URA Res. No. 2013-02 Approving Village at Avon Amended and Consolidated Development AgreementAVON URBAN RENEWAL AUTHORITY
TOWN OF AVON, COLORADO
RESOLUTION NO. 13 -02
SERIES OF 2013
A RESOLUTION APPROVING AMENDMENTS TO THE CONSOLIDATED,
AMENDED AND RESTATED ANNEXATION AND DEVELOPMENT
AGREEMENT FOR THE VILLAGE (AT AVON)
WHEREAS, the Avon Urban renewal Authority (the "Authority ") is a duly organized body
corporate and politic under and by virtue of the laws of the State of Colorado including the
Urban Renewal Law, constitution part 1 of Article 25 of Title 31, Colorado Revised Statues
( "C.R.S." );
WHEREAS, the Town of Avon ( "Town'), Traer Creek Metropolitan District ( "TCMD "),
Traer Creek LLC, Traer Creek -RP LLC, Traer Creek Plaza LLC, EMD Limited Liability
Company, Traer Creek -HD LLC, Traer Creek -WMT LLC, (collectively the "Traer Creek
Parties "), BNP Paribas (`BNP ") and Eagle County are parties to the consolidated litigation Civil
Action No: 2008 CV 385 and Civil Action No: 2010 CV 316, Eagle County District Court
( "Litigation');
WHEREAS, on October 7, 2011 Town, TCMD, the Traer Creek Parties, and BNP entered
into the Settlement Term Sheet ( "Settlement Term Sheet") in an effort to resolve the Litigation;
WHEREAS, the Town of Avon approved an Annexation and Development Agreement for
the Village (at Avon) by Ordinance No. 98 -17;
WHEREAS, the Town of Avon approved the First Amendment to the Annexation and
Development Agreement by Ordinance No. 01 -16, the Second Amendment to the Annexation
and Development Agreement by Ordinance No. 03 -08, and the Third Amendment to the
Annexation and Development Agreement by Ordinance No. 04 -17;
WHEREAS, the Town approved the Consolidated, Amended, and Restated Annexation and
Development Agreement ( "Development Agreement ") by Ordinance No. 12 -10;
WHEREAS, the Upper Eagle River Water Authority is not able finance and construct the
Traer Creek Water Storage Tank in accordance with the terms of the Water Tank Agreement due
to changes in circumstances, including but not limited to increases in interest rates and changes
to the design of the Water Tank Project;
WHEREAS, TC -RP has offered to provide private financing and to construct the Water
Tank pursuant to the terms of an amended Water Tank Agreement and subject to reimbursement
by Traer Creek Metropolitan District;
WHEREAS, the Town Council approved amendments to the Development Agreement by
Avon Urban Renewal Authority
Resolution No. 13 -02
Page 1 of 3
Ordinance No. 13 -13 in order to incorporate the TC -RP Tank Project Financing terms; and,
WHEREAS, the Authority finds that approval of the amendments to the Development
Agreement do not affect the specific terms related to the Authority in the Development
Agreement and the amendments propose terms for financing and construction of public
infrastructure that is necessary and essential to serve development in the Village (at Avon).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE AVON URBAN RENEWAL AUTHORITY, the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Authority.
Section 2. Approval of Development Agreement. The Development Agreement Version
12, is hereby approved and shall replace and supersede the version Development Agreement
previously approved by the Authority on or about June 11, 2013. The Chairman and the
Secretary and their respective designees are authorized to execute the Development Agreement,
attached hereto as Exhibit A, and are authorized to take such as action as necessary to cause the
Development Agreement to be deposited with the Escrow Agent in accordance with the terms of
the Closing Escrow Agreement.
ADOPTED on October 22, 2013.
AVON URBAN RENEWAL AUTHORITY
BY: Rich Carroll, Chairman
CERTIFIED:
'�a-m M c
Patty fenny ority Clerk
Avon Urban Renewal Authority
Resolution No. 13 -02
Page 2 of 3
-T � ST: Vi i a Egger, e retary
�,�N ��
Z' SEAL : ;6 �4
EXHIBIT A: AMENDED CONSOLIDATED, AMENDED AND
RESTATED ANNEXATION AND DEVELOPMENT AGREEMENT
FOR THE VILLAGE (AT AVON)
THIS IS THE SAME VERSION 12 DEVELOPMENT AGREEMENT PRESENTED TO
THE AVON TOWN COUNCIL FOR THE OCTOBER 22, 2013 REGULAR MEETING]
Avon Urban Renewal Authority
Resolution No. 13 -02
Page 3 of 3