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TC Council Packet 04-24-2001Town Council Meetings Roll Call Check Sheet Date: 4/24/01 Roll calls are called at start of meeting and for Ordinances. Do not call Mayor except for meeting roll call or to break a tie vote. Seating arrangements from west to east: P. Buckley, Reynolds, Cuny, Yoder, McDevitt, D. Buckley, Brown Staff Present: Bill Efting Larry Brooks `Burt Levin Kris Nash L/ Jacquie Halburnt Scott Wright Jeff Layman Charlie Moore Norm Wood Meryl Jacobs Bob Reed , / Harry Taylor Mike Matzko Other Staff: c TOWN OF AVON REGULAR COUNCIL MEETING AGENDA April 24, 2001 - 5:30 PM d ?7 1. Call to Order / Roll Call ` Z 2. Citizen Input 0 3. Ordinances ; 4 Resolutions 117 D a.) Resolution No. 01-08, Series of 2001, A Resolution Approving the Master Deed Restriction Agreement for Lot C PUD ("Mountain Vista Resort"), Avon Center at Beaver Creek Subdivision, Town of Avon, Eagle County, Colorado 5. Unfinished Business 6. New Business 7. Town Manager Report 8. Town Attorney Report 9. Mayor Report 10. Other Business 11. Consent Agenda a.) Approval of the April 10, 2001 Meeting Minutes V b.) Financial Matters c.) Letter Authorizing the Extension of Planning & Zoning Commission Members i f 12. Adjournment t? ? :G Memo To: Honorable Mayor and Town Council Thru: Bill Efting, Town Manager Z ?_;. From: Ruth Borne, Asst. Director Community Development lellet. Date April 19, 2001 Re: Resolution No. 01-08, Master Deed Restriction Agreement - Lot 1, Mountain Vista Resort Subdivision, Lot C, Final Plat and Resubdivision of Lots B and C, Avon Center at Beaver Creek, Amendment No. 4, Town of Avon, Eagle County, Colorado Summary: The Lot C PUD ("Mountain Vista Resort") and Development Standards approved by Ordinance 98-21 and Ordinance 00-02 required the owner of the property to execute a deed restriction agreement for the 20 employee housing units with the Town of Avon. These 20 employee housing units will be a positive addition to our existing employee housing program. Currently, the Town of Avon has 393 deed restricted units which are either leased or in fee simple ownership. The deed restricted projects include: Brookside Lodge 3 units Chapel Square 8 units Lakeside Terrace 3 units Wildwood Townhomes 17 units Eaglebend Apartments 294 units Kayak Crossing 54 units City Market 14 units 393 Total The 20 units in Mountain Vista Resort consists of 8-studios ($79,991), 8-one bedroom ($152,436), 2 two-bedroom ($176,863) and 2-three bedroom ($201,291) units with storage lockers and covered parking. The purchase prices are consistent with 80% of Eagle County Median Family Income "ECMFI" of $68,100. Recommendation: Staff recommends approval of the Master Deed Restriction Agreement. Town Manager Comments: ©V1 eat Attachment: Master Deed Restriction Agreement for Mountain vista Resort Subdivision Resolution No. 01-08 TOWN OF AVON RESOLUTION NO. 01-08 SERIES OF 2001 A RESOLUTION APPROVING THE MASTER DEED RESTRICTION AGREEMENT FOR LOT C PUD ("Mountain Vista Resort "), AVON CENTER AT BEAVER CREEK SUBDIVISION, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, the Lot C PUD Zoning and Development Plan for Mountain Vista Resort, Avon Center at Beaver Creek Subdivision (hereinafter referred to as "Mountain Vista") approved by Ordinance 98-21 and Ordinance 00-02 included a requirements for 20 employee deed restricted housing units provided by the property owner, Point of Colorado, Inc; and WHEREAS, the Master Deed Restriction Agreement (a copy of which is attached hereto and made a part hereof) complies with Ordinance 98-21 and Ordinance 00-02 and the Lot C PUD and Development Standards; and WHEREAS, the Master Deed Restriction Agreement includes provisions for selling and leasing the 20 employee housing units, which shall constitute covenants running with the real property and shall be specifically enforceable by the Town. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, The Master Deed Restriction Agreement for Mountain Vista Resort complies with Ordinance 98-21 and Ordinance 00-02 and the Lot C PUD and Development Standards. 2. That the Town Council of the Town of Avon, Colorado does hereby approve the attached Master Deed Restriction Agreement for Mountain Vista Resort. ADOPTED THIS DAY OF 92001. TOWN COUNCIL TOWN OF AVON, COLORADO Judy Yoder, Mayor ATTEST: Kris Nash, Town Clerk APPROVED AS TO FORM: Burt Levin, Town Attorney DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY, RENTAL, AND RESALE OF UNITS THIS DEED RESTRICTION AGREEMENT (the "Agreement") is made and entered into this 10'M. day of K0VF.W13MM , 2000 by the TOWN OF AVON (the "Town") and POINTS OF COLORADO, INC., a Colorado corporation, whose address is 8801 Vistana Centre Drive, Orlando, Florida 32821 (the "Declarant"). WITNESSETH: WHEREAS, Declarant owns the real property described as Lot C, Avon Center at Beaver Creek Subdivision ("Lot C"). WHEREAS, Declarant is in the process of resubdividing Lot C, Avon Center at Beaver Creek Subdivision into several parcels; WHEREAS, Ordinance 00-02, the PUD Zoning and Development Plan and Development Agreement included approval of 20 employee housing units with the condition that a deed restriction agreement shall be executed between the property owner and The Town of Avon, to establish certain restrictions on such employee housing; WHEREAS, the 20 employee housing units will be constructed on that portion of Lot C described as Lot 1 on the map attached hereto and made a part hereof as Exhibit A (the "Property"). WHEREAS, Declarant intends to rent or sell the 20 employee housing units in accordance with the Development Agreement, Ordinance 00-02 and the Lot C PUD and Development Standards; WHEREAS, this Agreement shall constitute covenants running with the Property, as a burden thereon, for the benefit of, and shall be specifically enforceable by, the Town, by any appropriate legal action including but not limited to specific performance, injunction, reversion or eviction of non-complying owners, tenants and/or occupants; WHEREAS, a "Unit" means any and "Units" means all of the 20 employee housing units located on the Property; C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 1 - NOW THEREFORE, in consideration of the promises above and the terms and conditions set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Declarant hereby agrees, covenants and represents as follows: ARTICLE 1 GENERAL 1.1 Declarant agrees that this Agreement shall constitute a sale, resale and rental agreement setting forth the maximum sale price for which the Units may be sold and resold, and/or the maximum rental rate that may be charged. 1.2 Declarant agrees to restrict the Units against any use and occupancy expressly prohibited by this Agreement. Except as otherwise provided, the use and occupancy of the Units shall be limited exclusively to housing (i) for natural persons who meet the definition of Qualified Buyers and their families, (ii) for employees of an owner who is a Qualified Buyer, (iii) for employees of Declarant, Declarant's parent, subsidiary and affiliated companies, and their successors and assign, and (iv) for natural persons who meet the definition of Qualified Tenants and their families. 1.3 All occupants of the Units must: a. occupy the Unit as their sole place of residence during the time that the Unit is owned or rented, except as specifically permitted under this Agreement; b. not engage in any business activity on or in such Unit, other than permitted in that zone district or by applicable ordinance; C. sell or otherwise transfer such Unit only in accordance with this Agreement; d. not sell or otherwise transfer such Unit for use in a trade or business; and e. not permit any use or occupancy of such Unit except in cemplianee with this Agreement. 1.4 The Units shall be and are to be utilized only as the exclusive and permanent place of residence of any person occupying a Unit other than guests of permanent residents. A permanent residence shall mean the home or place in which one's habitation is fixed and to which one, whenever he or she is absent, has a present C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 2 - intention of returning after a departure or absence therefrom, provided, such absence does not exceed a period of one year or such greater period of time as has been approved by the Town in writing for good cause, including hardship or other extenuating circumstances. 1.5 In determining residency, the Town staff shall consider the following circumstances relating to the owner or renter: business pursuits, employment, income sources, residence for income or other tax purposes, age, marital status, residence of parents, spouse and children if any, location of personal and real property, and motor vehicle registration. All occupants, other than guests of permanent residents, shall be employed a minimum of thirty hours per week in Eagle County or be an eligible retired or disabled person as defined in Article 2.1.b. 1.6 In the event occupant changes domicile or ceases to utilize the Unit as his or her sole and exclusive place of residence, the Unit shall be offered for sale or rent pursuant to the provisions of this Agreement. Where the provisions of this paragraph apply, the Town may require the owner to rent the Unit in accordance with the provisions of Article 4 below. 1.7 If at any time the owner or renter of a Unit (other than an owner or renter who is an employer using the Unit for employee housing or an owner or renter who owns the Unit or Units for the purpose of renting to tenants in compliance with this Agreement), also owns any interest alone or in conjunction with others in any developed residential property or dwelling unit(s) located in Eagle County, owner or renter agrees to immediately list and actively market said other developed residential property or dwelling unit for sale or lease and to sell or lease owner or renter's interest in such property at a sales price or lease rates comparable to like dwelling units or properties in the area in which the property or dwelling unit(s) are located. In the event said other developed residential property or dwelling unit has not been sold or leased by owner or renter within one hundred eighty (180) days of its listing for sale or rent, then owner hereby agrees to immediately list this Unit for sale pursuant to the provisions of Article 3 or in the case of a renter, the renter must vacate the Unit at the end of such one hundred eighty (180) day period and the owner may either sell or lease the Unit in aeeerdance with Article 3 er Article 4 respectively. It is understood and agreed between the parties hereto that, in the case of an owner or renter whose business is the construction and sale or lease of residential properties or the purchase and resale of such properties, the properties which constitute inventory in such an owner or renter's business shall not constitute "other developed residential C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 3 - property" or "dwelling unit (s) " as those terms are used in this paragraph. ARTICLE 2 SALE AND TRANSFER OF UNI'T'S 2.1 Declarant and all subsequent owners shall restrict the sale and transfer of the Units to "Qualified Buyers," as defined as follows: a. An owner who occupies the Unit as his or her primary place of residence. b. An owner who is a full time employee working at least thirty (30) hours per week in Avon or Eagle County, or a retired person who has been a full time employee in Avon or Eagle County a minimum of four (4) years immediately prior to his or her retirement, or a person having a medical disability who has been a full time employee in Avon or Eagle County a minimum of two (2) years immediately prior to his or her determination of disability, or the spouse or dependent of any such persons who resides with them. C. An owner whose household income does not exceed 120 percent (120%) of the Eagle County Median Family Income as determined by the Department of Housing and Urban Development (the "Department") guidelines or by the Town in the event such guidelines cease to be maintained by the Department (the "ECMFI"). d. An owner whose total current family net assets are not in excess of $250,000.00 ($360,000.00 for a retired person) or whose total current family net assets have not been in excess of $250,000.00 ($360,000.00 for a retired person) during the two (2) years preceding if the same were transferred or disposed of to confer eligibility hereunder. The foregoing limitations shall annually be adjusted for inflation on the basis of the applicable Consumer Price Index. e Pal owner Who ihs a pen-son or entity who owns the property for the purpose of renting the units as employee housing in accordance with this Agreement. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 4 - ARTICLE 3 MAXIMUM SALE PRICE 3.1 The maximum sales price ("Maximum Sales Price") for a Unit shall be calculated as of the date a binding written purchase and sale agreement is entered into between owner and buyer based upon the following formulas or in accordance with such other formulas as may from time to time agreed to by the parties: 3 Bedroom Dwelling Units (3-bedroom units with 100% of Eagle County Medium Family Income/$130.00 Taxes & Ins/$120.00 HOA dues/Condo Assessment/ 8% Financing & 30 yr loan) With 10% Down: $201,291 2 Bedroom Dwelling Units (2-bedroom units with 90% Eagle County Medium Family Income/$130.00 Taxes & Ins/$120.00 HOA dues/Condo Assessment/8% Financing & 30 yr loan) With 10% Down: $176,863 1 Bedroom Dwelling Units (1-bedroom units with 80% of Eagle County Medium Family Income/$130.00 Taxes/$120 HOA dues/8% financing & 30 yr loan) With 10% Down: $152,436 Studio Dwelling Units (Studio units with $35,150/$130.00 Taxes/$120.00 HOA dues/8% Financing & 30 yr loan) With 10% Down: $79,991 3.2 In the event that an owner shall desire to sell a Unit, he or she shall deliver to the Town a Request to Sell, Exhibit "D" hereto. Upon receipt of written authorization from the Town to proceed, the owner may immediately advertise the Unit for sale to Qualified Buyers. In the case of resales, owner may engage a real C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 5 - estate broker, and the sale price shall then be adjusted upward to include a maximum sales commission of 1%. Owner may accept any offer that is not greater than the maximum sale price as defined below; or owner may reject all offers and retain ownership of the Unit. Prior to closing sale of the Unit, owner shall provide evidence, in the form attached as Exhibit "E", to show that the Unit is being sold to a Qualified Buyer and for an amount not greater than the maximum sale price as defined herein. 3.3 When more than one Qualified Buyer exists, the sale and resale of units shall be awarded based upon income, with the highest priority given to those with the lowest income. Preference will also be granted to persons either residing or working within the Town, and then to those working or living within Eagle County. The Town of Avon Community Development Director or designated representative shall approve all buyers and set the maximum sale price based upon this Agreement. 3.4 The sale price of multiple units shall not exceed the sale price of the individual units times the number of units being sold in accordance with this paragraph. 3.5 Allowance for Capital Improvements a. For the purpose of determining the Maximum Sale Price in accordance with this Section, the owner may add a sales commission of 1% and the cost of Permitted Capital Improvements (as defined in Exhibit "B"). The amount for capital improvements shall not exceed ten percent (10%) of the initial listed purchase price set forth above for an initial ten (10) year period. For every ten (10) year period, from the date of original purchase and deed restriction, another ten percent (10%) of the purchase price may be added to the value of the property for capital improvements. In calculating such amount, only those Permitted Capital Improvements identified in Exhibit "B" hereto shall qualify for inclusion. All such Permitted Capital Improvements installed or constructed over the life of the Unit shall qualify. b. Permitted Capital Improvements shall not include any changes or ad-w=t-Jens tr_ the Unit mode- -loy?the ou.mer during construction, except in accordance with Exhibit "B". Permitted Capital Improvements shall not increase the base price, even if made or installed during original construction. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 6 - c. In order to qualify improvements as Permitted Capital Improvements, the owner must furnish to the Town the following information with respect to the improvements, which the owner seeks to include in the calculation of Maximum Sale Price: 1) Original or duplicate receipts to verify the actual costs expended by the owner for the Permitted Capital Improvements; 2) Owner's affidavit verifying that the receipts are valid and correct receipts tendered at the time of purchase; and 3) True and correct copies of any building permit or certificate of occupancy required to be issued by the Town of Avon Department of Community Development with respect to the Permitted Capital Improvements. d. For the purpose of determining the Maximum Sale Price in accordance with this Section, owner may also add the cost of any permanent improvements constructed or installed as a result of any requirement imposed by any governmental agency or homeowners association, provided that written certification is provided to the Town of both the applicable requirements. e. In calculating the costs, only the owner's actual out-of- pocket costs and expenses shall be eligible for inclusion. Such amount shall not include an amount attributable to owner's "sweat equity" or to any appreciation in the value of the improvements. 3.6 Owner shall not permit any prospective buyer to assume any or all of the owner's customary closing costs nor accept any other consideration which would cause an increase in the purchase price above the bid price so as to induce the owner to sell to such prospective buyer. 3.7 In the event that title to a Unit vests by descent in term is defined herein (hereinafter "Non-Qualified Transferee(s)") with the exclusion of an owner renting to employees or other owner renting under the terms of this agreement, the Unit shall immediately be listed for sale, and the highest bid by a Qualified Buyer shall be accepted in accordance with the terms of this agreement establishing priority of the sale to buyer. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV .doc - 7 - a. Non-Qualified Transferee(s) shall join in any sale, conveyance or transfer of the Unit to a Qualified Buyer and shall execute any and all documents necessary to do so; and b. Non-Qualified Transferee(s) agree not to: 1) occupy the Unit; 2) rent the Unit, except in strict compliance with Article 4 hereof; 3) engage in any other business activity on or in the Unit; 4) sell or otherwise transfer the Unit except in accordance with this Agreement; or 5) sell or otherwise transfer the Unit for use in a trade or business. C. The Town shall have the right and option to purchase the Unit, exercisable within a period of fifteen (15) calendar days after receipt of any sales offer submitted to the Town by a Non-Qualified Transferee(s), and, in the event of exercising its right and option, shall purchase the Unit from the Non-Qualified Transferee(s) for cash at the Maximum Sale Price, or the appraised market value, whichever is less. The offer to sell shall be made by the Non-Qualified Transferee within fifteen (15) days of acquisition of the Unit. 3.8 If Declarant or owner is unable to secure a Qualified Buyer for any Unit within one hundred eighty (180) days after listing the Unit, the Town shall either (i) purchase and close on the Unit for the Maximum Sales Price within thirty (30) days after receipt of notice from the Declarant or owner, or (ii) execute, record and deliver an instrument permanently releasing the Unit from the provisions of this Agreement. 3.9 Notwithstanding anything in this Article 3 to the contrary, no owner (other than Declarant) shall sell his or her Unit for an amount ("Maximum Sales Price") in excess of said owner's purchase price, plus an increase of three percent (3%) of such price per year, simple interest, from the date of purchase to the date said owner delivers a Request to Sell to the Town (prorated at the rate of .25 $ereen€er eaeh whole month €er any part of ayear), plus the one percent sales commission and the amount of any permitted Capital Improvements. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 8 - ARTICLE 4 RENTAL OF UNITS 4.1 Declarant and all subsequent owners shall restrict the rental or lease of the Units to "Qualified Tenants," as defined as follows: a. A person who occupies the Unit as his or her primary place of residence. b. A person who is a full time employee working at least thirty (30) hours per week in Avon or Eagle County, or a retired person who has been a full time employee in Avon or Eagle County a minimum of four (4) years immediately prior to his or her retirement, or a person having a medical disability who has been a full time employee in Avon or Eagle County a minimum of two (2) years immediately prior to his or her determination of disability, or the spouse or dependent of any such persons who resides with them. C. A person whose household income is no more than eighty percent (80%) of the ECMFI as determined by the Department guidelines or by the Town in the event such guidelines cease to be maintained by the Department. d. An owner whose total current family net assets are not in excess of $250,000.00 ($360,000.00 for a retired person) or whose total current family net assets have not been in excess of $250,000.00 ($360,000.00 for a retired person) during the two (2) years preceding if the same were transferred or disposed of to confer eligibility hereunder. The foregoing limitations shall annually be adjusted for inflation on the basis of the applicable Consumer Price Index. 4.2 Owner may rent the Unit consistent with this Agreement and the zoning ordinances of the Town. Vacation rentals shall not be permitted. Prior to occupancy, any tenant must be approved by the Town as meeting the requirements of a established herein. Owner shall submit a completed Affidavit of Lessee in the form attached herete at Exhibit 'IF" te the Tow-n- witi-q- a request for approval of the Tenant. The Town shall not approve any lease with a term less than thirty (30) days. A signed copy of the lease must be provided to the Town prior to occupancy by any tenant. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 9 - 4.3 Notwithstanding any other provision of this Agreement to the contrary, a business owner of the Units may rent the Units to employees or others meeting the requirements established herein. 4.4 The maximum rental rate ("Maximum Rent") for a Unit shall be calculated as of the date a binding written lease agreement is entered into between owner and tenant based upon the following formulas or in accordance with: a. 3 Bedroom Units: $1,100.00 per month not including utilities, based on 33% of gross monthly income from the most recent Department/Eagle County Housing Division calculations. b. 2 Bedroom Units: $935.00 per month not including utilities, based on 33% of gross monthly income from the most recent Department/Eagle County Housing Division calculations. C. 1 Bedroom Units: $806.00 per month not including utilities, based on 33% of gross monthly income from the most recent Department/Eagle County Housing Division calculations. d. Studio Units: $685.00 per month not including utilities, based on 33% of gross monthly income from the most recent Department/Eagle County Housing Division calculations. The Maximum Rent has been calculated to include allowable charges for "Tenant-Furnished Utilities and Other Services" for buildings three stories or less, as set forth on the October 1999 HUD From 52667 (12/97), attached hereto as Exhibit "G" (the "Allowable Charges"). The parties agree that when a Lease is entered into or renewed, if the Allowable Charges, as calculated on the form attached as Exhibit "G" (or such other authorized replacement form), applicable as of the effective date of such Lease or renewal, are more than the Allowable Charges shown on Exhibit "G", owner may increase the Maximum Rent by an amount equal to such difference. 4.5 If Declarant or owner is unable to secure a tenant meeting the after first offering the Unit for rent, the Town shall either (i) rent the Unit for the Maximum Rent within thirty (30) days after receipt of notice from the Declarant or owner, or (ii) authorize in writing the rental of the Unit to any person and on any terms deemed appropriate by the Declarant or owner ("Rental Exception"). A signed copy of the Rental Exception lease must be provided to the C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 10 - Town prior to occupancy by any tenant. The provisions of this Article 4 shall apply except to the Rental Exception. ARTICLE 5 BREACH OF AGREEMENT 5.1 It shall be a breach of this Agreement for an owner to default in making payments or performing other obligations due or to be performed under a promissory note secured by a first deed of trust encumbering the Unit. Owner must notify the Town, in writing, of any notification received from a lender, or its assigns, of past due payments or default in making payments or performing other obligations due or to be performed under a promissory note secured by a first deed of trust, as described herein, within five (5) calendar days of owner's notification from lender, or its assigns, of said default or past due payments. 5.2 In the event that the Town has reasonable cause to believe the owner is violating the provisions of this Agreement, the Town, by its authorized representative, may inspect the Unit between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, after providing the owner with no less than 24 hours advance written notice. 5.3 The Town, in the event of a violation of this Agreement, shall send a notice of violation to the owner detailing the nature of the violation and allowing the owner thirty (30) days to cure. ARTICLE 6 REMEDIES 6.1 There is hereby reserved to the parties hereto any and all remedies provided by law for breach of this Agreement or any of its terms. In the event the parties resort to litigation with respect to any or all provisions of this Agreement, the prevailing party shall be entitled to recover damages and costs, including reasonable attorney's fees, as determined by the arbitrator or the court. 6.2 In the event the Unit is sold, conveyed and/or leased without compliance herewith, such sale, conveyance or lease shall be wholly null and void and shall confer no title whatsoever upon the purported buyer or leasehold interest to the tenant. Each and every conveyance of a Unit, for all purposes, shall be deemed to C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 11 - include and incorporate by this reference, the covenants herein contained, even without reference therein to this Agreement. 6.3 In the event that the owner fails to cure any breach, the Town may resort to any and all available legal action, including, but not limited to, specific performance of this Agreement or a mandatory injunction requiring sale of the Unit by owner as specified in Article 2. The costs of such sale shall be taxed against the proceeds of the sale with the balance being paid to owner. ARTICLE 7 FORECLOSURE 7.1 The Town, pursuant to the Option to Buy attached hereto as Exhibit "C", the terms of which are incorporated in this Agreement by this reference as if fully set forth herein, shall release and waive its ability to enforce the resale deed restrictions continued herein, in the event of foreclosure or the acceptance of a deed in lieu of foreclosure, provided that said Option to Buy grants to the Town the option to acquire the Unit within thirty (30) days after the issuance of a public trustee's deed to the holder (including assigns of the holder) of the promissory note secured by a first deed of trust for an option price not to exceed the redemption price on the last day-of all statutory redemption period(s) and any additional reasonable costs incurred by the holder during the option period which are directly related to the foreclosure. 7.2 In the event that the Town exercises the option pursuant to the terms of that certain Option to Buy, described above, the Town and/or its designee, may sell the Unit to Qualified Buyers as that term is defined herein, or rent the Unit according to Article 4 until such time that the Unit can be sold to a Qualified Buyer in accordance with this Agreement. ARTICLE 8 GENERAL PROVISIONS 8.1 Notices. Any notice, consent or approval which is required to be given hereunder shall be given by mailing the same, certified mail, return reeeipt requested, properly addressed and with postage fully prepaid, to any address provided herein or to any subsequent mailing address of the party as long as prior written notice of the change of address has been given to the other parties to this Agreement. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 12 - Said notices, consents and approvals shall be sent to the parties hereto at the following addresses unless otherwise notified in writing: To Declarant: Points of Colorado, Inc. Attn: James A. McKnight 8801 Vistana Centre Drive Orlando, Florida 32821 With a copy to: c/o Starwood Vacation Ownership, Inc. Attn: Susan Werth 701 Brickell Avenue, Suite 2100 Miami, Florida 33131 To the Town: Town Manager Town of Avon P.O. Box 975 Avon CO 81620 To Unit Owners: To the address shown in the deed to each Unit. 8.2 Exhibits. All exhibits attached hereto (Exhibits "A," "B," "C,II I'D", "E" and "F") are incorporated herein and by this reference made a part hereof. 8.3 Severability. Whenever possible, each provision of this Agreement and any other related document shall be interpreted in such a manner as to be valid under applicable law; but if any provision of any of the foregoing shall be invalid or prohibited under said applicable law, such provisions shall be ineffective to the extent of such invalidity or prohibition without invalidating the remaining provisions of such documents. 8.4 Invalidity. Notwithstanding the provisions of Paragraph 8.3 above, in the event a court of competent jurisdiction at any time determines that the Town does not have a right, power or authority to require a developer to enter into an agreement restricting the sale and/or rental of housing as a condition to the issuance of a within twenty (20) days of receipt of written notice from developer or owner execute, record and deliver an instrument permanently releasing the Property from the provisions of this Agreement. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 13 - 8.5 Choice of Law. This Agreement and each and every related document are to be governed and construed in accordance with the laws of the State of Colorado. 8.6 Successors. Except as otherwise provided herein, the provisions and covenants contained herein shall inure to and be binding upon the heirs, successors and assigns of the parties. 8.7 Section Headings. Paragraph or section headings within this Agreement are inserted solely for convenience or reference, and are not intended to, and shall not govern, limit or aid in the construction of any terms or provisions contained herein. 8.8 Waiver. No claim of waiver, consent or acquiescence with respect to any provision of this Agreement shall be valid against any party hereto except on the basis of a written instrument executed by the parties to this Agreement. However, the party for whose benefit a condition is inserted herein shall have the unilateral right to waive such condition. 8.9 Gender and Number. Whenever the context so requires herein, the neuter gender shall include any or all genders and vice versa and the use of the singular shall include the plural and vice versa. 8.10 Further Actions. The parties to this Agreement agree to execute such further documents and take such further actions as may be reasonably required to carry out the provisions and intent of this agreement or any agreement or document relating hereto or entered into in connection herewith. 8.11 Modifications. The parties to this Agreement agree that any modifications of this Agreement shall be effective only when made by writings signed by both parties and recorded with the Clerk and Recorder of Eagle County, Colorado. Notwithstanding the foregoing, the Town reserves the right to amend this Agreement unilaterally where deemed necessary to effectuate the purpose and intent of this Agreement, provided such unilateral action does not materially impair the Declarant's or owner's rights nor any lender's rights under this Agreement. Q .1-2 (l finer and Successors The term "der" sha.1-1-m -ean the person or persons who shall own an interest in a Unit, including without limitation, the Declarant; it being understood that such person or persons shall be deemed an "owner" hereunder only during the period of his or her ownership interest of a Unit and shall be obligated hereunder for the full and complete performance and observance of all covenants, conditions and restrictions contained herein during C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 14 - such period. This Agreement shall therefore be deemed a covenant running with the land and shall bind the parties' successors and assigns. IN WITNESS WHEREOF, the parties hereto have executed this instrument on the day and year first above written. DECLARANT: POINTS OF COLORADO, INC. By: zsz!k Q&6k,__ J *es A. McKni t Its: Se for V'ce Pr si nt STATE OF FLORIDA ) ss. COUNTY OF ORANGE ) The foregoing instrument was acknowledged before me this 10TH day of November, 2000, by James A. McKnight, as Senior Vice President of Points of Colorado, Inc. Witness my hand and official seal. My commission expires: October 12, 2004 ; rtyr s LYNN I. MCKAS MY COMMISSION # CC 974869 ` EXPIRES: October 12,2W4 No ary Pub i c jiF1 Bonded Thru Notary Public Underwrften Lynn I. Stuckas Commission #CC 974869 C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 15 - ACCEPTANCE BY THE TOWN OF AVON The foregoing Deed Restriction Agreement and its terms are hereby adopted and declared by the Town of Avon. TOWN OF AVON By: Its: STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of as 2000, by of the Town of Avon. Witness by hand and official seal. My commission expires: Notary Public C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 16 - EXHIBIT "A" (Property Map) i 160?? P? o / ' s F LOT 1 ,? o s UA, e ? g9 LOT 5 ?°Q0 I ° 4j 5? ??1 u w r. 4 w c+y IWOVE PED ' ?D Ak ?e EI£C F S L19 L16 i L20 Z L21 O LA w M.. 44 1.- C. t1i LOT 2B ?; 4 "" n LOT 2A \\VSTNTI\OLG\Lot C\LRIG\do\pj\Lot C - DEED RESTRICTION -EMPLOYEE HOUSING REV .doc - 17 - EXHIBIT "B" Permitted Capital Improvements 1. The term "Permitted Capital Improvement" as used in the Agreement shall include only the following: a. Improvements or fixtures erected, installed or attached as permanent, functional, non-decorative improvements to real property, excluding repair, replacement and/or maintenance improvements; b. Improvements for energy and water conservation; C. Improvements for health and safety protection devices; d. Improvements to add and/or finish permanent/fixed storage space; and/or e. Improvements to finish unfinished space. 2. Permitted Capital Improvements as used in this Agreement shall NOT include the following: a. Upgrades/replacements of appliances, plumbing and mechanical fixtures, carpets and other similar items included as part of the original construction of the unit; b. The cost of adding decks and balconies and any extensions thereto; C. Whirlpool tubs, saunas, steam showers and other, similar, items; d. Improvements required to repair, replace and maintain existing fixtures, appliances, plumbing and mechanical fixtures, painting, carpeting and other, similar, items; and/or e. Upgrades or addition of decorative items, including lights, windew oevrings and other simalar items. 3. All Permitted Capital Improvement items and costs shall be approved by the Town staff prior to being added to the Maximum Sale Price as defined in the Agreement. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 18 - EXHIBIT "C" OPTION TO BUY In the event of a foreclosure by the holder (including assigns of the holder) of the promissory note secured by a first deed of trust on a deed restricted dwelling unit within a portion of the Property and subject to the issuance of a public trustee's deed to the holder following the expiration of all statutory redemption rights, the Town of Avon ("the Town") shall have the option to buy the Unit which shall be exercised in the following manner: a. Notice. The holder shall give such notice to the Town as is required by law in the foreclosure proceeding. Said notice shall be sent by Certified mail, return receipt requested, and addressed as follows: Town Manager Town of Avon P.O. Box 975 Avon CO 81620 b. Option to Buy. The Town shall have thirty (30) days after issuance of the public trustee's deed in which to exercise this Option to Buy by tendering to the holder, in cash or certified funds, an amount equal to the redemption price which would have been required of the borrower or any person who might be liable upon a deficiency on the last day of the statutory redemption period(s) and any additional reasonable costs incurred by the holder during the option period which are directly related to the foreclosure. c. Title. Upon receipt of the option price, the holder shall ,aol ;troy to tine !-7oul,, a special warranty deed, conveying ??.xvcx tine the Unit to the Town. The holder shall convey only such title as it received through the public trustee's deed and will not create or participate in the creation of any additional liens or encumbrances against the unit following issuance of the public trustee's deed to the C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 19 - holder. The holder shall not be liable for any of the costs of conveyance to the Town or its designee. d. Release. In the event that the holder is issued a public trustee's deed and the Town does not exercise the Option to Buy, as provided herein, the Town shall cause to be recorded in the records of the Clerk and Recorder of Eagle County a full and complete release. Such release shall be placed of record within fourteen (14) days after demand, therefore, by the holder following expiration of the option and a Certified copy of the release shall be mailed to the holder upon its recordation. e. Perpetuities Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options created by this Option to Buy shall be unlawful or void for violation of: (a) the rule against perpetuities or some analogous statutory provision, (b) the rule restricting restraints on alienation, or (c) any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the period of the lives of the current duly elected and seated Town Council of the Town of Avon, Colorado, their now living descendants, if any, and the survivor of them, plus twenty-one (21) years. f. Successors and Assigns- Except as otherwise provided herein, the provisions and covenants contained herein shall inure to and be binding upon the heirs, successors and assigns of the parties hereto. g. Modifications. The parties hereto agree that any modification to this option to Buy shall be effective only when made by Puri t- ngs ci 9ne by bothparties and re6'orded, with the Clerk and Recorder of Eagle County, Colorado. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV doc - 20 - - EXHIBIT "D" REQUEST TO SELL Town of Avon Community Development P.O. Box 975 Avon CO 81620 RE: Resale of Unit Dear Town of Avon: This letter is my request to sell Unit , with a closing date of I have estimated the maximum sales price, as calculated below in accordance with the terms of the Deed Restriction Agreement for the Occupancy and Resale of Units, recorded in Official Records Book Page of the Public Records of Eagle County, Colorado. Purchase price of unit $ Allowed three percent (3%) per annum based on months ownership Condominium assessments (specifically assigned to unit for common area improvements) Property improvements (itemize below) Customary real estate sales commission maximum Sale Price $ Sincerely, Owner TOWN OF AVON By: Title. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 21 - EXHIBIT "E" Affidavit of Purchaser STATE OF COLORADO COUNTY OF EAGLE ss. being duly sworn upon his/her oath, deposes and says, under penalty of perjury, that: 1. He/she has entered into a contract , Town of Eagle and State of Colorado for a sale price of $ to purchase Unit Avon, County of 2. He/she is purchasing the Unit to occupy it as his/her primary place of residence. He/she will not engage in any business activity in the Unit, other than that permitted in the applicable zone district or by applicable ordinance, and will not transfer the Unit for use in a trade or business. 3. His/her income does not exceed percent of the Eagle County Median Family Income. Attached hereto is a copy of his/her federal tax return for the tax year immediately prior hereto. 4. He/she is a full time employee working at least thirty (30) hours per week in Avon or Eagle County, or a retired person who has been a full time employee in Avon or Eagle County a minimum of four (4) years immediately prior to his or her retirement, or a person having a medical disability who has been a full time employee in Avon or Eagle County a minimum of two (2) years immediately prior to his or her determination of disability, or the spouse or dependent of any such persons who resides with them. 5. His/her total current family net assets are not in' excess of $ ($ for a retired person) and have not been in excess of $ ($ for a retired person) during the two (2) years preceding if the same were transferred or disposed of to confer eligibility for purchase of the Unit. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV doc - 22 - 6. He/she states that he/she has received a copy of and will abide by the terms and conditions of that certain Deed Restriction Agreement for the Occupancy and Resale of Units, recorded in Official Records Book Page of the Public Records of Eagle County, Colorado. DATED the day of The foregoing was subscribed and sworn to before me, the undersigned Notary Public, on the day of , by My commission expires: Witness my hand and seal. Notary Public C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV - doc - 23 - EXHIBIT "F" Affidavit of Lessee STATE OF COLORADO ) ss. COUNTY OF EAGLE ) , being duly sworn upon his/her oath, deposes and says, under penalty of perjury, that: 1. He/she has entered into a contract to rent Unit , of , Avon Center at Beaver Creek, Town of Avon, County of Eagle and State of Colorado in the amount of a $ per month. 2. He/she is renting the Unit to occupy it as his/her primary place of residence. He/she will not engage in any business activity in the Unit, other than that permitted in the applicable zone district or by applicable ordinance. 3. His/her income does not exceed 120 percent of the Eagle County Median Family Income $ Attached hereto is a copy of his/her federal tax return for the tax year immediately prior hereto. 4. He/she is a full time employee working at least thirty (30) hours per week in Avon or Eagle County, or a retired person who has been a full time employee in Avon or Eagle County a minimum of four (4) years immediately prior to his or her retirement, or a person having a medical disability who has been a full time employee in Avon or Eagle County a minimum of two (2) years immediately prior to his or her determination of disability, or the spouse or dependent of any such persons who resides with them. 5. His/her total current family net assets are not in excess of $ ($ for a retired person) and have not h n in cox . gg of $ ($ for a retired person) during the two (2) years preceding if the same were transferred or disposed of to confer eligibility for purchase of the Unit. C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 24 - 6. He/she states that he/she has received a copy of and will abide by the terms and conditions of that certain Deed Restriction Agreement for the Occupancy and Resale of Units, recorded in Official Records Book Page of the Public records of Eagle County, Colorado. 7. A copy of the draft lease is attached hereto, with the monthly lease rate filled in. DATED the day of , The foregoing was subscribed and sworn to before me, the undersigned Notary Public, on the day of , by My commission expires: Witness my hand and seal. Notary Public C:\TEMP\Lot C - DEED RESTRICTION-EMPLOYEE HOUSING REV_.doc - 25 - Allowancss far T:nant-;Urnished U.S. aca4mm'jnt of Halrswq CWA Aoo.n-al,%Ia.:5r:41d9-,.d Urdiars and 0MV Serv,C_S and Ur4an 04Va1apr7'ert ~ (IMC4 of f'4i*j;c ind 11101an H4usvn4j a,.c,aMrMq )wean Jar :M% 00-In-.1411 hawl -'s 6UtCe„nq .mu"w. nara iaURgj. 3Mnwq wA a,anrara„ q Mo 4310 n.ra.a. ine CW414* nq "0wv"w-q a,. s:;w41Van qr Mrstm4 , Ma JQrney ?,ocality; Metro Oonver. Ault, Aron, aeflwwe, 9erermu4, 9righcon, aroorofield, l msh Cohan, Castte Rock, Cs Saga. Carus, Dolores. Ovrango. &rie. Ft, Morgan, ;atop- E•ran c•rergreen, Faican. Xrestans, tit. Callfns, Glenwood Sp9s, Grealey, Hugo, Ignacq :amestown. Jannstwon, Lafayeca. LVGcte, UnaR, LCAVMnk Laui:ru o, Loveland, Manucu Sags. dill kgn. MwcL Qaliler. Ciatre. ? 9po. Parka. Salida, 5tertinq, Vail Unit Type THREE STORIES OR LESS Date OCR-99 UoUty or ServicS Manthly 00aar AljgwanCe Heating a. Natural Gas a aft SIS 1 SR $15 2 an S25 3 sR $31 489 538 5 eR $ay b. Propane $27 $33 $45 $55 $68 $80 C. Electric 539 I S50 $66 S$1 $100 $118 Cooking a. Natural Gas $2 52 $3 S3 S4 SS b. Propane $4 S4 SS 67 $8 6g c. Electric $3 S4 $a 07 59 611 Other Electric $8 S11 $14 $16 $22 $25 Water Heating a, Natural Gas 95 96 $7 $8 $9 & 11 1 4. propane 39 $12 $14 Sts $19 $21 _ c.-Zeade $13 S I B SU $27 S32 _ $35 Water sta. $14 514' $14 $1¢• $14 Sewer $11 $11 $11 $11 911 $11 Trash Collection - S13 $13 $13 $13 413 $13 Ran e/Microwave (Tenant Supplied) S5 $5 $5 as 45 $5 Refrigerator (Tenant Supplledl S5 S5 55 S5 S5 SS TOTAL Actual Family Allawancea (To bq usgo Dy tM larrfily m eomoum UBfilyorservice Per mmm WSt altawanca. Carnplate below far the actual unie rented.) Mcaft $ Name of Family- emking Other Eiecuie Air Cat?di((gntng Address of Unit wawHeating • W,?ter Saw Trash Collecdan Rangvw kraww6 Re(• era w Atner Number of Bedrooms Total S rrevlous t:0100 M are obsolete form HUD-SZ667 (12107) ref. Handbook 7470.3 Z34 MINUTES OF THE REGULAR MEETING OF THE TOWN COUNCIL HELD APRIL 10, 2001 A regular meeting of the Town of Avon, Colorado was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. The meeting was called to order by Mayor Judy Yoder at 5:30 PM. A roll call was taken with Councilors Mike Brown, Debbie Buckley, Peter Buckley, Rick Cuny, and Mac McDevitt and Mayor Protein Buz Reynolds present. Also present were Town Manager Bill Efting, Town Attorney Burt Levin, Assistant Town Manager Larry Brooks, Town Clerk Kris Nash, Finance Director Scott Wright, Police Chief Jeff Layman, Town Engineer Norm Wood, Public Works Director Bob Reed, Transportation Director Harry Taylor, Community Development Director Mike Matzko, Asst. Director of Community Development Ruth Borne, Planning Technician Eric Johnson as well as members of the public. Easter In Avon Update Youth Recreation Coordinator Ron Moreno stated that Easter in Avon would take place on Saturday, April 14 from 10:00 AM to 12:00 PM at the recreation center. Mr. Moreno gave an update to the Council of the event. Ordinances: Second Reading of Ordinance No. 01-03, Series of 2001, An Ordinance Repealing and Re-Enacting Section 15.28.080M of the Town Code Concerning Temporary Signs Mayor Yoder stated this is a public hearing. Planning Technician Eric Johnson stated this amendment clarifies the duration and frequency allowed for temporary signs. It also allows temporary signage during the permitting and installation process of the permanent signs. Councilor Cuny asked if a business needs a permit to hang a "Sale" banner for a day. Mr. Johnson stated that is correct. Councilor Cuny questioned if there was a limit per year *hat -they can hang the sign. ?del}nsen stated that the temporary sign may be up for 30 continuous days per calendar year. The Planning & Zoning Commission, if requested, to allow for more temporary signage, may grant a variance. There being no comments from the public, Mayor Yoder closed the public hearing. Mayor Protein Reynolds clarified that signs are allowed only for 30 days during the year. Councilor Cuny stated yes, but only once a year. Town Manager Efting stated this is not for signs placed in windows it is for external banners. Councilor Debbie Buckley motioned approval of Ordinance No. 01-03, Series of 2001 on second reading. Councilor Brown seconded the motion. Mayor Yoder asked for a roll call. The motion carried with Councilor Cuny voting nay. Resolutions: Resolution No. 01-07, Series of 2001, A Resolution to Amend the 2001 Town of Avon Budget Town Engineer Norm Wood stated this amendment is to the Capital Improvements Budget to reflect the differences in beginning fund balance, which is greater than was originally budgeted. He also stated that some projects that were anticipated for completion last year were rolled forward into this year, and some projects scheduled for this year have been put off to a later date. Councilor Curly motioned approval of Resolution No. 01-07, Series of 2001. Councilor McDevitt seconded the motion. The motion carried unanimously. New Business: Village at Avon Preliminary Plan Presentation Town Engineer Norm Wood presented the proposed Filing 1 subdivision as submitted by Traer Creek, LLC. Mr. Wood stated that this filing is the area between the interstate and the railroad right-of-ways, approximately 176 acres. He stated that there have been two approved variances for this application. One variance is for a cul-de-sac that will extend to a proposed public works site, the second variance is to allow them to proceed with on site grading prior to final plat approval. -Mr. Wood also pointed out the proposed temporary access -for construction tr2ffic at Stonebridge Drive going across the railroad tracks and tying into the proposed extension of East Beaver Creek Blvd., which runs down the old stol-port runway. Another item in regards to the proposed grading is that they are anticipating one million yards of excess excavation material that will need to be stored temporarily. They have designated that storage area. Regular Council Meeting April 10, 2001 Mr. Wood requested that the Council refer this to the Planning & Zoning Commission for approval. The Council's consensus was to refer the item to the Planning & Zoning Commission. New Business: Mayor Yoder stated that Item d on the Consent Agenda (Construction Contract Award for Nottingham Road Bike Path) would be removed from the Consent Agenda to be discussed under New Business. Town Engineer Norm Wood stated that B&B Excavating was the low bidder for this project at $650,056. Staff recommends that they be awarded the contract. Councilor Peter Buckley stated that he does agree with the project and the bike paths, but does not agree to spend $50,175 on landscaping, trees, and irrigation. He would like the expenditure removed and proceed with the bike path. Mayor Yoder stated that she feels the landscaping is very important and that the town has done a really good job landscaping the rest of the town and feels that it needs to continue. Councilor Cuny stated that the landscaping is needed and is not that much more money in the overall budget for the project. Councilor McDevitt stated with the bike path's proximity to the interstate it needs better landscaping. Councilor Brown stated that the landscaping needs to be consistent with the rest of the town, and that it distinguishes the town. Councilor Brown motioned approval of the Construction Contract Award for Nottingham Road Bike Path. Councilor McDevitt seconded the motion. The motion carried with Councilor Peter Buckley voting nay. Mayor Report: Mayor Yoder encouraged everyone to take part in Easter in Avon. Regular Council Meeting April 10, 2001 Other Business: Councilor Peter Buckley commented on the Wildridge power line proposal to spend $25,000 to keep the process moving forward to reroute the power lines. He stated that for the record, Councilor Peter Buckley and Councilor Debbie Buckley voted for that proposal. He stated that Councilors Brown, Curly, McDevitt, Mayor Protein Reynolds, and Mayor Yoder voted against the proposal. Mayor Protein Reynolds stated that the $25,000 was for Holy Cross to proceed with the process to look where the power lines would go and how much it would cost to do the power lines. He stated there have been estimates close to $2 million to do that. He stated that would be taxes from a special district in Wildridge. He added that most of the people he has talked to in Wildridge are not in favor of this because of the increase in taxes. He did not want to spend $25,000 on something that we can't afford to do in the first place that is not going to be approved. Councilor Curly stated that Councilor Peter Buckley's attempt to put blame on the Councilmembers who voted against this proposal is lame. He stated that Mr. Buckley ran on a campaign of a false promise that he could guarantee this to happen and it looks like it is not going to happen and he wants his constituents to know that it is not his fault. Councilor McDevitt stated with a small special district, the citizens still have the ability to continue forward on their own and bring a very strong recommendation to the Council that they are willing to pay this kind of money to have the power lines rerouted. He encouraged them to do that if they see the need for it. Mayor Protein Reynolds added that the $25,000 would be spent by all the citizens of Avon, not just the people in Wildridge. The benefits are to just the people in Wildridge who are going to have the power lines removed. He stated that it is not right for the rest of the people of Avon to pay for it. Councilor Peter Buckley commented that Mayor Protem Reynolds voted to spend $50,000 of everyone's tax money to put landscaping and irrigation along a bike path along Nottingham Road. He stated that he finds Mr. Reynolds position inconsistent. Mayor Protein Reynolds stated that the landscaping to show off our town is something that we have been working on for such a long time. We've spent a lot of money and time creating the roundabouts to show a presence within the town that is pleasant. This landscaping, because we live in and climate, we have to create what is there and that is what we've done. We've created the beauty within our town. If you don't put the landscaping in, and just leave it barren, all the homes within these hillsides would look barren. He feels that spending $50,000 to landscape the bike path is reasonable. Councilor Brown stated for the record that a number of Wildridge residents have sought him out to express that they are adamantly opposed to this. Regular Council Meeting April 10, 2001 Councilor Debbie Buckley commented that she does not think that the power line issue is dead. She stated that she and Councilor Peter Buckley have been approached by a lot of people about the issue mostly because of where they live. She encouraged the people to call them. She stated that they may need to look at some other options with a citizen's initiative, she stated it is not something that she and Mr. Buckley can do by themselves and encouraged the people to get more involved and lend some support to the process. Councilor Brown stated that he sees nothing wrong with that, but at this time he has not seen that demand. He agreed that he sees nothing wrong with people coming forward and expressing demand for that. Councilor Debbie Buckley stated that this issue came up at the Wildridge meeting last July (or October). She stated that this is how the whole thing got started. She stated that Mr. Buckley was not on the Council at that point, but citizens brought it up at that time. She wants to continue looking at the issue and that there is maybe some other ways to accomplish it. Mayor Protein Reynolds stated that he has been working on this issue for nine years. It isn't something that's just come up. He stated that it is something that he's been trying to get done for an extremely long time. He added that he is one of the original residents in Wildridge. He felt that it was good to get it done while it was still affordable, now it is not affordable. Even then it was too much of a tax burden on the residents who were there. Mayor Yoder stated that this issue did come before the Council over eight years ago so it is not a new issue. She stated that even eight years ago it was decided that it was not affordable for the people in Wildridge to pay for. Mr. Michael Cacioppo, editor of Speakout Newspaper, confirmed that the people in Wildridge would be in their own special district and they would be the ones paying for it, not all the citizens of Avon. He asked if the people in the special district are the ones who would pay for it, is there a problem putting the issue to vote to see if they are willing to pay for it. Mayor Yoder stated they are hoping that if the people of Wildridge want this to come to a vote, they will get together and come to us and ask us to put it on the ballot. We have not seen that. If they would like to do that then we would be happy to listen. Mayor Protein Reynolds stated that he has spoken to many people in the subdivision and more than fifty percent of the people he has talked to say they are adamantly against it. The other people don't really understand why we wanted to move them in the first place. The power lines were there when they bought the land and the people who bought the land knew that they were going to be there and that's the way things were. He stated it would be a very hard sell to get most of the subdivision to increase their taxes by a substantial amount and have no benefit. Regular Council Meeting April 10, 2001 Mr. Cacioppo asked what the amount would be. He was told approximately $2 million. He then asked what the amount of tax per $100,000. Mayor Yoder stated that is another issue. How would you decide? She stated that there are 116 units adjacent to the power lines, so do you tax them and not the others? Do you tax the whole subdivision equally? Do you do a different shared amount? She stated that those are all things that we would have to look at if we get enough people from Wildridge coming to us, particularly, if they are amongst the 116 units. Councilor Peter Buckley pointed out that it takes more than just the people showing up in the room. He stated in order to move the process forward it would take $25,000 to keep the process moving forward. He stated that yes we would need the people in the room, but also a minimum of four votes on Council to move the process ahead; we only have two votes now. Councilor McDevitt disagreed and stated that if the majority of the 116 homes say yes they would foot the bill amongst themselves, then Mr. McDevitt stated that he would be happy to let those people do it and go ahead with the $25,000 to get a firm estimate. Consent Agenda: a.) Approval of the March 27, 2001 Council Meeting Minutes b.) Triathlon Sanction Agreement with USA Triathlon c.) East Avon Street Improvements - Design Services and Plan Revisions d.) Construction Contract Award for Nottingham Road Bike Path e.) Agreements with CDOT for Nottingham Road Bike Path Mayor Yoder stated that the Consent Agenda would be without item d. Councilor Brown motioned approval of the Consent Agenda. Councilor McDevitt seconded the motion. The motion carried unanimously. There being no further business to come before the Council, Councilor McDevitt motioned to adjourn the meeting. Councilor Brown seconded the motion. The motion carried unanimously and the meeting adjourngd at 5:53 PM. Y SUBMITTED: ash, To vn Clerk Regular Council Meeting April 10, 2001 APPROVED: Michael Brown Debbie Buckley Peter Buckley Rick Curly Mac McDevitt Buz Reynolds Judy Yoder Regular Council Meeting April 10, 2001 FINANCIAL MATTERS April 19, 2001 1. Detail - Building Activity Report 2. Detail-Real Estate Transfer Taxes 3. Detail-Sales Tax Update 4. Detail-Accomodations Tax Update Town of Avon 970-748-4030 P.O.Box 975 Avon, Co. 81620 748-4094 For Inspection Request Permit Tally Printed:4/3/01 For: March, 2001 Pagel of 1 Permit Purpose: New Commercial/Industrial Public: Bldg. Construction Value: $.00 # of Bldgs: # of Units: Permit Charges: $.00 Private: 1 Construction Value: $648,830.00 # of Bldgs: # of Units: Permit Charges: $8,908.25 Permit Purpose: Repair/Remodel Comm/Indust Public: Bldg. Construction Value: $.00 # of Bldgs: # of Units: Permit Charges: $.00 Private: 1 Construction Value: $7,000.00 # of Bldgs: # of Units: Permit Charges: $295.76 Permit Purpose: Repair/Remodel SF Residential Public: Construction Value: $.00 # of Bldgs: # of Units: Permit Charges: $.00 Private: 1 Construction Value: $700.00 # of Bldgs: # of Units: 1 Permit Charges: $48.84 Permit Purpose: Tenant finish Public: # of Bldgs: # of Units: Private: 1 # of Bldgs: # of Units: Construction Value: $.00 Permit Charges: Construction Value: $4,800.00 Permit Charges: $.00 $183.56 Totals: Public: Construction Value: $.00 # of Bldgs: # of Units: Permit Charges: $.00 Private: 4 Construction Value: $661,330.00 # of Bldgs: # of Units: 1 Permit Charges: $9,436.41 r Town of Avon Real Estate Transfer Tax Transactions Calendar Year 2001 Purchaser Name Property Amount of RETT Received $147,833.62 John C Bucher Declaration Balas Townhouse #B $5,300.00 Russell Beacon Hill #9 $1,498.00 Andreae Christie Lodge Timeshares $120.00 West The Seasons #313 $4,120.00 McManis Beaver Bench Condominums #A7 $300.00 Bolm Brookside #203 $9,700.00 Eagle County Title Christie Lodge Timeshares $939.78 Eitze Canyon Run #303 $6,600.00 Bornstein Lot 75 Blk 4 WR $4,800.00 Hundley Canyon Run #201 $9,262.30 Starwood Vacations Lakeside Terrace Timeshares $350.00 Holiday Resales Christie Lodge Timeshares $64.00 Aptic Service Center Lakeside Terrace Timeshares $1,407.70 Conner Benchmark Condominiums #B3 $800.00 Total through March $193,095.40 1 TOWN OF AVON SALES TAX BY MONTH 1997 96'-97'% 1998 97'-98'% 1999 98'-99'% 2000 991-001% 2001 00'-01% Total5-Yr Change Change Change Change Change % Increar January 377,597.32 13.67% 379,424.41 0.48% 384,939.69 1.45% 359,721.88 -6.55% 408,217.16 13.48% 8.11% February 362,516.58 10.86% 378,112.00 4.30% 397,323.16 5.08% 397,291.59 -0.01% 401,384.50 1.03% 10.72% March 468,675.51 14.88% 460,191.56 -1.81% 474,933.06 3.20% 457,053.94 -3.76% - -100.00% -100.00% April 265,356.48 4.91% 310,197.72 16.90% 302,864.19 -2.36% 337,087.43 11.30% -100.00% -100.00% May 241,012.56 8.53% 249,079.90 3.35% 265,405.35 6.55% 286,191.36 7.83% -100.00% -100.00% June 313,116.79 5.03% 337,562.03 7.81% 395,755.68 17.24% 398,869.89 0.79% - -100.00% -100.00% July 353,101.99 5.37% 370,086.73 4.81% 395,954.38 6.99% 415,978.51 5.06% -100.00% -100.00% August 338,134.48 4.22% 363,110.96 7.39% 366,648.94 0.97% 400,447.52 9.22% -100.00% -100.00% September 319,410.91 5.58% 333,508.38 4.41% 364,432.54 9.27% 375,400.90 3.01% -100.00% -100.00% October 263,685.99 -0.89% 305,035.11 15.68% 295,541.62 -3.11% 320,796.00 8.55% -100.00% -100.00% November 339,200.41 18.94% 335,073.59 -1.22% 320,335.28 -4.40% 329,170.99 2.76% -100.00% -100.00% December 533,904.08 4.86% 550,077.22 3.03% 564,813.35 2.68% 607,777.58 7.61% -100.00% -100.00% YTD Total 4,175,713.10 8.10% 4,371,459.61 4.69% 4,528,947.24 3.60% 4,685,787.59 3.46% 809,601.66 6.95% 9.39% YTD Through February Collections 1997-2001 410,000.00 -------------- --------- ' - - -- 400,000.00 , - -- ----- -- - - --- ---- -- ' _ - - -- - I 380,000.00 _ .: fL - a - I s I 370,000.00 360,000.00 _-- 350,000.00 `t 340,000.00 .... .. .. _ _.., s r ?. 1997 1998 1999 2000 2001 Year Monthly Collections for February 1997-2001 410,000.00 400,000.00 380,000.00 370,000.00 360,000.00 350,000.00 340,000.00 1997 1998 1999 2000 2001 TOWN OF AVON ACCOMMODATIONS TAX BY MONTH 1997 96'-97% 1998 97'-98% 1999 98'-99% 2000 99'-00'% 2001 00'-01'% Total5-Yr Change Change Change Change Change % Increase January 39,958.27 5.75% 39,357.21 -1.50% 41,102.99 4.44% 24,753.92 -39.78% 35,913.75 45.08% -10.12% February 45,305.47 6.89% 42,769.24 -5.60% 36,985.03 -13.52% 32,158.10 -13.05% 42,137.63 31.03% -6.99% March 63,054.38 12.83% 51,035.34 -19.06% 42,018.24 -17.67% 42,385.82 0.87% - -100.00% -100.00% April 11,850.40 -0.34% 13,556.94 14.40% 11,609.15 -14.37% 10,166.11 -12.43% -100.00% -100.00% May 8,759.53 30.67% 5,762.93 -34.21% 6,117.50 6.15% 5,712.27 -6.62% -100.00% -100.00% June 13,982.39 10.68% 12,609.03 -9.82% 14,958.28 18.63% 15,610.67 4.36% -100.00% -100.00% July 21,298.64 6.76% 20,845.64 -2.13% 21,120.57 1.32% 21,769.19 3.07% -100.00% -100.00% August 22,365.12 9.68% 22,875.39 2.28% 16,452.89 -28.08% 17,093.13 3.89% -100.00% -100.00% September 11,173.41 -14.66% 11,262.18 0.79% 10,300.61 -8.54% 12,810.60 24.37% -100.00% -100.00% October 8,819.05 -18.59% 8,315.76 -5.71% 7,258.18 -12.72% 9,139.51 25.92% -100.00% -100.00% November 12,112.05 -5.56% 10,813.22 -10.72% 7,889.97 -27.03% 10,233.40 29.70% -100.00% -100.00% December 40,000.05 18.97% 32,602.89 -18.49% 25,606.29 -21.46% 32,309.50 26.18% -100.00% -100.00% YTD Total 298,678.76 7.44% 271,805.77 -9.00% 241,419.70 -11.18% 234,142.22 -3.01% 78,051.38 37.14% -8.46% YTD Through February Collections 1997-2001 90,000.00 80,000.00 70,000.00 60,000.00 50,000.00 40,000.00 30,000.00 20,000.00 10,000.00 Monthly Collections for February 1997-2001 1997 1998 1999 2000 2001 Year HEART of the VALLEY -4y 0 N C O L O R A D O April 24, 2001 Chairman Chris Evans Planning and Zoning Commission Town of Avon PO Box 975 Avon, CO 81620 Dear Mr. Evans: The Avon Town Council hereby authorizes the extension of terms of three Planning and Zoning Commissioners to May 8, 2001. This extension will allow time to interview and fill these positions which expire May 1, 2001. Sincerely, Judy Yoder Mayor Post Office Box 975 400 Benchmark Road 4von, Colorado 81620 970-748-4000 970-949-9139 Fax 970-845-7708 TTY