HomeMy WebLinkAboutlanduse case.ts.Prospector Lodge.49A-85`I �• � � � � I I �
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ASPEN/PITKIN PLANNING OFFICE
130 South Galena Street
Aspen, Colorado 81611
(303) 925-2020
LAND USE APPLICATION FEES
City
00113 - 63721
47331
52100
GMP/CONCEPTUAL
63722
47332
52100
GMP/PRELIMINARY
63723
47333
52100
GMP/FINAL
63724
47341
52100
SUB/CONCEPTUAL
63725
47342
52100
SUB/PRELIMINARY
63726
47343
52100
SUB/FINAL
63727
47350
52100
EXCEPT/EXEMPTION
63728
47350
52100
REZONING
63729
47360
52100
SPECIAL REVIEW
SUB -TOTAL
County
00113 - 63711
- 47331
- 52200
GMP/GENERAL
63712
47332
52200
GMP/DETAILED
63713
47333
52200
GMP/FINAL
63714
47341
- 52200
SUB/GENERAL
63715
47342
52200
SUB/DETAILED
63716
47343
52200
SUB/FINAL
63717
• 47350
52200
SPECIAL REVIEW
63718
47350
52200
REZONING
63719
47360
52200
SPECIAL APPROVAL
PLANNING OFFICE SALES
00113 - 63061 - 09000 52200
63063 09000 52200
63062 09000 00000
63066 09000 00000
63069 09000
Name: -
Address
Check No.
Additional Billing:
SUB -TOTAL
COUNTY CODE
ALMANAC
GMP
COPY FEES
OTHER
SUB -TOTAL
TOTAL
Phone:
Project:
Date:
No. of Hours:
49�-gs
r
CASELOAD SUMMARY SHEET
City of Aspen
DATE RECEIVED: `�'` CASE NO.
DATE RECEIVED COMPLETE: `���: STAFF: "5
PROJECT NAME
APPLICANT:
Applicant.P_ddre
REPRESENTATIVE:
Representative
Type of Application:
I. GMP/SUBDIV IS ION/PUD (4 step)
Conceptual Submission
Preliminary Plat
Final Plat
II. SUBDIV IS ION/PUD (4 step)
Conceptual Submission
Preliminary Plat
Final Plat
•yIII . EXCEPT ION/EXEMPT ION/REZ ON ING (2 step) /IV . SPECIAL REVIEW (1 step)
0,
Special Review
Use Determination
Conditional Use
Other
($2,730.00)
($1,640.00)
($ 820.00)
($1,900.00)
($1,220.00)
($ 820.00)
($1,490.00)
($ 680.00)
�I,,<< kA.0...
P&Z CCU MEETING DATE: ��
PUBLIC HEARING•, YES (NO
DATE REFERRED: //4=%
INITIALS: -�
REFERRALS:
`zERCity Atty
Aspen Consol.
S.D. School District
City Engineer
Mtn. Bell
Rocky Mtn. Nat. Gas
Housing Dir.
Parks Dept.
State Hwy Dept (Glenwd)
Aspen Water
Holy Cross Electric State Hwy Dept (Gr.Jtn)
City Electric
Fire Marshall
Bldg: Zoning/Inspectn
Envir. Hlth.
Fire Chief
Other:
- -
FINAL ROUTING:
DATE ROUTED:
-71 INITI
City Atty
City Engineer
Building Dept.
• Vl�h �1,���nt
,�iss > L�}) ht;��.�
Other
��
Other
FILE STATUS AND LOCATION:
CASE DISPOSITION: f'f-osp-ec or LpdY 11 .a;r,` fe Cond'7'ony
t
- - — -} �rn�Sn�sYf AP�rc �'
Reviewed by: �en P&Z \City Cough +
approve amendment of Condition Nos.
6, 9 and 13 of approval for the Prospector Timeshare as follows:
I
•1. Amend Condition No. 6 to take out reference to transporta-
tion and lodging gift prohibition.
2. Condition No. 9 should contain the correct names of the
current Plan Manager;
3. Deleted Condition No. 13;
and subject to the following conditions:
a. The applicant shall provide the City Manager's Office with
current information about the Prospector's marketing and
sales program including:
i. The composition of weeks in timeshare packages;
ii. Packages remaining unsold, and
iii. Management of escrow accounts.
This information shall be submitted within sixty (60) days
of this approval.
b. An amended Statement of Subdivision Exception, reflecting
the changes to conditions of approval, Nos. 6, 9 and 13,
• shall be submitted to the satisfaction of the City Attor-
ney's office."
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0 •
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
600 EAST HOPKINS AVENUE
SUITE 203
ASPEN, COLORADO 81611
September 16, 1986
Mr. Steve Burstein
Aspen/Pitkin Planning Office
130 South Galena
Aspen, CO 81611
AREA CODE 303
TELEPHONE 925-2612
Re: SPFC-Prospector-minor permit amendment application
Dear Steve:
Security Pacific Finance Corp., the owner of the
Prospector project through a foreclosure, seeks an amendment
--we think minor --to the existing Prospector permit,
condition 7 (see Exhibit A).
As you know, the existing permit requires the sale of a
three-week interval, with one week to come from each of three
columns of a printed schedule (see Exhibit B). Those
schedules of weeks were submitted by the previous developer
and approved as part of the original permit, although not
required by the Code.
SPFC, having engaged in sales through Barry Lefkowitz
for several months, would like the permit amended, to give
greater flexibility to meet requests of prospective buyers.
This request will still satisfy the City Code, by allowing
the individual sale of three week interval of any combination
of weeks, so long as annually the total off_ season weeks sold
is 26% of the total weeks sold, as will be explained below.
This change is, we believe, a -ninor one, because (a) it
is entirely consistent with City Code timeshare requirements,
and (b) because it is slight in light of changes others
(e.g., potential project buyers) have suggested SPFC seek,
such as selling individual weeks, rather than a three-week
package, which SPFC has declined to do.
The relevant Code provisions require at a minimum either
a two week package (on and off-season weeks) or an alternate
packaging that "adequately accomplishes the marketing and
sales of off-season weeks". The Code provisions are as
follows:
Section 20-24(B):
"(5) 'Off-season' means the time between the date of the
closing of Aspen Mountain ski lifts and June 15th of any
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
Mr. Steve Burstein
September 16, 1986
Page 2
year and also the time between September 15th to the
date of the opening of Aspen Mountain ski lifts in any
year."
"(6) 'On -season' means any time of year not included in
the off-season."
Section 20-24(E)(3)
"The marketing plan shall satisfactorily demonstrate
that off-season timeshare weeks are being packaged and
included in the proposed sales packages, and that off-
season periods will be adequately marketed and sold.
The marketing shall include, at a minimum, a multi -week
package including one off-season week sold with one on -
season week. A marketing plan may present alternative
packaging of weeks to be sold, if it can be proven to
the city council that the proposed packaging adequately
accomplishes the marketing and sales of off-season
weeks."
The obvious purpose of the Code sections is to make sure
that a developer does not sell the choice weeks, and leave an
unsold and unsalable inventory of off-season weeks, with a
consequent financial drain upon the then existing individual
interval owners, since the owners' assessments pay for the
project when that developer is gone.
The new plan will insure the sale of off-season weeks.
Before illustrating that, let's look at the inconsistencies
in the existing three-week schedule (see Exhibits B and C),
remembering that the developer sought approval of those
schedules --they were not the fault of Council.
The three columns supposedly coincide with high
Winter/ski season, Spring/Fall off-season, and high Summer
season. In fact, depending upon the opening and closing of
the lifts, Easter, and miscellaneous other factors, many of
the weeks do not fit in a clear category. For example, week
14 is under the "Prime Summer" column; yet it is the first
week in April. Similarly, week 50 is in the same column; it
is in early December.
Under the Code's off-season, on -season definitions, the
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
Mr. Steve Burstein
September 16, 1986
Page 3
following is an approximate appropriate categorization of
weeks at the Prospector:
Ski weeks (prime ski) 20
Summer (prime Summer) 13
Off-season 12
Unsold off-season 3
Maintenance 4
52
Thus, in order to sell the 12 off-season weeks with the 20
on -season ski and 13 on -season Summer weeks, or 33 weeks, out
of the total weeks sold over a period of time, 26% (12
divided by 45) should be off-season, and about 74% (33
divided by 45) should be on -season. That ratio would mean
the project would properly sell out, all other sales factors
being positive (e.g., assuming a demand for timeshare units,
etc.).
The Prospector would report its sales to the City
quarterly, and the 26%/74% ratio would be observed on a
yearly basis. Tf there were a variation, then the City would
require and the Prospector would agree the variation to be
eliminated in the following year's sales. While such a plan
is 1�_-ss precise than "pick one from each of three columns,"
you can monitor and enforce it nonetheless.
By the way, the existing total sales of weeks, without
this plan, has less than a 5% variance from it. Total sales
to date are 57 on -season ski weeks, 35 on -season Summer weeks
and 25 off-season weeks, or 77% on and 21% off.
Since the sales efforts by Barry Lefkowitz began, there
have been four new sales consistent with the permit. But
there are at least six prospective sales that SPFC would like
to close, but cannot absent this amendment. These
prospective sales include several with two on -season Summer
weeks, and an off-season week; several with two Winter on -
season and an off-season week, etc.
SPFC believes this change will give greater flexibility
for sales efforts, and for buyers --thus making the project a
more viable one. For example, some buyers interested in the
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
Mr. Steve Burstein
September 16, 1986
Page 4
Music Festival may want two on -season Summer weeks; a budget
oriented visitor who likes the Fall colors may want two off-
season Fall weeks. The sales staff have had inquiries from
fly fisherman who return to Aspen each year in off-season
Spring weeks (before the run off), and off-season Fall weeks.
Sales to meet those interests can not occur under_ the
existing permit. And there are several interested
prospective buyers of three ski weeks who have said that will
not buy unless they can buy three ski weeks. Those ski week
sales could be balanced by sales to those interested as
mentioned, in off-season fly fishing and in the Music
Festival.
We should also mention that some of the recent sales are
to existing owners: a.q., one person has purchased four
separate intervals. These repeat sales speak well for the
project. And several of the sales are to real estate
professionals.
SPFC has demonstrated its good faith and stewardship by,
e•3., paying in excess of $100,000.00 to creditors of Merit,
mostly local people, that it was not legally obligated to
pay. It has, it believes, achieved the good will of almost
all existing owners. It needs, however, this additional
assistance for the project and asks for your approval.
Sincerely,
1-k, Kk( cC4.a
J. Nicholas McGrath, P.C.
cc: Mr. Ron Mitchell
Paul Taddune, Esq.
6:lburstei.904
7. The nineteen (19) renovated units found in the Prospector
must each be split into fifty-two (52) weeks. Seven (7)
aieeks must be reserved for the maintenance of the project.
roar (4) of these seven (7) .%ieeks must be used exclusively
for maintenance with no rentals or other uses allowed.
Two of the four (4) weekn must be in the spring while the
remaining two (2) weeks must be in the fall. The remaining
forty-five (45) weeks must be sold as proposed in three
(3) week timeshare packages. Each three (3) week package
must contain a peak Summer/off-winter week, and an off
season week in either the spring or the fall.
EXHIBIT A
•
Week 8elecLlon Chart
Prospector fractional estate owners have three occupancy weeks each year. The choice of specific
weeks is made at the time of purchase, Each owner creates his own package by selecting one week
from each season: Prime Ski, Prime Summer and Spring/Fall.
Choose One
Choose One
Choose One
Prime Ski
Prime Summer
Spring/Fall
51
*14
15
52
25
16
1
26
17
2
27
18
3
28
19
' 4
29
20
5
30
21
6
31
22
7
32
23
8
33
_ 24
9
34
39
10
35
40
11
36
41
12
-3-7`
42
13
38
43
'50
44
45
46 -->
47
48
49
EXHIBIT S
• VACATIOPOCALENDAR
Sunday to Sunday
1mrF
NX1?EK
NUMIIER
1985
1986
1987
1988
-
1989
I
Jan. 6-Jan. 13
Jan. 5 Jan. 12
Jan. 4-Jan I
jan. 3-jan. 10
Jan. 1-Jan. 8
2
Jan. 13 Jan. 20
Jan. 12 Jan. 19
Jan. l l Jan. 18
Jan. 10 jan. 17
Jart. 8 Jan. IS
3
Jan. 20- an. 27
1
Jan. 19-Jan. 26
Jan. 18-Jan. 25
Jan. 17-Jan. 24
Jan. 15-Jan. 22
4
Jan. 27-Feb. 3
Jan. 26-reb. 2
Jan. 25-Feb. 1
Jan. 24 Jan. 31
Jan. 22 Jan. 29
5
Feb. 3-Feb.10
Feb. 2-Feb.9
Feb. 1-Feb. B
Jan. 31-Feb.7
Jan. 29-reb.5
_ 6
Feb. IO-Feb. 17
Feb. 9-Feb. 16
Feb. 8-reb. 15
Feb. 7-Feb. 14
Feb. 5-Feb. 12
7
8
Felix 17-Feb.24
Feb. 24-March 1
Feb. 16-Feb.23
Feb. 15-Feb.22
Feb. 14-Feb. 21
Feb. 12-reb.19
3
Feb. 23-March 2
Feb. 22-Mauch 1
Feb. 21-Feb. 28
Feb. 19-Feb. 26
9
6brch 3-Narch 10
MLvdt 24tarch 9
Mtuch 1-March 8
Feb. 28-Mardi 6
Feb. 25-March 5
10
Mar. 10-Mar. 17
NW. 9-NW. 16
Mau. 8-Mar. 15
Mardi 6-Mtuch 13
March 5-ALtrch 12
11
Mar. 174ta. 24
Mar, 164Lu. 23
Mtnr. 15-Mtar. 22
Minch 13-March 20
March 124tuch 19
12
Mar. 24-Mtar. 31
Mar. 23-Mar. 30
Mau. 22-Mar. 29
March 20-March 27
Namh 19-March 26
13
Mai. 31-Aprll 7
Nar. 30-April 6
Mar. 29-April 5
Nu-ch 27-April 3
Narch 26-Alxll 2
14
April 7-April 14
April6-April 13
April 5-April 12
April 3-Apr1110
April 2-Aprll9
15
April 14-April21April
13-April 20
April 112-April19
April 10-April 17
Aprll9-Aprll 16
16
April 21-April 28
April 20-April 27
April 19-April 26
April 17-April 24
April 16-April 23
17
April 28-Nay 5
'May
April 27-May 4
April 26-Nay 3
April 24-ay 1
April 2�-Aprll 30
18
5-May 12
Nay 4-May 11
May 3-Mary 10
May I -Mary 8
April 304by 7
19
May 12-Mary 19
MLty 11-May 18
May 10-May 17
May 8-Mary 15
May 7-MLry 14
20
May 19-May 26
May 18-May 25
May 17-May 24
May 15-Mary 22
May 14-May 21
21
Nay 26 June 2
May 25 June I
May 24-Many 31
May 22-Nay 29
MLry 21-May 28
22
June 2-June 9
June I -June 8
May 31-June 7
Way 29-Jure 5
May 28 June 4
23
June 9-June 16
June 8 June 15
June 7-June 14
June 5-June 12
June 4-June 11
24
June 16-June 23
June 15-June 22
June 14 June 21
June 12-June 19
June 1 I June 18
25
June 23-June 30
June 22-June 29
June 21 June 28
June 19-June 26
June 18-June 25
26
June 30 July 7
June 29-July 6
June 28-July 5
June 26 July 3
June 25 July 2
27
July 7-July 14
July 6-July 13
July 5 July 12
July 3 July 10
July 2 July 9
28
July 14 July 21
July 13 July 20
July 12 July 19
July 10-July 17
July 9 July 16
29
July 21 July 28
July 20-July 27
July 19-July 26
July 17-July 24
July 16-July 23
30
July 28-August 4
July 27-August 3
July 26-August 2
July 24-July 31
July 23-July 30
31
Aug. 4-Aug. 11
Aug. 3-Aug.10
Aug 2-Aug.9
July 31-Aug.7
July 30-Aug.6
32
Aug. II -Aug. 18
Aug. 10-Aug.17
Aug. 9-Aug.16
Aug. 7-Aug. 14
Aug.6-Aug. 13,
33
Aug. 18-Aug. 25
Aug. 17-Mg.24
Aug. 16-Aug. 23
Aug. 14-Aug.21
Aug. 13-Ang.20
31
Aug. 25-Sep. 1
Aug. 24-Arig. 31
Aug. 23-Aug. 30
Aug. 21-Aug 28
Aug 20-Aug. 27
35
Sep. I -Sep. 8
Aug. J1-Sep. 7
Aug. 30-Sep. 6
Aug. 28-Sep. 4
Aug. 27-Sep. 3
36
Sep. 8-Sep.15
Sep. 7-Sep. 14
Sep.6-Sep.13
Sep. 4-Sep.11
Sep. 3-Sep.10
37
Sep. 15-Sep, 22
Sep. 14-Sep. 21
Sep. 13-Sep. 20
Sep. 11-Sep. 18
Sep. 10-Sep. 17
38
Sep. 22-Sep. 29
Sep. 21- Sep. 28
Sep. 20-Sep. 27
Sep. 18-Sep. 25
Sep. 17-Sep.24
39
Sep. 29-oct.6
Sep .28-Oct.5
Sep. 27-Oct.4
Sep. 25-Oct.2
Scp.2.1-Oct.1
40
oct. 6-Oct. 13
Oct 5-Oct. 12
Oct 4-oct. 11
Oct 2-Oct. 9
Oct. I -Oct 8
41
Oct. 13-Oct, 20
Oct. 12-0ct 19
Oct. 11-Oct. 18
Oct. 9-Oct. 16
Oct. 8-Oct. 15
42
Oct. 20-Oc1. 27
Oct 19-Oct. 26
Oct. 18-Oct. 25
Oct. 16-0ct. 23
Oct. 15-Oct. 22
43
Oct. 274Ncrv. 3
Oct. 26-Nw. 2
Oct 254w. I
Oct. 23-Oct. 30
Oct. 22-Oct. 29
44
Nov.3-Nuv.10
Nw.2-Nw.9
NM. I-Nw.8
Oct. 30-Nw.6
Oct. 29-Nov.5
45
RN. to-Nw. 17
RN. 9-Nw. 16
MN. B-Ncrv. 15
Nov. 6-Nov. 13
Nov. 5-nm 12
46
Nw. 17-Nov. 24 ,
Nov. 16-Nov. 23
Nov. 15-Nov. 22
Nov. 13-Nov. 20
Nov. 12-Nov. 19
47
Nov.24-Dec.1
Nov. 23-Nw.30
MN. 22-Nw.29
Nw.20-Nw.27
Nov. 19-Nw.26
48
Dec. 1-Dec. a
Nw. 30-Dec, 7
Nov. 29-Dec. 6
Nov. 27-Dec. 4
Nov. 26-Dec. 3
49
Dec. R-Dec. 15
Dec. 7-Dec. 14
Dec. 6-Dec. 13
Dec. 4-Dec. 11
Dec. 3-Dec. 10
50
Dec. 15-Dec. 22
Dec: 14-Dec.21
Dec. 13-Dec. 20
Dec. II -Dec. 18
Dec. 10-Dec. 17
51
Dec. 22-txc.29
Dec. 21-Dec.28
Dec. 20-Dec. 27
Dec. IS -Dec. 25
Dec. 17-Dec.24
52
Dec. 29 Jan. 5
Dec. 28-Jan. 4
Dec. 27 Jan. 3
Dec. 25 Jan. 1
Dec. 24-Dec. 31-Jan 7
EXHIBIT C
0 0
CITY OF ASPEN 6
MEMO FROM STEVE BURSTEIN
Koto `to r I
wj" no-$- n� Z1444 �,c x �,� s ALtiJ
lLfyl,Lt•� �� � 1 �1 L�uY� �jer�•y►� A�� 41.9�1 1� U�-A /Y)41�1R ✓
M A1►�Pj�,A Et iJl�1l r►I ��h �� 6C
f�d t �L
(, Gj a4 13 Ao
" u ti�,�- � w�u(.�, 4ar�u� w ,, G�it�, 2 031
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u
11
Payee
MERIT DEBTS
PAID BY SPFC
Aspen Club
Buzz Fedorka
Snowmass Village Sun
Impressions of Aspen
Aspen Times
Sears -Office Furniture
Media Brokers
Ashley Associates
Ashley Advertising
Aspen Branch
Zap Cleaners
KSNO
Air Destination
Provideo/Aspen Quide
Duplicators
Federal Express
Aspen Activities
Marti Sommers
Aspen Maintenance
The Greenhouse Restaurant
Rocky Mountain News
David Harris/Neiley
Gideon Kaufman
Aspen Daily News (trade $2,000
Schacht Electric
A.L. Larsen -Co -Lessee
KSPN / TV2 (will trade some)
Rosendahl Investor Group
Pitkin Co. (property taxes due
from 1984-1986 - will be paid
the next month or two before
Total
Amount Date
Paid Paid
$ 17,505.00
5/01
5,000.00
5/11
900.00
5/11
462.87
5/11
2,053.46
5/11
1,056.00
5/11
4,153.28
5/11
2,255.86
5/11
1,338.67
5/11
713.73
5/11
1,400.00
5/11
2,179.75
5/11
2,302.23
5/11
3,000.00
5/11
899.40
5/11
1,834.00
5/11
100.00
5/11
150.00
5/11
186.10
5/11
430.15
5/11
453.60
5/11
3,500.00
5/12
4,757.00
6/04
also) 2,000.00
6/16
331.00
6/06
1,400.00
6/06
0.00
45,069.00
5/10
in
sales) 33,000.00
EXHIBIT A
$138,431.10
and 6/16
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•
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
600 EAST HOPKINS AVENUE
SUITE 203
ASPEN, COLORADO 81611
June 23, 1986
HAND DELIVERED
Mr_. Ron Mitchell
Acting City Manager
130 South Galena
Aspen, CO 81611
Re: The Prospector
Dear Ron:
AREA CODE 303
TELEPHONE 925-2612
L�OI&I�
,/IN 2 3�1966
As you know, I represent Security Pacific Finance
Corporation (SPFC), which has foreclosed on The Prospector
project against its original developer, Merit Investment Company
(of Aspen), Inc. The purpose of this letter is to provide
additional information to you concerning the current status of
the project, as well as to update some information with regard to
the information the City requested at the time it amended the
rule of eight condition.
1. The foreclosure sale occurred on May 28, 1986. The
total amount of indebtedness owed SPFC was $3,995,199.96. We bid
$3,000,000.00, which is more than the appraisal we had as to its
value. Thus, SPFC has already lost over $1,000,000.00 on the
project. Technically we could pursue what is called a deficiency
judgment against Merit, but that is currently unlikely as we do
not believe it has any assets.
2. Consistent with its representations to the City, SPFC
has paid some investors and many local creditors of the project
as indicated on the attached Exhibit A. It is important to note
that SPFC had no legal obligation to advance that approximately
$100,000.00 to pay creditors. The foreclosure would have wiped
out those creditors entirely and legally (except of course for
the taxes listed on the Exhibit). Nonetheless, SPFC felt that it
would like to get off the ground on a positive note and build
some goodwill for the project by honoring obligations that did
not apply to it.
3. As I have indicated, SPFC intends to begin marketing
- 1 -
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
under the old permit for an indefinite period but probably only
for summer 1986. Thus the new plan manager for condition number
nine will be Barry Lefkowitz, d/b/a Aspen Ski Tours Realty and
Mgmt., and a copy of his Colorado broker's license is attached as
Exhibit B.
4. The composition of weeks in timeshare packages, as that
information was requested in the Council's action of February 10,
1986 (Exhibit C) is attached hereto as Exhibit D. It is the same
as approved for use by the prior developer by City Council. As I
have indicated we hope to change that and come up with a more
flexible plan but various business conditions, the time involved
in regard to doing various State and local applications, the
foreclosure itself, dealing with creditors, etc., has prevented
us from doing that so far.
5. With regard to "packages remaining unsold", as referred
to in the same minutes, that is simply a function of the weeks
that remain unsold and how they are selected by a purchaser.
While Merit appears to have violated the permit in some regard,
Barry Lefkowitz on SPFC's behalf will assure the City that any
packages sold will be directly from the schedule and valid under
permit. We would be happy to provide the City with a weekly
update of prospective closings as sales occur if that would make
the City more comfortable.
Attached hereto as Exhibit E is an updated owners list with
the weeks of sale thereon. This list should supersede anything
used by Steve Burstein prior to this time. The attached,list I
have verified with the SPFC division that handles the financing
papers on each unit, as well as with County real property
records, and with Barry Lefkowitz, who deals with owners directly
because they notify him when they are coming in since he
otherwise short term rents their units. Thus we are relatively
confident of the attached Exhibit E. So far as we can tell, the
few Merit sales that may involve a violation of the existing
permit are not all that much of a problem. There are ample off
season_m-eeks to balance any on season weeks that could be sold.
Steve identifies eight sales by Merit he thought contrary to the
permit in his memo to you dated March 26, 1986. In part he based
his memo on a "sales report" print-out I had obtained from a them
employee of Merit. That list was inaccurate (no fault of Steve
or me). However, the response to Steve's then list is as
follows:
- 2 -
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
Steve's List
Response
Frischnect
101
50-29-32
No such sale
Blake
102
11-12-40
We returned his
money -no sale
— Ross/Wallace
203
06-07-43
Accurate
-Merritt
205
08-09-24
Accurate
Smith
207
10-12-23
Accurate
Pillon
302
05-06-25
Accurate
Prohaska
302
10-11-40
Accurate
While Steve is correct that the five sales by Merit marked
"accurate" above do not have both a "summer/fringe ski" and a
it week (condition 7), and while I do not defend
Merit's not following its permit to the "T," I do point out that
the violations do not appear major. Indeed, there is some
conflict between condition 7 of the permit and the City Code's
requirement of one "off-season" week sold with one "on -season"
week. See Sections 20-24(B)(5) and (E)(3).
In fact, we can address this issue under SPFC's current
proposal to market the three weeks intervals under the existing
permit, with one small proposal. Barry Lefkowitz would like to
be able to sell two summer weeks and an off season week for this
limited summer 1986 marketing period. That would help redress
the imbalance Steve perceives.
6. SPFC sent a letter to each of the owners explaining the
status of the project and the like and has so far received
nothing but favorable comment on its participation. A sample of
such a letter is attached hereto as Exhibit F.
7. At the time the rule of eight was amended (Exhibit C),
SPFC also offered to allow any purchaser in escrow to rescind a
sale if that purchaser felt the change in the rule of eight
affected his or her rights. Attached hereto as Exhibit G is a
sample of such a letter. Dealing with this issue has been a bit
of a problem because there is virtually no communication with the
prior developer, Merit. We have asked on numerous occasions for
information as to escrow sales, copies of contracts, and the
like. Several weeks ago, Merit sent unsorted boxes of materials
to SPFC in San Diego, and we are presently reviewing those
documents. As best we have been able to determine there were
only three sales in escrow and a forth to whom a check was
returned (Blake). We are still trying to ascertain that
- 3 -
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
information and its accuracy. It does not appear to be a
significant problem either numerically or otherwise, and we have
not received any complaints that have not been dealt with fairly
and promptly.
8. As the attached owners' list (Exhibit E) reflects, in
fact there were 47 sales out of 285 intervals (19 units X 45
weeks/3 weeks). Letters went out to each of those 47 owners and
we have received several favorable comments. About 13 of those
owners are in default upon their financing papers to SPFC and we
are negotiating with those owners as to taking a deed in lieu of
foreclosure or having them get back in good standing because of
our increased participation in the project.
9. We were also asked at the February Council meeting to
provide some information on the "management of escrow accounts."
Again that has been a difficult problem primarily because of the
defaults of Merit. We requested for some five months the actual
escrow accounts and information as to them from Merit. What we
finally received was, as to any escrow accounts other than for
sales, information that indicated there were no sums whatsoever
in any escrow or reserve account. With regard to the escrow
account Merit maintained for sales, I now have in my trust
account the sum of $13,501.26. Frankly, we have been unable to
determine whose money that is, but we are communicating with
various people in attempt to find out. We believe those funds
belong to the three people who may be in escrow and again are
attempting to communicate with them and with others to find out
who they are. We have been unable to obtain that information
from Merit.
Barry Lefkowitz has set up a Prospector operating account
for assessments and the payment of bills. He is currently also
establishing an Interior Reserve Escrow Account, an Exterior
Reserve Escrow Account, and will open a Sales Escrow Account at
Pitkin County Title for any deposits.
I have advised my client that it has a legal right to
proceed under the existing permit including the three changes
made by Council on February 10. While Steve Burstein focuses on
some problems of Merit, he does not seem to understand that
SPFC isn't Merit. SPFC from the start has done everything it can
to improve the situation and provide a solution to a problem and
hopefully we can continue along those lines with you on
Wednesday.
SPFC is highly desirous of beginning to market. It wishes
- 4 -
1-1
•
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
to refurbish other units with a better furniture package and do
other improvements to the project. However, when it is already
over $1,000,000.00 in the hole, and with little or no cash flow
coming in, it is harder and harder to justify with directors,
auditors, and examiners of the bank, the advancing of additional
funds to improve the project. Thus the necessity to begin
marketing.
cc: Mr. Steve Burstein
sh3:lmit623
Sincerely,
J. Nicholas McGrath, P.C.
- 5 -
5
City OF ASPEN
MEMO FROM STEVE BURSTEIN
tilU), A m
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•
•
J. NICHOLAS MCGRATH, P.0
ATTORNEY AT LAW
600 EAST HOPKINS AVENUE
SUITE 203
ASPEN, COLORADO 81611
June 12, 198
Mr. Steve Burstein
Aspen/Pitkin County Planning Office
130 S. Galena
Aspen, CO. 81611
Re: Security Pacific -Prospector -Marketing Plan
Dear Steve:
2612
Security Pacific is anxious to begin the sales process, and
thus proposes to begin sales under the existing permit and
marketing plan. Barry Lefkowitz, d/b/a Aspen Ski Tours Realty and
Management Company, has a Colorado broker's license and will be
the marketing agent. Since at least in this interim period (prior
to seeking changes and City approvals), only the marketing agent
is being changed, from Timber Run Realty and Terry Liming (see
par. 9) in the original permit to Mr. Lefkowitz, please tell me
if there is anything else the City needs. The only thing I can
think of is some sort of writing by which SPFC and Mr. Lefkowitz
agree to market in accordance with that permit.
SPFC will not close any sales under after August 12, when
the redemption period is over in its foreclosure, so that it will
be able to convey clear title to any purchaser. Even if there
are no such sales, the sales and advertising process can begin
and that will benefit the project.
SPFC will also soon be filing a revised marketing plan with
greater flexibility in weeks that can be sold, for which it will
also file a permit amendment application. Since the condominium
documents may require amendment, and since SPFC will not be the
owner entitled to amend those documents under Colorado
condominium law until after approximately August 12,
realistically SPFC's only choice is to begin some marketing under
the existing permit, while processing the changes it believes
are necessary to make the project viable.
- 1 -
J. NICHOLAS MCGRATH, P.C.
ATTORNEY AT LAW
If you have any questions, please let me know. Perhaps it
might be beneficial to have a meeting with you, Ron Mitchell, and
Paul Taddune?
Sincerely yours,
0V't- ia "G
J. Nicholas McGrath, P.C.
cc: Messrs Mitchell, Taddune, Mead,
Meyer & Brody
nml 5: spper6 0 5
- 2 -
C1TY,,OF;!,',,`!,A,"SPEN
130 south galena s reet
n.
aspen; co'tora4o 81611
303-925-2020
May 7, 1986
Mr. Nicholas McGrath, Jr. P.C.
600 East Hopkins Avenue
Suite 203
Aspen, Colo. 81611
Dear Nick:
r 7� 0 W C
i
M.AY - 6 1986
I have reviewed your letter dated April 30, 1986, concerning the
Prospector six sales that currently is in escrow. Your
suggestion to wait to take action until after you file you
marketing plan would seem to be the appropriate course of action.
If you are granted more flexibility in selling different
packages, the current sales that are in violation would be
corrected.
If you have any questions, give me a call.
Sincerely,
Ronald L. Mitchell,
Acting City Manager
RLM:kjm.151
xc: Steven Burstein
v
v
SECURITY PACIFIC
FINANCE CORP.
K.0 MEAD
EXECUTIVE VICE PRESIDENT
Helen & Townsend Ace
8017 Cherokee Lane
Leawood, ZS 66202
Dear Prospector Owner:
Champagne and flowerst
thanks to you for your patience
recent month's adjustments.
April 16, 1986
Security Pacific extends
and cooperation through
As you may have heard by now, Security Pacific
Finance Corp, is in the process of assuming ownership of
the Prospector Resort. Consequently, you may look
forward to improvements in the overall appearance of the
resort as we upgrade furniture and fixtures in the
units, as well as the exterior of the building itself.
We intend to bring it up to the standards you anti-
cipated at the time of your initial investment.
We have reached an agreement with Aspen Ski Club
and have paid required dues through February 1987 and
are prepaying dues for an additional 2 years.
You may expect the Prospector and its staff to
compliment your next stay in Aspen, Colorado. We
sincerely look forward to continued relations with you.
Sincerely,
Kenneth C. Mead
Executive Vice President
Specialized Financing Services
KCM/pwr
OU le - sets a l
1W89 WILLOW CREEK ROAD
SAN DIEGO, CALIFORN14 92131
TELEPHONE (619) 579-0150
SUBSIDIARY Os SECU-1 PACIFIC MIRDAAnON
EXHIBIT F
Dear
Draft to be sent to the three
in escrow
9
Security Pacific Finance Corporation has foreclosed upon The
Prospector project. We have taken over control of the management
of the project and have begun to revitalize it as a premier
timeshare vacation resort.
The City of Aspen, at our request, has abolished the "rule
of eight" under which sales of The Prospector could not be closed
until there were eight interval sales in each condominium unit.
If the abolition of the "rule of eight" prejudices you in any
way, you have the right to rescind your contract to purchase a
timeshare interval.
Please indicate your desires directly to our property
manager Barry Lefkowitz of Aspen Ski Tours in Aspen, 300 South
Spring, Aspen, CO 81611, telephone No. (303) 925-9500. If you
elect not to purchase, we hope that when you next return to Aspen
you will look at the project under new management and once again
consider interval ownership at The Prospector.
We would appreciate receiving copies of your contract with
the developer Merit Investment Co., and a copy of any checks
(front and back) you wrote for earnest money deposits.
bcl:lspfc426
Security Pacific Finance Corp.
EXHIBIT C-
0
LJ
J. NICHOLAS MCGRATH, JR., P.C.
ATTORNEY AT LAW
600 EAST HOPKINS AVENUE
SUITE 203
ASPEN, COLORADO 81611
April 14, 1986
Mr. Steve Burstein
Aspen/Pitkin County Planning Office
130 South Galena
Aspen, CO 81612
Dear Steve,
AREA CODE 303
TELEPHONE 925-2612
� ! APR 151986
Security Pacific Finance Corporation desires an extension of
time within which to file its marketing plan for the Prospector.
As you may recall a new marketing plan was technically due about
April 11. We request a month and a half extension to June 1.
There is no prejudice involved to the City or to the public, as
we are not currently engaged in any marketing efforts. Security
Pacific Finance Corporation has retained the services of Barry
Lefkowitz, a licensed real estate broker, and Aspen Ski Tours to
manage the property and begin the drafts of the marketing plan.
If you have any questions, please let me know.
Sincerely,
IV1
C `JL
J. Nicholas McGrath, Jr., P.C.
cc: Mr. Ron Mitchell
shl:lbers414
�J
J. NICHOLAS MCGRATH, JR., P.C.
ATTORNEY AT LAW
600 EAST HOPKINS AVENUE
SUITE 203
ASPEN, COLORADO 81611
March 27, 1986
Mr. Ron Mitchell
Assistant City Manager
130 S. Galena Street
Aspen, CO 81611
Re: Security Pacific-Prospecto
Dear Ron:
AREA CODE 303
TELEPHONE 925-2612
With regard to Steve's memo of March 26, which points out
that apparently the developer and its sales staff may have sold
certain intervals in violation of The Prospector permit in seven
instances, I did want to indicate that while Security Pacific or
its marketing agent will certainly address that "problem" as
requested by Steve's memo, Security Pacific of course had no
responsibility whatsoever for this or any other violations of the
permit by Merit, the developer. We will check into the facts and
provide further information to you, but I did want to make sure
that everyone was clear that Security Pacific was simply a lender
on the project and had nothing to do with marketing or sales, and
hence with possible past violations.
Sincerely,
J. Nicholas McGrath, Jr., P.C.
enclosure
cc: Mr. Steve Burstein
Mr. Fred D. Meyer
Mark Brody, Esq.
Mr. Barry Lefkowitz
Mr. Michael Butler
pm9:lron0327
MEMORANDUM
TO: Ron Mitchell, Asst. City Manager
FROM: Steve Burstein, Planning Office
RE: Propsector Timeshare Package
DATE: March 26, 1986
Attached is the sales report for the Propsec tor submitted by
Attorney Nick McGrath to the Planning Office on February 4, 1986
in association with the Prospector application for amendments to
conditions of approval.
The packageS with orange marks next to them are in violation of
Condition #7 of the Prospector's approval in that they do not
contain a summer/fringe ski week and a spring/fall week as
required. I have identified seven such mismatched packages.
It is important that the current marketing and sales program, to
be submitted to the City Manager's Office within 60 days of
approval due by April 10, 1986, should address this problem.
cc: Nick McGrath
V
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p110SPECTOR TIMESHARE MIENUMEHI
Steve Burstein, planning office, said this is a request to amend
end
some of the conditions of the Prospector timeshare approval.
main request is to eliminate the condition that 8 timeshare units
out of 15 be sold prior to closing on the unit. Burstein said at
the time the Prospector was approved, Council was very cautious
about timeshare, and had passed some strict laws. Council felt
this condition wthis cs to ondition Isrotect counterproductive urstein said and has
applicant claims ,
jeopardized the viability to the project.
Burstein said staff feels this condition may hamper the cash
flow; however, there are probably other contributing factors to
the problems of the Prospector. Burstein recommended eliminating
this condition. Nick McGrath, representing Security Pacific,
told Council they have filed a foreclosure on the Prospector.
McGrath said the conditions are acceptable to his client and they
believe the relaxation of the rule of 8 will assist in marketing.
McGrath said they feel there were cancellation of sales because
owners could not close on and use their units. This money can
repay some of the loan and increase the accumulation of interest.
Councilman Isaac asked about the other timeshare project if they
have the same condition. Burstein said the other project has to
ilwoman
coer
ml 5 out munitiesf 15 have tillss-typeoofc restriction. Burst inasked i saidl�lie
com
15
XHI- C
0
•
-' I• -•' • .� • 1
talked to
Vail, and they
do not have these restrictions. McGrath
told Council
Security Pacific
is a 100 per cent lender on this
project.
Mayor
Stirling
said there are other factors and this
rule of 8
is not
the only
reason that this project may or may not
have succeeded.
McGrath
agreed with that. Mayor Stirling said
the real
estate
market
was very slow when this project went
through,
and the
project
may have been under capitalized.
Mayor Stirling asked if this bank has any other experience in
integral ownership. McGrath said they have interests in 29 other
timeshare projects. David White, P & Z member, said one of the
reasons this was a condition was to get local people both
managing and selling the projects to get consistency. McGrath
said his client intends to do a marketing plan to cover these
concerns. The city staff has to approve any marketing plan.
Councilwoman Fallin moved to approve amendment of condition
numbers 6, 9 and 13 subject to conditions a and b in the planning
office memorandum of February 4, 1986; seconded by Councilman
Isaac.
Councilman Isaac asked if this project now fails and Council has
changed the requirements, can the present owners came back to
Council. Taddune said there is a disclaimer in the timeshare
documents stating there is no liability on behalf of the city for
any representations. McGrath said there are only 4 current sales
in escrow and would make full disclosure to these people that the
rule of 8 is changing and if they want out, they may get out.
McGrath said all the present owners have objected to the rule of
8.
Councilwoman Fallin amended her motion to add a condition (c )
that the existing contracts in escrow be notified of these
changes; seconded by Councilman Isaac. All in favor, `motion
carried.
Week Selection Chart
PROSPECTOR FRACTIUTAL ESTATE MIERS HAVE THREE OCCUPANCY
WEEKS EAM YEAR. THIS EIMLES EVERYONE TD BE NUAL UWNER.S.
TIRE CHOICES OF WEEKS ARE MADE M A FIRST COI!=, FIP,ST SERVED
BASIS AT THE TIME OF PURCIHASE. EACN OWNER CREATES HIS O414
PACKAGE BY US11IC UIE WEEK FROM EACH SEASO11: PRIME SKI,
SUIVER/FRINGE SKI A14D SPRIIJG/FALL.
0W,"-E ME
CHOOSE MY ONE
CHOOSE A14Y ONE
PR114E SKI
SUIVIER/FRINGE SKI
SPRING/FALL
51
*14 APRI L
35 APR1 L
52 U{RIS11M
25 JME
16
1
26
17
2
27
18 MAY
3
28 JULY
19
4
29
29
5
21 JME
6 f®RUARY
3 AUGUST
22
7
2
23
8
33
24
9
34
39 SEPTEM3ER
30 WARM
35
40
11
36 SEPTEITER
41 OCTOBER
3.2
37
42
13
38
43
*50 DECEM3ER
44
45 fVVERBER
46
47
48 DECEMER
49
*EXCEPTItth PURCHASERS OF WEEPS 13 OR
51 HAVE FIRST CHOICE
REGARDING 3A OR
50 RESPECTIVELY.
EXHIBIT D
`CALENDAR
YEAR
Unit
Week
;
Number
1883
IQ"/9115
1988
1987
I1 I Jon. 2- Jan. 9 Jan. 1- Jan. 8
2
3
4
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30 `
31 '
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
Jan. 9 -Jan. 18
Jan. 16 - Jan. 23
Jan. 23 - Jan. 30
Jan. 30 - Feb. 6
Feb. 6 - Feb. 13
Feb. 13 - Feb. 20
Feb. 20 - Feb. 27
Feb. 27 - Mar. 6
Mar. 6 - Mar. 13
Mar. 13 - Mar. 20
Mar. 20- Mar. 27
Mar. 27 - Apr. 3
Apr. 3 - Apr. 10
Apr. 10 - Apr. 17
Apr. 17 - Apr. 24
Apr. 24 - May 1
May 1 - May 8
May 8 - May 15
May 15 - May 22
May 22 - May 29
May 29 - June 5
June 5 - June 12
June 12 -June 19
June 19 - June 26
June 26 - July 3
July 3 - July 10
July 10 - July 17
July 17 - July 24
July 24 - July 31
July 31 - Aug. 7
Aug. 7 - Aug. 14
Aug. 14 - Aug. 21
Aug .21- Aug. 28
Aug. 28 - Sep. 4
Sep. 4 -Sep. 11
Sep. 11 -Sep. 18
Sep. 18 - Sep. 25
Sep. 25 - OcL 2
Oct. 2 - Oct. 9
Oct. 9 - Oct. 16
OcL 16 - OcL 23
Oct. 23 - Oct. 30
Oct. 30 - Nov. 6
Nov. 8 - Nov. 13
Nov. 13 - Nov. 20
Nov. 20 - Nov. 27
Nov. 27 - Dec. 4
Dec. 4 - Dec. 11
Dec. 11 - Dec. 18
Dec. 18 - Dec. 25
Dec. 25 - Jan. 1
Jan. 8 - Jan. 15
Jan. 15 - Jan. 22
Jan. 22 - Jan. 29
Jan. 29 • Feb. 5
Feb. 5 - Feb. 12
Feb. 12 - Feb. 19
Feb. 19 - Feb. 26
Feb. 26 - Mar. 4
Mar. 4 - Mar. 11
Mar. 11 - Mar. 18
Mar. 18 - Mar. 25
Mar. 25 - Apr. 1
Apr. 1 - Apr. 8
Apr. 8 - Apr. 15
Apr. 15 - Apr. 22
Apr. 22 - Apr. 29
Apr. 29 - May 6
May 6 - May 13
May 13 - May 20
May 20 - May 27
May 27 - June 3
June 3 - June 10
June 10 - June 17
June 17 - June 24
June 24 - July i
July 1 - July 8
July 8 - July 15
July 15 - July 22
July 22 - July 29
July 29 - Aug. 5
Aug. 5 - Aug. 12
Aug. 12 - Aug. 19
Aug. 19 - Aug. 26
Aug. 26 - Sep. 2
Sep. 2 - Sep. 9
Sep. 9 - Sep. 16
Sep. 16 - Sep. 23
Sep. 23 - Sep. 30
Sep. 30.Oct. 7
Oct. 7 - Oct. 14
Oct. 14 - Oct. 21
Oct. 21 - Oct. 28
Oct. 28 - Nov. 4
Nov. 4 - Nov. 11
Nov. 11 - Nov. 18
Nov. 18 - Nov. 25
Nov. 25 - Dec. 2
Dec. 2 - Dec. 9
Doc. 9 - Dec. 16
Dec. 16 - Doc. 23
Dec. 23 - Dec. 30
Dec. 30 - Jan. 8
Jan. 8 - Jan. 13
Jan. 13 - Jan. 20
Jan. 20 - Jan_ 27
Jan. 27 - Feb. 3
Feb. 3 - Feb. 10
Feb. 10 - Feb. 17
Feb. 17 - Feb. 24
Feb. 24 - Mar. 3
Mar. 3 - Mar. 10
Mar. 10 - Mar. 17
Mar. 17 - Mar. 24
Mar. 24 - Mar. 31
Mar. 31 - Apr. 7
Apr. 7 - Apr. 14
Apr. 14 - Apr. 21
Apr. 21 - Apr. 28
Apr. 28 - May 5
May 5 - May 12
May 12 - May 19
May 19 - May 26
May 26 - June 2
June 2 - June 9
June 9 - June 16
June 16 - June 23
June 23 - June 30
• June 30 - July 7
July 7 - July 14
July 14 - July 21
July 21 - July 28
July 28 - Aug. 4
Aug. 4 -Aug. 11
Aug. 11 -Aug. 18
Aug. 18 - Aug. 25
Aug. 25 - Sep. 1
Sep. 1 - Sep. 8
Sep. 8 - Sep. 15
Sep. 15 - Sep. 22
Sep. 22 - Sep. 29
Sep. 29.Oct. 6
Oct. 6. Oct 13
Oct. 13 - Oct 20
Oct. 20 - OcL 27
Oct. 27 - Nov. 3
Nov. 3 - Nov. 10
Nov. 10 - Nov. 17
Nov. 17 - Nov. 24
Nov. 24 • Dec. 1
Dec. 1 - Dec. 8
Dec. 8 - Dec. 15
Dec. 15 - Dec. 22
Dec. 22 - Dec. 29
Dec. 29 - Jan. 5
Jan. 5 - Jan. 12 1 Jan. 4 - Jan, 11 1
Jan. 12 -Jan. 19
Jan. 19 - Jan. 26
Jan. 28 - Feb. 2
Feb. 2 - Feb. 9
Feb. 9 - Feb. 16
Feb. 16 - Feb. 23
Feb. 23 - Mar. 2
Mar. 2 - Mar. 9
Mar. 9 - Mar. 16
Mar. 16 - Mar. 23
Mar. 23 - Mar. 30
Mar. 30 - Apr. 6
Apr. 6 - Apr. 13
Apr. 13 - Apr. 20
Apr. 20 - Apr. 27
Apr. 27 - May 4
May 4 - May 11
May 11 - May 16
May 18 - May 25
May 25 - June 1
June 1 - June 8
June 8 - June 15
June 15 - June 22
June 22 - June 29
June 29 - July 6
July 6 - July 13
July 13 - July 20
July 20 - July 27
July 27 - Aug. 3
Aug. 3 - Avg. 10
Aug. 10 - Aug. 17
Aug. 17 - Aug. 24
Aug. 24 - Aug. 31
Aug. 31 - Sep. 7
Sep. 7 - Sep. 14
Sep. 14 - Sep. 21
Sep. 21 - Sep. 28
Sep. 28 - Oct. 5
Oct. 5 - Oct. 12
Oct. 12 - Oct. 19
Oct. 19 - Oct. 26
Oct. 26 - Nov. 2
Nov. 2 - Nov. 9
Nov. 9 - Nov. 16
Nov. 16 - Nov. 23
Nov. 23 - Nov. 30
Nov. 30 - Dec. 7
Doc. 7 - Dec. 14
Dec. 14 - Dec. 21
Dec. 21 - Dec. 20
Dec. 28 - Jan. 4
Jan. 11 • Jan. 18
Jan. 18 - Jan. 25
Jan. 25 - Feb. 1
Feb. 1 - Feb. 8
Feb. 8 - Feb. 15
Feb. 15 - Feb. 22
Feb. 22 - Mar. 1
Mar. 1 - Mar. 8
Mar. 8 - Mar. 15
Mar. 15 - Mar. 22
Mar. 22 - Mar. 29
Mar. 29 - Apr. 5
Apr. 5 - Apr. 12
Apr. 12 - Apr. 19
Apr. 19 - Apr. 26
Apr. 26 - May 3
May 3 - May 10
May 10 - May 17
May 17 - May 24
May 24 - May 31
May 31 - June 7
June 7 - June 14
June 14-June 21
June 21 - June 28
June 28 - July 5
July 5 - July 12
July 12 - July 19
July 19 - July 26
July 26 - Aug. 2
Aug. 2 - Aug. 9
Aug. 9 - Aug. 16
Aug. 16 - Aug. 23
Aug. 23. Aug. 30
Aug. 30 - Sep. 6
Sep. 6 - Sep. 13
Sep. 13 - Sep. 20
Sep. 20 - Sep. 27
Sep. 27. Oct. 4
Oct. 4 - Oct. 11
Oct. 11 - Oct. 18
Oct. 18 - Oct. 25
Oct. 25 - Nov. 1
Nov. 1 - Nov. 8
Nov. 8 - Nov. 15
Nov. 15 - Nov. 22
Nov. 22 - Nov. 29
Nov. 29 - Dec. 6
Dec. 6 - Dec. 13
Dec. 13 - Dec. 20
Dec. 20 - Dec. 27
Dec. 27 - Jan. 3
. J � - -- - 'I.. `..+►.... �.a...+.._... - - .:uv.- - - ..uL.r �-- - - - - .+.1.tt�J..�.res.=���. - - - - -..:.tea. _...._...
J. N. McGrath, P.C. Law Offices
SECURITY PACIFIC
- CONVEYANCES
ACCORDING TO TITLE
RECORDS
Unit
Weeks
-------
Name/Address
Date
Book
Page
GS
D
106
01,24,25
-- ------------------------
Vierk
02-02-85
----------------
482
834
GS
Lafayette, IN
106
03933,47
Schiavone/Fischer
08-18-84
482
813
GS
no address
106
09,19935
Kugler
01-14-85
482
839
D
Sterling, CO
106
11,51,52
Rosendahl/Eigel
10-15-85
499
213
Colo. Springs, CO
106
13914,48
Barish/Friedman
12-01-84
482
898
GS
NJ/PA
106
30,31,49
Frischknecht
03-14-85
482
823
GS
Morrison, CO
106
08,22,38
Taylor
01-15-85
482
818
D
Omaha, NB
106
05,3209
Lancaster
10-04-84
482
828
GS
VT
203
04,05,24
Potaks/Riloff
10-09-85
499
225
D
NJ
203
06,07,43
Ross/Wallace
10-09-85
499
237
GS
Beth, MD
203
10,11,37
Boss/Wallace
10-09-85
499
221
GS
Beth, MD
203
2801,49
Coon/Low
10-09-85
499
238
D
Morrison, CO
203
30,38939
Ross/Wallace
10-09-85
499
233
GS
14D
203
09942952
Johnson
10-09-85
499
229
G3.
NJ
205
08909,24
Merritt
03-01-85
486
315
GS
WI
205
02,31945
Skrzypczak
04-30-86
486
320
D
Breckenridge, CO
205
0504,41
Zukoski
04-30-85
486
325
D
Phoenix, AZ
205
06,27,40
Atwater
04-30-85
486
330
D
Winter Park, CO
205
03,33947
Rose
04-30-85
486
335
D
L.A., CA
205
10925926
Merritt
09-24-85
499
220
WI
205
1209952
Calkins
03-24-85
486
340
GS
Concord, Mass.
205
0707,44
Fisher
04-30-85
486
345
D
Los Gatos, CA
205
49,50,51
Meneses
04-30-85
486
351
GS
Venezuela
EXUBIT E
207
05906938
Cargill/Wolf
05-16-86
486
350
GS
CT
207
02922,37
Hargreaves/Turek
02-11-85
481
986
GS
IL
207
03,27942
Peterson/Nelson
11-09-84
477
501
GS
TX
207
04,30939
Boyle
08-12-84
476
489
D
Denver, CO
207
07931940
Kamen
10-21-84
476
468
GS
IL
207
08924,33
Kaufman
09-02-84
476
479
GS
NY, NY
207
09,29947
Smith
08-26-84
476
499
GS
Prescott, AZ
207
10,12,23
Smith
10-31-84
477
506
GS
Carrollton, TX
207
11925,44
Hansen
09-19-84
476
474
D
Scottsdale, AZ
207
28932949
Coon/Low
08-18-84
476
484
Morrison, CO
207
35,36,48
Ace
09-14-84
476
469
GS
Leawood, KS
207
43,50,51
Kelley/Carr
01-28-85
487
434
GS
W. Lafayette, ID
207
26941,52
Stevens
08-17-84
(illegible)
GS
Greely, CO
302
0405949
Goldman
09-15-84
478
465
D
Denver, CO
302
05,06925
Dillon
03-01-85
483
365
GS
Bryn Mawr, PA
302
09922,27
Ruehr
12-14-84
479
556
GS
Billings, MT
302
10,11940
Prohaska
11-27-84
478
480
GS'
Santa Fe, NM
302
13,14939
Stevenson►
07-16-85
491
441
GS
Cohasset, I -IS
302
31,32,47
Perls
12-19-85
478
490
GS
Albuquerque,
NM
302
29948,52
Ziegler
09-06-84
478
495
D
Denver, CO
302
23950951
Morrison
09-22-84
478
485
GS
Rolling hills
Est., CA'
302
12,30943
Palmer
12-02-84
478
500
Denver, CO
302
08,24933
Shelton
10-23-84
478
470
GS
Tucson, AZ
302
07928,41
Sartain
11-17-84
478
475
GS
Lake Jackson,
TX
pm9:forclos2
• CITY OF ASPE •
j6
MEMO FROM STEVE BURSTEIN
To: Nit,1C Mc�rx'
r"or %feve UUYS+-e;"
R e . 6 (Urh L4 f (i/ -6w 04,71 s Ohio- (o>1f�er1 �f fh
06fe . r'jAut s, I q��
dM �4 � 91 I q$ s 64)1 Ft," W m,
"�" rv—
,—
Pic,, q� A "'d
9
ME PROSPECIGR/ASPEN
SALES REPORT
OCTOBER 18th, 1985
PURCHASE DATE OF
CLOSED OR
0
PURCHASER
UNIT
WEEKS
PRICE
CONTRACT
TERMS
NC7T CLOSED
FRISQH�'�
101
50-29-32
26268.00 08/12/85
OSYRS, 14.9%, P I5S498.83
NOT CLOSED
FRISQHNECHT
101
49-30-31_
26268.00 06/12/85
05YRS, 14.9%, PYMLSS498.83
NDT CLOSED
102
49-50-51-
32500.00
12/19/84
02YRS, 0.0%, PY.►.=1000.00
NOT CLOSED
DNS
102
11-12�+0
33000.00
03/29/85
14.9%
10YRS, , F?CSS424.31
NDT CLOSED
cBQ2
B�
103
49-50-51
35500.00
12/31/84
JOYRS, 14.9%, PYMI5S456.45
N7T CLOSED
�TgpO
BARISH/FREIDMAN
106
13-14-48 "
29500.00
12/01/84
JOYRS, 14.9%, PiMM189.65
CLOSED
g lvQk
106
03-33-47
23500.00
08/18/84
05YRS, 12.9%, PVM5426.80
CLOSED
./FICSHER
xiGLgt
106
09-35-19
29500.00
01/14/85
JOYRS, 14.97., PYIIISS379.31
CLOSED
106
05-32-39'
23825-00
10/03/84
CASH SATE.
CLOSED
LANCADER
PALMER*
106
28-29-42'
19900.00
08/02/85
10YRS, 12.9%, PYM-S$236.76
NOT CLOSED
TA=R
106
08-38-22
29500.00
01/ 15/85
10YRS, 14.9%, P NTSS379.31
CLOSED
VIERK
106
01-24-25
23500.00
01/02/85
05YRS, 12.9%, PYCSS426.80
CLOSED
BAIRD*
203
03-13-36
38750.00
09/15/85
JOYRS, 12.97., FMSS461.04
-3dB-ttOSID-
.�
C00N*
203
31-49-28.
26440.00
08/10/85
lOYRS, 12.9%, P)MM314.58
-1�F- -
203
09-52-42
46979.00
07/22/85
03YRS, O.007.., P)I-=848.23
-NDT`ffil&�
,IOHNSON*
PpT7K-k
203
04-05-24
31000.00
08/07/85
05YRS, 11.4%, PY M544.17
a
ROSS/WALiACE
203
10-11-37 `
29500.00
03/24/85
JOYRS, 14.07., PY =297.72
NOT 6993EQ-
ROSS/WALIACE
203
30-38-39
29500.00
03/24/85
JOYRS, 14.07, P)I-=297.73
-109� G696@
ROSS/WAIIACE
203
06-07-43
06-27-40-
25000.00
31500.00
08/10/85
04/20/85
CASH SALE
JOYRS, 14.9%, P)NTSS405.02
NaT sip
CLOSED
p,TWAM
CAUCLNS
205
205
52-12-39
39600.00
03/24/85
10)M , 14.9%, FIffM$509.12
CLOSED
*-FISHER.
205
07-37-"
31500.00
01/29/85
JOYRS, 14.97., P)I,=405.02
CLOSED
MENESFS
205
51-50-49
31950.00
12/30/84
CASH SALE
MERRITT
205
10-25-26
08-09-24:
26000.00
38760.00
09/01/85
02/04/85
CASH SALE
05YRS, 12.07., FitMS560.43
CLOSED
MERRITT
X ROSE
205
205
03-33-47
29500.00
02/11/85
JOYRS, 14.9%, P`MM379.31
CLOSED
SjTZ)T=
205
02-31-45
29500.00
04/30/85
JOYRS, 14.97., PTM$379.31
CLOSED
*Z maa
205
05-34-41
31500.00
01/24/85
JOYRS, 14.97., P`!t=405.02
CLOSED
A,(E
207
35-36-48
23440.00
09/14/84
Ol)m , 0.0%, Fffl SS976.67
CLOSED
BOYLE
207
04-30-39
26500.00
08/12/84
10YRS, 14.9%, PYtn'SS340.73
CLOD
CARGILL
207
05-%-38
28500.00
03/14/85
CASH SAIL
CLOSED
207
51-50-43,
30875.00
01/31/85
CASH SALE
CLOSED
207
11-25-u4
30500.00
09/19/84
10TYS, 14.97., P�.S392.16
CLOSED
,HANSEN
HARGREAVES/Tb?TK.
207
02-37-22
26500.00
02/14/85
JOYRS, 14.9%, F--CSS340.73
CLOSED
CLOSED
KXlN
207
07-31-40
27075.00
10/24/84
OlYR, 0.07., PYPIISS1128.18
KAUFMAN
207
08-33-24
28500.00
08/24/84
JOYRS, 17.07., PYMTSS299.65
CLOSED
_
PETFR.SON/NELSON
207
03-27-42
26500.00
11/09/84
lOYRS, 14.0%, PYMTS3194.08
PlMrSS320.10
CLOSED
CLOSED
gMITH,AL
207
10-12-21
34616.00
10/31/84
lOYRS, 14.07.,
SMITH, PAT
207
09-29-47
30500.00
08/26/84
JOYRS, 14.9%, PYMTSS392.16
CLOSED
r
0
clo5�ci / noi' c)ovil
4+l 5-
UnJOY CL
Ali
VZz s ^lu
a
l -
l
3 00
OB/18/84
01YRS, 0,07, P`d'C:SS1,345.16
CLOSE
CLOSED
STEMS
207
302
52-26-41
0,, 0 Z5
34600.00
02/ 23/ 85
18/84
CASH SALE
07YFtS, 13.9X, PYMTSS426.01
CLOSED
IJIIl1)N
302
04-35-�49
28500.00
345p0.00
09/
09/19/84
1pYELS, 14.9�, PAS 443.60
CLOSED
CLOSED
GCLUAAN302
MORRISON
51-50-23
12-30-43
30500.00
12/02/84
lo,.MS 14.9%, ptnSS392.1
USED
PALMER
302
�
31-32-47
25040.00
08/13/84
11/27/94
lOYRS, 14.�, P�QSS443.60
1O�S,
CLOSED
PEA
PRE
302
10-11-40
37500.00
32500.00
12/ 14/84
1p`gtS, 14.9z, P1T1155 417.88
P`a'=392.1
CLOSED
QDSm
MJEHR
302
302
09-27-22"
08-33-24 _
30500.00
11/01/84
11/17/84
lOYRS, 14.9z,
07Y25, 13.97., p�Q5S440.96
QD�
SE�mN
SARR
302
07-ZE$-4l _
29500.00
40700.00
03/ 27/ 85
03YRS, O.00tL, P`�15=' 847.92
Pt-QSS515.70
CLOSED
CLOSED
SAKEA 3SC�
smmz
302
302
13-14-39
52-29-48
27600.00
09/07/84
07YEtS, 13.9%,
05YRS, �� 681.06
N� CLOSED
zan.ER12.9Z,
AEDEPS
304
52-49-32-
37500.00
27144.00
12/29/84
07/26/85
03`�, O.00X, � 603.22
Fn`SS46�`.80
K7T CLOSED
Nn CIDSED
tMRE•�`
304
15-40-48
39056.30
07/25/85
lo)YS, 12.97.,
•
1650896.30
TUTA1., SALES
�—
*wm: SALES n'AT
HAVE NJT PASSED
imasacN.
MEMORANDUM
TO: Aspen City Council
TH RU: Hal Schilling, City Manag
FROM: Steve Burstein, Planning O�eC4
RE: Prospector Lodge Timeshare - Request for Amendment to
Timeshare Conditions
DATE: February 4, 1986
SUMMARY: The Planning Office recommends amending Conditions 6, 9
and 13 of the Prospector Timeshare approval as requested subject
to the two conditions listed below.
APPLICANTS' REQUEST: The applicants, Security Pacific Finance
Corporation and Merit Investment Company, request: ( 1 ) to
eliminate the requirement that eight (8) timeshare packages out
of 15 be sold prior to closing, set in Condition No. 13; (2)
amend Condition No. 6 to reflect the Code amendment regarding
inspection trip approval through Ordinance No. 67, Series of
1985; (3) delete Condition No. 9 naming the party responsible for
the marketing program; and (4) amend Condition No. 27 to allow
rental money from the rent of unsold units to be used for payment
of debt as well as maintenance.
BACKGROUND: In 1983 and 1984, the Prospector Lodge Timesharing
proposal received a recommendation of approval by the Planning
and Zoning Commission but was denied by City Council. On May 29,
1984, Council reconsidered and approved the timeshare project.
Thirty-four (34) conditions of approval (see Attachment "A") were
attached to approval of the condominiumization plat.
During the Annual Timeshare Review conducted by the Planning
Commission on August 20, 1985 and City Council on September 9,
the Prospector management requested some general response to
eliminating the closing requirement, labeled the "rule of eight".
Both the Planning Commission and Council indicated willingness to
consider easing the requirement through an appropriate applica-
tion for a change in the conditions of approval. An application
was received during the discussion of Ordinance No. 67, Series of
1985, which amended the timeshare ordinance with regard to
inspection trip limitations and the annual licensing fee.
APPLICABLE SECTIONS OF THE CODE: Section 20-24 of the Municipal
Code establishes regulations of timesharing as a particular type
of condominiumization -- and more broadly, subdivision -activity.
Section 20-24(E) states the standards and review criteria for
timesharing according to which the effect of amendments should be
examined. The legal vehicle for timesharing is the condominiumi-
zation map, as described in Section 20-23(A), Lodge Condominiumi-
zation. The application before you is for an amendment to the
conditions attached to the approved condominiumization map.
Timeshare is a conditional use in the Commercial Core zone
district. Section 24-3.3(c) provides that the Planning Director
can make the determination that the proposed modifications are
not substantial, do not have significant land use implications
and need not be reviewed at a hearing before the Planning
Commission, therefore, the request has been handled as a one step
subdivision exception application for City Council review.
PROBLEM DISCUSSION: When the Prospector applied for timesharing
in 1983-84, City Council had recently passed the Timeshare
Ordinance and was very cautious about the potential harm of such
projects on the economy, reputation, and land use patterns of the
City of Aspen. The Ordinance contains strict requirements and
the conditions of approval for the Prospector incorporate
safeguard measures intended to ensure that the project would be
properly operated and marketed. Most of these conditions of
approval directly reflect provisions of the Ordinance.
Condition No. 13 was passed primarily to give Council a comfort
level with the economic viability of the Prospector project.
Council's concern was protection for the buyers and developer in
the case that either the developer walked away from the project
or other timeshare package purchases walked, leaving the remain-
ing purchasers and the developer to shoulder the costs of
operation. The applicant claims that this requirement is
counter -productive and actually jeopardizes the viability of the
project. The applicant believes that with free reign over the
use of sales money, a greater commitment to the project operation
and payment of debts can be made. Furthermore, there are State
consumer laws and the policies of lending institutions to address
the protection of parties involved in real estate transactions.
According to information provided by Merit Investment last July
and by the applicant's attorney in February, the following
characteristics of the Prospector project are tabulated:
• 0
Project Summary Project Sales Summary July 1985 Feb. 1986
Units 19 Timeshare Packages 285 285
Units Closed 4 Timeshare Packages 92 46
Sold
Timeshare Packages Closed 37 37
Timeshare Packages Under 55 9
Contract
Percentage of Total 32% 16%
Project Sold
Eased on the decreased number of timeshare packages under
contract, it is obvious that the Prospector is in a more precari-
ous situation now than it appeared to be last July. We suggest
that one reason may be the closing restriction; and that elimina-
tion of this restriction; may be even more needed than previously
to help the project. On the other hand, elimination of the
restriction may cause those buyers with packages under contract
to totally lose their investment if the project fails, when the
money would be in escrow otherwise. We present this analysis so
that Council can evaluate these risks and the potential benefits
in making a decision on the applicaitons request.
It appears that there are other problems in selling Prospector
timeshare packages besides Condition No. 13, "Rule of Eight",
including a soft market and possibly the marketing techniques
employed. However, at this time the City's interest appears to
be served by easing restrictions on closing to help the project
succeed. If the project continues to be used and maintained,
taxes are paid, and local debts are paid in part or full, then it
appears that the community's welfare is being served. We are not
guaranteed that by granting their request that these benefits
would all be realized.
Given other protection in the City timeshare ordinance, City
conditions of approval, State statutes, and bank policies, we
feel that the effect of doing away with this requirement would
not unduly jeopardize the public welfare. The applicant should
disclose current information about their marketing and sales
program including how packages are composed of intervals,
packages remaining for sale and management of escrow accounts so
that the City can ensure that the Code and the other conditions
of approval are being adhered to.
Regarding the other requests by the applicant, we have the
following comments.
The Planning Office agrees that Condition No. 6 should be amended
to reflect Ordinance 67, Series of 1985 amendments. "Giving of
transportation, lodging . . . " should be deleted.
Condition No. 9 should be changed to name the current Plan
Manager. As the management is likely to change again soon, the
names should be left open until the new manager is under employ-
ment.
No change is necessary in Condition No. 27. It presently allows
the developer to use rental money for non -maintenance expenses as
long as "any maintenance which may be necessary" is paid for
first.
ADVISORY COMMITTEE VOTE: This case is being handled as an
expedited review, therefore, no review or recommendation from P&Z
was accomplished.
RECOMMENDED MOTION: "Move to approve amendment of Condition Nos.
6, 9 and 13 of approval for the Prospector Timeshare as follows:
1. Amend Condition No. 6 to take out reference to transporta-
tion and lodging gift prohibition.
2. Condition No. 9 should contain the correct names of the
current Plan Manager;
3. Deleted Condition No. 13;
and subject to the following conditions:
a. The applicant shall provide the City Manager's Office with
current information about the Prospector's marketing and
sales program including:
i. The composition of weeks in timeshare packages;
ii. Packages remaining unsold, and
iii. Management of escrow accounts.
This information shall be submitted within sixty (60) days
of this approval.
b. An amended Statement of
the changes to conditions
shall be submitted to the
ney's office."
SB. 8:jlr
Subdivision Exception, reflecting
of approval, Nos. 6, 9 and 13,
satisfaction of the City Attor-
4
1. The applicant will amend the condominium plat to include
the following:
encroachment • ense granted by Council
a. Reference
for the rock facade stairs on the north frontage;
b. Indicate book and page of easements for the transformer
in any vaults or pedestals on the property;
2. The applicant's landscape plan will require final approval
of compliance by the Parks Director. The plan should be
augmented to include the following:
a. The additional sidewalk spur on the west end of the
alley;
b. Irrigation of the planting areas along the west and
north frontages to maintain trees in those locations.
3. The applicant must provide sixteen (15) on -site underground
parking spaces.
4. The project must include amenities as proposed including
a sundeck on the third floor, on -site parking, lobby, and
unit amenities including a hot tub, sauna, wet bar and
masonry fireplace.
5. Occupancy by a timeshare owner is limited to thirty (30)
days between December 18 and I;arch 26.
G. 14o prohibited marketing practices will be allowed including
the giving of gifts in a deceptive manner, use of public
malls or streets for sale, phone solicitations to visitors
at other lodges, or the giving of transportation, lodging
or other gifts valued in eycess of $100.00.
7. The nineteen (19) renovated units found in the Prospector
must each be split into fifty-two (52) weeks. Seven (7)
weeks must be reserved for the maintenance of the project.
Four (4) of these seven (7) weeks must be used exclusively
for maintenance with no rentals or other uses allowed.
Two of the four (4) weeks must be in the spring while the
remaining two (2) weeks must be in the fall. The remaining
forty-five (45) weeks must be sold as proposed in three
(3) week timeshare packages. Each three (3) week package
must contain a peak summer/off-winter week, and an off
season week in either the spring or the fall.
8. No right -to -use timeshare leasehold �-Iill be allowed. All
Prospector timeshare interest sales must be on a fee ownership
basis.
9. Timber Run Realty and Terry Liming as Plan Manager and
local contact will be responsible for the marketing program
for the Prospector. The marketing program identified in
the timeshare application must be adhered to.
10 • As proposedaccounts for/operation of the tthesbudget establish
system�.r Proof banking
these accounts have been established must be documented
as
M
gage 3
12.
13
14.
15.
ts are est�.blished.
to the City of Aspen when such accoun
ill
ient
The issuance of Certifinc
cate Se otiona 20-2�4 (F)U(2)ufofc the
to meet the req
useful life of mechanical and electrical
Code regarding the
equipment in the Prospector.
The mandatory tyro (2.) month deposit and anv down payments
made in conjunction with the purchase of a timeshare unit
an escrovr account until closing or the
must be held in er a neutral
issuance of a Certificate of Occupancy, whichever
is later.
The escrow agent must be a title comrany in Aspen,
third party.
Of
No Closing will be allowed until aac4 lee�tareghsol(d)for
the total fifteen (15) timeshare p g
any given unit.
timeshare
16.
17.
18.
19
20
21
2
When closing occurs, the declarant as well as
new
assessment
owners must then begin to pay their quarterly
fees for that unit. For any unsold units the developer
is responsible for operating costs.
erve Fund,
terior Res
The Inter expenditures itemized serve Fund and
he mathe xi ten nce/assessment
both expenditure
fees, cannot be reduced or suspended during the first five
(5) years after the first closing. A1.1 other exp
items used in the he approval of ttion of the assessment fees can
be adjusted with the app must
ays
The money designated for the �s esery
needed ifor Jinterior`oinng
be held in escrovr to be used Hated monies g
ey:terior repairs and maintenance. Desig per year) cannot
into the reserve fund (estimated at $10,000
be reduced or eliminated until the fund has accumulated
$50,000.
The Prospector timeshare units are limited to sip: (6) occupants
at any one time.
The applicant will submit a fifty (50) year aced -restriction
ee unit (f108) meeting the form and standards
for the employ
of the Attorney's Office.
The owners are required to own the common areas and common
amenities in the Prospector Lodge and this must be reflected
in the appropriate documents.
The Board of tlanaaers Host designate a local r:.anaging agent.
• One deed must be conveyed for each three week package so
that weeks are never sold individually. �lication and
References must be made throughout the aect is subject
exhibits attached to indicate
chat ctiothe nr20-24 W011 as in
to all of the req
the State Timeshare Laws which are already P
the application and attachments.
2„ The financing for the Prospector must be expressly subject
to all restrictions placed on the project.
23, The applicant must provide satisfactbory handicap access
to the first level of. the Prospector Lodge y installation
of a handicap lift or by such other means as may be appi
rtment. In addition, the cant
by the Aspen T3uilding Depa
shall make two (2.) units on the first level of the Prroo
spector
Lodge suitable for handicap use. for and
24. The plan manager or the managingol
agent must apply
show evidence to the City of a Corado State Sales Tay;
A
W
r •
!age 4
be applicable to any short term rental of these units.
A required real estate transfer tax will apply to initial
and subsequent sales of the timeshare interest and will
be collected as is done in any other real estate transaction.
25. The Prospector Disclosure Statement, the Prospector Condominium
Documents entitled Fractional Estate Declaration, the Prospector
Articles of Incorporation of the Fractional Cwners Association,
and the Cy -Laws of. the Association as well as a sample
purchase contract must all be amended to reflect the conditions
of approval placed on the Prospector through the approval
process. The PlanningOffice and the City t,ttorney's Office
must both review and approve the final documents to ensure
the changes and clarifications are accurately made.
26. Any further updating or amending of the approved timeshare
documents must be approved through the City according to
the requirements of Section 20-24 of the subdivision regula-
tions.
27. The declarant may rent unsold units but the rental money
must go toward any maintenance which may be necessary as
a result of the unit's use as a rental.
28. The applicant must clarify throughout the timeshare application
references to timeshare units versus references to timeshare
interests.
29. Thirty percent (30%) of the qualified voters (present or
represented by proxy) of the Factional Owners Association
must be present to obtain a quorum.
30. The owners may not lease the common elements or amenities
(excluding the employee unit) which they own as was proposed
in the application.
31. To ensure compliance with the proposed marketing program,
the applicant agrees to post with the City suitable security
in the amount of a $20,000 irrevocable letter of credit.
32. Full details of the RCI exchange program (cost, procedures,
other projects involved, confirmation percentages, etc.)
must be provided to the purchasers of Prospector timeshare
interests.
33. Assessment fees cannot be increased without written notice
being given to the owners thirty (30) days prior to the
effective date of the increase. Such written notice must
explain the reason for the increase and document the need
for the increase.
34. The applicant must submit to the Finance Director the license
fee required by Section 20-24(S) of the Municipal Code,
to be paid on a pro rata basis for the remainder of 1984,
currently estimated at $2950.00. Prior to obtaining the
license from the Finance Director, the applicant must first
pay the outstanding fees owed to the Planning Office, currently
estimated at $2990.00. The applicant shall annually obtain
a new license from the Finance Director on or before January
1st of each subsequent year.
CITY OF ASPEN
130 south galena street
aspen, colorado 81611
303-925 -2020
MEMORANDUM
DATE: January 20, 1986
TO: Planning Office
FROM: City Attorney
RE: Prospector Lodge - Request for Amendment to Timeshare
Conditions
The request appears appropriate in view of the problems which
apparently have resulted from the condition and the City Council's
willingness to relieve the project of this imposition.
PJT/mc
3F
HENDRAPDUN
TO: City Attorney
FROM: Steve Burstein, Planning Office
RE: Prospector Lodge - Request for Amendment to Timeshare
Conditions
DATE: January 8, 1986
Attached for your review an application submitted by Nick McGrath on
behalf of his client The Prospector Lodge (Security Pacific Finance
Corp.), requesting an. amendment to Condition No. 13 of the Conditional
Use (timeshare) and Subdivision approval grant by City Council on May
29, 1984 to The Prospector Lodge. This condition allows that no
closing may take place until eight (8) of a total of fifteen (15)
timeshare packages are sold for any given unit.
Please review this material and return your comments to the Planning
Office no later than January 28, 1986, in order to give this office
adequate time to prepare for its presentation before City Council
Thank you.
0
0
Last Telephone Unit
Frischnecht 303-236-1394 101
Frischnecht 303-697-8129 101
WK WK WK Clos
49 30 31 N N%4
50 29 32 N
-3-85
L- 11-4
Barish/Friedman 609-921-3022
106
13
14
48
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Kugler
106
9
35
19
Y
Lancaster 802-672-5201
106
_
5
32
39
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Palmer
106
28
29
42
_
N 8-,2-15
Shivoane/Fische
Taylor _ 402-455-1348
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Baird
106
106
106
203
3
8
1
3
33
38
24
13
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32
25
36
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Coon
303-697-1633 203
Johnson
210-297-5070
203
9
52
42
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s_
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203
4
524
Y
Ross/Wallace
203
6
7
43
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Ross/Wallace
1-469-9699
203
10
11
37
? H-3-45
Ross/Wallace
203
30
38
39
? -3 —
Atwater
303-726-5775
205
6
27
40
Y
Calkins
617-732-1407
205
52
12
39
Y
Fisher
408-375-1470
265
7
37
44
Y
eneses
305-454-8718
205
51
50
49
Y
Merritt
Merritt
715-839-5222
205
205
8
10
9
25
24
26
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Rose
213-473-7796
205
3
33
47
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Skrzypczak
?&3 ysi -s3'o
205
2
31
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uKO
Ace
913-649-1328
207
35
36
48
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oy a
303-750-5384
207
4_30
39
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Cargill
203-367-4400
207
5
6
38
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arr
207
51
50
43
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Hansen.
602-998-0442
207
11
25
44
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argreaves/ture
amen 1-4332-7248
207
7
31
40
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au man
207
8
33
24
Y
Peterson/Nelson - 4- 11
207
3
27
42
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Smith, -Al- 14-689-5766
207
10
12
23
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Smith, Pat
207
9
29_
47
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evens
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302
5
6
25
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Uoldman
- - 877
302
4
35
49
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fflorr I son
302---
51
50 .
23
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Palmer
_ _
302
12
30
43
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Perls
505-268-8721
302
31
32
47
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Prohaska
505-881-1100
302
10
11
40
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Ruehr
406-256-4049
302
9
27
22
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Sartain
409-238-4292
302
7
28
41
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302
8
33
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Stevenson —
617-786-1600
302
_
13
14
39
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Ziegler
303-388-2883
302
52
29
48
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Anders
817-478-4446
304
52
49
32
N 1-1�1H 5
10 Lit, In -Do
Last Telephone Unit WK WK WK Clos
Moore 713-333-2669 304 15 36 48 N 7 - z (-- ss
Nash 205-837-9060 304 ___- 50 W 40 09 N 7. 2 4-45 ��„
0
0
ON -
Security Pacific Finance Corp.
10089 WILLOW CREEK ROAD • TELEPHONE (619) 578-6150 • SAN DIEGO, CALIFORNIA 92131-1690
December 30, 1985
Mr. Steve Burstein
Director
ASPEN/PITKEN COUNTY
PLANNING OFFICE
130 South Galena
Aspen, CO 81611
Re: Application of December 19, 1985, to Amend
The Prospector Lodge Conditional Use Permit
Dear Steve:
Security Pacific Finance Corp. hereby applies for the referred
Subject as it pertains to the elimination of the so-called Rule
of 8 Sales of 15 from the Conditional Use Permit and other items
made a part of the December 19, 1985 application by Attorney
Nicholas McGrath, Jr. We enclose a check for $680 representing
the fee involved. It is our understanding, after talking to
Thomas Schober of Merit Investment Co. (of Aspen), Inc., that he
will be joining Security Pacific in this application.
Your assistance in effecting code changes as they affect The
Prospector has been appreciated.
Sincerely,
Fred er
Project dministrator
Resort & Real Estate Financing
FDM:klr
Enclosure
cc: Gary M. Linnabary
J. Nicholas McGrath, Esq.
Thomas Schober
SUBSIDIARY: SECURITY PACIFIC CORPORATION
• • or�, b AJ
December 24, 1985
Aspen/Pitken County Planning Office
130 South Galena
Aspen, CO 81611
Attention: Steve Burstein
Re: Application to Amend Prospector Lodge Conditional Use Permit
Dear Mr. Burstein:
Merit Investment Co. (of Aspen), Inc., joins in the application
of Security Pacific Finance Corp., dated December 19, 1985.
Very truly yours,
\0 ��Ichober,Prelsident,
Merit Investment Co. (of Aspen), Inc.
TS:nek
r ,
TBECC,
78-5[
J. NICHOLAS MCGRATH, JR., P.C.ATTORNEY AT LAW600 EAST HOPKINS AVENUE SUITE 203ASPEN, COLORADO 81611
December 19, 1985
Aspen/Pitkin County Planning Office
Attn: Mr. Steve Burstein
130 South Galena
Aspen, Co. 81611
Re: Application to Amend Prospector Lodge
Conditional Use Permit
Dear Steve:
I represent Security Pacific Finance Corp., which is the
lender to the extent of over 3 million dollars on the Prospector
Lodge timesharing project.
This application is to amend the Prospector conditional use
and subdivision approval permit as adopted on May 14, 1984. We
anticipate that the developer Merit Investment Co. of Aspen will
join application but ask that it be considered whether or not
that be the case.
By way of background, Security Pacific's note and deed of
trust is in default, with over $600,000 in interest currently
due. Security Pacific's desire to have the permit amended is a
reflection of its security position. The principal reason for
the application is to amend condition number 13 that allows no
closings until eight of a total of 15 timeshare packages are sold
for any given unit. Since Security Pacific's acquisition and
development loan is repaid to the extent of approximately 40
percent of the proceeds of each sale this means that money is
tied up without paying down that loan. Thus, interest is
increasing; in order to recoop the interest, the developer must
raise prices, which has an opposite effect of what is intended.
We believe there is no sound reason for this so-called rule of
eight. As you know it was applied on an ad hoc basis and does
not appear in the timeshare ordinance itself. Since once there
is any closing and parts of units are therefore timeshared all of
the remainder must be timeshared as well under the city's
ordinance. Hence, there is no reason of consumer protection or
otherwise to maintain this particular condition, which works a
hardship upon Security Pacific and the developer as well. By the
way, several of the owners who are in limbo, that is who have
purchased timeshare intervals but have not been able yet to close
- 1 -
LAW OFFICES
J. NICHOLAS MCGRATH, JR.
because of that rule have also expressed their view that the
condition should be changed on the ground that it ties up their
money without the ability to use the units, etc.
All in all we would like that condition amended to eliminate
any requirement for number of intervals in a particular unit
being sold before a closing. The owner benefits by being able to
close in the ordinary course and use his interval, the developer
benefits by being able to use its approximately 60 percent for
sales expenses (and many local sales expenses have been unpaid),
and the like, and the lender (my client Security Pacific)
benefits by being partially repaid on its loan. It is our
understanding that there may be as many as 25 or 30 contracts
that are not closed some of which may be lost by the mere passage
of time.
As long as we are seeking a change to the rule of eight, or
condition 13 of the Prospector Lodge conditional use permit,
there are a few other amendments we would desire. They are as
follows:
Condition Amendment
6 Amend the prohibited marketing practice
and gifts by deleting it. The new amendment
to the timesharing ordinance you will
consider in January on second reading will
provide the standards in this area.
9 Should be deleted as Timberline Realty and
Terry Lining are no longer associated with
the project.
13 The rule of eight; discussed above.
27 The use of rents solely for maintenance ought
to be broader so that the condition says rent
should be applied first toward maintenance then
towards reduction of debt.
It is our understanding that this amendment is both of a
conditional use permit and of subdivision approval and therefore
should go to the Planning and Zoning Commission and thereafter to
City Council.
- 2 -
LAW OFFICES
J. NICHOLAS MCGRATH, JR.
Thank you very much. I look forward to meeting with you
soon to discuss this. Naturally, in the circumstances, we would
appreciate very prompt processing.
cc: Paul Taddune, Esq.
pm2:lberl219
Sincerely,
I Nt.t -tt, Lkic"R-L
J. Nicholas McGrath, Jr., P.C.
- 3 -
EADY n CARE
M E D I CA L C L I N I C
November 7, 1985
Prospector Lodge
Attention: Mr. Buzz Fedorka
301 East Hyman
Aspen, Colorado 81611
RE: My unit #304 that I purchased in December of 1984
RE: Rule of * 8 that must presently be sold out of 15 before closing can take place.
Dear Buzz;
I am very unhappy that I cannot use my condominium unit #304 yet because
of some rule that requires 8 out of the 15 time slots to be sold before your
company can "close-out" the unit and completely furnish the unit with the
furniture, et cetera. As you know, I have already paid a substantial down -payment
and have alread paid the closing costs that amounted to a total thus far of
almost $8.000.00 (see copy of my receipts attached). I feel that the city ordinance
that requires 8 out of 15 be "sold" is very unfair as it makes it impossible for
me to use my property until 8 slots are sold in my unit. I therefore can't use
the unit that I have already paid almost $8,000 for for my Winter ski trip, for
trips to Aspen during the summer, et cetera.
Not only is the city ordinance rule unfair to us owners of units, it is also
unfair to the Aspen business community because the business community will be
losing out on a lot of business if my family and friends can'-t use the unit
until some time in the future when 8 out of 15 slots sell. If we are able to start
using the unit, I am sure the other owners of units in the Prospector will have
their family and friends coming to Aspen year-round to spend money in the Aspen
business community.
I am very pleased with my purchase of the unit and with you and your staff's
professional attitude. Ya'11 have been very helpfu- thus far and I want you to
do whatever you can to try and convince the City Of Aspen to repeal the unfair rule.
Please let me know if there is anything that I can do from here to help.
Sincerely,
Dr. Steve Anders
FAF :LY, INDUSTRIAL & MINOR EMERGENCY MEDICINE
4101 AIRPORT FREEWAY, SUITE* 101 • BEDFORD, TEXAS 76021 • 8 AM. - 9 P.M. 7 DAYS A WEEK • 283.5888 (METRO) 540-4333
MEMBER
Or odn ASSOC{atlOn U W. KA,7 C,,,, B.S., D.D.S., M.S.D.
dontlsts Practice Limited to Orthodontics
__ Robertson Bldg., Room 207
M N. 4th Street
— — P. 0. Boz 25
Lafayette, Indiana 47902
November 4, 1985
Mr. C. Welton Anderson
Chairperson, Aspen Planning and zoning Conutission
130 S. Galena Street
Aspen, Colorado 81611
Re: Timeshare Code Amendments November 19, 1985
Dear Mr. Anderson:
(317) 742-2556
As an owner of weeks 43, 50 and 51, Unit 207 in The Prospector Lodge, I would
request you favorably consider Amendments 1 and 2 to Section 20-24--Timesharing
of the Aspen Municipal Code.
In regards to Amendment 3, I would view the $5,000 annual license to not be
unreasonable since it:
1) Is another way of collecting sales tax or preventing loss of revenue
from owners living outside of Colorado who might not report from
rentals made and collected out of state, and
2) since Point (S), Subpoint (6) says "Licenses shall be granted only if
the project is in cc0pliance with the regulations of this section ......"
indicates costs will be incurred by the City of Aspen in seeing the
Prospector project is complying with subdivision code 20-24,
I have read the Aspen subdivision code 20-24 very carefully and do not see any
restriction in the code requiring 8 of 15 units to be sold (escrowed) before
allowing closing of the sales. The copy of the subdivision code I have was given
to me by the Aspen Planninq Office in Aspen, Octnher 31; 1985. If this restriction
does in fact apply, then I believe it should have been in the code section with the
numerous other restrictions. My wife, a City Council member in West Lafayette,
Indiana, advises me that a restriction of this type would be in the code section
of their City Code. My wife further tells me she would be afraid of passing a
restriction of this type as being a restraint of trade.
Are your restrictions on the number of units which have to be sold before closing
the same on the other Timeshare project (Shadow Mountain Lodge)? The Aspen Daily
News, Saturday, November 2, 1985 is reporting Shadow Mountain Lodge is only required
to sell five fractions before closing. A principal of zoning and planning is an
"across the board" application of the code or regulations. Are you developing and
enforcing your code and regulations equitably?
My wife, myself, and two children have been coming to Aspen for many years. I have
been skiing here since 1958. As a family we have spent 9 of the last 11 Christmases
in various locations in Aspen. My son has been in Aspen for all of the last eleven
A Smile is Happiness
Page 2
November 4, 1985
Christmases. Our visit to The Prospector at the end of October in the "off
season" took place because of our ownership of a Timeshare unit at The Prospector.
Our particular unit was occupied by another owner the previous week. Neither of
our two groups of people would have spent time or money in Aspen this fall, if
we did not own a Timeshare at The Prospector. Timesharing does seem to increase
economic activity in Aspen in the "off season".
lease help support the viability of The Prospector project by actions which
support The Prospectors developer's opportunity to succeed in his project while
also protecting the many absentee owners of units.
Aspen is a lovely, wonderful place. Although we travel often and widely, it
is the only place where we have ever wanted to go back to so often that we
were willing to purchase a Timeshare. We are quite happy with our Timeshare
unit overlooking Wagner Park.
Sincerely,
;1 � LQf)?��
W. Ke114 Carr
WKC:pas
CC: Mayor of Aspen
Mr. Tom Schober, President Merit Investment Co.
Businesses visited during our stay. Budget Rent-A-Car, Karl's Drug Store, Aspen
Drug Store, Crossroads Drug Store, Aspen Mine Co., Little Annie's, Chart House,
Red Onion, Hickory House, Hills Photo Gallery, Aspen Sport, Guido Sport, Jraelin Ski,
The next ski shop with an Italian type name, LaCantina, Cliff's Bakery, City Market,
Andre's, Cookie Shop, and several women's shops.
t
' • •
MEMBER
���Of�IStS
W. Kelle7 Garr, B.S., D.D.S., M.S.D.
Practice United to OrtLodont►a.
Ro6ertsou BId8.. Roo. 207
M N. 4tL Street
P. O. Bo. 25
LaEaTette, Indiana 47902
November 4, 1985
Mr. C. Welton Anderson
Chairperson, Aspen Planning and Zoning Commission
130 S. Galena Street
Aspen, Colorado 81611
Re: Timeshare Code Amendments November 19, 1985
Dear Mr. Anderson:
(317) 742-1556
As an owner of weeks 43, 50 and 51, Unit 207 in The Prospector Dodge, I would
request you favorably consider Amendments 1 and 2 to Section 20-24--Timesharing
of the Aspen Municipal Code.
In regards to Amendment 3, I would view the $5,000 annual license to not be
unreasonable since it:
1) Is another way of collecting sales tax or preventing loss of revenue
from owners living outside of Colorado who might not report from
rentals made and oollected out of state, and
2) since Point (S), Subpoint (6) says "Licenses shall be granted only if
the project is in compliance with the regulations of this section ........
indicates costs will be incurred by the City of Aspen in seeing the
Prospector project is couplying with subdivision code 20-24.
I have read the Aspen subdivision code 20-24 very carefully and do not see any
restriction in the code requiring 8 of 15 ,mits to be sold (escrowed) before
allowing closing of the sales. The copy of the subdivision code I have was given
to me by the Aspen Pl,-rul g Office in Aspen, October 31, 1985. If this -restriction
does in fact apply, then I believe it should have been in the oode section with the
numerous other restrictions. My wife, a City Council member in West Lafayette,
Indiana, advises me that a restriction of this type would be in the code section
of their City Code. My wife further tells me she would be afraid of passing a
restriction of this type as being a restraint of trade.
Are your restrictions on the number of units which have to be sold before closing
the same on the other Timeshare project (Shadow MounLain Lodge) ? The Aspen Daily
News, Saturday, November 2, 1985 is reporting Shadow Mountain Lodge is only required
to sell five fractions before closing. A principal of zoning and planning is an
"across the board" application of the code or regulations. Are you developing and
enforcing your cone and regulations equitably?
My wife, myself, and two children have been coming to Aspen for many years. I have
been skiing here since 1958. As a family we have spent 9 of the last 11 Christmases
in various locations in Aspen. My son has been in Aspen for all of the last eleven
ASmile is Happiness
•
•
Page 2
Novenber 4, 1985
Christmases. Our visit to The Prospector at the end of October in the "off
season" took place because of our ownership of a Timeshare unit at The Prospector.
Our particular unit was occupied by another owner the previous week. Neither of
our two groups of people would have spent time or money in Aspen this fall, if
we did not own a Timeshare at The.Prospector. Timesharing does seem to increase
econcrdc activity in Aspen in the "off season".
Please help support the viability of The Prospector project by actions which
support The Prospectors developer's opportunity to succeed in his project while
also protecting the many absentee owners of units.
Aspen is a lovely, wonderful place. Although we travel often and widely, it
is the only place where we have ever wanted to go back to so often that we
were willing to purchase a Timeshare. We are quite happy with our Timeshare
unit overlooking Wagner Park.
Sincerely,
W. KeLe-y Carr
WKC:pas
CC: Mayor of Aspen
- Mr. Tcxn Schober, President Merit investment Co.
,t1� ! - .. _ 1. - .
Businesses visited during our stay. Budget Rent-A-Car, Karl's Drug Stare, Aspen
Drug Store, Crossroads Drug Store, Aspen Mine Co., Little Annie's, Chart House,
Red Onion, Hickory House, Hills Photo Gallery, Aspen Sport, Guido Sport, Haelin Ski,
The next ski shop with an Italian type name, LaCantina, Cliff's Bakery, City Market,
Andre's, Cookie Shop, and several women's shops.
U
Ei FG EH' 'Cr_L
P.u::wood Ct. 7429 clmhurs....re. N.W.
v3alo 4SO17 N. Csndon,
6:4-76-$7uJ
i,SPLn City Council
".spen Colorado 81612
Attn: President of City Council or Mayor
•
Dav:on, C::ic
Sep; ember 26, 1985
Sus;�ct: Proposed Changes in Timeshare Ordinance
ve.. •Ierr.en;
:.Ote with interest your discussions conC:el:. -ati the above Ors 111ii1C.:
` 5 e=fect on buyers of Timeshare units. This was reportca in t'.:
._' _•:. i:.sue of the Aspen Times t•o which we subscribe.
-va ...�oilt be interested in the effects on tile such as IGysell .
` Y --se of the inordinate delays in ciosiar; we are unabia to def-174 _'•
1aa our Spring vacations with our children a_:k: our fr_o.-.;s s; ::ce uo
�:.a:,:e to definitely confirm that we vs--: - -ave ac,. , ss to our unit
i e :_ave closed. This will mean that per.iaps 8 people will::ot b'a i..
cver t::e 2 weeks period with loss of inco...2 for merchaats and the
We :Pave had $11,550•.00 plus closing- costs ci :'"'77.37 tied up for v.:.__-_:,-
pariods beginning last March . Obviously we could ..se this money fo--
psrposcs. It is our understandina_it_is`e=_~ held ___escrow and we r.cl-
should be earning interest to our account.____________
.eve - a
--------------------�-------------------------
T..e delays also interfere with our payout plans to off our
in future deliberations please consider these effects on other buy,2s, c•
.potential buyers,and the way it impL.-ts on the developers ability to se:
a�.(Aizional units and promote e whole concept.
My family , and friends, are lookingforward o -
the use o� our u :�t :,�-:_;.
Ynarch 4 nd hope we will not have to g� eIS--here. We are ta-Zillec at -Le
prospects of owning a piece of Aspen if f,,.. several weeks. After 'u„
years of visiting it would be great to '—.,L "Our Own :lace."
cc:Buss Fedorka; We are still looking for
the List of furnishings for the unit.
Sincerely
: ___ .ar_e Blake