TC Res. No. 1986-280 •
RESOLUTION NO. 86-28
SERIES OF 1986
A RESOLUTION CLARIFYING THE AUGUST 28, 1986, DEVELOPER AGREEMENT.
WHEREAS, the Bendelow development group has presented
a draft of a commitment for financing, as of December 1, 1986,
as required pursuant to that certain agreement between the Town of
Avon (Avon), and Vail Valley Mall (Developer), dated August 26,
1986; and
WHEREAS, the draft commitment includes additional parties
as developers with which Avon has not previously dealt; and
WHEREAS, the August 26, 1986, agreement provides that
Avon shall have the right to approve any changes in the existing
developers; and
WHEREAS, these factors have caused Avon to believe it
needs additional information to assist it in approving the changes
in the developers.
NOW, THEREFORE, BE IT RESOLVED, that:
1. a. Developers' package must be presented to Avon by
Wednesday, December 3, 1986, which includes:
a) the titles and shares of each partner/stock-
holder;
b) the specific roles and responsibilities of
each member of the development team;
c) a designation of the developer's project
manager;
d) references, qualifications, and experience of
the new parties of developer, for verification;
e) financial statements of new parties of developer;
f) consent of present parties to the additional
parties of developer.
2. Avon will respond to such package by Thursday, December
4, 1986. If acceptable, Avon will provide notice of
its acceptance of developers;
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3. A financing commitment, in the same form as that
presented to the Town on December 1, 1986, and
signed by the developer and the lender, must be
provided to Avon by Tuesday, December 9, 1986;
4. Developer must be ready, willing, and able to complete
a cash closing on December 15, 1986;
5. Avon may contact Wal-mart,-the sellers, and other
developers, as of December 2, 1986.
ADOPTED AND PASSED THIS 2nd day of December
1986.
TOWN COUNCIL
TOWN OF AVON, COLORADO
B
Allan bot am, Mayor
ACCEPTED 'BY :
C~" AS-41J~~
Edward M. (Ted Bendelow
Vail Valley Mall Associates
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