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Home My WebLink Aboutlanduse case.ts.825 E Hopkins Ave.TS-1983-2-rs �g3- � East Hopkins Condominiums Time Share Project 5cG,el,,7 e1 �/�� MEMORANDUM TO: Aspen City Council FROM: Alice Davis, Planning Office RE: Review of the New Timeshare Regulations - Work Session DATE: August 17, 1983 t>'3D APPROVED AS TO FORM: The Planning and Zoning Commission and the former City Council spent a great deal of time formulating an ordinance which thoroughly regulates and restricts timesharing so that only quality projects would be approved in Aspen. The first two applications for timesharing are now under consideration, therefore, this memo is an attempt to familiarize you (or refresh your memory) with the conept of timesharing and the major issues involved in our regulations. The Concept Timesharing involves the division of an accommodation into several different interests so that the different interests can be sold or leased for use on an annual basis. A timesharing interest, from a legal and regulatory standpoint, is usually sold on a 'fee ownership' or 'right -to -use' basis. Fee ownership is where a buyer acquires ownership in a particular unit and a corresponding exclusive occupancy right for a specified annually occurring period of time, ranging from a week to several months. Right -to -use is where a buyer acquires an occupancy right for a specified annual period of time, in a specified unit or class of accommodations, sometimes involving more than one location but acquires no ownership in the property. The major advantages of timesharing are that it encourages people to come to Aspen during the traditional off season periods, filling in the voids between the summer and winter seasons; timesharing brings in more tourist dollars year round; it provides a more affordable ownership alternative for second home purchasers and for regular return visitors and as adopted, the timeshare regulations requires the substantial upgrading of existing lodges converting to a timeshare use. Timeshare Regulations Section 20-24 of the Code, Timesharing, allows timesharing in all lodge districts (L-1, L-2, L-3), the CC and CL zone districtsand the R-MF zone in structures where short terming is currently allowed. The regulations establish the following major areas of review: 1. Marketing Program. Due to problems experienced in other areas with high pressure sales programs for timeshare units, Aspen's regulations prohibit the use of public malls and streets for sales, local phone solicitations and the giving of gifts in a deceptive manner. An applicant must provide complete information on his proposed sales program so that the City can prohibit any practices which may be undesirable, unethical or too high pressure oriented. Background information on the developer, the marketing entity, and the project manager must be submitted for review to illustrate the timeshare experience, the success, and reputation of those involved in a proposed project. 2. Off Season Packaging. Since one of timesharing's major advantages is the increased visitation to Aspen in the off season, applicants are required to adequately package and market the off season timeshare weeks with peak season weeks. 0 Memo: Timeshare Regulations Page Two August 16, 1983 3. Fee Ownership. No right -to -use leases are allowed since these types of timeshare interests have historically created the most problems in other areas as they often are not covered by real estate laws which provide substantial consumer protections. Only fee ownership interests are allowed. 4. Disclosure Statement. This document is a City submission requirement which the developer must provide to any potential purchaser. The statement's purpose is to ensure the utmost consumer protection possible by requiring the developer to disclose background information on the developer and marketing entity, specific details on the timeshare project, estimated costs, fees, taxes, downpayments and deposits, a right of rescission period, information on exchange programs, the season- ality found in this area and any occupancy limitations placed on the project and other similar disclosures. 5. Upgrading. A minimum of 30 percent of the fair market value of a project must be put into upgrading any structure converting to a timeshare use. Any improvements recently completed can be documented to have this amount partially or fully waived. This provision provides a major community benefit achieved through timesharing - the renovation of existing lodges in Aspen. 6. Reserve Funds. A reserve account is required to ensure that a project will be satisfactorily maintained throughout the life of the project. Money in this account is to be escrowed and used only for this purpose. 7. Maintenance. Four weeks a year is required to be reserved each year for maintenance purposes only. Summary This memorandum is intended to provide background information so that the two current applications can be appropriately reviewed. At this work session the Planning Office will summarize the two proposed projects and address the major issues involved with each. Attached is a copy of a detailed review of the Prospector and East Hopkins Condominium proposals. The written review is very detailed - we plan to cover only the major issues in our discussion at the work session and hope that if you have any other areas of concern, you will bring them forward. 0 • MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: East Hopkins Timeshare Project - Subdivision Exception and Conditional Use Review - Public Hearing ((.0 DATE: August \X, 1983 Location: 825 East Hopkins. Zoning: R-MF. Applicant's Request: The applicant is requesting the approval of a timeshare project at the East Hopkins Condominiums. The timeshare approval process requires a conditional use approval (Section 20-3.3) from P&Z and approval of a subdivision exception review (Section 20-24). Condominiumization is not necessary since the units have already been condominiumized. Project Summary: The East Hopkins Condominiums currently consist of six multifamily units with kitchens. Each unit is to be divided in 52 timeshare weeks . Four of the 52 weeks (two in the spring and two in the fall) are reserved for maintenance. The remaining 48 \J/ weeks will be sold as two week timp shAre packages (24 total packages to be soldtn 't'acr)two week package will contain one prime week and one off- season week with the prices adjusted for seasonal variations and market demand. r—�n-iy__rtira - s/ w±l'cotirfuehe~prete a Planning Office Review: Timeshare Subdivision Exception Review The following is a review of the East Hopkins Timeshare Project according to the standards and review criteria in Section 20-24 of the Code. 1. Right -To -Use. The proposed timeshare units will be sold by warranty deed. No prohibited right -to -use leaseholds will be used. 2. Integration. The project will ultimately be 100 percent timeshared even though the existing owners want to reserve the right to rent the unsold units until they are sold. The Planning Office feels that an owner should be able to rent his condominium up until renovation occurs, then the units should remain vacant until a C.O. is issued for the timeshare use. A C.O. should not be issued for any timeshare unit until 72 of the JL4^t packages (50%) are sold. 3. Marketing and Sales Practices. The marketing of the East Hopkins Timeshare Project will be geared toward returning Aspen visitors who have been unwilling to commit to the sizable resources which are ordinarily necessary to purchase a second home. Timeshare interests will be sold as a "two week vacation in A - v forever." '" 0 0 Memo: East Hopkins Timeshare Project Page Two August 2, 1983 * �5 q A local real estate brokerage firm k wi be the marketing entity for the project. Since present Aspen visitors are considered the most e._t� purchasers, the sales efforts will be concentrated in the Aspen area. Denver and Grand Junction will also receive advertisement coverage as well as a few national ski and vacation magazines or newspaper travel sections. Direct mail literature w"l bee se�dx qo Sexplain the timeshare concept,_+o idle Multiple Listing Service will also contain detailed information on the concept. The entire Aspen Board of Realtors will be encouraged to provide referrals on a fee basis local bro /e' 6c_ , - who will be solely responsible for operating within application real estate laws. Condominium unit #2-N will be renovated, refurnished and unoccupied, and will function as a model for the sales program. No prohibited sales practices (use of public malls and streets af(j6r i�a�les phone solicitations, the giving of gifts will b0 allowed. The P&Z must review the marketing program to ensure that the off-season will be adequately marketed. As established, the purchaser picks the two weeks (one peak season, one off- season) that he wishes to buy. This, historically, has created problems in that the more desirable weeks are chosen first and sales are very difficult for the remaining weeks. Summer packages are not as desirable as winter packages. It is unclear if there are enough offseason weeks to package with both summer and winter weeks. It is recommended that the applicant predetermine the two week packages; then the purchaser can buy the packages which best meets his needs. This creates packages of similar value and helps to prevent unwanted, unsellable packages. We fccl +-ho L d-i-9-jt3 4. Amenities. The timeshare regulations require a timeshare project's amenities to be sufficient so as to not create a burden on public facilities. The only amenity mentioned in this application is one hot tub for the complex. Even though the amenities are minimal, the number of people generated should not be,tgreater than those generated from the project operating as a tra- ditional condominium. 5. Parking. The parking requirement in the R-MF zone is 1 space per bedroom for residential uses and no requirement for a lodge use, since5 10dq,05 avC Oct 64,, aLLa,,;,ause f-?The East Hopkins Condominiums contain three ��- F-� w e. bedroom units which, as a residential condominium, • Memo: East Hopkins Timeshare Project Page Three August 2, 1983 requires 18 spaces for the six units. Parking requirements have been waived in the past for condominium approvals as it is often physically and economically difficult or impossible to provide the necessary spaces. The Planning Office feels that this precedent may be carried over to timesharing, but only after a review determines that it would be an unreasonable hardship to provide the required spaces. Condominiums have, however, always been required to retain all existing parking spaces and the same should already be (at a minimum) true with timeshare projects. The applicant for the East Hopkins Condominiums has agreed to retain the six existing parking spaces. At a minimum, the applicant should be required to designate one on -site space to each unit. The Planning Office feels that the applicant should determine if any more spaces could possibly be provided on -site by reworking the site plan. Parking is already a problem in this area and the more intensive use of the site will generate further significant impacts on this residential neighborhood. With a maximum occupancy of eight people per unit, 48 people for the complex, six parking spaces is inadequate. 6. Maintenance. The applicant is reserving the required four weeks per year for maintenance - two weeks in the spring and two weeks in the fall. When there is a 53rd week, it too shall be reserved for maintenance. These maintenance weeks should be restricted for maintenance only, with no rental or other uses allowed. This prevents the tendency to rent the units whenever possible and hold off on maintenance until rentals are not available. Also, one specified intention of the required maintenance weeks perceived by some members of the community is to provide a down period when the units are not used so intensively and the negative impacts are not felt by the surrounding neighborhood. 7. Budget. The applicant's proposed budget includes the owner's annual dues and homeowner associa- tion fees which equal $115,038 for the six unit project, $19,173 for the 24 two week p ck��aes and $798.84 annually, or $200 quarte l nf`or�each two week package. The budget appears to be reasonable, except that it is unclear which expenditure items go into the reserve funds for interior and exterior maintenance and repairs which are to be held in an escrow account until needed. The Planning Office recommends that the expenditures intended for this reserve fund be identified by the applicant so it can be evaluated � WK +4%e -t �►a. 1-�.rryty +. an K � � Maintenance Rese�rve„� uo to be escrowed, the identified"9WPFd=W per year to be collected for this purpose duo �"h""W be satisfactory for major structural repairs which may be necessary in the ,future. C-The- V6 urru-iuw_ + A fehC uN ee_12" Ue iras begs W "_O l60� AW\ Q q ICCU eer \0_a r t0 AU Cti n� nnc e V:0r0, V\a5 bP.L"r\ i ncrE_a5f.,d 40 t 10,a)o) . • Memo: East Hopkins Timeshare Project Page Four August 2, 1983 It appears that the budget covers the 48 timeshare weeks to be sold, therefore the cost of the four maintenance weeks are assumed to be factored into these figures. The applicant should verify this. 8. Conversions. The Code requires 30 percent of the fair market value of a timeshare property to be put into upgrading and renovation. The East Hopkins Condominiums are appraised at $1,010,500 for the six unit complex. 30 percent of this figure requires $303,150 to be spent on upgrading. The applicant has met this requirement by identifying $133,625 already put into renovations and $194,150 proposed for renovations for a total of $327,775 in improve- ments. The applicant should, however, document the expenditures already made to very the improvements. °xiffi 9. Escrow. The ordinance requires that all deposits or downpayments made in connection with the purchase of a unit be held in an escrow account until closing or the issuance of a certificate of occupancy, whichever is later. The applicant says this account will Z �-+ ':.,,eal.r be held by the title insurance company who will issue insurance for the units. Such an arrangement is acceptable, since a neutral third party is required. A condition would be the commitment to this arrangement as well as verification to the City that the escrow account has actually been established. 10. Management/Assessment Fees. The applicant has proposed a quarterly assessment fee of approxi- mately $200 which will cover general operating and maintenance costs as well as a reserve fund for major repairs. The quarterly assessment fee can, as proposed, be adjusted by a majority vote of the Board of Managers. The Planning Office feels that a majority vote or the Homeowners Association would be a more appro- priate, equitable method for adjusting fees. High and rapidly increasing maintenance and assessment fees have been a common dissatis- faction among past timeshare owners, therefore it is important to give the entire association a vote in how the ,fees are adjusted. Ike- Wflicant,crl- '� P.p.s cCquest, has `t0aq,r1'.e� -k� �ectvi ? � �in�2 w%' as.cx.iat�c� "" Eo awYtl� c{,e�rge car �C' 11. teserve. At t ie time of closing, ,a�c� tii5e- ins{uted. share purchaser will contribute a 444 month assessment fee in advance to the reserve fund. The reserve fund will then be increased quarterly by the regular assessment fees according to �,,ca' the budget allocations for the reserve fund ly, FL uX r tvnc Aepl lane e b n peci ie 1 0 • Memo: East Hopkins Timeshare Project Page Five August 2, 1983 12. Occupancy Standards. The East Hopkins units are approximately 1,200 square feet with three bedrooms each. The applicant submits that current occupancy standards specify that no more than eight people can occupy a unit at one time. Section 20-24 requires that the occupancy levels be in compliance with appli- cable building code requirements throughout the life of the project. However, if all six units were at capacity at a given time, the density and neighborhood impact would be unde- sirable since occupancy by eight people in a three bedroom/two bath unit is an intense usage of the property. The Planning Office would recommend that the applicant propose an occupancy limitation which constitutes ail rwre dESirab(e comfort level, possibly six persons, as opposed to the highest occupancy allowed by the building code. Conditional Use Review (Sec. 20-3.3) The primary purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be set since one is not normally required in a two step subdivision exception process. Section 20-3.3 establishes three suitability require- ments, discussed below, to be used in evaluating a conditional use. 1. Conditional uses must comply with the zoning code. This project complies with all require- ments of the zoning code except possibly the 18 space parking requirement. Even though this requirement is often waived for condominiumi- zations (a use similar to timesharing), having only the proposed six spaces could create significant negative neighborhood impacts. 2. The project is required to be consistent with the zoning code and with the objectives of the applicable zone district. Throughout the timesharereview process the Planning Office felt that timesharing was a high impact, intensive use which was inappropriate in a residential district such as the R-MF zone district. Due to the increased impacts resulting from parking, noise, traffic and a more fully utilized year round use, we still believe that the R-MF zone is not an appropriate zone for timesharing. The use is, however, now allowed in this zone, therefore we should make sure W a erojec+ ,s upprvUe )44E all possible negative impacts are mitigated to the degree possible and practical.,. 3. The use must be compatible with surrounding land uses. Compatibility has historically been reviewed according to three potential impacts - parking, noise and local versus tourist orientation. Parking and noise problems at the project wi=lfrl be more significant with 1 • Memo: East Hopkins Timeshare Project Page Six August 2, 1983 the new timeshare use, and the operation will still be oriented toward the tourist population. Again, a timeshare use is often incompatible in a residential zone. Referral Comments: Engineering had the following comments on this application: a. The plat submitted with the application is not adequate, having been recorded in 1971. The applicant should be required to record an updated plat reflecting any changes to the property including new facilities planned as amenities. Replatting may .also offer the opportunity to renumber the units eliminating the north/south designations. b. The timeshare owners association should be obligated to join future improvement districts. C. It should be substantially should, at a site parking six specific noted that parking on the site is inadequate. The applicant minimum, designate the six on - spaces as limited to the use of units. The Finance Department stated that evidence of a Colorado State Sales Tax License should be presented to the City, as City, County and State sales taxes will be applicable to any short term rentals of these units. Also, the real estate transfer tax will apply to the initial and subsequent sales of these timeshare interests. The applicants must also pay the occupation tax required from persons with a business license or sales tax license. The Building Department gave no comments on the application. qv- Coc-r(-( m( t ? scary, PLot-r-\vxzvi U-t'- wvhAV-nd '0"k�on S «►al Glart aElolls.* -aloft 41co rTocc4m into a-ttadn�d � ap�v�C �rnme-�Nd hQVle b'O-� a ji--fc0s b q -Fhb 0 • I Memo: East Hopkins Timeshare Project Page Eight August 2, 1983 r 5. ntals. Sin the project is condomini and has existin wners, a proble aris ! r gar i g the rental f s me of the units w le t o of e s ar times red.. If t' eshare its ar not so d, i` some uni s may v conver 'fro a ort term r„ WkceK re utcp_5 X 04 14,4 a0v'5 be 501pt v rCor- 1n' a cLas� 5 In an effort to tie up these and other areas of concern, the Planning Office has developed the following list of conditions: 1. Four weeks out of each year (two in the spring and two in the fall) are to be reserved for maintenance only. No other use, including rental, is allowed,,( Aurn) -U1L'5 �,2rr��• 2. The timeshare interests must be sold in two -week packages with each package containing one prime week and one off-season week, with the prices adjusted for seasonal variations and market demand. The applicant s��,h,g�uld, establish a calendar identifying tHe,no"""e ek packages that will be available so that these can be reviewed by the Planning Office prior to City Council review. Shattid b 3. Timeshared interests will be sold by warranty deed only; no prohibited right -to -use leaseholds will be allowed. 4. Owners of the existing East Hopkins Condominiums, prior to timesharing may continue to rent these units until the required renovation occurs, then the units should remain vacant until a certificate of occupancy is issued for the timeshareA �i `'�` ' �0 �:6 Z un new of the.24 w packages in Re Pi ' are sold. 5. No prohibited sales practices, including the use of public malls and streets for sales,toCaI phone solicitations, and the giving of giftsx�n 6-emf+kv M"^tr will be allowed. J � aeftioanf, fhe 13uo(qe-� la ffof-'be-S CV 6 acol t� CUIE p�ndifu� _&r, -tc.Q f- ,r ijkr C �crEort� -Cor 1�iLye- Nit4S �hicln Mika {-lt Aatn%01::4Xe ,i.ae5e`� - Ga- Dins mad low am�ll� Cl�/yr� mush 6�- heto( in �` l afk Csccbw amour+ sed <� suC_c 15c�o �� on l� for mo' yr i rN r ioC 0.0 c '�{ h 12►3 eac�eria- R°Qaci'�s as i7 �c�'ssa'-cf. g . UIlTG S � R- �� A deposit equal to tw fees must be required This money must be puz into an escrow account as the beginning of the required reserve fund. Memo: East Hopkins Timeshare Project Page Eight August 2, 1983 r` 5. ntals. Sin e the project is condomin�u - and has existincjwners, a proble aris r gar i g the xental f spme of the units w le t e of e s ar times red. If �-meshare its ar not sold, some uni s may never conver.-from a ort term LA;k ch (vcLu/irko5 Z x o4 14,q pa aoCe5 be_ 5OLct preor- 1r:, Q clas�r� . �yi.� •� y he aw��t� ' 7 ��'`'�� a In an effort to tie up these and other areas of concern, the Planning Office has developed the following list of conditions: 1. Four weeks out of each year (two in the spring and two in the fall) are to be reserved for maintenance only. No other use, including rental, is allowed* 2. The timeshare interests must be sold in two -week packages with each package containing one prime week and one off-season week, with the prices adjusted for seasonal variations and market demand. The applicant s,,,,h�,2�u+e deed establish a calendar identifying tYfe:.two-week packages that will be available so that these can be reviewed by the Planning Office prior to City Council review. �1��h ti mPGharP os.rar+c., 3. Timeshared interests will be sold by warranty deed only; no prohibited right -to -use leaseholds will be allowed. 4. Owners of the existing East Hopkins Condominiums) prior to timesharing may continue to rent these units until the required renovation occurs, then the units should remain vacant until a certificate of occupancy is issued for the U ' }e� timeshare ---a , �' �� UA of the 24 w packages in e�o a' are sold. 5. No prohibited sales practices, including the use of public malls and streets for sales, loc-a1 phone solicitations, and the giving of giftsxi'n detv-0ht wo t will be allowed. -6.-__Jhe applicant mus eet with e En nee ng Depar-tMent and th lanning f f ' ce p o to ( City Council, revie -0--e-v _ uate i o parking spaces could poss' ly b provid o site, as the g,oposed six arki g spay ap ar to be inadequate in add essing t 'park' g needs of this ti hare pr jec . appl' ant o cil r iew w"'ch ex p d to s itemi in e b et wil go ' n� a s scr c u A i ten nc re er e ear p ar o b atisfactory for ajor exterior d erior repairs. 7 OP A deposit equal to two month's association fees must be required at the time of sale. This money must be put into an escrow account as the beginning of the required reserve fund. Ilb) k, (Aari-findIThe�we- �SCfo( oLefucanf, +hp- (3uckq-/-� YyloNte5 exPEaAtfuue.5 t �nrk� � .4 P P�?ante �'sEs-� �� 3!xc f y r> ✓��ctfo� -Co r rid the (Kla�n�eRance 2exrc� mu5� held �� c�moud 5 mad b� am�11c are e5 row aC Cci ulLf u sed i S uCh 4— l `� ciP_d b� �x�2rior r eai rs as i s r,e c,� �+-cf: C S i rL homt o.uv,3 GQS s o L( cc� On 0 • Memo: East Hopkins Timeshare Project Page Nine August 2, 1983 9. Evidence that all escrow accounts required have been established must be presented to the City of Aspen when such accounts are established. T10. The applicant should document the amenities to be available in the project to back up a statement in the application that the lack of amenities would present no burden on public facilities. MOtWt- De- Six"r\ 011 46,4- FLc&, 11. The initial required assessment fees for first purchasers must remain within 10 percent of the fees proposed. Any future increase in the assessment fees must be approved by 75-percent of the voters in the homeowners association. 12. Evidence that the budget covers the cost of the four maintenance weeks should be documented. 13. 30 percent of the fair market value of the East Hopkins Project must be put into upgrading and renovation. Evidence that expenditures have already been made toward this renovation have actually been put into the project must be documented by the applicant. Any future upgrading must also be documented to ensure that it is completed. 14. All deposits and downpayments related to the timeshare project must be put into an escrow account until closing or the issuance of a certificate of occupancy, whichever is later. The account must be held by a title insurance company or another neutral third party. Evidence that the escrow account has actually been established must be presented to the City Planning Office. 15. No more than s� persons should occupy a V timeshare unit at any one time in order to maintain an optimum comfort level in the unit. 16. The applicant must adhere to the recommendations of the Engineering Department including the following: a. The plat submitted is inadequate, since it was recorded in 1971. The applicant should be required to record an updated plat reflecting any changes to the property including new facilities, such as amenities. Replatting may also offer the opportunity to renumber the units, eliminating the north/south designations. b. The timeshare owners association should be obligated to join any future improvement districts. V C. It should be noted that parking on the site is substa tially inadequate. The applicant designate the six on -site parking spaces as limited to the use of the six specific units. Memo: East Hopkins Timeshare Project Page Ten August 2, 1983 17. As recommended by the Finance Department, evidence must be shown that the Colorado State Sales Tax License has been acquired since the project will be subject to City, County and State sales tax on any short term rental use of the units. 18. The real estate transfer tax will apply to all initial and subsequent sales of the proposed timeshare interests. The applicant will also be responsible for the required _ occ at'on tax.--,=----7,as When e C.O. aie issued the aran w /as the new timeshare o emu t- then qIn to ay theiriarterly!ss nt feeq. ,, 9 The total number of B-gard Manag r memb,�r� ,mush be submitted by ,the applicant prior �t¢ 4 Co=cil review. App�`�i te, y 75' per/cenYo f these members must / �� The real estate trnser tx.will aply to all 4,a tiaT arf� subser-s nt sales o t pro osed eshaY interes The appiI n wi 1�also espo sible f the r quired o cupa ion ' fir ^U st s ubmr f '., If, r J ' -ty,af tie sob wa Oren fy of '-C'Vr" �, yrcr ZJI - �4 *,meow re A �-�%mplhE r►u + {eh�i �ud�oC -ne. al� o/ldaru%llum do umeittS o� L inz Lokkyk says -fix- dv cumr► 540"MeP, rn5 C6rlbniniu►n5 prior S�ari rV zr. q !i cunt rnvs� �t �a�yOle �, as tSpll s gin- "�`n. CsKi cui°l� LVVI q dQf�°5 "AdUdC4 ;h Well 05 � o� �gson fi'�nesha� vas ¢ P� corc.,�;{ %s a� n�uer sold U �� a &Qejoper � 5 f; vv4,are- i ftio ty, Manv✓er 5�✓V��Qr ConnPA ust5 aarf ftlai4eAz a ve cif hen qhe +� lOc.a1 broker" O- W 10 be 4N Pam' 'e6{s ww-oti c�PvT�iiy , -e fm must be. ide�nf� RONALD D. AUSTIN J. NICHOLAS McGRATH, JR. WILLIAM R. JORDAN III GRAY A. YOUNG FREDERICK F. PEIRCE TO: MATTER: • • LAW OFFICES AUSTI N MCGRATH & JORDAN 600 EAST HOPKINS AVENUE SUITE 205 ASPEN, COLORADO 81611 AREA CODE 303 TELEPHONE 925-2600 August 11, 1983 M E M O R A N D U M City of Aspen Planning and Zoning Commission Application for Approval of Timeshare. Applicant Pitkin Co., Inc., a Pennsylvania Corporation. SUBJECT: Parking Requirements and the Planning Office Recommendation Concerning the RMF Zone and this project in particular. Because of the position taken by the Planning Office in its recommendation of denial of our project, we feel that a written response is called for. 1. Character of the nei hborhood and RMF Zone. While the neigh or oo -surrounding 825 East Hopkins Avenue is in the RMF Zone, by far the vast majority of structures in the area are multi -family rather than single-family residences. In fact, the majority of the structures in the neighborhood are short term rental multi -family structures. While there has been considerable discussion about the question of whether or not the use as timesharing has a different impact than short term condominium rentals, we believe that there is no significant change in the use, and perhaps the use by timesharing has fewer impacts in the long run. Nonetheless, both are designed for short term occupancy. Our proposed timesharing of the 825 East Hopkins Condominium Project thus is totally in character with the neighborhood. We have attached two separate items to this memorandum, the first being a parking survey and map (Exhibit A) and the second being a review of parking exemption requests in the Planning and Zoning Commission files for condominiums (Exhibit B). Referring to Exhibit A, you will note that we had it prepared principally to address the parking issue; however, it also serves to reflect the type of structures AUSTIN McGRATH & JORDAN Memorandum - Planning & Zoning August 11, 1983 Page 2 in the neighborhood as well. If you examine the left hand column, you will note the type of structure and if you examine the right hand column, you will note the number of bedrooms and parking spaces in each. We think this exhibit speaks for itself and clearly makes the point that this is a multi -family neighborhood. 2. Parking issue. It should first be noted that this project is an existing condominium consisting of six units at the present time. The institution of timesharing will not change the fact that it is a condominium; it will simply vary the form of ownership. The City of Aspen has on several occasions exempted condominiums in the RMF Zone from the stringent parking requirements provided in the code. Some of the exemptions granted are set forth in Exhibit B to this memorandum. A review of Exhibit A will clearly show that there simply has not been a requirement of one parking space per bedroom in the RMF Zone in this particular neighborhood. The fact that our present project has six parking spaces (one for each unit) reflects this very situation. It strikes us that it would be extremely unfair and discriminatory to impose an artificial parking requirement on our project simply because we are attempting to change the form of condominium ownership to timeshare. We are unable to construct more parking spaces and therefore, to impose this requirement would be to deny the project because of the hardship factor not created by the applicant that there is simply no space available for additional parking. We are willing to designate one parking space per unit as is suggested by the engineering department. 3. Character of our proposed project. We are certain that our project will appeal to tamilies and not to single people, primarily because each unit has three bedrooms and because it is a small project. Our marketing will be directed at families and this is the type of project we hope to end up with. For this reason, we do not feel that we will have the situation very often of more than one car per unit in use anyway. Additionally, the location is close enough to Aspen Mountain and the bus routes so that automobiles will be unnecessary. We intend to stress this factor in our marketing. AUSTIN McGRATH & JORDAN Memorandum - Planning & Zoning August 11, 1983 Page 3 While the Planning Office might feel that timesharing is inappropriate in this type of project, we fail to see any good reasons for that position. We think when you review this project thoroughly, you will see that it is an excellent opportunity for the City of Aspen to see timesharing work in different types of projects and it will establish a good basis for the evaluation of the very concept of timesharing itself. Thank you for your consideration. AUSTIN, McGRATH & JORDAN / 14J.-.4 �-' onald D Airstin Attorney for Applicant cc: Alice Davis Gary Esary, Esq. EXHIBIT "A" TO MEMORANDUM RE: TIMESHARE APPLICATION ISSUES UNIT/PARKING SURVEY OF NEIGHBORHOOD Location No. of Units Bedrooms Larkspur Condos 800 E. Hopkins Centennial Park Condos 830 E. Hopkins 898 E. Hopkins (residence) Mtn. River Manor 900 E. Hopkins Queen Victoria Condos 926 E. Hopkins 926 E. Hopkins (residence) Valley -Hi Apts. 1012 E. Hopkins (residence) 1016 E. Hopkins Riverview Condos 1020/1024/1028 E. Hopkins Columbine Condos 801 E. Hopkins 811 + 819 E. Hopkins (residences) Parking Spaces 10 30 10 10 10 10 -- unk. 2 16 16 10 13 30? 10 -- unk. 2 24 unk. approx. 21 -- unk. 6 (looks like might share with 1016 E. Hopkins) 2 unk. 0 (unless shares with 1012 E. Hopkins) 27 unk. 30 5 5 5 -- unk. 2 Location No. of Units Bedrooms Parking Spaces East Hopkins Condos 825 E. Hopkins 6 18 5 831 E. Hopkins (residence) -- 2 0 901 E. Hopkins (residence) -- unk. 4-5 approx. Endeavor Lodge 905 E. Hopkins 11 11 5 Pioneer Condos 915 E. Hopkins 8 8 8 Gavilon Condos 930 E. Hopkins 12 12 9 approx. 1017 E. Hopkins (residence) -- unk. 2 1035 E. Hopkins (duplex) 2 4 4 Chatelet Condos 250 Original Street 6 at least 18 6 820, 822, 824 E. Hyman Avenue (residences) -- unk. 0 826 E. Hyman (residence) -- unk. 1-car garage 906 E. Hyman (4 apartments) 4 unk. approx. 6 920, 940 E. Hyman (residences) -- at least 4 0 Aspen East Condos 980 E. Hyman 5 at least 10 4 Hyman Ave. Victorians 990 E. Hyman 3 6 6 801 E. Hyman (residence) -- unk. 1-car garage Location T1tn. View Condos 819 E. Hyman Hy -West Condos 835 E. Hyman Chateau Blanc 901 E. Hyman 923 E. Hyman (residence) No. of Units Bedrooms Parking Spaces 8 8 approx. 8 12 at least 18 approx. 12 15 27 12. -- unk. 2 Applicant Name Endeavor Lodge 905 E.Hopkins Eagle's Nest/ Green Family 105 W. Hyman Edelweiss Lodge 201 E. Hopkins Corkscrew/ Ed Baker 118/120 E. Hyman EXHIBIT "B" TO MEMORANDUM RE: TIMESHARE APPLICATION ISSUES Zone PARKING EXEMPTIONS Comment L-3 Requested a GMP exemption for 3 new employee units and a parking exemption for those units. Was approved. The lodge has 5 parking spaces for 11 total bedrooms. RMF Requested conversion of existing space into 2 employee units in form of duplex and parking exemption from having to provide 4 additional parking spaces. Final approval consisted of having to provide only 2 additional parking spaces. L-3 Lodge Condominiumization plus request for parking exemption for the one employee unit. The parking exemption was approved subject to 10 requirements, including that the existing 6 parking spaces must be retained and precluded from being used for scoring points in a future GMP competition. RMF Exemption from GMP competition for 2 employee units in garden level of duplex. Issue pertained to allowing "stacked" parking. Although initially denied the request for parking exemption, 2 addi- tional parking spaces were eventually constructed and approval was granted. MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: Prospector Lodge Timeshare Project DATE: August 9, 1983 Attached for your review is the resolution recommending the approval of the Prospector Lodge Timeshare Project. If you concur with the resolution, Perry can sign it, and the Planning Office will take it to Council on August 22, 1983. CC- c-uorLs�on E • LAW OFFICES AUSTIN MCGRATH & JORDAN 600 EAST HOPKINS AVENUE SUITE 205 RONALD D. AUSTIN ASPEN, COLORADO 81611 J. NICHOLAS M�GRATH, JR. WILLIAM R. JORDAN III GRAY A. YOUNG FREDERICK F. PEIRCE .July 25, 1983 Ms. Alice Davis Pitkin County Planning Office 130 S. Galena Street Aspen, CO 81611 HAND DELIVERED AREA CODE 303 TELEPHONE 925-2600 Re: Pitkin Partners' Timeshare Application Dear Ms. Davis: Enclosed please find four signed copies each of the signature page for the Affidavit Regarding Upgrading of Condominium Property and the Amendment to Sworn Disclosure Statement, Please file these with your copies of the application. Sincerely, AUSTIN, McGRATH & JORDAN By MarjqIfle Schultze Secretary to Ronald Austin AFFIDAVIT REGARD114G UPGRADING OF CONDOMINIUM PROPERTY AT 825 East Hop ins Avenue STATE OF COLORADO COUNTY OF PITKIN Subscribed and 1983 Witness my hand Signature Page Robert L. Si _vf rmarl ss. sworn to before me this .:� ; ' day of by ROBERT L . S ILVERMAN . �— ,and official seal. My Cor_:rission expires: MY COmmis31°a 911es- februarY i9;-t 985 Notary�Pub'lic Address of Notary: AMENDMENT TO SWORN DISCLOSURE STATEMENT OF PITKIN CO., INC. The undersigned, Robert L. Silverman, on behalf of the applicant herein, being first duly sworn, states: Paragraph 2, Marketing Entity, of the Sworn Disclosure Statement is amended as follows: The marketing entity shall consist of a cooperative arrangement between Pitkin Co., Inc. and a realty firm with a broker in Aspen, Colorado. The actual arrangements have not been concluded at this time, but the marketing plan will remain the same. Ro ert . Si verman STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) Subscribed and sworn to before me this day of 1983 by ROBERT L. SILVERMAN. Wi ness my hand and official seal. Commission expires February 19, 1985 y Notar Pu lic Address of Notary: t CITY/COUNTY PLAN?41NQ OFFMC 130 S. G%ALENA Columbine Condominium Assoc. c/o Robert Orr, M.D. Riverview Associates 420 E. Main Street #202 Aspen, Colorado 31611 �N 8 U LO 52335 PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 1A, 1983. City of Aspen account. CITY/COUNTY PLANNINQ OFFICE (3ALT7NA o7/15/83 ASPEN, COLORAL)O 81611 JUL L 13'8 3 NOT 1*)[:'I...'I'YE:'i:�.(-.ii::,I...E:* AS ADDRESSED 2 0 E. T() 1:70RWARD (cuL0. P0.5"2'3!35' A 'WE, Donald and Dorla Westerlind ) TO Box 927 Aspen, Colorado 51612 • NOT ()F1 AS A" LINABLF �l� JULIS f 9 3 PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. • • APPLICATION FOR APPROVAL OF TIMESHARE Conditional Use and Subdivision Pursuant to Ordinance 52, Series 1982 1. Name of the Applicant. Pitkin Co. Inc., a Pennsylvania Corporation is the applicant. Pitkin Co. Inc. is a general partner of Pitkin Partners Special Properties I (Ltd.) a Pennsylvania Limited Partnership, the owner of the property. The address of both is Suite 700-4, Benjamin Fox Pavilion, Jenkintown, PA 19046. 2. General Description of the Project. This is a six unit condominium known as East Hopkins Condominiums and will be a conversion into timeshare units. The location is 825 East Hopkins Avenue. 3. Proof of Ownershi Copies of deeds accompany this application. Five units are owned by Pitkin Partners Special Properties I (Ltd.) a Pennsylvania Limited Partnership. One unit is owned by Richard Fulton and is under contract of purchase by Pitkin Co. Inc. Mr. Fulton has also consented to the filing of this application. 4. Site Plan. The East Hopkins Condominium site plan and condo- minium map accompany this application. It is anticipated that minimal changes will be made in the configuration of amenities except that a hot tub will be added. This will be reflected on a subsequent site plan once a location is determined. There are six offstreet parking spaces and the landscaping includes lawn, etc. 5. Vicinity Map. We have submitted a vicinity map with this applica- tion which we believe provides the necessary information regarding surrounding uses, zoning and owners. 6. Employee Housing. This project presently has no employee housing because the small size of it calls for all services to be provided by offsite personnel. This will continue if it is timeshared and management will be by a property management company, at present anticipated to be Stirling Homes. 7. Consent to Timesharing. Since this is a condominium, all owners have con- sented to amend the Declaration to allow timesharing. Either all mortgages will be paid off prior to any closings or their consent to timesharing will be obtained. At this early stage in the application pro- cess, we must be flexible until a definite determination is made. 8. Marketing Plan. The general outline of the marketing plan is set forth below. We will be updating, revising and improving the plan as we proceed through the process, and as a marketing entity is determined. A. Marketing Philosophy - The East Hopkins Condominiums Our three bedroom, two bath units will be attractive as family vacation second homes. The marketing plan will be based on the theme "Now you and your family can own two weeks vacation in Aspen - forever." The Applicant believes that present Aspen visitors desiring second homes in Aspen, but unwilling to commit the sizable resources necessary to purchase a family vacation property will be the natural buyers for two weeks fee simple ownership in the East Hopkins Condominiums. B. Marketing Organization The Applicant is presently seeking proposals from several well-known Aspen real estate brokers, recognizing the deep concerns expressed by the City Council, and mutually shared by the Applicant, as to the marketing utilized in offering this new concept to the public. Only local, well -established, professional real estate brokerage firms will be considered. Selection shall be completed on or • • C. a around July 15, 1983, amended to provide the the City Council. Details of Plan and this application shall be full information required by Each condominium unit will be divided into 24 two week intervals in each calendar year. Two spring and two fall maintenance weeks have been set aside, except that due to a 53 week year occurring from time to time, week 53 has been set aside as an additional spring maintenance week in those years. Each condominium unit will have 24 prime weeks and 24 off-season weeks. Weeks 52 and 1 will be sold as a unit to a single buyer. All other buyers will choose one week of the 24 prime weeks which he will match to one of the 24 off season weeks to be conveyed by deed. Weeks will be priced according to seasonal variations, adjusted by market demand. Thus, each buyer may choose those weeks which meet his family's vacation scheduling requirements. Marketing will commence in late '83-early '84. Each potential buyer will receive a calendar designating significant dates in 1983 and 1984. It is antic- ipated that the homeowners association will continue the practice annually. Advertising Applicant believes that present Aspen vacation visitors are the major source of buyers, thus the majority of sales effort shall be expended in the Aspen media. Denver and Grand Junction will receive additional coverages, as well as possibly national ski and vacation magazines or newspaper travel sections. Direct mail pieces will be utilized explaining the concept and providing answers to questions that a typical buyer might ask. The Multiple Listing Service shall contain detailed information concerning the concept. E. Sales Methods It is anticipated that the entire Aspen Board of. Realtors will be encouraged to provide referrals on a fee basis to the selected marketing organization. All selling will be done only by designated representatives of the marketing organization, who shall be solely responsible to conduct the sales to the public in accordance with applicable laws. Training of sales personnel and closing of the transactions shall be the responsibility of the marketing organization. Condominium unit 12-N shall be renovated and refurnished by Bethune & Moore as a.• sample apartment prior to the commencement of sales. It shall be unoccupied as a rental unit until marketing has been substantially completed. F. Vacation Exchange Privileges Applicant has been in contact with several exchange companies seeking to enroll the East Hopkins Condominiums in their international vacation exchange program. No final selection has yet been made. Applicant will provide each buyer free membership in the selected exchange program for at least one year after closing of his transaction. Continuation of membership beyond that time will be the option and expense of each buyer. 9. Real Estate Transfer Tax. This tax is paid by the buyer and must be paid prior to recording the deed. It will be collected at the closing. 10. Upgrading. This is a conversion project and upgrading and improvements are dealt with later in this application. However, applicant hereby makes assurances that all upgrading and improvements represented have been or will be made. 11. Proposed Budget. The preliminary budget accompanies this application. This budget will necessarily have to be refined and updated as more information is available. 12. Management/Assessment Fees. These fees and assessments will be collected at least quarterly in advance and will be held in a separate trust account by the managing agent and statements shall be issued to owners at least annually showing all pertinent accounting information. 13. Reserve Fund. The reserve fund will be established at the closing by each purchaser of a timeshare unit contributing a two month assessment in advance to the reserve fund according to the figures on the proposed budget. The reserve fund will be added to by the assessments according to the budget. The condominium documents will authorize the owner's association to increase or decrease the fund when and if necessary. 14. Affidavit. The affidavit of applicant assuring the binding effect upon successors accompanies this application. 15. Timesharing Standards and Review Criteria. (A) These units will be sold by warranty deeds. (b) All of the units will be timeshared, however unsold units may be rented by the applicant until sold. (C) The marketing and sales plan will be carried out with the utmost care and professional concern. None of the prohibited practices will be utilized. (D) The packaging of weeks will be done in a manner that will adequately market the off-season. (E) The amenities shall present no additional burden on public facilities. (F) The parking that exists is six offstreet spaces for six units. This is sufficient parking for the use intended. (G) Only 48 weeks maximum will be sold. Two weeks in the spring and two weeks in the fall will be reserved for maintenance, and for those years in..which a 53rd week occurs, it shall be a maintenance week.. (H) The budget will be continually refined and upgraded until the closing after which the condominium association shall assume responsibility therefor. ' • • (I) Upgrading is dealt with elsewhere in this application. (J) Downpayments and deposits will be held in an independent escrow account most likely by the title insurance company who will issue insurance for the units. (K) The management and assessment fees shall be the subject of review by the condominium association (timeshare owners) and they shall have the right to review, change and administer all aspects thereof. (L) Reserve funds are dealt with elsewhere. (M) The condominium documents or other appropriate documents shall require compliance with occupancy standards. 16. Disclosure. The sworn disclosure statement accompanies this application. 17. Timeshare Project Instruments. The timeshare project instruments, including amend- ments to the Condominium Declaration, By -Laws and the like, are being prepared consistent with the City Ordinance and state law. They will be presented for approval as they are completed. 18. Upgrading Affidavit. We have attached an affidavit concerning improvements that have been made and improvements to be made. Also attached is an appraisal. We will ask that credit be given toward the 30% requirement for the improvements already made and that additional improvements be evaluated with those already made in determining compliance with this requirement. Respectfully submitted, AUSTIN , ,Mc,qRATH _& JORDAN roncyia i). ustin Attorneys or the Applicant 600 E. Hopkins Ave. #205 Aspen, CO 81611 (303) 925-2600 • • Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS P.O. Box 1047 Glenwood Springs, Colorado 81602 July 7, 1983 Collins Engineering 0227 Pacific Avenue, Suite 209 Aspen, Colorado 81611 ATTN: Clayton J. Hayes RE: Six -flex Unit - 825 East Hopkins, Aspen, Colorado Dear ..",r. Hayes: Telephone: 303-945-1251 Following is additional information concerning the projected re- maining life of the heating system and electrical system of the six-plex unit as 825 East Hopkins, Aspen. Please make reference to our letter of May 2, 1983 for additional background information. I. Heating System The boiler is an American Standard cast iron boiler. The average service life of an atmospheric burner/cast iron boiler is 20 to 25 years. This can be extended by main- taining a clean system, flushing the boiler periodically and chemically treating the water in the system. The main reason for a cast iron boiler to fail is the cracking of the cast iron caused by "hot spots" in the castings. These hot spots are caused by a buildup of mineral deposits resulting in poor heat transfer to the water. The existing boiler has surpassed its economic life. There are hot water heating systems available which have a much higher efficiency than the existing system. Installation of a new, properly designed system would result in a substantial return on investment. II. Electric System The existing electrical system will last for the remaining life span of the building providing the occupancy remains as residential. Sincerely, Edward E. Pearson P.E. EEP/llc MEMORANDUM TO: City Attorney V City Engineer Building Department City Finance PLANNER: Alice Davis RE: East Hopkins Condominiums Timeshare Project DATE: July 7, 1983 Attached is an application to convert a six unit condominium known as the East Hopkins Condominiums into timeshare units. The location of the six units is 825 East Hopkins. Please review the materials and return your comments to the Planning Office by July 18 so that we may prepare for its scheduled August 2 City P&Z presentation. Thank you. Note to the Finance Department: The review information pertinent to Finance is located on Page 9(k) and page 17(p) of the ordinance. This applies to the application for conversion to timeshare of the Prospector Lodge. • • July 5, 1983 Mr. Robert Silverman Suite 700-4, Benjamin Fox Pavilion Jenkintown, Pennsylvania, 19046 Dear Bob: This letter is to acknowledge the fact that I do continue to support your application for a time sharing permit for the East Hopkins Condominiums in Aspen, Colorado. As owner of unit 3-S, East Hopkins Condominium, I give you my full support to persue the time sharing application before the City Council and any other governmental entity that is appropriate. Sincerely, le /L-i Richar E. Fulton, M.D. cc: Ronald D. Austin, Esq. 600 East Hopkins, Suite 205 Aspen, Colorado 81611 G,sT c ^ kduJ SP;$SdU n/�� due arse 4 1•Hll'AHIL/ Dw CHECKED BY APPp Ov CD a /' p X l7 we' ` ak t' giT i LrsT �JM� --- -- lj 1 �I us/ (. 4Qt-V 1 21 L� �•..- . fiber 1983 4 sc-med rc17f�4L- c�1 Week U%eC Number 198; I Jan. 1 - Jan. 8 _-7__ f e_flnj _- f ---- _— — -- -- U 1 ' Dec. 31 1 Jan. 8 Jan. 15 w;wtrrica�- _ j-------- -r - ---- - — ZCId� 2 - Ja an. 7 • Jan I a Jan. 15 • Jan. 22 Jan. 22 Jan. 29 X /LCJirr7 3 L cjVV 4 an. 14 - Jai Jan. 21 • Jai 1 i Jan. 29 • Feb. 5 14 Feb. 5 - Feb. 12 >< / 2 CPM 5 (7dVV 6 an. 28 - Fe eb. 4 • Feb I Feb. 12 • Feb. 19 K Feb. 19 - Feb. 26 X / 7� 7 I 8 eb. 11 • Fe i Feb. 26 • Mar. 5 I X Wio(LLO (,LIPLvd / 17d" 9Feb. eb. 18 • Fe 25 0 Mar. 5 -Mar. 12 y� �A Cu� /7C= • Ma /7CW 10 Mar. 3'. Mar Mar. 12 - Mar. 19 11 Mar. 10 - Ma 2 Mar. 19 - Mar. 26 (7d" 12 Mar. 17. 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I 15 - Sep. 22 - Sep • I I I l � i I /CIM 40 Sep. 29 • Oct. Oct. 8 - Oct. 15 Oct. 15 -Oct. 22 � ' --; / 41 Oct. trt70d 42 Oct. 6 -Oct. t 13 Oct. 22 • Oct. 29 X ! i �t/t71J 43 Oct. -Oct. 20. Oct Oct. 29 - Nov. 5 f'FA►a owcry r i i ydM 44 Oct. - 27 - Nov. Nov. 5 Nov. 12 I 145 Nov. 3 -Nov. Nov. 12 . Nov. 19 Tfif �lip� r I r II j r 4 Nov, 1 v 47 Nov. 17 -Nov ; 7� 48 Nov. 24 - Dec. Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 K Dec. 3 • Dec. 10 I 49:Dec. 1 Dec. t Dec. 10 - Dec. 17 Dec. 17 • Dec. 24 X -- -- -- — — —� --- 50 'Dec. B -Dec. (d dr/a' 51 Dec. I --- Dec. 24 - Dec. 31 `• _� f) -_ _ S // / - i _-- -_:_:_ _ I :_ _: _ : _ _: - �_ 15 Dec -_ /� 52 Dec. 22 - Dec COLLINS ENGINEERS, INC. 0227 Pacific Avenue Suite 209 Aspen, Colorado 81611 303-925 -2089 May 3, 1983 Stirling Homes 600 E. Main Street Aspen, Colorado 81612 Attn: Mr. Bill Stirling Re: 825 East Hopkins Condominiums Structural Inspection Gentlemen: As per your request, Collins Engineers, Inc. has conducted a structural review of the six units of the above noted condominium development. The two 3-level wood framed buildings have partial basements with concrete foundations and are connected at each level by open walkways. The buildings were constructed in 1971. A site inspection was conducted on April 21, 1983 by Clayton Hayes of this office to determine the existing condition of the structure. The inspection covered only those structural elements which were readily visible, and this report does not respond to hidden or concealed elements due to the cost and disruption of exposing them. Calculations were performed on the exposed main framing members to confirm their load capacity. On the same date, a review of the electrical and mechanical systems were conducted by Pearson and Associates, of Glenwood Springs. Please refer to the attached report for information on those systems. Roof framing typically consists of 2"x6" nominal wood decking supported by 51/8"x101/2" laminated beams spaced 4'-0" on center, spanning 17'-6". These beams rest on wood bearing walls. This framing is capable of supporting approximately 75 psf of live (snow) loads, which meets the current local building code requirement. Floor framing consists of 2"x6" nominal wood decking supported, -by 5 1/8"x9" laminated beams spaced 4'-0" on center, spanning'17'-6". These beams rest on wood bearing walls. A 2 1/2" thick concrete overlayment covers the floor decking. This framing is capable of supporting superimposed dead loads and 40 psf of live load, as required by local and generally accepted building codes. The exterior walkways share similar construction and are capable of supporting the required 100 psf of live load. Generally, the timber structural framing noted above was found to be in very good condition, with no signs of checking, 825 East Hopkins Condominiums May 3, 1983 Page 2 twisting or excessive deflection. No signs of movement or settlement were found in any of the units. The concrete basement walls were found to be intact and with no cracks or other signs of settlement. The concrete slab making up the basement floor showed no signs of moisture or more than normal shrinkage cracking. The concrete block retaining walls at various exterior locations were found to be sound and in good condition, except for being wet from water draining from the roofs. Water draining from the roofs onto the exterior walkways has caused spalling of the concrete topping, and excessive weathering of the wood edging. This water has also caused settlement of the patio slab outside of Unit 2S. It is recommended that roof gutters and downspouts be installed to divert the water away from the buildings. The interior of all units were generally found to be in very good condition. The following minor deficiencies were noted: 1. Signs of water, possibly from the roof or exterior wall, were found on the floor at the southeast corner of Unit 2S. 2. Hall light covers were missing in Units 1S and 2N. 3. Bedroom doors stick upon closing in Units 3N and 3S. 4. The sliding doors to the deck do not operate properly, some fireplace bricks are loose, and the wallboard by the front door needs repair in Unit 3S. 5. The exterior walkway wood edging needs to be weather sealed, and the wood around the outside lights need painting. With the exception of the above noted deficiencies, we found the general condition of the buildings to be quite good. If you have any questions regarding these matters, or if we may be of further service to you, please contact us. Respectfully submitted, COLLINS ENGINEERS, INC. Clayton Hayes Project Engineer CH/skc • Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS P.O. Box 1047 Glenwood Springs, Colorado 81602 May 2, 1983 Collins Engineers Inc. 0227 Pacific Ave. Suite #209 Aspen, CO 81611 Attn: Clayton J. Hayes Re: Six plex unit - 825 E. Hopkins, Aspen, CO Dear Mr. Hayes: Telephone: 303-945-1251 Pearson & Associates performed a mechanical and electrical inspection of the six plex unit at 825 E. Hopkins on Thursday, April 20, 1983. Following are the results of that inspection: I. General Condition A. The general condition of the plumbing, heating and electrical was very good. The building has been well maintained and the mechanical systems all function properly. II. Heating System A. The building's heating system is an American Standard boiler, natural gas fired with an input of 1,000 M.B.H. and an output of 800 M.B.H. The boiler is used for both building heat and domestic hot water. The domestic hot water is stored in a 120 gallon storage tank and circulated through- out the building with a small circulating pump. B. The building is divided into a total of 13 heating zones, two for each unit and one for the basement area. III. Plumbing System A. The plumbing fixtures have been well maintained and all function properly. • • Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS P.O. Box 1047 Glenwood Springs, Colorado 81602 Collins Engineers, Inc. Page 2 May 2, 1983 IV. Electrical System A. The electrical distribution system and circuit breaker loadcenters are adequately sized to meet 1983 Code requirements. Each unit has its own loadcenter and has room for expansion, if additional tenant requirements are needed. B. All 120 volt convenience outlets were checked for grounding and found to be grounded and properly wired. The outlets in the bathrooms and those on the exterior of the building are not protected against ground fault. Ground fault protection was not a Code requirement at the time the units were built. C. The wiring of many of the light switches to switch outlets appears to have been done incorrectly during construction or the wiring was changed to make certain lighting circuits inoperative. Following are electrical items that were noted in each of the units. 1. Unit 1N a. Three way switch in master bedroom not :•Tired correctly. b. Living room switch inoperative. 2. Unit 1S a. Three way switch master bedroom inoperative. b. Hall light switch not properly fastened.An switch box. C. Living room switch inoperative. d. Hall light glass reflector missing. 3. Unit 2N a. Three way in bedroom #3 (small bedroom end of hall) inoperative. b. Hall light glass reflector missing. Telephone: 303-94 5-1251 Pearson & Associates MECHANICAL & ELECTRICAL ENGINEERS P.O. Box 1047 Glenwood Springs, Colorado 81602 Collins Engineers, Inc. Page 3 May 2, 1983 4. Unit 2S a. The three way switches in master bedroom were changed to single pole. The circuit does not work. b. Bedroom #2 (center bedroom) same as master bedroom. 5. Unit 3S a. Fan motor in master bath does not operate properly. 6. Unit 3N a. Three way in master bedroom not working. b. Living room switch inoperative. V. Summary A. Except for minor wiring problems of the light switches, the overall mechanical and electrical system is in excellent condition. Sincerely, Edward E. Pearson, P.E. EEP/ss Telephone: 303-945-1251 • Western Colorado Radiologic Associates, P.C. ALAN A. BASINGER, M.O. RICHARD E. FULTON, M.D. BRUCE A. WARD, M.D. JAMES E. MACLEAN, M.D. RADIOLOGISTS HlllcrastPlaza— 1938N. list, r2 • Grand Junction, Colorado 81501 • Phone: 245-1658 23 March 1983 Mr. Robert L. Silverman President Pitkin Co., Inc. 700-4 Benjamin Fox Pavilion Jenkintown, Pennsylvania 19046 City Council and Aspen Planning and Zoning Commission City of Aspen Aspen, Colorado Re: Apartment No. 3S East Hopkins Condominiums Aspen, Colorado Gentlemen: The undersigned, owner of Apartment Unit No.3S in the East Hopkins Condominiums, Aspen, Colorado, hereby acknowledges that he desires to join in the filing of an application, on or before March 25, 1983, pursuant to Ordinance No. 52, Amending Chapter 20 of the Municipal Code of the City of Aspen, Colorado, to obtain time- sharing approval for all of the apartment units in the East Hopkins Condominiums. It is my understanding that I will incur no cost for this under- taking and that I may terminate this permission on 10 days written notice to you. Sincerely, J Richard E. Fulton • AVVTne11TT .REGARDING UPGRADING OF CONDOMINIUM PROPERTY AT 825 East Hopkins Avenue The following items represent actual expenditures made to improve and upgrade the property: IMPROVEMENTS TO COMMON AREAS Exterior siding, staining, painting New roof - North building Landscapping, drives, signs Exterior carpentry, laundry, storage and exterior electrical SUB -TOTAL IMPROVEMENTS TO 1N, 2N, 3N, 1S AND 2S Furniture - Bethune & Moore (Incl. interest) Sales Tax New linoleum - kitchen and baths Replace damaged kitchen appliances Electrical fixture replacement Painting, plastering, windows, capentry, formica, cleaning, tile Legal fees - Time Sharing Ordinance SUB -TOTAL TOTAL $ 4,956.00 5,960.00 6,575.00 1,200.00 $ 18,691.00 $ 83,132.00 3,604.00 2.,314.00 2,478.00 870.00 22,536.00 11,000.00 $ 125,934.00 $ 144,625.00 The following items are a preliminary budget to further upgrade 825 East Hopkins Avenue and will be adjusted as the need arises: COMMON AREA Hot Tub $ 9,000.00 New laundry machines 2,000.00 SUB -TOTAL $ 11,000.00 • • UNITS 1N, 2N, 3N, 1S, 2S (Per Bet une & Moore) New carpet to be laid on existing carpet Additional furnishings - living room and dining room New kitchen appliances, cabinets, and accessories Upgrading bedrooms Upgrading bathrooms Wallpaper Accessories Improve Fireplaces State Tax @ 5% Freight @ 5% UNIT 3S ($25,630.00 +15,000.00) MISCELLANEOUS $ 3,600.00 7,700.00 6,000.00 1,300.00 700.00 1,000.00 2,500.00 500.00 $ 23,300.00 1,165.00 1,165.00 $ 25,630.00X5= $ 128,150.00 $ 40,000.00 $ 15,000.00 GRAND TOTAL 194,150.00 AFFIDAVIT REGARDING UPGRADING OF CONDOMINIUM PROPERTY AT 825 East Hop ins Avenue Signature Page Robert L. Silverman STATE OF COLORADO ) ss. COUNTY OF PITKIN ) Subscribed and sworn to before me this 1983 by ROBERT L. SILVERMAN. Witness my hand and official seal. Notary Public My Commission expires: Address of Notary: day of AFFIDAVIT OF APPLICANT PITKIN CO. INC. A PENNSYLVANIA CORPORATION Robert L. Silverman is the sole officer and is co -director and a 33 1/3% shareholder with 66 2/3% voting rights of Pitkin Co. Inc., a Pennsylvania Corporation, the general partner of Pitkin Partners Special Properties I Ltd., a Pennsylvania limited partnership. On behalf of the applicant, and with the full authority of the limited partnership, the undersigned hereby states that the information, documentation and facts contained in the application to the City of Aspen for timeshare approval of properties known as East Hopkins Condominiums, are true and accurate and that all requirements of the application section of Ordinance Number 52 Series of 1982, Section 1 (D) procedure, shall be and are binding upon all successors and assigns of the applicant. The undersigned, being first duly sworn, upon his oath states that the foregoing information set forth in this affidavit are true and correct to the best of his knowledge and belief. Robert L. Silverman % • • STATE OF COLORADO ) ss. COUNTY OF PITKIN ) Subscribed and sworn to before me this day of 1983 by ROBERT L. SILVERMAN. Witness my hand and official seal. Notary Public Address of Notary: My Commission expires: REFERENCES FOR Pitkin Co. Inc. Pitkin Partners Special Properties I Robert L. Silverman Harmen S. Spolan, President Jefferson Bank 31 S. 18th Street Philadelphia, PA 19103 (215) 564-5040 Samuel P. Miles, 3rd Assistant Treasurer Industrial Valley Bank 17th & Market Streets Philadelphia, PA 19103 (215) 496-4212 Michael J. Rotko, Esquire 1800 Penn Mutual Tower 510 Walnut Street Philadelphia, PA 19106 (215) 922-5056 Charles E. Humphrey, Esquire Kirkland & Ellis 1225 17th Street, 28th Floor Denver, CO 80202 (303) 291-3000 Abe Fuchs 172 Kenny Court Santa Cruz, CA 95065 Martin R. Warshaw 2279'Mershon Drive Ann Arbor, MI 48103 (313) 769-1563 James C. Calaway 1220 Americana Bldg. 811 Dallas Street Houston, TX 77002 (713) 654-8960 Lawrence G. Spielvogel, P.E. Wyncote House Wyncote, PA 19095 (215) 887-5600 William G. Stirling Stirling Homes 600 E. Main Street Aspen, CO 81611 (303) 925-5757 • r'I IKIIN I.U. , INL. • NINE MONTHS ENDED MARCH 31, 1983 I N D E X PAGE ACCOUNTANTS' REPORT 1 FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS: STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS 2 STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID 3 STATEMENT OF SOURCE AND USE OF CASH 4 NOTES TO FINANCIAL STATEMENTS 5-6 Officers and Directors Pitkin Co., Inc. Meadowbrook, Pennsylvania We have reviewed the accompanying statement of assets and liabil- ities arising from cash transactions of Pitkin Co., Inc. as of March 31, 1983, and the related statements of revenues collected and expenses paid, and source and use of cash for the nine months then ended, in accordance with standards established by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Pitkin Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note 1A, the Company's policy is to prepare its financial statements on the basis of cash receipts and disbursements; con- sequently, certain revenue and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying financial statements are not intended to present financial posi- tion and results of operations in conformity with generally accepted ac- counting principles. Based on our review, we are not aware of any material modifica- tions that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1A. Certified Public Accountants May 17, 1983 100 PRESIDENTIAL BOULEVARD . BALA CYNWYD. PENNSYLVANIA 19004 . (215) 839-3422 • PITKIN CO., INC. 0 STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS MARCH 31, 1983 ASSETS Cash Cash Equivalent Advances to Partnerships Prepaid Taxes Investments in Partnerships at Equity - (Cost $56,000) Advances from Officer LIABILITIES STOCKHOLDERS' EQUITY $ 21,830 50,000 51,011 725 18,624 $142,190 $ 18,790 $ 18,790 Common Stock: 1e Par; Authorized 100,000 Shares; Issued and Outstanding 40,000 Shares; 10,000 Shares in Treasury $ 400 Capital in Excess of Par 111,600 Retained Earnings 16,900 Less: Treasury Stock at Cost $128,9005,500 123,400 $142,190 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT PITKIN CO., INC. STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID NINE MONTHS ENDED MARCH 31, 1983 FEE INCOME RECEIVED $46,670 OPERATING EXPENSES: Advertising $ 316 Professional Services 2,300 Taxes and Licenses 1,675 Insurance 1,760 Office Expenses 6,799 Telephone 1,850 Travel 10,236 $24,936 INCOME FROM OPERATIONS $21,734 OTHER INCOME (CHARGES): Interest Income $ 457 Share of Partnership Losses ( 19,236) ($18,779) INCOME BEFORE TAXES $ 2,955 INCOME TAXES 720 NET INCOME $ 2,235 RETAINED'EARNINGS - BEGINNING 14,665 RETAINED EARNINGS - ENDING $16,900 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT PITKIN CO., INC. STATEMENT OF SOURCE AND USE OF CASH NINE MONTHS ENDED MARCH 31, 1983 CASH PROVIDED: Net Income Add: Share of Partnership Loss Not Requiring Use of Cash Cash Provided by Operations Officer's Loan Distributions Received from Partnership Investments Issuance of Capital Stock Repayments from Partnership Total Cash Provided CASH APPLIED: Purchase and Calls - Limited Partnership Investments: Pitkin Partners Pitkin Partners II Pitkin Partners Special Properties I Pitkin Partners III Pitkin Partners V Pitkin Partners VI Pitkin Partners Special Properties II Advances to Partnerships Loans Payable Taxes Payable Acquisition of Treasury Stock Total Cash Applied INCREASE IN CASH CASH BALANCE - BEGINNING CASH AND CASH EQUIVALENT - ENDING $ 2,235 19,236 $ 21,471- 29,100 3,400 100,000 32,714 $186,685 $ 500 500 15,000 500 6,500 3,000 2,625 $ 28,625 68,628 11,238 3,467 5,500 $117,458 $ 69,227 2,603 $ 71,830 SEE NOTES 10 FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT • PI TKIN CO., INC. • NOTES TO FINANCIAL_ STATEMENTS NINE MONTHS ENDED MARCH 31, 1983 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Method of Accounting: The accounts of the Company are maintained, and the accompanying financial statements have been prepared, on the cash basis, except that they include a provision for income tax and adjustments of partnership investments (Note 1B). B. Investments in Partnership: The Company owns one Limited Partnership Interest each in Pitkin Partners, Pitkin Partners II, Pitkin Partners V, Pitkin Partners VI, and one-half Limited Partnership Interest in Pitkin Partners Special Properties I. These investments are stated at their underlying equity at the end of each partner- ship year on December 31. 2. TRANSACTIONS WITH RELATED PARTNERSHIPS: A. Obligations of General Partner: The Company is liable as General Partner for the debts of this Partnership. Such debts are limited to recourse to the real estate owned by the Partner- ships and other liabilities are not considered to be material to the finan- cial condition of the Company in the event that any are not paid by the related Partnerships. B. Management Fees: The Company is the Corporate General Partner of Pitkin Partners, Pitkin Partners II and Pitkin Partners III, Pitkin Partners IV, Pitkin Partners V. Pitkin Partners VI and Pitkin Partners Special Properties I, and is entitled to fees for management of the Partnerships' business. The unpaid portion of these fees is not included in these financial state- ments as income and receivables since the statements are on a cash basis. The fees shall be comprised of an amount equal to (A) an annual fee of 100 of the net cash flow from the rental properties before debt service and capital improvements and replacements; plus (B) 5A of the total acquisition cost of any property acquired for the Partnerships, except for Pitkin Partners Special Properties I from whom the fee is $75,000. SEE ACCOUNTANTS' REVIEW REPORT PITKIN CO., INC. NOTES TO FINANCIAL STATEMENTS - CONTINUED NINE MONTHS ENDED MARCH 31, 1983 2. TRANSACTIONS WITH RELATED PARTNERSHIPS - CONTINUED: B. Management Fees - Continued: Fee activity from the inception of the corporation to March 31, 1983 was: FEES EARNED Pitkin Partners $ 45,484 Pitkin Partners II 26,896 Pitkin Partners III 20,580 Pitkin Partners IV 21,588 Pitkin Partners V 20,641 Pitkin Partners VI 6,420 Special Properties I 76,709 $218,318 C. Pitkin Investments, Inc.: The president and majority shareholder of the Company has formed Pitkin Investments, Inc., which is a registered broker/dealer and which sells partnership interests without compensation in Limited Partnerships in which the Company will be the Corporate General Partner. The expenses of Pitkin Investments, Inc. are reimbursed by the Company. SEE ACCOUNTANTS' REVIEW REPORT KIN PARTNERS SPECIAL PROPER T L PERIODS ENDED DECEMBER 31, 1982 AND 1981 I N D E X ACCOUNTANTS' REPORT FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS: STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID STATEMENT OF PARTNERS' CAPITAL ARISING FROM CASH TRANSACTIONS STATEMENT OF SOURCE AND USE OF CASH NOTES TO FINANCIAL STATEMENTS PAGE 1 2 3 4 5 6-8 • • Partners Pitkin Partners Special Properties I Meadowbrook, Pennsylvania We have reviewed the accompanying statements of assets and liabil- ities arising from cash transactions of Pitkin Partners Special Properties I as of December 31, 1982 and 1981, and the related statements of revenues collected and expenses paid, partners' capital, and source and use of cash for the periods then ended, in accordance with standards established by the American Institute of Certified Public Accountants. All information includ- ed in these financial statements is the representation of the management of Pitkin Partners Special Properties I. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note 1A, the Company's policy is to prepare its financial statements on the basis of cash receipts and disbursements; con- sequently, certain revenue and the related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying financial statements are not intended to present financial posi- tion and results of operations in conformity with generally accepted ac- counting principles. Based on our reviews, we are not aware of any material modifica- tions that should be made to..the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1A. Certified Public Accountants February 15, 1983 100 PRESIDENTIAL BOULEVARD -- BALA CYNWYD. PENNSYLVANIA 19004 . (21 5) 839-3422 • 2 • PITKIN PARTNERS SPECIAL PROPERTIES I ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS DECEMBER 31, 1982 AND 1981 ASSETS 1982 1981 PROPERTY AND EQUIPMENT - AT COST $1,007,748 $900,043 Less: Accumulated Depreciation 137,520 20,950 $ 870,228 $879,093 CASH IN BANK 15,041 5,879 TREASURY BILLS, AT COST WHICH APPROXIMATES MARKET 19,523 PARTNERSHIP ORGANIZATION COSTS - NET OF AMORTIZATION 5,750 7,250 ADVANCE TO CONDOMINIUM ASSOCIATION 7,680 $ 898,699 $911,745 LIABILITIES PURCHASE MONEY MORTGAGE PAYABLE $ 739,877 $850,000 CAPITALIZED LEASE OBLIGATION 68,694 $ 808,571 $850,000 PARTNERS' CAPITAL GENERAL PARTNER $ 1,000 $ 1,000 LIMITED PARTNERS 89,128 60,745 $ 90,128 $ 61,745 $ 898,699 $911,745 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT • -3- • PITKIN PARTNERS SPECIAL PROPERTIES I STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID PERIODS ENDED DECEMBER 31, 1982 AND 1981 1982 *1981 RENTAL INCOME $ 26,273 $ 8,050 EXPENSES - OTHER THAN DEPRECIATION: Mortgage Interest $ 78,115 $ 6,000 Office Expense 1,312 2,295 Amortization, Organization Costs 1,500 250 Rental Operating Expenses 8,996 1,538 Travel 687 1,241 Real Estate Taxes 5,179 Accounting 1,500 Legal 10,550 Interest - Capital Lease 1,519 $109,358 $11,324 NET (LOSS) FROM RENTAL OPERATIONS - BEFORE DEPRECIATION ($ 83,085) ($ 3,274) OTHER INCOME (CHARGES): Management Acquisition Fee - General Partner ($ 10,000) ($65,000) Management Fee - General Partner ( 745) Interest Income 6,149 194 Property Acquisition Costs - Deductible ( 225) Expenses Incurred to Obtain Time -Sharing ( 7,616) ($ 12,212) ($65,031) NET (LOSS) BEFORE DEPRECIATION ($ 95,297) ($68,305) DEPRECIATION 116,570 20,950 NET (LOSS) ($211,867) ($89,255) ORDINARY (LOSS) PER $50,000 LIMITED PARTNERSHIP INTEREST ($ 26,483) ($11,157) * October 25, 1981 (inception) to December 31, 1981. SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT • - 4 - • PITKIN PARTNERS SPECIAL PROPERTIES I STATEMENT OF PARTNERS' CAPITAL ARISING FROM CASH TRANSACTIONS PERIODS ENDED DECEMBER 31, 1982 AND 1981 LIMITED PARTNERS PARTNERS' CAPITAL CONTRIBUTIONS NET (LOSS) BEFORE DEPRECIATION DEPRECIATION CAPITAL BALANCE - JANUARY 1 CAPITAL BALANCE - DECEMBER 31 GENERAL PARTNERS BALANCE - JANUARY 1 CAPITAL CONTRIBUTIONS BALANCE - DECEMBER 31 * October 25, 1981 (inception) to December 31, 1981. 1982 *1981 $240,250 $150,000 ( 95,297) ( 68,305) $144,953 $ 81,695 116,570 20,950 $ 28,383 $ 60,745 60,745 $ 89,128 $ 60,745 $ 1,000 $ 1,000 $ 1,000 $ 1,000 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT • 5 • PITKIN PARTNERS SPECIAL PROPERTIES 1 STATEMENT OF SOURCE AND USE OF CASH PERIODS ENDED DECEMBER 31, 1982 AND 1981 CASH PROVIDED: Limited Partners' Capital Contributions General Partner's Capital Contributions Cash Provided by Partners Redemption of Treasury Bills Total Cash Provided CASH APPLIED: Net (Loss) Less: Depreciation and Amortization Cash Used in Operations Purchase of Property and Equipment - Net of Mortgages Issued or Assumed Purchase of Treasury Bills Payment of Organization Costs Advance to Condominium Association Payments of Mortgage Principal: First Mortgage (in Full) Purchase Money Mortgage INCREASE IN CASH BALANCE CASH BALANCE - BEGINNING CASH BALANCE - ENDING * October 25, 1981 (inception) to December 31, 1981. 1982 *1981 $240,250 $150,000 1,000 $240,250 $151,000 19,523 $259,773 $151,000 ($211,867) ($ 89,255) 118,070 21,200 $ 93,797 $ 68,055 39,011 50,043 19,523 7,500 7,680 109,000 1,123 $250,611 $145,121 $ 9,162 $ 5,879 5,879 $ 15,041 $ 5,879 SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT PITKIN PARTNERS SPECIAL PROPERTIES I NOTES TO FINANCIAL STATEMENTS PERIODS ENDED DECEMBER 31, 1982 AND 1981 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Method of Accounting: The accounts of the Company are maintained, and the accompanying financial statements have been prepared, on the cash basis, except that they include provision for depreciation of property and equipment and interest (points) and organization costs. B. Organization: The Partnership was organized on October 25, 1981 as a Limited Partnership under the laws of Pennsylvania. C. Property and Equipment and Depreciation: Property and equipment are stated at cost. Depreciation is provided by use of Accelerated Cost Recovery System of the Internal Revenue Code. D. Partnership Organization Costs: Professional fees, duplicating and other costs relating to the organization of the Partnership are amortized over five years. 2. PROPERTY AND EQUIPMENT: Property and equipment are summarized below: ASPEN, COLORADO 5 UNITS Buildings and Improvements $ 914,801 Furnishings 92.947 $1,007,748 Accumulated Depreciation 137,520 $ 870,228 The properties are owned by the Partnership. The properties are pledged as collateral for the Purchase Money Mortgage. This lien is limited to the properties. SEE ACCOUNTANTS' REVIEW REPORT PITKIN PARTNERS SPECIAL PROPERTIES I NOTES TO FINANCIAL STATEMENTS - CONTINUED PERIODS ENDED DECEMBER 31, 1982 AND 1981 3. PURCHASE MONEY MORTGAGE: Purchase Money Mortgage - $739,877 Payment in full is due on May 1, 1987. Monthly payments for principal and interest (14A) are $8,779. The Partnership is obliged to seek to refinance the Purchase Money Mortgage each April 1 during its 5 year term, but such refinancing is limited to 14, interest, 30 year amortization, 10 year term and 2 point placement fee. If properties have been sold in the interim, the amount of refinancing is to be reduced proportionately. The Partnership is obligated to pay to the holder of the Purchase Money Mortgage certain amounts on account of principal from the proceeds of the sale of any of the individual properties during the term of the Mortgage. 4. PARTNERS' ACCOUNTS: The Associate General Partner has contributed $1,000 to the Partnership. 8 Limited Partnership Interests of $50,000 each have been purchased. The Limited Partners are subject to call by the Corporate General Partner to furnish additional funds for debt service and expenses of $6,600 maximum on July 1, 1983 and thereafter, and an additional $4,400 after January 1, 1984, totaling $11,000 per full Limited Partnership Interest. Distributions of available cash are to be made to the Limited Partners until they have recovered all of their capital contributions and calls, plus a 5100' annual credit on their capital contributed. Thereafter, available cash shall be distributed as follows: Limited Partners 756 Corporate General Partner 24a Associate General Partners 1 Certain of the Limited Partners are members of the Partnership's law firm which received $16,050 for legal fees and reimbursement of expenses. 5. INCOME TAXES: No provision has been made for income taxes since such taxes, if any, are the liability of the individual partners. SEE ACCOUNTANTS' REVIEW REPORT PITKIN PARTNERS SPECIAL PROPERTIES I NOTES TO FINANCIAL STATEMENTS - CONTINUED PERIODS ENDED DECEMBER 31, 1982 AND 1981 6. MANAGEMENT FEE: The Corporate General Partner shall be entitled to an annual fee for management of the Partnership's business. The fee shall be comprised of an amount equal to (A) an annual fee of 10A of the net cash flow from the rental properties before debt service and capital improve- ments and replacements; plus (B) $75,000, which was paid. From the inception of the Partnership to December 31, 1982, the annual fee was $1,709, of which $964 is unpaid and not included in these financial statements since they are on the cash basis, but remain a liability of the Partnership. According to the Confidential Memorandum dated August 12, 1981, no assurance can be given as to the deductibility of these fees for federal income tax purposes if they are ultimately determined to have been paid to a partner in its capacity as a partner rather than for services rendered. 7. FURNITURE LEASES: Leases for furniture costing $70,779 are in effect. These leases are collateral for a second mortgage. The leases, including interest, are to be paid over a 60- month period beginning December 1, 1982. When the leases have been paid in full, the Partnership will own the furniture. The total lease cost will be $95,503, including interest. Monthly payments are $3,604 for 24 months, then $250 for 36 months. 8. TIME-SHARING: Aspen, Colorado adopted a time-sharing ordinance in January 1983, which includes the property owned by the Partnership. In order to obtain this ordinance the Partnership expended $7,616 in 1982 and additional expenditures have been incurred. Furthermore, the General Partner intends to obtain the right under this ordinance to qualify the Partnership's property for time-sharing. SEE ACCOUNTANTS' REVIEW REPORT • General Partner will be obligated to present to the Partner- ship any particular investment opportunity which comes to its or his attention even if such opportunity is of a character which might be suitable for investment by the Partnership (see "Conflicts of Interest"). The foregoing provision ek- cuses the General Partners from the fiduciary duty (to which they might otherwise be subject) not to compete with the Partnership for investment opportunities. MANAGEMENT -The Partnership will be managed by the officers and directors of the Corporate General Partner and by the Associate General Partner. The investors as limited partners will have no right to participate in the management of the Partnership or to change the management of the Partnership, except where both of the General Partners are unable to serve, in which case the limited partners may as a group elect or appoint new general partners for the Partnership. The Gen- eral Partners are not bound to remain general partners, but they may not transfer their interests as General Partners except to another General Partner. The General Partners will generally have responsbil- ity for all aspects of the Partnership's operations. The Gen- eral Partners will have primary responsibility for the initial selection, evaluation and negotiation of investments for the Partnership and will provide all executive, supervisory and certain.adminstrative services for the Partnership's opera- tions (other than the management of its individual proper- ties). Such services will include overall responsibility for determining how and by whom the properties should be managed, whether and when, and on what terms, any property should be sold or refinanced, and what steps can be taken to provide the most advantageous tax treatment for the Partnership's income. Local property resident manager will be day management and rental will not be Affiliates of ship will pay the fees of mated not to exceed 10% o management firms and/or an on -site retained in order to provide day -to - functions for the properties. They the General Partners. The Partner - any such firms and manager, esti- f gross rents. The books and records of the Partnership will be maintained by the Corporate General Partner, subject to re- view by independent public accountants. -27- The General Partners i PITKIN CO., INC., CORPORATE GENERAL PARTNER: The Corporate General Partner is a Pennsylvania corporation with ' offices at Suite 700-4, Benjamin Fox Pavilion, Jenkintown, PA `. 19046. The stockholders of the Corporate General Partner are Robert L. Silverman and J. Allen Dougherty, each owning one- half of the corporation's stock. Pursuant to a voting trust agreement, the voting of all of their stock in the corporation will be controlled by Mr. Silverman, as voting trustee, until j the earlier of 1992 or the death of Mr. Silverman. In the _ _.. event of Mr. Silverman's death prior to 1992, Mr. Dougherty will become voting trustee for all their.shares. Mr. Dougherty is a partner in a law firm which is engaged by the General Partners to perform legal services for them and for Pitkin Investments, Inc. The Corporate General Partner is also a general partner of Pitkin Partners, Pitkin Partners II, Pitkin Part- ners III, Pitkin Partners IV, Pitkin Partners V, Pitkin Part- ners VI, and Pitkin Partners Special Properties I, limited partnerships engaged in real estate investing, and it per- forms similar management services for such partnerships as those to be rendered for the Partnership. F Robert L. Silverman is the sole officer and direc- tor of the Corporate General Partner. f. The June 30, 1982 balance sheet (unaudited) of the Corporate General Partner is set forth at the end of this Memorandum. ROBERT L. SILVERMAN, ASSOCIATE GENERAL PARTNER (Age 53): President and Director, Pitkin Co., Inct (since July, 1979); Associate General Partner, Pitkin Partners, Pitkin Partners II, Pitkin Partners III, Pitkin Partners IV, Pitkin V, Pitkin Partners VI and Pitkin Partners Special Properties I, limited partnerships organized in July, 1979, March, 1980, April, 1981, November, 1981, July, 1982, December, 1982, and October, 1981, respectively, each of which is engaged in real estate investing. Active investor and manager of properties in Aspen, Colorado and elsewhere, individually and, since 1974, in management of family -owned commercial real estate. Sole shareholder, director and President of Pitkin Investments, Inc., a corporation organized by Mr. Silverman in 1980 pri- marily to sell securities of partnerships and other entities sponsored by him. Owner and operator of two retail women's ready to wear shops in the Philadelphia area from July, 1976 to July, 1979. Ah t 1qW 1W OFFICIAL USE .,aedule D of FORM BD (Answers in response to ITEM 12 of FORM BD.) NOTE: (a) Complete a separate Schedule D for each natural person named in Items 2(a), 8 or 9, or any Schedule thereunder, except that Schedule D need not be furnished for any person who meets both of the following conditions. (1) he owns less than 10% of any class of equity security of applicant Date as stated on the ex. (2) he is not an officer, director, or person with similar status or functions, ecution page of FORM QD (b) Complete a separate Schedule D for each person subject to any action reported under Item 10. accompan Mg this Schedule: (c) State all names in the order of last name, first name, full middle name. If any person legally has only l��L//tri an initial, so indicate after the initial. / o e oc I. Full name of applicant exactly as stated in Item 2(a) of Form BD: IRS Empl. Ident. No.: a Pitkin Investments Inc. _ 2151013 o e t/i 11. Full name of person for whom this Schedule is being completed: IRS Empl. Z Y O ° - E- O Robert L. Silverman Ident. No. or Soc.Sec.No.: 204-20-4550 D " J Ill. (a) Residence address of person: Pe (Number and Street, City, State, ZIP Codel O > 937 Dale Road Meadowbrook PA 19046 J o U. Q (b) Date of Birth: (c) City of Birth: (d) State or Province: (e) Country: o c Z 0 o g 1/12/29 Phila. PA USA o U IV. NAMES USED: Furnish below a list of all names individual has been known by or has used including maiden name if applicable. If no other names used, state "None.- L o Last First Middle 0 0 None o C rN o v Z D u V O n - E Q V. EDUCATION: Furnish below a description of the education for the person named in Item II of this Schedule (include name and location of last high school attended, name and location of any college or university a � attended, degree received and year it was received.) 0 a o IN- Central High School Phila. PA 1947 ac < University of Delaware Newark DE BA 1950 LL E ° tL c O C V > v 2 Z c O � O 4 Ec y VI. BUSINESS BACKGROUND: Furnish below a complete, consecutive statement of all business experience and employment for the past ten o E O years. List the last position first. If none, state "None." n a n > Name of Firm and Address Kind of Business Exact Nature of Connection Beginning Date Ending Date O n to or Employment Mo. Yr. Mo. Yr. ' ` - ~ a Z Sel£ em to ed P Y Retail Stores Owner -3. - 76 T f79 o L Silco Investment Company Inc. Retail Jr. Dept. President, Shard-;.. 20 50 1 '75 ° = Q Store Chain holder 9 1 N O to = n o — o E � 5C J e i 3 c r o O = E Z 1 ° ` tL u 5 cz VII. PROCEEDINGS: If any answer to any paragraph of Item 10 is "Yes" with respect to the person for whom this Schedule is being completed, o furnish the following details: N/A � e t ° ` Appli Part cable Name and Location of Court, Question Title or Description Agency, Jurisdiction or Nature and Date of and Disposition of Item 10 of Action Self -Regulatory Organization of Proceeding ---------------- /I any item on this page is amended, you must answer in fu// a/l other items on this Da°e and fde w:rh i TO ALL LIMITED PARTNERS-, Management: PITKIN CO. INC. • SUITE 700-4 BENJAMIN FOX PAVILION JENKINTOWN. PA 19046 (215) 576.1200 February 24,` 19�83 PITKIN PARTNERS PITKIN PARTNERS II PITKIN PARTNERSIII PITKIN PARTNERS IV PITKIN PARTNERS 'V PITKIN PARTNERS VI' PITKIN PARTNERS SPECIAL PROPERTIES I On February 23, 1983,.by a unanimous action, the Stock holders elected James C.'Calaway, age 5Q, BBA: Doctor of Jurisprudence, University of Texas, as a Director of Pitkin Co. Inc. Mr. Calaway is founder and President of Southwest Minerals Inc. Since 1955 the company; based in Houston, Texas, has been active in oil and gas exploration in several states. He is Chairman and Treasurer of FRIO Resources, Inc,, Director of Amwar Petroleum Corporation, Director, Gulf Freeway National Bank, Houston (Southwest.,Bankshares Bank), Chairman of the Board, H. C. Hwang and Partners, Architects and Planning Consultants, Inc. Mr. Calaway has also been active in many educational, cultural and public interest organizations in Texas and elsewhere. Mr. Calaway has acquired 2000 shares and Southwest Minerals Inc. has acquired 2000 shares of newly issued common stock of the company. Mr. Calaway controls the stock of Southwest Minerals Inc. and as a result of this transaction will control 16.66% of the voting stock of Pitkin Co. Inc. In addition the company has granted Mr. Calaway and/or Southwest Minerals Inc. an option for 120 days after February 11, 1983 to purchase an additional 16.66W of the voting stock of the company. If said option is exercised, Mr. Calaway will own 33.3% of the common stock of Pitkin-Co. Inc. Mr. Calaway has been an active real estate investor in a number of limited partnerships over the past 5 years, including each of the limited partnerships sponsored by this company. His election to the Board of Directors brings to this company and the partner- • • Page 2 ships additional perspective and judgments formed by successful entrepreneurial management over time and strengthens the financial base of the company. Should you have any questions concerning this notice or any other aspects of your partnership's activities, please call me at 215-576-1200. Sincerely, Robert L. Silverman President RLS/bb • PRIOR PERFORMANCE OF THE GENERAL PARTNERS The Corporate General Partner and Associate General Partner have sponsored seven other limited partnerships since July of 1979 with investment objectives similar to those of the Partnership. The seven prior limited partnerships, all privately formed, are Pitkin Partners, Pitkin Partners II, Pitkin Partners III, Pitkin Partners IV, Pitkin Partners Special Properties I, Pitkin Partners V, and Pitkin Partners VI. The seven prior .limited partnerships have raised $1,396,000 from 58 investors, including limited partnership interests purchased by the General Partners, but excluding cash calls made pursuant to the partnership agreements. At June 30, 1982, the prior limited partnerships (excluding Pitkin Partners V, which was organized on July 1, 1982, and Pitkin Partners VI, which was organized in December, 1982) had purchased 34 properties, containing 47 rental units, as follows: -29- Mortgage Financing Location Type Purchase Price at Date of Purchase PITKIN PARTNERS Glenwood Springs, CO 1 duplex $ 88,129 $. 54,702 8-unit apt. Washington, D.C. house 4 condomin- 278,000 196,000 ium apts. 158,439 121,061 Stuart, FL 2 duplexes 148,785 116,864 -.. -- $613,353... $488,627 PITKIN PARTNERS II r Washington, D.C. 1 condomin- ium apt. $ 58,121 $ 48,475 Stuart, FL 1 duplex 61,000 52,000 1 triplex 101,166 75,000 1 condomin- ium apt. 46,912 31,732 Denver, CO 3 condimin- ium apts. 200,765 160,185 $467,964 $367,362 PITKIN PARTNERS III Aspen, CO 1 condomin- ium apt. $145,129 $113,830 Washington, D.C. 1 condomin- ium apt. 43,146 31,911 Tucson, AZ 4 condomin- ium apts. 134,346 99,284 Stuart, FL 1 condomin- ium apt. - 52,907 40,433 $375,528 $285,458 -30- Location PITKIN PARTNERS IV Tucson, AZ Denver, CO Ft. Myers, FL PITKIN PARTNERS SPECIAL PROPERTIES I Aspen, CO Type 3 town - Purchase D_-; _ Mortgage Financing at Date of Purchase houses $179,700 $156,300 3 condomin- ium apt. 158.,,232 141,750 1 condomin- ium apt. 60,000 46,000 $397,932 $344,050 5 condomin- ium Apts. $900,043 $900,043 $850,000 $850,000 All of the foregoing 34 properties are residential properties the aggregate purchase price of which amounted to 2,814,820. 62.5% of such aggregate purchase price is invested in primary home residential property and 37.5% is invested in vacation type short-term rental properties. Approximately 85% of the aggregate purchase price for the 34 properties repre- sents investment in existing properties, and 15% represents investment in new construction that was purchased upon comple- tion by the applicable partnership. Financing for the foregoing 34 properties, aggre- gating $2,338,544, was obtained by the respective prior part- nerships through the issuance or assumption of mortgages securing the debt. Interest rates on these mortgages were: -31- Principal of Mortgages Percent of - Interest Rate at Dates of Purchase All Mortgages 7-7.97. $ 109,000 4.7% 8-8.97. 107,792 4.6% 9-9.9% 0 - 10-10.9. 187,804 8.1% 11-11.9% 590,550 25.37. 12-12.9% 171,790 7.30 13-13.9% 285,108 12.27. 14-14.9% 840,500 35.90 15-15.57. 46,000 1.9% $2,338,544 100.07. Certain of these mortgages, amounting to $285,500 (at dates of purchase) were issued with variable interest rates which will be adjusted up or down at specific times over the term of the mortgage. In addition, certain of the mortgages require balloon payments due, in the aggregate, as follows: 1982 - $109,000 (paid 4/1/82) 1983 - $ 43,000 1984 - none 1985 - $ 80,817 1986 - $ 8,156 1987 - $833,173 The remainder of the mortgages amortize over their fixed terms, ranging from 11 to 30 years. With respect to Pitkin Partners V, which was orga- nized on July 1, 1982: In July, Pitkin Partners V purchased a condominium apartment in North Ft. Myers, Florida for $75,000, financed by (i) the assumption of a $42,790 first mortgage at 9-1/4%, amortizing over 20 years with approximately 16 years remaining, and (ii) a $15,990 purchase money second mortage from the seller at 12%, amortizing on the basis of a 30-year term with a balloon payment due in 1989. In August, Pitkin Partners V purchased a three bedroom single family home in a suburb of Denver, Colorado for $70,500, financed by the assump- tion of a $52,500 first mortgage at 11-1/2%, amortizing over 30 years with approximately 28 years remaining. An additional four bedroom single family home was purchased in a Denver suburb in late 1982, for a purchase price of $67,500, subject to a $47,333 FHA mortgage at 9% with approximately 27 years remain- ing. Also in late 1982, three townhouses in Tucson, Arizona were purchased for Pitkin Partners V, at purchase prices of -32- 0 • approximately $64,700 each, financed by $52,000 FHA mortgages for 30 year terms, one with interest at 12% and two at 12,2%. Pitkin Partners V expects to settle in January of 1983 on a two bedroom condominium in North Ft. Myers, Florida, for a purchase price of $59,500, with a $47,600 mortgage bearing interest at 12%, amortizing on the basis of a 30-year term with a balloon payment due in seven years. All of the prior partnerships have investment ob- jectives similar to those of the Partnership. Pitkin Part- ners Special Properties I, however, was organized to acquire properties located solely in Aspen, Colorado and therefore did not seek geographical distribution of its properties. The prior performance tables that follow, Tables I through IV, contain information as of June 30, 1982. At that time, three properties owned by the prior partnerships have been sold, as indicated in Table IV. Since June 30, 1982, two additional properties have been sold: Pitkin Partners sold its duplex in Glenwood Springs, Colorado for $110,000, and Pitkin Partners II sold one of its condominium apartments in Denver for $95,000. All sales of properties by the prior partnerships have been for cash. Additionally, since June 30, 1982, Pitkin Partners V has purchased six properties, as men- tioned above. The accompanying tables do not reflect these Post -June 30, 1982 sales or purchases. Since none of the prior partnerships has sold or disposed of all of its properties, results of programs com- pleted by the General Partners are not available. Prospective investors in the Partnership will not acquire any ownership interest in any prior partnership or real estate to which the following tables relate. The following information is given solely to enable prospective investors to better evaluate the experience of the General Partners. Because of changes in prices of real property, interests rates, and various other factors, investors should not construe the inclusion of the following tables in this Memorandum as implying or indicating in any manner that the Partnership will make investments com- parable to those reflected in the tables with respect to location, distributable or disbursable cash, Federal income tax deductions available to investors or other factors. -33- rA • • Officers and directors Pitkin Co., Inc. Jenkintown; Pennsylvania We have reviewed the accompanying statement of assets and liabil-. ities arising from cash transactions of Pitkin Co., Inc. as of June 30, 1982, in accordance with standards established by the American Institute of Certified Public Accountants. All information included in this financial statement is the representation of the management of Pitkin Co., Inc. A review consists principally of inquiries of company personnel and analytical procedures applied to financial data: It is substantially less in scope than an examination in accordance with generally accepted aud- iting standards, the objective of which is the expression of an opinion re- garding the financial statements taken as a whole. Accordingly, we do not express such an opinion. As described in Note 1A, the Company's policy is to prepare its financial statements on the basis of cash receipts and disbursements; con- sequently, certain revenue and the related assets are recognized when re- ceived rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. Accordingly, the ac- companying financial statement is not intended to present financial position in conformity with generally accepted accounting principles. Based on our review, we are not aware of any material modifica- tions that should be made to the accompanying financial statement in order for it to be in conformity with the basis of accounting described in Note 1A. Certified Public Accountants August 12, 1982 100 PRESIDENTIAL BOULEVARD . BALA CYNWYD• PENNSYLVANIA 19004 . (215) 839.3422 -73- .fWw - • -2- • PITKIN CO., INC. STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS DUNE 30, 1982 r r K� r i ASSETS Cash Advances to Partnerships Advances to Officer Investments in Partnerships at Equity - (Cost $34,515) Loans Payable Payroll Taxes Payable Income Taxes Payable LIABILITIES STOCKHOLDERS' EQUITY Common Stock: 1C Par; Authorized 100,000 Shares; Issued and Outstanding 30,000 Shares Capital in Excess of Par - - Retained Earnings SEE NOTES TO FINANCIAL STATEMENT AND ACCOUNTANTS' REVIEW REPORT -74- $ 2,603 15;097 10,310 12,635 $40,645 $11, 238 780 1,962 $13, 980 $ 300 11,700 14,665 26,665 $40,645 - 3 - • PITKIN CO.. INC. NOTES TO FINANCIAL STATEMENT YEAR ENDED JUNE 30. 1982 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: A. Method of Accounting: The accounts of the Company are maintained, and the accompanying financial statement has been prepared, on the cash basis, except that they include a provision for federal income tax for the year ended June 30, 1982 and adjust- ments of partnership investments (Note 1B). B. Investments in Partnership: The Company owns one Limited Partnership interest each in Pitkin Partners, Pitkin Partners II and Pitkin Partners V, and one-half Limited Partnership interest in Pitkin Partners Special Properties I. These investments are stated at their underlying equity at the end of each partnership year on De- cember 31. 2. TRANSACTIONS WITH RELATED PARTNERSHIPS: A. Management Fees: U, The Company is the Corporate General Partner of Pitkin Partners, Pitkin Partners II and Pitkin Partners III, Pitkin Partners IV, Pitkin Partners V ' and Pitkin Partners Special Properties I, and is entitled to fees for manage ment of the Partnerships' business. The unpaid portion of these fees is not included in this financial statement as income and receivables since the statement is on a cash basis. However, the unpaid balance of $12,914 remains a liability of the Partnerships to the Company as at June 30, 1982. B. Obligations of General Partner: The Company is liable as General Partner for the debts of the Partnerships. Such debts are limited to recourse to the real estate owned by the Partner- ships. Any other liabilities are not considered to be material to the finan- cial condition of the Company in the event that any are not paid by the related Partnerships. C. Pitkin Investments, Inc.: Dot The President and majority shareholder of the Company has formed Pitkin In- vestments, Inc., which is a registered broker dealer and which sells partner- ship interests without compensation in Limited Partnership in which the Company will be the Corporate General Partner. The expenses of Pitkin Investments, Inc. are reimbursed by the Company. SEE ACCOUNTANTS' REVIEW REPORT -75- i4ffs I M011i M Assoclares,ix Real Estate Appraisers and Consultants AN APPRAISAL OF SILVERMAN UNIT EAST HOPKINS CONDOS UNIT 2S ASPEN, CO 81611 March 10, 1983 FOR: Mr. Robert L. Silverman C/o Bill Sterling Sterline Homes 600 East Hyman Avenue Aspen, CO 81611 The valuation study and Certification which follows are expressly subject to the assumptions, contingencies and limiting conditions at- tached, together with any special limiting conditions specifically dis- cussed in the report. Scott M. Bowie, R.M. M A Randy Gold James J. Mollica, M.A.I. Bill Whaley C�+� Appraiser -Consultant Associate Appraisers Crystal Palace Building • 300 East Hyman Avenue, Aspen, Colorado 81611 • 303/925.8987 • Mcs J. 1,10111m iSSOCIU s Ix Real Estate Appraisers and Consultants Crystal Palace Building • 300 East Hyman Avenue • Aspen, Colorado 81611 • 3031925 8987 Aspen, Colorado March 10, 1983 Mr. Robert L. Silverman C/o Bill Sterling Sterling Homes 600 East Main Street Aspen, CO 81611 RE: An Appraisal of the Silverman Unit, East Hopkins Condominiums Unit 2S, Aspen, CO 81611 Mr. Silverman: In accordance with your request, we have gathered and analyzed applicable market data for the purpose of estimating the subject's Market Value (most probable selling price) as of March 10, 1983. Please note that this valuation is being offered in a form report summarizing all the data considered germane to the valuation of the subject property. Contained in our files is additional information which may be reviewed if necessary. We also note that the subject property has been appraised on an unfurnished basis. We are appraising all of the units in the subject complex. Unit 2S has been selected as one of the models and is examined in detail in the body of this report. We use this appraisal to also value Units 1S, 1N and 2N located on the first and second floors of the subject complex. We have been asked to appraise the subject units on a cash basis. It is also our understanding that real estate commission may not be applicable in regards to the function of this report. For this reason, we have also included a value for the subject units without real estate commission. Our conclusion of the value of the above four units, as of March 10, 1983, on a cash basis, is as follows: Unit 2-South: $180,000 Unit 2-North: 175,000 Unit 1-North: 165,000 Unit 1-South: 165,000 Total: $685,000 We note that all our comparable sales and our final value estimate include 6% real estate commission, that typical in our area. Should the function of this report dictate that real estate commission is not applicable, we suggest it be deducted as follows: Value of the Subject Units With Commission: Less 6% Commission: Value of the Subject Units Without Commission: Rounded: Scott M. Bowie, R.M. Randy Gold, R.M. Associate Appraisers $685,000 643,900 MAC James J. Mollica, M.A.I. Appralser-Consultant s • Attached is our report containing the supporting market data and exhibits from which, in part, we have based our opinion. If we can be of any further assistance in the interpretation or application of the findings in this report, please do not hesitate to call. Thank you for this opportunity to be of service. Sincerely, Scott M. Bowie, R.M. Associate Appraiser APPRAISAL REORT — INDIVIDUAL CONDOMINIUM OR ❑PUD UNIT File No Borrower Kobert L. Silverman r� 2S Census Tract 097 Map Reterance see atta 1 Unit NO, Address_ 825' East Hopkins Avenue Project Name/Phase No. EaSt H0 in Aspen Condominiums city_ County Pitkin State CO zip coat 81611 • Actual N/A Real Estate Taxes s (yr.) Sales Price s N/A Property Rights Appraised n Fee l_tafthpld Loan Charges 10 be Paid by Sellars Other Sales Concessions ' Lander/Client Lender's Address Occupant ADora lser!CDtt Bowie R M Instructions to Appraiser ❑ FNMA 1073A required CFHLMC 465 Addendum A required ❑ FHLMC 465 Addendum 6 required Location Ulban Suburban LJ Rural NEIGHBORHOOD RATING Good Avg. Fair Poor Built UP ®Over 75% ❑ 25 4 to 75% ❑ Under 25 4 Adequacy Of Shopping , � • • ' ❑ ❑ ❑ Growth Rate ❑Fully Developed ❑ Rapid ❑Steady ❑slow Employment Opportunities • • • ❑ ❑ ❑ Property Values ❑ Increasing ®Stable [IDecliningRecreational Facilities . • • • • • ❑ ❑ ❑ Dtmand/Supply ❑Shortage In Balance ❑OversuDDIY Adequacy of Utilities' , , • • ❑ ❑ Marketing Time ❑Under 3 Mot. 04-6 Mos. ®Over 6 Mos. Property Compatibility, , ® ❑ ❑ ❑ Present Land Use 10 % 1 Family 75 % 2-4 Family, 15 4 Aptf. % Condo Protection from Detrimental Cond. ® ❑ ❑ ❑ %Commercial_% Industrial _% Vacant Police and Fire Protection , ® L_1 ❑ ❑ Change in Present Land Use ❑ Not Likely ❑ Likely* ® Taking Pl.ce • General Appearance of Properties. ❑ (29 ❑ ❑ "From —Single fami lyo _m111 ti—fami 1V Appeal to Market ® ❑ ❑ ❑ Predominant Occupancy ®Owner ❑Tenant k Vacant Condominium: Price Range S150, QDD to S_.00-0.0 Predominant $250non P Public Distance Access or Convenience e Transportation ® ❑ ❑ ❑ Aye - Yrs. 10�.� yrs. Predominant Yrs. Employment Centers Im ❑ ❑ O Single Family: Rice Range s 1501000 10 S —32 L,0ja0Predominant s 250 ,nnn Neighborhood Shopping ® ❑ ❑ j , car Age _ 25 yrs. to 90 yrs. Predominant CiO yrs. Grammar Schools 1 ® ❑ ❑ 1 0 Describe potential for additional Condo/PUD units in nearby area Restrictions Ffeewa Access. N/A posed by the Growth Management Plan will limit development in the neighborhood Note: FHLMC/FNMA do not consider race of the racial composition of the neighborhood 10 be reliable appraisal factors. Describe those factors, favorable or unfavorable, affecting marketability (e,g, public parks, schools, noise, view, mkt. area population size L The subject is located financial ability) three blocks from Aspen's commercial core where schools. s. entertainment and sho in are available. B chl�G' Lot Dimensions (If PUD) Common Condo , N/A So. Ft. ❑ Corner Lot Project Density When Completed as PlannerR/A—Units/Acre Zoning Classification RMF — Residential Multi —Family Present Improvements MOO ❑do not conform to zoning regulations. Highest and Best Use: n Resent Use ❑ Other (Specify) Public Other (describe) OFF -SITE IMPROVEMENTS Project Ingress/Egrets (adequacy) Good Elec. Street Access: ®Public❑Private T000. T.PvPI Gas ® surface: Aaphalt size/shape-Rartangillar — typical Water ® Maintenance. ® Public ❑Private View Amenity Good from Sol th uni San,Sawar ®Storm Sewer ®Curb/Gutter Drainage/Flood Conditions—Nn flnnri hazard ❑Underground Elec. L Tel, M Sidewalk KIStreet Lights It properly located in a HUD Identified Special Flood Hazard Area? ® No ❑ Yea COMMENTS (Including any easements, encroachments or adverse Conditionfilni t is. })ac avprngp to good views south Aspen Mount-ain, toward Subjerf-is a second floor unit in a t ® ee—level complex of —garden apartments. I Existing Approx, Year Built 1977 Original Use Rpt' - /rOndnS ❑ Condo ❑ PUD ❑ PROJECT RATING Good Avg, Fair Poor Converted (19 _ ) Location _ ❑ ❑ ❑ TYPE ❑ Proposed ❑ Under Construction _ General Appearance . • . • • • • ❑ ® ❑ ❑ PROJECT ❑ Elevator 91 Walk 3 . -UP No. of Stones ❑ Row or Town House ❑Other Amenities & Recreational Facilities ❑ ❑ ® ❑ (specify) © Primary Residence ®Second Density (units per acre) ❑ • • ® ❑ Home or Recreational Unit Mix . ❑12❑ ❑ If Completed: No, Phases NO. Units 6 No, Sold _- Quality of Constr. (mat'I. 6 finish) ❑ ER ❑ ❑ If Incomplete: Planned No, Phases No. Unite No. Sold Condition of Exterior ❑ D ❑ ❑ Unlit In Subject Phase: Total 6 Completed 6 Sold 1 Rented5 Condit ton of Interior • • ❑ ❑ ElApprox, NO. Units for Sale: subject Project None "--'Subject Phase Appeal to Market . ❑ 0 ❑ ❑ Exterior Will _Cedar ply Root Coveting -Built up Security Features one Elevator: No. 0 Adequacy L Condition soundproofing, Vertical_Fair/average Horizontal Fair average Parking: Total No, Spaces 6 Ratio 1 Soaces/unit Type parking lot street No. Spaces for Guest Parking Describe Common nlements or recreational facilities Basement area has laundry room and owner storage Are any common elements, rec. facilities or parking leased to Owners Assoc.r NO If Yes. i:tach addendum describing rental, terms Existing PtOpOsed ❑ Under Constr. Floor No. Unit Livable Area 11 Ir' Basemenlcommon % Finished 1 and options, Parking for Unit: No. Type space ®Assigned LJ Owned Convenience to Unit _ rear Of complex Room List Foyer Li v Din Kit Bdrm Bath Fam Rtc Lnory Other UNIT RATING Good Avg, Fair Poor Basement 1 Condition of Improvements. [3 ❑ ❑ 0 1st Level L are 3 2 ens al Roovm Sizes And Layout , , , , , . ❑ U ❑ ❑ nd Level , Adequacy of Closets and Storage ❑ ❑ ❑ , Floors ❑Hartlwood ®Carpet Kit, Equip_, Cabinets L Workspace ❑ L__1 ❑ ❑ Over ply ❑ Plumbrn ❑ 9—AdcgwCY and Condition U ❑ ❑ Ins, Walls ❑ ® Drywall ❑ Plaster Electrical —Adequacy and Condition ❑ ED ❑ ❑ Trim/Finish ❑ Good ® Average ❑ Fair ❑Poor Adequacy of Soundproofing ❑ � El Bath Floor ❑Ceramic ® Vinyl Wainscot: ®Ceramic ❑ _ AdtquacY of Insulation, , • • ❑ • ❑ ❑ Windows (type): Single _pane ®St Ofm Sash InScreens ❑Combo Location within Project or view ❑ Q ❑ ❑ Kitchen Equip: ® Refrig. ® Range/Oven ® Fan/Hood ❑ Washsr ❑ Dryer Overall 4ivability ❑ • • ❑ ❑ '.J Intercom ® Dispotal ® Dishwasher ❑ Microwave ❑Compactor • • • • ❑ Appeal and Marketability• ❑ ❑ HEAT: Type _HWBB Fuel Gas Cond.' Average . • 8 Est. Effective Age 10 AIR COND: ❑Central ❑OtherNOne ®Adequate ❑Inadequate . . . . . Remaining noml Life • • • to yrs. —AD—to Earth Sheltered Housing Design ❑Solar Design/LandfUDt ❑Solar Space Heat/Air Cond. ❑Solar Hot WaUr 4-2_ yr, Flue Damper ❑ Elec./Meth, Gas Furn, Ignition ❑Auto. Setback Thermostat ❑ Oble./Triple Glazed Windows ❑Caulk/Wealherslrip NSULATION (state R•Factor if known) ® Walls ® Ceiling CS Floor ® Roof/Attic ❑ Water Healer if rehab proposed. do plans and Specs provide lot adequate energy conservation? N/A If no, attach description of modlflCatlOn needed, ENERGY EFFICIENCY APPEARS: ❑High ®AdequJtt ❑Low Energy Audit ❑Yes (attach, If avalNble) ®No _OMMENT$ (SPecial features, functional or Physical Inadaquacits, mooernizallon Or ftDJlrs needed, etc.) has been recently _Subject remodeled. Carpeting and paint (both interior and exterior) are new. Bath tile also _ ) (10.2960) A,AIPTIVE PHGTOGRAPHSOF SIiRJE[T PRnP:aTY Lk,n cTInc cT cr•c..,c r' .... I___ ..,11 n — A9068 Unit Charge S 150 /Mo^1x 12 • i 00 /vr. (S 1 , 59 /Sq. Ft./vear o Is area). Ground Rent (it any) s N/A /yr. Utilities included in unit charges ❑ None 'Meat ❑ Air Conti. ❑ Electricity victy as �v Water sewer Note env fees, other than regular Condo/PUD charges, for use of facilities None To properly maintain the project and provide the services anticipated, the Dudget apDears: ❑ High ZI Adequate ❑ InsdoOuate Compared t0 other competitive projects Of similar quality and design subject unit charge appears: ❑ High 93 Reasonable ❑ LOw Management Group C3 Owners Association ❑ Developer :K) Management Agent (ider.tlfy) Sterling Homes Ouahiv of Management and tU enforcement Of Rules and Regulations appears: ❑ Superior Good ❑ Adequate ❑ Inadequate Special or unusual characteristics in the Condo/PUD DOc4ments or otherwise known to the appraiser, that would affect marketability (if none, so state) Comments NOTE: FHLMC does not require the Cott approach in the appraisal of condominium Or PUD units. Cost Approach Ito be used only for detached, semidetached, and town house units) ReDroOuct-on Cost New So. Ft. •- S Less Deprecation Physical S_ Functional S Dt Dretialed Valt,e of Im-r—ement, ' per Sq. Ft. = . . . . . . . . . . . S N/A Economic S Add Land Value (i: 'easencild, show only leasehold value -attacn calculations) . . . . I . . . . . . . . . . . . . . . . . . Pro-rata Snare of Value of Amenities . . . . . . . . . . . . . . . . . . . . $ Total InO-uled Value: ❑ FEE SIMPLE ❑ LEASEHOLD S N A Comments regarding est4mate of depreciation and value of land and amenity package The Cost Approach is not considered able in the appraisal of a single condominium unit located within The appraiser whenever possible, should analyze two comparable sales from within the subject project. However, when appraising a unit in a now or newly converted project. at least two comparables should be selected from outside the sub;ect project. In the following analysis, the comparable should always be adjusted to the subject unit and not vice versa. If a significant feature of the comparable is superior to the subject unit, a minus (—) adjustment should be made to the comparable, if such a feature of the comparable is inferior to the subject, a plus (•) adjustment should be made to the comparable. LIST ONLY THOSE ITEMS THAT REQUIRE ADJUSTMENT ITEM Subject Property East Hopkins COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Address -Unit No. Queen Victoria #304 Villas of Aspen #33 Concept 600 #206 Project Name #2S Proximity to subj near mile 2 blocks Sales Price s NIA_ s 175 0 )0 ; S 185 000 ' s 160,000 s 163 Pttce/Living Area s N/A ; S 181 s 158 Data Source Inspection 'Broker Broker JBroker Date of Sale and DESCRIPTION DESCRIPTION ;Atljuttment DESCRIPTION ; Adiu stment DESCRIPTION ; Adjustment T ime Adjustment 1 0 r, — L — Location S ;� site/view South/avg.,I North similar ;-0- S.W. av .- ood -0- Sout s m ar Design and Appeal A _Q1aU___ Top floor i-5 000 Townhouse ;-5 000 Similar -0- ouality of Constr. Ay-eraQe__ Similar -0- Similar 1-0- Similar :-0- Age 9-7-2 ao 1973 ;-0- 1972 ;-0- 11972 0- c°"d'''°-__—t�_ -- +00 iSimilar ;-0- Living Area, Room Total 'B rmsBaths Total B rms ; Baths Total ' Brms ; Baths Total B-rms Baths i , Count and Total 4 �3 2 5 i 3 1 Gross Living Area isSo ftl 967 SQ. ft 1170 Sq, ft. — Sq. 1t.4-6 00 eatemtnta a:mt I Common bsmt.! 585 SF fin. Finished Rooms h I nds.1 Inferior .+2 0 1 BR 1 Bath -10 000 Inferior �+-2 000 Similar :-0- Similar .-0- 2 BR condo ;+25,000 --�-0- ./.st..Qr, Functional ul.Iily 3 BR condo Air Conditioning one Similar -0- Similar '-0- Similar Limited ;-0- Limited ;-0- Limited ;-0- _ St°rag` ___ Basemer}�.__. _ Under round :-3 000 Space- :-0- Underground :-3 000 Pai4mq FaCilillts space Cti--ion Eicments No common and Re0Callon I FaC. la ces rec. i Similar -0- ' ' Similar -0- Similar -0- i rnishPd Nn Yps/nnnr — — — ;-3,000 kilo Astessment Average a Similar, :-0- I Similar ;-0- Similar ;-0- ___ Leasehola/Fit _ Fee I Similar -0- Similar -0- Similar :-0- Special I}<XWv )Exxxxt Items None , Sauna :-3,000 Similar �-0- Similar :-0- -- --{— Other leg f.re places. kitchen Average ;; Similar :-0- i Similar-0- . Similar :-0- equ.D r rem Odelingt 'i Sales Or Financing $60,000 caS tta-de Concessions N/A I' bal . owc 12% 5 i rs . -0- Cash -0- Seller f inan . :-0- Net Adj. (total( —,Plus ;)(Mtn us ;s 2,000 -plus_M.nus iS 8,000 9JPlus❑Menus is 22,000 ntl-calto Value I of s�bj"` I : s S — i s 17 .000 193 000 187,000 Comments On Market Data Analysts See attached. • ................. sSEE ATTACHED e (It applicable) Economil. Market Rent S /Mo. x Gross Rent Multiptiar x S N/A 1 This appraisal is made �"as is••, L� subject t0 tree repairs, alterations, or conditions listed below, subject t0 COTpleliOn per plans and specifications. Comments and Conditions Of Appraisal Final Reconciliation See attached. Construction Warranty El Yet i__) No Name of Warranty Program Warranty Coverage Expires This appraisal is based upon the above requtfements, the certification, contingent and limiting conditions, and Market Value definition that are stated in X_I F HLMC Form 439 1R►v. 10 78)/FNMA Form 1004E (Rov. 10/781 filed with client 19_. L attached I ESTIMATE THE MARKET VAL , AS DEFINED, OF SUBJECT PROPERTY AS OF March 10 , 1g 83 10 be $ SEE ATTACHED A Dora^erlsl Review APpraser lit applicable) 3 /� 19 _ Did Not Phv%,Cally IntpeCI Properly 7a:e Repo,: 5..n•0 .. __� _ .—__._.__— C--F a ,,, 465 9 NO AtVEIaSE FNMA Form 1073 9/N0 subject property services Aspen and the area's ski resorts. Proximity to central Aspen and the ski slopes makes the neighborhood very popular with Aspen residents and tourists. complex due to inherent difficulties in deriving unit land cost, reproduction cost and accrued depreciation. The three sales represent transactions of reasonably similar two- and three -bedroom units in and near central Aspen. Sale 1 is located across the street from the subject in a relatively similar complex. The unit also contains three bedrooms and two baths and is located on the top floor. The privacy of this top -floor location is considered superior to the subject's middle -floor location. Views are considered reasonably comparable to the subject's. Terms of the sale were $60,000 cash with a trade and the owner carrying the balance for 5 years at 12%. We note that there are currently two Queen Victoria units available on the market for $200,000 each. Sale 2 is located in a complex near the west boundary of the City of Aspen. Its location away from the central core is significantly inferior to the subject's. The unit itself is of townhouse design, considered slightly superior to the subject's garden middle -level design. The unit contains three bedrooms and 1-1/2 baths on the first and second levels, with a finished basement of 585 square feet finished as one -bedroom and one bath. The complex was built in 1972, and the units are comparable in quality to the subject. We also note the sale of Villa of Aspen Unit 28 in December, 1982 for $207,000. This is a slightly smaller two-bedroom/1-1/2 bath unit with a finished basement. This sale would tend to direct us near the upper end of the range for Unit 2S. Sale 3 is situated in the Concept 600 building approximately three blocks from the subject. The unit itself has only two bedrooms and two baths, necessitating a large upward adjustment for the subject's superior layout. The complex is comparable in quality and the unit similar in condition to the subject. We note that seller financing was involved in this transaction. There are currently two three -bedroom Concept 600 units available at $200,000 and $225,000. In our opinion, these units represent market competition for the subject complex; and their range of listed prices should help establish an upper parameter for th.e subject. We also note the sale of two Chateau Roaring Fork three-bedroom/two bath units. Unit 30 sold in August, 1982 for $260,000; and Unit 39 is under contract for $215,000 (cash). Both units are located on the top floor of the complex and contain approximately 1150 square feet, three bedrooms and two baths. Unit 30 overlooks the river, and views are significantly superior to those of Unit 39. We also note that the seller of Unit 39 was nearing foreclosure and needed an immediate sale. For this reason, the sale price is regarded as the lower range applicable for these units. The Chateau Roaring Fork complex is superior in quality, amenities and overall appeal to the subject complex; and this range of value for three -bedroom units must be regarded as the extreme upper range applicable for the subject. Our sales reflect a range of value for Unit 2-South from approximately $170,000 to $190,000. In our opinion, the subject's desirable south -facing views would direct us nearer the upper end of this range, or say $180,000 to $190,000. On a cash basis, we feel that the lower end of this "mini -range" of approximately $180,000 is applicable. • We have also been requested to value the remainder of the units in the complex. Unit 2-North is nearly identical to the subject, although it faces north and does not have the subject►s south views toward Aspen ?•fountain and sun exposure. However, views are average north toward Red Mountain. In our opinion, the middle portion of the range established for Unit 2S is applicable for Unit 2N, or say $175,000 to $180,000. On a cash basis, we would select the lower end of this range, or say $175,000. Units 1-North and 1-South are situated in the garden level of the complex. Effectively, they have very limited views and their location partially below grade is less desirable than higher units in the complex. For this reason, we feel a range of value is applicable from the lowest end of the range and slightly below the lowest end indicated by our comparable sales for Unit 2S. Consequently, it is our opinion that Units 1S and 1N have a value range from approximately $165,000 to $170,000. On a cash basis, we would select the lowest end of this range, or say $165,000 for each unit. Summarizing, the following are our value conclusions, on a cash basis, for the subject units analzyed in this report as of March 10, 1983: Unit 1-North: $165,000 Unit 1-South: 165,000 Unit 2-North: 175,000 Unit 2-South: 1Pn nnn Total: $685,000 • SKETCH OF SUBJECT 18 --------- --2S patio area 18 x 13 -------- 113 --------- --2N, 3N deck area 18,x '6 I 33'1 Patio .area Bedroom for 1S unit I Living room (lN slightly I smaller) 23 Bath Kitchen 1 51 1 4 3' � Bedroom Bath Bedroom Typical Unit Layout Taxes: 1S = $724.50 2S = $744.88 1N = $724.50 2N = $731.50 3N: $765.86 Not to scale; dimensions are approximate; for descriptive purposes only. 1. 9 d%.4im, rift job jo CALM; -IN lip , ! r �v.s�. •J� !"��'•� raj. Win'\ i.�_ 66re �, ••f��l � ^.'I �+ �� - -��.,, -� tom+ ��:• dr "'. �+•,..� c �; r � .. i'1 ry . ter:.,., '.i':. fir: y. � •�. _ .TIP•'- ,'p'�r/7CYR.i "�. a�� __ _. ... "�!-J.+«►.. _ ti At. ' ti • 1 � Lam-. • ..�. _ � �„�; -'► � - � ' - a!ra S4; Zi 44, AA �y M/DLAND R , K GyRC $ L f PARK : a • 1 . P• • O 2 Y W Ll CLEVELAND , 7W ¢ :'WEST END' •••••••LL l IO • v w ORIGINAL 1 • v O 1r � Q • 2 O ; r .; .:.. r O 2 co �l �6 w t� � J � I' O w. J 4 RED i EP 4. All POPPING VOy 041, b0 6 c�0 J W a z :Eiji il ¢ J h � OND : LJ n L�J � • � h 3C JI n • n • u LJ U O FOURTH : ii s I = • LU 'ID�—,EHCIDL - P, N IZ �I IV . ILi 51XTH 77 I I I I ��II• Lj: L SEVENTH I lii � �I • EIGHTH DTM �` i u�JI J i. 111 y -i P LANF QUALIFICATIONS OF APPRAISER Scott M. Bowie, R.M. PROFESSIONAL AFFILIATIONS: Residential Member, (R.M.) American Institute of Real Estate Appraisers M.A.I. Candidate, American Institute of Real Estate Appraisers Licensed Real Estate Broker in the State of Colorado Member of Aspen and Colorado Boards of Realtors Member of National Association of Board of Realtors EDUCATION: Harvard University, BA, 1971. Phi Beta Kappa, Magna Cum Laude University of Colorado Continuing Education Division: Real Estate Law Real Estate Finance American Institute of Real Estate Appraisers: Course 1-A, Principals Course VIII, Residential Course 1-B, Capitalization Techniques Course 2, Urban Properties BACKGROUND AND EXPERIENCE: Associate Appraiser: James J. Mollica & Associates, August 1976 - present Colorado Real Estate Broker: 1974 - present Condominium Property.Management: Durant Condominiums, Aspen, Colorado, 1971-1976 MAJOR CLIENTS SERVED: Aspen Industrial Bank Empire Savings & Loan Association Aspen Savings & Loan Association First National Bank of Aspen Bank of Aspen First Western Mortgage Corporation City of Aspen Majestic Savings & Loan County of Pitkin TYPES OF PROPERTY APPRAISED: Single Family Residential Vacant Land Condominium Commercial FUNCTIONS OF APPRAISALS: Acquisition Insurance Partition Condemnation Listings Sales Estate Planning Mortgage Tax Planning STATEMENT OF CERTIFICATION: The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MAIs and RMs who meet the ninimam standards of this program are awarded periodic educational certification. I am certified under this program through December 31, 1983. Jolow" J. M011h assoc�a�eS��: Real Estate Appraisers and Consultants DEFINITION OF MARKET VALUE: The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consumm.-ition of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal Terminology," published 1975.) CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION: The Appraiser certifies and agrees that: 1. The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the partici- pants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under- signed affecting the analyses, opinions, and conclusions contained in the report). 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser." No change of any item in the appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title there- to, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop- erty. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made therefor. 4. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or. structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. 8. Neither all, nor any part of the content *of the report, or copy thereof (including conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved' financial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. Date:. . . . . . V! 9A_5. . . . Appraiser(s) . .. . . .. . . . . . . .. .. . ►NLMC FORM 439 REV. 10/78 FNMA FORM 10048 REV. 10/78 O riiKi iN�. or SUITE ITEE ]00-0-4 BENJAMIN FOX PAVILION JENKINTOWN. PA 19046 (215) 576-1200 February 24, 1983 TO ALL LIMITED PARTNERS, PITKIN PARTNERS PITKIN PARTNERS II PITKIN PARTNERS III PITKIN PARTNERS IV PITKIN PARTNERS V PITKIN PARTNERS VI PITKIN PARTNERS SPECIAL PROPERTIES I Management: On February 23, 1983, by a unanimous action, the stock- holders elected James C. Calaway, age 50, BBA: Doctor of Jurisprudence, University of Texas, as a Director of Pitkin Co.. Inc. Mr. Calaway is founder and President of Southwest Minerals Inc. Since 1955 the company, based in Houston, Texas, has been active in oil and gas exploration in several states. fie is Chairman and Treasurer of FRIO Resources, Inc., Director of Amwar Petroleum Corporation, Director, Gulf Freeway National Bank, Houston (Southwest Bankshares Bank), Chairman of the Board, H. C. Hwang and Partners, Architects and Planning Consultants, Inc. Mr. Calaway has also been active in many educational, cultural and public interest organizations in Texas and elsewhere. Mr. Calaway has acquired 2000 shares and Southwest Minerals Inc. has acquired 2000 shares of newly issued common stock of the company. Mr. Calaway controls the stock of Southwest Minerals Inc, and as a result of this transaction will control 16.66% of the voting stock of Pitkin Co. Inc. In addition the company has granted Mr. Calaway and/or Southwest Minerals Inc. an option for 120 days after February 11, 1983 to purchase an additional 16.66%. of the voting stock of the company. If said option is exercised, Mr. Calaway will own 33.3% of the common stock of Pitkin Co. Inc. Mr. Calaway has been an active real estate investor in a number of limited partnerships over the past 5 years, including each of the limited partnerships sponsored by this company. Eiis election to the Board of Directors brings to this company and the partner- Page 2 ships additional perspective and judgments formed by successful entrepreneurial management over time and strengthens the financial base of the company. Should you have any questions concerning this notice or any other aspects of your partnership's activities, please call me at 215-576-1200. Sincerely, Robert L. Silverman President RLS/bb kvt•urde -- .... - -- ''rinck �1., • .'• `:;.�c�1 r.r: i/� � Rect. fit i THIS UEFD. Made this 5th day of October 1 2 43 J 0 between ALAN J. GOLDSTEIN 1 L l �� of the LORETTA SANHER rot,nt�•t,r Monroe and Slate or N.Y. nrtheril•st,,al't,a1r'1 � ITKII! CTY. RECORDER �,'Pitkin Partners Special Properties I, a Pennsylvania Limited whose legal address is C/o J. Allen Dougherty, / Partnership !t; Esq., Schnader, Harrison, Segal & Lewis, 1719 Packard Bldg., R 3 Ol N •- �: of the County of Philadelphia and Stacy of 1 C Penna..ofthe second part: �•: *...Philadelphia, PA 19102 WITNESSF. T H, That the said part y of tilt- first part, for and in c•or,sulerat ivn of Ten Dollars ($10.00) and other good and valuable consideration ---------- 4N04 r� to the said party of the first hart in hand Paid by said par, of t:,r• secund hart, the• receipt :vltereur is hereby cultfessed and ncknowledged. Ira s granted, bal-;!ained. st•i•I :utd r•o:t•..•; ,rl. ac•! �.} these 1-resents d+e$ �\ grant, bargain, sell, convey and confirm, uvittt the sa,art id ,i tl:,• rec•:n.: I I•:t: t. heir.. and :t:signs for. ever, all the following described lot or Farrel of land, situate, lying ::::d hr:r._ in the i-- •J County of Pi tki n and State of Colornrlo, to wit: t C7 rj Unit 3 North, EAST HOPKINS CONDOMINIUMS, ! according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents ij common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. I FLt also known as street and number I' TOGETHER with all and singular the hereditantents avid appurtenances thereto belonkiHi or In anywise topper- I� taining, and the reversion and reversions, rcmalndcr and remninders, rents, issues and profits thereof, and all tilt• estate, right, title, interest, claim and demand whatsoever of the said part y of the first part, either in law or equity, of, in and to -the above bargained premises, with the hereditaments and appurtenances. TO HAVE ANI) TO HOLD the said premises above bargained and described wail tite appurtenances, unto the I� said part of the second part, heirs and assigns forever. And the =aid party of the first part, for hiraelf, hisltcirs, executors, and adn►inistrators, doeS covenant, grant. bargain, and agree to and with the said part of the second part, heirs and assigns, that at the time of the cnsealing and delivery ! ` of these presents, he is well seized of the premises above conveyed. as of t•rrr,d, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, avid ha $ g.•:.d right, full power and authority li to grant, bargain, sell and convey the same in manner and form as aforesaid, and That t!te rants- are free and clear from all former and other grants, bargains, sales, liens, taxes• assessments and vncun:brances of whate%er kind of naturesoever, except taxes for the current year and burdens of special assessment districts. and the above bargained premises in the quiet and peaceable possession ofthe .:aid part oftlie second pnrt, heirs and assigns against nll and every person or persons lawfully rh—niniz or to claim the who!t- ••r any part thereof, the said part y ofthe first part shall and %611 WA It RANT AND FuRF.%'I•:l: DEFEND. IN 1FIT\ESSWHEREOF. thesaidparty of the first I,:, a$ hrJvunt;•set his (land and seal the day and year first above written. tSE A1.1 - — - an J.;Goldstein — -- ...tRE:ALI i .__1RE:A1.1 STATE 0 F ((14,RirAU0, ss, county of P4tk:i-T%jlr�r.:. 'I bt f,.rrgning instrument was acknowledged before me this 5 t h of October, -t• I,+81 I Alan J. Goldstein. t\•Itnessilly h:uttlandYtfficialsoul. .1 WARRANTY DKEU.--1... r,•..., ; r. 1•.", , r._...., 11 ia•currlCrJ:rt.. _ �,'r'In.'_ •.! _"�:°'�`rf.f..+`,� l�:ra. =tr'�^ lteCCpliu __.. _ _. _ _ __.. .. • _ _._It t.•C.Or:ier. . Tills DEED, made this5th day of October , 19 81 r✓ between ALAi•J J. GOLDSTEIN :- (if sire I LORETTA B y;IER CD courityof Monroe andStuteof N.Y. uftbefll•.tliart.unrl Pikin PITKIN CTY. RECORDER � Partners Special Properties I, a Pennsylvania Limited Parit- nership, c/o J. Allen Dougherty, Esq., Schnader, Harrisonl, APR 3 Qj PM 18Z Segal & Lewis, 1719 Packard Bldg, Philadelphia, PA 19102 Ci . !: of the Penna. County of Philadelphia and State of r� I: of the second part: µ'ITNESSF,^'ll. That the said part y of the first part, for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration ----------+xu.r!Vii-- ' to the said party of the first part in hand (raid by said part of tilt- second part, the receipt whereof is hereby confessed and acknowledged, ha S granted, bargained. sold and cun:eved. and F.y these presents dies grant, bargain, sell, convey and confirm, unto the said part of the .arr.r.r! part. heirs and assigns for- ;J ever, all the following described lot or pnrccI of land, situate, lying and n1 the !_ county of Pi tki n and State of Colorado, to wit: Unit 2 North, EAST HOPKINS CONDOS1INIUMS, according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO reservations and exceptions as contained in United States Patents j�common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. also known as street and number , , ............../: �J........... TOGETHER with all and singular the hereditaments and apllurtenanccsthereto belonging, or in anywise apper• ' taining, and the reversion and reversions, remainder and retnainders, rent;:, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the said party of the first part, either in law or l equity, of, in and to the above bargained premises, with the hereditaments and appurtenances. TO HAVE ANI1TO HOLD the said premises above bargained and described with the appurtenances, unto the said part of the second part, heirs and assigns forever. And the said part y of the first part. (� for hime}f,hiS heirs, executors, and rdrnini•trators, do covenant, grant, bargain, and agree to and ii with the said part of the second part, heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, as of good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and ha S good right, full power and authority to grant, bargain, sell and convey the same in manner and form as aforesaid. and That the same are free and clear I� from all former and other grants, bargains, sales, liens. taxes, assessment, and encumbrancer of whatever kind of is naturesoevet•a except taxes for the current year and burdens of special assessment districts. ji • I Ii and the above bargained premises in the quiet and peaceable possession of the said part of the second part. I ! heirs and assigns agsinst all and every person or persons lawfully claiming ur to chtim the whole or any part i, thereof, the said party of the first part shall and will WAR RANT AND FOREVER DEFEND. itIN WITNESS WHEREOF. the said part y ufthe first part ha'$ hereunto y< fi-IS hand and seal the day and year first above written. an J. Goldst.ei- --- --.-YSEAI.I ---�._._ _•� _—._- —------.1<EALI 1. ---- -- .- - --•-•---...---•----2 .. � ..--- -._._��• _. ..---- ---l�E.al.l - STATF, or eot6R*t)a. C SS. County of PkTn/Ii;Yt•tr Thu foregoing instrument was acknowledged before me this 5th dad of October.',. ' is 81 iiy Alan J. Goldstein �l� eomntissionex rirex 7 :./. it' v.S ' 11'ltnts. my h:utd anf�i,fficiu) sewl. ',.jar, i•;!:1', t fY No. 032 WAIIHAN'ry DKED.—Fur Phol..,rr-yhIt it-0— Ilr.dford VbW;A,n, C. , I1m,r, C.:•r.d„ 1 f :. T[I►s I)I FL), Ma(Ie thi:c 5th day of October 1�61 2 0 3 3 B between ALAN J. GOLDSTEIN I ortIle I LORETTA BANNER County or . Monroe and State of N.Y. tr, the fil'.t part, and PITKIN CTY. RECORDER —) Pitkin Partners Special Properties 1, a Pennsylvania Limited Partnership, c/o J: Allen Dougherty, Esq., Schnader, Harra I�son, - •: Segal (ONLewis, 1719 Packard Bldg., Philadelphia, PA j910 PR 1 3 CO PH 8Z of the County of Philadelphia and State of 1•} Penna. of the second part: NVITNESSETII, That t he suid party of the first Dart, for and in consideration qr .� Ten Dollars ($10.00) and other good and valuable consideration---------- to the said party of the first part in hand paid by said part or the secund par.. the receipt whereof is ` \ hereby confessed and acknowledged, ha granted, bargained. st.ld and cnn� ey, d. ands by thew }-resents do es grant, bargain, sell, convey and confirm, unto the said part of the second part. heirs and assigns for. ecer, all the following; described lot ot or purcel of land, silos( I iltg and beinfi in t i c County of Pi tki n and State of Colorado, to wit: Unit 1 North, EAST HOPKINS CONDOIMMNIUMS, according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. FEE I also known as street and number �............................................ TOGETHER with all and singular the hereditaments and appurtenances thereto belonging• or in anywise apaer• taining, 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 said part y of the first part, either in last• or equity, or, in and to;he above bargained premises, with the hereditarnents and appurtenances. TO HAVE AND TO HOLD the said premises above bargained and described with the appurtenances, unto the said part of the second part, heirs and assigns forever. And the said part y of the first part, for himelf,hiS heirs, executors, and rdministrators, do e5 covenant, ¢rant, bargain, and agree to :tnd with the said purt of the second part, heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, as of good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and ha S good right, full power and authority I 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 and encumbrances of whatever kind of 11 naturesoeyer•., except taxes for the current year and burdens of special assessment districts. and the above bargained premises in the quiet and peaceable possession of the said part of the second part. heirs and assigns against all and every person or persons lan'fully claiming: or to claim :he whole or any part thereof, the said party ofthe first part shall and will WAY.F'ANT AND FORE1'ER 1)EFENI). IN WITNESS WHEREOF. the said part y of the first part h;L_$ hereu t;u et hi S hand I! and seal the day and yeur fir:lt above written. ;'/ i I (/ ��. •t.r �C�ir �/--•--(ram-- I; —• ------ _. _ Alan J. o1 stein , y-�---= F Al SF: TATOI' ('U /{GG:'ti +,< __IS ss County of M- tk 1 n&t..•i VZ11 ,• The foregoing instrument was ark nowledged before nu• this 5th iiay of October, 14 31 I,, Alan J. Goldstein. fly commission expiry s /1iCL •-t"/.� 3!' 1!t 3 / 1l'ttlwss oty 11141141 :gall official st-al.. + 1n. 1132 WARRANTY IIF: F.(1.—F'nr 14M,tnp.pt,te k. rd— Itr.A!..,d I'��t.l,.�'ac 1 . 1, ,,". (•'_"r.'.o 1 1 Tills I)I::rl), Mal!-- this 5th day of October >9°1 1 I hel«,ell ALAN J. GOLDSTEIN � of the County of Monroe and statc of N.Y ofthe first,,art. and Pl t�,i n Partners Special Properties I, a Pennsylvania Limited Part- nership, c/o J. Allen Dougherty, Esq., Schnader, Harrisoni, Segal & Lewis, 1719 Packard Bldg., Philadelphia, PA 19102 of the County of Philadelphia and Sthty of Penna . of the second part: 033 7 LORETTA B.•'ANNER PITKiN CTY. RECORDER APR 1 3 oo PH 18Z N•iTNF.SSF, T II• That the said part y of the first 1•ai•l, for and in rr,nsidcrat l•,r, Ten Dollars ($10.00) and other good and valuable consideration ------- to the said party of the first part in hand paid by said part of t!.- second par.. the receip. -.whereof is hereby confess,:d and acknowledged. Ila grunted. b:,rg:,inrd. sold and conve ed. and by these present, d., es grant. burghin, sell. convey and confirm, unto the said part of the sec.;r. ; tsar;. Lein+ and uaign. f(jr- ever, a!I the follu•.ving described lot or pa rcel of land, situate. lying and bring In the County of P i tk i n and State of Culoradu, to wit: Unit 2 South, EAST HOPKINS CONDOMINIUMS, according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration•for East Hopkins Condominiums recorded in Book 253 at Page 267. i�i; ,;vu�.:l: . jF.i also known as street and number ( . [) (� TOGETHER with all and singular the hereditaments and appurtenant • __•.p • es thereto belonging, or in anywwisse upper• twining, and the reversion and reversions, remainder and remainders, rents, issues and prnfits.thereof. and all the estate, right, title, interest, claim and demand whatsoever of the said part y of the first part, either in law or equity, of, in and tothe 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 said part of the second part, heirs and assigns forever. And the said part of the first part, for himself, hiSheirs, executors, and administrators, does covenant. grant, bargain. and agree to and with the said part of the second part, heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, its of guod, sure. perfect, absolute avid indefeasible estate of inheritance, in law, in fee simple, and ha S good right, full power and authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and that the same are ftee and clear from all former and other grants, bargains, sales, liens, taxes, assessments and encumbrances of whatever kind of naturesoevens except taxes for the current year and burdens of special assessment districts. and the above bargained premises in the quiet and peaceable possession of the said part of the fecund part. heirs and assigns agoinst all and every person or persons lawfully claiming or to claim the whole or any part thereof, the said party of the first part shall al)rLwill-WAR RA \T AND FORE\'F. R DF. F•F. I). IN WITNESS WliFREOF, the said part y of the first part has hr•r .:fjito s t j S ;tnd and seal the day and yCar first above written. / (4fa__n�j stein 5r5r - - - ----_.tSFA1.1 — - '/ -- ------ -...— ---ASEAL) -------------------...... >_- _. ---- --- ._.. (SEAL) STATE 0 F (:() I.C11;•,i•faO, �l �r✓ 2�,,J� ✓ CC (•ouIItyof ��-n)7le7Li.e,✓ '1'b, fillw •oin in�t t k wl 1• 1 1 •f • I 5th b ► g . runic n was ac nu is get If oIV tile t lls day of Ct0 er, ,981 1,,• Alan J. Goldstein. ' y1y commission expires �Ltr�-t �� Jt) l:+ t�3 tt'Ilneas my lard tln,l.t+fficial seal. '► r .r No. U7: N',UtkANTY DF.F11).—e,,. 1•►,n„ srr.Ph'• a-•n 0— Itr.df,.,d 1•vN.A;.A Co . r".". C.--j-.: 1 .. Itecurdec c•locl, -- -- - \I Reception . o• THIS DEED, Made this 5th day of October bc•tw-een ALAN J. GOLDSTE I N of the Count of Monroe and State of N . Y.. Y of the first part. and P1 Partners Special Properties I, a Pennsylvania Limited Par - ::ship, c/o J. Allen•Dougherty, Esq., Schnader, Harrison, C?:Segal & lewis, 1719 Packard Bldg., Philadelphia, PA 19102 of the County of Philadelphia and State of Penna . of the second part: 3 3 6 LORETTA BANNER R�Tt�IH CTY. RECORDER ner- APa 1 3 co PH T WITNESSE T H, That the said part y of the first hart, fur and in consideration of ! ..j ' Ten Dollars ($10.00) and other good and valuable consideration----------�,i- Yg to the said party of the first part in hand paid by said part of the second par:, the receipt whereof is hereby confessed and acknowledged, hit S granted, bargained, suld and conveyed. and by these ure;ents do es \; grant, bargain, sell, convey and confirm, unto the said peat of the second part,, i,virs anti assigns for. ever, all the following described lot or p:u eel of Land, situate, IN and being in the County of P i tki n and State of Colorado, to wit: Unit 1 South, EAST HOPKINS CONDOMINIUMS I; according to the Condominium Declaration recorded in Book 253 at Page 267, SUBJECT TO: reservations and exceptions as contained in United States Patents common to the City and Townsite of Aspen; and Condominium Declaration for East Hopkins Condominiums recorded in Book 253 at Page 267. t,t, ,,:1,ti,Ti.c� f f t also known as street and number // TOGETHER with all and singular the hereditaments anti appurtenances thereto belonging, or in anyw•i+e apper- taining, 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 said part y of the first part. either in law or equity, of, in and tothe above bargained prentises,with the hereditaments and appurtenances. TO HAVE AND TO HOLD the said premises above bargained and described with :he appurtenances. unto the said part of the second part, heirs and assigns forever. ,and the: said part y of the first part• for him sel f ,hi Sheirs, executors, and administrators, does covenant, ,:rant. bargain, and agree to and with the said part of the second part, heirs and assigns, that at the time• of the ensea!ing and dehvery oft hese presents, he is well seized of the premises above conveyed. as of guud. sure. perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and ha S good right. fill! power and authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and ihat the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments and encumbrances of w•hate.t r kind of naturesoever., except taxes for the current year and burdens of special assessment districts. i; and the above bargained premises in the quiet and peaceable Possession of the said part oft he second hart. heirs and assigns against all and every person or persons lawfully claiming or to claim :he whole or any part thereof, the said part y ofthe first part shall and will WARRANT AND F'OREVEP. DEFEND. IN WITNESS WHEREOF, the said part y of the first part has hercuntt. set/his hand i and seal the clay and year first above written. tan J Go < iSF A1.1 - - - -- STAT F: 01� CO-1 t"* A4if� . , 7 i ss. County of p J�l�7cz �' •'r The foregoing instrument was acknowledged before nit this 5th d;t% u! •.. / ' . . 1981 by Alan J. Goldstein. October, A1y ronunissiun expires L--ft,,.•t•_e; Lam. ,j C.' . 1:+ a b . Witness m\ hand ;tied olfieiai Teal. - ,5:3 Nu.:aa2 WAIIHAN'fl' DEED.—J r•net..xrysic w..,,.r_ 11-elf •r,r i +.:,4'. ,, C.. t.,,v... c:,t.r.eo i i 110 11 6 5 I 4 I 2 Faazzl,- 16I17IIBI1JJ2 `C =NUNN V 3 A ,�I —lob 4 PARK 'L� r�: C=DJE F IIIl� T K " MEMO U j � n ni 3 c� "---------1-----------1 I I. I 7 QoE R-15 EN S?. 'N 1/4 (IRNER, SECTION 7 S Mq� IPNP OR lips lhqIm - S 1 laral i 9 . 4SPe ow.HYMAN AVE. N C/rLp IL CDn/CEPT 600 -�<- A P'241A,sreEET STG/D/os � ,g OX16I A CUB UE COit/Dos C Z- I'MIt'spUlIc p C E tiTEAItiiA�- P��K E,oL CI�_S___STuD/os F _QUEE/V �IlcTo,e/Q CovDos I �-} 916/ E � I�iEG�/ � D�t/DOS SCALE � r9sPE"/V �THLET/C �L�/B 1 = 200 J' TALE 7f K ,5�6-jE c T PgoloE,eTy EA5 AoPkIIVS M /9l / 77-E Al Do,C F f � O OLD 19P% BU/L DIA16 F> G&XIL ON C'ONQOS ' 1 • E . f400b rib T;rn6jhar °L I. P+z den ie-d coridl. u j . Proj,2/� den i pd un 1e55 a) �L grgL&5 Qppl i ca i[ Qn ap p-oQI � M- CDURC-ii olo'0,5n'f N�X -�O> b) AmenGL 5 c-o nd l . o5e 5-e�ion -`b .5 a i 5 a (zlY�i. c.-re- feu iew condl. use 3. niP-d due. -k� ��eu i Cri t'ia ih )q - 3.3 ;)-(4 ' �pPli coy-�pr� 'rE-s�l� 1 r)LD mbl�P &Ue -Fo Q> �rki impct s s p ace5 , l requ I va) 1(YIPQL�- 8 QQr un�� 6� -Fctmi l� oriel - hi �h oc�upartcy ��lg people C> nof5p— impccc+5 GI> 1 (\"f'en 5 t UQ_. , hi c��f\ l tYIP aC� Use- 11'1 Q miwa.3 r�si d��en-�iaJ �el�hbonc��d . nOf-- Mb6WS - -)� �j ob�� ups o�- �� no E ��-i +k4 - to cal 4i rm - rtv (0 c'.( 4i rrh5 m.vc1- PIT)ry-- corm-p(ex -�h m trail(- sate5. In- d-(-W + hl kric a.( ig5 rged J- rvx),P- e�,-K c'evlCe- ---------------------------------------------------------------------------------------------- 0 • �YlarL � rn - v o n- stte rnartcqeme-4 - epero,4to( nou) Q5 0. �� -'�� - C((j�� ,r- on-si �f is nee-& i ) 1 n(Drnpoc�i bi li�V 3) Projgc� C-S ProP 0 ► n(o►mpck+ i b(e EXHIBIT "A" (Cont.) om 0 �W _ O C - a IL N - i .92 1 N - i to 2� W T N _ LJ_ to > ON 01- Q OD o� Z OD lS VI.— IS N ti ONV13n310 dN3 1S3M CITY/COUNTY OFI RC:f- Mountain View Condominium Assoc. c/o Rosemary K�rans 819 E . Hyman i Aspen, Colorado 81611 N0 MAlL RECEPTACLI i 10 PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. FIF dCQ�'`�C%G(,C�' anlc� PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. F PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. EAST HOPKINS CONDOMINIUM 5/TE' PLAN 1 CON G bO.Od ---- --- -- - - �- t c.rf AdPNAiT � I i PR RM/NB {�.•-CONY Nr3v n RR6A SCALE / h' /O F7 o 0 9G "-S ---ao L EG,END g ,NO: ES Focwo C. n 4f— • FGirMi S.gysy M.N Scr RO dt0oR Swar (s.tv/Y S7A ) 1:✓®6T R,fiTAeN. �I WALI .+v OOD) c •aRwcY !w,c vr`D �✓/fe...vo C. rr Moas. � LJaL4Rr,�f: FAOM %%!S7 OgP,�L C,yY ar 'QJOEN <ar P 6owo Grr .VJ{yYs g .Gw....rrors ire ..1 A ..I- I.J 4r. 31.48 — n ^ ar�•o,rr •1•�` Porno gte.sY M A „-- 1 - Jv6'orL 3o�aa j ` P4OPttTY w L,wrGs A w 0 Q 0 75 00 0c.y MON OA1�'i1r,€Fr 9 ' G'CR71°1Xf,4TZ' E4Sr 11O,PA-1A/S Co, A L/A'/rA_,0 vovrNES'Saw1F, Aa 04W*,'R."f Of rAW A14CREfN DdWWJ," AWAL *PtV) Od HEREBY CERT1i•Y rmAr nws vAP OF CAST A&WOf 1W COAfO0M,1.V1UM m4$ SEEN ARLAARED PtjR rv,#wvr rio row A1U,91006ES 57WWO /N 7NAE C0N0O-+?/A4t-A? OEC4/0.94rlON 10'0.4 CAST 1V0Pir1h1S COM004t4VI& s9 e'1aNi7FQ,.T _ ^ .' /i71 , 4rv0 REfOROED IN BOOR _ AT gT SEQ.) or 7xr6 RSCL>.41'7ks CF TNT L44rA'X .fAAE9 ,?£C0.4D_rR or r#E COt/Alrr C/�17KIVj 57',*TE' ,,' CoLoR*00- EAST NC ^ 1/nisL CO. STATE' OF COL0,94,00) COU/JTY CF oITX/N�� 15.5 ? T'--'E=0RE601NG OWNERS' Ct RT�FvCA7E bN4S 9rawVOWLEOGECBf.�RiAK7VhS _0.7Y o/ B' yil7.r- Al �/- MARCUS� GENERAL Fai4RTMER ^F-gE.oST WITNESS MY //ANO ANO 9.4Y OF___'. MY CCMM/SS/ON EXPIRES: :�•�. __ _ " I, 6ERAQI7 N. PESMANA RE6/STEREO ,.A%VC SURVEYOR, 1/EREE3Y CERT/FI' AS FOLLO.VS: ON TI/E �+".=+•.6ky»Ogy CF De'E-i gAss_ _1 /9 70, A SJR VEY WAS M.9e,F UNDER MY D/,OEC 7'1ON A/VO Se y/S/O/V G,- LUTS C 4,'VO,4/ti' BLOCK .3. c=AST ASPEN A001T/0N TO )'�E C/Tr A,tO TOWMSiTE OF ASPEN ALSO m VObb'n1 AS [pTS 6arvo N E45T ASOEN AOD/T.rONAL TOr✓NS/TES COU/t/TY OF F�iTIf/IV STATf� CF COLORAGO, AND--0&,VD THEREON A_L3ToRy Bt//GOING TO fiF_ LOC<1.TED W/THi/V TINE a 0U,VDA/7Y L /NES O,&- SAIG 480VE .06'SCR/BELT PROPERTY AS S/10WV ON TI1/S /=1L47, TILE LOCA7/ON AVO D/mENS/CNS p� r,'.- —q.A? ' LIVES BL•/LDINGS 4,VD 1,Y)PR0VE,WC_1V7.5 /,v EV1,0E-1VCE OR ^/Vo i / TO WE A,4E ACCURATELY ,5WO.'41A/ ON TN/S 0,)p 41.1,0 1,y- M,441 4CC41RATELY4,V0 SL/BS74NT,,41LY DEPICTS 7/1E LOCAr/ON A,VO Tdt:= A'0R/Z0N7'9L .41VO {/EqT/tqL /t�EASURE/YJENTS OF THE 8�/.=O/NG;p� T//E CdND.^.hf/N/UM !.iV/T$ T.4ERE/,�/ Th'F_ 't%iV/T [DES/Gh'4t/OHS THEREOF T,VE •, S` VD THE ELEVAT/ON'.S O/-' .'.'1E UNr /h:.iNEO AZOO-R•-JAI,0 f e: /z.. V'65 j ,;,ND T.VAT Tb..i .>.•.00 WAS PRt_.'�AREO SOB-4ECr' %ENT TO af'E SUBSTRNT/AL COMF't.ET/ON OF ?wAE D6F=, c.7EO .qh0 pE_s CHiB EO rMPROVE/19EN T5 ON p:�S^_.C' <'.Pp{IE.4TY $T.Q TE OF COLORAOG) -C. �' 4 THE FOREGJ/NG SaaVEYaq's CCRr/FiCATE WAS AC1rNOt-yLEVGEO .gEfCRE.�^� "�.s_lY' pAYOF__51�-hFc7-'J_.' /970 BY GER.9Rn ,'/. i='F_"S"t AN A RrG/S Tf_'/4E0 SURVEYOR. j WITNESS /19Y NANO AND 0F/1C/4L. SEAL THIS " l n DAY OF _-_ _� __� —� s /PTO. MY CON!/VI/SS'U CLERK 4 D PJFCORD CQ 5 /4CC'EPTANCC " . .4CCE10/E FOR F/L/NG /N QTHE pFF/CC OF THE CLERK ANf� /r6CCROEN CF THE COUNTY OF.oi7K/N i OF C OL 0R.400 AT 3Z� io.O'CL OCK_, Lf M. TN/S.�_sr`• A0Ay OF + /f7//N It4T �jpya 4r OAGES %i�^_��4=[3_ ET SEQ. I EAST ELE ,#\,TIGN CENTRAL SECTION x 2ND FLOOR i ST FLOOR GROUND FL BASEMENT NOTES KLIL 11 6 ARl "IQ— C" aX%O Cl KS ! 0111. USING 17.l nt . WART Of Ml�rywo �. ITT w6bt t,1,0 JT. AND WATIRS AVE. A.. sew. ,nNy AK! To VNVINiSNED a�00RN 4 C6it iMGS Mse� ROOF 2141n F► nOR ,;!� ,Z W IS'r FLOOR .ow— WA .w GROUND FLOOR BASEMENT PATIO Ut*tr FIRST FLOOR PLAN 2A3 UNIT 2 SOUTH CH. 8,25 40 Gc 1769 C.M. 8.25 c,,.c F. OPEN COURT N c- Fi I0 pN 17.70 k I I C.M. a. rb LOAT 2 NCIR'r H