TC Res. No. 1999-63RESOLUTION NO. 63
SERIES OF 1999
A RESOLUTION AUTHORIZING DISBURSEMENT OF FUNDS IN ACCORDANCE
WITH THE ADDENDUM TO AGREEMENT FOR DEDICATION AND MAINTENANCE
OF PUBLIC ROADWAY
WHEREAS, on the 17th day of September, 1997, an Agreement for Dedication and
Maintenance of Public Roadway (a copy of which is attached hereto) was entered into by
CHAPEL SQUARE, LLC, a Colorado limited liability company ("Declarant"); and the
Town of Avon, and
WHEREAS, on the 28`" day of July, 1998, an addendum to said agreement (a copy of
which is attached hereto) was entered into between the parties, and
WHEREAS, Declarant has substantially complied with the conditions set forth in the
addendum, and
WHEREAS, in addition to substantially complying with the conditions set forth in the
addendum, Declarant has posted with, the Town a letter of credit in, the amount of
$402,679.00 (a copy of which is attached hereto),
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section I. Authorization is hereby given for disbursement to Declarant of One
Hundred and Fifty Thousand Dollars'($150,000.00) out of the Two Hundred Thousand
Dollars ($200,000.00) referred to in said addendum.
ADOPTED this _1g day of December , 1999.
TOWN OF AVON, COLORADO
J Yode or
t
I ,=Z15 "W%IT FOR DED=CA=QK ACID
of VD =C ROSY
~e A opt is mace and ease=ec io thi-S
ciam 04, 1997 by the- TOW OF AVON (the• °To*W= {
; ~C9 g~ I LG, a Ce1oX-a-do 1 red 1:abi? = t-t c-" $''y•; Le° "aa?*ros•
2' S
• owns the real .tine-may test: = ee_ =n t..x~:, it
~~~C "3..~ =®G her°s, wh=-ch tr=ey- bAs°A". ' . ai~ztachez here ~o and iacgzpvr aC_
b . a psovec for rssutd:v:sioa as :err. at Beaver C`eek ahd
row,bdivisioa of Lot 22, Block 2, a
co=m=ity Stepp' Center 'own of Avon, Couaey of. z4gle
;Tract •a.:
MY") % and
ex,
. State of co? o:-aio ("the P_oy
i L approval that Decia-ze- -t
° RgaS., it is a cone4tion, of suc.. v the • . ("post ray° '
cedIca4;0-. to the public Lz mainta i • a• ~
r Ge?
t: ~,Capes Place° on 'tsar team Fjaa? Plac cw
,
~ " O£_ ice
5 :-.e ~~v=sioL recorded in Beck. once of r-
of the Clerk and Recorder of Eagle CO=ICY, COIc add (the °R: a6my
Pjat a) : and
of
' ..:pcsz
Dec? ~t shall re* s„ easeiaea•fs for (Z) the puu
z.. ..-epairs and mainte=aAcs of car.-ti faci-? ities. ar-Q
Cliffs " ';C' -face of the p=apery in the.
ildprovements beneath the st:_
.1 cutign. depicted as the Roadway- P lam, ist. and (2) usa of a of.
ci .L 2oa r+sy for the pu Jeose4 des =ibed he' a-, = is the loEStioz
ga,,ow~ •:oa t~ Eo way Plat', such. easements each. be-4 s-sbj ect to
be.. turns hereof .
Par, rr is
WN,
- ty and by t~s Arr pie. =t;.
RoadwaY plat of the P=ovet. _ for tke tons
'the public use the ~ight-of -way
vAt AecS.a.l e a tithe Roadway Plat as Chapel Place, and such
• Toga, subj ec- to the te:S
SC=
ted by Chu
:e:feat° _is here; s accep~t
and :~eQr-d-t ors of
the right-of -way 9-aat
Normithstaading the fig;,-Eatian c non-eawlusive
2. t retzim a Verpet-I
shown the P~dadwa►Y plat as "S~sbsii." ace
heXB ?R Dscla~aat $ -
utiC ate uce ind• repair Of
in. :h e t the location
coast+- ctiaa, ur-d parking
Bast for the+,,rbout limb.carton, an uad~5=o
g~=litieg • i= c? u~'ace of the arcnestY. to~-ethar • with anY
~+-ace, beneath or related to Sztch Pa='-~~ fac_].ities er
ts. on r pzopeSLY% site, as storase lockers,
is
the . t, fixtuxts and otbP
Utilities,lYi a,Patk=n3 Facil hies") . The hoide= of the.
, Obligation, the to supg?ort tho
(golf ive met shaL:L have including - . ~~Y
dara
Y► ort Zega]. . .
Sub TO&= sasemea ace of the Soa
~tavemeats = the 3. be Sufficient to sapp
LS, WhicheuPPOZ
P E mare S
b t c z Z 66 SZ AHW
-an shall a? Be retaa a .geetuaa, avn-exe=tt~ive` '
.3 Plat as'
easeiae~•c.:.a the leeat.on shown oz the Roadway .
4imfl:oe»t a :d Gse Eases" mat the eae-oadb=ezt of
Roadway e , ie? tsd:.'~g• but roc lim+693 to
s - a*►ts Ito t..
't~•
the
- -~eo£', aiaccGr am! . c•che= ' e_~'e=^es features of
prt.iea' •m£ the - god +av and for the use of 84ch
Luf edil aeeac to the . ~ which Dec-ar-=t.
. easeme»t' t { es or rove3et
-'^..a for ar3vi s g=e-a? to the uses wZt=S`.L' the btZl
: re essay-y or - bee mitted ~ : z~
by the c ape~•
c, 't ' to the Roadway atd Wi-4 ch a_•-a per
existence of the xoac?way.
, $-"'s; ' but for / the ingress, ec ess, cis: lay, acvert3~~ «c
pr~f.}+~OUt,•Z~frat-O~-* aGCe83,
a orhes Pu--doses . .
. ' DTC`Cw-thStaa~ c t`e decicatica o~the t~:e a RRoaoadd•►ay iA cra: h'
way i~ *e•'+•
4: ~iOL'~ of
Zie=a.. with resyect to that PC -"''e.►«., j ccatec, .the.
i,~^ovet~e..ts .a,
the e••---,C ~h .
„ c,.~e: eaa:=QSt shall be coac..C:o ec= uPae: is ;ball be •a
imoro4ie~ats , and 'the r a..moval of ~e _
tcndIt:aaa at the issuance of
Che,•P~ r-y rti=icate oofri~e ,
t¢CLv=CY for any st_LC :=e•.oa Oren sec,
ce-•-r; ¢{Cate of cccupancy has been iss-•red On t'.:
f¢ ~ 04. zempara-y , a of the
~:ope-+~y with:.a e.ghtep~ t 38) mcn*~ o._ t!_e ' dat..
ti=e b w cation o € the ~~Y 'al be deemed . e-rive
' permit{ until gt;z•,, _ action is tayten by the in.
-iLr A : ~adfit-onal .
terms her,4of,' the area wit" I the Raadwa*_;
8,c..carcaaae' With the
and used for edest~_= and vehi v4 l=
vehicles ac: orca-cs with the
- ' cam, t'iort aim. fl k=~'-5 0 mot , e, g:,. ly a7-p~e C L the _ ; .
fl3a : speci£i wors -o=
Dec1 deant pye3~e3,t of 'the., Roadway T P
~p~ ~t.~" tbar imp~
u..i-
5 the
.sac
'Iihtz.1 Shall hefor inEl .
saspl' e ° =tc.. o_ the a area'with: a the Readvav
Anaw
Upon, 120 days notice r w-t o ~ by the Dec? a-~t.' eo•' ;
6: ' to be t~-the; p id
ma3C ac I." own e*m= cause the Road ay
.
.;peer a=d in accordance arit h
to the, $af ~ $f$CtSOII of t..e TOE s z3~
tr,a; AMA= of the Toga 5o as to be usable shall aclude,; without
Zaarar s road system. such improvements
to adjacent. pr e. Y to limitation, the nection of the roadvU ti
the.. asst or the coast action of a cul-de-sac at the east ~ ez o£
time ricr to giving of notice pursuant to pi acr iph .
1. AC nay P cs in writing by the Town.t the'•Towa
Sys aoCi to betaoPed sv as to be
mar ~,t ids expensecause T the stem.
uz ble' as a PB=t of the .
vogn written app='Gvsl and acceptance of the R.oadosy
i b0 ' 39Fid S I : Z I 66, 92 AUW
:Zbo= .use as part of the' $balasVSUme pint~et eaof t "
,
?above , the Tou= P h 6 : szow removal, and Det a-ramt' s maintenance
' yy? +~t.~~`•• s~"+aZ 7 ~'►^~L''.o1Z Cw"aaI'.8t8' eXC°L"L as he-_e4 Ma~L*er
•,~rovfec.: of the Tewh'. mac •
.'g '3Qotw~ehstaad~5 use of the ReaZway as F ~o:
Roa way Isay eonti=e to be ,uses
r,~rs~ers. the awe.. of the
{ oa of not more than th..-ae • ~ •
{ r With the reduat-
acMr"~ce with the approved site plan .
--C JSCGS. plat aLA with a configuration Co
g :bm~:tLeG •s,T'' tL' t.:_e g--
by the Tca er. The Roadway may also be 'uS@f,
-~ed• 2'•s eagise
be •azp~ _aittec~
3,aZc#cagi-~c and any other imflroveme3maiot~ceses of ` ze~.
Site
•$L'CJ::p~0~'= O. ?CiD p~ • Any
associated with the use or the. a.-sea of the Roadway • ~or•
roan y a the sr.=ip=ag of. past -S Solaces or uses othe=`
imclud.-.g CLLS~.bZ~ iLy Of t:re
s?
as • a =oad~ray shall c:atf nue to be t .e
i (such ratters .efa~.-tee'. t0 -•as . *Declarant ' 9 Coati: a~•,
;De.C4.a,5~•- .
pb1• scat? ans') - _ • •
v made by Declarant ru-'"sua3t '
I4 AnY, imecrovere=ts to the Ram.- ee3.a--3^.t to be Isom
by g-
• to this ~,5='se a sha? 1 be war-ranted
11' wer: sL=? or c~:alsty. far a ee-:od C£' one mar
cf,, t, the event of =Y St---- or
accp a-
tQ...oe 1cy the Toore. o Fect w mat
To~: may. ='e4z•=='e Decla-mot to coved' i- work is per foare aria- ~
' ' . 3n the event any cor~c_-._..^., that or-
wo poise year wa- =ty' p@-3od, ttee wa -a -LY
s?c shall exrm•end for as tdditicaal one, year pe_cd
,ad wa
'ro c:s,ta of its c ietfoa. .
and. hold the
Meala_-ant ay==es to defend, #.-gel .e~--- eauses,':
1
• +m mom and asa :mot any a all losses, es and claims., coats. c-P #aY
li m=ties, e of
~.sSB il.~~
d . U Iudis, e l ilitation, reasonable attozmeys g~ees7
' kind • (~,nC, Wit ~ ' C CJII~`L'~'.'.CL~Q1Z, t`«t' te~3,3'Q~.°. . .
resulting or a=ir'-=~S from, {a) the ~tae terse Period w~
Derc3epayaand use. of the ptoadaay du: 5
the obligat_oa to, maintain the Roadway, (b)
• . • _ar.C•has Ytst-ts
naaa*~aat's eoant • ^q Oblacatioas, (C) the coes, actioa,
ril lea ;
mA*+nt:e A=e~ re'pa4r and. use' oe the parkin E$oast--u
and vse Easement, unless smeh loss or dumso-O
r. acts .or ;
z,est2ts or ' a--z.ses from the intentional
as 1s~gos-..h abo a Decla-~a't . is .
foz any and all. losses, claims.
omissions. of the TMM
•Of sly set aCtiOns, eases f 9-Ti,omit5, Zi d~-i•-ges, liabflities, expenses and' . •
C~Lt expressly
.
kind (inciuding, without Ltzitation, rs~~le
costs of ~Y or ~s~a from the maiitenanee.
BtGOZSe or ' vse fees) of the rest1 -tomRoadway uVon the ass=et=oa of the
rpm 'r
Ma the Toga.
#.azetaaaa obligations tbPiM£or by
• riat proEe-"Cy ana 13abaitY
the Roadway for. the
=,2. Decla' nt sbal? Mara 800r
-.snee for the improvements r~astitut:. ~ the may,
time.' period du'Zag %&h Ch DeC1 asaat• is to maiat
" 3 '
Zb0 ' 39ud
S I : Z I 66 . SZ Ikuw
,t: is
s.aStL ten ? ,
the 2•ewa eb'aZl be named in sLCh as as a ditioaa etc
. $==.ed.. 'Decla.-ant shall also: ~`M.a i~u- a an any of ita
'iaceFzoveme~ts' wither ehe Roadway which eostiaete 'to be the fl=op~e-''tv
:off . De -ae-a3t of ter the Roadway be=s the aa{ atemance vbli5ation
t; ons hP•eof spa? 1. be de a 'co
• . Z s• -g: and the with the I&&&. and •s"11 be bindUm ' akL the : ~ .
.•~~~.e~=~ts sv~iunnita3 a,-ties hereta . • •
snceessars and assicpns of the r
~T X1555 • 't~:e pa'"t es bp--etc have exectited
^ t above wrizte3.
the day, and ye~"T S
lh:~ "tmiment on
By.
TOOWN of AVON
Mayor
5vars of co o .
. ~ .GOIIg'r'~: •-OF BAGLE ~
The f.0mgoing c'"~
day of
- as
of Chapel. 5q== • LLC • -
Eb0'39dd
bras acksawlefted begone 'me
. Zs 978 by
Witness my han4 and cfficaai seal.
iZe 11y/ ~'eas 08f X812001 • . .
MY Cissim exg .
9I:Zi 66. SZ AdW
.STAT.--F. OF COLORADO
'COUN-TY-OF BOULDER )
'r 'Phe foot~go k*tr w tt wet ade%W edbefOM Rte
Of 19971 by .
w"m my hand and coal Seal ,SOW
COtittfi{831t~A 9~ ~ ~C .
r' rpubr~c .
STAT -OF -COLORADO
)S
COUNTY OF BOULDER )
tsSrtwas,adQt4wiedged ILef9m me l c
ter ~S.~
1.1 day vt' 1W'
VV Less .my hsnd mid afi4det seat.
• Tres: Wf~
My cotrtttnssron em ;
public
POO ' 39dd L I Z 1 66 1 Sz lkuw
Lesal Des=..pz4cm
• r
Lot 22, ' 8asehma-k at Seams 'C=ea =d TraCt
r 8. Goy:=tY Sh~+~3s~ ' Qeau'S• Tmm 09 avvea,
Co=ty. of Eagle and. State at Co~.asado
Sb0'3E)Ud LI:ZI 66, SZ AdW
EXHIBIT "
ADDENDUM TO AGREEMENT FOR
DEDICATION AND MAINTENANCE OF PUBLIC ROADWAY'
THIS ADDENDUM is entered into the 2 g-t-h day of . J u i 1z '1998,
between the TOWN OF AVON, a municipal corporation ("the Town') and CHAPEL SQUARE,
LLC, a Colorado limited liability company ("Declarant");
WIEREAS, an Agreement for Dedication and Maintenance of Public Roadway,
("the Agreement') was entered into by the parties and signed on behalf of the Town the 23' day
of July, 1997, relating to the development of Lot 22, Benchmark at Beaver Creek, and Tract B,
Community Shopping Center, Town of Avon, County of Eagle and State of Colorado ("the
Project"); and
WHEREAS, the parties desire to amend the Agreement to provide for
reimbursement by the Town of the cost of Declarant's dedication of Chapel Place in compliance
with the Agreement;
NOW, THEREFORE, it is agreed as follows:
1. Town shall pay to Declarant the amount of $200,000 at such time as 1) the area
designated on the final plat as Chapel Place has been constructed in accordance with the
Agreement and approved by the Town, 2) the Town has issued a final certificate of occupancy for
the first habitable structure completed as a part of the Project and 3) maintenance of Tract A,
Community Shopping Center, has been restored to a level satisfactory to the Town.
2. The Agreement is continued is full force and effect as to each provision thereof
except only as modified by this Addendum.
TOWN OF AVON
By: 0--el ~
Ma r
FMK® ONE.
BANK ONE, COLORADO, N.A. - 1717 MAIN STREET, 11TH FLOOR, DALLAS, TEXAS 75201
TELEPHONE: 1-800-924-5435
IRREVOCABLE STANDBY LETTER OF CREDIT NO. STI13088
PLACE AND DATE OF ISSUE:
DALLAS, TEXAS 03/03/99
DATE AND PLACE OF EXPIRY:
03/04/2000 IN DALLAS, TEXAS
APPLICANT:
CHAPEL SQUARE, LLC
2775 IRIS AVE.
BOULDER, CO 80304
ADVISING BANK:
NOT APPLICABLE
BENEFICIARY: AMOUNT: USD402,679.00
TOWN OF AVON FOUR HUNDRED TWO THOUSAND
P.O. BOX 975 SIX HUNDRED SEVENTY NINE
AVON, CO 81620 AND NO1100 U.S. DOLLARS
GENTLEMEN,
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT - IN YOUR FAVOR
AVAILABLE BY BENEFICIARY'S SIGHT DRAFT(S) DRAWN ON BANK ONE, COLORADO, N.A. WHEN
ACCOMPANIED BY THE ORIGINAL OF THIS CREDIT.
THIS IS A CLEAN LETTER OF CREDIT; NO OTHER DOCUMENTS REQUIRED.
SPECIAL CONDITIONS:
PARTIAL DRAWINGS ARE PERMITTED.
DRAFT(S) MUST BE MARKED: "DRAWN UNDER BANK ONE, COLORADO, N.A. CREDIT NO. STI 13088."
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH
ALL THE TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED IF DRAWN AND
PRESENTED FOR PAYMENT TO BANK ONE, COLORADO, N.A. C/O BANK ONE, TEXAS, N.A.
NATIONAL STANDBY LETTER OF CREDIT DEPARTMENT, AT 1717 MAIN STREET, 11TH FLOOR,
DALLAS, TEXAS 75201 ON OR BEFORE THE EXPIRATION OF THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500.
G
AUTHORIZE SIGNATURE
BANK ONE, COLORADO, N.A.
DST
catalog 0 08806 (1/99)
1°i -Ll