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HomeMy WebLinkAboutR97-110 interval ownership estates mountain Lodge, Beaver CreekCf- .,imis- 31er (62 on moved at tion of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 9.7 - //0 RESOLUTION ALLOWING INTERVAL OWNERSHIP ESTATES MOUNTAIN LODGE, BEAVER CREEK SUBDIVISION FILE NO. PR -00005 WHEREAS, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter the 'Board "), is authorized to permit Interval Ownership Estates within the Beaver Creek Planned Unit Development pursuant to Section VIII. of the ME Amended and Restated Guide to the Beaver Creek Planned Unit Development (PUD ® Guide) recorded in Book 638, Page 584 as filed in the office of the Eagle County Clerk ® + and Recorder; and ® W =CQ ; WHEREAS, Villa Montane Club, a Colorado General Partnership, (hereinafter ®d the "Applicant "), applied to the Eagle County Department of Community Development ®� for a review of the Disclosure Statement and Marketing Plan for Interval Ownership ®m + Estates as required by the PUD Guide on or about June 17, 1997;-and =dam =7! y WHEREAS, based on the evidence, testimony, exhibits, study of the requirement ®m m of the PUD Guide, comments of the Eagle County Department of Community ®w o Development, comments of public officials and agencies, and comments from all m interested parties, the Board of County Commissioners of the County of Eagle, State of ®� m Colorado ( "the Board "), finds as follows: _m ®ate ®m 1. That proper publication was provided as required by law for the hearings ®� o before the Board. _mom 2. That the Disclosure Statement provides sufficient information to make a determination that the plan is not inconsistent with the general health safety and welfare of persons within Eagle County. 3. That the Marketing Plan provides sufficient information to make a determination that the plan is not inconsistent with the general health, safety and welfare of persons within Eagle County. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby approves the allowance for Interval Ownership Estates at the Mountain Lodge provided the following conditions are met: 1. That the de toper come back through this process if there are any substantial changes to either the Disclosure Statement or Marketing Plan, or any information submitted as a part of this review. 2. Approval from the State of Colorado, Department of Regulatory Agencies, Real Estate Commission regarding the Certificate of Registration for the property and the developer be obtained. 3. Approval by the Board of County Commissioners for the subdivision of the units prior to conveyance. THAT, should Applicant not comply with any or all of the conditions, the allowance for Interval Ownership Estates shall be revoked. THAT, the Board of County Commissioners directs the Department of Community Development to provide a copy of this Resolution to the Applicant. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the health, safety and welfare of the citizens of Eagle County. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 11th day of August, 1997, nunc pro tunc to the 28th day of July, 1997. o COUNTY OF EAGLE, STATE OF COLORADO, By ,cy and Through Its BOARD OF COUNTY i.. COMMISSIONERS ATTEST: BY: Sara J. Fisher Clerk of the Board of County Commissioners BY: V Johnnette Phillips, CKiairman B J . es E. Johns er �BY: 4, AL Gepfge A. Gates, Commissioner Commission at s econded adoption of the foregoing resolution. The roll having been qcall , the vote was as follows: Commissioner Johnnette Phillips G..v &_ Commissioner James E. Johnson, Jr. Commissioner George A. Gates This Resolution passed by _ C3 —(-) vote of the Board of County Commis- sioners of the County of Eagle, State of Colorado. BARER -& HOSTETLER 7-10 -1887 16:33 PAGE. � -!8 Right-FAX I EAGLE COUNTY DISCLOSURE STATEMENT MOUNTAIN LODGE, A CONDOMINIUM BEAVER CREEK RESORT 1. A full description of the interval ownership interest being offered for sale. Mountain Lodge, a condominium, is a vacation ownership resort being developed through a joint venture of entities related to Hyatt and East West Partners, There are a total of 53 condominium units in Mountain Lodge including 25 studio units, 28 two bedroom units and 2 permanent three bedroom units. Approximately, 20 of the studio units and 20 of the two bedroom units may be combined to create 20 three bedroom units depending on marketing and use demand. A maximum of 1060 undivided 1/20 ownership interest may be sold, The undivided ownership interests appurtenant to each type of units are as follows; Unit type Percentage Number of Interest units allocated to each unit Studio units 1.20482% 25 W7.23 Two bedroom units 2.40964% 26 Three bedroom units 3.61446% 2 TOTALS 53 100.00 The developer intends to initiate a program of vacation ownership which will legally constitute a timeshare estate permitted under Colorado. The developer will determine which units to commit to the plan of timeshare ownership. The developer reserves the right to sell up to 10 of the units in Mountain Lodge as whole ownership units. Each timeshare ownership interest will be comprised of an undivided 1 /20th interest in a specific condominium unit in Mountain Lodge. The ownership interest will entitle the owner to the use of a fixed winter ski week, a floating summer week consisting of seven consecutive days and a floating split week consisting of either a three or a four consecutive day occupancy, Ownership will also entitle the owner to participate In a "point system" whereby all or a 'BAKER_& HGSTETIA]- 7 -10 -1997 16:39 PAGE ':'B RightFAX 1 portion of the use rights associated with the ownership interest may be converted to points which in turn may be utilized for reservation of accommodations at other resorts affiliated with Hyatt Vacation Club. Each owner of an undivided 1 120th interest will own 1/20 of the percentage interest allocated to the unit in which the undivided interest is owned and would be responsible for payment of 1/20 of the assessments allocated to such unit. The Mountain Lodge (Lot 168) is a participant in the Villa Montane Residential Master Association (the "Residential Master Association ") which also includes The Villas at Beaver Creek (Lot 16A), Villa Montane (Lot 16C). Assessments are allocated among the residential condominium unit based on the number of bedrooms within each unit within each respective project. The units within the Mountain Lodge are allocated assessments of the Residential Master Association in a manner that doubles the bedroom count. The purpose of this calculation is to account for an estimated higher percentage of occupancy in the Mountain Lodge units. It is anticipated that commercial units will share a Portion of the landscaping expenses of the Residential Master association based on a contractual agreement. The interest in the Residential Master Association allocated to each Mountain Lodge unit Is as follows: Studio units -- 2/323 Two bedroom units -- 4/323 Three bedroom units -- 6/323 These interests may be reduced by the developer in the event additional commercial units and voluntary members participate in the Residential Master Association and pay a portion of the expenses of the Residential Master Association. In such event the obligation to pay assessments for the Residential Master Association would likewise be reduced. 2. The owner's reasonable estimate of the dues, maintenance fees, real property taxes, sales taxes, real estate transfer taxes, and similar periodic expenses of owning such interest, and the method by which such costs will be apportioned, Common expenses will consist of maintenance fees, club fees and real estate taxes. Maintenance fees will be allocated among the owners based on each owner's undivided ownership interest in the project. Real estate taxes will be assessed by the County Assessor to each whole condominium unit, The owner's association will In turn bill each owner for such owner's portion of the -2- BAKER.& HOSTETLER 7 -.10 -1997 15:39 PAGE ' °`4.8 RightFAX real estate taxes. Club dues will be billed to each owner equally for each ownership interest owned, The present estimated annual expense (including real estate taxes) for owning an undivided 1120 interest in each respective unit type in Mountain Lodge is as follows: Studio -- $800 ($40 per day) Two bedroom -- $1800 ($80 per day) Three bedroom -- $2400 0120 per day) In addition, each owner will pay annual dues to the Hyatt Vacation Club of approximately $ 180. Fees for the Residential Master Association are assessed to each owner within each of the respective member associations. Each member association in turn assesses Its residential owners for a portion of the Residential Master Association assessments. Each member association remits amounts due to the master association. Based on current estimates Residential Master Association assessments comprise approximately 18 % of the Mountain Lodge assessments. 3. The description of all recreational amenities which the purchaser will be entitled to use by virtue of his ownership of an interval ownership estate and the date by which such amenities will be available; if amenities will not be available upon purchase of the interval ownership interest, describe where the funds are presently available for construction of the amenities and the source of such funds. The condominium will be one of several properties comprising the Villa Montane Residential Master Association. The Residential Master Association will have recreational amenities available for use by club owners as well as by owners of other properties that comprise the Residential Master Association and by other voluntary members. The recreational amenities include two hot tubs, an exercise room, a lap pool, a children's wading pool, a multi - purpose room and a ski storage room. There are no recreational or other commonly used facilities at the condominium that will be directly owned as part of the condominium and available for use only by club owners. The estimated date of completion of construction of the recreational facilities is November 30, 1998 which is also the estimated date of completion of construction of Hyatt Mountain Lodge. 4. A description of the parking available to the owner of an interval ownership interest and the manner in which such parking spaces will be allocated and controlled. -3- BARER.& HOSTETLER 7 -10 -1997 16:39 PAGE F -48 RightFAX The owners association for Hyatt Mountain Lodge will own 53 parking spaces in the Villa Montane Parking Facility. Parking will be available for use by club owners while they are in residence at Hyatt Mountain Lodge on the basis of 1 space per unit. It is anticipated that individual parking spaces owned by the Association will not be specifically assigned but that general parking passes will be issued to guests on the basis of one pass per parking space. Parking for non - owners such as guests, potential buyers and managers will be on a space available basis. 5. The extent to which the interval ownership interest may become subject to or affected by a tax or other lion arising out of claims against other interval ownership interests in the same interval ownership plan, Each ownership interests is a separate and distinct real estate ownership interest under Colorado law. Pursuant to Colorado law (C.R.S 4 38-33.111(3)) each owner shall be responsible only for a fraction of the assessments, property taxes and charges proportionate to the magnitude of his undivided Interest In the unit. In the event a lien is levied against the master association each ownership interest would be responsible for payment only of 1/20 of the assessment allocated to each unit. For example, if $5000 were assessed against the Residential Master Association a maximum of 188/323 (approximately 51,4% or $2570) would be assessed to the Mountain Lodge association with each unit and owner in turn being assessed its respective ownership interest, 8. A statement of the minimum number of interval ownership interests it intends to sell before it will proceed with the completion of the interval ownership project, if any such limitation is contemplated. The developer reserves the right to terminate the project or ownership program, or both, and to terminate all purchase contracts within 180 days after the date that the first contract for purchase of an ownership interest in the condominium is executed in the event that the developer does not pre -sell at least 50% of the total number of the ownership interests In the condominium. If only half of the interests In half of the units are sold then the developer may elect not to proceed with the program, If the developer nevertheless elects to proceed with the program the developer will be responsible for payment of assessments for each ownership interest which is not sold. Timeshare assessments are owed solely for units which have been submitted to the timeshare ownership plan by conveyance of an undivided interest from such unit to a buyer . ME 84,ER,& HOSTETLER 7 -10 -1997 16:39 -• ,n PAGE 9 RightFAX 7• A summary of how the interval ownership will be managed, who will initially manage it and how the manager will be changed. The property will be managed by Hyatt Vacation Management Corporation pursuant to a management contract which will be effective on the date of certificate of occupancy and continuing thereafter for a Period of three years subject to automatic renewal for additional successive periods of three years each. The management contract may be terminated by the condominium association upon approval by the owners of not less than 67% of the ownership Interests in the condominium. In the event of termination of the Management Contract, the property will no longer be affiliated with Hyatt Vacation Club, owners will not be entitled to exchange their ownership interests and use rights in Hyatt Mountain Lodge for the use of resort accommodations in other Hyatt Vacation Clubs. 8. A statement as to whether all the dwelling units within the project are being offered as interval ownership interests and if not, an accurate statement identifying the interests which will not be offered as interval ownership interests and any likely material consequences thereof. The developer reserves the right to offer for sale up to ten of the condominium units as whole ownership. The developer does not anticipate any likely material consequences of selling up to ten of the condominium units as whole ownership units. .5- BAKER -& HOSTETLER 7- 1p -199i c.'.',9 PAGE ''9 RightFAX l MARKETING PLAN A description of the marketing plans by which the interval ownership interests will be offered the public. Marketing plans shall include: S. Information asto whether the interval ownership interests will be offered for sale by licensed real estate brokers and salespersons and /or licensed securities salespersons and if so, the identity of the initially licensed broker or dealer, The interval ownership interests will be marketed by the listing broker Resort Sales and Marketing of Colorado, Inc:, a Colorado corporation, licensed as a Colorado real estate broker, The designated broker is Bill Fiveash, The broker will also cooperate with other participating brokers both within and outside the State of Colorado. All sales will be made by and through licensed real estate sales agents and brokers, 10. Information as to whether gifts, travel allowances, meals, drinks, entertainment or other inducements may be offered to prospective buyers, The marketing and sale plan for Hyatt Mountain Lodge in Beaver Creek will utilize a combination of active on -site lead and tour generation programs including print and broadcast media and direct mail, as well as a unique off -site program being developed for the Colorado Front Range, Dallas, Houston, Chicago and Atlanta. The on -site sale center will be located in the St. James Building in the heart of Beaver Creek. The center will feature a graphic presentation of the Hyatt Vacation Club program as well as a series of scale models depicting the actual Hyatt Mountain Lodge and surrounding buildings and facilities, The center will also feature models of the suites, a promotional video and an interactive animated tour through the Vacation Club. A future presentation space in a high traffic area of the Beaver Creek Village is planned to open by the beginning of the 1997 -98 ski season, The in- resort lead and tour generation program will blend a mix of traditional advertising and promotional programs, Our goals with respect to all in- resort programs will be to attract interest from those qualified prospects interested In the opportunity of vacation ownership at Beaver Creek. The developer intends to utilize a strong advertising presence in the main Vail Valley newspapers as well as in the more upscale resort magazine publications. Additional promotional programs will include sponsorship of weekly open houses, a promotional effort targeted directly at guests of the Hyatt Regency Beaver Creek Hotel and a mini - vacation program for interested prospects residing in certain off -site markets. 1- BAKER & HOSTETLER 7--10-1927 16:39 PAGE P -rB Ri b htFAX The marketing program will provide for the use of premium gifts to prospective clients who participate in a sales tour. Premiums may include certificates for dining, shopping, entertainment, recreational activities, and discounted accommodations at the Hyatt Regency Beaver Creek as well as dining and shopping certificates for restaurants and shops within Beaver Creek Village. Recreational activities may include whitswater rafting, hot air balloon rides, and other activities. Use of the various marketing incentives will be managed by the marketing company and licensed broker. The Hyatt Vacation Club's location, amenity package and overall commitment to quality dictate its appeal to a group of prospective clients who are first and foremost interested in outstanding resort real estate values and exceptional resort vacation experiences. Such prospective clients are not generally impressed with promotional programs dependent on low quality gifts and premiums. There will be no "rubber rafts" and cardboard cameras! 11. Information as to the location of any on -site sales offices (if any) and if so, the impact on parking and vehicular access. The on -site sales center will be located in the St. James Building in the heart of Beaver Creek Resort. The show room with models will be located in approximately 1000 square feet of space on the second level of the St. James Building. Sales administration will be on the Plaza level of the St. James Building, Parking will be available in the St. James Building as well as in the Villa Montane Parking Facility. Parking will in the St. James Building will be available for sales staff while parking in the Villa Montane Parking Facility will be available for management, sales staff and clients. Much of the marketing, however, will be focused on those visitors, guests and clients who are already in Beaver Creek Village, thus avoiding the necessity for large amounts of parking spaces. Off -site marketing efforts whether in the Front Range or elsewhere are not expected to utilize on -site visits or to utilize large amounts of parking for most clients. Parking, if needed, will be utilized at the shuttle lots at the base of Beaver Creek. agiorex.arp:�uuo:�r �u •2-