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Home My WebLink AboutC84-002 amendment to Beaver Creek Subdivision AgreementsZ ...................... Jr- C84-2-Pl-AM AMENDMENT TO BEAVER CREEK SUBDIVISION AGREEMENTS This Amendment to Beaver Creek Subivision Agreements (the "Amendment"), dated this a3hd day of , 1993, is made by and between the County of Eagle, State of Co orado, by and through its Board of County Commissioners ("Eagle County") and Vail Associates, Inc., a Colorado corporation ("VAI"). The capitalized terms contained in this Amendment shall have the same meaning as such terms have in that certain Beaver Creek Subdivision Agreements between Eagle County and VAI dated February 24, 1984 (the "Agreements"). RECITALS 1. Eagle County and VAI summarized certain issues associated with the approval for the Beaver Creek Planned Unit Development (the "PUD") as contained in the Agreements. 2. Eagle County and VAI desire to amend Paragraph D of the -_ Agreement ("Paragraph D11) by clarifying and expanding certain issues related to Paragraph D as follows: a. Paragraph D provides that up to 11358" employee housing units have been planned for Tract B within the Beaver Creek Subdivision; however, certain PUD documents called for up to 11538" employee housing units on Tract B. It is recognized and agreed between the parties that a typographical error may have transposed the numbers and that the actual number should have been 538 employee housing units on Tract B (the "Required Units"). b. Eagle County and VAI desire to recognize that the right (but not the obligation) to construct a total of 128 employee housing units has been transferred from Tract B to other tracts in the Subdivision (the "Transferred Units"), and Eagle County has previously approved such transfer and credited the Transferred Units toward the satisfaction of the Required Units, thereby reducing the number of remaining Required Units to 410. C. Eagle County and VAI desire to recognize that 60 Units have been constructed on Tract B (the "Tarnes Units"), thereby reducing the number of remaining Required Units to 350. d. Eagle County and VAI desire to permit VAI to receive credit for employee housing units outside the Subdivision, including the following: (1). Eagle County desires to recognize VAI's participation in the EagleBend Affordable Housing project located within the Town of Avon and to credit VAI with 240 Required Units (the "EagleBend Units"), thereby reducing the number of remaining 1 Required Units to 110. (2) Eagle County desires to recognize VAI's conversion of the Sunbird Lodge located within the Town of Vail to 54 employee housing units and to credit VAI with 54 Required Units (the "Sunbird Units"), thereby reducing the remaining Required Units to 56 (the "Remaining Units"). e. Paragraph D provides that the phased development of Employee Housing shall occur "as the need is demonstrated in the reasonable determination of the Board of Eagle County Commissioners." VAI and Eagle County agree that VAI shall construct (or shall cause to be constructed) the Remaining Units, either as development(s) in and of itself or as part of a larger employee housing development(s), within five years of the date hereof. 3. Eagle County and VAI desire also to amend Paragraph G of the Agreements which relates to reporting of dwelling units and commercial space to be consistent with Paragraph III.0 of the Amended and Restated Guide of the Beaver Creek Planned Unit Development approved by Board of Commissioners of Eagle County on August 2, 1988 and recorded in the real property records of the Eagle County, Colorado, Clerk and Recorder on January 31, 1989 in Book 499 at Page 512 (the "Amended Guide") as set forth below. NOW THEREFORE, in consideration of the premises and covenants contain herein, the receipt and sufficiency of which is hereby acknowledged, Eagle County and VAI amend and restate in their entirety Paragraph D and Paragraph G of the Agreements as follows: "D. Employee Housing. 1. Within the Subdivision, Tract B has been designated Residential High Density which is the land use designation set forth in the Amended Guide to provide housing for employees. A total of up to 538 Units has been planned for phased development on Tract B. 2. Notwithstanding the foregoing, Required Units may be satisfied (a) within Tract B, (b) within the Subdivision or (c) outside the Subdivision but within Eagle County. A credit of one Required Unit, in any location specified in this subparagraph 2, shall be given to VAI for each employee housing unit satisfied by VAI. 3. To date, VAI has satisfied 482 Required Units by virtue of the Transferred Units, the Tarnes Units, the EagleBend Units and the Sunbird Units. 4. VAI and Eagle County hereby agree that VAI shall construct or caused to be constructed 56 employee housing units within five 2 years of the date hereof. "G. Dwelling Unit and Commercial Space Report. A Dwelling Unit and Commercial Space Report (the "Report") shall be submitted to the Director of Community Development of Eagle County (formerly known as the Eagle County Zoning Administrator) on a yearly basis on or before July 31. The Report shall contain the number of dwelling units and commercial space assigned to each lot in the Subdivision or any project not subdivided but assigned dwelling units and/or commercial space." Except as provided above, the Agreements shall remain unmodified and in full force and effect. This Amendment does not constitute a substantial modification, removal or release of the provisions of the PUD plan. This Amendment is intended to clarify and memorialize the continuing understanding between Eagle County and VAI with respect to certain obligations of VAI under the PUD. The undersigned certify that the foregoing was reviewed by the Board of County Commissioners of Eagle County, Colorado on this � day of F 199x. �ytg �G COUNTY OF EAGLE, STATE OF COLORADO By and through its Board of County Commissioners ATTEST: Clerk to the Board of County Commissioners ATTEST: /Asst' Secretary Gates—Commissioiier s E _.J�nsod, .a -vg' Commissioner ohnette Phillips, Ccdmmissioner VAIL ASSOCIATES, INC., a Colorado Corporation %% rt By: S .,/ e President 3