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TC Ord. No. 2004-17 Approving the 3rd amendment to the annexation and development AG for the Village of Avon dated as of Oct 13 1998 and recorded on Nov 25 1998 at reception No 677743~z. 901 429 t . - Page: I of 12 I f 1 I 12/22/2004 01.44F Teak J Simonton Eagle, CO 269 R 61.00 D 0.00 TOWN OF AVON, COLORADO ORDINANCE NO. 04-17 SERIES OF 2004 AN ORDINANCE APPROVING THE THIRD AMENDMENT (THE "THIRD AMENDMENT") TO THE ANNEXATION AND DEVELOPMENT AGREEMENT FOR THE VILLAGE (AT AVON) DATED AS OF OCTOBER 13, 1998, AND RECORDED ON NOVEMBER 25, 1998, AT RECEPTION NO. 677743, AS AMENDED BY THE FIRST AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT DATED AS OF NOVEMBER 13, 2001, AND RECORDED ON DECEMBER 12, 2001, AT RECEPTION NO. 779049, AND THE SECOND AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT DATED AS OF MAY 27, 2003, AND RECORDED ON JULY 30, 2003, AT RECEPTION NO. 842248 (AS SO AMENDED, THE "DEVELOPMENT AGREEMENT"); AND AUTHORIZING AND INSTRUCTING THE MAYOR OF THE TOWN TO SIGN THE THIRD AMENDMENT ON BEHALF OF THE TOWN. WHEREAS, the Town of Avon (the "Town") and Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), and Traer Creek LLC, a Colorado limited liability company, EMD Limited Liability Company, a Colorado limited liability company (collectively, the "Owner), have negotiated the terms and conditions of the Third Amendment, which is attached hereto as Exhibit "A" and incorporated herein; and WHEREAS, the Town gave proper and timely posted notice of the dates and times of the meetings at which the Town Council considered the Third Amendment; and WHEREAS, the proposed full text of this Ordinance was duly published by posting in the office of the Town Clerk and in three (3) additional public places within the Town, and said publication also set forth the date and time of the public hearing at which the Town Council considered the Third Amendment; and WHEREAS, approval of the Third Amendment is in the best interests of the public health, safety and general welfare of the people of the Town; and WHEREAS, the Town Council held a public hearing concerning the Third Amendment, and by this Ordinance sets forth its findings and conclusions. THE TOWN. COUNCIL MAKES THE FOLLOWING FINDINGS AND CONCLUSIONS: 1. The Third Amendment complies with all applicable laws and regulations of the State of Colorado and the Town, including, without limitation, Article 68 of Title 24, C.R.S. 11111111111 Jill 1111111 III Jill 901429 Page: 2 of 12 I I I 12/22/2004 01:44F Teak J Simonton Eagle, CO 289 R 61.00 D 0.00 2. All notices required for the public hearing at which the Town Council considered the Third Amendment were properly and timely published, posted or mailed in accordance with all applicable laws and regulations of the State of Colorado and the Town. 3. The public hearing held on the Third Amendment was conducted in accordance with all applicable laws and regulations of the State of Colorado and the Town. 4. The Town has authority to enter into the Third Amendment pursuant to Sections 24-68-104(2) and 31-15-101, C.R.S., and pursuant to Section 17.14. 100 of the Avon Municipal Code. 5. Pursuant to Section 24-68-103(l), C.R.S., approval of the Third Amendment will not restrict, impair, enlarge, or otherwise modify either the term or the scope of the vested property rights associated with the Development Agreement. 6. The Town's approval of and entering into the Third Amendment is in the best interests of the public health, safety and general welfare of the people of the Town. NOW, THEREFORE., BE IT ORDAINED BY THE TOWN. COUNCIL OF THE TOWN OF AVON, COLORADO, A. The Third Amendment is hereby approved, and the Town shall enter into it and perform its obligations. B. The Mayor of the Town is hereby directed to sign the Third Amendment on behalf of the Town. C. Within fourteen (14) days after passage on Second Reading of this Ordinance, the Town Clerk is hereby authorized and directed to publish the full text of this Ordinance in a newspaper of general circulation within the Town. The effective date of this Ordinance shall be seven (7) days after publication of the notice described in Section C above. INTRODUCED, PASSED ON FIRST READING, APPROVED AND ORDERED PUBLISHED this 12th day of October, 2004, and a public hearing on this Ordinance shall be held at the regular meeting of the Town Council of the Town of Avon, Colorado, on the 26th day of October, 2004, at 5:30 p.m. in the Avon Municipal Complex, 400 Benchmark Road, Avon, Colorado. Town of Avon, Colorado Town Council Albert D. Reynolds, MaVr ATTEST: 11111 9@1429 C I I 111111 Page: 3 of 12 i I I 12/22/2004 01:44F Patty c envy, T(5 Clerk Teak j Simonton Eagle, CO 289 R 61 .00 D 0.00 INTRODUCED, PASSED ON SECOND READING, APPROVED AND ORDERED POSTED THIS A;!S DAY OF o~og , 2004. Town of Avon, Colorado Town Council Albert D. Reynolds, Ma r ATTEST: t` IC Patty WKenny, Clerk APPROVED AS TO FORM: J Jol W. Dunn, Town Attorney EXHIBIT "A' THIRD AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT This THIRD AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT (this "Third Amendment") is made as of 0-I6f.Q.a(p , 2004, by and between TRAER CREEK LLC, a Colorado limited liability company ("Traer"), EMD LIMITED LIABILITY COMPANY, a Colorado limited liability company ("EMD"), and the TOWN OF AVON, a municipal corporation of the State of Colorado (the "Town'). RECITALS A. Traer and EMD (collectively, "Owner") and the Town have previously executed that certain First Amendment to Annexation and Development Agreement dated as of November 13, 2001, and recorded in the Eagle County, Colorado, real property records at Reception No. 779049 on December 10, 2001 (the "First Amendment"), and that certain Second Amendment to Annexation and Development Agreement dated as of May 27, 2003 (the "Second Amendment"), which instruments amended that certain Annexation and Development Agreement dated as of October 13, 1998, and recorded in the Eagle County, Colorado, real property records at Reception No. 677743 on November 25, 1998 (the "Original Agreement"). The Original Agreement, as so amended, is referred to in this Third Amendment as the "Agreement." B. The Agreement pertains to certain real property generally known as The Village (at Avon), and more particularly described in Exhibit A attached to the Agreement (the "Property"). C. Section 1.4 of the Agreement provides, inter alia, that amendments to the Agreement must be effected in a writing signed by the Town and Owner. Section 1.4 of the Agreement further provides that the term "Owner" for purposes of amending the Agreement means "only the signatories to this Agreement constituting Owner and those parties, if any, to whom such signatories have specifically granted, in writing, the power to enter into such amendment." As more particularly set forth in Recital B of the First Amendment, EMD (with respect to Planning Area M) and Traer (with respect to the remainder of the Property) constitute Owner for purposes of amending the Agreement. D. Subsequent to execution of the Agreement, portions of the Property have been subdivided as more particularly described in the Final Plat, The Village (at Avon) Filing 1, recorded in the Eagle County, Colorado, real property records on May 8, 2002, at Reception No. 795007 ("Filing 1"), the Final Plat, The Village (at Avon) Filing 2, recorded in the Eagle County, Colorado, real property records on May 29, 2002, at Reception No. 796831 ("Filing 2"), and the Final Plat The Village (at Avon) Filing 3, recorded in the Eagle County, Colorado, real property records on June 24, 2004, at Reception No. 882176 ("Filing 3"). Additionally, certain portions of the Property have been conveyed to other entities and individuals so that the current 901429 Page: 12/22/2004 01:44F 628311.3 Teak J Simonton Eagle, CO 289 R 61.00 D 0.00 owners of the Property as of the date of this Third Amendment are: EMD; Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"); Traer Creek-WMT LLC; Traer Creek-HD LLC; Traer Creek-RP LLC; Buffalo Ridge Affordable Housing Corporation; Buffalo Ridge II LLLP; Eric Applegate; Guy Erickson; Dave Kautz; Dannie Corcoran; Daniel J. Leary; the Town of Avon; and the Colorado Department of Transportation, as their respective interests appear of record. E. Each of the conveyances referred to in Recital D above was made subject to the terms and conditions of the Agreement, including, without limitation, Section 1.4 of the Agreement. None of the conveyances referred to in Recital D above were accompanied by a specific written grant of the power to amend the Agreement as provided in Section 1.4 of the Agreement. Accordingly, with the exception of the Town, EMD and Traer, no owner of any real property constituting the Property or other person or entity has been granted any power to amend the Agreement. As provided in Section 1.4 of the Agreement, no person or entity other than the Town, EMD and Traer is required to execute or acknowledge an amendment to the Agreement as a condition of such amendment being effective and binding on all parties to the Agreement and all owners of real property constituting the Property. F. The District, while not an Owner for purposes of amending the Agreement, has expressly assumed and undertaken the performance of certain obligations of the Owner under the Agreement, as more particularly set forth in the First Amendment. G. The Town, the District and Owners have determined and agreed that the following circumstances and changed conditions; among others, require further amendment of the Agreement in order to more fully and accurately reflect and implement the original intent of the parties thereto: (I) the original formula for calculation of the police services component of the Municipal Services Invoice as set forth in Section 4.10(a)(iv) of the Agreement has, in practice, failed to produce a result that is consistent with the parties' intent of accurately reflecting on an annual basis the Town's actual cost of providing police services to the Project; (II) due to the current pace of development within the Project and other changed circumstances, the timing of the Phase 3 Improvements and the Phase 4 Improvements as set forth in Sections 4.3(b)(iii) and 4.3(b)(iv) of the Agreement is no longer appropriate or desirable. AGREEMENT NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements of the Town and Owner, as more particularly set forth herein, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Town and Owner covenant and agree as follows: 1. Defined Terms. Unless otherwise defined in this Third Amendment, capitalized terms used herein shall have the meanings ascribed to them in the Agreement. 901429 CO pgl I 161.00 2g22D 0 00 1:44F Teak i simonton Eagle, 628311.3 2 Pa: 6 of 22 111111111111111111111111111111901429 1111111111 ill' 111111111 illi 12//22/2004 01:4 Teak J simonton Eagle, CO 289 R 61.00 D 0.00 4F 2. Amendments. The Agreement is hereby modified as follows: (a) Section 1.1.16 is amended and restated to read in its entirety as follows: 1.1.16 Exhibits: The following Exhibits to this Agreement, all of which are incorporated by reference into and made a part of this Agreement: Exhibit A - Legal Description of the Property Exhibit B - Police Services Methodology (b) A new Section 1.1.27(a) is inserted (after existing Section 1.1.27 and before existing Section 1.1.28) to read in its entirety as follows: 1.1.27(a) Police Services Methodology: The agreed upon methodology for calculation of the Town's annual cost of providing police services to the Project, as generally described in Section 4.5(a) and specifically set forth in the spreadsheet entitled Calculation of Police Services Village (at Avon) 2005 Projected Budgeted Revenues, a copy of which is attached as Exhibit B of this Agreement, and which shall apply to the calculation of the police services component for the period commencing July 1, 2004, and continuing through the term of this Agreement. (c) Sections 4.3(b)(iii) and 4.3(b iv are amended and restated to read in their entirety as follows: (iii) Phase 3 of the East Beaver Creek Boulevard Improvements (the "Phase 3 Improvements") shall consist of the following improvements to the segment of East Beaver Creek Boulevard between the western terminus of Beaver Creek Place and the western boundary of The Village (at Avon): (A) construction of a two-lane roadway with a third auxiliary lane at intersections and access points; (B) streetscape improvements to the segment between the western terminus and the eastern terminus of Beaver Creek Place, which improvements shall be in general conformance with the East Beaver Creek Boulevard Streetscape Improvement Plans dated April 2000, prepared by Inter-Mountain Engineering, Ltd. for the Town of Avon; and (C) streetscape improvements to the segment between the eastern terminus of Beaver Creek Place and the western boundary of The Village (at Avon), which improvements shall be in general conformance with the streetscape improvements within Planning Area A. Subject to the Town's timely issuance of the requisite permits, the District shall commence the Phase 3 Improvements by April 15, 2009, and shall employ commercially reasonable efforts to cause completion of the Phase 3 Improvements on or before December 31, 2009; provided, however, that in the event of an earlier re-subdivision of any area within Planning Areas A through F, inclusive, as depicted in The Village (at Avon) PUD Development Plan Administrative Amendment No. 1, dated May 21, 2001, and recorded in the Office of the Eagle County Clerk and Recorder on July 31, 2001, at Reception No. 763439, the District shall commence the Phase 3 Improvements by April 15, and shall employ commercially reasonable efforts to cause completion thereof by December 31, of the year immediately following the recordation of any final subdivision plat which re- subdivides any such area. 628311.3 J (iv) Phase 4 of the East Beaver Creek Boulevard Improvements (the "Phase 4 Improvements") shall consist of converting the Phase 2 Improvements from temporary to permanent by the construction of (A) a permanent extension from the east terminus of Beaver Creek Place to the Highway 6 Connector.Road in accordance with the road standards set forth in Section 1.5 of the PUD Guide, and (B) final design and construction of a connection to Chapel Place. The District shall cause the Phase 4 Improvements to be commenced and completed in accordance with the subdivision process involving Planning Areas A through F and H through J, as depicted in The Village (at Avon) PUD Development Plan Administrative Amendment No. 1, dated May 21, 2001, and recorded in the Office of the Eagle County Clerk and Recorder on July 31, 2001, at Reception No. 763439. (d) Section 4.10(a)(iv) is amended and restated to read in its entirety as follows: (iv) With respect to the Town's annual cost of providing police services to the Project for the period commencing July 1, 2004, and continuing through the term of this Agreement, the applicable Municipal Services Invoice shall set forth the Town's calculation pursuant to the Police Services Methodology. The percentage of time allocated to the patrol factor calculation (35%) and the percentage of time allocated to the service call factor calculation (65%) shall remain constant from year to year. However, in connection with preparing the Municipal Services Invoice for each upcoming year, the Town shall update the following components of the Police Services Methodology annually: (A) the total direct costs for the patrol factor calculation; (B) the ratio of Project lane miles to total lane miles within the Town's municipal boundaries (expressed as a percentage); (C) the total direct costs for the service call factor calculation; (D) the ratio of service calls within the Project to total service calls within the Town's municipal boundaries (expressed as a percentage); (E) the total indirect costs for the preparedness, administration and support factor calculation; and (F) the ratio of residential dwelling units and commercial square footage within the Project -to total residential dwelling units and commercial square footage within the Town's municipal boundaries (expressed as a percentage representing the average between the residential dwelling unit ratio and the commercial square footage ratio). The annual update described above shall be subject to reconciliation and audit pursuant to the procedures described in Sections 4.10(e) and 4.10(f). (e) Pursuant to the terms of Section 6.8, the parties hereby designate the following addresses for notice or communication in substitution of the addresses originally set forth in Section 6.8 (the substantive provisions of Section 6.8 being unaffected hereby): 11111111 Jill 111111111111,11111 I 9111429 If to Town: I I Page: 7 of 12 i I 1 12/22/2004 01:44F Teak J Simonton Eagle, Co 289 R 61.00 D 0.00 Town of Avon P.O. Box 975 400 Benchmark Road Avon, Colorado 81620 628311.3 4 I 9142 Teak J Simont~n Eagle, CO ~Ig 1111I' 1 Jill 1 /29022/2004901:44F R 61.00 D 0.00 Attn: Town Manager With a copy to: Town of Avon P.O. Box 975 400 Benchmark Road Avon, Colorado 81620 Attn: Town Attorney If to Owner by mail delivery: Traer Creek LLC EMD Limited Liability Company P.O. Box 640 Vail, Colorado 81658 Attn: Magnus Lindholm Or, for delivery other than by mail: Traer Creek LLC EMD Limited Liability Company 0322 East Beaver Creek Blvd. Avon, Colorado 81620 Attn: Magnus Lindholm With a copy to: Otten, Johnson, Robinson, Neff & Ragonetti, P.C. 950 17th Street, Suite 1600 Denver, Colorado 80202 Attn: Thomas J. Ragonetti, Esq. and Munsey L. Ayers, Esq. If to the District: Traer Creek Metropolitan District c/o McGeady Sisneros, P.C. 1675 Broadway, Suite 2100 Denver, Colorado 80202 Attn: Darlene Sisneros, Esq. 3. Effect of Amendment. Except as expressly modified by this Third Amendment, the Agreement is unmodified, and is hereby ratified and affirmed, and shall remain in full force and effect in accordance with its terms. If there is any inconsistency between the terms of the Agreement and the terms of this Third Amendment, the provisions of this Third Amendment shall govern and control. 628311.3 5 4. Governing _Law. This Third Amendment shall be governed by and construed in accordance with the laws of the State of Colorado. 5. Counterparts. This Third Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. IN WITNESS WHEREOF, the Town and Owner have executed this Third Amendment as of the day and year first set forth above. OWNER: TRAER CREEK LLC, a Colorado limited liability company B • Name: Magnu indholm Title: Manager EMD LIMITED LIABILITY COMPANY, a Colorado limited liability company By: LAVA CORPORATION, a Colorado corporation, its Manager Name: Magnu indholm "Title: President 901429 Page: 9 of 12 12/22/2004 01:44F Teak J Simonton Eagle, CO 289 R 61.00 D 0.00 62831 1.3 6 THE TOWN: TOWN OF AVON, a municipal corporation of the State of Colorado Name: Albert D. Reynolds Title: Mayor Approved as to legal form by: --~IAZL Name: John Dunn Title: Town Attorney AND IN WITNESS WHEREOF, the District hereby acknowledges and agrees to perform its obligations under the Agreement, as modified by this Third Amendment. THE DISTRICT: TRAER CREEK METROPOLITAN DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado By., Name: Daniel J. 1eap~' Title: President 111111111111111111 1 9Pae ATTEST: I I I 12g22/2004f 012 :44F Teak J Simonton Eagle, CO 289 R 61.00 D 0.00 Y: ame: ? Let vATcE Title: S etary 628311.3 STATE OF COLORADO ) ss: COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of IDI-C, b_, 200 L_, by Magnus Lindholm as Manager of Traer Creek LLC, a Colorado limited liability company. Witness my hand and official seal. My commission expires: G Notary Public cnj9.•'o~BO~j•~ QO LORADO ) ss: MYComr~ts~igOrl I~IR;;2W GLE ) The foregoing instrument was acknowledged before me this 10K day of 200--q, by Magnus Lindholm, as President of LAVA Corporation, a rporation, as Manager of EMD Limited Liability Company, a Colorado limited 9 .'o N ••A~6 L ~G•' ~ My Commission Expires 12/23/2006 tness my hand and official seal. commission expires: 12 - 13 - O Co STATE OF COLORADO COUNTY OF EAGLE l Notary Public 901429 0112 II 12 Page: /22/2004 of :44F SS. Teak J Simonton Eagle, CO 289 R 61.00 D 0.00 The foregoing instrument was acknowledged before me this A; day of , 200 q , by Albert J. Reynolds as Mayor of the Town of Avon, a municipal corporation of the State of Colorado. Witness my hand and official ~e. My commission expires: ` ~~ERLE: Mc s • i • N ' i;: . 'O 628311.3 ~ „ OPP OF COL `4 I8 I DL,, Nota u ' 8 My Commission Expires 04108!2006 STATE OF COLORADO COUNTY OF EAGLE ss: The foregoing instrument was acknowledged before me this f day of member , 200-4, by Daniel J. Leary as President of Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado. Witness my hand and official seal. My commission expires: I z -a 3- O G III E Qq .0 i, ~A4 ~G.' o° 9~0 C OL~~P My COMLIOM Expires 1212312 08 Notary Public IIII Jill I 901429 Page: 12 of 12 Teak J Simonton Eagle, CO11111,11111111 28~9 12/22/2004 01:44F R 61.00 D 0.00 628311.3 9 Exhibit "B" To Third Amendment To Annexation & Development Agreement Calculation of Police Services Village at (Avon) 2005 Projected Budgeted Revenues Town of Avon Statistics Total Weighted Average Town Lane Miles - 2005 Total Weighted Average Village Lane Miles .2005 Ratio of Village/Town Lane Miles - 2005 Total Town Calls for Service - 2005 Total Village Calls for Service - 2005 Ratio of Village/Town Calls for Service - 2005 Total Town Residential Dwelling Units - 12/31/05 Total Village Residential Dwelling Units - 12/31/05 Ratio of Village/Town Residential Units Total Town Commercial Square Footage - 12/31/05 Total Village Commercial Square Footage - 12/31/05 Ratio of Village/Town Square Footage Calculation of Police Services - 2005 Budget Patrol Factor Calculation Direct Costs - 2005: Personnel Costs - Patrol Gas, Fleet Maint., & Fleet Replacement Charges - Patrol Vail Dispatch Services % Direct Time Involved in Patrolling Streets and Self-initiated Calls for Service Ratio of Village Lane Miles to Total Lane Miles Total Patrol Factor Service Call Factor Calculation Direct Costs - 2005: Personnel Costs - Patrol Gas, Fleet Maint., & Fleet Replacement Charges - Patrol Vail Dispatch Services % Direct Time Involved in Responding to Calls for Service Personnel Costs - Investigations Gas, Fleet Maint., & Fleet Replacement Charges - Invest Ratio of Village/Town Calls for Service Total Calls for Service Factor Preparedness, Administration & Support Factor Indirect Costs - 2005: Administration Budget Indirect Patrol Costs Indirect Investigations Costs Average of Residential DUs & Commercial Square Feet Total Preparedness, Administration & Support Factor Total Police Services Cost - 2005 9/8/2004 12:55 PM EXHIBIT "B" 49.39 10.42 21.10% 14,611 1,008 6.90% 3,528 244 6.92% 1,661,793 322,853 19.43% $ 949,124 120,073 181,094 1,250,291 X 35.00% 437,602 X 21.10% $ 92,323 $ 949,124 120,073 181,094 1,250,291 X 65.00% 812,6F9- 80,340 10,966 903,995 X 6.90% $ 62,366 $ 278,010 75,159 6,418 359,587 X 13.17% $ 47,365 $ 202,053 Ilp W ON ON 00 N O d a O w O a v~ -I- A a O L, O W Q Pro O H N T G 0 on w U° G G ~ s. v y cz U Q G U y > G " cz 00 U U t [7] \ O b In. 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O a 0 z N a 0 0 N 0 z 'a x a~ O 0 U 1~.✓1 l~-1 Y~ ~ W Q V g ~ O/n. • PAGE 26 1 NOVEMBER 4, 2004 EAGLE VALLEY ENTERPRISE Town of Avon, Colorado Ordinance No. 04-17 Series of 2004 AN ORDINANCE APPROVING THE THIRD AMENDMENT(THE "I'HIRII AMENDh1ENT") TO THE ANNEXATION AND DEV EI,OPMFNTAGREEMENT FOR THE VILLAGE (ATAVON) DA'Z'ED AS OF OCTOBER 13, 1998, AND RECORDED ON NOVEMBER 25, 1998, AT' RECEPTION NO. 677743, AS AMENDED BY THE FIRST AMENDMENT T'O ANNEXATION AND DEVELOPMENT AGREEMENT DATED AS OF NOVEMBER 13, 2001, AND RECORDED ON DECEMBER 12, 2001, AT RECIITT'ION NO. 779049, AND THE SECOND AMENDMENT TO ANNEXATION AND DEVEI. OPMENT AGREEMENT DATED AS OF MAY 27, 2003, AND RECORDED ON JULY 30, 2003, AT RECEPHON NO. 842248 (AS SO AMENDED, THE -DEVELOPMENT AGREEMENT"); AND AUTHORIZING AND INSTRUCTING THE MAYOR OF THE TOWN TO SIGN THE THIRD AMENDMENT ON BEHALF OF THE TOWN. WJ W EAS, the Town of Avun (the "Town-) and Truer Creek Metropolitan District, U quasiir- ipal eurpuran mad pulilicul subdivision of the State of Colorado (the "District'), and Tracy Creek LLC, a Culuralo limited Iizbility company, EMD Lintited Liability Cmapany, U Colorado limited liability company (culleed ,Iy, the "Owner), hove negotiated the,eons and-rdilirn, of the Third Amendment, which is attached hereto as Exhibit "A" and incorporated herein; and WHEREAS. the Tuwn gave proper and limely posted notice' of the do,,, and limes UI (he meetings at which the'1'own Council considered the Third Amendment; and WHEREAS, the proposed lull text of this Ordinance was duly published by posting in the ui ice' of tho'1'uwn Clerk and in three (3) additional public places within the Town, and said publication also set forth the date :rod time of the public hearing at which the'rown Council considered the Third Amendment; and WHEREAS, approval of the Third Arnendnhen, is in the best intereu, of the public heulth, slety and general weltme of the people of the To-,; and WHEREAS, the Town Council held a public hearing concerning the Third Annendmeml, and by this UNinanee set, forth its findings and cmhclu,na". THE T'O W N COUNCIL MAKES THE FOLLOWING FINDINGS AND CONCLUSIONS: 1.'I'he'Itold Amendment cuwplies with all applicable laws :rod regulations if da Sone of CUlurado and da 'town, including, without limitation, Article 68 of Title 24, C.K.S. 2. Alin wes required for the public hearing at which the Town Council considered the 7'hlnl Amendmenl were properly :end timely published, punted err mailed in accordance with ull applicable laws and regulations of the State ut Colorado and the Tuwn. 3. The public hearing heldern the'rhird Amendment was conducted in accordance with all applicable laws and regulations of ill, State Of COlumdo ant the'ruwn. 4 The Tuwn has authority to enter into the Third Amendment pursuant to Sections 2-1-68-104(2) and 31-I5-IUL C.R.S., mad pursuant to Section 17.14. 100 of the Avon Municipal Code. S.Pur,umll to Section 24-68-103(1), C.R.S., approval of the Third Arhhendmenl will nut restrict, innpuir, enlmge, or otherwise modify either the terns or the scope of the vested property rights associated with the Development Agreement. 6.The'1'uwn', approval of and catering into tire I lard Armcndmcal is in the best inteests of the public health, safely and general welfare of the Nuple of the Town. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE 'I OWN OF AVON, COLORADO, A. The Third Anlendnlent is hereby appnrved, and the'll-I shall enter all,, it and perfomn its obligations. B. The Muyor aline Town i, hereby directed o sign the Third Arne ndmenl on behalf of the'I'uwn. C. Within 1'-1-1 (14) days it,, passage on Second Reading of this Ordinance, the Town Clerk is hereby authorized and directed to publish the full text of this Ordinance in a newspaper of general circulation with- in the Town. The effective date of this Ordinate- shall be seven (7) days alter publication of the ....lice described in Section C above. INTRODUCRU, PASSED ON FIRST READING, APPROVED AND ORDERED PUBLISHED dais 12th day of October, 2(X)4, and a public hearing on this Ordinance shall be held at the regular meeting Of the "I'own Council of the Iowa of Avun, Colorado, on the 26th day of (ktuber, 20W, at 5:30 p.m. in the Avon Municipal Complex, 400 Benchmark Road, Avon, Colorado. Town Uf Avun, Colorado Town Council Albert D. Reynolds, Mayor ATTEST Pally M.Kenuy, Town Clerk INTRODUCED, PASSED ON SECOND READING, APPROVND AND ORDERED POSTED TIllS _ DAY OF , 2004. Town rl Avon, Colorado Town Council Albert D. Reynolds, Mayor AITEST: Party M,Kanny, Town Clerk APPROVED AS 7'O FORM: Jahn W. Du ia,'1'own Attorney EXHIBIT "A' THIRD AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT 'Phis THIRD AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT' (this "'t'hird Amendment") is sad, us of _ , 20(N, by and between TKAEIt CREEK LLC, a Colorado limited liability company ("'1'raer'"), EMD LIMITED LIABILITY COMPANY, u Colorado limited liability company ("ENID"), and the "TOWN Of.-AVON. a mmticipal corporation Of the Stun of Colorado (thc'"I'nwo"y RECITALS A. 'Peace and EMD (collectively, "Owner") and the Town have previously executed that certain Firer Aanenthnem m Amhexmiun and Development Agreenacm dated US of NOvehnber 13, 200 1, and recorded in the Eagle County, Colorado, real property records at Reception No. 779049 ern December 10, 2UUI (the 'F'irst Amendmenl"). mid that certain Second Amendment to Annexation and Develupnient Age-, It dated as of May 27, 2003 (the "Secuml Amendmenl"), which instruments amended That "omit Annexation and Development Agrcemenl dated as of October 13, 1998, and recorded in the Eagle County, Culuradu, real properl y records at Reception No. 677743 ern Novenabrr 25, 1998 (the "Original Agreent-l"). The Original AgrecI a as so amended, is referred o in this Third Amendment as the "Agreement." B. The Agreement pertains to certain reap property generally known u, T'he Village (al Avon), and nuure par- ticubnly descrihed in Exhibit A attached o tae Agreement (tire "Properly"). C. Section 1.4 it the Agreennent provides, inure Olin, That amendments to the Agreeuhenl most be effected in U writing signed by the Tuwn and Owner. Section 1.4 of the Agreement lurlher provides that the won "Owner" for purpose, of amending the Agreement means "only the signatories in this Agreement constituting Owner and those parties, if :ury, Ira wham Such signatories have specifically granted, in writing, the power to enter into such amendment." A, more particularly set trial in Recital B of the First Amendment, EMD (with respect to Planning Area M) and Truer (with respect to the renrainder of the Property) et nstimre Owner for purposes of amending the Agreement, D. Subsequent o execution of the Agreement, portions of the Property have been subdivided as more par-a - imly described in the Final Plul, The Village (a(Avon) Filing 1, recorded in the Eagle County, Colorado, reap property records on May 8, 2002, at Reception No. 795007 ("Filing 1"), tine Final PI.I. The Village far Avun) Filing 2, recorded in the Eagle County, Colorado, real property records ern May 29, 2002, at Reception No. 796831 ("Filing 2"), and the Final Par The Village (m Avon) Filing 3, recorded in the Eagle County, Colorado, reap prop eny records on June 24. 2004, ut Reception No. 882176 ("Filing 3"). Additionally, cer- win portions of the Prupeny have keen conveyed to other entities and individuals so that the current owners of the Popery as of tine date of this Third Amendment arc: EMD; Truer Creek Metropolitan District, U quasi-owuclpal corporation and Political subdivision of the Slate of Colorado (the "District"); 'frier Creek-WMT LLC; Truer Creek-HD LLC; Truer Creek-RP LLC; Buffalo Ridge Affordable Housing Curpuratimi: Buffalo Ridge II LLLP; Eric Applcgme; Guy Erickson; Dave Kautz; Donnie Corcoran; Daniel 1. Leary; (he Town of Avon; aid the Colorado Depannrent of Transportation, as their respective interests aPWUU of record. E. Each of the..I veyanro, referred o its Recital D above was made subject to the wens and couditiuns of the Agree.. cor including, wirf uia limitation, Section 1.4 of the Agreement. None of the conveyances referred to in Recital D above were accompanied by a specific written grant of the power to anend the Agreentent as provided in Section 1.4 of the Agreement. Accordingly, with the exception of the Town, EMD and Truer. no •r of any real property constituting the Property or other person or entity has been granted any power to Unread the Agrcemenl. AS provided in Sevene.. 1 A of the Agreement.... person or entity other than the Tuwn, EMD and Truer is required to execute or acknowledge an anendnhent to the Agreement Us a condition of such ern endment being effective and binding on all parties to the Agreement and all owners of reap property I,...f nning the Property. F. The District, while nut aI Owner fur purposes of amending the Agreentent, has expressly assoned and undertaken the peaornimi a of certain obligations of the Owner under the Agreentent, as rauo particularly Set funh in the First Antendntem. G. The Tow , the District and Owners have determined and agreed that the following circumstances laid changed cm alifuns, arnung others, require 1'unher amendment of the Agreement in order a cure fully and uralely reflect and innplehnrnl tire original intent of the parties thereto: (1) the Original l'unnula for cule.- Inti of the police xrviee..Umponent of the Municipal Services Invoice as set (will in Section 4.10(u)(iv) of the Agreenne it host in prnctice, failed m produce a result that is consistent with the parties intent of aceu- anOy rellec ing ern ern annual bruin the Town', actual cost of providing police Services Ir the Project; (IU due to the --a pace of d...lol I, within the Project and Other charged circumstances, the timing of the Phase 3 Innpruvennents and the Phase 4 hill-vements asset (oat) in Sections 4.3(b)(iii) and 4.3(bxiv) of the Agreenhcnl is no longer appropriate 6, desirable. AGREEMENT NOW, 'T'HEREFORE, in eonsidermiun of the premix, and the nmmmal -comas and agreeuhea, of the Town and Owner, as mare particulurly set forth herein, and fur mher gaud and valuable cum vderation the receipt and sufficiency of which are hereby acknowledged, the Tuwn and Owner covenant and agree US lullo- I.Defined'lir s. Uule>s otherwise defined in Ilris'I'hiN Annncudruein, capiwllecd terns used herein shall have the incurring, ascribed to then. in the Agrcemenl. Allen lh1 M The Agrecnem is hereby modified as li ll-: (a) Sectio a I p 16 is amended and restated o read in it, entirety as lidluws: .16 Cox hjp'dg: The following Exhibits to this Agreement, allot which are ineor- pUmhcd by eel'-ale into and sack a part of this Agreement: Exhibit A - legal Description of the Poperly Exhibit B - Police Services Methodology (b) A nw Section 1.127(a) is inserted (alter existing Section 1.1 27 and beture existing Sceliua 1.1.2h) Its read in its entiretyy a' follow s 1.1.27(a) P) S ' •c M t l 1 : The agreed upon nhellahdolugy, ttor calculation of the Town's annual cost of providing police services to the Project, m, generally described in Section 4.5(u) and Specifically set funh in the spreadsheet entitled Col-Imiua J Police Senior.. Village (nr AI.... ) 2005 Pr jeered Budgeted Revenues, a copy of which is attached as Exhibit B of this Agreement, mad which stall apply to the calculation of the police services curnpunent for the period commencing July 1, 2004, and cunon- ging through the term of this Agreement. (.h Seniu s 4 3lhh iiih and J ll bl ii if Phase ate amended and restuled re kB in their entirety li ent, ws: (ase 3 of the East Beaver Creek Boulevard Improvennents (The "Phase 3 Irrprov.. nears") shall consist of the following impruvemens w the .segnaenl of East Beaver Creek Boulevard between the western terminus of Beaver Creek Place and the western boundary of The Village (at Avon): (A) construction of a two-lane roadway with a Third auxiliary Imne at intelheetiuns and access points; (B) street,cupe inhprovement, to the hegnnenl between the western terminus and the ca,lem lenninus of Beaver Creek Place, which hmpruvcmaenls shall be in general conformance with the Eau Beaver Creek Boulevard Slreetscape Improvement Plans doted April 20(t0, prepared by Inter-Mountain Engineering, Ltd. for the Town of Avon; and (C) streetseape improvements to the Segment between the eastern tenninus of Beaver Creek Place and the western boundary of The Village (a( Avon), which imrpovements shall be in general cunfur- nrance with the street,.upe, inhpruvenants within Planning Area A. Subject to the Town's limely issuance of the requisite fictions, the District Shull cumnnence the Phase 3 Impruvemenls by April 15, 2009. and shall employ cununerciully reasonable efforts Its cause emnplnima of the Plw,e 3 Impruvemenls on'or before December 31, 2W): provided, however, that in the event of ern earlier re-subdivision of any area within Planning Area, A through F, inclusive, us depicted in The Village (at Avon) PUD Development Plan Administrative Amendment No. I, dated May 21, 2001, and recorded in the Office of the Eagle County Clerk and Recorder ern July 31, 200L at Reception No. 763439, the District shall canon..... the Phase 3 hnpiovei ents by April 15, and shall employ com- mercially maso able efforts in rose conhpletiun thereof' by December 31, of tae year immediately following the rccordatiun If any final subdivision plat which re-subdivides any such area. (iv) Phase 4 of the Ea,t Bc-e, Creek BuulevaN hupollewenns (the EAGLE VALLEY ENTERPRISE "Phase 41 dim 1 1 II t is of convening the Phi. 2Impro e n nr from temporary to NOVEMBER 4, 2004 1 PAGE 27 permanent by the con;m,t f on of (A) a permanent extension from the east lemurs of Beaver Creek lion of the State of Colorado Place.to the Highway 6 Canneew, Road in accordance with the road standards set forth Ili Section 1.5 of the PUD Guide, and (B) final design and construction of a connection to Chapel N Place. The District shall cause the Phase 4 Improvements to be co omenced and completed in ame: Albert D. Reynolds accordance with the subdivision process involving Planning Areas A through F and H through J. as depicted in The Village (at Avon) PUD Development Plan Administrative Amendment No. 1, dated Title: Mayor May 21.2001, and recorded I. the Office of the Eagle County Clerk and Recorder on July 31, 2001. , at Reception No. 763439. Approved as to legal fonn.by: (do Seclin i 4 10hd(iv) is amended and restated to read I. its emirety as tow llo s: (iv) With respect to the Town's anmml cost o f pro vidipg police sere- Nano: John Dunn ice, to the Project for the period cimmmencing July I, 2W4, and continuing through the term of this - Title: Town Att ' Agreement, the applicable Municipal Services Invoice shall set forth the Town: calculation pur- amey suant to the Police Services Methodology. The percentage of time allocated to the patrol factor cal- culation (35%) and the percentage of time allocated to the service call facto calculation (65r%) shall remain constmn from year to year. However, in connection with preparing the Municipal Services AND IN WITNESS WHERE f OF, the District hereby twwlcdges and agrees to pcr- Invoice for each u ocomin I 8 year, the 't'own shall update the following components of the Police orm its obligation, under the Agreement, ❑s nwdilie en J by this, Third Amendment. Services Methodology annually: (A) the total direct costs for the patrol factor calculation; (B) the ratio of Project lane miles to total lone miles within the Town's municipal boundaries (expressed as THE DISTRICT. a percentage); (C) the total direct costs for the service call factor calculation; (D) the ratio of sere- ice culls within du Project to total service culls within the Town nunicipal boundaries (expressed TRAER CREEK METROPOLITAN DIS- as a percentage); (E) the total induct costs for the preparedness, administration and support factor - TRICT. a quasi-municipal corporation and calculation; and (F) the ratio of residential dwelling units and commercial square footage within the political subdivision of the State of Project to tool residenial dwelling units and commereml square footage within the Town's manic- Colorado ipul boundaries (expressed as a percentage representing the average between the residential dwelling unit ratio and the commercial square footage ratio). The annual update described above By: shall be subject to reconciliation and audit pursuant to the procedures described in Sections 4.10(e) Name: Darnel J. Leary - and 4.10(f). Title; President (e) Pursuant to the terms of Section 6.8, the parties hereby designate the following addresses for ATI ES7 notice or communication in substitution of the addresses originally set faith in Section 6.8 (the substitutive pro- visions of Section 6.8 being unaffected hereby): If o Town: Town of Avon P.O. Box 975 400 Benchmark Road Avon, Colorado 81620 Ann: Town Manage, With a copy to; Town of Avon P.O. Box 975 400 Benchmark Road Avon, Colorado 81620 Attn: Town Attorney If to Owner by mail delivery: ' tom, Creek LLC EMU Limited Liability Company P.O. Box 640 Vail, Colorado 81658 Attn: Magnus Lindholm Or, for delivery other than by mail Trier Creek LLC EMD Limited Liability Company 0322 East Beaver Creek Blvd. - Avon, Colortdo, 81620 Aran Magnus Lindholm will copy to: Ouen, Johnson, Robinson, Neff & Ragonetti, PC. 950 17th Street, Suite 1600 Denver, Colorado 80202 Attn: Tito as J. Rugmteni, Esq. and Munsey L. Ayers. Esq. If to the District: Truer Check Mctmpuliua District c/o McGeady Sisneros, P.C. 1675 Bmudway, Suite 21 W Denver, Colorado 80202 Attn: Darlene Sisneros, Esq. 3. 'ff cl f A toe • t. Except us expressly modified by this Third Amendment, the Agreement is uunodi- Bed, and is hereby ratified and aflinned, and shall remain in full force: and effect in accordance with its terms. If there is any inconsistency between the terns of the Agmenent and the terms of this Third Amendment. the provisions of this Third Amendment shall govern and control: I Covcoui>g-Law. This Third Amendment shall be govemed by.and constmed in accordance with the laws of the State of Colorado, 5 n t e ' r This Third Amendment may be executed in one or more counteryans, each of which shall be deemed to be an original, and all .such counterpane taken together shall constitute one and the same instm- menh IN WITNESS WHEREOF, the Town and Owner have executed this Third Amendment us of the day and year first set forth above. OWNER: TRAER CREEK LLC, a Colorado limited liability company . By: None: Magnus I Title: Manager EMD LIMITED LIABILITY. COMPANY, a. Colorado limited liability company By: LAVA CORPORATION, a Colorado corporation, its Manager By: Name: Title: Secretary Exhibit "B" To Third Amendment To Annexation & Development Agreement Calculation of Police Services Village at (Avon)' 2005 Projected Budgeted Revenues' Town of Avon Statistics Total Weighted Average Town Lane Miles - 2005 Total Weighted Average Village Lane Miles - 2005 Ratio of Village/Town Lane Miles - 2005 Total Town Calls for Service- 2005 Total Village Calls for Service - 2005 Reno of Vill.8dr oeo.Calls for Service 2005 Taal Town Residential Dwelling Units - 12131/05 Total Village Residential Dwelling Units - 12/31/05 Ratio of ViII99cfi'owo Residential Units Total Town Commercial Square Footage - 12131/05 Total Village Commercial Square Footage - 12/31/05 Ratio of Villoge/Town Square Footage Cale6ln"i"I "Polite Services - 2005 Budget Patrol Factor Cale Julian , Direct Costs - 2005: Personnel Costs - Patrol Gas, Fleet Maint, & Fleet Replacement Charges - Patrol Vail Dispatch Services, Direct Time Involved in Patrolling Streets and Self-mitiated Calls for Service Ratio of Village Lane Miles to Total Lane Miles Total Patrol Factor Service Call Factor Calculation direct Costa- 2005: ' Personnel Costs - Patrol Gas, Fleet Maim., St Fleet Replacement Charges. Patrol Vail Dispatch Services % Direct Time Involved in Responding to Calls for Service Persoonel Costs - Investigations Gas, Fleet Maim., & Fleet Replacement Charges - Invest. Ratio of Village/Town Calls for Service Total Calls jar Service Fauor Preparedness, Adminh rradon & Support Fact` Indirect Costs .2005: - 49.39 10.42 21.10% 14,611 1,008 6.90% 3,528 244 6.92% 1,661,793 322,853 19.43% S 949,124 120,073 181,094 1,250,291 X 35.00% 437,602 x 21.10% S 92,323 S .949,124 120,073 181,094 1,250,291 x 65.00°/, 812,689 80,340 10,966 903,995 x 6.90% S 62,366 Administration Budget By: Indirect Patel Costs S 278,010 Num.: Magnus Lindholm Indirect Investigations Costs 75,159 Title: President 6,418 Average of Residential DUs & Commercial Square Feet x 359,587 13.17% T tall Preparedness, Administration & Sapport Factor S 47,365 THE TOWN: Total Police Services Cost - 2005 S 202,053 TOWN OF AVON, u municipal corpora- - ' Published in the Eagle Valley Enterprise November 4, 2004 • MEMORANDUM FROM: TOWN ATTORNEY TO: TOWN COUNCIL SUBJECT: THE VILLAGE (AT AVON) DATE: October 7, 2004 Included on the October 12 agenda is an ordinance approving a Third Amendment to Annexation Agreement. As you know, the amendment, which is attached as an exhibit to the ordinance, will increase charges to The Village for police services from what was a nominal amount to approximately $200,000, effective July 1, 2004. Negotiation of the amendment was a two-step process over nearly a year. The first step was the acknowledgement by Traer Creek that the Annexation and Development entered into in 1998 was flawed as to the calculation of the cost of police services. The second step was the agreement to a new formula which reflects the original intent of the parties that The Village pay for the actual cost of police services provided to it. For the most part; that was a smooth process of • collaboration between Scott Wright and Dean Johnson, Traer Creek's consultant. You will note that there is no Exhibit "A'' to the amendment. There is a reference in the document to an Exhibit "A," but the reference is to Exhibit "A" of the original Annexation and Development Agreement. Munsey Ayers and I have agreed that, the next time the agreement is amended, it will be restated in its entirety so that there is a single agreement governing the relationship between the Town and The Village. JWD:ipse 0 TOWN OF AVON, COLORADO ORDINANCE NO. 04-17 SERIES OF 2004 AN ORDINANCE APPROVING THE THIRD AMENDMENT (THE "THIRD AMENDMENT") TO THE ANNEXATION AND DEVELOPMENT AGREEMENT FOR THE VILLAGE (AT AVON) DATED AS OF OCTOBER 13, 1998, AND RECORDED ON NOVEMBER 25, 1998, AT RECEPTION NO. 677743, AS AMENDED BY THE FIRST AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT DATED AS OF NOVEMBER 13, 2001, AND RECORDED ON DECEMBER 12, 2001, AT RECEPTION NO. 779049, AND THE SECOND AMENDMENT TO ANNEXATION AND DEVELOPMENT AGREEMENT DATED AS OF MAY 27, 2003, AND RECORDED ON JULY 30, 2003, AT RECEPTION NO. 842248 (AS SO AMENDED, THE "DEVELOPMENT AGREEMENT"); AND AUTHORIZING AND INSTRUCTING THE MAYOR OF THE TOWN TO SIGN THE THIRD AMENDMENT ON BEHALF OF THE TOWN. • WHEREAS, the Town of Avon (the "Town") and Traer Creek Metropolitan District, a quasi-municipal corporation and political subdivision of the State of Colorado (the "District"), and Traer Creek LLC, a Colorado limited liability company, EMD Limited Liability Company, a Colorado limited liability company (collectively, the "Owner), have negotiated the terms and conditions of the Third Amendment, which is attached hereto as Exhibit "A" and incorporated . herein; and WHEREAS, the Town gave proper and timely posted notice of the dates and times of the meetings at which the Town Council considered the Third Amendment; and WHEREAS, the proposed full text of this Ordinance was duly published by posting in the office of the Town Clerk and in three (3) additional public places within the Town, and said publication also set forth the date and time of the public hearing at which the Town Council considered the Third Amendment; and WHEREAS, approval of the Third Amendment is in the best interests of the public health, safety and general welfare of the people of the Town; and WHEREAS, the Town Council held a public hearing concerning the Third Amendment, and by this Ordinance sets forth its findings and conclusions. THE TOWN COUNCIL MAKES THE FOLLOWING FINDINGS AND CONCLUSIONS: 1. The Third Amendment complies with all applicable laws and regulations of the State of Colorado and the Town, including, without limitation, Article 68 of Title 24, C.R.S. 0 STATE OF COLORADO ) COUNTY OF EAGLE ) SS TOWN OF AVON 1 NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO AT 5:30 P.M. ON THE 26T" DAY OF OCTOBER 2004, AT THE AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD, AVON, COLORADO FOR THE PURPOSE OF CONSIDERING THE ADOPTION OF THE FOLLOWING ORDINANCES: Ordinance No. 04-16; Series of 2004, First Reading, An Ordinance Amending Section 2.08.040, Avon Municipal Code, Relating to the Jurisdiction of the Municipal Court (John Dunn) - Legislation addressing a decision of the Colorado Supreme Court made earlier this year regarding municipal court and the appropriate venues for zoning appeals. Ordinance No. 04-17, Series of 2004, First Reading, An Ordinance Approving The Third Amendment (The "Third Amendment") To The Annexation And Development Agreement For The Village .(At Avon) Dated As Of October 13, 1998, And Recorded On November 25, 1998, At Reception. No. 677743, As Amended By The First Amendment To Annexation And Development Agreement Dated As Of November 13, 2001, And Recorded On December 12, 2001, At Reception No. 779049, And The Second Amendment To Annexation And Development Agreement Dated As Of May 27, 2003, And Recorded On July 30, 2003, At Reception No. 842248 (As So Amended, The "Development Agreement"); And Authorizing And Instructing The Mayor Of The Town To Sign The Third Amendment On Behalf Of The Town. A copy of said Ordinances are attached hereto, and are also on file at the office of the Town Clerk, and may be inspected during regular business hours, Monday through Friday, 8AM-5 PM. Following this hearing, the Council may consider final passage of this Ordinance. This notice is given and posted by order of the Town Council of the Town of Avon, Colorado TOWN OF AVON, COLORADO BY: Patty McKenny Town Clerk POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON OCTOBER 15, 2004. ✓ AVON MUNICIPAL BUILDING, MAIN LOBBY ✓ ALPINE BANK, MAIN LOBBY ✓ AVON RECREATION CENTER, MAIN LOBBY ✓ CITY MARKET, MAIN LOBBY ~ ~ ;.~a~ r~a~ S T_