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HomeMy WebLinkAboutcoa.lu.gm.111 W Hyman.Chateau Dumont 0006.2007Fit Edt Qecwd CJavlgdte Fgrm Reports FwMat Tab Hey f� Mw,Cu,lom Fields Feel 6cwtr Parceh Raying Status Fee Summary Routing History Attachments i9 :# 2 PmmR Type aslu ASpan LmsdUm 2104 Penit4 OOOb.2007ASLU r ._,_..__._ ...___ ......... - ------ Address Ill W HUMAN AVE . __... -------------- ___.._. A.pUSuie City JASPEN olaie CO Zip 81611 Palm lnfamatgrc '... _.... 5 Neale PmsMl RoWng Queue fssk Appked r07(1612007r�_ y__ __ Sid-, �D�ss�+7`v/1- J Appoved 7J. `� Ql RRolett a Oesplgliwt MINORAPPI.E OFF T NT IsFnal W)AN-RDABLE HOUSING � 11 RESIDENCE W) AFFORDABLE ROUGING OFF SITE AT CHATEAU OUMONT 224 SITE SsynMred PENNIFER HALL 404.1091 Clock �Ruruwtg Days .,_0 Eupces (01(11j200H 13 Owner Last Nara 4131 W HYMAN, LLC J Fast Name 111 W HUMAN AVF W _..�........ !ASPEN C081611 Phone V Ownet is Appkcanti { Applicant _... _ LaN Name 111 W HYMPN, LLC F_ 111 W H AYE __� -Name w Cusl d {27424 — u - -- —_ —_ O 81 ._E!A`PEN C087611 --' i Lender ._.. :.. ....._.. L" Nam I _.� Fist Name Fhww i !U W144- 4mcot t 6fx26V DG&,4 # 2zf wj �.t�iG c4iva />X"/ JL �S � rim( a�- GG►1 � �/►�(LYQi Gilt:, (Mn w bov"-- �l(wv�- ak NN w.Kiiba'ti- i MEMORANDUM TO: Aspen Planning & Zoning Commission FROM: Chris Bendon, Director of Community Development RE: 111West Hyman Avenue Substantial GMQS Amendment - Public Hearing Reso. No. 4 Series 2007 DATE: March 20, 2007 PROJECT: 111 WEST HYMAN AVENUE GMQS AMENDMENT. REQUEST SUMMARY: This is a substantial amendment to a Growth Management approval of 111 West Hyman Avenue. This application was approved in 1992 and was known as the "Snare GMQS Application." The 111 West Hyman property is also know as Unit III of the West Shadow Mountain Townhome Condominiums. The 1992 approval required an affordable rental unit to be developed with the single - family residence. This application proposes to "move" the affordable housing mitigation off -site to an existing unrestricted unit in the Chateau Dumont building — Unit 22A. APPLICANT: 111 W. Hyman, LLC, owner of 111 West Hyman Avenue, represented by Jennifer Hall. Jennifer Hall, owner of Chateau Dumont Condominium Unit #22A. STAFF APPROVAL WITH CONDITIONS RECOMMENDATION: SUMMARY: In 1992, the City approve the "Snare Growth Management Application." This approval permitted the development of one free - market residence and an associated rental Category 1 affordable housing unit in the basement of a property located at 111 West Hyman Avenue. The property was developed according to the approvals. According to the applicant (and confirmed by the Housing Authority) the rental unit has not been occupied by a local working resident. The City's Growth Management System at the time required "scoring" applications. The project received the requisite score for approval and was granted an allocation for the one free - market unit. Although there was no "requirement" to provide this affordable rental unit, the application included it — likely as a way to "sweeten" the application. There are two ways to amend a GMQS application — an insubstantial amendment can be approved administratively but is limited to changing aspects of the development that have N no consequential effect on the approval. For example, if the architecture were amended to avoid a significant tree. Staff cannot approve an amendment for substantial changes. For example, if by avoiding the tree the affordable housing unit were to be eliminated. Substantial changes must go back through the approval process. The City's Growth Management System was substantially overhauled in 1995 and again in 2005. The Land Use Code now has no similar scoring process for growth management applications — there is no "apples -to- apples" process for this amendment. Therefore, staff has reviewed this amendment application under the most - closely applicable section. Also, staff has heavily relied on the recommendation of the Housing Authority. This is because the existing unit, as a rental unit owned by a private party, has limited affordable housing benefit, whereas the proposed affordable unit, as an ownership unit, would likely have substantially more benefit the community. The application proposes to "move" the mitigation requirement from within the 111 West Hyman property to an existing unit at 725 East Durant — Chateau Dumont. The space within the West Hyman property will become part of the free - market residence and the Chateau Dumont unit will become a Category 3 affordable housing unit to be sold pursuant to the Housing Authority Guidelines. Staff supports this application and is recommending approval. Staff believes the application meets all of the review criteria. In addition, staff believes the amendment is an improvement to the community's affordable housing resource. The City and the Housing Authority have little leverage in achieving occupancy of the West Hyman rental unit. And, if occupancy were achieved, the City and the Housing Authority can do little to ensure the rental rate is consistent with the Housing Authority's Guidelines. The effect of the West Hyman unit is that it is similar to an Accessory Dwelling Unit for which the owner can choose to rent, or not rent, and set the rental rate without City or Housing Authority intervention. The Chateau Dumont unit would be an actual affordable housing unit, deed restricted and sold to a qualified purchaser under the Housing Authority's Guidelines. This addition to the housing inventory would come with only minor construction and no substantial change to the character of the property. Finally, moving the mitigation would provide no substantial additional benefit to the West Hyman property. Yes, the property would be relieved of this rental requirement, but the requirement is ineffective. By removing the unit, the property would not gain FAR or any other development right that a similarly situated property in this zone district enjoys. It is with this reality that staff believes the "trade -off' represents significant benefit to the community. The Chateau Dumont unit will be an actual affordable housing unit, is located in proximity to employment and recreation opportunities and the conversion, including Category rates, is supported by the Housing Authority. -2- Staff does question the Housing Authority's recommendation for further mitigation. There is no provision for this extra mitigation in the Land Use Code. Again, staff believes that the 600 square foot permanently affordable unit provides more actual affordable housing than the 800 square foot voluntary occupancy unit. Both units are one - bedroom units capable of housing the same number of employees. The recommended condition from Housing has been included in the proposed Resolution. Staff recommends the Commission consider removing this condition. APPLICABLE LAND USE SECTIONS: The following land use approvals are requested and necessary for approval of this project: 1.) GROWTH MANAGEMENT — AFFORDABLE HOUSING: Growth Management approval is required to create affordable housing . This is required for the creation of affordable housing in the Chateau Dumont building. Final Review Authority: Planning and Zoning Commission. 2.) GROWTH MANAGEMENT — RESIDENTIAL DEVELOPMENT -60% AFFORDABLE: This is the most - similar review for the substantial amendment. Final Review Authority: Planning and Zoning Commission. NOTE ON MORATORIUM: This application is exempt from the moratorium pursuant to a decision rendered by the a hearing officer appointed by the City to hear appeals of the moratorium. The decision was based on a financial hardship. STAFF SUMMARY AND RECOMMENDATION: Staff recommends approval of the substantial Growth Management Amendment to the 111 West Hyman Avenue project. RECOMMENDED MOTION: "I move to approve Resolution No.10 �, Series of 2007, for a Substantial Amendment to the Growth Management approvals for l l l West Hyman Avenue." ATTACHMENTS: Exhibit A — Staff Findings Exhibit B — APCHA Referral Comments - 3 - RESOLUTION N0. Q (SERIES OF 2007) A RESOLUTION OF THE CITY OF ASPEN PLANNING AND ZONING COMMISSION APPROVING A SUBSTANTIAL AMENDMENT TO THE GROWTH MANAGEMENT APPROVALS FOR 111 WEST HYMAN AVENUE, AXA. "THE SNARE GROWTH MANAGEMENT APPLICATION," LOCATED AT 111 WEST HYMAN AVENUE, CITY OF ASPEN, PITKIN COUNTY, COLORADO. Parcel ID: 2735 - 124 -69 -018 WHEREAS, the Community Development Department received an application from 111 W. Hyman, LLC, the owners of property located at 111 West Hyman Avenue, and from Jennifer Hall, owner of a property located at 725 East Durant Avenue known as Chateau Dumont Unit 22A, for a substantial amendment to the growth management approvals for the property located at 111 West Hyman; and, WHEREAS, the application proposed to eliminate the rental affordable housing unit from the property at 111 West Hyman Avenue in exchange for deed restricting to Category 3 affordable housing classification Unit #22A of Chateau Dumont; and, WHEREAS, the Community Development Department received referral comments from the Aspen/Pitkin County Housing Authority; and, WHEREAS, the Community Development Department reviewed the request for a substantial amendment to the Growth Management approvals for 111 West Hyman Avenue, pursuant to Section 26.470.040.C.7 & 8 of the City of Aspen Land Use Code and recommended to the City of Aspen Planning and Zoning Commission approval with conditions; and, WHEREAS, pursuant to Section 26.470.040.0 of the Land Use Code, Growth Management approval may be granted by the Planning and Zoning Commission at a duly noticed public hearing after considering recommendations by the Community Development Director, and relevant referral agencies; and, WHEREAS, during a regular meeting on March 20, 2007, the Planning and Zoning Commission opened a duly noticed public hearing, received a recommendation from the Community Development Director, considered the presentation of the applicant, took and considered public testimony, and reviewed the application according the applicable review criteria and approved the application by a _ to z_ (---) vote, with the conditions listed hereinafter; and, WHEREAS, the Planning and Zoning Commission finds that this Resolution furthers and is necessary for the promotion of public health, safety, and welfare. NOW, THEREFORE BE IT RESOLVED that the Planning and Zoning Commission approves a substantial amendment to the 111 West Hyman Avenue Growth Management P &Z Resolution No. Series of 2007. Page 1 approval (also known as "the Snare Growth Management application "), subject to the conditions listed below. Section 1: 111 West Hyman Avenue Commensurate with recording of the deed restriction for 725 E. Durant, Unit 22A, a release of the deed restriction on the employee unit located at 111 W. Hyman shall be recorded. The structure shall be physically changed to prohibit separate occupancy of the employee unit by removing the kitchen in the unit. The former unit may by physically integrated into the remaining free - market unit. A building permit shall be required for such work. The property shall conform to all zoning building regulations of the City, as amended from time to time. Section 2: Unit #22 Chateau Dumont Commensurate with rescinding the deed restriction for the employee unit located at 111 West Hyman Avenue, Chateau Dumont Unit #22A shall be deed restricted as a Category 3 affordable housing ownership unit. lAt the time of recordation of the deed restriction, the applicant shall provide to the Housing Office an additional mitigation fee based on the 195 square foot difference between the two units at the Category 3 rate as stated in the Guidelines. Transfer of ownership of Chateau Dumont #22A shall be according to the Lottery process of the Aspen/Pitkin County Housing Authority. The maximum initial sales price for the Category 3 unit shall be no higher than $100,000. Section 3: All material representations and commitments made by the applicant pursuant to the development proposal approvals as herein awarded, whether in public hearing or documentation presented before the Community Development Department or the Aspen Planning and Zoning Commission, are hereby incorporated in such plan development approvals and the same shall be complied with as if fully set forth herein, unless amended by other specific conditions. Section 4• This Resolution shall not affect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. Section 5: If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. P &Z Resolution No. Series of 2007. Page 2 APPROVED by the Commission at its regular meeting on 2007. APPROVED AS TO FORM: PLANNING AND ZONING COMMISSION: James True, Asst. City Attorney ATTEST: Jackie Lothian, Deputy City Clerk Ruth Kruger, Chair P&Z Resolution No. Series of 2007. Page 3 Exhibit A Staff Findings 26.470.040. C. 7. Affordable Housing. The development of affordable housing deed restricted in accordance with the Aspen/Pitkin County Housing Authority Guidelines shall be approved, approved with conditions, or denied by the Planning and Zoning Commission based on the following criteria: a) Sufficient growth management allotments are available to accommodate the new units, pursuant to Section 26.470.030.C, Development Ceiling Levels. Staff Finding: Growth Management allotments exist and are available for this application. b) The proposed development is consistent with the Aspen Area Community Plan. Staff Finding: Staff believes this application is consistent with the AACP. Some of the policies and goals of the Housing Section of the AACP that support in -town housing include: • Integrate Affordable Housing into the fabric of the town • Each project should endeavor to further a mix of income ranges to avoid segregation of economic and social classes by project • Emphasis should be placed on proximity to transit, employment areas and social connections • Development of Affordable Housing within the traditional townsite should be encouraged to protect open and rural lands The off -site mitigation is proposed in an area of existing development, employment and social concentration — just not within the City limits. Staff believes the AACP supports affordable housing mitigation downtown. c) The proposed units comply with the Guidelines of the Aspen/Pitkin County Housing Authority. A recommendation from the Aspen/Pitkin County Housing Authority shall be required for this standard. The Aspen/Pitkin County Housing Authority may choose to hold a public hearing with the Board of Directors. Staff Finding: APCHA staff and the APCHA Board have reviewed this application and support it's approval. d) Affordable Housing required for mitigation purposes shall be in the form of actual newly built units or buy -down units. Each unit provided shall be designed such that the finished floor level of fifty (50) percent or more of the unit's net livable square footage is at or above Natural or Finished Grade, whichever is higher. Off -site units shall be provided within the City of Aspen city limits. Units outside the city limits may be accepted as mitigation by the City Council, pursuant to 26.470.040.D.2. Provision of affordable housing through a cash -in -lieu payment shall be at the discretion of the Planning and Zoning Commission upon a recommendation from the 4 0 Aspen/Pitkin County Housing Authority. Required affordable housing may be provided through a mix of these methods. Staff Finding: As a "buy- down" unit, this proposal meets this criterion. e) The proposed units shall be deed restricted as "for sale" units and transferred to qualified purchasers according to the Aspen/Pitkin County Housing Authority Guidelines. The owner may be entitled to select the first purchasers, subject to the aforementioned qualifications, with approval from the Aspen/Pitkin County Housing Authority. The deed restriction shall authorize the Aspen/Pitkin County Housing Authority or the City of Aspen to own the unit and rent it to qualified renters as defined in the Affordable Housing Guidelines established by the Aspen/Pitkin County Housing Authority, as amended. The Aspen/Pitkin County Housing Authority, or its Board of Directors, at its sole discretion, may authorize affordable housing units owned and associated with a lodging or commercial operations to be rental units if a legal instrument, in a form acceptable to the City Attorney, ensures permanent affordability of the units. Units owned by the Aspen/Pitkin County Housing Authority, the City of Aspen, Pitkin County, or other similar governmental or quasi - municipal agency shall not be subject to this mandatory "for -sale" provision. Staff Finding: The proposal is to replace a rental unit, for which permanent affordability is not ensured, to a "for- sale" unit, for which permanent affordability is ensured. Staff believes this criterion is met. 26.470.040.C.8. Residential Development — 60 Percent Affordable. The development of a residential project, or an addition of units to an existing residential project, in which a minimum of sixty (60) percent of the additional units and thirty (30) percent of the additional Floor Area is affordable housing deed restricted in accordance with the Aspen/Pitkin County Housing Authority Guidelines shall be approved, approved with conditions, or denied by the Planning and Zoning Commission based on the following criteria: a) Sufficient growth management allotments are available to accommodate the uses, pursuant to Section 26.470.030.C, Development Ceiling Levels and Section 26.470.030.D, Annual Development Allotments. Staff Finding: Growth Management allotments exist and are available for this application. b) A minimum of sixty (60) percent of the total additional units and thirty (30) percent of the project's additional Floor Area shall be affordable housing. Multi -site projects are permitted. Affordable housing units provided shall be approved pursuant to Section 26.470.040.C.7, Affordable Housing and shall average Category 4 rates as defined in the Aspen/Pitkin County Housing Authority Guidelines, as amended. An applicant may choose to provide mitigation units at a lower Category designation. Staff Finding: This standard is not applicable. c) If the project consists of only one (1) free - market residence, then a minimum of one (1) affordable residence representing a minimum of thirty (30) percent of the project's total Floor Area and deed restricted as a Category 4 "for- sale" unit, according to the provisions of the Aspen/Pitkin County Affordable Housing Guidelines, shall qualify. Staff Finding: Staff believes the amendment request is consistent with this standard. The original application provided the rental unit voluntarily and the percentage of affordable housing fell short of this 30% requirement. The replacement unit will be permanently affordable as opposed to the rental unit, for which the deed restriction does not provide for permanent affordability. d) The project represents minimal additional demand on public infrastructure or such additional demand is mitigated through improvement proposed as part of the project. Public infrastructure includes, but is not limited to, water supply, sewage treatment, energy and communication utilities, drainage control, fire and police protection, solid waste disposal, parking, and road and transit services. Staff Finding: The properties have adequate services and staff believes the amendment request is consistent with this standard. ❑. MEMORANDUM TO: Jason Lasser, Community Development Chris Bendon, Community Development Director FROM: Cindy Christensen, Housing DATE: March 7, 2007 SY 4' 0 S - ..00 RE: APPROVAL OF UNIT 725 E. DURANT AVENUE, UNIT 22A, TO REPLACE MITIGATIONREQUIREMENTAT111 WESTHYMAN Parcel ID No. 2737- 182 -70 -005 ISSUE: If Unit 22A located at 725 E. Durant is approved as a RO unit, the applicant would like approval to redesignate the unit as a Category 3 employee housing unit by replacing the Category 1 rental unit located at 111 West Hyman with this unit. BACKGROUND: The unit located 111 West Hyman was deed restricted in 1995 per.Ordinance No. 5 (Series of 1993) whereby the owner, William Snare, received a growth management allotment for one unit and a growth management exemption for one affordable housing unit. The deed - restricted was required to be a one - bedroom, Category 1 unit. At the time, City Council approved the 1992 GMQS application for the 11 I West Hyman residence, there were no employee - housing mitigation requirements. Rather the unit located in the basement was considered in the competitive scoring of the application. According to Part VII, Section 2, paragraph 5, Buy -Down of Existing Units, of the Employee Housing Guidelines: If the employee units are proposed to be provided off -site through the deed restriction of existing units, the applicant shall be required to document the feasibility of this off -site location by demonstrating that they have an interest in the property or dwelling units and by specifying the size and type of units to be provided and any physical upgrade to be accomplished. Future buy -down requests for deed - restricted units shall be accepted only in existing complexes at Category 3 or above, if at all, and shall be reviewed on a case -by- case basis. In any new projects that consist of free - market and deed - restricted units, the homeowners' assessments shall be based on the value of the free - market units compared to the deed - restricted units. This language shall be required in the approval and in the Covenants associated with the project. No changes to these requirements would be allowed without APCHA's approval. The applicant is requesting a recommendation approving the request to release the deed - restriction on the unit located at 111 West Hyman and change the RO designation, if granted, to Category 3. The unit will be sold at a lesser value than the maximum Category 3 sales price of $147,000 for a newly deed - restricted one - bedroom unit. The applicant is proposing to set the price at $100,000. The current maximum sales price for a Category I one - bedroom unit is $45,000 and $97,000 for a Category 2 one - bedroom unit. The policy adopted by the Housing Board, City Council and BOCC, only allow buy -downs in mixed projects to Category 3. The unit is a subgrade unit; however, there is a big window in the main living area that provides adequate amount of light and the unit is located in town. Membership in the Chateau Dumont Association does allow the owner unrestricted use of the Sky Hotel pool and Chateau Dumont parking in the regular association fees. RECOMMENDATION: The Housing Board reviewed this application at their Regular Meeting held March7, 2007 and after a long deliberation recommended approval of the unit only if the change in use in the previous application for 725 East Durant, Unit 22A to a deed - restricted unit is approved and under the following conditions: Due to the existing Category 1 unit located at 111 West Hyman containing 800 square feet and the proposed unit located at 725 East Durant, Unit 22A, contains 605 square feet, there is a loss of square footage of 195 square feet. The applicant shall provide to the Housing Office an additional mitigation fee based on the difference between the two units at the Category 3 rate as stated in the Guidelines at the time of recordation of the deed restriction. 2. The unit shall be deed - restricted prior to Certificate of Occupancy (CO) for the remodel to a Category 3 and listed through the Housing Office after obtaining CO through the lottery process. 3. The maximum sales price for the Category 3 unit shall be no higher than $100,000. 4. Upon recording of the deed restriction for 725 E. Durant, Unit 22A, a release of the deed restriction on the existing unit located at 111 W. Hyman shall be lifted upon approval from the Community Development Department. CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMENT Agreement for Payment of City of Aspen Development Application Fees CITY OF ASPEN (hereinafter Cri'Y) and 4,44 &," I I I W 1:�, meim L.L C, (hereinafter APPLICANT) AGREE AS FOLLOWS: 1. A] rnQS (hereinafter, THE PROJECT). to for 2. APPLICANT understands and agrees that City of Aspen Ordinance No. 57 (Series of 2000) establishes a fee structure for Land Use applications and the payment of all processing fees is a condition precedent to a determination of application completeness. 3. APPLICANT and CITY agree that because of the size, nature or scope of the proposed project, it is not possible at this time to ascertain the full extent of the costs involved in processing the application. APPLICANT and CITY further agree that it is in the interest of the parties that APPLICANT make payment of an initial deposit and to thereafter permit additional costs to be billed to APPLICANT on a monthly basis. APPLICANT agrees additional costs may accrue following their hearings and/or approvals. APPLICANT agrees he will be benefited by retaining greater cash liquidity and will make additional payments upon notification by the CITY when they are necessary as costs are incurred. CITY agrees it will be benefited through the greater certainty of recovering its full costs to process APPLICANT'S application. 4. CITY and APPLICANT further agree that it is impracticable for CITY staff to complete processing or present sufficient information to the Planning Commission and/or City Council to enable the Planning Commission and/or City Council to make legally required findings for project consideration, unless current billings are paid in full prior to decision. 5. Therefore, APPLICANT agrees that in consideration of the CITY's waiver of its right to collect full fees prior to a determination of application completeness, APPLICANT shall pay an initial deposit in the amount of S I 50 which is for _ &_ hours of Community Development staff time, and if actual recorded costs exceed the initial deposit, APPLICANT shall pay additional monthly billings to CITY to reimburse the CITY for the processing of the application mentioned above, including post approval review at a rate of $220.00 per planner hour over the initial deposit. Such periodic payments shall be made within 30 days of the billing date. APPLICANT further agrees that failure to pay such accrued costs shall be grounds for suspension of processing, and in no case will building permits be issued until all costs associated with case processing have been paid. CITY OF ASPEN APPLI By: By: Chris Bendon ��( /r avt� at mum /7cc{ Community Development Director s7f 4,q c[� Billing Address and Telephone Number: Repmred Po(3oyC It-711 Aspu.l , Co 81 tp[ -2- g:lsupporlUormslagrpayas.doc i 71) — t i 6 4— I VFt� 11/30/04 RETAIN FOR PERMANENT RECORD AFFIDAVIT OF PUBLIC NOTICE REQUIRED BY SECTION 26.304.060 (E), ASPEN LAND USE CODE ADDRESS OF PROPERTY: VY I W T nnJ N atl AV e- • Aspen, CO �� SCHEDULED PUBLIC HEARING DATE: 1v arc4.1 2.0 , 200 STATE OF COLORADO ) ss. County of Pitkin ) I, 7J4Op l-kr TILL (( (name, please print) being or representing an Applicant to the City of Aspen, Colorado, hereby personally certify that I have complied with the public notice requirements of Section 26.304.060 (E) of the Aspen Land Use Code in the following manner: Publication of notice: By the publication in the legal notice section of an official paper or a paper of general circulation in the City of Aspen at least fifteen (15) days prior to the public he »ring. A copy of the publication is attached hereto. ,/ Posting of notice: By posting of notice, which form was obtained from the Community Development Department, which was made of suitable, waterproof materials, which was not less than twenty -two (22) inches wide and twenty -six (26) inches high, and which was composed of letters not less than one inch in height. Said notice was posted at least fifteen (15) days prior to the public hearing and was continuously visible from the SV` day of Notrch , 2007 , to and including the date and time of the public hearing. A photograph of the posted notice (sign) is attached hereto. ✓ Mailing of notice. By the mailing of a notice obtained from the Community Development Department, which contains the information described in Section 26.304.060(E)(2) of the Aspen Land Use Code. At least fifteen (15) days prior to the public hearing, notice was hand delivered or mailed by first class postage prepaid U.S. mail to all owners of property within three hundred (300) feet of the property subject to the development application. The names and addresses of property owners shall be those on the current tax records of Pitkin County as they appeared no more than sixty (60) days prior to the date of the public hearing. A copy of the owners and governmental agencies so noticed is attached hereto. (continued on next page) ATTACHMENT AFFIDAVIT OF PUBLIC NOTICE REQUIRED BY SECTION 26.304.060 (E), ASPEN LAND USE CODE ADDRESS OF PROPERTY: ", 4J dye II�^ rN�� Aspen, CO SCHEDULED PUBLIC HEARING DATE: �WC l 1 /0J 200 STATE OF COLORADO ) ) ss. County of Pitkin ) l / amun " (name, please print) being or representing an Applicant to the City of Aspen, Colorado, hereby personally certify that I have complied with the public notice requirements of Section 26.304.060 (E) of the Aspen Land Use Code in the following manner. Publication of notice: By the publication in the legal notice section of an official paper or a paper of general circulation in the City of Aspen at least fifteen (15) days prior to the public hearing. A copy of the publication is attached hereto. Posting of notice: By posting of notice, which form was obtained from the Community Development Department, which was made of suitable, waterproof materials, which was not less than twenty -two (22) inches wide and twenty -six (26) inches high, and which was composed of letters not less than one inch in height. Said notice was posted at least fifteen (15) days prior to the public hearing and was continuously visible from the _ day of , 200. to and including the date and time of the public hearing. A photograph of the posted notice (sign) is attached hereto. Mailing of notice. By the mailing of a notice obtained from the Community Development Department, which contains the information described in Se 26.304.060(E)(2) of the Aspen Land Use Code. At least fifteen (15) days prior to the public hearing, notice was hand delivered or mailed by first class postage prepaid U.S. mail to all owners of property within three hundred (300) feet of the property subject to the development application. The names and addresses of property owners shall be those on the current tax records of Pitkin County as they appeared no more than sixty (60) days prior to the date of the public hearing. A copy of the owners and governmental agencies so noticed is attached hereto. (continued on next page) Rezoning or text amendment. Whenever the official zoning district map is in any way to be changed or amended incidental to or as part of a general revision of this Title, or whenever the text of this Title is to be amended, whether such revision be made by repeal of this Title and enactment of a new land use regulation, or otherwise, the requirement of an accurate survey map or other sufficient legal description of, and the notice to and listing of names and addresses of owners of real property in the area of the proposed change shall be waived. However, the proposed zoning map shall be available for public inspection in the planning agency during all business hours for fifteen (15) days prior to the public hearing on such amendments. The fo a ping " ffidavit of Notic "was of , 200, by_ PUG LI NOTICE BE 111 WEST HVM. AVE. GROWTH MAN -�; AGEMENT REVIEW NOTICE IS HEREBY VEN that a public hearing will be M1eltl on Tues y, March 20, 2007, at a meeting to be in at 4.30 p.m. before the Aspen Planning and Zoning Commission, Sister Cities Meeting Room, City Hall, 130 S. Galena St., As- pen, to consider an application submitted 111 W. Hyman LLC for the property located at 111 W. Hy- an Ave. The Applicant is represented by Jenni- contact Jason Lasser at the nityy Development DepaH- s SL, Aspen, CO, (970) "Ruth Kruger, Chair Aspen Planning and Zoning Commission Published in me Aspen Times Weekly on March 4, 2007. X194129) before me this 'J � day W ITNN'BSS MY HAND AND OFFICIAL My co ssion expires: /� (r No Public ATTACHMENTS: COPY OF THE PUBLICATION OF THE POSTED NOTICE (SIGN LIST OF THE OWNERS AND GOVERNMENTAL AGENCIES NOTICED BYMAIL _ BL••_aQO ONS UU9 �.r Rezoning or text amendment. Whenever the official zoning district map is in any way to be changed or amended incidental to or as part of a general revision of this Title, or whenever the text of this Title is to be amended, whether such revision be made by repeal of this Title and enactment of a new land use regulation, or otherwise, the requirement of an accurate survey map or other sufficient legal description of, and the notice to and listing of names and addresses of owners of real property in the area of the proposed change shall be waived. However, the proposed zoning map shall be available for public inspection in the planning agency duritIg all business hours for fifteen (15) days prior to the public hearing on such qfiendlVents. The foregoing "Affidavit of Notice" was acknowledged before me this X) day Of (&C , 200 7 , by qx—, ,1 L Ce r "L L— °QpTARy F WITNESS MY HAND AND OFFICIAL SEAL My commission expires: of llaqll (9�— �aarryPublic �o E. 1'n ,N 11SpQuv l o ATTACHMENTS: COPY OF THE P UBLI CATION PHOTOGRAPH OF THE POSTED NOTICE (SIGN) LIST OF THE OWNERS AND GOVERNMENTAL AGENCIES NOTICED BY MAIL PUBLIC NOTICE RE: 111 WEST HYMAN AVE. GROWTH MANAGEMENT REVIEW NOTICE IS HEREBY GIVEN that a public hearing will be held on Tuesday, March 20, 2007, at a meeting to begin at 4:30 p.m. before the Aspen Planning and Zoning Commission, Sister Cities Meeting Room, City Hall, 130 S. Galena St., Aspen, to consider an application submitted 111 W. Hyman LLC for the property located at 111 W. Hyman Ave. The Applicant is represented by Jennifer Hall, and is requesting a Growth Management Review to allow for off - site Affordable Housing mitigation to be located at 725 E. Durant Ave. The property is legally described as CONDO: WEST SHADOW MOUNTAIN, TOWNHOMES CONDO UNIT: 111. For further information, contact Jason Lasser at the City of Aspen Community Development Department, 130 S. Galena St., Aspen, CO, (970) 429.2763, jasonl @ci.aspen.co.us. s/ Ruth Kruger, Chair Aspen Planning and Zoning Commission Published in the Aspen Times on March 3, 2007 City of Aspen Account BETTS W RICHARD BIELINSKI JUDITH R BOURGAULT BARBARA J ESPOSITO MONA M L 2121 TROW BRIDGE CT 100 E COOPER AVE #11 104 W COOPER AVE APT 1A GLENVIEW, IL 60026 ASPEN, CO 81611 ASPEN, CO 81611 -1764 BOWMAN AL BRANNEN CARMEN J BRENNAN JAMES C 3580 NW 10TH AVE 525 PARK AVE #14B 417 ROYALE ST OAKLAND PARK, FL 33309 NEW YORK, NY 10021 NEW ORLEANS, LA 70130 BRENNER JAMES & MARKA CASA KESS LLC CHALET LISL PARTNERSHIP LTD PO BOX 3732 PO BOX 3121 100 E HYMAN AVE VAIL, CO 81658 ASPEN, CO 81612 ASPEN, CO 81611 CHRISTENSEN ROBERT M & CANDICE L CITY OF ASPEN COHEN FRANK R 1240 MOUNTAIN VIEW DR 130 S GALENA ST 8100 E UNION AVE UNIT 1803 ASPEN, CO 81611 ASPEN, CO 81611 DENVER, CO 80237 COLES ELLIOT L CYR BARRETT DALTON CHARLES O & SUSANNA C 2929 E HARTFORD AVE PO BOX 9064 4406 N OCEAN BLVD MILWAUKEE, WI 53211 ASPEN, CO 81612 MYRTLE BEACH, SC 29577 DEAN FAMILY LTD PTSHP LLP DETURRIS EMILIO DEVANNY EARL H III & ELIZABETH H 590 DELLWOOD AVE 90 ESTATE DR 1246 W 59TH ST BOULDER, CO 80301 JERICHO, NY 11753 -2817 KANSAS CITY, MO 64113 EADS JEREMY G EAGLE POINT PROPERTIES LLC ERB JANE 104 W COOPER AVE #5 C/O MARQUIS PATRICIA A PO BOX 3207 ASPEN, CO 81611 1305 PLAZA PACIFICA ASPEN, CO 81612 SANTA BARBARA, CA 93108 FULSTONE AMY HAYDEN FUNHOUSE PROPERTIES LLC GLICKENHAUS & CO 160 CONEJO RD #A ATTN ANDREW CONWAY ATTN DAVID FISCHER 105 EAST HOPKINS LLC 135 HOPKINS LTD 306 S GARMISCH LLC 75% 201 N MILL #203 C/O JOHN KEY C/O OATES KNEZEVICH ASPEN, CO 81611 PO BOX 671243 533 E HOPKINS AVE DALLAS, TX 75367 -1243 ASPEN, CO 81611 ASPEN SKIING COMPANY LLC AYARZA FRED & GENENE BACON SHIRLEY R PO BOX 1248 11131 E HONEY MESQUITE DR 3 GROVE ISLE DR #1608 ASPEN, CO 81612 SCOTTSDALE, AZ 85262 -3267 COCONUT GROVE, FL 33133 BETTS W RICHARD BIELINSKI JUDITH R BOURGAULT BARBARA J ESPOSITO MONA M L 2121 TROW BRIDGE CT 100 E COOPER AVE #11 104 W COOPER AVE APT 1A GLENVIEW, IL 60026 ASPEN, CO 81611 ASPEN, CO 81611 -1764 BOWMAN AL BRANNEN CARMEN J BRENNAN JAMES C 3580 NW 10TH AVE 525 PARK AVE #14B 417 ROYALE ST OAKLAND PARK, FL 33309 NEW YORK, NY 10021 NEW ORLEANS, LA 70130 BRENNER JAMES & MARKA CASA KESS LLC CHALET LISL PARTNERSHIP LTD PO BOX 3732 PO BOX 3121 100 E HYMAN AVE VAIL, CO 81658 ASPEN, CO 81612 ASPEN, CO 81611 CHRISTENSEN ROBERT M & CANDICE L CITY OF ASPEN COHEN FRANK R 1240 MOUNTAIN VIEW DR 130 S GALENA ST 8100 E UNION AVE UNIT 1803 ASPEN, CO 81611 ASPEN, CO 81611 DENVER, CO 80237 COLES ELLIOT L CYR BARRETT DALTON CHARLES O & SUSANNA C 2929 E HARTFORD AVE PO BOX 9064 4406 N OCEAN BLVD MILWAUKEE, WI 53211 ASPEN, CO 81612 MYRTLE BEACH, SC 29577 DEAN FAMILY LTD PTSHP LLP DETURRIS EMILIO DEVANNY EARL H III & ELIZABETH H 590 DELLWOOD AVE 90 ESTATE DR 1246 W 59TH ST BOULDER, CO 80301 JERICHO, NY 11753 -2817 KANSAS CITY, MO 64113 EADS JEREMY G EAGLE POINT PROPERTIES LLC ERB JANE 104 W COOPER AVE #5 C/O MARQUIS PATRICIA A PO BOX 3207 ASPEN, CO 81611 1305 PLAZA PACIFICA ASPEN, CO 81612 SANTA BARBARA, CA 93108 FULSTONE AMY HAYDEN FUNHOUSE PROPERTIES LLC GLICKENHAUS & CO 160 CONEJO RD #A ATTN ANDREW CONWAY ATTN DAVID FISCHER SANTA BARBARA, CA 93103 -1638 38500 WOODWARD AVE #100 546 5TH AVE 7 FL BLOOMFIELD, MI 48034 NEW YORK, NY 10036 -5000 P1 GOOLSBY BRYAN L & MICHELLE L 6722 WAGGONER DALLAS, TX 75230 HARPER MARILYN HILL & HILL PO BOX 7952 ASPEN, CO 81612 -7952 HEALY JOSEPH E 104 W COOPER #4 ASPEN, CO 81611 -1764 IVES THEODORA H 1874 SPINDRIFT DR LA JOLLA, CA 92037 KATZMAN DAVID B REV TRUST 20555 VICTOR PKWY #100 LIVONIA, MI 48152 KOENIG RAYMOND J TRAGGIS ELIZABETH G PO BOX 284 NEW LONDON, CT 06320 LEWIS BRETT H 548 FRANKLIN ST DENVER, CO 80218 MARK CAROL KRAUSS PO BOX 9283 ASPEN, CO 81612 -9283 MAUERHOFF GERT H AKA MAUERHOFF GAIRT H PO BOX 3207 ASPEN, CO 81612 HALCYON ENTERPRISES LLC 78 LOVERS LN PRINCETON, NJ 08540 HARRIS LAURIE 8.4% 2255 ST JOHNS AVE HIGHLAND PARK, IL 60035 HENDERSON INVESTMENTS LP C/O MICHAEL KARP 3418 SANSOM ST PHILADELPHIA, PA 19104 JACKSON BISQUE PO BOX 2044 ASPEN, CO 81612 KENT STACEY TOMLINSON JAMES 10 W 66TH ST #26C NEW YORK, NY 10023 LAMPTON PATRICIA 929 GREY FOX RD LUGOFF, SC 29078 LIPTON DONN H & MARILYN G TRUSTEES 1600 WOODSON RD ST LOUIS, MO 63114 MARKLE JUDY 55% C/O JUDY POOL 10 MEADOWVIEW LN GREENWOOD VILLAGE r� HALE TERRY L 104 W COOPER AVE #3 ASPEN, CO 81611 HARVEY ELIZABETH C PO BOX 1188 ASPEN, CO 81612 INVENTRIX LLC C/O TOM WARD - MCDERMOTT WILL & EMERY 227 MONROE CHICAGO, IL 60606 -5096 JOHNSON ASPEN HOLDINGS LLC 9227 HAPPY HOLLOW SCOTTSDALE,AZ 85262 KNAPP MICHAEL 6475 28TH ST SE PMB 306 GRAND RAPIDS, MI 49546 LARKIN FRED C & LUCETTA M ONE COVE LN BOW -MAR, CO 80123 LPI ASPEN INC 750 NE 7TH AVE DANIA BEACH, FL 33004 MAROON BELLS LLC C/O DR WINSTON BARZELL 7360 POINT OF ROCKS ROAD CO 80121 SARASOTA, FL 34242 MCGINN JAMES F & JEAN C 108 S FRONTAGE RD W #100 VAIL, CO 81657 MORGAN LUCINDA P 100 E COOPER APT 10 ASPEN, CO 81611 MORSE H GARY & RENEE NICHOLSON WILL F JR & SHIRLEY B NORRIS JOAN 1020 LAKE SUNTER LANDING 37 POLO CLUB CIR 3334 E COAST HWY PMB 145 THE VILLAGES, FL 32162 DENVER, CO 80209 CORONA DEL MAR, CA 92625 PECHTER JEFFREY S PERREAULT GEORGE C TRUST 8135 LAKE WORTH RD STE B 7336 CAPTAIN KIDD AVE LAKE WORTH, FL 33467 SARASOTA, FL 34231 -5442 PITKIN COUNTY POOL MARKELL L 22.5% 530 E MAIN ST STE 302 10 MEADOWVIEW LN ASPEN, CO 81611 LITTLETON, CO 80121 POPE JACQUELYNN C 8.4% RANCE CAROL 540 MANHATTAN AVE 26 ALDER LODGE RIVER GARDENS HERMOSA BEACH, CA 90254 STEVENAGE RD FULHAM LONDON ENGLAND, SW6 6NP ROSS PAULINE ROWLAND JOHN G PO BOX 9969 BROUGHTON SARAH M ASPEN, CO 81612 PO BOX 552 ASPEN, CO 81612 SCHNEIDER SARAH A TRUST SEGUIN JEFF W & MADALYN B PO BOX 4490 PO BOX 8852 ASPEN, CO 81612 ASPEN, CO 81612 SH 306 S GARMISCH LLC SHOAF THOMAS L NJH SOUTH GARMISCH STREET LLC 3511 PACES VALLEY RD 601 E HYMAN AVE ATLANTA, GA 30327 ASPEN, CO 81611 SIX STONES LLC SNYDER R THOMAS & DEBORAH ANN PO BOX 938 4230 GRATIOT ORINDA, CA 94563 PORT HURON, MI 48060 STERN JOANNE KAY STRAUCH ELAINE B 104 W COOPER AVE #3 4327 SO YOSEMITE CT ASPEN, CO 81611 GREENWOOD VILLAGE, CO 80111 THOMAS GAIL HICKS REV TRUST VILLAGES OF LAKE - SUMTER INC 1242 HAMPTON RDG 1020 LAKE SUMTET LANDING BEDFORD, VA 24523 -1508 THE VILLAGES, FL 32162 WARSHAW MARK 11.4% WARSHAW MARTIN R 40.6% 540 MANHATTAN AVE PO BOX 8976 HERMOSA BEACH, CA 90254 ASPEN, CO 81612 PIETRZAK ROBERT J & SUSAN R 1796 E SOPRIS CREEK RD BASALT. CO 81621 POOLE DAVID A & NIKKI FERRARI PO BOX 10264 ASPEN, CO 81612 RASMUSSEN DAVID L & RITA M 2907 LUCERN CT ARLINGTON, TX 76012 SANDLER PAUL & ELAINE PO BOX 1554 ASPEN, CO 81612 SEIDER DENNIS J & LEAH ELLENBERG TRUSTEE 26642 LATIGO SHORE DR MALIBU, CA 90265 SIRKIN ALAN & ALICIA 3500 S BAY HOMES DR MIAMI, FL 33133 STARWOOD INVESTORS LLC OUTSIDE ASPEN LLC 601 E HYMAN AVE ASPEN, CO 81611 STUNDA STEVEN R 515 5TH ST ANNAPOLIS, MD 21403 WARSHAW LYNN A 19.8% 236 ELVIN CT LANSING, MI 48912 WEIGAND ASPEN TRUST 150 N MARKET WICHITA, KS 67202 WINKELMAN WENDY L WOLTIN ROBERT YONCE SUSAN 108 W HYMAN AVE #8 2701 AQUA VISTA BLVD 3511 PACES VALLEY RD ASPEN, CO 81611 FORT LAUDERDALE, FL 33301 ATLANTA, GA 30327 ATTACHMENT 7 AFFIDAVIT OF PUBLIC NOTICE REQUIRED BY SECTION 26.304.060 (E), ASPEN LAND USE CODE ADDRESS OF PROPERTY: I' I V A/ 1�1 1 t 1 L I rMc Aspen, CO / SCHEDULED PUBLIC HEARING DATE: b6wch ,J 1200 STATE OF COLORADO ) ) ss. County of Pitkin ) 1, Jli m l illy /Y 1 u' -" (name, please print) being or representing an Applicant to the City of Aspen, Colorado, hereby personally certify that I have complied with the public notice requirements of Section 26.304.060 (E) of the Aspen Land Use Code in the following manner. Publication of notice: By the publication in the legal notice section of an official paper or a paper of general circulation in the City of Aspen at least fifteen (1 4") q days prior to the'public hearing. A copy of the publication is attached hereto. q Posting of notice: By posting of notice, which form was obtained from the Community Development Department, which was made of suitable, waterproof materials, which was not less than twenty -two (22) inches wide and twenty-six (26) inches high, and which was composed of letters not less than one inch in height. Said notice was posted at least fifteen (15) days prior to the public hearing and was continuously visible from the _ day of 200_, to and including the date and time of the public hearing. A photograph of the posted notice (sign) is attached hereto. Mailing of notice. By the mailing of a notice obtained from the Community Development Department, which contains the information described in Sm4en 26.304.060(E)(2) of the Aspen Land Use Code. At least fifteen (15) days prior to the public hearing, notice was hand delivered or mailed by first class postage prepaid U.S. mail to all owners of property within three hundred (300) feet of the property, subject to the development application. The names and addresses of property owners shall be those on the current tax records of Pitkin County as they appeared no more than sixty (60) days prior to the date of the public hearing. A copy of the owners and governmental agencies so noticed is attached hereto. (continued on next page) Rezoning or text amendment. Whenever the official zoning district map is in any way to be changed or amended incidental to or as part of a general revision of this Title, or whenever the text of this Title is to be amended, whether such revision be made by repeal of this Title and enactment of a new land use regulation, or otherwise, the requirement of an accurate survey map or other sufficient legal description of, and the notice to and listing of names and addresses of owners of real property in the area of the proposed change shall be waived. However, the proposed zoning map shall be available for public inspection in the planning agency during all business hours for fifteen (15) days prior to the public hearing on such amendments. lgnature r • r ?- The fo e oing " ffidavit of Notic " was aclmowl dged before me this day (P ; p of 200, by �� 9T'• �8 L Po FOF* COlOV PUS LI{ NOTICE R' FN'ESS M HAlti'D AIND OFFICIAL nA E' er M52X9 RE: 111 WEST HVMd�1lh�1J ATE. GROWTH MAN- AGEMENTREVIEW NOTICE IS HEREBY VEN that a public heariivly be M1eltl 1ITn1�1]n��1 CO SS10II eX Iffi V P will on In Tue. t y, p.m. b for the A at e meeting to begin a[ 0:30 p.m. before the Aspen Meeting and Zoning Commission, Sister Cities Meeting Room, City Hell, t// A pen, to do S. Galena St As- application r / LLC for a located at 111 W, Hy- LLC forAp property leprese at 111 NO Public man Ave. The Applicant is represented by Jenni- Je ni- contact Jason Weer at the ni Development Depart - s V, Aspen, CD, (970) s1 Ruth Kruger, Chair Aspen Planning and Zoning Commission Published in the Aspen Times Weekly on March 4, 2007. (194129) ATTACHMENTS: COPY OF THE PUBLICATION OF THE POSTED NOTICE (SIGH) LIST OF THE OWNERS AND GOVERNMENTAL AGENCIES NOTICED BYMAIL LAND USE APPLICATION APPLICANT: Name: ,�.r-,r, +e.r i4gI l C rcl (I W rKan , LPL• Location: I l l W - tf y maxi medicate street address, lot & block number, legal description where appropriate) Parcel ID # (REQUIRED) O'l73 S l2 +4P 9 0 11? REPRESENTATIVE: Name: 7s . Y, Y--% tCV Address: 3 o X I l -1 1 1 ids r �( (o Phone 4: Z O- L( U L4 ( C9 PROJECT: Name: Address: (I Lll• 11'ILI.VI Phone #: 9-(D ^ y DLl - I D9 � TYPE OF APPLICA nom (please check all that apply): ❑ Conditional Use ❑ Conceptual PUD ❑ Conceptual Historic DW ❑ Special Review ❑ Final PUD (& PUD Amendment) ❑ Final Historic Development ❑ Design Review Appeal ❑ Conceptual SPA ❑ Minor Historic Devt. ❑ GMQS Allotment ❑ Final SPA (& SPA Amendment) ❑ Historic Demolition ❑ GMQS Exemption ❑ Subdivision ❑ Historic Designation ❑ ESA - 8040 Greenline, Stream ❑ Subdivision Exemption (includes ❑ Small Lodge Conversion/ Margin, Hallam Lake Bluff, condominiumization) Expansion ❑ Mountain View Plane Lot Split ❑ Temporary Use [$ Other: G M '� ❑ Lot Line Adjustment ❑ Text/Map Amendment Po I revel EXISTING CONDMONS: ( description of 3 �}ar� r+�s:cSL�.v�ce c.s� -tG� a.�FovoCn� -hl•r. i•�.auainot �.uv:� i.,, PROPOSAL: 3 star{ r <sICL "t9 `��• cL Fcvd a�SrsLe Ytar�ssir� ofd -s to �+# Pnc��c4u-a_,wcr d- 2zA Have you attached the following? FEES DuE: $P3 To DO ® Pre - Application Conference Summary Q Attachment # 1, Signed Fee Agreement ❑ Response to Attachment #3, Dimensional Requirements Form © Response to Attachment 44, Submittal Requirements- Including Written Responses to Review Standards RETAIN s ^F. `' -PNIA NEXT RECORD CITY OF ASPEN PRE - APPLICATION CONFERENCE SUMMARY PLANNER: Chris Bendon, 429.2765 DATE: 11. 15.06 PROJECT: 111 West Hyman Avenue substantial GMQS amendment. REPRESENTATIVE: Jennifer Hall OWNER: Jennifer Hall TYPE OF APPLICATION: One Step, Planning and Zoning Commission. DESCRIPTION: The owner of 1 I I West Hyman has a rental affordable housing unit within their building and would like to amend this required mitigation to be off -site at Chateau DuMont Unit 22A. 111 West Hyman was granted GMQS approval pursuant to Ordinance 5, Series of 1993. The unit within Chateau DuMont would need to be legalized as an affordable housing unit. Part of this unit was originally developed as a lodge unit (needs change -in- use and AH approval) and the remaining portion was developed as laundry/common space (needs AH approval). The affordable housing unit will not be accessory to the lodging operation (needs Conditional Use approval). Land Use Code Section(s) 26.304 Common Development Review Process 26.425 Conditional Use Review 26.470.040.C.5 Change -in -use — Growth Management, P &Z Review 26.470.040.C.7 Affordable Housing — Growth Management, P &Z Review 26.470.040.C.8 Residential Development -60% Affordable — Growth Management, P &Z Review 26.515 Off - Street Parking Review by: Staff, Planning and Zoning Commission. Public Hearing: Yes, P &Z. Referral Agencies: APCHA, Building, Fire, Water, Electric, Sanitation Planning Fees: Planning Deposit, Minor ($1,350 for 6 hours of staff time, additional hours are billed at a rate of $225 /hour) Referral Agency Fees: None. Total Deposit: $1,350 (additional hours are billed at a rate of $225 /hour) To apply, submit the following information (applies only to Lot Split application): 1. Signed fee agreement. 2. Applicant's name, address and telephone number in a letter signed by the applicant which states the name, address and telephone number of the representative authorized to act on behalf of the applicant. 3. Total deposit for review of the application 4. 15 Copies of the complete application packet. 5. Additional materials as required by the specific review. 6. A written description of the proposal and an explanation in written, graphic, or model form of how the proposed amendment complies with the review standards relevant to the development application. Please include existing conditions as well as proposed. Notes: 1. The GMQS section of the code has been amended several time since approval for 111 West Hyman was granted and there's not an "apples -to- apples" process in the current code. Some history on the manner in which mitigation was determined will be necessary in the application. 2. The application shall demonstrate compliance with the parking requirements or include a response to Chapter 26.515. Disclaimer: January 3, 2007 Mr. Chris Bendon, Director City of Aspen Community Development Department 130 South Galena Street Aspen, Colorado 81611 RE: APPLICATION FOR GMQS MITIGATION AMENDMENT —111 W. HYMAN Dear Chris, This letter is an application for a GMQS mitigation amendment for the property located at 111 West Hyman. The property contains a three - bedroom, free - market residence ( "111 Residence ") and a deed restricted, mandatory- rental, affordable housing unit located within the basement below the 111 Residence ( "AH Unit ") (collectively, the "Property "). GMQS approval for the Property was provided pursuant to Ordinance 5, Series of 1993. The owner of the Property would like a GMQS amendment to allow for off -site mitigation to be located at Chateau Dumont, Unit 22A. By separate and simultaneous application, the owner of Unit 22A has applied for approval of Chateau Dumont Unit 22A as a resident occupied affordable housing unit. By approving this application, Chateau Dumont will be further restricted as a Category 3 affordable housing unit. 111 W Hyman, LLC (the "LLC ") purchased the Property in October 2006 and is the current owner of the Property. Proof that the LLC is the owner of the Property is provided in the warranty deed, attached hereto as Exhibit #1. Jennifer Hall ( "Hall ") is the owner of Unit 22A. Proof that Hall is the owner of Unit 22A is provided in the warranty deed, attached hereto as Exhibit #1 -A. This application is being submitted by the LLC and Hall (collectively, the "Applicants "). The LLC is being represented by Hall for purposes of this application. A letter from the LLC confirming this arrangement is attached as Exhibit #2. We held a pre- application conference to discuss the Applicants' proposal. As we discussed most of the following identified sections of the Land Use Code are most relevant to Hall's accompanying application for approval of Unit 22A as resident occupied affordable housing. Those sections have been re- addressed here to the extent they may be applicable. According to the pre- application summary form you provided, the Applicants are required to address the following sections of the Land Use Code: • Common Development Review Process (Sec.26.304) • Conditional Use Review (Sec. 26.425) • Change in Use Growth Management Review (Sec. 26.470.040.C.5); • Affordable Housing Growth Management Review (Sec. 26.470.040.C.7); Residential Development -60% Affordable- Growth Management Review (Sec. 26.470.040.C.8); and • Off - Street Parking (Sec. 26.515). BACKGROUND OF PROPERTIES AND PROPOSAL 111 West Hyman In 1992, William Snare submitted a Growth Management Application for a Growth Management allotment for a free market residential unit and Growth Management exemption for one affordable housing unit ( "1992 GMQS Application ") both to be located at 111 West Hyman. The design for the structure to be located on the property provided for a three bedroom, three bath free - market residence on two above - ground floors, the 111 Residence, and an 800 square foot affordable housing unit in the basement of the structure, the AH Unit. The City Council approved the 1992 GMQS Application for 111 West Hyman in Ordinance No. 5 (Series of 1993). See Exhibit #3. The application was the only submission competing for the six available 1992 Growth Management residential allotments. With 33.65 points, the application exceeded the minimum threshold of 33.6 points and the applicant was awarded one Growth Management allotment. The applicant was also granted Growth Management exemption for the affordable housing unit. The AH Unit is restricted with the deed restriction attached as Exhibit #4 attached hereto. The deed restriction contains a mandatory rental requirement, with a rental cap consistent with the Aspen Pitkin County Housing Authority ( "APCHA ") rules and regulations. The deed restriction allows the AH Unit to be separately conveyed, with a cap on the maximum sales price. Historically, the AH Unit has not been rented in accordance with the deed restrictions and APCHA's rules and regulations and has remained in the same ownership as the 111 Residence. The Colorado Supreme Court has found deed restrictions similar to the one for the AH Unit are not unenforceable. Chateau Dumont 22A Condominium Unit 22A is located at 725 East Durant in the Chateau Dumont condominium building. Unit 22A is a 605 square foot one - bedroom, one -bath condominium located on the ground floor of the Chateau Dumont building. Unit 22A is one of twenty six units in the Chateau Dumont building created in 1968. Simultaneously with this application, Hall submitted an application seeking to clarify the status of Unit 22A and seek approval of the unit as a deed restricted, resident occupied, for sale affordable housing unit. Proposal The LLC proposes amending the GMQS exemption for 111 West Hyman to allow for off -site mitigation to be located at Chateau Dumont, Unit 22A. The LLC will remove the kitchen from the AH Unit, the floor area of the AH Unit will become part of the allowed floor area for the 111 Residence, and the AH Unit area will be used as a guest room and family area. After the floor area is added to the 111 Residence, the calculated floor area for the 111 Residence will be less than the calculated floor area allowed for the 111 Residence. With this application, Hall proposes further deed restricting Chateau Dumont Unit 22A by designating it as a Category 3 affordable housing unit. Unit 22A will be remodeled in accordance with the basic plans and specifications attached as Exhibit #5. Upon completion of a remodel of Unit 22A and the issuance of a certificate of occupancy by the City of Aspen, Unit 22A will be sold to the LLC to effect the off -site mitigation exchange. Unit 22A will then be immediately sold a qualified buyer in accordance with APCHA rules and regulations. The sales price for Unit 22A to the initial qualified buyer shall be $100,000, paid to the LLC, which is less than the typical Category 3 sales price. The reduced sales price is an approximate $30,000 accommodation to the qualified buyer to account for slightly higher than average HOA fees for Unit 22A. The initial qualified buyer is responsible for paying any City of Aspen real estate transfer taxes associated with the sale. Upon completion of the sale to a qualified buyer, the LLC shall pay a 2% fee to APCHA as required by APCHA's rules and regulations. The deed restriction for Unit 22A shall be in the form attached as Exhibit #6. Membership in the Chateau Dumont Association provides the qualified buyer with unrestricted use of the Sky Hotel pool and Chateau Dumont parking. Cable television is provided by the Chateau Dumont Association and paid for in the regular association fees. APPLICABLE REVIEW STANDARDS Since the time 111 West Hyman was approved for one Growth Management allotment and a Growth Management exemption, the Land Use Code has changed. Thus, there is not a specific procedure that addresses the review and amendment requested. The following sections of this application address the applicable review standards for the review procedures that Community Development has determined apply. The Applicants also provide responses to the applicable provisions of the Land Use Code below. CHANGE IN USE GROWTH MANAGEMENT REVIEW SECTION 26.470.040 C.5 Section 26.470.040 C.5 of the Land Use Code authorizes a change in use between the residential, commercial, and lodge use categories for a structure or portion thereof for which a Certificate of Occupancy has been issued for at least two years. Following are the standards for a change in use and the Applicants' responses to those standards. a. Sufficient growth management allotments are available to accommodate the change -in -use, pursuant to Section 26470.030 D., Annual Development Allotments. Response: Section 26.470.030 D. does not set an annual limit on the number of affordable housing units that may be developed within the City. Therefore, sufficient allotments are available to accommodate this proposed change in use and the exchange of mitigation from 111 West Hyman to Chateau Dumont, Unit 22A. b. The proposed development is consistent with the Aspen Area Community Plan Response: A fundamental theme of the AACP is to "revitalize the permanent community" by increasing the amount of resident housing. Approval of this application will allow the exchange of an affordable housing unit on the far edge of the core with a unit located in the central core, less than two blocks from the gondola. The application will also convert an affordable housing unit with a deed restriction of questionable legality into a properly deed restricted for sale affordable housing unit. Finally, because of the questionable legality of the restrictions, enforcement of the mandatory requirement has been challenging and thus, the AH Unit has not been used for affordable housing since its creation. Through the exchange, APCHA will gain a for sale unit that can be more readily managed and is made immediately available for use by a local resident as affordable housing, thereby promoting the goals of the AACP. C. Sixty (60) percent of the additional employees generated by the change, according to Section 26.470.050 A, Employee Generation Rates, are mitigated through the provision of affordable housing or cash -in -lieu thereof. Any affordable housing units provided shall be approved pursuant to Section 26470.040 C.7, Affordable Housing, at a Category 4 rate as defined in the Aspen Pitkin County Housing Authority Guidelines, as amended. An applicant may choose to provide mitigation units at a lower Category designation. Response: The referenced section addresses employees generated by commercial and lodge development. Since this application proposes a change to a residential use, no employees will be generated. d No more than one (])free market unit is created through the change in use. Response: A free - market unit is not created. The Applicants propose to exchange one affordable housing dwelling unit for another. e. Affordable housing equal to thirty (30) percent of the additional free market residential floor area is provided Affordable housing shall be approved pursuant to Section 26.470.040 C.7, Affordable Housing, and be restricted to a Category 4 rate as defined in the Aspen Pitkin County Housing Authority Guidelines, as amended An applicant may choose to provide mitigation units at a lower Category designation. Response: The Applicants propose to designate Unit 22A as a Category 3 unit. Therefore, 100% of the proposed residential floor area will be affordable housing. 4 f. The project represents minimal additional demand on public infrastructure or such demand is mitigated through improvements proposed as part of the project. Public infrastructure includes, but is not limited to, water supply, sewage treatment, energy and communication utilities, drainage control, fire and police protection, solid waste disposal, parking, and road and transit services. Response: Unit 22A has existed for more than 38 years and has been occupied as residential housing during that entire period. The AH Unit will continue to be utilized as additional living area for the Property as it has been used for the past 10 years, but the electricity for the stove will be removed. Neither use will increase the occupancy of or intensity of use on the pubic infrastructure. Therefore, this proposal will not create any of the above - listed impacts. With respect to parking, please see the response to this standard in the Section 26.425.040, Conditional Use Review. AFFORDABLE HOUSING GROWTH MANAGEMENT REVIEW SECTION 26.470.040 C.7 Section 26.470.040 C.7 of the Land Use Code authorizes the development of deed restricted affordable housing. Following are the Applicants' responses to the standards for review of this type of development. a. Sufficient growth management allotments are available to accommodate the new units, pursuant to Section 26470.030 C., Development Ceiling Levels. Response: The City has not yet reached the affordable housing ceiling of 2,428 units. b. The proposed development is consistent with the Aspen Area Community Plan. Response: Please see the response to this standard in the prior section of this application. C. The proposed units comply with the Guidelines of the Aspen/Pitkin County Housing Authority. A recommendation from the Aspen/Pitkin County Housing Authority shall be required for this standard. The Aspen/Pitkin County Housing Authority may choose to hold a public hearing with the Board of Directors. Response: The Applicants propose that Unit 22A be deed restricted as a Category 3 unit. Unit 22A will be remodeled to comply with the APCHA's standards for deed restricted units (Section 14 of the Guidelines). Included with this application as Exhibit #6 are Hall's plans for remodeling Unit 22A so that it will meet APCHA's standards for a 1 bedroom, Category 3 affordable housing unit. d. Affordable housing units required for mitigation purposes shall be in the form of actual units or buy down units. Off -site units shall be provided within the City of Aspen city limits. Units outside of the city limits may be accepted as mitigation by the City Council, pursuant to Section 26.470.040D.2. Provision of affordable housing through a cash -in -lieu payment shall be at the discretion of the Planning and Zoning Commission upon a formal recommendation from the Aspen/Pitkin County Housing Authority. Required affordable housing may be provided through a mix of these methods. Response: The affordable housing is being provided in the form of an actual unit that is centrally located in the City limits, within the commercial core. e. The units proposed shall be deed restricted as 'for sale" units and transferred to qualified purchasers according to the Aspen/Pitkin Housing Authority Guidelines. In the alternative, rental units may be provided if a legal instrument, in a form acceptable to the City Attorney, ensures permanent affordability of the units. Response: Unit 22A will be deed restricted as a for sale unit. CONDITIONAL USE REVIEW SECTION 26.425.040 Section 26.425.040 provides the standards for review of a conditional use. Following are the Applicants' responses to these standards. a. The conditional use is consistent with the purposes, goals, objectives and standards of the Aspen Area Comprehensive Plan, and with the intent of the Zone District in which it is proposed to be located and complies with all other applicable requirements of this title. Response: The consistency of this project with the AACP has been addressed in a prior section of this application. The intent of the Lodge zone district is to allow for construction and renovation of lodges and tourist- oriented multi - family buildings and ancillary uses that are compatible with and support Aspen's resort economy. Free - market units in this zone are permitted (but not required) to be used as short term accommodations. The use of Unit 22A as long term affordable housing will be consistent with all of these principles. b. The conditional use is consistent and compatible with the character of the immediate vicinity of the parcel proposed for development and surrounding land uses, or enhances the mixture of complimentary uses and activities in the immediate vicinity of the parcel proposed for development. Response: The proposed development of Unit 22A will be consistent and compatible with the character of the immediate vicinity. Renovation of Unit 22A will allow it to be occupied as it has historically been occupied and in the same long term residential manner as many of the other units in the Chateau Dumont and many of the other older multi - family buildings along this portion of East Durant Avenue. 0 C. The location, size, design and operating characteristics of the proposed conditional use minimizes adverse effects, including visual impacts, impacts on pedestrian and vehicular circulation, parking, trash, service delivery, noise, vibrations and odor on surrounding properties. Response: Since the proposed conditional use will be established within an existing building, it will not create any new visual impacts, nor will it create any unusual impacts in terms of trash, service delivery, noise, vibrations, or odors. Chateau Dumont provides 10 on -site parking spaces for the existing units. As a unit owner in the building, Hall owns an equal share of this parking, or 0.38 of a space. The spaces are available to all owners only on a first -come, first -served basis. Guests or tenants are not allowed to use the spaces. Generally, the spaces are generally not fully occupied, except for absolute peak times of occupancy in town, such as on July 4th or New Year's Eve. The Applicants ask that the Planning Commission find that because there is adequate on -site parking for Unit 22A except in peak occupancy periods and the parking for Unit 22A is adequate for the proposed use and no additional parking is required. Also, Hall is further deed restricting Unit 22A to a Category 3 affordable housing unit, at significant loss compared to the free - market value she paid for the unit. It is inequitable to require Hall to pay a cash -in -lieu fee to make up for the difference between the parking she owns (0.38 spaces) and the parking the Code requires (1 space) [a payment of $18,600 (0.62 spaces x $30,000 per space)] as such payment would be a significant additional burden for Hall. If the fee does apply, then the Applicants would ask that Planning and Zoning Commission waive the fee, as authorized by Section 26.515.040 A. of the Land Use Code, Special Review Standards for Parking. d. There are adequate public facilities and services to serve the conditional use including but not limited to roads, potable water, sewer, solid waste, parks, police, fire protection, emergency medical services, hospital and medical services, drainage systems, and schools. Response: The Chateau Dumont building is already provided with the full range of necessary public facilities and services. The continued use an existing unit in a manner that the unit has been utilized for 38 years will not affect the adequacy of these facilities and services. e. The applicant commits to supply affordable housing to meet the incremental need for increased employees generated by the conditional use. Response: The Applicants propose to designate Unit 22A as a Category 3 affordable housing unit. Therefore the proposed conditional use will help to address the community -wide need for affordable housing. RESIDENTIAL DEVELOPMENT 60 %a AFFORDABLE - GROWTH MANAGEMENT REVIEW SECTION 26.470.040.C.8 Section 26.470.040 C.8 of the Land Use Code requires the development of affordable housing with the development free - market residential housing. Since the time 111 West Hyman was approved for one Growth Management allotment and Growth Management exemption, the Land Use Code has changed. Thus, there is not a specific procedure that addresses the review and amendment requested. Community Development has determined Section 26.470.040.C.8 is the most applicable. a. Sufficient growth management allotments are available to accommodate the uses, pursuant to Section 26.470.030 C., Development Ceiling Levels and Section 26.470.030.D, Annual Development Allotments. Response: The 111 Residence already has a free - market allotment. The remaining use of Unit 22A will be 100% affordable housing use, for which an allotment is not required because the City has not yet reached the affordable housing ceiling of 2,428 units. b. A minimum of sixty (60) percent of the total additional units and thirty (30) percent of the project's additional Floor Area shall be affordable housing. Multi -site projects are permitted. Affordable housing units provided shall be approved pursuant to Section 26.470.040. C. 7, Affordable Housing and shall average Category 4 rates as defined in the Aspen/Pitkin County Housing Authority Guidelines, as amended. An applicant may choose to provide mitigation units at a lower Category designation. Response: This section contemplates the creation of more than one free - market unit and is therefore not applicable. C. if the project consists of only one (I)free-market residence, then a minimum of one (1) affordable residence representing a minimum of thirty (30) percent of the project's total Floor Area and deed restricted as a Category 4 `for - sale" unit, according to the provisions of the Aspen/Pitkin County Affordable Housing Guidelines, shall qualify. Response: There were no affordable housing mitigation requirements at the time the City Council approved the 1992 GMQS Application for the 111 Residence. Rather, inclusion of the AH Unit in the basement of the 111 Residence was considered in the competitive scoring of the application in the competition for an allotment. A minimum score of 33.6 was required to be considered for an allotment. With 33.65 points, the application exceeded the minimum scoring threshold. 7.4 points were provided for the inclusion of the AH Unit because the AH Unit provided restricted housing for 37% of the persons generated by the project (1.75 out of 4.75 persons). 20 point were available for affordable housing and the applicant was required to meet the minimum threshold of 35% of those points. With 7.4 points scored out of 20 point available, the application met the affordable housing threshold. The application was the only submission competing for the six available 1992 Growth Management allotments, and thus, was guaranteed and allotment if it met the minimum score, which it did. The applicant could have provided for a smaller one- bedroom unit and still met the minimum threshold for both affordable housing and the overall project. The AH Unit was mitigation of only 22% of the total free - market floor area of the 111 Residence. Though slightly smaller than the AH Unit, the Applicants propose exchanging Chateau Dumont 22A for the AH Unit. Unit 22A would have represented mitigation of 18% of the floor area of the free - market 111 Residence. Though just shy of the 22% mitigation the AH Unit represented, Unit 22A is more centrally located, it will be newly remodeled and it will be a for sale unit with a legally adequate deed restriction, making the property more easily managed by APCHA and more readily available to the qualified public. Unit 22A also has access to pool and spa facilities and cable television. d. The project represents minimal additional demand on public infrastructure or such additional demand is mitigated through improvement proposed as part of the project. Public infrastructure includes, but is not limited to, water supply, sewage treatment, energy and communication utilities, drainage control, fire and police protection, solid waste disposal, parking, and road and transit services. Response: There will be no additional demand on public infrastructure that is not mitigated. Unit 22A has been used as a residential property for at least since 1972, if not since its creation in 1968. Because if Unit 22A's central location in the City, car ownership and thus, parking, is not required for occupancy of the unit. However, because the property has historically been used for residential purposes, parking is not increased by the continued use as residential property. OFF - STREET PARKING SECTION 26.515 At Chateau Dumont, there exists a current parking deficit. The Applicants request to maintain this deficit at Chateau Dumont. Chateau Dumont has 10 parking spaces. As a residential, multi - family, mixed use building, Chateau Dumont is required to have 1 space per unit. See Section 26515.30. As a lodge, Chateau Dumont should have 0.5 spaces per unit. See Section 26.515.30. There are 26 units in Chateau Dumont. Accordingly, the Code would require 26 or 13 spaces depending on whether the building is a lodge or a residential, multi - family, mixed use building. Under either interpretation, there is an existing parking deficit. The Code allows a parking deficit to be maintained in the event of redevelopment. See Section 26.515.010 and Section 26.515.30. The applicants requests the exchange of the AH Unit for Unit 22A and they do not propose adding parking. Rather, the application proposes maintaining the deficiency at Chateau Dumont with a redevelopment of Unit 22A. In addition, as indicated in the response above, Conditional Use Review - Section 26.425.040, the applicants explain that existing parking at Chateau Dumont, though deficient under the Code, actually provides adequate parking for all but a few peak occupancy period through out the year. SPECIAL REVIEW STANDARDS SECTION 26.515.040 In the event the request to maintain the parking deficit is not approved, the Applicants request Special Review in accordance with the following criteria: A.1. The parking needs of the residents, customers, guests, and employees of the project have been met, taking into account potential uses of the parcel, the projected traffic generation of the project, any shared parking opportunities, expected schedule of parking demands, the projected impacts onto the on- street parking of the neighborhood, the proximity to mass transit routes and the downtown area, and any special services, such as vans, provided for residents, guests and employees. Response: Please see the response to this standard in the section above, Conditional Use Review - Section 26.425.040. A2. An on -site parking solution meeting the requirement is practically difficult or results in an undesirable development scenario. Response: Please see the response to this standard in the section above, Conditional Use Review - Section 26.425.040. A3. Existing or planned on -site or off -site parking facilities adequately serve the needs of the development, including the availability of street parking. Response: Please see the response to this standard in the section above, Conditional Use Review - Section 26.425.040. Conclusion The above responses provide the information you require to process this application and demonstrate the compliance of this proposal with the standards of the Land Use Code. Please let me know if there is anything else you require as you review this application. truly PO Box 11711 Aspen, Colorado 81612 970 - 404 -1091 10 m e rr; IA° nW N 0- Or EXHIBIT 1 CITY OF ASPEN WRETT PAID DATE REP NO. PD� o a,7B I i WHEN RECORDED RETURN TO: Name: Address: 4733 Bethesda Ave, Suite 650 Bethesda, MD 20814 :JITY OF ASPEN HRETT PAID DATE RHr No, Y -0 -13 I. P3 6@7811 WARRANTY DEED bFi�ags-'10 THIS DEED, made this 19th day of September, 2006, between William D. Snare, sometimes erroneously referred to as William B. Snare, and Margaret W. Snare of the said County of El Paso and State of Colorado, grantor, and 11 I W Hyman, LLC, a Maryland limited liability company whose legal address is 4733 Bethesda Ave, Suite 650, Bethesda, MD 20814 of the said County of Montgomery and State of Maryland, grantee: WITNESSETH, that the grantor, for and in consideration of the sum of Ten dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm, unto the grantee, his heirs and assigns forever, all the real property, together with improvements, if any, situate, lying and being in the said County of Pitkin and State of Colorado described as follows: Unit 111, WEST SHADOW MOUNTAIN TOWNHOMES CONDOMINIUM, a Common Interest Community, according to the Condominium Plat thereof recorded November 13, 2000 in Plat Book 54 at Page 78 as Reception No. 448745 and as defined and described in the Declaration for West Shadow Mountain Townhomes Condominium recorded September 14, 2000 as Reception No. 446966. County of Pitkin, State of Colorado also known by street and number as: I 1 l West Hyman Ave., Aspen, CO 81611 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the grantor, either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances. Stewart 42112-C.1 I IIIIII VIIIIIIIIIIIII IIIIII IIIIII VIII III IIIIINII IIII es/ig/zeeG 01:311 Stewart Titled Colorado, Ptogra Photographic Aspen Division JPNICE K VOS CAUDILL PITKIN COUNTY Co Warranty Deed — Photographic Record (individual) R 21.00 0 295.00 Page 1 of 2 TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the grantee, his heirs and assigns forever. And the grantor, for himself, his heirs, and personal representatives, does covenant, grant, bargain, and agree to and with the grantee, his heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except See Attached Exceptions The grantor shall and will WARRANT AND FOREVER DEFEND the above - bargained premises in the quiet and peaceable possession of the grantee, his heirs and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. IN WITNESS WHEREOF, the grantor has executed this deed on the date set forth above. SA Ctrs& William D. Snare, sometimes erroneously referred to as William B. Snare STATE OF Colorado COUNTY OF El Paso 1��,e� Margaret W. Snare The foregoing instrument was acknowledged before me this �� day of September, 2006, by William D. Snare dMargaret W. Snare 1W CXYMMlsslon Explles My commission exp NIlV 25- 2009 Witness my hand and official seal. Notary IVIII VIII IIIIII IIIIIIIIIIItIIIIINI�IIiII VIII It illl 0Page: .000:31{ File Number: 42112 -C3 Stewart Title ofCuloradu. Inc. -Aspen Division Warranty Deed - Photographic Raord (Individual) Page 2 of 2 EXHIBIT 1 EXCEPTIONS 1. Distribution utility easements (including cable TV). 2. Those specifically described rights of third parties not shown by the public records of which Buyer has actual knowledge and which were accepted by Buyer in accordance with paragraph 8b of contract Form No. CBS 1 -9 -99 [Matters Not Shown by the Public Records). 3. Inclusion of the Property within any special taxing district. 4. The benefits and burdens of any declaration and party wall agreements, if any. 5. Unpatented mining claims; reservations or exceptions in patents, or an act authorizing the issuance thereof; water rights, claims or title to water. 6. Taxes for the year 2006 and subsequent years not yet due and payable. 7. Reservations and exceptions as set forth in the deeds from the City of Aspen recorded in Book 59 at Page 135, Book 59 at Page 392 and in Book 59 at Page 561 providing as follows: That no title shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws " ". 8. Terms, conditions, provisions and obligations as set forth in Statement of Exemption from the Definition of Subdivision recorded January 29, 1980 in Book 382 at Page 858 as Reception No. 221408. Terms, conditions, obligations, provisions and covenants as set forth in Covenants recorded January 29, 1980 in Book 382 at Page 860 as Reception No. 221409. 10. Easements, rights of way and all matters as shown on the Plat of Hyman Street Duplex Subdivision recorded January 29, 1980 in Plat Book 8 at Page 79 as Reception No. 221410. 11. Terms, conditions, obligations, provisions and covenants as set forth in Covenants recorded December 9, 1980 in Book 401 at Page 229 as Reception No. 229403. 12. Terms, conditions, obligations and provisions as set forth in Occupancy, Use and Maintenance Agreement contained in Deed recorded December 22, 1980 in Book 401 at Page 994 as Reception No. 229696. 13. Terms, conditions, obligations and provisions as set forth in Right of First Refusal contained in Deed recorded December 22, 1980 in Book 401 at Page 994 as Reception No. 229696, File Number: 4211243 Stewan Title of Colorado, Inc. -Aspen Division Page I of Deed — Exhibit I (Exceptions) I Page 1 of 2 52756 Papa: 3 of 4 - -... __......�....�.� ...m nni m aai1111111111 09/19/2008 01:31; JRNICE K Vo5 CpUDILL Pi TKIN COUNTY CO R 21.00 D 295.00 14. Terms, conditions, obligations and restrictions as set forth in Deed Restriction and Residential Growth Management Allocation Approved Pursuant to Ordinances 5, Series of 1993, recorded December 28, 1995 in Book 803 at Page 392 as Reception No. 388636. 15. Easements, rights of way and all matters as shown on the Survey recorded May 2, 1997 in Plat Book 42 at Page 62 as Reception No. 404039. 16. Easements, rights of way, conditions and restrictions as shown on the Plat for West Shadow Mountain Townhomes Condominium recorded November 13, 2000 in Plat Book 54 at Page 78 as Reception No. 448745. 17. Terms, conditions, obligations, restrictions and assessments as set forth in Declaration for West Shadow Mountain Townhomes Condominium recorded September 14, 2000 as Reception No. 446966. 1 hill 11111111 09/19/2008 5 01:31F JANICE K VOS CAUDILL PITKIN COUNTY CO R 21.00 D 295.00 File Number: 42112 -0 )IMUt Title of Colorado, Inc. -Aspen Division Warranty Deed— Exhibit 1 (Exceptions) Page 2 of 2 Y OF ASPEN WrIETT PAID DATE REP NO. t2 ,10/06 W4 o2&2qp THIS DEED, made HRETTPAIIt .ATE REP NO. EXHIBIT # 1 -A 12v� (i1 N X39 WARRANTY DEED December 7, 2005, Between CORDUROY CRUISERS, LLC of the County of f tTKtt l State ofd", GRANTOR AND JENNIFER HALL, GRANTEE whose legal address is: P.O. BOX 11711, ASPEN, CO, 81611 of the County of PITKIN, State of CO WITNESSETH, That for and in consideration of the sum of ten dollars and other good and valuable consideration,, the receipt and sufficiency of which is hereby acknowledged, the grantor has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell and convey and confirm unto the grantee, its heirs and assigns forever, all the real property together with improvements, if any, situate and lying and being in the County of PITKIN, State of COLORADO, described as follows: CONDOMINIUM UNIT 22 -A, CHATEAU DU MONT APARTMENTS, A CONDOMINIUM, according to the Condominium Map thereof recorded in Plat Book 3 at Page 335 and Amendment thereto as defined and described in Action of the Board of Directors recorded December 2, 2005 as Reception No. 51B036 and as defined and described in the Condominium Declaration thereof, recorded December 9, 1968 in Book 238 at Page 1. TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, and the reversion and reversions, remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the grantor either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances. TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the grantee, its heirs and assigns forever. And the Grantor, for its, its heirs and assigns, does covenant, grant, bargain, and agree to and with the Grantee, its heirs and assigns, that at the time of the ensealing and delivery of these presents, its is well seized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except those matters as set forth on Exhibit "A" attached hereto and incorporated herein by reference. The grantor shall. and will WARRANT AND FOREVER DEFEND the above bargained premises in the quiet and peaceable possession of the grantee, its heirs and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number shall include the plural, the plural the singular, and the use of gender shall be applicable to all genders. IN WITNESS WHEREOF the grantor has executed this deed. SIGNATURES ON PAGE 2 111111 I�III 1111111111l1111111111� 11111111 11111111111110 Page; 002:521 1 SIGNATURE PAGE TO WARRANTY DEED PAGE 2 r ROY CRUISERS, LLC STATEOF Pce{ .coin _j ss COUNTY OF The foregoing instrument was acknowledged before me this 0'7 day of Qx- CyNr�17�0_r , 2005, by CORDUROY CRUISERS, LLC by LANETTE VALERIO, MANAGER WITNESS my hand and official seal my commission expires: 64.lg. ZOOg PCT20164F3 Notary PubllbJ MEUSSA FtNLEY Notary Public - Arlxons Maiicopa County My Commission Expires April 18, 2006 WM 111111111111111111fllllll 11111111111111III111111111111100 9sD 05002:521 EXHIBIT # 2 Novmeber 13, 2006 Chris Bendon Community Development 103 S. Galena, 3rd Floor Aspen,Colorado 81611 Re: Authorized Representative Application for GMQS Mitigation Amendment Ill West Hyman, Aspen, Colorado —111 West Hyman, LLC Dear Chris: I hereby authorize Jennifer Hall to act as my designated representative with respect to the application for GMQS mitigation Amendment being submitted to your office for 111 West Hyman LLC's property located at 11 I West Hyman. Jennifer is authorized to submit an application for the request for GMQS Mitigation amendment. She is also authorized to represent the LLC in meetings with City of Aspen staff and the City of Aspen's review bodies. Should you have any need to contact me during the course of your review of this application, please do so through Jennifer, whose number is included with the application for GMQS Mitigation Amendment. Sincerely, 111 West Hyman, LLC 30/- 656- 4/ //I e,C-� 76 S EXHIBIT 3 ORDINANCE NO. 5 (SERIES OF 1993) AN ORDINANCE OF THE CITY COUNCIL FOR THE CITY OF ASPEN GRANTING A RESIDENTIAL GROWTH MANAGEMENT ALLOCATION FOR ONE FREE MARKET UNIT AND GMQS EXEMPTION FOR ONE DEED RESTRICTED UNIT LOCATED AT 111 W. HYMAN AVENUE (LOT G AND 1/2 OF LOT F, BLOCK 61, TOWNSITE OF ASPEN) WHEREAS, pursuant to Section 24, Article 8 of the Aspen Municipal Code, the City Council may grant allocations from the Growth Management quotas contained therein upon scoring determined by the Aspen Planning and Zoning Commission; and WHEREAS, pursuant to Section 24 -8 -104 C.l.c. of the Aspen Municipal Code, the City Council may exempt deed restricted affordable housing units from the Growth Management Quota System (GMQS) competition; and lWHEREAS, William D. Snare, owner, submitted to the Planning Office an application for a Growth Management allotment for one unit and GMQS Exemption for one affordable housing unit; and WHEREAS, the ill W. Hyman. Avenue proposal was the only submission competing for the six available units (as established as a minimum by Section 24- 8- 103.F.1. of the Aspen Municipal Code) ; and WHEREAS, the application was reviewed by the Engineering Department, the Aspen /Pitkin County Housing Office, Environmental Health Department, Fire Marshal, Water Department, Electrical Department, and the Roaring Fork Energy Center and those agencies submitted referral comments to the Planning Office; and WHEREAS, at a regular meeting held on January 5, 1993 the 1 1 Aspen Planning and Zoning Commission scored the proposal pursuant Jl to the standards contained in Section 24- 8- 106.E. and found that the Commission's score of 33.65 points met or exceeded minimum scoring thresholds; and WHEREAS, the Commission also voted 6 -0 to approve with conditions the proposed deed restricted one - bedroom unit pursuant to the review criteria for GMQS Exemption within Section 24 -8- 104.C.1.c.; and WHEREAS, the Aspen City Council having considered the proposal and the Planning and Zoning Commission's recommendation, does wish to allocate one free market unit from the 1992 Residential Growth Management competition and grant GMQS Exemption for Affordable \ Housing for one Category 1 deed restricted unit at 111 W. Hyman Avenue. / NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1: That it does hereby allocate one residential unit from the 1992 Residential Growth Management competition to the 111 W. Hyman Avenue project pursuant to Section 24, Article 8 of the Aspen Municipal Code. Section 2: That, subject to the conditions set forth in Section 3 below, it does hereby grant GMQS Exemption for Affordable Housing for the development of one Category 1 deed restricted one bedroom unit pursuant to Section 24- 8- 104.C.1.c. of the Aspen Municipal Code. Section 3. 2 The conditions of approval which apply to this G14QS Exemption are: 1. The owner shall submit the appropriate deed restriction to the Aspen / Pitkin County Housing Office for approval. Upon approval by the Housing Office, the Owner shall record the deed restriction with the Pitkin County Clerk and Recorder's Office. 2. Prior to issuance of any building permits for the property, copies of the recorded deed restriction for the dwelling unit must be forwarded to the Planning Office. 3. The final design must incorporate a roof /dormer above the entry to the deed restricted housing unit to shed snow away from the doorway. 4. If condominiumized, the unit's annual management /maintenance assessments shall be on a pro rata valuation basis. Language to this effect shall be in the condominium documents and shall be approved by the Housing Office prior to recordation. 5. All material representations made by the applicant in the application and during public meetings with the Planning and Zoning Commission and Citv Council shall be adhered to and considered conditions of approval, unless otherwise amended by other conditions. Section 4: A public hearing on the Ordinance shall be held on the 2d.. b day of G2 1993 at 5:00 P.M. in the City Council Chambers, 11 Aspen City Hall, Aspen Colorado, fifteen (15) days prior to which / 3 a hearing of public notice of the same shall be published in a newspaper of general circulation within the City of Aspen. Section 5: If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such provision and such holding shall not affect the validity of the remaining portions thereof. Section 6• This ordinance shall not effect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. INTRODUCED, READ AND ORDERED PUBLISHED as provided by law, by the City Council of the City of Aspen on the � day of , 1993. 1 �> -A,7� L� V /!� FUZ Jbhn Bennett, Mayor Kathryn S Koc , City Clerk FINALLY, adopted, passed and approved this day of 1993. .Tohn Bennett, Mayor ATTEST: Kathryn S..- och, City Clerk 4 EXHIBIT 4 388636 B -803 P -392: 12/28/95 03:54P PG 1 OF 6 REC00 DOC NI SILVIA DAVIS PITKIN COUNTY CLERK a RECORDER DEED RESTRICTION FOR RESIDENTIAL GROWTH MANAGEMENT ALLOCATION APPROVED PURSUANT TO ORDINANCE 5, SERIES 1993 THIS DEED RESTRICTION UNIT is made and entered into this 6th day of November 1 , 199 5, by William D. Snare ( "owner "), for itself, its successors and assigns, for the benefit of the City of Aspen, Colorado, a municipal corporation, and the Aspen /Pitkin County Housing Authority, a multi - jurisdictional housing authority established pursuant to the AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT recorded in Book 605 at Page 751 of the records of the Pitkin County Clerk and Recorder's Office ( "Authority "). WHEREAS, Owner owns that parcel of real property located at 111 West Hyman Street, in the City of Aspen, County of Pitkin, Colorado, more specifically described as Lot G and East 1/3 Lot F, Block 61, City of Aspen, upon which is situate a free market unit to be duplexed, and within the new addition shall be a fully deed restricted Category 1 unit per the Aspen /Pitkin County Housing Guidelines. This unit will contain one bedroom and will be approximately 800 net liveable square feet ( "Unit "); and WHEREAS, Owner agrees to accept and impose certain conditions on its use and occupancy of the Unit as a fully deed restricted unit under the Aspen Municipal Code. NOW, THEREFORE, in consideration of the mutual promises and obligations contained where, the Owner hereby covenants and agrees as follows: 1. The. Unit.; as identified hereinabove shall be classified as .Category, 1 'employee housing and will be deed restricted to rental and sales price terms within the housing price guidelines and to occupancy limitations within the housing income eligibility guidelines established by the Aspen /Pitkin County Housing Authority Guidelines. If rented or sold, it can be done so only in accordance with the guidelines as adopted and as may be amended /from time to time by the Authority governing Category 1 dwelling units. 2. Owner is obligated to keep the Unit occupied by qualified residents. Only qualified residents, as defined in the Housing Guidelines, shall reside therein and all rental terms shall be for a period of not less than six (6) consecutive months. Owner shall maintain the first right to select the qualified resident of its own choosing when renting the Unit. Authority shall have the right to place a qualified resident in the Unit if the Owner fails to keep the Unit occupied. An executed copy of all leases for the Unit shall be submitted to the Authority within ten (10) days of the approval of a qualified resident. 388636 B -803 G -393 12/8/95 03:548 F'6 2 OF 6 3. The maximum rental rate shall not exceed the Category No. 1 rental rate as set forth in the Aspen /Pitkin County Housing Authority Guidelines established by the Authority and may be adjusted annually as set forth by the Guidelines. The maximum permitted rent for the unit on the date of execution of this deed restriction is $379 per month. Rent shall be verified and approved by the Authority upon submission and approval of the lease. Employees shall be qualified by the Authority as to employment only, and not maximum income or asset limitations. 4. Lease agreements executed for occupancy of the Employee Dwelling Unit shall provide for a rental term of not less than six (6) consecutive months. A signed and executed copy of the lease shall be provided to the Authority by the owner within ten (10) days of approval of employee(s) for the Employee Dwelling Unit. 5. Should the unit be sold, in no event shall the Unit_ be sold for an amount in excess of the maximum sales price stated in the present Aspen /Pitkin County Housing Authority Guidelines ($32,000), plus the lesser of the following: * an increase of three percent (3 %) of such price per year from the date of purchase to the date of Owner's notice of intent to sell (prorated at the rate of .25 percent for each whole month for any part_ of a year); or * an amount (based upon the Consumer Price Index, All Items, U.S. City Average, Urban Wage Earners and Clerical Workers [Revised], published by the U.S. Department of Labor, Bureau of Labor statistics) calculated as follows: CPI at the Owner's notice of intent to sell divided by the Consumer Price Index current at the date of this Agreement. In no event shall the multiplier be less than one (1). For purposes of this Agreement, "date of intent to sell" shall be the date of execution of a listing contract when required by this agreement, or if a listing contract is not otherwise necessary, the date shall be determined to be the date upon which a requirement for the Owner to sell is first applicable. NOTHING HEREIN SHALL BE CONSTRUED TO CONSTITUTE A REPRESENTATION OR GUARANTEE BY THE AUTHORITY, THE CITY OR THE COUNTY THAT ON SALE, THE OWNER SHALL OBTAIN THE MAXIMUM SALES PRICE. 6. The Owner may add to the maximum sales price fifty percent (50 %) of the cost of Permitted Capital Improvements, as defined in Exhibit "A" attached hereto and incorporated herein, in a total amount not to exceed $3,200, which is ten 2 388636 8 -803 P -394 12/28/95 03:54P PG 3 OF 6 percent (108) of the initial listed purchase price set forth above. All such Permitted Capital Improvements installed or constructed over the life of the unit shall be calculated on a cumulative basis applicable to the Owner and all subsequent purchasers, and shall not exceed the maximum dollar amount set forth in this section. Permitted Capital Improvements shall not include any changes or additions to the Property made by the owner during construction or thereafter, except in accordance with 4 above. Permitted Capital Improvements shall not be included in the Authority's listed purchase price, even if made or installed during original construction. In order to qualify as Permitted Capital Improvements, the Owner must furnish to the Authority the following information with respect to the improvements which the owner seeks to include in the calculation of the Maximum Sales Price: a. original or duplicate receipts to verify the actual costs expended by the Owner for the Permitted Capital Improvements; b. Owner's affidavit verifying that the receipts are valid and correct receipts tendered at the time of purchase; and c, true and correct copies of any building permit or certificate of occupancy required to be issued by the Aspen /Pitkin county Building Department with respect to the Permitted Capital Improvements. 9. If condominiumized, each Owner shall have a non - exclusive right in common with all of the other Owners to the use of sidewalks, pathways, roads, areas provided for open space, utilities and streets within the project designated as common areas, and each such Owner may make such use without hindering or encroaching upon the lawful rights of the other Owners. 10. If condominiumized, the units- annual management /maintenance assessments shall be based on a pro rata valuation basis, with the free market units paying a larger fee and the deed restricted unit paying a smaller fee. 11. The covenants and limitations of this deed restriction shall run with and be binding on the land for the benefit of the City of Aspen and the Authority, either of whom may enforce the provisions thereof through any proceedings at law or in equity, including eviction of non- complying tenants. 12. It is understood and agreed by the Owner that no waiver of a breach of any term or condition as contained in this deed 388636 B -803 P -395 12/28/95 03:54P PG 4 OF 6 restriction shall be construed to be a waiver of any breach of the same or other term or condition, nor shall failure to enforce any one of the terms or conditions, either by forfeiture or otherwise, be construed as a waiver of any term or condition. 13. should this deed restricted unit be condominiumized, a Declaration of Covenants between all units should be approved by the Aspen /Pitkin County Housing Authority and recorded. IN WITNESS HEREOF, Owner has placed its duly authorized signature hereto on the date as described above. OWNER: By: RIV Llkb- QJ� William D. Snare Mailing Address: STATE OF COLORADO CITY& COUNTY OF DENVER 0 bN 700 Clermont street Denver, Colorado 80220 SS. The foregoing instrument was acknowledged before me this 6th day of November 1997, by William D. Snare. WITNESS MY hand and official seal. My Commission expires Dad' Notary Public A i; y %o-m, ..on Expires July 1, 1996 ,700 Broadway Denver, Colorado 80290 368636 R -803 P -396 12/28/95 03:54P PIG 5 OF 6 ACCEPTANCE BY THE HOUSING AUTHORITY The foregoing agreement and its terms are accepted by the Aspen /Pitkin County Housing Authority. THE ASPEN /PITKIN COUNTY HOUSING AUTHORITY By: Elizab th Krizmanic Chairperson Mailing Address: 530 East Main Street, Lower Level Aspen, CO 81611 STATE OF COLORADO I Ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of December, 1995, by Elizabeth Krizmanich. WITNESS MY hand and official seal.. My Commission expires: -I ) - ;- j/ Date Notary 9'., 388636 P -803 P -397 12/28/95 03:54P PG 6 OF 6 EXHIBIT "All THE ASPEN /PITRIN COUNTY HOUSING AUTHORITY'S OCCUPANCY AND RESALE DEED RESTRICTION, AGREEMENT AND COVENANT FOR 111 WEST HYMAN STREET 1. The term "Permitted Capital Improvement" as used in the Deed Restriction shall include only the following: a. Improvements or fixtures erected, installed, or attached as permanent, functional, non - decorative improvements to real property excluding repair, replacement and maintenance improvements. b. Improvements for energy and water conservation. C. Improvements for the benefit of seniors and /or handicapped persons. d. Improvements for health and safety protection devices. e. Improvements to add and /or finish permanent /fixed storage space. f. Improvements to finish unfinished space. g. The cost of adding decks and balconies, and any extension thereto. 2. Permitted Capital Improvements as used in this Deed Restriction shall not include the following: a. Landscaping. b. Upgrades of appliances, plumbing and mechanical fixtures, carpets, and other similar items included as part of the original construction of the unit. c. Jacuzzis, saunas, steam showers and other similar items. d. Improvements required to repair, replace and maintain existing fixtures, appliances, plumbing and mechanical fixtures, painting, carpeting and other similar items. e. Upgrades or additions of decorative items, including lights, window coverings, and other similar items. 3. All Permitted Capital Improvements items and costs shall be approved by the Authority staff prior to being added to the Maximum Resale Price as defined herein. 0 2. 3. il 5. 7 EXHIBIT # 5 Minimum Specifications of Interior and Exterior Quality and Finish of the Unit Flooring: Carpet in living room and bedroom Ceramic tile in kitchen, laundry, bathroom Wall s /Doors /Windows: Drywall with texture finish and paint Interior doors shall be hollow core wood, stain grade, doors Exterior Door shall be insulated, double pane 12 -light Trim (base, case) paint grade wood Residential grade windows, double pane Closet to have rod Cabinets: Lowes Home Improvement's basic in- stock pre- finished cabinets or better Countertops: Plastic laminate or better Mechanical: Exhaust vents to exterior for laundry and kitchen Lighting: 3" — 6" spot lights on approximate 8' spread in living room and bedroom Track lighting over kitchen bar Under cabinet lighting in kitchen Appliances: Stackable W/D unit, entry level -grade quality or better Four -burner electric range, white or black finish, entry level -grade quality or better Refrigerator, white or black finish, entry level -grade quality or better Exhaust hood white or black finish, entry level -grade quality or better Dishwasher - white or black finish, entry level -grade quality or better Other: All fixtures, hardware, etc. shall be Lowes Home Improvement's basic in- stock material or better quality Page 1 of 1 Initial POPUVWLUV so rf� _, }} n, ,._\,_m |§ ^ � \ 23 y || §\ #) ƒ §§ \g! �\} ) k Exhibit # 6 MASTER DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND RESALE OF CHATEAU DUMONT, UNIT 22A THIS MASTER DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND RESALE OF CHATEAU DUMONT, UNIT 22A (the "Agreement ") is made and entered into this day of 2007, by III West Hyman, LLC (hereinafter referred to as 'Declarant "), for the benefit of the parties and enforceable by the ASPEN/PITKIN COUNTY HOUSING AUTHORITY (hereinafter referred to as "APCHA "), a duly constituted multi - jurisdictional Housing Authority established pursuant to the THIRD AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT by and between the City of Aspen, Colorado (the "City ") and Pitkin County, Colorado (the "County "), dated October 28, 2002 and recorded at Reception No. 477066 on January 8, 2003, of the records of the Pitkin County Clerk and Recorder's Office. WITNESSETH: WHEREAS, Declarant owns the real property described in Exhibit "A" attached hereto and incorporated herein. For purposes of this Agreement, the real property and all dwellings, appurtenances, improvements and fixtures associated therewith shall hereinafter be referred to as the "Property"; and WHEREAS, as a condition of the approval granted by the Board of County Commissioners of Pitkin County, Colorado for subdivision approval of the Property, the Declarant is required to enter into this Agreement; and WHEREAS, Declarant agrees to restrict the acquisition or transfer of the Property to "Qualified Buyers," as that term is defined in this Agreement, who fall within the Category 3 income range established and adopted by the APCHA from time to time in its Employee Housing Guidelines. In addition, the Declarant agrees that this Agreement shall constitute a resale agreement setting forth the maximum resale price for which the Property may be sold ( "Maximum Resale Price ") and the terms and provisions controlling the resale of the Property. Finally, by this Agreement, Declarant restricts the Property against use and occupancy inconsistent with this Agreement. WHEREAS, "Qualified Buyers" are natural persons meeting the income, residency and all other qualifications set forth in the Aspen/Pitkin County Housing Authority Employee Housing Guidelines (hereinafter the "Employee Housing Guidelines "), or its substitute, as adopted by the APCHA, or its successor, and in effect at the time of the closing of the sale to the Qualified Buyer, and who must represent and agree pursuant to this Agreement to occupy the Property as their sole place of residence, not to engage in any business activity on the Property, other than that permitted in that zone district or by applicable ordinance, not to sell or otherwise transfer the Property for use in a trade or business; and to continue meeting the employment, residency and other requirements as stated in this Agreement. WHEREAS, an "Owner" is a person or persons who is/are a Qualified Buyer who acquires an ownership interest in the Property or Unit in compliance with the terms and provisions of this Agreement, or any other person or legal entity owning an interest in the Property or Unit it being CADocumcnts and Settings \j_hall \Desktop \Dmnont \CD Master Deed Restriction.doc understood that such person, persons or entity shall be deemed an "Owner" hereunder only during the period of his, her, their or its ownership interest in the Property and shall be obligated hereunder for the full and complete performance and observance of all covenants, conditions and restrictions contained herein during such period. WHEREAS, this document supercedes any previous deed restriction agreement for occupancy and resale associated with this unit. WHEREAS, a "Unit" is the unit located at Chateau Du Mont, 725 East Durant, Aspen, Colorado, 81611. NOW, THEREFORE, for value received, the receipt and sufficiency of which are hereby acknowledged, Owner hereby represents, covenants and agrees as follows: USE AND OCCUPANCY The use and occupancy of the Property shall henceforth be limited exclusively to housing for natural persons who meet the definition of Qualified Buyers and their families, and the other requirements of this Agreement and the Aspen/Pitkin County Housing Authority Employee Housing Guidelines referred to above. REQUIREMENTS 2. An Owner, in connection with the purchase of this Property or Unit, must: a) occupy any Unit within this Property as his or her sole place of residence during the time that such unit is owned; b) not own, directly or indirectly through a legal entity, any interest alone or in conjunction with others, in any developed property or dwelling units in accordance with the limitations established by the Guidelines as amended from time to time; c) not engage in any business activity on or in such Unit, other than permitted in that zone district or by applicable ordinance; d) sell or otherwise transfer such Unit only in accordance with this Agreement and the Employee Housing Guidelines; e) not sell or otherwise transfer such Unit for use in a trade or business; f) not permit any use or occupancy of such Unit except in compliance with this Agreement; g) continue to meet the residence and employment requirements of a Qualified Buyer established by the APCHA Guidelines and as they are amended from time to time; and h) continue to meet the other requirements of the applicable APCHA Guidelines and this Agreement. Recertification of employment, residency and the ownership of other property shall be required as stipulated in the APCHA Guidelines. DEFAULT ON LOAN 3. a. It shall be a breach of this Agreement for Owner to default in payments or other obligations due or to be performed under a promissory note secured by a first deed of trust encumbering the Property or a Unit or to breach any of Owner's duties or obligations under said deed of trust. It shall also be a breach of this Agreement for Owner to default in the payment of real property taxes or obligations to the Homeowners' Association for general or special assessments. Owner must notify the APCHA, in writing, of any such default, including notification received from a lender, or its assigns, of past due payments or default in payment or other obligations due or to be performed under a promissory note secured by a first deed of trust, as described herein, or of any breach of any of Owner's duties or obligations under said deed of trust, within five calendar days of Owner's Master Deed Restriction Page 2 notification from lender, or its assigns, or any other creditor specified herein, of said default or past due payments or breach. b. Upon notification of a default as provided above, the APCHA may offer loan counseling or distressed loan services to the Owner, if any of these services are available, and is entitled to require the Owner to sell the Property or a Unit to avoid the commencement of any foreclosure proceeding against the Property or a Unit. C. Upon receipt of notice as provided in paragraphs 3a and b, the APCHA shall have the right, in it's sole discretion, to cure the default or any portion thereof. In such event, the Owner shall be personally liable to APCHA for past due payments made by the APCHA together with interest thereon at the rate specified in the promissory note secured by the first deed of trust, plus one percent (1 %), and all actual expenses of the APCHA incurred in curing the default. The Owner shall be required by APCHA to execute a promissory note secured by deed of trust encumbering the Property in favor of the APCHA for the amounts expended by the APCHA as specified herein, including future advances made for such purposes. The Owner may cure the default and satisfy it's obligation to the APCHA under this subparagraph at any time prior to execution of a contract for sale, upon such reasonable terms as specified by the APCHA. Otherwise, Owner's indebtedness to the APCHA shall be satisfied from the Owner's proceeds at closing. d. In addition, upon receipt of notice as provided in Paragraphs 3a and 3b, the APCHA shall have the option, exercisable in the APCHA's sole discretion, to purchase the Owner's Lot and Improvements for ninety -five percent (95 %) of the Maximum Resale Price. If the APCHA desires to exercise said option, it shall give written notice thereof to the Owner within sixty (60) days following the APCHA's receipt of the notice as provided in Paragraphs 3a and 3b. In the event the APCHA timely exercises said option, the closing of the purchase of the Lot and Improvements shall occur within sixty (60) days following the date of the APCHA's notice to the Owner of the exercise of said option. ENFORCEMENT 4. In the event that the APCHA determines that sale of the Property or a Unit is necessary as a result of breach of this Agreement, Owner shall immediately execute a standard Listing Contract on forms approved by the Colorado Real Estate Commission with the APCHA, providing for a 30 -day listing period. At that time, the Owner shall deposit with the APCHA an amount equal to one percent (1 %) of the estimated value of the Unit. If a sales contract has not been executed within the initial 30 -day period, Owner shall extend the listing period for an additional 180 days, provided such extension does not conflict with the statutory rights of any secured creditors. The APCHA shall promptly advertise the Property for sale by competitive bid to Qualified Buyers. At the time of closing, the Owner shall pay to the APCHA an additional fee as stated in the Aspen /Pitkin County Employee Housing Guidelines. In the event of a listing of the Property pursuant to this Paragraph 4, the APCHA is entitled to require the Owner to accept the highest of any qualified bids that is equal to the lesser of (i) an amount that at least satisfies the Owner's financial or other obligations due under the promissory note secured by a first deed of trust and any deed of trust in favor of the APCHA, as described herein, or (ii) the Maximum Resale Price (as hereinafter defined), and to sell the Property to such qualified bidder. The listing and sale of the Property or Unit shall be subject to such listing, sales and other fees and expenses as may Master Deed Restriction Page 3 be imposed by the APCHA from time to time as set forth in the Employee Housing Guidelines. AGREEMENT RULES WITH LAND 5. This Agreement shall constitute covenants running with the Property, as a burden thereon, for the benefit of, and shall be specifically enforceable by the APCHA, the City Council for the City (the "City Council "), the Board of County Commissioners for the County (also referred to herein as the "County "), and their respective successors and assigns, as applicable, by any appropriate legal action including but not limited to specific performance, injunction, reversion, or eviction of non - complying owners and /or occupants. VOLUNTARY SALE 6. In the event that an Owner desires to voluntarily sell the Property or Unit, the Owner shall execute a standard Listing Contract on forms approved by the Colorado Real Estate Commission with the APCHA providing for a 180 -day listing period, or such other time period as required by the APCHA Employee Housing Guidelines in effect at time of listing. The APCHA shall promptly advertise the Property or Unit for sale by competitive bid to Qualified Buyers. The listing and sale of the Property or Unit shall be subject to such listing, sales and other fees and expenses as may be imposed by the APCHA from time to time as set forth in the Employee Housing Guidelines. APCHA'S RIGHT TO ACQUISITION Notwithstanding any provision herein to the contrary, the APCHA shall have the right, in its sole discretion, (i) to acquire any Property or Unit for the purpose of resale thereof to a Qualified Buyer; (ii) following its acquisition of any Property or Unit, to repair, replace, redevelop, remove and maintain such Property or Unit prior to resale to a Qualified Buyer; and/or (iii) amend this Deed Restriction Agreement following the acquisition. MAXIMUM RESALE PRICE 8. In no event shall the Property or a Unit be sold for an amount ( "Maximum Resale Price ") in excess of the lesser of: a. $100,000, plus an increase of three percent (3 %) of such price per year from the date of purchase to the date of Owner's notice of intent to sell (prorated at the rate of .25 percent for each whole month for any part of a year); or b. an amount (based upon the Consumer Price Index, All Items, U.S. City Average, Urban Wage Earners and Clerical Workers (Revised), published by the U.S. Department of Labor, Bureau of Labor Statistics) calculated as follows: the Owner's purchase price divided by the Consumer Price Index published at the time of Owner's purchase stated on the Settlement Statement, multiplied by the Consumer Price Index current at the date of intent to sell. In no event shall the multiplier be less than one (1). For purposes of this Agreement, "date of intent to sell" shall be the date of execution of a listing contract when required by this agreement, or if a listing contract is not otherwise necessary, the date shall be determined to be the date upon which a requirement for the Owner to sell is first applicable. Master Deed Restriction Page 4 NOTHING HEREIN SHALL BE CONSTRUED TO CONSTITUTE A REPRESENTATION OR GUARANTEE BY THE APCHA OR THE CITY THAT ON RESALE THE OWNER SHALL OBTAIN THE MAXIMUM RESALE PRICE. 9. a. Subject to the limitations of this Section, for the purpose of determining the Maximum Resale Price in accordance with this Section, the Owner may add to the amount specified in Paragraph 8 above, the cost of Permitted Capital Improvements, as set forth in Exhibit "B" attached hereto or otherwise allowed by the Employee Housing Guidelines and as they are amended from time to time, in a total amount not to exceed $10,000, which is ten percent (10 %) of the listed purchase price set forth in paragraph 8a above. In calculating such amount, only those Permitted Capital Improvements identified in Exhibit "B" hereto or otherwise allowed by the Employee Housing Guidelines from time to time shall qualify for inclusion. All such Permitted Capital Improvements installed or constructed over the life of the unit shall qualify, and will be depreciated based on the Depreciation Schedule used by APCHA at the time of listing. b. Permitted Capital Improvements shall not include any changes or additions to the Property made by the Owner during construction or thereafter, except in accordance with Paragraph 8a above. Permitted Capital Improvements shall not be included in the APCHA's listed purchase price, even if made or installed during original construction. In order to qualify as Permitted Capital Improvements, the Owner must furnish to the APCHA the following information with respect to the improvements that the Owner seeks to include in the calculation of Maximum Resale Price: (1) Original or duplicate receipts to verify the actual costs expended by the Owner for the Permitted Capital Improvements; (2) Owner's affidavit verifying that the receipts are valid and correct receipts tendered at the time of purchase; and (3) True and correct copies of any building permit or certificate of occupancy required to be issued by the Aspen/Pitkin County Building Department with respect to the Permitted Capital Improvements. All capital improvements will be depreciated. Certain capital improvements will not be counted towards the 10% cap. Each capital improvement will depreciate according to the depreciation schedule stated in an approved handbook. The current source is the Marshall Swift Residential Handbook. Any capital improvements associated with health and safety, energy efficiency, water conservation, and green building products will be exempt from the 10% capital improvement cap; however, such capital improvements shall be depreciated according to the depreciation schedule stated in an approved handbook. Any improvement to bring the unit up to the Aspen Affordable Housing Building Guidelines will also be allowed as part of the 10% cap. d. For the purpose of determining the Maximum Resale Price in accordance with this Section, the Owner may also add to the amounts specified in Paragraphs 7 and 8a, the cost of any permanent improvements constructed or installed as a result of any requirement imposed by any governmental agency, provided that written certification is provided to the APCHA of both the applicable requirement and the information required by Paragraph 8c, (1) — (3). Master Deed Restriction Page 5 e. In order to obtain maximum resale price, Owner must ensure that the unit meets APCHA's generally applicable minimum standards for a seller of a deed - restricted unit to receive full value as determined by APCHA in its discretion. This shall include requirements to clean the home, ensure that all fixtures are in working condition, and to repair damage to the unit beyond normal wear and tear and as stated in the Mininuan Standards for Seller to Receive Full Value at Resale, Exhibit °C ". If the Seller does not meet this requirement, APCHA may require that Seller escrow at closing a reasonable amount to achieve compliance by APCHA, or reduce the maximum resale price accordingly. GRIEVANCES 10. All disputes between the Owner and the administrative staff of the APCHA shall be heard in accordance with the grievance procedures set forth in the Employee Housing Guidelines. CLOSING COSTS 11. Owner shall not permit any prospective buyer to assume any or all of the Owner's customary closing costs (including„ but not limited to, title insurance, sales fee, pro ration of taxes, homeowners dues, etc., as are customary in Aspen and Pitkin County) nor accept any other consideration which would cause an increase in the purchase price above the bid price so as to induce the Owner to sell to such prospective buyer. MULTIPLE QUALIFIED BIDS 12. In the event that one qualified bid is received equal to the Maximum Resale Price herein established, the Property shall be sold to such bidder at the Maximum Resale Price; and in the event Owner receives two or more such bids equal to the Maximum Resale Price, the Qualified Buyer shall be selected according to the priority for Sale Units set forth in the Employee Housing Guidelines; and, in the event that more than one such qualified bidder is of equal priority pursuant to the Employee Housing Guidelines, the Qualified Buyer shall be selected by lottery among the qualified bidders of the highest priority, whereupon the Property or Unit shall be sold to the winner of such lottery at the Maximum Resale Price. If the terms of the proposed purchase contract, other than price, as initially presented to the Owner, are unacceptable to the Owner, there shall be a mandatory negotiation period of three (3) business days to allow the Owner and potential buyer to reach an agreement regarding said terms, including but not limited to, the closing date and financing contingencies. If, after the negotiation period is over, the Owner and buyer have not reached an agreement, the next bidder's offer will then be presented to the Owner for consideration and a three (3) business day negotiating period will begin again. The Owner may reject any and all bids; however, the Owner is subject to the provisions in the Employee Housing Guidelines pertaining to the listing fee. Bids in excess of the Maximum Resale Price shall be rejected. If all bids are below the Maximum Resale Price, the Owner may accept the highest qualified bid. If all bids are below the Maximum Resale Price and two or more bids are for the same price, the Qualified Buyer shall be selected by lottery from among the highest qualified bidders. NON - QUALIFIED TRANSFEREES 13. In the event that title to the Property or a Unit vests by descent in, or is otherwise acquired by, any individual and /or entity who is not a Qualified Buyer as that term is defined herein Master Deed Restriction Page 6 (hereinafter 'Non - Qualified Transferee(s) "), the Property or Unit shall immediately be listed for sale as provided in Paragraph 5 above (including the payment of the specified fee to the APCHA), and the highest bid by a Qualified Buyer, for not less than ninety -five percent (95 %) of the Maximum Resale Price or the appraised market value, whichever is less, shall be accepted; if all bids are below ninety -five percent (95 %) of the Maximum Resale Price or the appraised market value, the Property or Unit shall continue to be listed for sale until a bid in accordance with this section is made, which bid must be accepted. The cost of the appraisal shall be paid by the Non - Qualified Transferee(s). a. Non - Qualified Transferee(s) shall join in any sale, conveyance or transfer of the Property or Unit to a Qualified Buyer and shall execute any and all documents necessary to do so; and b. Non - Qualified Transferee(s) agree not to: (1) occupy the Property or Unit; (2) rent all or any part of the Property or Unit, except in strict compliance with Paragraph 15 hereof; (3) engage in any other business activity on or in the Property or Unit; (4) sell or otherwise transfer the Property or Unit except in accordance with this Agreement and the Employee Housing Guidelines; or (5) sell or otherwise transfer the Property or Unit for use in a trade or business. C. The APCHA, the City, the County, or their respective successors, as applicable, shall have the right and option to purchase the Property or Unit, exercisable within a period of fifteen (15) calendar days after receipt of any sales offer submitted to the APCHA by a Non - Qualified Transferee(s), and in the event of exercising their right and option, shall purchase the Property or Unit from the Non - Qualified Transferee(s) for a price of ninety -five percent (95 %) of the Maximum Resale Price, or the appraised market value, whichever is less. The offer to purchase shall be made by the Non - Qualified Transferee within fifteen (15) days of acquisition of the Property or Unit. d. Where the provisions of this Paragraph 12 apply, the APCHA may require the Owner to rent the Property or Unit in accordance with the provisions of Paragraph 16, below. OWNER RESIDENCE, EMPLOYMENT AND CONTINUING COMPLIANCE 14. The Property and all Units shall be and is /are to be utilized only as the sole and exclusive place of residence of an Owner. 15. In the event an Owner changes place of residence or ceases to utilize the Property or Unit as his sole and exclusive place of residence, ceases to be a full -time employee in accordance with the APCHA Guidelines as they are amended from time to time, or otherwise ceases to be in compliance as a Qualified Buyer with the APCHA Guidelines as they are amended from time to time, or this Agreement, the Property or Unit MUST be offered for sale pursuant to the provisions of Paragraph 6 of this Agreement. An Owner shall be deemed to have changed his or her place of residence by becoming a resident elsewhere or accepting employment outside Pitkin County, or residing on the Property or Unit for fewer than nine (9) months per calendar year without the express written approval of the APCHA, or by ceasing to be a full -time employee as required by the Employee Housing Guidelines as amended from time to time. Where the provisions of this Paragraph 15 apply, the APCHA may require the Owner to rent the Property or Unit in accordance with the provisions of Paragraph 17, below pending a sale of the property. Master Deed Restriction Page 7 16. If at any time the Owner of the Property or Unit at any time also owns directly or indirectly through a legal entity any interest alone or in conjunction with others in any developed residential property or dwelling unit(s) located in Eagle, Garfield, Gunnison or Pitkin Counties, within the Roaring Fork Valley as defined in the Employee Housing Guidelines as they are amended from time to time, the Owner agrees to immediately list said other property or unit for sale and to sell his or her interest in such property at fair market value to like units or properties in the area in which the property or dwelling unit(s) are located. In the event said other property or unit has not been sold by Owner within one hundred eighty (180) days of its listing for any reason, then Owner hereby agrees to immediately list this Property or Unit for sale pursuant to the provisions of Paragraph 6 of this Agreement. Should the Owner not receive a full - priced bid, then said Owner must accept the first reasonable offer for said unit as deemed appropriate by the APCHA. RENTAL 17. Owner may not, except with prior written approval of the APCHA, and subject to APCHA's conditions of approval, rent the Property or Unit for any period of time. Prior to occupancy, each tenant must be approved by the Homeowner's Association, if applicable, and the APCHA in accordance with the income, occupancy and all other qualifications established by the APCHA in its Employee Housing Guidelines. The APCHA shall not approve any rental if such rental is being made by Owner to utilize the Property or Unit as an income producing asset, except as provided below, and shall not approve a lease with a rental term in excess of twelve (12) months. A signed copy of the lease must be provided to the APCHA prior to occupancy by each tenant. Any such lease approved by the APCHA shall show the length of the lease and the monthly rent. The monthly rent cannot exceed the Owner's costs, which include the monthly expenses for the cost of principal and interest payments, taxes, property insurance, condominium or homeowners assessments, utilities remaining in Owner's name, plus an additional amount as stated in the Employee Housing Guidelines and as they are amended form time to time, and a reasonable (refundable) security deposit. The requirements of this paragraph shall not preclude the Owner from sharing occupancy of the Property or Unit with non - Owners on a rental basis provided Owner continues to meet the obligations contained in this Agreement, including Paragraph 14. 18. IN NO EVENT SHALL THE OWNER CREATE AN ADDITIONAL DWELLING UNIT, AS DEFINED IN THE PITKIN COUNTY OR CITY OF ASPEN LAND USE CODES, IN OR ON THE PROPERTY. 19. NOTHING HEREIN SHALL BE CONSTRUED TO REQUIRE THE APCHA TO PROTECT OR INDEMNIFY THE OWNER AGAINST ANY LOSSES ATTRIBUTABLE TO THE RENTAL, INCLUDING (NOT BY WAY OF LIMITATION) NON - PAYMENT OF RENT OR DAMAGE TO THE PREMISES; NOR TO REQUIRE THE APCHA TO OBTAIN A QUALIFIED TENANT FOR THE OWNER IN THE EVENT THAT NONE IS FOUND BY THE OWNER. COMPLIANCE REVIEW AND REMEDIES FOR BREACH 20. All existing and potential Owners shall promptly provide to the APCHA all such information as the APCHA deems reasonably necessary at any time to verify compliance with this Agreement. The APCHA shall maintain the confidentiality of any financial data provided by Master Deed Restriction Page 8 any existing or potential Owner, except for such disclosures as are necessary with respect to any litigation, enforcement or other legal proceedings. In the event that APCHA has reasonable cause to believe the Owner is violating the provisions of this Agreement, the APCHA, by it's authorized representative, may inspect the Property or Unit between the howl of 8:00 a.m. and 5:00 p.m., Monday through Friday, after providing the Owner with no less than 24 hours' written notice. 21. The APCHA, through its employees or agents, in the event a violation or potential violation of this Agreement is discovered, shall send a notice of violation to the Owner describing the nature of the violation and allowing the Owner fifteen (15) days to cure. Said notice shall state that the Owner may request a hearing before the APCHA Board of Directors within fifteen (15) days to dispute the merits of the allegations. If no hearing is requested and the violation is not cured within the fifteen (15) day period, the violation shall be considered final and the Owner shall immediately list the Property for sale in accordance with this Agreement. The failure to request a hearing shall constitute the failure to exhaust administrative remedies for the purpose of judicial review. If a hearing is held before the APCHA Board, (i) the decision of the APCHA Board based on the record of such hearing shall be final for the purpose of determining if a violation has occurred, and (ii) the APCHA Board shall have absolute discretion to determine the appropriate action to be taken to either remedy the violation or require the Owner to list the Property for sale in accordance with this Agreement. 22. There is hereby reserved to the parties hereto any and all remedies provided by law for breach of this Agreement or any of its terms. In the event the parties resort to litigation with respect to any or all provisions of this Agreement, the prevailing party shall awarded damages and costs, including reasonable attorneys' fees. 23. In the event the Property or Unit is sold and/or conveyed without compliance herewith, such sale and/or conveyance shall be wholly null and void and shall confer no title whatsoever upon the purported buyer. Each and every conveyance of the Property or Unit, for all purposes, shall be deemed to include and incorporate by this reference, the covenants herein contained, even without reference therein to this Agreement. The Owner shall be liable for all APCHA's costs and reasonable attorneys' fees incurred in setting aside any such transaction. 24. In the event that the Owner fails to cure any breach, the APCHA may resort to any and all available legal action, including, but not limited to, specific performance of this Agreement or a mandatory injunction requiring sale of the Property or Unit by Owner as specified in Paragraphs 3, 12, 14, and 15. The costs of such sale, including reasonable attorneys' fees, shall be taxed against the proceeds of the sale with the balance being paid to the Owner. 25. In the event of a breach of any of the terms or conditions contained herein by the Owner, his or her heirs, successors or assigns, the APCHA's initial listed purchase price of the Property or Unit as set forth in Paragraph 8a of this Agreement shall, upon the date of such breach as determined by the APCHA, automatically cease to increase as set out in Paragraph 8 of this Agreement, and shall remain fixed until the date of cure of said breach. FORECLOSURE 26. a. If any Property or Unit is sold as a foreclosure sale or otherwise acquired by any person or entity in lieu of foreclosure, the APCHA and the Board, as the designee of the APCHA, shall have the option to acquire such Property or Unit Master Deed Restriction Page 9 within thirty (30) days after (i) the issuance of a public trustee's deed to the purchaser, or (ii) receipt by the APCHA of written notice from such person or entity of the acquisition of such Lot in lieu of foreclosure, as applicable, for an option price not to exceed (a) in the event of a foreclosure, the redemption price on the last day of all statutory redemption periods and any additional reasonable costs incurred by the holder during the option period which are directly related to the foreclosure or (b) in the event of a transfer in lieu of foreclosure, the amount paid, or the amount of debt forgiven, by the transferee plus the reasonable costs incurred by the transferee with respect to its acquisition of such Property or Unit. Notwithstanding any provision herein to the contrary, except for persons or entities having a valid lien on a Property or Unit, only Qualified Buyers may acquire an interest in a Property or Unit at a foreclosure sale or in lieu of foreclosure. If any person or entity having a lien on a Property or Unit is not a Qualified Buyer and acquires an interest in such Property or Unit in a foreclosure sale or in lieu of foreclosure, the provisions of Paragraph 12 shall apply. It is the APCHA's intent that the terms and provisions of this Agreement shall remain in full force and effect with respect to the Property and all Units until modified, amended or terminated in accordance with paragraph 37 hereof. b. In the event that APCHA or the Board, as the designee of the APCHA, exercise the option described above, the APCHA and/or its designee, may sell the Property or Unit to Qualified Buyers as that term is defined herein, or rent the Property or Unit to qualified tenants who meet the income, occupancy and all other qualifications, established by the APCHA in its Employee Housing Guidelines until a sale to a Qualified Buyer is effected. C. Notwithstanding the foregoing, in the event of foreclosure by the holder of the first deed of trust on such Property or Unit, if the holder of such deed of trust is the grantee under the public trustee's deed and APCHA does not exercise its option to purchase as provided in paragraph 26, then APCHA agrees to release the Property or Unit from the requirements of this Deed Restriction. GENERAL PROVISIONS 27. Notices. Any notice, consent or approval which is required to be given hereunder shall be given by mailing the same, certified mail, return receipt requested, properly addressed and with postage fully prepaid, to any address provided herein or to any subsequent mailing address of the party as long as prior written notice of the change of address has been given to the other parties to this Agreement. Said notices, consents and approvals shall be sent to the parties hereto at the following addresses unless otherwise notified in writing: To APCHA: Aspen/Pitkin County Housing Authority 530 East Main, Lower Level, Aspen, Colorado 81611 To Declarant: 111 West Hyman, LLC To Owner: To be completed by a separate Memorandum of Acceptance when sold to a Qualified Buyer Master Deed Restriction Page 10 28. Exhibits. All exhibits attached hereto (Exhibits "A ", °B" and "C ") are incorporated herein and by this reference made a part hereof. 29. Severability. Whenever possible, each provision of this Agreement and any other related document shall be interpreted in such a manner as to be valid under applicable law; but if any provision of any of the foregoing shall be invalid or prohibited under said applicable law, such provisions shall be ineffective to the extent of such invalidity or prohibition without invalidating the remaining provisions of such document. 30. Choice of Law. This Agreement and each and every related document are to be governed and construed in accordance with the laws of the State of Colorado. 31. Successors. Except as otherwise provided herein, the provisions and covenants contained herein shall inure to and be binding upon the heirs, successors and assigns of the parties. 32. Section Headings. Paragraph or section headings within this Agreement are inserted solely for convenience of reference, and are not intended to, and shall not govern, limit or aid in the construction of any terms or provisions contained herein. 33. Waiver. No claim of waiver, consent or acquiescence with respect to any provision of this Agreement shall be valid against any party hereto except on the basis of a written instrument executed by the parties to this Agreement. However, the party for whose benefit a condition is inserted herein shall have the unilateral right to waive such condition, provided that such waiver is in writing. 34. Gender and Number. Whenever the context so requires herein, the neuter gender shall include any or all genders and vice versa and the use of the singular shall include the plural and vice versa. 35. Personal Liability. The Owner agrees that he or she shall be personally liable for any of the transactions contemplated herein. 36. Further Actions. The parties to this Agreement agree to execute such further documents and take such further actions as may be reasonably required to cant' out the provisions and intent of this Agreement or any agreement or document relating hereto or entered into in connection herewith. 37. Modifications. The parties to this Agreement agree that any modifications of this Agreement shall be effective only when made by writings signed by both parties and recorded with the Clerk and Recorder of Pitkin County, Colorado. Notwithstanding the foregoing, the APCHA reserves the right to amend this Agreement unilaterally where deemed necessary to effectuate the purpose and intent of this Agreement, and where such unilateral action does not materially impair the Owner's rights under this Agreement. 38. Mortgagee Right to Cure. Nothing herein shall be deemed to impair any right of a mortgagee of a Unit from curing any default by an Owner of his or her financial obligations with respect to such Unit. IN WITNESS WHEREOF, the parties hereto have executed this instrument on the day and year above first written. Master Deed Restriction Page 11 DECLARANT: 111 West Hyman, LLC STATE OF COLORADO ss. COUNTY OF The foregoing instrument was acknowledged before me this day of 2006 by as on behalf of 111 West Hyman, LLC. Witness my hand and official seal; My commission expires: / / Notary Public Master Deed Restriction Page 12 ACCEPTANCE BY THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY The foregoing Deed Restriction Agreement for the Occupancy and Resale of Chateau Dumont, Unit 22A of the Aspen/Pitkin County Housing Authority and its terms are hereby adopted and declared by the Aspen/Pitkin County Housing Authority. THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY wo Tom McCabe, Executive Director STATE OF COLORADO ss. COUNTY OF PITKIN The foregoing instrument was acknowledged before me this day of , 2006, by Tom McCabe, as Executive Director of the Aspen/Pitkin County Housing Authority. Witness my hand and official seal; My commission expires: Notary Public Master Deed Restriction Page 13 EXHIBIT "A" Legal Description CONDOMINIUM UNIT 22 -A, CHATEAU DU MONT APARTMENTS, A CONDOMINIUM, according to the Condominium Map thereof recorded in Plat Book 3 at Page 335 and Amendment thereto as defined and described in Action of the Board of Directors recorded December 2, 2005 as Reception No. 518036 and as defined and described in the Condominium Declaration thereof, recorded December 9, 1968 in Book 238 at Page 1. Master Deed Restriction Page 14 EXHIBIT "B" Permitted Capital Improvements The term 'Permitted Capital Improvement' as used in the Agreement shall only include the following: a. Improvements or fixtures erected, installed or attached as permanent, functional, non - decorative improvements to real property, excluding repair, replacement and /or maintenance improvements; b. Improvements for energy and water conservation; C. Improvements for the benefit of seniors and /or handicapped persons; d. Improvements for health and safety protection devices; e. Improvements to add and /or finish permanent/fixed storage space; I. Improvements to finish unfinished space. g. Landscaping; h. The cost of adding decks and balconies, and any extension thereto; and /or i. Improvements associated with health and safety, energy efficiency, water conservation, and green building products. 2. Permitted Capital Improvements as used in this Agreement shall NOT include the following: a. Jacuzzis, saunas, steam showers and other similar items; b. Upgrades or addition of decorative items, including lights, window coverings and other similar items; C. Upgrades of appliances, plumbing and mechanical fixtures, carpets and other similar items included as part of the original construction of a unit and /or improvements required to repair and maintain existing fixtures, appliances, plumbing and mechanical fixtures, painting, and other similar items, unless replacement is energy efficient or for safety and health reasons. 3. All Permitted Capital Improvement items and costs shall be approved by the APCHA staff prior to being added to the Maximum Resale Price as defined herein. In order to get credit for an improvement where a building permit is required, the improvement will not be counted unless a Letter of Completion was obtained by the Building Department. 4. The Permitted Capital Improvements shown hereon shall be subject to such additions, deletions and modifications as may be set forth in the Employee Housing Guidelines from time to time; provided that if any improvement is made at a time when it would be deemed a Permitted Capital Improvement hereunder or under the Employee Housing Guidelines, such improvement shall be deemed a Permitted Capital Improvement at all times notwithstanding any modification of the Employee Housing Guidelines. Master Deed Restriction Page 15 EXHIBIT "C" MINIMUM STANDARDS FOR SELLER TO RECEIVE FULL VALUE AT RESALE • Clean unit • Carpets steam - cleaned two or three days prior to closing • All scratches, holes, burned marks repaired in hardwood floors, linoleum, tile, counter tops etc. • No broken or foggy windows • All screens in windows (if screens were originally provided) • All doors will be in working order with no holes • All locks on doors will work • All keys will be provided; e.g., door, mail box, garage • All mechanical systems shall be in working order • Walls paint ready • Normal wear and tear on carpet; if carpet has holes, stains, etc., the carpet and padding shall be replaced or escrow funds at current market value per square foot for a comparable product shall be held at the time of closing to be used by the new buyer • No leaks from plumbing fixtures • No roof leaks • Any safety hazard remedied prior to closing • Satisfaction of radon issue if found at time of inspection • All light fixtures shall be in working order Clean Unit: All rooms will be cleaned as stated below: • Kitchen • Range — Inner and outer services will be cleaned. • Range hood and Exhaust Fan • Refrigerator and Freezer — Inner and outer surfaces of refrigerator and freezer will be clean. Freezer will be defrosted. • Cabinets and Countertops — Exterior and interior surfaces of cabinets and drawers will be clean. Door and drawer handles, if provided, shall be clean and in place. • Sink and Garbage Disposal — Sink and plumbing fixtures will be clean. If garbage disposal provided, this must be in working order. • Dishwasher — If provided, must be in working order and inner and outer surfaces shall be clean. • Blinds, Windows, Screens • Mini - blinds, Venetian Blinds, Vertical Blinds, Pull Shades —Will be clean. • Windows — All window surfaces, inside and outside of the window glass, shall be clean. • Screens — Screens will be clean and in place with no holes or tears. • Closets: Closets, including floors, walls, hanger rod, shelves and doors, shall be clean. master Deed Restriction Page 16 • Light Fixtures: Light fixtures will be clean and shall have functioning bulbs/florescent tubes. • Bathrooms: o Bathtub, Shower Walls, Sinks — Bathtubs, shower walls and sinks shall be clean. • Toilet and Water Closet — Water closets, toilet bowls and toilet seats will be clean. If the toilet seat is broken or peeling, the seat shall be replaced. • Tile — All the and grout will be clean. • Mirrors and Medicine Cabinets — Mirrors and medicine cabinets shall be cleaned inside and out. o Shelves and /or Other Cabinetry — All other shelving or cabinetry shall be cleaned inside and out. • Walls, Ceilings, Painted Doors and Baseboards: Painted surfaces must be cleaned with care to ensure the surface is clean without damaging the paint. Floors: Floor cleaning includes sweeping and mopping and could include stripping, waxing and buffing. Types of floor surfaces include wood, wood parquet tiles, linoleum, asphalt tile, vinyl tile, mosaic tile, concrete and carpet. If carpet, all carpets shall be cleaned at least two days prior to closing. • Interior Storage/Utility Rooms: Storage /utility rooms shall be cleaned. Properly cleaned storage /utility rooms will be free from odors, removable stains, grease marks or accumulations. Safety Hazard: Any item that provides a safety hazard shall be fixed. This would include, but is not limited to, exposed electrical wiring, satisfaction of any radon issue found, ventilation for gas hot water system, etc. Walls Paint - Ready: All holes shall be patched; all posters, pictures, etc., shall be removed from all walls; all nails, tacks, tape, etc., shall be removed from all walls; and all walls shall be clean and ready for the new buyer to paint. If wallpaper has been placed on the wall and in good condition, the wallpaper can remain; if the wallpaper is peeling off, the wallpaper must be removed. Windows: If a window is broken, including the locking mechanism, the window shall be replaced. If the window has a fog residue in the inside, it shall be replaced. Master Deed Restriction Page 17