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TC Council Packet 04-23-2002Town Council Meetings Roll Call Check Sheet Date: a ? i? `or Michael Brown Debbie Buckley p? y? S Q Peter Buckley Rick Cuny 1? T r Mac McDevitt Buz Reynolds 1? ? ?? ??5 yc y Judy Yoder 0o oY ,ee, c? wti _SS . 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, Cuny, Reynolds, Yoder, McDevitt, D. Buckley, Brown Staff Present: Bill Efting ? Jeff Layman ? Larry Brooks Norm Wood Bain J'aw ? Meryl Jacobs -7'-K-rrs-mash QM? " Bob Reed Jacquie Halbu '? Harry Taylor Scott Wright Ruth Borne Other Staff 1ATown Clerk\Council\Packets\Council Meeting Check List.doc STATE OF COLORADO ) COUNTY OF EAGLE ) SS TOWN OF AVON NOTICE IS HEREBY GIVEN THAT A WORK SESSION OF THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, WILL BE HELD APRIL 23, 2002, AT 3:45 PM IN THE MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF DISCUSSING AND CONSIDERING THE FOLLOWING: 3:45 PM - 4:45 PM 1) Compliance Deposits (Ruth Borne) 4:45 PM - 5:15 PM 2) Projects Update (Larry Brooks, Norm Wood) 5:15 PM - 5:30 PM 2) Staff Updates Consent Agenda Questions Council Committee Updates AND SUCH OTHER BUSINESS AS MAY COME BEFORE THE COUNCIL THIS MEETING IS OPEN TO THE PUBLIC TOWN OF AVON, COLORADO er.?a o .1? Town Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON APRIL 19, 2002: AVON MUNICIPAL BUILDING IN THE MAIN LOBBY ALPINE BANK AVON RECREATION CENTER CITY MARKET IN THE MAIN LOBBY I:\Town Clerk\Council\Agendas & Worksessions\Agenda-Worksession.doc Memo To: Avon Town Council and Planning & Zoning Commission From: Ruth Borne, Director of Community Developments---- Thru: Bill Efting, Town Manager Date April 10, 2002 Re: Outline for Joint Work Session with Council and Planning & Zoning Commission In response to the concerns associated with the proposed compliance deposit, staff has outlined the following topics for discussion. These topics are issues that the compliance deposit was designed to address. Also included in this discussion is a review of existing provisions of the Avon Municipal Code that are available enforcement tools. Compliance with approved design review plans: After a building permit is issued and construction commences, if a contractor makes a change to the building exterior, they are required to submit an application for modification. In the event that a contractor fails to do so, then we have the following remedies: a. Red tag - Extremely punitive when life, safety issues are not involved. We are placing a financial hardship on the contractor when the job is red tagged-everyone on the job site is required to leave until the issue is resolved. b. The Zoning Code, Section 17.40.010 allows staff to issue a summons, which is punishable by a fine for $500. and/or imprisonment for not more than 90 days. In addition, the Town Attorney may file an injunction in District Court. Section 17.12.070 allows for a fine of $300. for the same violation. A fine under this provision has never been assessed during my tenure. It requires a summons be issued, and a court date set, which is very time consuming. c. Once a design change has been identified, Staff can request the builder submit an application for an amendment to the final design. For small changes, this is handled at a staff level review as a minor project ($75 fee and requires the applicant submit an application). When the changes proposed or executed are major, the amendment to final design is taken back to the Planning and Zoning Commission. This is purely a cooperative effort between the contractor and Community FAPlanning & Zoning Conn7lSsioiiMEMOS\2002\Compldeposit.doc Development staff. We do have a penalty fee in the amount of $250 for seeking approval after the improvements have been made. Staff has used this penalty in limited circumstances. 2. Construction parking: As more properties are developed adjacent to existing developments, parking becomes more of an enforcement issue. Final Design Plans are now required to indicate a construction-staging plan, which include a construction-parking plan. Cars/trucks are not permitted to park on the Avon right-of-way. We allow for construction parking as long as it is directly adjacent to the construction site or the adjacent owners consent. We would like to post signs on site indicating where contractors may park, which may ease enforcement. 3. Construction site conditions: Trash, construction debris and dirt in the road are another issue of concern during construction. Typically, staff handles this through written and verbal warnings of a red tag issuance. As outlined above, this is extremely punitive and time consuming. Staff would prefer to have the ability to issue a ticket on site, rather than the summons to run its course. In order to modify the penalty assessment, the Avon Municipal Judge would have to enter an order for this modification. In summary, the proposed Compliance Deposit acts as a deterrent to prevent these other types of enforcement actions being necessary, since two of the three issues are extremely difficult to enforce and execute and can be costly and time consuming solutions. The compliance deposit was created as a leverage mechanism not a penalty, to require all builders to submit for modifications or amendments to final design approvals so as to avoid red tagging and fines. One of the unresolved issues for the compliance deposit, is how does the Town execute upon the deposit. Specific guidelines should be established setting forth the procedure for executing upon the deposit. Two percent (2%) of the estimated cost of construction is a minimal amount of money to ensure compliance throughout construction and also allows staff more leverage throughout the construction process when dealing with design and construction site issues. However, several alternatives to the proposed format of the compliance deposit are recommended as effective tools: Alternative 1: Create an exemption for homebuilders with projects under a certain amount of valuation (i.e. single family and duplex projects). Establish specific guidelines on how the compliance deposit would be executed in the event of default. Implement the compliance deposit for large residential, mixed-use, industrial, and commercial projects. Though this would effectively make it difficult for any enforcement of final design approval and construction site conditions (trash, parking) for small residential projects, it would allow staff to continue to ensure compliance on larger projects. Alternative 2: Revise the penalty assessment for summons issuance and lengthy notice procedures specific to design approval and construction site maintenance. This amendment would allow staff to immediately issue a ticket for deviations from approved plans and ensure construction site conditions (per the approved staging plans). Alternative 3: A combination of Alternative 1 and Alternative 2 would eliminate most problems with enforcement of final design approvals. Allow the exemption for small residential projects, which would not require a compliance deposit, and revise the penalty assessment in the zoning code to allow staff to immediately issue a ticket for violations on all sizes and types of construction. Additionally, large commercial or mixed-use projects are most likely to pay a small daily fine to continue to meet project deadlines while ignoring violations. The use of the compliance deposit for these types of larger projects will provide the additional leverage needed to ensure that any design issues are not ignored. Town Manager Comments: T TOWN OF AVON REGULAR COUNCIL MEETING AGENDA April 23, 2002 - 5:30 PM 1. Call to Order / Roll Call 2. Citizen Input a) Eagle River Water Sanitation District, Ballot Questions - Rick Sackbauer b) Employee Bonus Awards 3. Ordinances a) First Reading of Ordinance No. 02-06, Series of 2002 - An Ordinance Amending Title 3 of the Municipal Code of the Town of Avon relating to Tax Credits within the Village (At Avon). (John Dunn) b) First Reading of Ordinance No. 02-07, Series of 2002 - An Ordinance amending Chapter 12 of Title 3 of the Municipal Code of the Town of Avon relating to forms for application for exemptions from the Real Estate Transfer Tax (John Dunn) 4. Resolutions a) Resolution No. 02-05, Series 2002, A Resolution Approving the Issuance By Buffalo Ridge Affordable Housing Corporation Of Multifamily Housing Project Revenue Bonds (GNMA Mortgaged-Backed Securities Program) Series 2002, In An Aggregate Principal Amount Of $10,500,000; Authorizing A Project Agreement, A Financing Agreement, A Mortgage And A Mortgage Note; And Authorizing Incidental Action. (Larry Brooks) b) Resolution No. 02-06, Series 2002, A Resolution Approving Certain Terms Of $15,650,000 Of The Town's Multifamily Housing Revenue Bonds(GNMA Mortgage- Backed Securities Program - Buffalo Ridge II Apartments Project), Series 2002, Ratifying The Executing And Delivery Of A Bond Purchase Agreement; Authorizing Incidental Action; And Repealing Inconsistent Actions. (Larry Brooks) C) Resolution No. 02-20, Series 2002 - Village at Avon, Buffalo Ridge, Filing 2 - Final Plat (Ruth Borne) 5. Unfinished Business 6. New Business 7. Town Manager Report IATown ClerMCouncilUgendas & Worksessions\Agenda-Regular Meeting.doc 8. Town Attorney Report 9. Mayor Report 10. Other Business 11. Consent Agenda a) Approval of the April 9, 2002 Council Meeting Minutes 12. Adjournment I:\Town Clerk\CouncMAgendas & WorksessionsWgenda-Regular Meeting.doc ORDINANCE NO. 02-06 AN ORDINANCE AMENDING TITLE 3 OF THE MUNICIPAL CODE OF THE TOWN OF AVON RELATING TO TAX CREDITS WITHIN THE VILLAGE (AT AVON). BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Amendment. Section 3.08.035 of Chapter 8, Title 3 of the Municipal Code of the Town of Avon is amended to provide as follows: "3.08.035 Tax Credit. Notwithstanding any other provisions of this chapter, there shall be granted to each person owing the tax on sales consummated within The Village (at Avon) a temporary tax credit against collection of the tax equal to the amount of any retail sales fee paid by or on behalf of such person. The amount of the credit shall not exceed the amount of the tax. No such credit shall be granted subsequent to termination of the collection of the retail sales fee pursuant to the Annexation and Development Agreement for The Village (at Avon). Neither the ability of the Town to grant the temporary tax credit nor the termination of the credit shall constitute a tax increase, the imposition of a new tax or a tax policy change." Section 2. Amendment. Section 3.12.065 of Chapter 12, Title 3 of the Municipal Code of the Town of Avon is amended to provide as follows: "3.08.035 Tax Credit. Notwithstanding any other provisions of this chapter, there shall be granted to each person owing the tax on transfers within The Village (at Avon) a temporary tax credit against collection of the tax equal to the amount of any real estate transfer fee paid by or on behalf of such person. The amount of the credit shall not exceed the amount of the tax. No such credit shall be granted subsequent to termination of the collection of the real estate transfer fee pursuant to the Annexation and Development Agreement for The Village (at Avon). Neither the ability of the Town to grant the temporary tax credit nor the termination of the credit shall constitute a tax increase, the imposition of a new tax or a tax policy change." Section 3. Amendment. Section 3.28.075 of Chapter 28, Title 3 of the Municipal Code of the Town of Avon is amended to provide as follows: "3.08.035 Tax Credit. Notwithstanding any other provisions of this chapter, there shall be granted to each person owing the tax on the lease or rental of any public accommodations within The Village (at Avon) a temporary tax credit against collection of the tax equal to the amount of any public accommodation fee paid by or on behalf of such person. The amount of the credit shall not exceed the amount of the tax. No such credit shall be granted subsequent to termination of the collection of the public accommodations fee pursuant to the Annexation and Development Agreement for The Village (at Avon). Neither the ability of the Town to grant the temporary tax credit nor the termination of the credit shall constitute a tax increase, the imposition of a new tax or a tax policy change." Section 4. Effective Date. This ordinance shall be effective as of the first day of January, 1999. INTRODUCED, APPROVED, PASSED ON FIRST READING AND ORDERED POSTED the 23rd day of April, 2002, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council on the 14th day of May, 2002, at 5:30 P.M. in the Council Chambers, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado. Mayor ATTEST: Town Clerk INTRODUCED, FINALLY APPROVED, PASSED ON SECOND READING AND ORDERED POSTED the 14th day of May, 2002. Mayor ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorney ORDINANCE NO. 02-07 AN ORDINANCE AMENDING CHAPTER 12 OF TITLE 3 OF THE MUNICIPAL CODE OF THE TOWN OF AVON RELATING TO FORMS FOR APPLICATION FOR EXEMPTION FROM THE REAL ESTATE TRANSFER TAX. BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Amendment. Subsection A. of Section 3.12.070 of Chapter 12, Title 3 of the Municipal Code of the Town of Avon is amended to provide as follows: "3.12.070 Application for exemption - Form of certificate -Approval. A. In the event that any transfer which is exempt from the real property transfer tax does not reflect that exemption clearly in the document evidencing the transfer, the grantee may apply for a certificate of exemption from the town manager, which certificate of exemption may be affixed to the document evidencing such transfer. The certificate of exemption shall be in the following form or in such other form as shall be prescribed by the town manager: TOWN OF AVON APPLICATION FOR EXEMPTION FROM REAL PROPERTY TRANSFER TAX Grantee(s) (Buyer(s)): Mailing Address of Grantee: Date of Closing or Conveyance: Sales Price or other Consideration: Legal Description: Address of Property: The undersigned hereby applies for exemption of the above real estate transaction from the payment of the Real Property Transfer Tax, imposed by Chapter 3.12 of the Municipal Code of the Town of Avon. The basis of the application for exemption is as follows: (State grounds for exemption, including applicable section and subsection of the Real Property Transfer Tax Ordinance under which the exemption is requested. Attach supporting documents and affidavit if necessary setting out additional details for full understanding of the transaction) I hereby certify under penalty of perjury that the foregoing statements are true and correct. Grantee(s) Date I hereby certify that the above described transfer of real property should be exempted from the payment of the Avon Real Property Transfer Tax under Chapter 3.12, section 3.12.060 of the Municipal Code of the Town of Avon. Town Attorney Date The above described transfer of real property is exempted from the payment of the Avon Real Property Transfer Tax under Chapter 3.12, section 3.12.060 of the Municipal Code of the Town of Avon. Town Manager Date Return copy of application to: 71 INTRODUCED, APPROVED, PASSED ON FIRST READING AND ORDERED POSTED the 23rd day of April, 2002, and a public hearing on this ordinance shall be held at the regular meeting of the Town Council on the 14th day of May, 2002, at 5:30 P.M. in the Council Chambers, Avon Municipal Building, 400 Benchmark Road, Avon, Colorado. Mayor ATTEST: Town Clerk INTRODUCED, FINALLY APPROVED, PASSED ON SECOND READING AND ORDERED POSTED the 14th day of May, 2002. Mayor ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorney AVO N C O L O R A D O Tom ofA m P.O. BCD(M 400 BendNi-alc Road Awn, Cabracb 81620 970-748.4005 Office of the Assistant Town Manager To: Honorable Mayor and Town Council Fr: Larry Brooks, Assistant Town Manage Via: Bill Efting, Town Manage X_ Dt: 4/19/02 Re: Buffalo Ridge Housing Project The Buffalo Ridge Housing project will consist of 244 rental units constructed within 15 buildings. This project, which is being constructed as part of the affordable housing obligation of the Village at Avon, is receiving funding and support from a variety of sources. Resolutions 02-05 and 02-06 for the council's consideration will authorize project funding as follows: Resolution 02-05 This resolution approves the issuance of 63-20 bonds in an amount up to $10,500,000. This is a parameters resolution, since the pricing has not yet occurred on these bonds. We have also enclosed the Pricing Agreement for these bonds with the resolution. We wanted the council to specifically note this document since it is the one document specified in this resolution that will require the Mayor's signature. The remaining documents referenced in the heading will be presented by Bond Council at the meeting. Resolution 02-06 This is the pricing resolution for the Private Activity Bonds (PAB). These bonds were previously approved by ordinance. Since the bonds have now been priced, this resolution serves to approve the specific terms of the issuance. These bonds do not result in any pecuniary liability for the Town of Avon. Manager Comments:V ?/ ?u 5 jtmG ' v ?? TOWN OF AVON, COLORADO RESOLUTION NO. 02-05 SERIES OF 2002 RESOLUTION APPROVING THE ISSUANCE BY BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION OF MULTIFAMILY HOUSING PROJECT REVENUE BONDS (GNMA MORTGAGED-BACKED SECURITIES PROGRAM) SERIES 2002, IN AN AGGREGATE PRINCIPAL AMOUNT OF UP TO $10,500,000; AUTHORIZING A PROJECT AGREEMENT, A INDENTURE, A FINANCING AGREEMENT, A MORTGAGE AND A MORTGAGE NOTE; AND AUTHORIZING INCIDENTAL ACTION. WHEREAS, Buffalo Ridge Affordable Housing Corporation (the "Corporation") has been duly organized under the provisions of the Colorado Nonprofit Corporation Act, Articles 121 through 137 of Title 7, Colorado Revised Statutes, as amended, for the purpose of acquiring interests in real property and to construct, install and operate certain improvements in the Town of Avon, Colorado (the "Town") and WHEREAS, the Corporation proposes to acquire real and personal property and construct improvements to provide dwelling accommodations at rentals within the means of individuals or families of low or moderate income (the "Project"), known as the Buffalo Ridge I Apartments; and WHEREAS, in order to finance the Project, the Corporation intends to enter into a Trust Indenture dated as of May 1, 2002 (the "Indenture") with Wells Fargo Bank West, National Association, as Trustee under the Indenture (the "Trustee") and to issue its Multifamily Housing Project Revenue Bonds (GNMA Mortgage-Backed Securities Program - Buffalo Ridge I Apartments Project), Series 2002, in an aggregate principal amount of up to $10,500,000 (collectively, the 'Bonds"); and WHEREAS, the Town and the Corporation propose to execute and deliver a Project Agreement dated as of May 1, 2002 (the "Project Agreement"), under the terms of which the Corporation is responsible for operating the Project, and title to the Project shall vest in the Town upon the end of the term of the Project Agreement; and WHEREAS, in order to provide funds for the Project, AMI Capital, Inc. (the "Lender") will originate a mortgage loan to the Corporation, such mortgage loan to be insured by the FHA; and WHEREAS, in order to evidence its obligations under the Mortgage Loan, the Corporation intends to execute and deliver to the Lender a promissory note in the amount of up \\\DE - 86736/0001 - 144885 v1 to $10,500,000 (the "Mortgage Note") and in order to secure it obligations under the Mortgage Note the Corporation intends to execute and deliver to the Lender a deed of trust on the Project (the "Mortgage") for the benefit of the Lender; and WHEREAS, in order to provide security for the Bonds, the Corporation intends to enter into a Financing Agreement dated as of May 1, 2002 (the "Financing Agreement") among the Corporation, the Lender and the Trustee, pursuant to which the Corporation will direct the Trustee to use proceeds of the Bonds to purchase from the Lender fully modified mortgage- backed securities secured by the Government National Banking Association; and WHEREAS, proposed forms of the Indenture (including the form of the Bonds contained therein), the Financing Agreement, the Mortgage, the Mortgage Note, and the Project Agreement have been presented before the Town Council at this meeting. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, AS FOLLOWS: 1. Approval of the Financing Documents. The terms of the proposed Project Agreement and the Mortgage, in substantially the form presented at this meeting, and the Corporation entering into the Financing Agreement, the Indenture and the Mortgage are hereby approved. (The Project Agreement, the Mortgage Note, the Financing Agreement, the Indenture and the Mortgage are collectively referred to herein as the "Financing Documents.") 2. Issuance of the Bonds. The Bonds shall be issued in an aggregate principal amount not to exceed $10,500,000. The Bonds and the issuance thereof by the Corporation for the purpose of financing the Project are, in all respects, hereby approved. The Bonds shall be issued solely as fully registered bonds without coupons in the denominations as provided in the Indenture. The Bonds shall bear interest payable at the rates and times and will mature in the amounts and on the dates set forth in the Indenture, as finally executed; provided that the maximum net effective interest rate on the Bonds shall not exceed 7% and the maximum maturity shall be no later than January 20, 2044. The Bonds shall be issued and secured as set forth in the Indenture, and the forms, terms and provisions of the Bonds and the provisions for their execution, authentication, payment, registration, transfer, exchange, redemption and number shall be as set forth in the Indenture. 3. Town Action. All actions taken by the members of the Town Council and other officials of the Town toward organizing the Corporation, acquiring the Project and obtaining funds to finance the Project are hereby ratified and confirmed. The Mayor of the Town and Mayor Pro Tem (the "Mayor") and the Town Clerk of the Town (the "Town Clerk") are hereby authorized and directed to execute and deliver such documents and to take all action necessary or reasonably required by the terms of the Financing Documents to carry out, give effect to and consummate the transactions contemplated hereby and thereby, including the execution and delivery of the Project Agreement in substantially the form presented at this meeting, with such variations or revisions thereto deemed necessary by the Mayor. Execution of 2 \\\DE - 86736/0001 - 144885 v1 the Project Agreement by the Mayor shall be deemed to be final approval by the Town of the issuance of the Bonds and all the provisions contained in the Financing Documents. 4. No Indebtedness of the Town. No provision of this Resolution or of the Financing Documents, the Indenture, the Bonds or any other instrument executed in connection therewith, shall be construed as creating an obligation on the part of the Town to pay the principal of, premium, if any, or interest on the Bonds or to pay the principal of or interest on the Mortgage Note, nor as creating an indebtedness or financial obligation on the part of the Town within the provisions or limitations of any statutory or constitutional provision of the laws of the State of Colorado. 5. Title to Project. The Town hereby determines that it will accept title to the Project, including any additions thereto, when all the Bonds are fully paid and discharged in accordance with the Project Agreement and the Indenture. 6. Corporation's Board of Directors. The Town hereby confirms the following as the current Board of Directors of the Corporation. Gerald E. Flynn Jeffrey Spanel Larry Brooks Allan Nottingham James Telling The Town also confirms the appointment of E.J. Olbright as a sixth director of the Corporation effective on the date of issuance of the Bonds. 7. Severability. If any provision of this Resolution should be held invalid, the invalidity of such provision shall not affect any of the other provisions of this Resolution, the intention being that the various provisions hereof are severable. 8. Other Actions. The appropriate officers of the Town are hereby authorized to execute and deliver for and on behalf of the Town, any or all additional certificates, acknowledgments, documents and other papers and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters authorized in this Resolution and in any resolution of the Corporation. 3 \\\DE - 86736/0001 - 144885 v1 9. Effective Date; Repealer. This Resolution shall take effect immediately upon its passage, and all acts, orders, resolutions, or parts thereof, taken by the Town in conflict with this Resolution are hereby repealed or modified to the extent of such conflict. INTRODUCED, APPROVED AND ADOPTED the 23rd of April, 2002. TOWN OF AVON, COLORADO (TOWN SEAL) By: ATTEST: Town Clerk Mayor 4 \\\DE - 86736/0001 - 144885 v1 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The Town Council of the Town of Avon, Colorado, held a regular meeting open to the public at the Town Council Chambers at 400 Benchmark Road, Avon, Colorado, on Tuesday, the 23rd of April, 2002, at 5:30 p.m. The following members of the Town Council, constituting a quorum thereof, were present: Council Members: The following members of the Town Council were absent: The following persons were also present: Council Member moved that the Resolution be finally passed and adopted and numbered . Council Member seconded the motion, and the question being upon the final passage and adoption of the Resolution, the roll was called with the following results: Council Members voting "Yes": Council Members voting "No": The Mayor thereupon declared the Resolution finally passed and adopted and instructed the Town Clerk to number the same as moved. 5 \\\DE - 86736/0001 - 144885 v1 After consideration of other business to come before the Town Council, the meeting was adjourned. (TOWN SEAL) By: Mayor ATTEST: Town Clerk \\\DE - 86736/0001 - 144883 v1 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) I, Patty Mckenny, Town Clerk of the Town of Avon, Colorado, do hereby certify that the attached copy of Resolution No. 02-05, Series of 2002, is a true and correct copy; that said Resolution was passed by the Town Council of the Town of Avon, Colorado, at its regular meeting held at 400 Benchmark Road, Avon, Colorado, the regular meeting place thereof, on Tuesday, the 23rd day of April, 2002; that a true copy of said Resolution has been authenticated by the signatures of the Mayor of the Town of Avon and myself as Town Clerk thereof, sealed with the seal of the Town, and numbered and recorded in a book kept for that purpose in my office; that the foregoing pages 1 through 6, inclusive, constitute a true and correct copy of the record of the proceedings of said Town Council at its regular meeting of April 23, 2002, insofar as said proceedings relate to said Resolution; that said proceedings were duly had and taken, that the meeting was duly held; and that the persons were present at said meeting as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town of Avon, Colorado this 23rd day of April, 2002. (TOWN SEAL) Town Clerk Town of Avon, Colorado 7 \\\DE - 86736/0001 - 144885 v1 DRAFT: 4/18/02 BUFFALO RIDGE AFFORDABLE HOUSING PROJECT PROJECT AGREEMENT THIS PROJECT AGREEMENT (the "Agreement") is made as of May 1, 2002, by and between BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION, a Colorado nonprofit corporation (the "Corporation") and the TOWN OF AVON, COLORADO (the "Town"). RECITALS: A. The Corporation has been organized under the Colorado Revised Nonprofit Corporations Act to acquire property in order to provide affordable housing facilities, for the benefit and on behalf of the Town and its inhabitants. B. The Corporation shall issue its Multifamily Housing Project Revenue Bonds (GNMA Mortgage-Backed Securities Program - Buffalo Ridge I Apartments Project), Series 2002 (the "Series 2002 Bonds") in an aggregate principal amount not to exceed $10,500,000 for the purpose of acquiring and constructing real and personal property to be operated by the Corporation and known as "Buffalo Ridge I Apartments" (the "Project"), to be located within the boundaries of the Town on the property described in Exhibit A hereto, to provide dwelling accommodations at rentals within the means of individuals or families of low or moderate income, as determined by the Board of Directors of the Corporation from time to time. C. The Series 2002 Bonds shall be issued pursuant to the Trust Indenture dated as of May 1, 2002 (the "Indenture") between the Corporation and Wells Fargo Bank West, National Association, as Trustee (the "Trustee"). The Series 2002 Bonds and any Additional Bonds issued under the Indenture are referred to hereinafter as the "Bonds." All capitalized terms used herein, unless otherwise defined, shall have the meanings ascribed thereto in the Indenture. TERMS For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Town and the Corporation, on behalf of themselves and their respective successors and assigns, agree as follows: Section 1. Project Operation. The Corporation hereby covenants and agrees to operate the Project at standards required to provide decent, safe, and sanitary housing facilities at reasonable rental rates, in a sound and economical manner, as provided in the Indenture and the Financing Agreement. In leasing units of the Project, the Corporation shall give priority to natural persons meeting the requirements of "Qualified Renters" as defined in the Indenture, and \ \ \ DE - 86736 / 1 - 140308 v1 may allow a mark-up in rental rates charged to subtenants by master lessees to permit the recovery of actual administrative costs. Nothing herein or in any resolutions of the Town shall be interpreted to require the Town to undertake responsibility for operation of the Project. The Corporation has obtained a Phase I Environmental Inspection Report prepared by Waste Engineering, Inc. (the "Phase I Report") and, to the best of the Corporation's knowledge based on such Phase I Report, there are, with respect to the Land, no violations of any Environmental Requirements. The Corporation shall comply with all Environmental Requirements in connection with the operation and use of the Project. No Regulated Chemicals are or will be discharged from the Project, directly or indirectly, except as authorized by any applicable governmental laws. The Corporation hereby agrees to pay, defend, indemnify and save the Town, the members of the City Council, its mayor, officers, attorneys, employees, agents, accountants and staff, and the Trustee (collectively, the "Indemnified Persons") harmless from and against all liabilities, losses, damages, costs, expenses (including attorneys' fees), causes of action (whether in contract, tort or otherwise), suits, claims, demands and judgments of every kind, character and nature whatsoever arising out of or related to the Corporation's construction, equipping, renovation, improving and installation of the Project and during such period as the Corporation shall utilize the Project (collectively referred to herein as the "Liabilities"), including, without limitation, (1) Environmental Damages; (2) any injury to or death of any person or damage to property in or upon the Project or growing out of or connected with the use, nonuse, condition or occupancy of the Project or any part thereof, or (3) violation by the Corporation of any law, ordinance or regulation affecting the Project or any part thereof or the utilization, occupancy or use thereof. The provisions of this paragraph shall not be available to any Indemnified Person who personally causes or contributes to any such Liabilities by reason of his or her own gross negligence or willful misconduct. Section 2. Town Benefit. The Corporation covenants and agrees that all activities of the Corporation shall be undertaken for the benefit of the Town. Upon termination of this Agreement, the Town shall be entitled to acquire title to the Project without cost, as provided in the Indenture and herein. Section 3. Right to Acquire. As further provided in Section 12.02 of the Indenture, the Town is hereby granted the right to obtain, at any time, fee title and exclusive possession of all the Project financed by the Bonds free from liens and encumbrances created by the Corporation related to the Bonds (but subject to other Permitted Encumbrances, as defined in the Indenture), and any additions to such property, by (1) placing into escrow an amount that will be sufficient to defease such Bonds and the Mortgage Loan, (2) paying reasonable costs incident to the defeasance, and (3) complying with all other requirements of Article XII of the Indenture. The Town, at any time before it defeases such obligations, shall not agree or otherwise be obligated to convey any interest in such property to any person (including the United States of America or its agencies or instrumentalities) for any period extending beyond or beginning after the Town defeases such obligations. In addition, the Town shall not agree or otherwise be 2 \\\DE - 86736/1 - #137327 v I obligated to convey a fee interest in such property to any person who was a user thereof (or a related person), before the defeasance within 90 days after the Town defeases such obligations. Section 4. Unencumbered Title. The Corporation shall provide in each agreement it enters into in connection with the leasing and management of the Project that such agreement shall terminate in the event that the Town exercises its purchase option right hereunder; provided however that with respect to leases to natural persons entered into in the ordinary course of business for a period of 12 months or less, such termination shall not take effect unless the Town determines to use such Project for other than residential housing. If the Town exercises its option under Section 3, the Corporation shall immediately cancel all encumbrances on such property, including all leases and management agreements (subject to certain Permitted Encumbrances as aforesaid); provided, however, that the Corporation shall not be required to cancel leases to natural persons entered into in the ordinary course of business for a period of not greater than 12 months unless the Town has determined to use the Project for other than residential housing. Any lease, management contract, or similar encumbrance on such property will be considered immediately cancelled if the lessee, management company, or other user vacates such property within a reasonable time, not to exceed 90 days, after the date the Town exercises its rights under Section 3. Section 5. Default Rights. Upon the occurrence of an "Event of Default" as defined in Section 8.01 of the Indenture or under the FHA Loan Documents, the Corporation shall cause the Trustee, within five days of such occurrence, to provide notice to the Town, and the Town shall have the option to cure such Event of Default within 90 days after receipt of such notice, provided that Bonds may still be declared due and payable under Section 8.02 of the Indenture prior to the expiration of such 90-day period, but such declaration shall be immediately annulled in the event the County cures the Event of Default within such 90-day period. As provided in Section 8.02 of the Indenture, amounts advanced by the Town as a result of the exercise of this option to cure monetary defaults hereunder and reasonable, direct expenses of the Town advanced to cure nonmonetary defaults hereunder shall be deemed to be Indebtedness of the Corporation to the Town. Such indebtedness shall not be secured by the Indenture. In addition to the foregoing and consistent with Article XII of the Indenture, if pursuant to Article VIII of the Indenture, the Trustee declares the principal of any Bonds then outstanding to be due and payable and any foreclosure proceeding or other action is commenced under the Indenture or the FHA Loan Documents which could lead to the sale or other disposition of the property pledged thereunder, the Town is hereby granted an exclusive option to purchase all such property (including the Project), for the amount of the outstanding Bonds and the Mortgage Loan and accrued interest to the date of default. The Town shall have not less than 90 days from the date it is notified by the Trustee or the Lender of such action in which to exercise the option, and not less than 90 days from the date it exercises the option to purchase the property. The Trustee or any Bondholders, the Lender or other parties responsible for commencing any such foreclosure proceeding or other action shall be required to take any action necessary, including submission of requests for continuance of foreclosure to the Public Trustee of Eagle County, Colorado, in order to ensure that the Town has the full 90 day period referred to herein to exercise its option (which option shall be exercised by giving written notice of such 3 VAADE - 86736/1 - #137327 v1 exercise to the Trustee and the Corporation) and purchase the Project and such other property, including ensuring that the foreclosure sale does not occur prior to the expiration of the 90 day period referred to herein. Other than the foregoing requirement, the provisions of Section 12.02 of the Indenture are not intended and shall not be interpreted so as to limit the Lender's rights to pursue their remedies hereunder and under the FHA Loan Documents. Nothing herein shall be construed to create any obligation of the Town to cure any Event of Default. In the event that the FHA Loan Documents recorded in the records of the Clerk and Recorder of Eagle County, Colorado prior to this Agreement (or any replacement thereof), is foreclosed, either through public trustee's sale or judicial foreclosure, then upon compliance with the provisions of this Section 5 and Section 12.02 of the Indenture and expiration of all cure and redemption periods provided for under this Agreement or by statute, (i) this Agreement shall terminate and be of no further force or effect; (ii) neither the Town nor the Corporation shall have any right, title or interest in and to the Project arising out of this Agreement; (iii) any provisions of this Agreement permitting the Town to acquire title to the Project, including, without limitation, the provisions of Section 2, shall be void and of no force or effect; and (iv) the purchaser of title to the Project shall take title free and clear of this Agreement. Section 6. Funds in Indenture. As required under Section 12.02 of the Indenture, in the event the Town exercises its options under Section 3 or 5 hereof, the Town shall receive a credit towards its defeasance or purchase costs in the amount of any fund or account balances held under the Indenture with the exception of the Excess Investment Earnings Fund, as defined in the Indenture and any amount needed to pay additional interest on the Bonds or expenses in connection with such defeasance under Section 12.01 of the Indenture. Section 7. Title. Unencumbered fee title (subject to certain Permitted Encumbrances approved by the Town as aforesaid) to the Project and any additions thereto and exclusive possession and use thereof will vest in the Town without demand or further action on its part when all the Bonds are discharged. For purposes of this Section 7, such obligations will be discharged when (a) cash is available at the place of payment on the date that the obligations are due (whether at maturity or upon call for redemption) and (b) interest ceases to accrue on the obligations or (c) when the Bonds and other obligations are defeased as provided in Article XII of the Indenture or upon the exercise of the Town's purchase option as provided herein. All leases, management contracts and similar encumbrances on the Project shall terminate upon discharge of said obligations, except as otherwise provided in this Agreement. Encumbrances that do not significantly interfere with the enjoyment of such property, such as the Permitted Encumbrances, are not considered encumbrances for purposes of this Section. Section 8. Indenture Rights; Approval of Town. The Corporation hereby covenants and agrees that the provisions of the Indenture granting any rights to the Town shall not be amended or modified without the consent of the Town. By execution hereof, the Town hereby consents to the provisions of the Indenture relating to the rights of the Town and confirms its approval of the issuance of the Series 2002 Bonds. 4 \\\DE - 86736/1 - # 137327 v I Section 9. Consolidation or Merger. The Corporation hereby covenants and agrees that during the term of this Agreement it will maintain its corporate existence, will continue to be a nonprofit corporation duly qualified to do business in the State of Colorado, will not merge or consolidate with any person unless it first obtains the written consent of the Town. Section 10. Prohibition on Transfer. The Corporation hereby covenants and agrees that during the term of this Agreement it shall not sell, transfer, assign or lease (other than leases in the ordinary course of business for a period not greater than 12 months) all or any portion of the Project without the prior written consent of the Town. Section 11. Performance of Covenants. The Corporation hereby agrees to execute, acknowledge and deliver such documents as are reasonably requested by the Town to evidence transfer of ownership of the Project from the Corporation to the Town pursuant to and in furtherance of the terms of this Agreement and to execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered such instruments, and transfers as the Town may reasonably require for the better assuring, transferring, pledging and hypothecating unto the Town all its rights and benefits hereunder. Section 12. Term. This Agreement shall terminate upon the vesting of title to the Project in the Town as herein provided. Section 13. Burden on Property. This Agreement is a burden upon and runs with the property described in Exhibit A hereto and is binding upon the Corporation and upon all persons or entities with any right, title or interest to such property or any part thereof. This Agreement may be released therefrom in the same manner as the release of property under the Mortgage executed in connection with the issuance of the Bonds. 5 VAADE - 56736/1 - #137327 vl IN WITNESS WHEREOF, the undersigned have hereunto set their hand as of the day and year first mentioned above. TOWN OF AVON, COLORADO BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION By: By: Mayor President [SEAL] [SEAL] ATTEST: ATTEST: Town Clerk Secretary 6 \\\DE - 86736/1 - #137327 vl STATE OF COLORADO ) ) ss. CITY AND COUNTY OF DENVER ) The foregoing instrument was acknowledged before me this _ day of May, 2002 by Gerald E. Flynn, as President, on behalf of BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION, a Colorado nonprofit corporation. WITNESS my hand and official seal. My Commission expires: [SEAL] Notary Public STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this _ day of May, 2002 by Judy Yoder, as Mayor, on behalf of the TOWN OF AVON, COLORADO. WITNESS my hand and official seal. My Commission expires: [SEAL] Notary Public 7 VV\DE - 86736/1 - #137327 vl EXHIBIT A Description of Buffalo Ridge I Project Site The following real property and all buildings and improvements, and fixtures or appurtenances, now or hereafter erected thereon: Lots 2 and 4, The Village (at Avon) Filing No. 2, County of Eagle, State of Colorado. A-1 \\\DE - 86736/1 - #137327 vl TOWN OF AVON, COLORADO RESOLUTION NO. 02-06 SERIES OF 2002 RESOLUTION APPROVING CERTAIN TERMS OF $15,650,000 OF THE TOWN'S MULTIFAMILY HOUSING REVENUE BONDS (GNMA MORTGAGE-BACKED SECURITIES PROGRAM - BUFFALO RIDGE II APARTMENTS PROJECT), SERIES 2002, RATIFYING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS. WHEREAS, pursuant to Ordinance No. 02-03 adopted by the Town Council of the Town of Avon, Colorado (the "Town") on February 26, 2002, as amended by Ordinance No. 02-05 adopted by the Town on March 26, 2002, the Town has authorized the issuance of up to $16,000,000 of the Town's Multifamily Housing Project Revenue Bonds (GNMA Mortgage- Backed Securities Program - Buffalo Ridge II Apartments Project), Series 2002 (the "Bonds"), under a Trust Indenture dated as of April 1, 2002 (the "Indenture") between the Town and Wells Fargo Bank West, National Association, as Trustee (the "Trustee"), and the execution and delivery of the Indenture and a Financing Agreement (the "Agreement") dated as of April 1, 2002, with Buffalo Ridge II LLLP, a Colorado limited liability limited partnership (the "Borrower"), AMI Capital, Inc. and the Trustee (which Indenture and Financing Agreement have subsequently been redated as of May 1, 2002); and WHEREAS, the Mayor of the Town (the "Mayor") has executed and the Town Clerk of the Town (the "Town Clerk") has attested a Bond Purchase Agreement dated April 18, 2002 (the "Bond Purchase Agreement"), between the Town, the Borrower, and Kirkpatrick Pettis Smith Polian, Inc. (the "Underwriter") pursuant to which the Underwriter has agreed, upon the satisfaction of certain conditions, to purchase the Bonds; and WHEREAS, as contemplated by Ordinance No. 02-03, the Town desires to provide for certain terms of the Bonds. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, AS FOLLOWS: 1. Terms of the Bonds. The Bonds shall be issued in two separate series designated as "Town of Avon Multifamily Housing Project Revenue Bonds (GNMA Mortgage- Backed Securities Program - Buffalo Ridge II Apartments Project), Series 2002A" (the "Series 2002A Bonds") and "Town of Avon Taxable Multifamily Housing Project Revenue Bonds (GNMA Mortgage-Backed Securities Program - Buffalo Ridge II Apartments Project), Series 2002B" (the "Series 2002B Bonds"). \\\DE - 86736/0001 - 144899 v1 The Series 2002A Bonds shall be issued in the aggregate principal amounts, shall bear interest, and shall mature on the dates and in the amounts set forth below and in accordance with the terms set forth in the Indenture. Maturity Date Principal Amount Interest Rate October 20, 2033 October 20, 2043 $3,050,000 $7,950,000 5.60% 5.70% The Series 2002B Bonds shall be issued in the aggregate principal amounts, shall bear interest, and shall mature on the dates and in the amounts set forth below and in accordance with the terms set forth in the Indenture. Maturity Date Principal Amount TnterPCt R nta October 20, 2017 October 20, 2027 $1,815,000 $2,835,000 6.52% 7.22% All other terms of the Bonds shall be as set forth in the Indenture and in accordance with Ordinance No. 02-03, as amended by Ordinance No. 02- 05. 2. Ratification of Execution of Bond Purchase Agreement. The execution by the Mayor and attestation by the Town Clerk of the Bond Purchase Agreement, and all actions taken by the Mayor or Town Clerk in connection therewith, are hereby ratified, approved and confirmed. 3. Severability. If any provision of this Resolution should be held invalid, the invalidity of such provision shall not affect any of the other provisions of this Resolution, the intention being that the various provisions hereof are severable. 4. Other Actions. The appropriate officers of the Town are hereby authorized to execute and deliver for and on behalf of the Town, any or all additional certificates, acknowledgments, documents and other papers, including the Indenture and the Agreement (the forms of which previously have been presented to Town Council), and to perform all other acts they may deem necessary or appropriate in order to implement and carry out the matters authorized in this Resolution. 2 \\\DE - 86736/0001 - 144899 v1 5. Effective Date; Repealer. This Resolution shall take effect immediately upon its passage, and all acts, orders, resolutions, or parts thereof, taken by the Town in conflict with this Resolution are hereby repealed or modified to the extent of such conflict. INTRODUCED, APPROVED AND ADOPTED the 23rd of April, 2002. TOWN OF AVON, COLORADO (TOWN SEAL) By: ATTEST: Town Clerk Mayor 3 \\\DE - 86736/0001 - 144899 v1 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The Town Council of the Town of Avon, Colorado, held a regular meeting open to the public at the Town Council Chambers at 400 Benchmark Road, Avon, Colorado, on Tuesday, the 23rd of April, 2002, at 5:30 p.m. The following members of the Town Council, constituting a quorum thereof, were present: Council Members: The following members of the Town Council were absent: The following persons were also present: Thereupon, Council Member moved that the Resolution be finally passed and adopted and numbered Council Member seconded the motion, and the question being upon the final passage and adoption of the Resolution, the roll was called with the following results: Council Members voting "Yes": Council Members voting "No": The Mayor thereupon declared the Resolution finally passed and adopted and instructed the Town Clerk to number the same as moved. 4 \\\DE - 86736/0001 - 144899 v1 After consideration of other business to come before the Town Council, the meeting was adjourned. (TOWN SEAL) By: ATTEST: Town Clerk Mayor 5 \\\DE - 86736/0001 - 144899 v1 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) I, Patty Mckenny, Town Clerk of the Town of Avon, Colorado, do hereby certify that the attached copy of Resolution No. 02-06, Series of 2002, is a true and correct copy; that said Resolution was passed by the Town Council of the Town of Avon, Colorado, at its regular meeting held at 400 Benchmark Road, Avon, Colorado, the regular meeting place thereof, on Tuesday, the 23rd day of April, 2002; that a true copy of said Resolution has been authenticated by the signatures of the Mayor of the Town of Avon and myself as Town Clerk thereof, sealed with the seal of the Town, and numbered and recorded in a book kept for that purpose in my office; that the foregoing pages 1 through 5, inclusive, constitute a true and correct copy of the record of the proceedings of said Town Council at its regular meeting of April 23, 2002, insofar as said proceedings relate to said Resolution; that said proceedings were duly had and taken, that the meeting was duly held; and that the persons were present at said meeting as therein shown. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Town of Avon, Colorado this 23rd day of April, 2002. (TOWN SEAL) \\\DE - 86736/0001 - 144899 vl Town Clerk Town of Avon, Colorado 6 Memo To: Honorable Mayor and Town Council Thru: Bill Efting, Town Manager 1?- From: Norm Wood, Town Engineer?i%G' Date: April 18, 2002 Re: The Village (at Avon) Filing 2 - Final Plat and Subdivision Improvements Agreement / Resolution No. 02-20, Series of 2002 Summary: Buffalo Ridge Affordable Housing Corporation, a Colorado nonprofit corporation, Buffalo Ridge II LLLP and Traer Creek LLC have submitted a Final Plat and related Subdivision Improvements Agreement (SIA) for The Village (at Avon) Filing 2. Traer Creek LLC will be a party to the SIA only with respect to consent to the subdivision as current owner of the property but will have no responsibility with respect to completion of the public improvements. The Final Plat is in conformance with the Preliminary Plan that was previously approved by Resolution No. 01-34, Series of 2001. 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 SIA also allows recording of the Final Plat prior to the closing of HUD Financing and delivery of the Security for Completion of the Subdivider's Improvements. If the HUD financing has not closed and the Security for Completion of Subdivider's Improvements has not been delivered to the Town within 15 days after recordation of the Final Plat, the Town shall have the unilateral right to vacate the Final Plat for the Subdivision. The security for completion of the improvements shall be in the form of an irrevocable letter of credit or other collateral acceptable to the Town in an amount of not less than $2,440,635.00 (100% of the estimated cost of the improvements). IAEngineering\Avon Village\Filing 2\Subdivision\Res 02-20 Final Plat Memo.Doc The proposed Final Plat and SIA are in conformance with the Annexation and Development Agreement as Amended by the First Amendment to the Annexation and Development Agreement as approved by the adoption of Ordinance No. 01-16. Approval of this Final Plat and SIA is recommended. Recommendations: Approve Resolution No. 02-20, Series of 2002, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 2, Town of Avon, Eagle County, Colorado. Proposed Motion: I move to approve Resolution No. 02-20, Series of 2002, A Resolution Approving Final Plat and Subdivision Improvements Agreement for The Village (at Avon) Filing 2, Town of Avon, Eagle County, Colorado.. Town Manager Comments: Cam ??? I:\Engineering\P.von Village\Filing 2\Subdivision\Res 02-20 Final Plat Memo.Doc 2 TOWN OF AVON RESOLUTION NO. 02-20 Series of 2002 A RESOLUTION APPROVING FINAL PLAT AND SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE VILLAGE (at Avon) FILING 2, TOWN OF AVON, EAGLE COUNTY, COLORADO WHEREAS, Buffalo Ridge Affordable Housing Corporation, a Colorado nonprofit corporation, Buffalo Ridge II LLLP and Traer Creek 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 2, Town of Avon, Eagle County, Colorado for approval in accordance with Chapter 16.20 of the Avon Municipal Code; and WHEREAS, on November 13, 2001, the Town held a public hearing at which it received evidence and testimony concerning the Preliminary Plan for The Village (at Avon) Filing 2, at the conclusion of which the Town Council considered such evidence and testimony and approved the Preliminary Plan by adoption of Resolution No. 01-34; and WHEREAS, the Final Plat is in general conformance with the Preliminary Plan as approved by Resolution No. 01-34; 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. Development / Sketch Plan dated October 13, 1998 and any amendments or modifications thereto; and WHEREAS, the attached Subdivision Improvements Agreement and associated public improvement plans provides for the construction of the public improvements required for development of The Village (at Avon) Filing 2 Subdivision and the securities to assure completion of the public improvements as required by Section 16.24.100 of the Avon Municipal Code. IAEngineering\Avon VillageWiling 2\Subdivision\Res 02-20 Final Plat.Doc 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 2 is in general conformance with the Preliminary Plan as approved by Town of Avon Resolution No. 01-34 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 prior to recording of Final Plat and the submission to and acceptance by, the Town of Avon, of the following items prior to the issuance of any permits or start of any construction within the subdivision: A. Irrevocable Letter of Credit or other acceptable security in an amount of not less than $2,440,635.00 to assure completion of Subdivider public improvements; and B. Approved construction plans, specifications and related documents for construction of public improvements as identified in Subdivision Improvements Agreement Exhibits A and B; and C. Revised Debris Flow Mitigation Report conforming to Memo dated April 18, 2002, from Leslie Hope of High Country Engineering; and D. Written approval of emergency access and fire hydrant spacing by Eagle River Fire Protection District; and E. Written approval of plans for water and sewer facilities by Eagle River Water & Sanitation District; and F. Written approval by applicable utility companies of construction plans for utility services including electric, natural gas, telephone and cable TV. ADOPTED THIS DAY OF April 2002. TOWN COUNCIL TOWN OF AVON, COLORADO Judy Yoder, Mayor ATTEST: Kris Nash Town Clerk IAEngineering\Avon Village\Filing 2\Subdivision\Res 02-20 Final P1at.Doc 2 SUBDIVISION IMPROVEMENTS AGREEMENT THIS AGREEMENT, made and entered into this day of April, 2002, is by and among BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION, a Colorado nonprofit corporation and BUFFALO RIDGE II LLLP, a Colorado limited liability limited partnership (collectively "Subdivider"), and the TOWN OF AVON, a Colorado municipality, by and through its Council (the "Town"). RECITALS WHEREAS, Subdivider, in connection with the approval of the final plat for The Village (at Avon) Filing 2, consisting of approximately 138.469 acres in Section 12, T. 5 S., R. 82 W. and Section 7, T. 5 S., R. 81 W., of the 6th P.M., Town of Avon, Eagle County, Colorado (the "Subdivision"), desires 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 Subdivider is responsible for the performance and completion of the Improvements and the parties desire to set forth their agreement with regard to compliance with the same; and WHEREAS, the Town and Subdivider are parties to those certain bond issuance and HUD insured financing documents ("HUD Financing") pertaining to the financing and construction of the Buffalo Ridge Apartments. 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 2 ("Final Plat") shall be promptly filed for record with the Office of the Eagle County Clerk and Recorder. 2. Completion of Work. (a) Performance. Subdivider 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. Subdivider further 1 514415.8 agrees that it will be responsible for all costs of Improvements. 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 twenty-four (24) months of the date of the Town's approval of the Final Plat for the Subdivision. (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. (2) Designation of Inspectors. Prior to commencement of construction work on the Improvements, the Town shall 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 Subdivider or its agents from any responsibility or obligation to assure that all work is completed in conformance with all 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 Subdivider and 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, it shall give written notice of such non-compliance to Subdivider ("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 Subdivider within two (2) working days of the date of the inspection. 3. Security for Completion of Improvements. (a) Security. To secure completion of the Improvements, Subdivider hereby agrees to secure its respective 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 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 Security. Subdivider may substitute another form of collateral acceptable to the Town in place of the forms of security set forth above in order to guaranty the faithful completion of the Improvements and the performance of the terms of this Agreement. 2 514415.8 4. Subdivider Improvements. (a) Security for Completion of Subdivider's Improvements. Subdivider shall deliver to the Town irrevocable letter(s) of credit issued by a reputable financial institution or other collateral acceptable to the Town and consistent with Section 16.24.100 of the Code in an amount equal to one hundred percent (100%) of the estimated cost of completion of Subdivider's Improvements set forth on Exhibit B. The Town hereby acknowledges that the Final Plat for the Subdivision may be recorded prior to the closing of the HUD Financing, but Subdivider acknowledges and agrees that if the HUD Financing has not closed and the letter(s) of credit or other collateral acceptable to the Town has not been delivered to the Town within 15 days after recordation of the Final Plat for the Subdivision, the Town shall have the unilateral right to vacate the Final Plat for the Subdivision. (b) Progress Payments on Subdivider's Improvements. Subdivider agrees that a separate schedule of values for the Improvements shall be included in the construction contracts for the Buffalo Ridge Apartments. The Subdivider may make progress payments to its contractors on a monthly basis upon (i) the partial completion of itemized improvements for which cost estimates have been set forth in Exhibit B and upon written request to the Town including an itemized statement and certification of the Subdivider of completion and acceptance of itemized improvements by Subdivider's engineer, and (ii) the written approval of the Town or its designee; provided, however, if the Town fails to respond to a disbursement request within seven (7) days such request will be deemed approved. The itemized statement and certification by the Subdivider shall certify that all work for which progress payments have been requested has been completed in accordance with the approved plans and specifications. Upon the approval of such progress payments, the amount of collateral shall be reduced by the amount of such payment; provided, however, that in no event will any such reduction cause the amount of remaining collateral to be less than an amount equal to one hundred percent (100%) of the estimated costs of completion of all remaining Subdivider's Improvements. Such progress payments shall be disbursed to the contractor in accordance with the construction contract executed for the construction of the Improvements and approved in connection with the HUD Financing; provided, however, retainage of ten percent (10%) shall be withheld with respect to all disbursements until the Improvements have been completed. Upon completion of all work related to Subdivider's improvements and the Town's acceptance of the completion of Subdivider's Improvements, the entire amount of remaining collateral, less the amounts or other security described in paragraph 5, shall be released. (c) Default by Subdivider. In the event of a default in whole or in part by Subdivider, the Town shall be authorized to take all such actions necessary or desirable to enforce its rights hereunder for the purpose of undertaking completion or remediation work on the Improvements after providing thirty (30) days' advance written notice of default and providing an opportunity during such period for Subdivider to cure the default. 3 514415.8 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 Subdivider to correct the defect in material or workmanship. The amounts for completion of all warranty work on Subdivider's Improvements shall be secured by a bond ("Bond") in form approved by the Town, from the subcontractor constructing the Improvements, naming Subdivider's prime contractor as obligees, in the amount of one hundred percent (100%) of the cost of such corrective work, to be held by the Town during such one (1) year warranty 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. The Bond shall be maintained for the entire warranty period. 6. Condition of Public Dedicated Roadways. The Subdivider 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 Subdivider for purposes of this Agreement; and the Subdivider 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. Engineering Certification. Upon completion of portions of the Improvements, Subdivider will cause its engineers (who shall be registered in the State of Colorado) to certify in writing that the installation of the Improvements, or portions thereof as may be completed from time to time, have been completed in conformance with all 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 certification. 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 Subdivider 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 agrees that in the event it shall fail to perform its obligations as set forth herein, the Town shall be under no obligation to complete or perform any of the said Improvements. No one, 4 514415.8 individually or otherwise, other than the Subdivider, 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 Subdivider to enforce any provision of this Agreement shall be at the sole discretion of the Town. No third parties 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 from the failure of the Subdivider 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, Subdivider 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 Subdivider, as hereinbefore stated, but not with regard to any losses, claims, damages or liabilities to which the Town or any of its officers, agents or employees may be subject and resulting from the Town's gross negligence or willful misconduct. Furthermore, Subdivider 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, unless it is determined that such claim resulted from the gross negligence or willful misconduct of the Town. 11. Rights of Town in Event of Default. In the event that Subdivider 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 of such default during which period of time the Subdivider failed to correct said default, the Town may, at its sole discretion, proceed with the construction or completion of the Improvements specified on Exhibit A. All such costs paid by the Town for such Improvements, together with all costs of personnel, equipment and other matters expended by the Town in furtherance of the construction responsibilities of Subdivider, shall be paid by Subdivider. Any such costs relating to the Subdivider Improvements, which have not been reimbursed by Subdivider, shall be a lien on any property in the Subdivision owned by Subdivider at the time of default. Said lien may be foreclosed in the same manner as a mortgage and shall entitle the Town to add its costs and reasonable attorneys' fees in such foreclosure or other collection. Without limiting the foregoing, the Town may bring a mandatory injunction action against Subdivider 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, the Town 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 5 514415.8 Warranty Period has expired, the Town agrees that it will issue a letter, in recordable form, certifying that all obligations of Subdivider under this Agreement have been satisfied. 13. Amendments. This Agreement may be amended from time to time, provided that such amendment is in writing and signed by all parties hereto. 14. 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. 15. Acquisition of Property and Non-Liability of Traer Creek. Subdivider hereby discloses and the Town hereby acknowledges that Subdivider does not currently own any portion of the real property shown on the Final Plat for the Subdivision. Subdivider has contracts to acquire portions of the real property covered by the Final Plat contemporaneously with the closing of the HUD Financing from Traer Creek, LLC ("Traer Creek"), a Colorado limited liability company, the current owner of the real property covered by the Final Plat of the Subdivision. The Town agrees that Traer Creek shall have no liability or obligation under this Agreement and shall look solely to Subdivider for performance hereunder upon its acquisition of title to any portion of the real property covered by the Final Plat. The parties hereto have executed this Agreement as of the date first above written. TOWN OF AVON, a Colorado municipal corporation ATTEST: Town Clerk APPROVED AS TO FORM: Town Attorney ATTEST: By: Mayor BUFFALO RIDGE AFFORDABLE HOUSING CORPORATION, a Colorado nonprofit corporation By: _ Name: Title: 514415.8 BUFFALO RIDGE II LLLP, a Colorado limited liability limited partnership BY: CORUM BUFFALO RIDGE LLC, a Colorado limited liability company, General Partner By: James G. Fitzpatrick, III, Managing Member BY: WINTERGREEN HOMES - BUFFALO RIDGE LLC, a Colorado limited liability company, General Partner By: Jeffery M. Spanel, Manager The undersigned hereby consents to the execution and recording of the Final Plat for the Subdivision and this Agreement. TRAER CREEK, LLC, a Colorado limited liability company By: Name: Title: 7 514415.8 STATE OF COLORADO COUNTY OF )ss. The foregoing instrument was acknowledged before me this 200, by as corporation. of the Town of Avon, a Colorado municipal Witness my hand and official seal. My commission expires: day of Notary Public STATE OF COLORADO COUNTY OF )ss. The foregoing instrument was acknowledged before me this , 200_, by as of Buffalo Ridge Affordable Housing Corporation, a Colorado nonprofit corporation. Witness my hand and official seal. My commission expires: Notary Public day of 8 514415.8 STATE OF COLORADO COUNTY OF )ss. The foregoing instrument was acknowledged before me this day of , 200, by James G. Fitzpatrick, III, as Managing Member of Corum Buffalo Ridge LLC, a Colorado limited liability company, General Partner of Buffalo Ridge II LLLP, a Colorado limited liability limited partnership. Witness my hand and official seal. My commission expires: Notary Public STATE OF COLORADO COUNTY OF )ss. The foregoing instrument was acknowledged before me this day of , 200_, by Jeffery M. Spanel, as Manager of Wintergreen Homes- Buffalo Ridge LLC, a Colorado limited liability company, General Partner of Buffalo Ridge II LLLP, a Colorado limited liability limited partnership. Witness my hand and official seal. My commission expires: Notary Public 9 514415.8 STATE OF COLORADO ) )ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of 200_, by as of Traer Creek, LLC, a Colorado limited liability company. Witness my hand and official seal. My commission expires: Notary Public 10 514415.8 EXHIBIT A Description of Improvements 11 514415.8 Exhibit A Village (at Avon) Filing 2 Subdivision Improvements Agreement The public Improvements for the Village (at Avon) Filing 2 shall include the following described work: 1. General, including contractor mobilization. 2. Demolition, including the removal of the gate at the westerly property line. 3. Earthwork, which is limited to clearing, excavation and the placement of compacted earth fill within the right of way for Swift Gulch Road. 4. Road Construction, including the preparation of the subgrade, placement of road base, placement of asphalt paving, installation of guardrail, installation of concrete sidewalks, roadway striping and signage and two bus stops for Swift Gulch Road. The preparation of the subgrade, placement of road base and placement of asphalt paving for the bike path. 5. Drainage and Debris Flow Mitigation, including the construction of debris retention ponds, storm water detention ponds, storm sewers, and outlet structures. This work also includes the enclosure of the Nottingham - Puder Ditch into a pipeline. 6. Revegetation & Erosion Control, including erosion control during construction, and reseeding all portions of the Swift Gulch Road right of way disturbed by this construction. 7. Utilities, including the construction of sanitary sewer and domestic water mainlines. 8. Retaining Walls includes the construction of boulder and/or MSE retaining walls within the Swift Gulch Road right of way. 9. Booster Pump Station includes the construction of a temporary, above ground pump station to provide adequate domestic water pressure and required fire flows. In the event that Traer Creek Metropolitan District completes a "loop line" across Interstate Highway 70 connecting the easterly end of the Village (at Avon) Filing 2 water main to the water mains on the south side of the highway in advance of the completion of the first apartment building, this station will not be required or constructed. 10. Construction Management includes the general contractors fee, liability insurance and performance bond. These improvements are more fully delineated on the construction plans on file at the Town Office entitled FINAL PLAN, THE VILLAGE (AT AVON) FILING 2, BUFFALO RIDGE IMPROVEMENTS. dated EXHIBIT B Cost of Improvements 12 514415.8 Village (at Avon) Filing 2 Subdivision Improvements Agreement - Exhibit B Wintergreen Homes 12:47 PM 4/18/2002 SIA budget Page 1 of 3 Unit Item Description Quantity Unit Cost Extension Subtotal 1 General 1.1 Mobilization 1 LS 52,611.00 $52,611 subtotal $52,611 2 Demolition 2.1 Fence & barricade removal 1 LS 500.00 $500 subtotal $500 3 Earthwork 3.1 Clear & Grub 11150 CY 2.64 $29,436 3.2 Topsoil - replace 2000 CY 5.08 $10,160 3.3 Excavation 58548 CY 2.81 $164,518 3.4 Embankment 72254 CY 1.90 $137,282 subtotal $341,396 4 Road Construction 4.1 Subgrade prep. 13430 SY 0.59 $7,924 4.2 Bike path subgrade prep. 4205 SY 0.73 $3,070 4.3 Class 6 road base a 10" 8047 Tons 13.71 $110,324 d Bike path 1245 Tons 18.06 $22,485 4.4 Asphaltic concrete a 4" 3428 Tons 39.70 $136,092 c 3" bike path 520 Tons 39.97 $20,784 4.5 Guardrail 2171 LF 19.20 $41,683 4.6 Guardrail anchorage 8 EA 720.00 $5,760 4.7 Trailhead parking & improvements 1 LS 3,155.00 $3,155 4.8 Striping 1 LS 2,400.00 $2,400 4.9 Signs 11 EA 123.96 $1,364 4.11 Sidewalk (incl prep) 10026 SF 8.77 $87,928 4.12 Bus stop concrete paving 5452 SF 10.64 $58,009 subtotal $500,977 5 Drainage & Debris Mitigation 5.1 Pond excavation 32942 CY 3.50 $115,297 5.2 Pond embankment 5504 CY 3.97 $21,851 5.3 18" HDPE 1233 LF 32.84 $40,492 5.4 18" RCP 94 LF 30.24 $2,843 5.5 30" HDPE 689 LF 49.19 $33,892 5.6 48" HDPE 379 LF 93.38 $35,391 5.7 60" HDPE 304 LF 153.28 $46,597 Village (at Avon) Filing 2 Subdivision Improvements Agreement - Exhibit B Wintergreen Homes 12:47 PM 4/18/2002 SIA budget Page 2 of 3 Unit Item Description Quantity Unit Cost Extension Subtotal 5.8 18" HDPE end section 31 EA 298.31 $9,248 5.9 30" HDPE end section 1 EA 82.24 $82 5.1 48" HDPE end section 2 EA 1328.85 $2,658 5.11 Storm manholes 5 EA 3202.64 $16,013 5.12 Inlets 6 EA 2906.38 $17,438 5.13 Riprap 4688 Tons 30.00 $140,640 5.14 Concrete headwalls 2 EA 4800.00 $9,600 5.15 Nottingham - Puder ditch a 36" HDPE 843 LF 56.72 $47,815 b 6' manholes 5 EA 3181.98 $15,910 c Slide gate 1 EA 1128.00 $1,128 d R/R existing 36"end sections 2 EA 268.44 $537 e Tie to existing 24" RCP 1 EA 874.28 $874 5.21 Detention pond outlet structure 6 EA 4431.60 $26,590 subtotal $584,895 6 Revegetation & Erosion Control 6.1 Erosion control 1 LS 10,596.30 $10,596 6.6 Seed & mulch 5 Acre 3,660.00 $18,300 subtotal $28,896 7 Utilities 7.1 Water Main a 12" DIP 4096 LF 37.71 $154,460 b 12" bends 11 EA 405.62 $4,462 c Fire hydrant assembly 5 EA 3,992.64 $19,963 d 4" water service line 15 EA 2,812.29 $42,184 e Air vac/prv manhole 1 EA 2,635.36 $2,635 7.2 Sanitary Sewer Main $0 a 8" PVC 5200 LF 21.87 $113,724 b Manholes 18 EA 2,209.65 $39,774 c Sanitary service lines 15 EA 1,699.85 $25,498 subtotal $402,700 8 Retaining Walls 8.1 MSE walls 6289 SF 19.20 $120,749 8.2 Wall Excavation 4100 CY 5.45 $22,345 8.3 Wall backfill 2500 CY 11.04 $27,600 8.4 Boulder retaining wall 6289 SF 5 $31,445 subtotal $202,139 9 Booster Pump Station Village (at Avon) Filing 2 Wintergreen Homes Subdivision Improvements Agreement - Exhibit B 12:47 PM 4/18/2002 SIA budget Page 3 of 3 Unit Item Description Quantity Unit Cost Extension Subtotal 9.1 Package (above ground from EFI) 1 EA 100,000.00 $100,000 9.2 Site electrical & concrete 1 EA 25,000.00 $25,000 subtotal $125,000 10 Construction Management 10.1 Insurance, bond & fee 1 EA 9.00% $201,520 subtotal $201,520 MINUTES OF THE REGULAR MEETING OF THE TOWN COUNCIL HELD APRIL 9, 2002 A regular meeting of the Town of Avon, Colorado was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers Mayor Judy Yoder called the meeting to order at 5:30 PM. A roll call was taken with Councilors Michael Brown, Debbie Buckley, Peter Buckley, Rick Cuny, Mac McDevitt, and Mayor Protein Buz Reynolds present. Also present were Town Manager Bill Efting, Assistant Town Manager Larry Brooks, Town Attorney John Dunn, Town Clerk Patty McKenny, Human Resource Director Jacquie Halburnt, Town Engineer Norm Wood, Recreation Director Meryl Jacobs, Public Works Director Bob Reed, Transit Director Harry Taylor, Comm. Dev. Director Ruth Borne, as well as members of the press and public. Citizen Input: Bob Armour was present to provide an overview of the services provided by the Eagle County Health Services District. An upcoming tax levy increase is proposed for the May election and Armour wanted to provide information to the Council and general public about the issue. Resolutions: Resolution No. 02-20, Series 2002, A Resolutions repealing the Provision for a compliance deposit in the Town of Avon residential, commercial, and industrial design review guidelines was considered by the Town Council. Ruth Borne, Community Development Director, provided a brief summary on the issue. Council discussion occurred regarding the topic with suggestions to table the Resolution at this time and then continue to research the topic. Councilor D. Buckley moved to approve Resolution No. 02-20. Councilor P. Buckley seconded the motion. Mayor Yoder asked for a roll call vote on the motion. Those in favor of the motion included: Councilors P. Buckley, D. Buckley, and Cuny. Those not in favor of the motion included: Councilors McDevitt, Reynolds, Brown and Yoder. The motion was defeated by a 4 to 3 vote. Discussion continued with comments being heard by Planning & Zoning Commission members Andrew Karow and Ron Wolfe who both expressed support of the compliance deposit. Mike Cacioppo expressed support to repeal the compliance deposit stating it places a financial burden on the local citizens of the community. Councilor Reynolds moved to place a moratorium on the compliance deposit requirements for a period not to exceed 60 days. Councilor McDevitt seconded the motion. Mayor Yoder asked for a roll call. The motion carried unanimously. Council asked Town Manager to schedule discussion of the compliance deposit at the next work session. It was noted to include Town Council, Planning & Zoning Commissioners, Community Development staff and local building community. New Business: Mayor Yoder read the Proclamation for the Days of Remembrance proclaiming the week of April 7th through April l4t" to remember the victims of the Holocaust. Mayor Yoder announced the four appointments to serve on the Avon Planning & Zoning Commission, Chris Evans, Greg Macik, Brian Sipes, and Terry Smith. Mayor Report: Mayor Yoder expressed appreciation to Boon Reed and his Public Works crew for all the clean- up efforts around Town and along the I-70 corridor. Other Business: Mayor Yoder welcomed Patty McKenny to the organization as the new Town Clerk. Councilor P. Buckley provided updates on Post Office maintenance issues. Consent Agenda: a) Approval of the March 26, 2002 Council Meeting Minutes b) Award Contract East Avon Access and Circulation c) Award Contract Admin Intermountain Engineering d) HP Geotech Professional Services Agreement - Dam Repair e) LP2A - Building Permit Plan Review Services Mayor Yoder asked for a motion on the Consent Agenda. Councilor P. Buckley moved to approve the Consent Agenda. Councilor Brown seconded the motion. The motion was 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 meeting adjourned at 6 PM. Regular Council Meeting April 9, 2002 RESPECTFULLY SUBMITTED: Patty Bierle-McKenny, Town Clerk APPROVED: Michael Brown Debbie Buckley Peter Buckley Rick Cuny Mac McDevitt Buz Reynolds Judy Yoder Regular Council Meeting April 9, 2002