HomeMy WebLinkAboutC96-013 Eagle II Developers'96 21 � E� -� �
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("Agreement") is entered into
this 29th day of January, 1996, by and between the County of Eagle,
State of Colorado, a body politic and corporate, acting by and
through its Board of County Commissioners ("County"), and Eagle II
Developers, a Colorado corporation (Eagle II).
The circumstances surrounding this Agreement are as follows:
A. Eagle II is developing a subdivision known as
"Riverwalk at Edwards" ("Riverwalk") located at Edwards in Eagle
County. The Riverwalk At Edwards Planned Unit Control Document, as
adopted by resolution of the County, was recorded February 17, 1995
("PUD Guide"). The PUD Guide requires that Eagle II dedicate
certain residential units within Riverwalk as employee housing
units which are subject to certain provisions of the PUD Guide
relating thereto.
B. Eagle II is currently constructing a building on
Building Site L within Riverwalk subdivision which is tentatively
identified as the "Crystal Building." The Crystal Building will be
comprised of (i) a groundfloor of commercial units, and (ii) a
second floor of units for human residence all of which will be
dedicated as employee housing units and subject to the regulation
thereof by the PUD Guide.
C. Eagle II would like to take non-binding options
("reservations") for the purchase of the residential units being
constructed as a part of the Crystal Building before the completion
of the building and the formal division of the building into
condominiums in accordance with the Colorado Common Ownership
Interest Act ("CCOIA") and other applicable Colorado law
( "presales") .
D. Eagle II would like to make such presales possible
for future development within Riverwalk, including development
which incorporates both dedicated employee housing and other
residential units within single building sites, anticipating that
this will facilitate the financing of construction of such
development.
NOW THEREFORE, in consideration of the mutual promises
contained herein, and other good and valuable consideration, the
parties agree:
1. Eagle II will record a deed restriction (the terms of
which are set forth' on Exhibit "A" attached hereto and incorporated
by this reference) with respect to Building Site L.
2. Eagle II will record a deed restriction with respect to
each residential unit constructed on Building Site L within two
weeks after the recordation of the condominium plan and in any
event before the transfer of any interest in any residential unit
(other than as a part of a transfer of the entirety of Building
Site L) .
3. Not later than February 29, 1996, Eagle II will submit to
the County's Planning Division all things necessary to apply for an
amendment to the Riverwalk At Edwards Planned Unit Development
Control Document, and will diligently do all things necessary to
fully process and support adoption of such amendment. The
amendment shall provide for the taking of reservations for
residential units to be dedicated as employee housing units prior
to the actual construction and legal creation of the separate
residential units on terms and conditions acceptable to the
County's Housing and Planning Divisions and subject to all
conditions and approvals of a PUD Control Document amendment.
4. County will accept the recordation of the deed
restriction referred to in paragraph 1 hereof on Building Site L as
creating "Units" as the term is used in the PUD Control Document
for the purposes of preselling them. County will process
"presales" as if they were sales in accordance with the PUD Control
Document. Therefore, upon that recordation, Eagle II may commence
presales or actual sales (subject to compliance with other laws
which may restrict the same) of the residential units in the
Crystal Building. This does not relieve Eagle II of the
requirement of recording a deed restriction as to each individual
residential unit upon the legal creation of the units pursuant to
CCOIA, and Eagle II acknowledges that it will record such
individual deed restrictions prior to closing of the sale of any
one of those units.
S. Because of the passage of time which may occur between
the time a presale reservation is taken and the time of closing the
conveyance of a unit, for any presale of a portion of the Crystal
Building which is to become a dedicated employee housing unit, the
purchaser shall be required to be accepted by County as qualified
at the time of the reservation and again at the time of closing of
the transaction. A separate fee shall be paid to County for each
such qualification. The PUD Control Guide amendment shall so
provide also'.
6. By entering into this Agreement, the County does not
promise, represent or in any way bind itself to approve the PUD
Control Document amendment which Eagle II submits in accordance
with paragraph 3 hereof.
WHEREFORE, the parties hereto have executed this agreement on
the date first written above.
trot XAj,t COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
lk
toR�Do
By:
Clerk to thW Board of George,,,X. Gates
County Commissioners Chairman
EAGLE II DEVELOPERS
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By:
Title:
c\eagleii.mou
on the proposed termination, upon recording a Termination
Agreement in the office of the Clerk and Recorder of Eagle County
executed by the Board of County Commissioners.
Except for complete termination, the restrictions and covenants
herein may not be amended without the consent of both the owners
of the Property and the Board.
Notwithstanding anything contained in this instrument to the
contrary, this instrument shall be replaced and superceded by
Deed Restrictions with respect to each human residential unit in
the Property, conforming to the Riverwalk At Edwards Planned Unit
Development Control Document, executed and recorded by the
undersigned (or its successor) after the condominium plan is
recorded and before the closing of any sale or other transfer of
any element of the Property.
Executed
Coloradc
State of Colorado )
) ss
County of Eagle )
The f instrument was acknowledged before me this
;-�escribed
ing i g
day of-�/ , 199, by �' rriH L . G(Ji' d m S ►
who acledged to me that he was the Owner of the Property
there'n and executed the foregoing instrument.
✓.:' `; t'l t .` , Witness my Hand and f ficial Seal.
a' e
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° e My commission E ires : ;.F"'' ..... •, , ^ ,'.."3
:O
c pr CO\-oY. -
Notary Public
bobwip\crystal
RIVERWALR AT EDWARDS
DEED RESTRICTION
The real property which is the subject of this deed restriction
is all that certain real property located in the County of Eagle,
State of Colorado, commonly described as 34323 Highway 6,
Crystal Building, Edwards, County of Eagle, State of Colorado,
and more particularly described as:
Site L, Crestal Building, Riverwalk at Edwards
Recorded Book 673, p. 780, Eagle County, Colorado
The undersigned is the sole owner in fee simple of the real
property described above.
The circumstances in which this instrument is made are that the
undersigned is constructing upon the real property described
above certain improvements including a building partly for
commercial use and partly for human residential use. Upon
completion, the building and associated improvements will be
"condominiumized" pursuant to the Colorado Common Ownership
Interest Act, Article 33.3 of Title 38 of the Colorado Revised
Statutes (1973).
That part of the real property described above which is or
hereafter becomes improved for human residential use or used
ancillary to those parts improved for human residential use shall
hereinafter in this instrument be denominated as the "Property."
The undersigned declares that the Property shall be held, sold,
and conveyed only subject to the following covenants, conditions
and restrictions, which constitute covenants running with the
title to the Property as a burden thereon for the benefit of
Eagle County, Colorado, acting by and through the Board of County
Commissioners ("Board"), or its designee, and shall be binding on
the Owner, and on the heirs, personal representatives, assigns,
lessees, licensees and any transferee of the Owner, from the date
hereof through and including February 17, 2045. By way of
explanation, that represents a period of fifty (50) years from
the date of recordation of the amended Riverwalk at Edwards -
Planned Unit Development Control Document approved by the Board
on February 14, 1995, recorded in the official records of Eagle
County, Colorado at Book 661, Page 669.
These covenants are made as a part of an Employee Housing Program
created pursuant to the Riverwalk at Edwards Planned Unit
Development Control Document and as a condition to the approval
thereof by the Board.
1
The use and occupancy of the Property is hereby limited
exclusively to Qualified Employees and their families and
dependents, as more specifically set forth below:
As used herein "Qualified Employee" shall mean a person who
(a) has earned his living primarily in Eagle County by
having worked an average of at least thirty (30) hours per
week for at least eight (8) months in the previous twelve
(12) months and maintains his residence in Eagle County; or
(b) has been hired for a job in Eagle County on a permanent
basis (meaning that there is an expectation that the
employment will continue for a period of at least six (6)
months although it may be "at will" employment) to work at
least thirty (30) hours per week, which employment will be
his primary source of income, and will maintain his
residence in Eagle County upon commencing the job; or (c) is
over the age of sixty (60) and has earned a living primarily
in Eagle County by having worked an average of at least 30
hours per week for the previous five years.
Notwithstanding the generality of the foregoing, the
term "Qualified Employee" excludes any person otherwise
meeting the criteria of a Qualified Employee if such
person or any member of his immediate household, owns,
directly or indirectly, a habitable dwelling unit
located elsewhere in Eagle County, unless said dwelling
unit is currently listed for sale and has been
continuously listed for sale for not more than four (4)
months. This exclusion includes partial or full
ownership in a corporation, and partial or full
beneficial interest in a trust, established for the
purpose of evading this provision or to provide
beneficial interest sufficient to permit use and
occupancy by the owner or part owner. This exclusion
also includes partial ownership where the remainder is
owned, legally or equitably, by any member of his
immediate household.
Eagle County shall determine whether a person meets the
definition of a Qualified Employee, which shall be
based on criteria including, but not limited to,
percent of income earned within Eagle County, place of
voter registration, place of automobile registration,
drivers license address, and income tax records.
Evidence of Qualified Employee status under (b) shall
be supplied by at least the affidavit of the Employer
and of the person. Evidence of Qualified Employee
status under (a) and (c) will be supplied by at least
the affidavit of the person together with the
associated documents.
2
Furthermore, Qualified Employee" shall mean a person
who is determined to be currently eligible for
Residency in this Property or in the Employee Housing
Program as set forth in the Riverwalk at Edwards
Planned Unit Development Control Document. In the
determination of whether a person meets the definition
of a Qualified Employee, Eagle County shall consider
the criteria cumulatively as they relate to the intent
and purpose of the Deed Restriction.
As used herein "Riverwalk Employee" shall mean any
person who meets the definition of Qualified Employee
as provided herein, except that such person shall work
a minimum of twenty (20) hours a week as either an
employee or owner of a business establishment located
within the Riverwalk at Edwards Planned Unit
Development. Evidence of Qualified Employee status
under this definition shall be as stated in the
definition of Qualified Employee as provided herein.
This definition is provided as a means to determine who
has priority to lease or purchase units within the
Riverwalk at Edwards Planned Unit Development; persons
who end their employment status under this definition
may still maintain their occupancy of the Property as
long as such person continues to meet the definition of
Qualified Employee.
As used herein "Residence" or "Residency" shall mean
the primary place of abode of a person, meaning that
home or place of abode in which a person's habitation
is fixed and to which he or she, whenever absent, has
the present intention of returning after a departure or
absence therefrom, regardless of the duration of such
absence. Furthermore, a Residence is a permanent
building or part thereof. In determining what is the
primary place of abode of a person the following
circumstances relating to such person may be taken into
account: Business pursuits, employment, income
sources, residence for income tax purposes, age,
marital status, Residence of parents-, spouse and
children, leaseholds, situs of personal or real
property, voting registration and motor vehicle
registration.
As used herein "Employer" shall mean an individual or
business entity who owns a business or commercial
establishment in Riverwalk at Edwards Planned Unit
Development or elsewhere in Eagle County who employs
persons in the conduct of that establishment.
Priority in the purchase of the Property shall be given
first to Qualified Riverwalk Employees and to Employers
3
doing business in the Riverwalk at Edwards Planned Unit
Development, and then to Qualified Employees whose
qualifying employment is located anywhere in Eagle
County and to Employers doing business therein.
Priority in the renting of the Property shall be given
to Qualified Riverwalk Employees.
Procedures for the qualification of Qualified Employees and/or
Employers hereunder, and the manner of granting the priorities
herein established in favor of Qualified Employees and Employers,
shall be as prescribed in the Riverwalk at Edwards Planned Unit
Development Control Document approved by the Board on February
14, 1995, as it -may be amended from time -to -time.
These restrictions and covenants shall be enforceable by the
Board, or its designee. At its sole option the Board or its
designee may enforce the provisions hereof in the same manner and
with the same remedies applicable to the enforcement of land use
regulations pursuant to the Eagle County Land Use Regulations, as
they may be amended from time to time, or as otherwise provided
by law.
Alternatively, the terms hereof shall be enforceable by the Board
or its designee by any appropriate equitable or legal action,
including but not limited to specific performance, mandamus,
abatement, injunction, or forcible entry and detainer. The
remedies explicitly provided herein are cumulative, and not
exclusive, of all other remedies provided by law.
The undersigned, and any successor thereto, any owner of real
property subject to a Deed Restriction pursuant to the Riverwalk
at Edwards Planned Unit Development Control Document, and any
owner's association of Riverwalk at Edwards Planned Unit
Development owners shall be entitled to enforce the terms hereof
by any appropriate equitable or legal action, including but not
limited to specific performance, mandamus, abatement, injunction,
or forcible entry and detainer, in which instance the prevailing
party shall be entitled to recover costs, including reasonable
attorney's fees.
Invalidation of any one of or part of one of the covenants or
restrictions contained in this declaration by judgment or court
order -shall in no way affect any other part or provisions, which
shall remain in full force and effect.
The duration of these covenants shall be extended at the option
of the Board for an additional period, not to fifty (50) years,
after public hearing and comment on the proposed extension.
Eagle County expressly reserves the right to terminate this Deed
Restriction as to the Property, after public hearing and comment
4
on the proposed termination, upon recording a Termination
Agreement in the office of the Clerk and Recorder of Eagle County
executed by the Board of County Commissioners.
Except for complete termination, the restrictions and covenants
herein may not be amended without the consent of both the owners
of the Property and the Board.
Notwithstanding anything contained in this instrument to the
contrary, this instrument shall be replaced and superceded by
Deed Restrictions with respect to each human residential unit in
the Property, conforming to the Riverwalk At Edwards Planned Unit
Development Control Document, executed and recorded by the
undersigned (or its successor) after the condominium plan is
recorded and before the closing of any sale or other transfer of
any element of the Property.
Executed on o 7 , 1996 at&&;-,' ,
Colorado.
State of Colorado )
) ss
County of Eagle )
The fo a ing instrument was acknowledged before me this2
day of , , 199 (o, by /- . 11
who ac wledged to me that he was the Owner of the Property
--there, described and executed the foregoing instrument.
t< Witness my Hand and Official Seal.
e
My cc.,rq
a. (
P
ly Comm' sion E ires:
L'
Notary Public
bobwip\crystal
5
