Swift Gulch Road Intersection B. Swift Gulch Road from The Village (at Avon) Filing 2 to Post Boulevard Intersection M. Utilities A. Water B. Sewer III. Slope Protection & Erosion Control A. Rip-Rap B. Erosion Control Matting C. Silt Fence, Wattles & Other Temporary Erosion Control Facilities IV. Storm Drainage A. Storm Drain Pipes B. Inlets and Headwalls & Rip-Rap C. Manholes & End Sections V. Shallow Utilities A. Electric B. Telephone C. Cable TV D. Natural Gas E. Conduit for Other . VI. Street Revegetation & Landscaping VII. Street Lighting 16680/Traer May 20, 2004 IIIIIIIIIIII Illpll IINIIIVIIII 1111111 IIIIIAINIIIUI 82 8 of 8. :33P Teak J EXHIBIT B • COST ESTIMATE OF IMPROVEMENTS • EIuIUIII~IIINIII~I~IIIIII~IIII , INIIInnIR 71. IUN,~BZ''e;,, Teak J Swift Gluch Road Traer Creek Metro. District Unit Price Comparisons 24 MAY 04 CJ 4 L Q tit G ould Description uan y Unit Price Total $ 1 GENERAL 2 Mobilization 1 LS 125,750.00 125,750.00 3 Construction Surveying/Layout 1 LS 43,395.00 43,395.00 4 Subtotal 169,145.00 5 ROADS 6 Clearing 1 LS 33,850.00 33,850.00 7 Topsoil Remove and Stockpile (6") 11,534 CY 2.35 27,104.90 8 Topsoil Replace (4") 3,770 CY 6.30 23,751.00 9 Excavation Placed as Embankment 72,867 CY 3.10 225,887.70 10 Excavation Export and Place in Stockpile 54,841 CY 2.35 128,876.35 11 Soil Nail Walls with Block Veneer 13,723 SF 52.55 721,143.65 12 MSE Walls using Modular Block Units 2,573 SF 39.85 102,534.05 13 Guardrail 1,920 LF 16.00 30,720.00 14 Guardrail End. Anchors 6 EA 760.00 4,560.00 15 Concrete Curb and Gutter 2,424 LF 13.50 32,724.00 16 3' Concrete Pan 69 LF 26.40 1,821.60 19 Asphalt (4" thick) 2,522 TON 46.80 118,029.60 20 Asphalt (9". thick) 1,510 TON 46.80 70,668.00 21 Precast Tumbled Pavers 941 SF 12.75 12,001.70 22 18". Cast-in-Place Concrete. Band 144 LF 23.70 3,412.80 23 Type 2 (Ilm). Mountable Curb. and Gutter 270 LF 20.00 5,400.00 24 Type 1. ADA Ramp 4 EA 800.00 3,200.00 25 Median Spill Curb and Gutter 1,342 LF 16.00 21,472.00 26 Line Striping 14,196 LF 0.40 5,678.40 ' 27 Signs 32 EA 500.00 16,000.00 28 Barricade. (Type 3M-A) 4 EA 600.00 2,400.00 29 Pedestrian Tunnel 1 LS 160,100.00 160,100.00 30 Pedestrian Rail 959 LF 7.80 7,480.20 31 Concrete. Rec. Path. (6". thick). 10'. wide 1,173 SY 31.50 36,949.50 32 Asphalt (3" thick). Rec Path : ::1,289 . :::TON 47:95•::.;:.;: .::.;:.;:.>:•>:.;;61,807:55 . : . .:::.::1 34 Chain Link Fence. (M-607-2) Single Gate 2 EA 3,260.00 6,520.00 35 Subtotal 2,024,952.40 36 WATER 37 6'. DIP 163 LF 44.00 7,172.00 38 8". DIP 1;391 LF 46.30 64,403.30 39 16". DIP 478 LF 66.00 31,548.00 40 6" Gate. Valve 4 EA 800.00 3,200.00 41 8". Gate Valve 5 EA 1,085.00 5,425.00 42 16". Gate. Valve 2 EA 4,530.00 9,060.00 43 Air Release Vault 2 EA 2,800.00 5,600.00 44 Relocate Air Release Vault 1 LS 2,800.00 2,800.00 45 Fire Hydrant Assembly 4 EA 3,240.00 12,960.00 46 Water Service Lines (1-1/2". diam.) 1 EA 2,400.00 2,400.00 Copper 47 Irrigation Meter. Pit 1 EA 1,750.00 1,750.00 48 Subtotal 146,318.30 49 SLOPE PROTECTION AND. EROSION CON TROL 50 Stabilized Construction Entrance 3 EA 1,600.00 4,800.00 51 Silt Fence 865 LF 1.70 1,470.50 52 Rip-Rap (inlet/outlet protection) d50=9" 58 LF 24.00 1,392.00 53 Rip-Rap (inleUoutlet protection). d50=12" 16 LF 24.00 384.00 / " 60 00 380 00 7 54 Rip-Rap (inlet/outlet protection) d50=18 123 LF . . , 55 Riprap (inlet/outlet protection) d50=24" 11 LF 90.00 990.00 56 Straw Bale Dike 2 EA 75.00 150.00 IIIIIIIIIIIIIIIIIUIIIIIIIIIIIVIIIIIIIIIIIIIIRIIIINI 82= e,~.,. Swift Gluch Road Traer Creek Metro District Unit Price Comparisons 24 MAY 04 1 Gould tion Descri F Quantit p y Unit Price Total $ 57 Wattle 36 EA 115.00 4,140.00 58 Beaver Dam (inlet protection) 9 EA 260.00 2,340.00 59 Silt Sack (inlet protection) 17 EA 125.00 2,125.00 60 Erosion Control Matting (14' wide) 192 LF 3.10 595.20 LandLok 450 61 Erosion Control Matting (4' wide) 2,319 LF 1.20 2,782.80 Land Lok 450 62 Reve etation 1 LS 18,545.00 18,545.00 63 Subtotal 47,094.50 64 DRAINAGE 65 Mountable Curb Inlet 1 EA 2,200.00 2,200.00 66 C Inlet 12 EA 2,475.00 29,700.00 67 D Inlet 4 EA 3,300.00 13,200.00 68 2x6 Curb. Inlet 1 EA 3,650.00 3,650.00 69 2x3 Valley Inlet 1 EA 2,245.00 2,245.00 70 5' Type R Inlet 5 EA 4,300.00 21,500.00 71 18". CMP . 159 LF 39.95 6,352.05 72 18" RCP 711 LF 37.45 26,626.95 73 21".RCP 558 LF 41.50 23,157.00 74 24" RCP 21 LF 52.00 1,092.00 75 24 CMP 576 LF 41.50 23,904.00 76 36". CMP 290 LF 57.25 16,602.50 77 84" CMP 87 LF 220.00 19,140.00 78 84" Headwalls plus RipRap 1 LS 38,300.00 38,300.00 79 24" CMP. End Sections 12 EA 430.00 5,160.00 80 36". CMP. End Sections 2 EA 535.00 1,070.00 81 4Diam Storm Drain Manhole 2 EA 2,600.00 5,200.00 82 Subtotal 239,099.50 83 SEWER 84 8". PVC 1,560 LF 36.00 56,160.00 85 6". PVC. Services 140 LF_ 36.00 5,040.00 86 Encasement 100 LF 45.00 4,500.00 87 SDR.17 HDPE 100 psi 335 LF 20.00 6,700.00 88 Manhole 10 EA 2,800.00 28,000.00 89 Sewer Video 1,620 LF 1.50 2,430.00 90 Subtotal 102,830.00 91 SHALLOW. UTILITIES 92 Trenching 7,174 LF 10.00 71,740.00 93 Electric Conduit 6". (install only) 2,955 LF 0.85 2,511.75 94 Electric. Conduit 4" (install only) 16,631 LF 0.85 14,136.35 95 Telephone Conduit 4" 2,914 LF 2.00 5,828.00 96 Cable TV Conduit 4' 2,914 LF 2.00 5,828.00 97 Secondary Electric 4" Conduit and Wire 1,042 LF 2.00 2,084.00 98 Secondary Electric 2" Conduit and Wire 3,055 LF 1.00 3,055.00 99 Communications 4484-TCA Vault 7 EA 4,840.00 33,880.00 100 Electric UM 35L Splice Vault (install only) 7 EA .600.00 4,200.00 101 Boulder. Walls 720 SF 20.00 14,400.00 102 12" RCP 60 LF 26.45 1,587.00 103 4". Fiber Optic Conduit 1,457 LF 2.00 2,914.00 104 6" Spare Conduit 9,549 LF 2.60 24,827.40 105 4'. Spare Conduit 9,321 LF 2.00 18,642.00 106 Handhole 18 EA 200.00 3,600.00 107 12" x8" x6" Fiberglass Pullbox 7 EA 200.00 1,400.00 108 Subtotal 210 633.50 109 Landscaping (Allowance) 1 LS 30,000.00 30,000.00 110 Lighting, Allowance 1 LS 55,000.00 55,000.00 I Total 1 1 1 3,025,073.20 882178 Page: 11 of 14 Teak J Simonton Eagle, Co 89 R 71.00 6/29D20.00 1:33P Ll w EXHIBIT C DISTRICT FUNDING RESOLUTION 11111111111111111111111111 Teak J Simonton Eagle, CO 882178 Page: 12 of 14 05/29/2004 01:33P 89 R 71.00 D 0.00 16680/Traer May 20, 2004 RESOLMON OF TRAER CREEK ME'T'ROPOLITAN DISTRICT REGARDING APPROPRIATION OF FUNDS UNDER SUBDIVISION IMPROVEMENTS AGREEMENT THE VILLAGE (AT AVON MING 3 WjMRE,AS, Traer Creek Metropolitan Disuict (the "District') is a quasi-municipal corporation and political subdivision of the State of Colorado; and WHP,REAS, the District is authorized, pursuant to Section 32-1-1001(1)(4)(1), C.R.S., to enter into contracts and agreements affecting the aff. airs of the District; and WHEREAS, the District has entered into a Subdivision Improvements Agreement The Village (At Avon) Filing 3 dated _June 8 , 2004 (the "SW') with the Town of Avon, Colorado (the "Town') and Traer Creek-RP L LC, a Colorado limited liability company ("Subdivider') regarding the funding and/or construction of public infrastlitcture improvements in connection with the approval of the final Plat of The Village (at Avon) Filling 3, Town of Avon, Eagle County, Colorado; and WHEREAS, the District is responsible for the performance and completion of public improvements assigned on Exhibit A of the SxA (the "District Improvements'j; NOW, THEREFORB, Bli IT RESOLVFA BY THE BOARD OF DMECTORS OF TRAER CREEK METR,OPOLTTAN DISTRICT AS FOLLOWS: 1. The Board of Directors hereby finds, derennines and declares that it is in the best interest of the District to execute and deliver to the Town the SIA and the appropriate officers of the District are hereby authorized to execute and deliver such SIA to the Town. 2. The Board of Directors hereby appropriates, reserves and allows for tender to the Town pursuant to the SIA available hinds of the District in, an amount not less than $3,025,273.20 (the "Funds") to guarantee construction of the District Improvements. 3. The Board of Directors hereby certifies to the Town Council that the Funds are unegcumbered and free from claims of others so that any requests of the Town for payment under the SIA maybe promptly honored. The Board of Directors futtber certifies to the Town Council that the Funds have been set aside in a separate account and identified for the purposes recited herein and that such Funds shall be held in compliance with the requirements of Section 29-1-803(1), C.R.S., for the purpose of providing for the completion of the District Improvements. 4. This Resolution shall be renewed at the beginning of each subsequent calendar year umil all the District Improvements have received final acceptance or until the District provides 505tituto collateral acceptable to the Town. 882178 Page: 13 of 14 {000191Z].DOCw.l) 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 1 [SIGNATURE PUAGF, FOR SU'BDM YON RESOLUTION IMPROVEN[ENTS AGREEMENT APPROPRIATION OF FUNDS J THE VILLAGE (AT AVON) FILING 31 APPROVED AND ADOPTED this I'L'L day of By. AttcsC: firic plcpte, Secretary 882178 Page: 14 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 (00019223.Doc v:l) 2 4 TOWN OF AVON, COLORADO RESOLUTION NO. 04-17 Series of 2004 A RESOLUTION APPROVING FINAL PLAT AND SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE VILLAGE (at Avon) FILING 3, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Traer Creek-RP LLC, the owner of the applicable portion of The Village (at Avon) has filed a Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado for approval in accordance with Chapter 16.20 of the Avon Municipal Code; and WHEREAS, on April 27, 2004, the Town held a public hearing at which it received evidence and testimony concerning the Preliminary Plan for The Village (at Avon) Filing 3, at the conclusion of which the Town Council considered such evidence and testimony and approved the Preliminary Plan by adoption of Resolution 04-15; and WHEREAS, the Final Plat is in general conformance with the Preliminary Plan as approved by Resolution No. 04-15; and WHEREAS, the Final Plat is subject to the terms and conditions of the Annexation and Development Agreement dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the Final Plat is subject to the terms and conditions of the P.U.D. Guide and P.U.D. Development / Sketch Plan dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the attached Subdivision Improvements Agreement provides for the construction of the public improvements required for development of The Village (at Avon) Filing 3 Subdivision and the securities to assure completion of the public improvements as required by Section 16.24.100 of the Avon Municipal Code. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, that the Town hereby finds and determines that the Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3 is in general conformance with the Preliminary Plan as approved by Town of Avon Resolution No. 04-15 and other applicable development laws, regulations and policies of the Town of Avon and hereby approves the same subject to completion of technical corrections as identified by Town Staff and the submission to and acceptance by, the Town of Avon, of the following items prior to recording of the Final Plat and Subdivision Improvements Agreement: A. Copy of "Resolution of Traer Creek Metropolitan District Regarding Appropriation of Funds Under Subdivision Improvements Agreement" as duly adopted and executed by District Board of Directors (Subdivision Improvements Agreement Exhibit C); and B. Construction plans, specifications and related documents for construction of public improvements as identified in Subdivision Improvements Agreement Exhibits A and B as amended to address technical corrections identified by Town Staff; and C. Addition of drainage easements and stream setbacks to Final Plat, in accordance with Town of Avon Subdivision Regulations. ADOPTED THIS a5 DAY OF MAY, 2004. TOWN COUNCIL TOWN OF AVON, COLORADO *Albert D. Reynolds, Ma r ATTEST: G PO y M enny, S 1j A I~ To rk J Resolution No. 04-17 Final Plat Filing 3 V@A Memo To: Honorable Mayor and Town Council Thru: Larry Brooks, Town Manager From: Norm Wood, Town Engineer Date: May 20, 2004 Re: The Village (at Avon) Filing 3 - Final Plat and Subdivision Improvements Agreement / Resolution No. 04-17, Series of 2004 Summary: Traer Creek-RP LLC has submitted a Final Plat and related Subdivision Improvements Agreement (SIA) for The Village (at Avon) Filing 3. This is a subdivision of a parcel of land located in the Southeast '/4 of Section 7 and in the West %2 of the Southwest '/4 of Section 8, Township 5 South, Range 81 West of the 6th Principal Meridian in the Town of Avon, Eagle County, Colorado. This area includes all or portions of the P.U.D. Planning areas OS-5, N, G and RMF-1. The submittal includes construction plans for the extension of Swift Gulch Road and corresponding Bike Path from Buffalo Ridge (Filing 2) to Post Boulevard north of the new I-70 Interchange. Traer Creek Metropolitan District will be a party to the SIA in addition to Traer Creek-RP LLC. The Final Plat is in conformance with the Preliminary Plan that was previously approved by Resolution No. 04-15, Series of 2004. The Subdivision Improvements Agreement provides for construction of the public improvements required to serve the proposed subdivision and for the provision of securities to assure completion of the improvements. The SIA also establishes guidelines for quality control, release of securities as construction is completed and establishes the warranty period for the completed improvements. The public improvements generally consisting of streets, roads, water, sewer and storm drainage facilities will be constructed by Traer Creek Metropolitan District. The security for the completion of these improvements will be in the form of a District Fund in an amount equal to the cost of the improvements estimated at $3,324,003 and established solely for this purpose. This fund will be established by a "Resolution of Traer Creek Metropolitan District Regarding Appropriation of Funds Under Subdivision Improvements Agreement" (Exhibit C) to the Subdivision Improvements Agreement. 1:\Engineering\Avon Village\4.0 Filing 3\4.5 Final Plat\4.5.2 Permits & Approvals\Res 04-17 Approval Memo.Doc 1 The proposed Final Plat and SIA are in conformance with the Annexation and Development Agreement, The Village (at Avon) P.U.D. Guide and P.U.D. Development Plan as Amended and has no effect on existing zoning. Approval of this Final Plat and SIA is recommended. Recommendations: Approve Resolution No. 04-17, Series of 2004, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado. Proposed Motion: I move to approve Resolution No. 04-17, Series of 2004, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado. Town Manager Comments: MEngineering\Avon Village\4.0 Filing 3\4.5 Final Plat\4.5.2 Permits & Approvals\Res 04-17 Approval Memo.Doc 2 • SUBDIVISION IMPROVEMENTS AGREEMENT THE VILLAGE (AT AVON) FILING 3 THIS AGREEMENT, made and entered into this day of J~~ , 2004, is by and among Traer Creek-RP LLC, a Colorado limited liability company ("Subdivider"), Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), and the Town of Avon, a Colorado municipality, by and through its Council (the "Town"). RECITALS WHEREAS, Subdivider and the District, in connection with the approval of the final plat for The Village (at Avon) Filing 3, consisting of 108.720 acres in the SE 1/4 of Section 7 and in the W % of the SW %4 of Section 8, T. 5 S., R. 81 W. , of the 6th P.M., Town of Avon, Eagle County, Colorado (the "Subdivision"), desire to enter into a Subdivision Improvements Agreement with the Town as provided for by Section 16.24. 100 of the Avon Municipal Code, as amended (the "Code"); and WHEREAS, pursuant to the Code, the Town desires to make reasonable provisions for completion of certain public improvements (the "Improvements") set forth in Exhibit A attached hereto and incorporated herein by reference; and • WHEREAS, the District is responsible for the performance and completion of the Improvements. AGREEMENT NOW THEREFORE, in consideration of the following mutual covenants, conditions and promises, the parties hereby agree as follows: 1. Final Plat Approval. The Town agrees that upon compliance with all other conditions of approval, and subject to the terms and conditions of this Agreement, the Final Plat of The Village (at Avon) Filing 3 shall be promptly filed for record with the Office of the Eagle County Clerk and Recorder. 2. Completion of Work. (a) Performance. District agrees to furnish all equipment, labor and material necessary to perform and complete, in a good and workmanlike manner, all improvements and work incidental thereto as set forth in Exhibit A. District further agrees that it shall be solely responsible for all costs related to the performance and completion of the Improvements as set is 16680/Traer 1 May 20, 2004 882178 Page: I of 14 06/29/2004 01:33P Teak J Simonton Eagle, Co 89 R 71.00 D 0.00 • forth on Exhibit B. All said work shall be performed in accordance with the construction plans and specifications as submitted to and approved by the Town prior to commencement of construction of Improvements. All Improvements shall be completed within one (1) year of the date of the Town's approval of the Final Plat for the Subdivision, subject to extensions for force majeure events as defined in Section 13 below. (b) Inspection Procedures. (1) All work shall be done under the inspection procedures and standards established by the Town, shall be subject to the reasonable satisfaction of the Town and shall not be deemed complete until the reasonable approval and acceptance of the Improvements by the Town. The Town will forward copies of all observation reports to the District, Subdivider and the District's engineers (who shall be registered in the State of Colorado) responsible for providing the opinion required by Section 7 hereof. (2) Designation of Inspectors. Prior to commencement of construction work on the Improvements, the Town will designate the individuals or independent third parties employed by the Town who are authorized to inspect the construction of the Improvements. Such inspections by the Town shall not relieve the District or its agents from any responsibility or obligation to assure that all work is completed in conformance with standards, plans and specifications as submitted to and previously approved by the Town. 0 (3) Cost of Inspections. The cost of such inspections, whether by Town employees or an independent third party inspector, shall be paid by the District, subject to the limitations set forth in paragraph 8 below. (4) Notice of Non-Compliance. In the event that the Town, through the inspectors, reasonably determines that the Improvements are not in compliance with the pre- approved construction plans and specifications, or that additional observation or testing by the project engineer is necessary to assure compliance, it shall give written notice of such non- compliance, or additional observation or testing requests, to District's engineers, Subdivider and the District ("Notice of Non-Compliance"). The Notice of Non-Compliance shall include a narrative describing the unsatisfactory construction work with specific reference to the applicable construction plans and specifications. The Notice of Non-Compliance must be provided to District's engineers, Subdivider and the District within two (2) working days of the date of the observation. Security for Completion of Improvements. (a) Securi . To secure completion of the Improvements, the District hereby agrees to secure its obligations under this Agreement with Collateral in accordance with Section 16.24. 100 of the Code. Collateral shall be one or a combination of the following: cash or its • 16680/Traer 2 May 20, 2004 N N m„~u 882178 IIIIIIIIIIIII IIIII~IIIIIIIIXIw:'::p=aw ivo Teak J Sim ton tagle, CO • equivalent; securities of acceptable value; letter of credit; bond for warranty period only; and land of acceptable value by deed of trust. (b) Substitution of Securi ty. The District may substitute another form of collateral acceptable to the Town in place of the forms of security set forth below in order to guaranty the faithful completion of the Improvements and the performance of the terms of this Agreement. 4. District's Obligations Concerning Improvements. (a) Funding Resolution. The District has adopted a resolution (the "Funding Resolution") attached hereto as Exhibit C authorizing the District's execution of this Agreement and providing for the appropriation, segregation and use of funds in an amount sufficient to guarantee the construction of the Improvements set forth on Exhibit A. The estimated costs of completion of the Improvements are set forth on Exhibit B attached hereto and incorporated herein by reference. The Funding Resolution specifically provides that all funds referenced therein are unencumbered and free from claims of others such that, if necessary, any requests for payment approved by the Town may be promptly honored. As a condition to recordation of the Final Plat, the District shall provide the Town Engineer with evidence that such funds have been appropriated and segregated in a separate account (the "Security Account") and identified for use • in connection with this Agreement. The District shall renew the Funding Resolution at the beginning of each subsequent calendar year until all Improvements have received final acceptance or until the District provides substitute collateral acceptable to the Town. (b) Progress Payments on Improvements. The District may make progress payments to its contractors from the Security Account on a monthly basis upon the partial completion of itemized improvements which have been set forth on Exhibit A and upon fifteen (15) day's prior written notice including an itemized statement of the District to the Town. The District shall retain ten percent (10%) of the amount of each payment until final completion and acceptance of all work covered by each construction contract; provided however, when the value of work completed has progressed to fifty percent (50%) of the contract amount, the District shall not be required to withhold additional retainage for the remainder of the work under such contract. The (10 ten percent retainage of the value of work completed may be reinstated if in the Town's opinion the lack of progress or other substantial reasons exist. Except for the foregoing, in no event shall any progress payment cause the remaining sum to be available in the Security Account for subsequent disbursements to be less than one hundred ten percent (110%) of the costs to complete all remaining Improvements as estimated at the time of each progress payment. Upon completion of all work related to the Improvements, the Town's acceptance of the Improvements and the expiration of the Warranty Period set forth in paragraph 5 below, the Town shall release any further interest in the Security Account. • 16680/Traer 3 May 20, 2004 IIIIIIIIIIIIII~IIIIIIIIIIUIIIIIIIIIIIIVIIIIIIflINII 882~'e, Teak J Simonton Eagle, CO 89 R 71. 00 D 0. 00 • (c) Default by District. In the event of a default in whole or in part by the District, the Town shall be authorized to access the funds in the Security Account for the purpose of undertaking completion or remediation work on the Improvements after providing thirty (30) days advance notice of default to Subdivider and the District and providing an opportunity during such period for the District and the Subdivider to cure the default. The Town shall be entitled to draw on the Security Account by Resolution of the Town Council stating (i) that the District is in default, and (ii) the funds are required in order to complete or correct work on the Improvements. District funds identified in the Funding Resolution shall be held, whether by the District or the Town, in compliance with the requirements of C.R.S. 29-1-803(1) for the purpose of providing, for the completion of the Improvements. 5. Warranty Period. The Improvements shall be warranted to be free from defects in workmanship or quality for a period of one (1) year after acceptance of all the work by the Town. In the event of any such defect, the Town may require the District to correct the defect in material or workmanship. The amounts for completion of all warranty work on the Improvements shall be secured by a letter of credit, bond or other acceptable collateral in the amount of one hundred and ten percent (110%) of the cost of such corrective work to be held by the Town during such one (1) year period, as a guaranty of performance of any work required under the above- described warranty. In the event any corrective work is performed during the one (1) year warranty period then the warranty on said corrected work shall be extended for one (1) year from the date on which it is completed. • 6. Condition of Public Dedicated Roadways. The District shall at all times prior to acceptance of any publicly dedicated roadways within the Subdivision by the Town give good and adequate warning to the traveling public of each and every known dangerous condition existent in said roads and shall protect the traveling public from such defective or dangerous conditions. Until the completion of all the Improvements herein agreed to be constructed, roads not accepted as improved shall be under the charge and control of the District for purposes of this Agreement; and the District may close all or a portion of any street or road within the Subdivision whenever it is necessary to protect the traveling public during the construction or installation of the Improvements herein agreed to be made. 7. Engineer's Opinion. Upon completion of portions of the Improvements, the District will cause its engineers (who shall be registered in the State of Colorado) to provide a written opinion that the installation of the Improvements, or portions thereof as may be completed from time to time, have been completed in general conformance with standards, plans and specifications as submitted to and previously approved by the Town. Inspection reports, test results and other supporting documentation shall be submitted with the opinion. The engineer's opinion shall also include a statement that the opinion is based on a reasonable review and investigation of all observation reports by the Town inspectors and that all issues of "Non- Compliance" and additional observation and testing requests that have been provided to the • 16680/Traer 4 May 20, 2004 882178 Page: 4 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 • engineer were addressed to their satisfaction prior to the issuance of engineer's opinion. 8. Subdivision and Inspection Fees. Fees in accordance with the Town's Subdivision Regulations for the review of Preliminary Plans and Final Plats have been paid in full. Additional fees shall be paid to the Town by the District within thirty (30) days after delivery of written invoice for such fees to cover the cost of inspections by the Town. The fees will be based on direct (out-of-pocket) costs of the Town plus an administrative fee in the amount of fifteen (15%) percent of the direct costs, but in no event will the total amount of such additional fees exceed five percent (5%) of construction costs. 9. No Obliization of Town to Complete Improvements. Subdivider and the District agree that in the event the District shall fail to perform its obligations as set forth herein, the Town shall be under no obligation to complete or perform any of the Improvements. No one, individually or otherwise, other than the parties hereto, shall acquire, as a result of this Agreement, any rights, claims or obligations from or against the Town, its agents, employees or officers. Actions by the Town against the District to enforce any provision of this Agreement shall be at the sole discretion of the Town. Except in the event the Subdivider completes cure of the District default and thereby is entitled to require the Town to accept the Improvements, no third parties (including the Subdivider) shall have any rights to require any action by the Town pursuant to this Agreement and this Agreement shall not create a liability on the part of or be a cause of action against the Town, for any personal or property damage that may result to any third parties (including the Subdivider) from the failure of the District to complete the improvements herein specified. 10. Non-Liability of Town; Indemnification. The Town shall not, nor shall any officer, agent, or employee thereof, be liable or responsible for any accident, loss or damage related to the work specified in this Agreement, nor shall the Town, nor any officer, agent or employee thereof, be liable for any persons or property injured by reason of the nature of said work. To the extent permitted by law, the District hereby agrees to indemnify and hold harmless the Town, and any of its officers, agents and employees against any losses, claims, damages or liabilities to which the Town or any of its officers, agents or employees may become subject, because of any losses, claims, damages or liabilities (or actions in respect thereof) that arise out of, or are based upon, any acts or omissions in the performance of the obligations of the District as hereinbefore stated. Furthermore, the District shall reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in connection with investigating or defending any such loss or claim. 11. Rights of Town in Event of Default. In the event that the District defaults in whole or in part in the performance of this Agreement, and after the expiration of thirty (30) days after having given written notice to Subdivider and the District of such default during which period of time the Subdivider or the District failed to correct said default, the Town may, at its sole discretion, proceed with the construction or completion of the Improvements specified on 0 16680/Traer 5 May 20, 2004 882178 Page: 5 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 Exhibit A. All such costs paid by the Town for such Improvements (or paid by Subdivider if it chooses, in its sole and exclusive discretion, to cure the District's default), together with all costs of personnel, equipment and other matters expended by the Town (or Subdivider in the event Subdivider undertakes a cure of the District's default as aforesaid) in furtherance of the construction responsibilities of the District, shall be paid by the District. Any such costs relating to the Improvements, which have not been reimbursed by the District to the Town or Subdivider, as applicable, shall be a lien on any property in the Subdivision conveyed to the District contemporaneously with recordation of the final plat of The Village (at Avon) Filing 3. Said lien may be foreclosed in the same manner as a mortgage and shall entitle the Town or Subdivider, as applicable, to add its costs and reasonable attorneys' fees in such foreclosure or other collection. Without limiting the foregoing, the Town and/or Subdivider may, but shall not be obligated to, bring a mandatory injunction action against the District to require installation and construction of the Improvements, if not constructed within the time limits described in this Agreement. If any such action is brought by, the Town and/or Subdivider, the Town or Subdivider, as applicable, shall be awarded its court costs and reasonable attorneys' fees. 12. Letter Certifying Completion and Final Acceptance of Improvements. When all Improvements have been completed and accepted by the Town, and the Warranty Period has expired, the. Town agrees that it will issue a letter, in recordable form, certifying that all obligations of Subdivider and the District under this Agreement have been satisfied. 13. Force Majeure. Whenever a party is required to perform an act under this Agreement by a certain time, said time shall be deemed extended so as to take into account events of "Force Majeure." "Force Majeure" is any of the following events that prevents, delays, retards or hinders a Party's performance of its duties hereunder: act of God; fire; earthquake; flood; explosion; war; invasion; insurrection; riot; mob violence; sabotage; vandalism; inability to procure or general shortage of labor, equipment, facilities, materials or supplies in the open market; failure of transportation; strikes; lockouts; litigation; condemnation; requisition; governmental, civil, military or naval authorities; or any similar cause not within such party's control. 14. Amendments. This Agreement may be amended from time to time, provided that such amendment is in writing and signed by all parties hereto. 15. Covenants Running with the Land. This Agreement and the obligations hereof shall be deemed to be covenants running with the land and shall be binding on the successors and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 9 16680/Truer 6 May 20, 2004 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIVINIAII 88z?'8,.,v Teak J Simonton Eagle, CO 89 R 71. 00 D 0. 00 • [SIGNATURE PAGE TO SUBDIVISION IMPROVEMENT AGREEMENT THE VILLAGE (AT AVON) FILING 31 TOWN OF AVON, a Colorado municipal corporation AT . 7 B 6- To Cl k Mayor APPROVED AS TO FORM: 'ic To n Attorney ws TRAER CREEK-RP LLC, a Colorado limited liability company 4 % By: TR.AER CREEK LLC, a Colorado limited liability company, its Manager agnu indholm, Manager TRAER CREEK `OP AN DISTRICT, a quasi-municipal 74;a w n By: 40 16680/Traer 7 May 20, 2004 882178 Page: 7 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71 .00 0 0.00 EXHIBIT A DESCRIPTION OF IMPROVEMENTS 1. Mobilization II. Roads - Includes Excavation, Embankment, Retaining Walls, Fine Grading, Sub-Base Materials & Preparation, Concrete Curb, Gutter, Medians, Crosspans, Rec Path & Sidewalks, Asphalt Paving and Asphalt Rec Path, Guardrail, Pedestrian Rail, Pedestrian Tunnel, Paved Crosswalks, Signage, Striping and Other Incidental Construction per Approved Plans & Documents A. Post Boulevard from Roundabout 5 through Swift Gulch Road Intersection B. Swift Gulch Road from The Village (at Avon) Filing 2 to Post Boulevard Intersection III. Utilities A. Water B. Sewer M. Slope Protection & Erosion Control A. Rip-Rap B. Erosion Control Matting • C. Silt Fence, Wattles & Other Temporary Erosion Control Facilities IV. Storm Drainage A. Storm Drain Pipes B. Inlets and Headwalls & Rip-Rap C. Manholes & End Sections V. Shallow Utilities A. Electric B. Telephone C. Cable TV D. Natural Gas E. Conduit for Other VI. Street Revegetation & Landscaping VII. Street Lighting 16680/Traer May 20, 2004 882178 Page: 8 of 14 06/29/2004 01 :33P Teak J Simonton Eagle, CO R 71 .00 D 0.00 EXHIBIT B • COST ESTIMATE OF IMPROVEMENTS • EIIIIIIIIInIIIInIIII~I~IIIIIIIIIIIIJVIIINN~R 71. ll~w882'8;,,0 Teak J Simonton Swift Gluch Road Traer Creek Metro. District Unit Price Comparisons 24 MAY 04 171 4 1 54 Rip-Rap (inlet/outlet protection) d50=18" 123 LF 60.00 7,380.00 cl Qua tit Gould Description n L y Unit Price Total $ 1 GENERAL 2 Mobilization 1 F LS 125,750.00 125,750.00 3 Construction Surveying/Layout 1 LS 43,395.00 43,395.00 4 Subtotal 169,145.00 5 ROADS 6 Clearing 1 LS 33,850.00 33,850.00 7 Topsoil Remove and Stockpile (6") 11,534 CY 2.35 27,104.90 8 Topsoil Replace (4") 3,770 CY 6.30 23,751.00 9 Excavation Placed as Embankment 72,867 CY 3.10 225,887.70 10 Excavation Export and Place in Stockpile 54,841 CY 2.35 128,876.35 11 Soil Nail Walls with Block Veneer 13,723 SF 52.55 721,143.65 12 MSE Walls using Modular Block Units 2,573 SF 39.85 102,534.05 13 Guardrail 1,920 LF 16.00 30,720.00 14 Guardrail End Anchors 6 EA 760.00 4,560.00 15 Concrete Curb and Gutter . 2,424 LF 13.50 32,724.00 16 3. Concrete Pan 69 LF 26.40 1,821.60 ::Fr 1 MAN 19 Asphalt (4" thick) 2,522 TON 46.80 118,029.60 20 Asphalt (9", thick) 1,510 TON 46.80 70,668.00 21 Precast Tumbled Pavers 941 SF 12.75 12,001.70 22 18". Cast-in-Place Concrete. Band 144 LF 23.70 3,412.80 23 Type 2 (Ilm). Mountable Curb. and Gutter 270 LF 20.00 5,400.00 24 Type I. ADA Ramp 4 EA 800.00 3,200.00 25 Median Spill Curb and Gutter 1,342 LF 16.00 21,472.00 26 Line. Striping 14,196 LF 0.40 5,678.40 ' 27 Signs 32 EA 500.00 16,000.00 28 Barricade. (Type 3M-A) 4 EA 600.00 2,400.00 29 Pedestrian Tunnel 1 LS 160,100.00 160,100.00 30 Pedestrian Rail 959 LF 7.80 7,480.20 31 Concrete. Rec. Path. (6". thick). 10', wide 1,173 SY 31.50 36,949.50 32 Asphalt (3" thick). Rec. Path 1',289 TON 47.95 ::61,807.55 >t~~~::l~2tti::»:»~:~>::>::»: ::»>::1•4g6::>:: >::>::::'t'fTE~::: .;:.;:.:::.;2..:1;::»:~ 34 Chain. Link Fence. (M-607-2) Single Gate 2 EA 3,260.00 6,520.00 35 Subtotal 2,024,952.40 36 WATER 37 5'. DIP 163 LF 44.00 7,172.00 38 8".DIP 1,391 LF 46.30 64,403.30 39 16". DIP 478 LF 66.00 31,548.00 40 6" Gate. Valve 4 EA 800.00 3,200.00 41 8". Gate Valve 5 EA 1,085.00 5,425.00 42 16". Gate. Valve 2 EA 4,530.00 9,060.00 43 Air Release Vault 2 EA 2,800.00 5,600.00 44 Relocate. Air Release Vault 1 LS 2,800.00 2,800.00 45 Fire Hydrant Assembly 4 EA 3,240.00 12,960.00 46 Water Service Lines (1 -1 /2". diam.). 1 EA 2,400.00 2,400.00 Copper 47 Irrigation Meter Pit 1 EA 1,750.00 1,750.00 48 Subtotal 146,318.30 49 SLOPE PROTECTION AND. EROSION CON TROL 50 Stabilized Construction Entrance 3 EA 1,600.00 4,800.00 51 Silt Fence 865 LF 1.70 1,470.50 52 Rip-Rap (inlet/outlet protection) d50=9" 58 LF 24.00 1,392.00 53 Rip-Rap (inlet/outlet protection) d50=12" 16 LF 24.00 384.00 55 Riprap (inlet/outlet protection) d50=24" 11 LF 90.00 990.00 56 Straw Bale Dike 2 EA 75.00 150.00 ]8 1°'~ IIIIIIIIIIIINIIIII~u~~u 882 e10 of 14 • Swift Gluch Road Traer Creek Metro District Unit Price Comparisons 24 MAY 04 Gould tion Descri Quantit p y Unit Price Total $ 57 Wattle 36 EA 115.00 4,140.00 58 Beaver Dam (inlet protection) 9 EA 260.00 2,340.00 59 Silt Sack (inlet protection) 17 EA 125.00 2,125.00 60 Erosion Control Matting (14' wide) 192 LF 3.10 595.20 LandLok 450 61 Erosion Control Matting (4' wide) 2,319 LF 1.20 2,782.80 LandLok 450 62 Reve etation 1 LS 18,545.00 18,545.00 63 Subtotal 47,094.50 64 DRAINAGE 65 Mountable Curb Inlet 1 EA 2,200.00 2,200.00 66 C Inlet 12 EA 2,475.00 29,700.00 67 D Inlet 4 EA 3,300.00 13,200.00 . 68 2x6 Curb. Inlet 1 EA 3,650.00 3,650.00 69 2x3 Valley Inlet 1 EA 2,245.00 2,245.00 70 5' Type R Inlet 5 EA 4,300.00 21,500.00 71 18". CMP . 159 LF 39.95 6,352.05 72 18". RCP 711 LF 37.45 26,626.95 73 21" RCP 558 LF 41.50 23,157.00 74 24" RCP 21 LF 52.00 1,092.00 75 24" CMP 576 LF 41.50 23,904.00 76 36". CMP 290 LF 57.25 16,602.50 77 84" CMP 87 LF 220.00 19,140.00 78 84". Headwalls plus RipRap 1 LS 38,300.00 38,300.00 79 24" CMP. End Sections 12 EA 430.00 5,160.00 80 36". CMP. End Sections 2 EA 535.00 1,070.00 81 4' Diam Storm Drain Manhole 2 EA 2,600.00 5,200.00 82 Subtotal 239,099.50 83 SEWER 84 8", PVC 1,560 LF 36.00 56,160.00 85 6". PVC. Services 140 LF_ 36.00 5,040.00 86 Encasement 100 LF 45.00 4,500.00 87 SDR.17. HDPE 100 psi 335 LF 20.00 6,700.00 88 Manhole 10 EA 2,800.00 28,000.00 89 Sewer. Video 1,620 LF 1.50 2,430.00 90 Subtotal 102,830.00 91 SHALLOW. UTILITIES 92 Trenching 7,174 LF 10.00 71,740.00 93 Electric. Conduit 6" (install only) 2,955 LF 0.85 2,511.75 94 Electric. Conduit 4" (install only) 16,631 LF 0.85 14,136.35 95 Telephone Conduit 4" 2,914 LF 2.00 5,828.00 96 Cable TV Conduit 4" 2,914 LF 2.00 5,828.00 97 Secondary Electric 4" Conduit and Wire 1,042 LF 2.00 2,084.00 98 Secondary Electric 2" Conduit and Wire 3,055 LF 1.00 3,055.00 99 Communications 4484-TCA Vault 7 EA 4,840.00 33,880.00 100 Electric UM 35L Splice Vault (install only) 7 EA .600.00 4,200.00 101 Boulder Walls 720 SF 20.00 14,400.00 102 12". RCP 60 LF 26.45 1,587.00 103 47 Fiber Optic Conduit 1,457 LF 2.00 2,914.00 104 6" Spare Conduit 9,549 LF 2.60 24,827.40 105 4". Spare Conduit 9,321 LF 2.00 18,642.00 106 Handhole 18 EA 200.00 3,600.00 107 12"x8"x6" Fiberglass Pullbox 7 EA 200.00 1,400.00 108 Subtotal 210 633.50 109 Landscaping (Allowance) 1 LS 30,000.00 30,000.00 110 Lighting, Allowance 1 LS 11 55,000.00 55,000.00 I Total 11 3,025,073.20 882178 Page: 11 of 14 Teak J Simonton Eagle, Co 89 R 71.00 6/29D20 00 1:33P • P--~ EXHIBIT C DISTRICT FUNDING RESOLUTION i 11111111111111111 i Teak J Simonton Eagle, CO 89 882178 Page: 12 of 14 06/29/2004 01:33P R 71.00 D 0.00 16680/Traer May 20, 2004 RESOLU'1('ION OF TRAER CREED METROPOLITAN DISTRICT REGARDING APPROPRIATION OF FUNDS UND1-R 8UBDM910N IMPROVEMENTS AGREEMENT THE VILLAGE (AT AVON FILING 3 WH$XF,AS, Traer Creek Metropolitan District (the, "District') is a quasi-municipal corporation and political subdivision of the State of Colorado; and WHFIME S, the District is authorized, pursuant to Section 32-1-1001(1)(d)(1), C.R.S., to enter into contracts and agreements affecting the affairs of the District; and WAS, the District has entered into a Subdivision Improvements Agreement The Village (At Avon) Filing 3 dated _June 8 , 2004 (the "SW?)'w'ith the Town of Avon, Colorado (the "Town') and Trder Creek-RP LLC, a Colorado limited liability company ("Subdivides') regarding the funding and/or construction of public inftstructure improvements in connection with the approval of the Final Plat of The Village (at Avon) Filing 3, Town of Avon, Eagle County, Colorado; and WHEREAS, the District is responsible for the performance and completion of public improvements assigned on Exhibit A of the SLA. (the "District Improvements'l; NOW, THEREFORE, RE IT RESOLVW BY THE BOARD OF DIRECTORS OF TRAER CREEK METROPOLITAN DISTRICT AS FOLLOWS: 1. The Board of Directors hereby finds, demnnines and declares that it is in the best interest of the District to execute and deliver to the Town the S1A and the appropriate officers of the District are hereby authorized to execute and deliver such SIA. to the Town. 2. The Board of Directors hereby appropriates, reserves and allows for tender to the Town pursuant to the SIA available fiords of the District izx an amowt not less than $3,025,273.20 (the "Funds") to guarantee construction of the District Improvements. 3. The Board of Directors hereby certifies to the Town Council that the Funds are unegcwnbered and free from claims of others so that any requests of the Town for payment under the SIA may be promptly honored. The Board of Directors further certifies to the Town Council that the Funds have been set aside in a separate account and identified for the purposes recited herein and that such Funds shall be held in compliance with the requirements of Section 29-1-803(1), C.R.S., for the purpose of providing foT the completion of the District Innproveinents. 4. This Resolution shall be renewed at the beginning of each subsequent calendar year until all the District Improvements have received final acceptance or until the District provides substitute collateral acceptable to the Town. 882178 Page: 13 of 14 (Owl ►22I.DOCw.0 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 1 N OF FUNDS [SIGNAT'CRtE PAGY, TrOR RESOLUTION REGARDING SUBDIVISION IMPROVEMENTS AGREEMENT YT THE V1 LLAGE (AT AVON) FILING 31 APPROVED AND ADOP'T'ED this ~+I-- day of TR.AER CREEK By: A= r nc plesate, Secretary 882178 Page: 14 of 14 06/29/2004 01:33P Teak J Simonton Eagle, CO 89 R 71.00 D 0.00 (00019223.t10C v;1) 2