HomeMy WebLinkAboutagenda.council.special.20091116NOTICE OF SPECIAL MEETING
At the request of Mayor Ireland, there will be a special City Council meeting
Monday, November 16, 2009, at 5:00 p.m., City Council Chambers, 130 South Galena,
Aspen, Colorado. The agenda for that meeting is:
Ordinance #23, 2009 — General Obligation Housing Refunding Bonds -
Emergency Ordinance
athryn S. Koch, City Clerk
Notices delivered to:
Mayor Ireland
Councilman Johnson
Councilman Skadron
Councilman Romero
Councilman Torre
John Worcester, city attorney
Steve Barwick, city manager
MEMORANDUM
TO: Mayor and City Council
FROM: Don Taylor, Director of Finance
THRU: Steve Barwick, City Manager
DATE OF MEMO: November 13, 2009
MEETING DATE: November 16, 2009
RE: Refinancing of 2001 General Obligation Bonds
REQUEST OF COUNCIL: To authorize issuance of refunding bonds to repay the outstanding
2001 General Obligation Bonds by adopting Ordinance #23, Series of 2009.
PREVIOUS COUNCIL ACTION: City Council authorized the issuance of General
Obligation Bonds in 2001. On October 20`h 2009, Council authorized preparation of documents
to authorize the sale of refunding bonds in order to realize no less than a 3% savings on a net
present value basis.
BACKGROUND: The coupon rates on the remaining bonds outstanding from the 2001 General
obligation bond issue are now higher than what can be achieved from issuing new bonds in
today's market. By issuing new bonds at lower interest rates in order to repay the old bonds the
City can affect savings on each of this bond issues. If the General Obligation bonds were
refinanced at the interest rates that were available in late October, it would save approximately
$295,000 on a present value basis. Annual savings ranges from $26,000 to $31,000 per year.
These savings are net of all issuance costs.
DISCUSSION: Interest rates are very low in this current market, particularly on the short end
of the yield curve. Refinancing the outstanding 2001 GO Bonds will allow us to take advantage
of these rates that are lower than what is currently stated on the existing bonds. The ordinance
that is provided authorizes the issuance of the bonds subject to meeting certain criteria. This is
referred to as a parameters ordinance. The parameters are specified in section 31 of the
ordinance. The parameter that is of primary interest to the city is achieving net present value
savings of at least 3% of the par value or the refunded bonds. If this level of savings cannot be
achieved then the sale of the refunding bonds will not proceed.
FINANCIALBUDGET IMPACTS: The General Obligation Bond refunding will produce an
annual budget savings of $26,000-$31,000 per year in the Housing development fund (150 fund).
Page 1 of 2
RECOMMENDED ACTION: Staff recommends City Council approve the ordinance
authorizing the issuance of the Refunding Bonds.
ALTERNATIVES: The Council could choose to not do the refunding or to postpone the
refunding to a point in time when it thought interest rates would be lower.
PROPOSED MOTION: Move to adopt Ordinance #23, Series of 2009, on second reading.
CITY MANAGER COMMENTS:
ATTACHMENTS:
Page 2 of
CERTIFIED RECORD
OF
PROCEEDINGS OF THE CITY COUNCIL
OF THE CITY OF ASPEN, COLORADO
RELATING TO AN ORDINANCE
AUTHORIZING THE ISSUANCE OF:
Up to $6,500,000
City of Aspen, Colorado
General Obligation Housing Refunding Bonds
Series2009
This cover page is not a part of the following ordinance and is included solely for the
convenience of the reader.
4813-1651-5845.2
TABLE OF CONTENTS
Page
Section1.
Definitions..............................................................................................................
4
Section 2.
Authorization and Purpose of Bonds.....................................................................
7
Section3.
Bond Details...........................................................................................................
8
Section 4.
Redemption of Bonds Prior to Maturity................................................................
9
Section5.
Bond Account......................................................................................................
10
Section 6.
Escrow Account...................................................................................................
10
Section 7.
Delivery of Bonds and Application of Bond Proceeds ........................................
10
Section 8.
Security for the Bonds.........................................................................................
11
Section9.
Form of Bonds.....................................................................................................
13
Section 10.
Execution of Bonds..............................................................................................
13
Section11.
Temporary Bonds.................................................................................................
13
Section 12.
Registration of Bonds in Registration Books Maintained by Paying Agent .......
14
Section 13.
Transfer and Exchange of Bonds.........................................................................
14
Section 14.
Replacement of Lost, Destroyed or Stolen Bonds ...............................................
14
Section15.
Investments................................................... :......................................................
14
Section 16.
Various Findings, Determinations, Declarations and Covenants ........................
14
Section 17.
Federal Income Tax Covenants...........................................................................
16
Section18.
Defeasance...........................................................................................................
17
Section 19.
Events of Default.................................................................................................
17
Section 20.
Remedies for Events of Default...........................................................................
18
Section 21.
Amendment of Ordinance ..... :..............................................................................
18
Section 22.
Appointment and Duties of Paying Agent...........................................................
19
Section 23.
Delegation and Parameters..................................................................................
19
Section 24.
Authorization to Execute Documents..................................................................
20
Section 25.
Approval of Official Statement............................................................................
21
Section 26.
Application of Supplemental Act.........................................................................
21
Section 27.
Limitation of Actions...........................................................................................
21
Section 28.
Events Occurring on Days That Are Not Business Days ....................................
21
Section 29.
Ordinance Is Contract with Owners of Bonds and Irrepealable ..........................
21
Section 30.
Headings, Table of Contents and Cover Page .....................................................
22
Section31.
Severability..........................................................................................................
22
Section 32.
Repeal of Inconsistent Ordinances.......................................................................
22
Section 33.
Ratification of Prior Actions................................................................................
22
Section 34.
Headings, Table of Contents and Cover Page .....................................................
22
Section35.
Recordation..........................................................................................................
22
Section 36.
Declaration of Emergency and Effective Date ....................................................
22
4813-1651-5845.2
ORDINANCE N0.��_ (SERIES OF 2009)
AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF
ASPEN, COLORADO OF ITS GENERAL OBLIGATION HOUSING
REFUNDING BONDS, SERIES 2009, IN THE AGGREGATE PRINCIPAL
AMOUNT OF UP TO $6,500,000, FOR THE PURPOSE OF REFUNDING
CERTAIN GENERAL OBLIGATION BONDS OF THE CITY; PROVIDING
FOR THE PAYMENT OF SUCH BONDS FROM REVENUES FOR THE
OPERATION OF TRUSCOTT PLACE AND MONEYS IN THE CITY'S
AFFORDABLE HOUSING/DAYCARE FUND THAT ARE AVAILABLE FOR
SUCH PURPOSES AND THE PROCEEDS OF AD VALOREM PROPERTY
TAXES; PROVIDING THE LEVY OF AD VALOREM PROPERTY TAXES
FOR THE PAYMENT OF SUCH BONDS; PROVIDING THE FORM OF
SUCH BONDS AND OTHER DETAILS WITH RESPECT TO SUCH BONDS
AND THE PAYMENT THEREOF; APPROVING OTHER DOCUMENTS
RELATING TO SUCH BONDS; AND DECLARING AN EMERGENCY.
RECITALS
WHEREAS, the City of Aspen (the "City"), in the County of Pitkin and State of
Colorado, is a legally and regularly created, established, organized and existing municipal
corporation under the provisions of Article XX of the Constitution of the State of Colorado and
the home rule charter of the City (the "Charter"); and
WHEREAS, under the Charter, the City is possessed of all powers which are necessary,
requisite or proper for the government and administration of its local and municipal matters, all
powers which are granted to home rule municipalities by the Colorado Constitution, and all
rights and powers that now or hereafter may be granted to municipalities by the laws of the State
of Colorado; and
WHEREAS, at an election called on May 8, 2001, the City submitted the following
question (the "Ballot Question") to the registered electors of the City for approval:
SHALL CITY OF ASPEN DEBT BE INCREASED BY UP TO $12,740,000,
WITH A MAXIMUM REPAYMENT COST OF $22,578,000, FOR THE
PURPOSE OF CONSTRUCTING AND EQUIPPING ADDITIONAL
AFFORDABLE HOUSING UNITS AND INFRASTRUCTURE
IMPROVEMENTS AT OR NEAR TRUSCOTT PLACE, WHICH DEBT
SHALL BE PAYABLE FROM (1) RENT AND OTHER REVENUES FROM
THE OPERATION OF TRUSCOTT PLACE AND MONEYS IN THE CITY'S
HOUSING/DAYCARE FUND THAT ARE AVAILABLE FOR SUCH
PURPOSE (THE "TRUSCOTT AND HOUSING/DAYCARE FUND
REVENUES") AND (2) ALTHOUGH, BASED ON HISTORICAL
COLLECTIONS, TRUSCOTT AND HOUSING/DAYCARE REVENUES ARE
EXPECTED TO BE SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM,
IF ANY, AND INTEREST ON SUCH DEBT AND TO OTHERWISE COMPLY
4813-1651-58452
WITH THE COVENANTS OF THE RESOLUTION OR OTHER
INSTRUMENTS GOVERNING SUCH DEBT, IF AND TO THE EXTENT THE
CITY COUNCIL DETERMINES THAT THE PROJECTED TRUSCOTT AND
HOUSING/DAYCARE FUND REVENUES WILL NOT BE SUFFICIENT FOR
SUCH PURPOSE IN ANY YEAR, FROM THE TAXES DESCRIBED BELOW;
SHALL CITY TAXES BE INCREASED BY UP TO $1,213,000 ANNUALLY
IN ANY YEAR BY THE LEVY OF AD VALOREM PROPERTY TAXES,
WITHOUT LIMITATION AS TO RATE OR AMOUNT OR ANY OTHER
CONDITION, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND
INTEREST ON SUCH DEBT AND TO OTHERWISE COMPLY WITH THE
COVENANTS OF THE RESOLUTION OR OTHER INSTRUMENTS
GOVERNING SUCH DEBT IF AND TO THE EXTENT THE CITY COUNCIL
DETERMINES THAT THE PROJECTED TRUSCOTT AND
HOUSING/DAYCARE FUND REVENUES WILL NOT BE SUFFICIENT
THEREFOR; AND SHALL SUCH DEBT MATURE, BE SUBJECT TO
REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED, DATED
AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE
OR BELOW PAR) AND IN SUCH MANNER AND WITH SUCH TERMS,
NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY
DETERMINE?
WHEREAS, a majority of the registered electors of the City voting on the Ballot
Question at the May 8, 2001 election voted in favor of the Ballot Question; and
WHEREAS, the City has previously issued, in accordance with Ordinance No. 30 (Series
of 2001) (the "2001 Bond Ordinance"), its City of Aspen, Colorado, General Obligation Housing
Bonds, Series 2001A (the "Series 2001A Bonds"), in the original aggregate principal amount of
$7,635,000 and presently outstanding in the aggregate principal amount of $6,620,000, and the
City of Aspen, Colorado, General Obligation Housing Bonds, Series 2001B (the "Series 2001B
Bonds"), in the original aggregate principal amount of $5,105,000 and no longer outstanding, for
the purposes of: constructing and equipping infrastructure improvements at or near the City's
Truscott Place affordable housing complex; and
WHEREAS, pursuant to Section 10.6 of the Charter, the City Council of the City (the
"City Council") may authorize, by ordinance, without an election, the issuance of refunding
bonds for the purpose of refunding and providing for the payment of the City's outstanding
bonds;
WHEREAS, pursuant to the provisions of Article 56 of Title 11, Colorado Revised
Statutes, as amended (the "Refunding Act"), the City is authorized to issue refunding bonds for
the purpose of refunding, paying and discharging any part of the Series 2001A Bonds and Series
2001B Bonds and for one or more other purposes, including but not limited to effecting certain
economies for the City, subject to the terms, conditions and limitations in the Refunding Act; and
WHEREAS, Article X, Section 20 of the Colorado Constitution ("TABOR") provides
that voter approval in advance is required for the creation of any district (as such term is defined
in TABOR, which includes governmental entities such as the City) direct or indirect debt or
4813-1651-5845.2 2
other multiple -fiscal year financial obligation whatsoever except for refinancing district bonded
debt at a lower interest rate; and
WHEREAS, the Series 2001A Bonds maturing prior to December 1, 2012 are not subject
to optional redemption and the Series 2001A Bonds maturing on and after December 1, 2012 are
subject to redemption at the option of the City on December 1, 2011, and on any date thereafter,
at a redemption price equal to the principal amount of the Series 2001A Bonds to be redeemed
(with no redemption premium), plus accrued interest to the redemption date; and
WHEREAS, the City Council of the City has determined that it is in the best interests of
the City to refund the portion of the Series 2001A Bonds maturing on and after December 1,
2012 (the "Refunded Bonds"), presently outstanding in the aggregate principal amount of
$5,760,000, and for the purpose of refunding the Refunded Bonds at a lower interest rate and to
fund costs of issuance, to issue the City of Aspen, Colorado, General Obligation Housing Bonds,
Series 2009 (the "Bonds") in the aggregate principal amount of up to $6,500,000; and
WHEREAS, the principal amount of the Bonds is expected to exceed the principal
amount of the Refunded Bonds, however, in accordance with Section 11-56-107, C.R.S., the
principal amount of the Bonds, when combined with the Series 2001A Bonds outstanding
principal amount which is not being refunded ($860,000) will not exceed the total original
authorized principal amount of the Series 2001A Bonds; and
WHEREAS, pursuant to the Ballot Question, the City Council intends to pay the
principal of, premium, if any, and interest on the Bonds from: (a) moneys constituting rents or
other revenues from the operation of the City's Truscott Place affordable housing complex that
are on deposit in the City's Truscott Housing Fund and are available for payment of the principal
of, premium, if any, and interest on the Bonds ("Available Truscott Housing Fund Revenues");
and (b) moneys that are on deposit in the City's Affordable Housing/Daycare Fund and are
available for payment of the principal of, premium, if any, and interest on the Bonds ("Available
Affordable Housing/Daycare Fund Revenues"); and
WHEREAS, notwithstanding the City's intention to pay amounts due on the Bonds from
the Available Truscott Housing Fund Revenues and the Available Affordable Housing/Daycare
Fund Revenues, the Bonds are general obligations of the City and the full faith and credit of the
City are pledged to their payment; and
WHEREAS, a portion of the proceeds derived from the sale of the Bonds shall be
deposited in the Escrow Account solely for payment of the Refunded Bonds and shall be applied
by the Escrow Agent to refund, pay and discharge the Refunded Bonds as shall be more
particularly set forth in the Escrow Agreement and the Sale Certificate; and
WHEREAS, the City Council has been presented with a proposal from Stifel Nicolaus &
Company, Incorporated, of Denver, Colorado, to purchase the Bonds upon specified terns and
conditions, the final terms and conditions of which are to be set forth in the Bond Purchase
Agreement in accordance with the Sale Certificate, and, after consideration, the City Council has
determined that the negotiated sale of the Bonds, subject to the parameters set forth herein, to
said company is to the best advantage of the City; and
4813-1651-5845.2 3
WHEREAS, no member of the City Council has a potential conflict of interest in
connection with the authorization, issuance, sale or use of proceeds of the Bonds; and
WHEREAS, pursuant to Section 4.11 of the Charter, the City is authorized to adopt
emergency ordinances for the preservation of public property, health, peace, or safety; and
WHEREAS, there is a need for issuing the Bonds in a timely manner in order to take
advantage of existing market conditions and obtain the greatest savings to the City's inhabitants,
thus freeing up City revenues which can be used for the purposes of preserving public property,
health, peace and safety; and
WHEREAS, this Ordinance is being adopted to authorize the issuance, sale and delivery
of the Bonds, to provide for the payment of the Bonds and to provide the details of the Bonds;
and
WHEREAS, there has been presented to the City Council, among other things,
substantially final forms of (a) the Preliminary Official Statement, (b) Paying Agent Agreement,
(c) the Bond Purchase Agreement (subject to completion in accordance with the terms of the
Sale Certificate), (d) the Escrow Agreement, and (e) the Continuing Disclosure Undertaking; and
WHEREAS, subject to the Bonds effecting a savings as set forth in this Ordinance, the
City Council desires, as provided in the Supplemental Public Securities Act, Part 2 of Article 57
of Title 11 of the Colorado Revised Statutes, as amended, to delegate the authority to the City
Manager or, in the City Manager's absence, the Finance Director, to determine certain provisions
of the Bonds to be set forth in the Sale Certificate, in accordance with the provisions of this
Ordinance.
NOW, THEREFORE, BE IT ORDAINED, by the City Council of the City of Aspen,
Colorado that:
Section 1. Definitions. The following terms shall have the following meanings for
purposes of this Ordinance:
"Available Affordable Housing/Daycare Fund Revenues" means moneys that are on
deposit in the City's Affordable Housing/Daycare Fund and are available for payment of the
principal of, premium, if any, and interest on the Bonds. In determining such moneys available
for payment of the Bonds, the City will take into account that such amounts are also to be
applied to the payment of the outstanding Series 2001A Bonds, in accordance with the 2001
Bond Ordinance.
"Available Truscott Housing Fund Revenues" means moneys constituting rents or other
revenues from the operation of the City's Truscott Place affordable housing complex that are on
deposit in the City's Truscott Housing Fund and are available for payment of the principal of,
premium, if any, and interest on the Bonds. In determining such moneys available for payment
of the Bonds, the City will take into account that such amounts are also to be applied to the
payment of the outstanding Series 2001A Bonds, in accordance with the 2001 Bond Ordinance.
4813-1651-5845.2 4
"Ballot Question" means the ballot question approved by City voters on May 8, 2001,
defined as such in the preambles hereto.
"Bond Account" means the City of Aspen, Colorado, General Obligation Housing
Refunding Bonds Series 2009 Bond Account" created pursuant to the Section hereof entitled
"Creation of Accounts."
"Bond Counsel" means (i) as of the date of issuance of the Bonds, Kutak Rock LLP, and
(ii) as of any other date, Kutak Rock LLP or such other attorneys selected by the City with
nationally recognized expertise in the issuance of municipal bonds.
"Bond Obligation" means, as of any date, the principal amount of Bonds then
Outstanding.
"Bond Purchase Agreement" means the agreement between the City and the Underwriter
concerning the purchase of the Bonds by the Underwriter.
"Bonds" means the City of Aspen, Colorado, General Obligation Housing Refunding
Bonds, Series 2009, authorized in the Section hereof entitled "Authorization and Purpose of
Bonds."
"Business Day" means any day other than (a) a Saturday or Sunday or (b) a day on which
banking institutions in the State are authorized or obligated by law or executive order to be
closed for business.
"Charter" means the Charter of the City of Aspen, adopted June 16, 1970, as amended.
"City Council" means the City Council of the City, and any successor body.
"Code" means the Internal Revenue Code of 1986, as amended. Each reference to a
section of the Code herein shall be deemed to include the United States Treasury Regulations
proposed or in effect thereunder and applicable to the Bonds or the use of proceeds thereof,
unless the context clearly requires otherwise.
"Defeasance Securities" means bills, certificates of indebtedness, notes, bonds or similar
securities which are direct non -callable obligations of the United States of America or which are
fully and unconditionally guaranteed as to the timely payment of principal and interest by the
United States of America, to the extent such investments are Permitted Investments.
"DTC" means The Depository Trust Company, New York, New York, and its successors
in interest and assigns.
"Escrow Account" means the special account designated "General Obligation Housing
Refunding Bonds, Series 2009, Escrow Account" to be maintained by the Escrow Agent in
accordance with the Escrow Agreement and the provisions hereof entitled "Escrow Account."
"Escrow Agent" means Wells Fargo Bank, National Association, Denver, Colorado, or
any successor thereto or assignee thereof approved by the City.
4813-1651-5845.2 5
"Escrow Agreement" means the Escrow Agreement between the City and the Escrow
Agent relating to the administration of the Escrow Account.
"Event of Default" means any one or more of the events set forth in the Section hereof
entitled "Events of Default."
"Interest Payment Date" means each June I and December 1, commencing June 1, 2010,
or such other dates as established in the Sale Certificate.
"Official Statement" means the final Official Statement relating to the Bonds approved in
the Section hereof entitled "Approval of Related Documents."
"Ordinance" means this Ordinance, including any amendment or supplement hereto.
"Outstanding" means, as of any date, all Bonds, except the following:
(a) Any Bond cancelled by the City or the Paying Agent, or otherwise on the
City's behalf, at or before such date;
(b) Any Bond held by or on behalf of the City;
(c) Any Bond for the payment or the redemption of which moneys or
Defeasance Securities sufficient to meet all of the payment requirements of the principal
of, premium, if any, and interest on such Bond to the date of maturity or prior redemption
thereof, shall have theretofore been deposited in trust for such purpose in accordance with
the Section hereof entitled "Defeasance' ; and
(d) Any lost, apparently destroyed, or wrongfully taken Bond in lieu of or in
substitution for which another bond or other security shall have been executed and
delivered.
"Owner" means the Person or Persons in whose name or names a Bond is registered on
the registration books maintained by the Paying Agent pursuant hereto.
"Paying Agent" means Wells Fargo Bank, National Association, Denver, Colorado, or
any successor thereto or assignee thereof approved by the City.
"Permitted Investments" means any investment in which funds of the City may be
invested under the laws of the State at the time of such investment.
"Person" means a corporation, firm, other body corporate, partnership, association or
individual and also includes an executor, administrator, trustee, receiver or other representative
appointed according to law.
"Preliminary Qjfcial Statement" means the Preliminary Official Statement relating to the
Bonds, a form of which was submitted to the City Council on or before the date hereof.
4813-1651-5845.2 6
"Rebate Account" means the City of Aspen General Obligation Housing Refunding
Bonds Series 2009 Rebate Account created in the Section hereof entitled "Federal Income Tax
Covenants."
"Record Date" means, with respect to each Interest Payment Date, the fifteenth day of the
month preceding the month (whether or not such day is a Business Day) in which such Interest
Payment Date occurs.
"Refunded Bond Requirements" means the principal, redemption premium, if any, and
interest due in connection with the Refunded Bonds, at maturity or upon prior redemption, as set
forth in the Escrow Agreement.
"Refunded Bonds" is defined in the recitals hereof.
"Refunding Act" means the Public Securities Refunding Act codified in Article 56 of
Title 11, Colorado Revised Statutes, as amended.
"Refunding Project" means the defeasance and refunding of the Refunded Bonds and the
payment of the costs of issuing the Bonds.
"Sale Certificate" means the certificate executed by the Sale Delegate, under the
authority delegated pursuant to this Ordinance, including, among other things, the aggregate
principal amount of the Bonds, the prices at which the Bonds will be sold, interest rates and
annual maturing principal for the Bonds, as well as the dates on which the Bonds may be
redeemed and the redemption prices therefore.
"Sale Delegate" means the City Manager or, in the City Manager's absence, the Finance
Director.
"State" means the State of Colorado.
"Supplemental Act" means the Supplemental Public Securities Act codified in Part 2 of
Article 57 of Title 11, Colorado Revised Statutes, as amended.
"Tax Letter of Instructions" means the Tax Letter of Instructions, dated the date on which
the Bonds are originally issued and delivered to the City by Bond Counsel, as such instructions
may be superseded or amended in accordance with their terms.
"Underwriter" means Stifel Nicolaus & Company, Incorporated, the original purchaser of
the Bonds.
Section 2. Authorization and Purpose of Bonds. Pursuant to and in accordance with
the Constitution of the State, the Charter, the Supplemental Act and the Refunding Act, the City
hereby authorizes, and directs that there shall be issued the "City of Aspen, Colorado, General
Obligation Housing Refunding Bonds, Series 2009," in the aggregate original principal amount
of up to $6,500,000, for the purpose of financing the Refunding Project.
Section 3. Bond Details.
4813-1651-5845.2 7
(a) Registered Form, Denominations, Original Dated Date and Numbering.
The Bonds shall be issued as fully registered bonds, shall be dated as of the Dated Date
and shall be registered in the names of the Persons identified in the registration books
maintained by the Paying Agent pursuant hereto. The Bonds shall be issued in
denominations of $5,000 in principal amount or any integral multiple thereof. The Bonds
shall be consecutively numbered, beginning with the number one, preceded by the letter
"R
(b) Maturity Dates, Principal Amounts and Interest Rates. The Bonds shall
mature on December 1 of the years and in the amounts set forth in the Sale Certificate,
and shall bear interest at the rates per annum (calculated based on a 360-day year of
twelve 30-day months) set forth in the Sale Certificate.
(c) Accrual and Dates of Payment of Interest. Interest on the Bonds shall
accrue at the rates set forth in the Sale Certificate from the later of the Dated Date or the
latest Interest Payment Date (or in the case of defaulted interest, the latest date) to which
interest has been paid in full and shall be payable on each Interest Payment Date.
(d) Manner and Form of Payment. Principal of each Bond shall be payable
to the Owner thereof upon presentation and surrender of such Bond at the principal office
of the Paying Agent in the city identified in the definition of Paying Agent in the Section
hereof entitled "Definitions" or at such other office of the Paying Agent designated by the
Paying Agent for such purpose. Interest on each Bond shall be payable by check or draft
of the Paying Agent mailed on each Interest Payment Date to the Owner thereof as of the
close of business on the corresponding Record Date; provided that interest payable to any
Owner may be paid by any other means agreed to by such Owner and the Paying Agent
that does not require the City to make moneys available to the Paying Agent earlier than
otherwise required hereunder or increase the costs borne by the City hereunder. All
payments of the principal of and interest on the Bonds shall be made in lawful money of
the United States of America.
(e) Book -Entry Registration. Notwithstanding any other provision hereof,
the Bonds shall be delivered only in book -entry form registered in the name of Cede &
Co., as nominee of DTC, acting as securities depository of the Bonds and principal of and
interest on the Bonds shall be paid by wire transfer to DTC; provided, however, if at any
time the Paying Agent determines, and notifies the City of its determination, that DTC is
no longer able to act as, or is no longer satisfactorily performing its duties as, securities
depository for the Bonds, the Paying Agent may, at its discretion, either (i) designate a
substitute securities depository for DTC and reregister the Bonds as directed by such
substitute securities depository or (ii) terminate the book -entry registration system and
reregister the Bonds in the names of the beneficial owners thereof provided to it by DTC.
Neither the City nor the Paying Agent shall have any liability to DTC, Cede & Co., any
substitute securities depository, any Person in whose name the Bonds are reregistered at
the direction of any substitute securities depository, any beneficial owner of the Bonds or
any other Person for (A) any determination made by the Paying Agent pursuant to the
proviso at the end of the immediately preceding sentence or (B) any action taken to
implement such determination and the procedures related thereto that is taken pursuant to
4813-1651-5845.2 8
any direction of or in reliance on any information provided by DTC, Cede & Co., any
substitute securities depository or any Person in whose name the Bonds are reregistered.
Section 4. Redemption of Bonds Prior to Maturity.
(a) Optional Redemption. The Bonds, if any, specified in the Sale Certificate
shall be subject to redemption prior to maturity, at the option of the City, as a whole or in
part in integral multiples of $5,000, and if in part in such order of maturities as the City
shall determine and by lot within a maturity, on such dates, if any, and at such prices, as
set forth in the Sale Certificate.
(b) Mandatory Sinking Fund Redemption. All or any principal amount of
the Bonds may be subject to mandatory sinking fund redemption by lot on December 1 of
the years and in the principal amounts specified in the Sale Certificate, at a redemption
price equal to the principal amount thereof (with no redemption premium), plus accrued
interest to the redemption date.
At its option, to be exercised on or before the forty-fifth day next preceding each
sinking fund redemption date, the City may (i) deliver to the Paying Agent for
cancellation any Bonds with the same maturity date as the Bonds subject to such sinking
fund redemption and (ii) receive a credit in respect of its sinking fund redemption
obligation for any Bonds with the same maturity date as the Bonds subject to such
sinking fund redemption which prior to such date have been redeemed (otherwise than
through the operation of the sinking fund) and cancelled by the Paying Agent and not
theretofore applied as a credit against any sinking fund redemption obligation. Each
Bond so delivered or previously redeemed shall be credited by the Paying Agent at the
principal amount thereof to the obligation of the City on such sinking fund redemption
date, and the principal amount of Bonds to be redeemed by operation of such sinking
fund on such date shall be accordingly reduced.
(c) Redemption Procedures. Notice of any redemption of Bonds shall be
given by the Paying Agent by sending a copy of such notice by first class, postage
prepaid mail, not less than 30 days prior to the redemption date, to the Owner of each
Bond being redeemed. Such notice shall specify the number or numbers of the Bonds so
to be redeemed (if redemption shall be in part) and the redemption date. If any Bond
shall have been duly called for redemption and if, on or before the redemption date, there
shall have been deposited with the Paying Agent in accordance with this Ordinance funds
sufficient to pay the redemption price of such Bond on the redemption date, then such
Bond shall become due and payable at such redemption date, and from and after such
date interest will cease to accrue thereon. Failure to deliver any redemption notice or any
defect in any redemption notice shall not affect the validity of the proceeding for the
redemption of Bonds with respect to which such failure or defect did not occur. Any
Bond redeemed prior to its maturity by prior redemption or otherwise shall not be
reissued and shall be cancelled.
Section 5. Bond Account. There is hereby created the "City of Aspen, Colorado,
General Obligation Housing Refunding Bonds Series 2009 Bond Account' (the "Bond
4813-1651-5845.2 9
Account"). Moneys on deposit in the Bond Account shall be applied solely to the payment of the
principal of and interest on the Bonds and for no other purpose until the Bonds, including
principal and interest, are fully paid, satisfied and discharged.
Section 6. Escrow Account.
(a) Establishment and Maintenance of Escrow Account. There is hereby
authorized and directed to be established pursuant to the terms of the Escrow Agreement
a special account designated as the "General Obligation Housing Refunding Bonds,
Series 2009, Escrow Account," which shall be maintained in accordance with the
provisions hereof and of the Escrow Agreement. The Escrow Account shall be
maintained in an amount at the time of the initial deposits therein and at all times
subsequently at least sufficient, together with the known minimum yield to be derived
from the initial investment and any temporary reinvestment of the deposits therein or any
part thereof in Federal Securities to pay the Refunded Bond Requirements with respect to
the Refunded Bonds. Except as may be otherwise provided in the Escrow Agreement,
the City shall have no right or title to the moneys credited to or held in the Escrow
Account, and such title shall be and is hereby transferred to the Escrow Agent in trust for
the payment of the Refunded Bond Requirements for the Refunded Bonds pursuant to the
Escrow Agreement. Moneys shall be withdrawn by the Escrow Agent from the Escrow
Account in sufficient amounts and at such times to permit the payment without default of
the Refunded Bond Requirements for the Refunded Bonds. If for any reason the amount
in the Escrow Account shall at any time be insufficient for the purpose hereof, the City
shall forthwith from the first moneys available therefor deposit in such account such
additional moneys as shall be necessary to permit the payment in full of the Refunded
Bond Requirements for the Refunded Bonds.
(b) Call of Refunded Bonds. The City Council does hereby declare its intent
to exercise on behalf of and in the name of the City its option to redeem all of the
Refunded Bonds on the earliest date on which the Refunded Bonds can be called and
redeemed. The City hereby authorizes and irrevocably instructs the Escrow Agent, in its
capacity as paying agent for the Refunded Bonds, to give or cause to be given a notice of
refunding, defeasance and redemption of the Refunded Bonds in accordance with the
provisions of the 2001 Bond Ordinance.
Section 7. Delivery of Bonds and Application of Bond Proceeds. Upon payment to
the City of the purchase price of the Bonds in accordance with the Bond Purchase Agreement,
the Bonds shall be delivered to or as directed by the Underwriter and the proceeds received by
the City from the sale of the Bonds shall be applied as a supplemental appropriation by the City
as follows:
(a) to the Escrow Account, proceeds of the Series 2009 Bonds which are
sufficient to pay the Refunded Bond Requirements in accordance with the Escrow
Agreement; and
(b) the remainder shall be separately accounted for by the City to pay the
costs of issuing the Bonds.
4813-1651-5845.2 10
Section 8. Security for the Bonds.
(a) General Obligations. The Bonds shall be general obligations of the City,
payable from the ad valorem property taxes levied by the City pursuant to this Section,
other moneys transferred to or deposited into the Bond Account pursuant to this
Ordinance and other moneys made available for the payment of the for the payment of
the principal of, premium, if any, and interest on the Bonds pursuant to subsection (f) of
this Section. The full faith and credit of the City are pledged for the punctual payment of
the principal of, premium, if any, and interest on the Bonds.
(b) Transfers from Truscott Housing Fund and Affordable
Housing/Daycare Fund. On or before each date on which the City is required to deposit
amounts with the Paying Agent pursuant to subsection (h) of this Section, the City shall
transfer Available Truscott Housing Fund Revenues or Available Housing/Daycare Fund
Revenues, or any combination thereof, to the Bond Account in an amount equal to the
lesser of: (i) the principal of, premium, if any, and interest on the Bonds due to be so
deposited on such date, less any other moneys then on deposit in the Bond Account; or
(ii) the total of all Available Truscott Housing Fund Revenues or Available
Housing/Daycare Fund Revenues at the time of such transfer.
(c) Levy of Ad Valorem Taxes. For the purpose of paying the principal of,
premium, if any, and interest on the Bonds when due, respectively, the City Council
shall, before such time provided for by law for levying other City taxes, annually
determine a rate of levy for general ad valorem taxes, without limitation as to rate or
amount, on all of the taxable property within the City, that will be sufficient, when
combined with the amount of the Available Truscott Housing Fund Revenues and the
Available Affordable Housing/Daycare Fund Revenues projected to be transferred to the
Bond Account pursuant to subsection (b) of this Section and other moneys deposited to
the Bond Account pursuant to subsections (d) and (f) of this Section, to pay the principal
of, premium, if any, and interest on the Bonds when due, respectively, whether at
maturity or upon earlier redemption. The City Council shall, in certifying annual levies
for general ad valorem taxes, take into account the maturing indebtedness of the Bonds
for the ensuing year, deficiencies and defaults of prior years and any reimbursement to be
made pursuant to subsections (d) or (f) of this Section and shall make ample provision for
the payment thereof. The general ad valorem taxes levied pursuant to this subsection,
when collected, shall be deposited into the Bond Account.
(d) Covenant Upon Deficiency in Bond Account. Notwithstanding anything
else contained herein, the City hereby irrevocably covenants and agrees that, in the event
that amounts on deposit in the Bond Account on any date on which the City is required to
deposit amounts with the Paying Agent pursuant to subsection (h) of this Section is less
than the amount sufficient to pay the principal of premium, if any, and interest on the
Bonds on the corresponding Interest Payment Date, the City Council shall immediately
transfer previously appropriated moneys in the amount of such deficiency from the
general fund or any other legally available fund of the City to the Bond Account for the
payment of such amounts, and shall promptly pass and adopt supplemental or emergency
ordinances or resolutions as are required to effectuate such transfer and use. Thereafter,
4813-1651-5845.2 11
such appropriations and transfers shall continue to be made in such amounts and with
sufficient frequency to assure that the moneys on deposit in the Bond Account shall be
sufficient to pay the principal of, premium, if any, and interest on the Bonds when due.
Upon the next succeeding levy of ad valorem property taxes for the Bonds pursuant to
subsection (c) of this Section, the taxes levied pursuant thereto shall include amounts
sufficient to fund the reimbursement of the fund transferred from pursuant to this
subsection and such reimbursement shall be made and appropriation made therefor upon
the collection of such taxes.
(e) Levy of Additional Ad Valorem Taxes. If the moneys on deposit in the
Bond Account, including, but not limited to, moneys of the City deposited therein
pursuant to subsections (b), (d) and (f) of this Section, are not sufficient to pay punctually
the annual installments on the contracts or bonds of the City, and interest thereon, and to
pay defaults and deficiencies, the City Council shall make such additional levies of taxes
as may be necessary for such purposes, and such taxes shall be made and continue to be
levied until the indebtedness is fully paid. The general ad valorem taxes levied pursuant
to this subsection, when collected, shall be deposited into the Bond Account.
(f) Use or Advance of Other Legally Available Moneys. Nothing herein
shall be interpreted to prohibit or limit the ability of the City to use legally available
funds of the City other than moneys required by this Ordinance to be transferred to or
deposited into the Bond Account to pay all or any portion of the principal of, premium, if
any, or interest on the Bonds. If and to the extent such other legally available moneys are
used to pay the principal of, premium, if any, or interest on the Bonds, the City may, but
shall not be required to, (i) reduce the amount of taxes levied for such purpose pursuant
to subsection (c) of this Section or (ii) use proceeds of taxes levied pursuant to subsection
(c) of this Section to reimburse the fund or account from which such other legally
available moneys are withdrawn for the amount withdrawn from such fund or account to
pay the principal of or interest on the Bonds. If the City selects alternative (ii) in the
immediately preceding sentence, the taxes levied pursuant to subsection (c) of this
Section shall include amounts sufficient to fund the reimbursement.
(g) Appropriation and Budgeting of Proceeds of Moneys. All amounts
transferred to or deposited into the Bond Account pursuant to this Ordinance are hereby
appropriated for that purpose, and all amounts required to pay the principal of and
interest on the Bonds when due, respectively, in each year shall be included in the annual
budget and appropriation ordinance to be adopted and passed by the City Council for
such year.
(h) Deposit of Moneys to Pay Bonds with, and Payment of Bonds By,
Paying Agent. No later than the Business Day immediately preceding each Interest
Payment Date, the City, from moneys on deposit in the Bond Account or other moneys
made legally available pursuant to subsection (f) of this Section, shall deposit moneys
with the Paying Agent in an amount sufficient to pay the principal of premium, if any,
and interest on the Bonds on such date. The Paying Agent shall use the moneys so
deposited with it to pay the principal of, premium, if any, and interest on the Bonds when
due.
4813-1651-5845.2 12
Section 9. Form of Bonds. The Bonds shall be in substantially the form set forth in
Appendix A hereto, with such changes thereto, not inconsistent herewith, as may be necessary or
desirable and approved by the officials of the City executing the same (whose manual or
facsimile signatures thereon shall constitute conclusive evidence of such approval). All
covenants, statements, representations and agreements contained in the Bonds are hereby
approved and adopted as the covenants, statements, representations and agreements of the City.
Although attached as an appendix for the convenience of the reader, Appendix A is an integral
part of this Ordinance and is incorporated herein as if set forth in full in the body of this
Ordinance.
Section 10. Execution of Bonds. The Bonds shall be executed in the name and on
behalf of the City with the manual or facsimile signature of the Mayor or Mayor Pro Tem of the
City, shall bear a manual or facsimile of the seal of the City and shall be attested by the manual
or facsimile signature of the City Clerk or Deputy or Assistant City Clerk, all of whom are
hereby authorized and directed to prepare and execute the Bonds in accordance with the
requirements hereof. Should any officer whose manual or facsimile signature appears on the
Bonds cease to be such officer before delivery of any Bond, such manual or facsimile signature
shall nevertheless be valid and sufficient for all purposes. When the Bonds have been duly
executed, the officers of the City are authorized to, and shall, deliver the Bonds to the Paying
Agent for authentication. No Bond shall be secured by or entitled to the benefit of this
Ordinance, or shall be valid or obligatory for any purpose, unless the certificate of authentication
of the Paying Agent has been manually executed by an authorized signatory of the Paying Agent.
The executed certificate of authentication of the Paying Agent upon any Bond shall be
conclusive evidence, and the only competent evidence, that such Bond has been properly
authenticated and delivered hereunder.
Section 11. Temporary Bonds. Until Bonds in definitive form are ready for delivery,
the City may execute, and upon the request of the City, the Paying Agent shall authenticate and
deliver, subject to the provisions, limitations and conditions set forth herein, one or more Bonds
in temporary form, whether printed, typewritten, lithographed or otherwise produced,
substantially in the forms of the definitive Bonds, with appropriate omissions, variations and
insertions, and in authorized denominations. Until exchanged for Bonds in definitive form such
Bonds in temporary form shall be entitled to the benefits and security of this Ordinance. Upon
the presentation and surrender of any Bond in temporary form, the City shall, without
unreasonable delay, prepare, execute and deliver to the Paying Agent and the Paying Agent shall
authenticate and deliver, in exchange therefor, a Bond or Bonds of the same series in definitive
form. Such exchange shall be made by the Paying Agent without making any charge therefor to
the registered owner of such Bond in temporary form.
Section 12. Registration of Bonds in Registration Books Maintained by Paying
Agent. The Paying Agent shall maintain registration books in which the ownership, transfer and
exchange of Bonds shall be recorded. The person in whose name any Bond shall be registered
on such registration book shall be deemed to be the absolute owner thereof for all purposes,
whether or not payment on any Bond shall be overdue, and neither the City nor the Paying Agent
shall be affected by any notice or other information to the contrary.
4813-1651-5845.2 13
Section 13. Transfer and Exchange of Bonds. The Bonds may be transferred or
exchanged at the principal office of the Paying Agent in the city identified in the definition of
Paying Agent in the Section hereof entitled "Definitions," for a like aggregate principal amount
of Bonds of other authorized denominations of the same type, maturity and interest rate, upon
payment by the transferee of a transfer fee, any tax or governmental charge required to be paid
with respect to such transfer or exchange and any cost of printing bonds in connection therewith.
Upon surrender for transfer of any Bond, duly endorsed for transfer or accompanied by an
assignment duly executed by the Owner or his or her attorney duly authorized in writing, the
City shall execute and the Paying Agent shall authenticate and deliver in the name of the
transferee a new Bond. Notwithstanding any other provision hereof, the Paying Agent shall not
be required to transfer any Bond (a) which is scheduled to be redeemed in whole or in part
between the Business Day immediately preceding the mailing of the notice of redemption and
the redemption date or (b) between the Record Date for any Interest Payment Date for such
Bond and such Interest Payment Date.
Section 14. Replacement of Lost, Destroyed or Stolen Bonds. If any Bond shall
become lost, apparently destroyed, stolen or wrongfully taken, it may be replaced in the form and
tenor of the lost, destroyed, stolen or taken Bond and the City shall execute and the Paying Agent
shall authenticate and deliver a replacement Bond upon the Owner furnishing, to the satisfaction
of the Paying Agent: (i) proof of ownership (which shall be shown by the registration books of
the Paying Agent), (ii) proof of loss, destruction or theft, (iii) an indemnity to the City and the
Paying Agent with respect to the Bond lost, destroyed or taken, and (iv) payment of the cost of
preparing and executing the new Bond.
Section 15. Investments. Moneys on deposit in the Bond Account and the Rebate
Account and any moneys held by the Paying Agent with respect to the Bonds shall be invested in
Permitted hnvestments, provided that the investment of such moneys shall be subject to any
applicable restrictions set forth in the Tax Letter of Instructions and the tax compliance
certificate delivered by the City in connection with the issuance of the Bonds that describes the
City's expectations regarding the use and investment of proceeds of the Bonds and other
moneys. Except as otherwise provided above, earnings from the investment of moneys
separately accounted for to pay principal of, premium, if any, and interest on the Bonds and
moneys separately accounted for to pay costs of the Project shall be transferred to the Rebate
Account in the amounts and at the times required to fund the Rebate Account in accordance with
the Tax Letter of Instructions and all other earnings from the investment of moneys shall be
retained in the account in which earned.
Section 16. Various Findings, Determinations, Declarations and Covenants. The
City Council, having been fully informed of and having considered all the pertinent facts and
circumstances, hereby finds, determines, declares and covenants with the Owners of the Bonds
that:
(a) the interest rate on the Bonds as sold to the Underwriter, shall be a lower
interest rate than the interest rate on the Refunded Bonds; therefore, the Bonds are issued
to refinance City bonded debt at a lower interest rate for the purposes of TABOR and the
Refunding Act;
4813-1651-5845.2 14
(b) it is in the best interest of the City and its residents that the Bonds be
authorized, sold, issued and delivered at the time, in the manner and for the purposes
provided in this Ordinance;
(c) the issuance of the Bonds will not cause the City to exceed its debt limit
under the Charter or applicable State law;
(d) the issuance of the Bonds and all procedures undertaken incident thereto
are in full compliance and conformity with all applicable requirements, provisions and
limitations prescribed by the Constitution and laws of the State and the City, including
the Charter, and all conditions and limitations of the Charter and other applicable law
relating to the issuance of the Bonds have been satisfied;
(e) the refunding of the Refunded Bonds with proceeds of the Bonds will, in
accordance with Section 11-56-104(1), Colorado Revised Statutes, as amended,
accomplish one or more of the following purposes: (i) reducing the net effective interest
rate on the City's bonds (based on a comparison of the net effective interest rate on the
Refunded Bonds to the net effective interest rate on the Bonds); (ii) reducing total interest
payable over the life of the City's bonds, by issuing bonds of a shorter term, or at a lower
net interest cost, or having a lower net effective interest rate than the Refunded Bonds;
(iii) reducing the total principal and interest payable on the Refunded Bonds or the
principal and interest payable thereon in any particular year or years, or (iv) effecting
other economies;
(f) in accordance with Section 11-56-107, C.R.S., the principal amount of the
Bonds, when combined with the Series 2001A Bonds outstanding principal amount
which is not being refunded ($860,000) will not exceed the total original authorized
principal amount of the Series 2001A Bond; and
(g) as required by Section 11-56-104.5, Colorado Revised Statutes, as
amended: (i) the Underwriter, simultaneously with the submission to the City of its
proposal to refund the Refunded Bonds, disclosed, in writing, to the City Council, the
entire income, from all sources, which it anticipated receiving if its proposal were to be
accepted, specifying all such sources and amounts, as well as disclosing all expenses
which it anticipated the City would incur as a part of the refunding transaction; (ii) the
City Council will require, as a condition to the issuance of the Bonds, that the
Underwriter provide to the City Council (A) an update of the information described in
clause (i) above and (B) a comparison of annual debt service requirements before and
after the refunding, by year and amount, including funds which are required in addition to
bond proceeds, showing the present value of all annual differences in debt service
requirements, using as a discount factor the net effective interest rate of the Bonds, all
computed from the date on which the transaction is closed, including funds provided by
the City as a reduction of, or an addition to, debt service requirements and showing funds
provided by the City in excess of accrued principal and interest, and earnings on the
funds, over the life of, and compounded at the net effective interest rate of, the Bonds.
4813-1651-5845.2 15
Section 17. Federal Income Tax Covenants. For purposes of ensuring that the interest
on the Bonds is and remains excluded from gross income for federal income tax purposes, the
City hereby covenants that:
(a) Prohibited Actions. The City will not use or permit the use of any
proceeds of the Bonds or any other funds of the City from whatever source derived,
directly or indirectly, to acquire any securities or obligations and shall not take or permit
to be taken any other action or actions, which would cause any Bond to be an "arbitrage
bond" within the meaning of Section 148 of the Code, or would otherwise cause the
interest on any Bond to be includible in gross income for federal income tax purposes.
(b) Affirmative Actions. The City will at all times do and perform all acts
permitted by law that are necessary in order to assure that interest paid by the City on the
Bonds shall not be includible in gross income for federal income tax purposes under the
Code or any other valid provision of law. In particular, but without limitation, the City
represents, warrants and covenants to comply with the following rules unless it receives
an opinion of Bond Counsel stating that such compliance is not necessary: (i) gross
proceeds of the Bonds and the Project will not be used in a manner that will cause the
Bonds to be considered "private activity bonds" within the meaning of the Code; (ii) the
Bonds are not and will not become directly or indirectly "federally guaranteed"; and
(iii) the City will timely file an Internal Revenue Service Form 8038-G with respect to
the Bonds, which shall contain the information required to be filed pursuant to Section
149(e) of the Code.
(c) Tax Letter of Instructions. The City will comply with the Tax Letter of
Instructions delivered to it on the date of issuance of the Bonds, including but not limited
by the provisions of the Tax Letter of Instructions regarding the application and
investment of Bond proceeds, the use of the Project, the calculations, the deposits to the
Rebate Account, the disbursements, the investments and the retention of records
described in the Tax Letter of Instructions; provided that, in the event the Tax Letter of
Instructions are superseded or amended by new Tax Letter of Instructions drafted by, and
accompanied by an opinion of, Bond Counsel stating that the use of the new Tax Letter
of Instructions will not cause the interest on the Bonds to become includible in gross
income for federal income tax purposes, the City will thereafter comply with the new Tax
Letter of Instructions.
(d) Rebate Account. There is hereby created the "City of Aspen, Colorado,
General Obligation Housing Refunding Bonds Series 2009 Rebate Account' (the "Rebate
Account'). The Rebate Account shall be funded pursuant to the Section hereof entitled
"Investments" in the amounts and at the times provided in the Tax Letter of Instructions
from earnings from the investment of moneys on deposit in the Bond Account and the
Capitalized Interest Account and moneys separately accounted for to pay costs of the
Project, from earnings on moneys on deposit in the Rebate Account and other legally
available moneys.
(e) Designation of Bonds as Qualified Tax -Exempt Obligations. The City
hereby designates the Bonds as qualified tax-exempt obligations within the meaning of
4813-1651-5845.2 16
Section 265(b)(3) of the Code. The City covenants that the aggregate face amount of all
tax-exempt obligations issued by the City, together with governmental entities which
derive their issuing authority from the City or are subject to substantial control by the
City, shall not be more than $30,000,000 during calendar year 2009. The City recognizes
that such tax-exempt obligations include notes, leases, loans and warrants, as well as
bonds. The City further recognizes that any bank, thrift institution or other financial
institution that owns the Bonds will rely on the City's designation of the Bonds as
qualified tax-exempt obligations for the purpose of avoiding the loss of 100% of any
otherwise available interest deduction attributable to such institution's tax-exempt
holdings.
Section 18. Defeasance. Any Bond shall not be deemed to be Outstanding hereunder if
it shall have been paid and cancelled or if Defeasance Securities shall have been deposited in
trust for the payment thereof (whether upon or prior to the maturity of such Bond, but if such
Bond is to be paid prior to maturity, the City shall have given the Paying Agent irrevocable
directions to give notice of redemption as required by this Ordinance, or such notice shall have
been given in accordance with this Ordinance). hi computing the amount of the deposit
described above, the City may include the maturing principal of and interest to be earned on the
Defeasance Securities. If less than all the Bonds are to be defeased pursuant to this Section, the
City, in its sole discretion, may select which of the Bonds shall be defeased.
Section 19. Events of Default. Each of the following events constitutes an Event of
Default:
(a) Nonpayment of Principal or Interest. Failure to make any payment of
principal of or interest on the Bonds when due;
(b) Breach or Nonperformance of Duties. Breach by the City of any
material covenant set forth herein or failure by the City to perform any material duty
imposed on it hereunder and continuation of such breach or failure for a period of 60 days
after receipt by the Mayor of written notice thereof from the Paying Agent or from the
Owners of at least 10% of the aggregate amount of the Bond Obligation, provided that
such 60 day period shall be extended so long as the City has commenced and continues a
good faith effort to remedy such breach or failure;
(c) Bankruptcy or Receivership. An order of decree by a court of competent
jurisdiction declaring the City bankrupt under federal bankruptcy law or appointing a
receiver of all or any material portion of the City's assets or revenues is entered with the
consent or acquiescence of the City or is entered without the consent or acquiescence of
the City but is not vacated, discharged or stayed within 30 days after it is entered.
Section 20. Remedies for Events of Default.
(a) Remedies. Upon the occurrence and continuance of any Event of Default,
the Owners of not less than 25% of the aggregate amount of the Bond Obligation,
including, without limitation, a trustee or trustees therefor, may proceed against the City
to protect and to enforce the rights of the any Owners under this Ordinance by
4813-1651-5845.2 17
mandamus, injunction or by other suit, action or special proceedings in equity or at law,
in any court of competent jurisdiction: (I) for the payment of interest on any installment
of principal of any Bond that was not paid when due at the interest rate borne by such
Bond, (ii) for the specific performance of any covenant contained herein, (iii) to enjoin
any act that may be unlawful or in violation of any right of any Owner of any Bond,
(iv) for any other proper legal or equitable remedy or (v) any combination of such
remedies or as otherwise may be authorized by applicable law; provided, however, that
acceleration of any amount not yet due on the Bonds according to their terms shall not be
an available remedy. All such proceedings at law or in equity shall be instituted, had and
maintained for the equal benefit of all Owners of Bonds then Outstanding.
(b) Failure to Pursue Remedies Not a Release, Rights Cumulative. The
failure of any Owner of any Outstanding Bond to proceed in accordance with subsection
(a) of this Section shall not relieve the City of any liability for failure to perform or carry
out its duties under this Ordinance. Each right or privilege of any such Owner (or trustee
therefor) is in addition and is cumulative to any other right or privilege, and the exercise
of any right or privilege by or on behalf of any Owner shall not be deemed a waiver of
any other right or privilege of such Owner.
Section 21. Amendment of Ordinance.
(a) Amendments Permitted without Notice to or Consent of Owners. The
City may, without the consent of or notice to the Owners of the Bonds, adopt one or more
ordinances amending or supplementing this Ordinance (which ordinances shall thereafter
become a part hereof) for any one or more or all of the following purposes:
(i) to cure any ambiguity or to cure, correct or supplement any defect
or inconsistent provision of this Ordinance;
(ii) to subject to this Ordinance or pledge to the payment of the Bonds
additional revenues, properties or collateral;
(iii) to institute or terminate a book -entry registration system for the
Bonds or to facilitate the designation of a substitute securities depository with
respect to such a system;
(iv) to maintain the then existing or to secure a higher rating of the
Bonds by any nationally recognized securities rating agency; or
(v) to make any other change that does not materially adversely affect
the Owners of the Bonds.
(b) Amendments Requiring Notice to and Consent of Owners. Except for
amendments permitted by subsection (a) of this Section, this Ordinance may only be
amended (i) by an ordinance of the City amending or supplementing this Ordinance
(which, after the consents required therefor, shall become a part hereof) and (ii) with the
written consent of the Owners of at least 66 2/3% of the aggregate amount of the Bond
Obligation; provided that any amendment that makes any of the following changes with
4813-1651-5845.2 18
respect to any Bond shall not be effective without the written consent of the Owner of
such Bond: (A) a change in the maturity of such Bond; (B) a reduction of the interest rate
on such Bond; (C) a change in the terms of redemption of such Bond; (D) a delay in the
payment of principal of, premium, if any, or interest on such Bond; (E) a reduction of the
Bond Obligation the consent of the Owners of which is required for an amendment to this
Ordinance; or (F) the establishment of a priority or preference for the payment of any
amount due with respect to any other Bond over such Bond.
(c) Procedure for Notifying and Obtaining Consent of Owners. Whenever
the consent of an Owner or Owners of Bonds is required under subsection (b) of this
Section, the City shall mail a notice to such Owner or Owners at their addresses as set
forth in the registration books maintained by the Paying Agent and to the Underwriter,
which notice shall briefly describe the proposed amendment and state that a copy of the
amendment is on file in the office of the City for inspection. Any consent of any Owner
of any Bond obtained with respect to an amendment shall be in writing and shall be final
and not subject to withdrawal, rescission or modification for a period of 60 days after it is
delivered to the City unless another time period is stated for such purpose in the notice
mailed pursuant to this subsection.
Section 22. Appointment and Duties of Paying Agent. The Paying Agent identified in
the Section hereof entitled "Definitions" is hereby appointed as paying agent, registrar and
authenticating agent for the Bonds unless and until the City removes it as such and appoints a
successor Paying Agent, in which event such successor shall automatically succeed to the duties
of the Paying Agent hereunder and its predecessor shall immediately turn over all its records
regarding the Bonds to such successor. The Paying Agent, by accepting its duties as such, agrees
to perform all duties and to take all actions assigned to it hereunder in accordance with the terms
hereof.
Section 23. Delegation and Parameters.
(a) The City Council hereby delegates to the Sale Delegate the authority to
determine and set forth in the Sale Certificate: (i) the matters set forth in subsection (b) of
this Section, subject to the applicable parameters set forth in subsection (c) of this
Section; and (ii) any other matters that, in the judgment of the Sale Delegate, are
necessary or convenient to be set forth in the Sale Certificate and are not inconsistent
with the parameters set forth in subsection (c) of this Section.
(b) The Sale Certificate shall set forth the following matters and other matters
permitted to be set forth therein pursuant to subsection (a) of this Section, but each such
matter must fall within the applicable parameters set forth in subsection (c) of this
Section:
(i) the date on which the Bonds will be issued, which shall be the
Dated Date;
(ii) the aggregate principal amount of the Bonds;
(iii) the principal amount of the Bonds maturing in each year;
4813-1651-5845.2 19
(iv) the interest payment dates;
(v) the rate of interest;
(vi) the prices at which the Bonds will be sold pursuant to the Bond
Purchase Agreement;
(vii) the Bonds which may be redeemed at the option of the City, the
dates upon which such optional redemption may occur, and the prices at which
such Bonds may be optionally redeemed; and
(viii) the principal amounts, if any, of Bonds subject to mandatory
sinking fund redemption, and the years in which such Bonds will be subject to
such redemption.
(c) The authority delegated to the Sale Delegate by this Section shall be
subject to the following parameters:
(i) in no event shall the Sale Delegate be authorized to execute the
Sale Certificate and Bond Purchase Agreement after the date that is 180 days after
the date of adoption of this Ordinance and in no event may the Bonds be issued
after such date, absent further authorization by the City Council;
(ii) the aggregate principal amount of the Bonds shall not exceed
$6,500,000;
(iii) the final maturity of the Bonds shall be no later than the date that is
14 years after the date of issuance of the Bonds; and
(iv) the net effective interest rate on the Bonds shall not exceed the net
effective interest rate of the Refunded Bonds and the debt service on the Bonds
shall represent a net present value savings, as compared to the Refunded Bonds,
of not less than 3.00%.
Section 24. Authorization to Execute Documents. For a period of 180 days following
the adoption of this Ordinance, the City Council authorizes the Sale Delegate to execute the Sale
Certificate and to execute the Bond Purchase Agreement in accordance with the provisions
hereof. The Mayor or City Clerk, or any other duly authorized officer of the City, shall, and they
are hereby authorized and directed to, take all actions necessary or appropriate to effectuate the
provisions of this Ordinance, including, but not limited to, the execution of the Escrow
Agreement, the Paying Agent Agreement, and the Continuing Disclosure Undertaking, in
substantially the forms presented to this meeting of the City Council, with such changes therein,
if any, not inconsistent herewith, as are approved by the City (which, once executed by the
appropriate City official, shall constitute conclusive evidence of approval of the City), a "Tax
Compliance Certificate" or similar certificate describing the City's expectations regarding the
use and investment of proceeds of the Bonds and other moneys, an Internal Revenue Service
Form 8038-G with respect to the Bonds, and all other documents and certificates necessary or
desirable to effectuate the issuance of the Bonds, the investment of proceeds of the Bonds and
4813-1651-5845.2 20
the other transactions contemplated hereby. The execution by the Mayor or Mayor Pro Tern of
the City, the Sale Delegate or any other duly authorized officer of the City of any document
authorized herein shall be conclusive proof of the approval by the City of the terms thereof.
Section 25. Approval of Official Statement. The City Council hereby approves the
distribution and use of the Preliminary Official Statement relating to the Bonds in connection
with the offering of the Bonds and authorizes and directs the City staff to prepare a final Official
Statement for use in connection with the sale of the Bonds in substantially the form thereof
presented to the City Council at the meeting at which this Ordinance is adopted, with such
changes therein, if any, not inconsistent herewith, as are approved by the City Attorney of the
City. The Mayor or Mayor Pro Tem is hereby authorized and directed to execute the final
Official Statement.
Section 26. Application of Supplemental Act. The City Council specifically elects to
apply all of the provisions of Title 11, Article 57, Part 2, C.R.S. (as previously defined, the
"Supplemental Act'), to the Bonds.
Section 27. Limitation of Actions. Pursuant to Section 11-57-212, C.R.S., no legal or
equitable action brought with respect to any legislative acts or proceedings in connection with
the authorization or issuance of the Bonds shall be commenced more than thirty days after the
authorization of the Bonds.
Section 28. Events Occurring on Days That Are Not Business Days. Except as
otherwise specifically provided herein with respect to a particular payment, event or action, if
any payment to be made hereunder or any event or action to occur hereunder which, but for this
Section, is to be made or is to occur on a day that is not a Business Day, such payment, event or
action shall instead be made or occur on the next succeeding day that is a Business Day with the
same effect as if it was made or occurred on the date on which it was originally scheduled to be
made or occur.
Section 29. Ordinance Is Contract with Owners of Bonds and Irrepealable. After
the Bonds have been issued, this Ordinance shall be and remain a contract between the City and
the Owners of the Bonds and shall be and remain irrepealable until all amounts due with respect
to the Bonds shall be fully paid, satisfied and discharged and all other obligations of the City
with respect to the Bonds shall have been satisfied in the manner provided herein.
Section 30. Headings, Table of Contents and Cover Page. The headings to the
various sections and subsections to this Ordinance, and the cover page and table of contents that
appear at front of this Ordinance, have been inserted solely for the convenience of the reader, are
not a part of this Ordinance and shall not be used in any manner to interpret this Ordinance.
Section 31. Severability. It is hereby expressly declared that all provisions hereof and
their application are intended to be and are severable. In order to implement such intent, if any
provision hereof or the application thereof is determined by a court or administrative body to be
invalid or unenforceable, in whole or in part, such determination shall not affect, impair or
invalidate any other provision hereof or the application of the provision in question to any other
situation; and if any provision hereof or the application thereof is determined by a court or
4813-1651-5845.2 21
administrative body to be valid or enforceable only if its application is limited, its application
shall be limited as required to most fully implement its purpose.
Section 32. Repeal of Inconsistent Ordinances. All ordinances, or parts thereof, that
are in conflict with this Ordinance, are hereby repealed.
Section 33. Ratification of Prior Actions. All actions heretofore taken (not
inconsistent with the provisions of this Ordinance, the Charter, or the Ballot Question) by the
City Council or by the officers and employees of the City directed toward the issuance of the
Bonds for the purposes herein set forth are hereby ratified, approved and confirmed.
Section 34. Headings, Table of Contents and Cover Page. The headings to the
various sections and subsections to this Ordinance, and the cover page and table of contents that
appear at front of this Ordinance, have been inserted solely for the convenience of the reader, are
not a part of this Ordinance and shall not be used in any manner to interpret this Ordinance.
Section 35. Recordation. A true copy of this Ordinance, as adopted by the City Council
of the City, shall be numbered and recorded, and its adoption and publication shall be
authenticated by the signatures of the Mayor and the City Clerk and by a certification of
publication.
Section 36. Declaration of Emergency and Effective Date. Due to fluctuations in
municipal bond prices and interest rates and due to currently favorable interest rates and due to
the need to preserve public property, health, peace and safety, it is hereby declared that, in the
opinion of the City Council, an emergency exists, and therefore this Ordinance shall be in full
force and effect upon its passage.
[Remainder of Page Intentionally Left Blank]
4813-1651-5845.2 22
INTRODUCED, READ AND PASSED ON FIRST READING AS AN EMERGENCY
MEASURE by the City Council of the City of Aspen at its regular meeting on _
2009, as provided by the City's Charter and applicable law.
[SEAL]
Attest:
By
City Clerk
LM
Mayor
READ, PASSED ON SECOND READING, FINALLY ADOPTED AND APPROVED AS AN
EMERGENCY MEASURE AND ORDERED PUBLISHED WITHIN 10 DAYS OF SUCH
FINAL PASSAGE by the City Council of the City of Aspen at its special meeting on
2009, as provided by the City's Charter and applicable law.
[SEAL]
Attest
By
City Clerk
Published In:
Date of Publication:
Lo
Mayor
[signature page to bond ordinance]
4813-1651-5845.2 23
APPENDIX A
FORM OF SERIES 2009 BOND
UNITED STATES OF AMERICA
STATE OF COLORADO
No. R-
CITY OF ASPEN, COLORADO
GENERAL OBLIGATION HOUSING REFUNDING BOND
SERIES 2009
INTEREST RATE: MATURITY DATE: ORIGINAL DATED CUSIP:
DATE:
REGISTERED OWNER:
December 1,
2009
**CEDE & CO.**
Tax Identification Number: 13-2555119
PRINCIPAL SUM: **
DOLLARS**
The City of Aspen, Colorado (the "City"), a legally and regularly created, established,
organized and existing municipal corporation under the provisions of Article XX of the
Constitution of the State of Colorado (the "State") and the home rule charter of the City (the
"Charter") and political subdivision of the State, for value received, hereby promises to pay to
the order of the registered owner named above, or registered assigns, the principal sum stated
above on the maturity date stated above, with interest on such principal sum from the original
dated date stated above at the interest rate per annum stated above (calculated based on a 360-
day year of twelve 30-day months), payable on June 1 and December 1 of each year,
commencing June 1, 2010. The principal of and premium, if any, on this Bond are payable to the
registered owner hereof upon presentation and surrender of this Bond at the principal office of
Wells Fargo Bank, National Association, as Paying Agent (the "Paying Agent'), in Denver,
Colorado. Interest on this Bond is payable by check or draft of the Paying Agent mailed on the
Interest Payment Date to the registered owner hereof as of the fifteenth day of the month
(whether or not such day is a Business Day, as defined in the below -mentioned Ordinance)
preceding the month in which such Interest Payment Date occurs; provided that, interest payable
to the registered owner of this Bond may be paid by any other means agreed to by such
registered owner and the Paying Agent that does not require the City to make moneys available
to the Paying Agent earlier than otherwise required under the Ordinance or increase the costs
borne by the City under the Ordinance; provided further, that, so long as Cede & Co. is the
registered owner of this Bond, the principal of, premium, if any, and interest on this Bond shall
be paid by wire transfer to Cede & Co, as nominee of The Depository Trust Company ("DTC").
4813-1651-5845.2
Any payment of principal of or interest on this Bond that is due on a day that is not a Business
Day (as defined in the below -mentioned Ordinance) shall be made on the next succeeding day
that is a Business Day with the same effect as if made on the day on which it was originally
scheduled to be made. All payments of principal of, premium, if any, and interest on this Bond
shall be made in lawful money of the United States of America.
This Bond is part of an issue of general obligation bonds of the City designated City of
Aspen, Colorado, General Obligation Housing Refunding Bonds, Series 2009, issued in the
principal amount of $ (the "Bonds"). The Bonds have been issued pursuant to, under
the authority of, and in full conformity with, the State Constitution and the Charter, the laws of
the State, including, in particular, Article 56 of Title 11 and Part 2 of Article 57 of Title 11,
Colorado Revised Statutes, as amended and pursuant to an ordinance (the "Ordinance") adopted
by the City Council of the City. Capitalized terms used but not defined in this Bond have the
meaning assigned to them in the Ordinance. THE ORDINANCE CONSTITUTES THE
CONTRACT BETWEEN THE REGISTERED OWNER OF THIS BOND AND THE CITY.
THIS BOND IS ONLY EVIDENCE OF SUCH CONTRACT AND, AS SUCH, IS SUBJECT
IN ALL RESPECTS TO THE TERMS OF THE ORDINANCE, WHICH SUPERSEDES ANY
INCONSISTENT STATEMENT IN THIS BOND.
The Bonds have been issued by the City for the purpose of refunding the Refunded
Bonds described in the Ordinance. The Bonds are general obligations of the City and the full
faith and credit of the City are pledged for the punctual payment of the principal of and interest
on the Bonds. For the purpose of paying the principal of, premium, if any, and interest on the
Bonds when due, respectively, the City Council shall, before such time provided for by law for
levying other City taxes, annually determine a rate of levy for general ad valorem taxes, without
limitation as to rate or amount, on all of the taxable property within the City, that will be
sufficient, when combined with the amount of the Available Truscott Housing Fund Revenues
(as defined in the Ordinance) and the Available Affordable Housing/Daycare Fund Revenues (as
defined in the Ordinance) projected to be transferred to the Bond Account (as defined in the
Ordinance) and other moneys deposited to the Bond Account pursuant to the Ordinance, to pay
the principal of, premium, if any, and interest on the Bonds when due, respectively, whether at
maturity or upon earlier redemption.
[INSERT REDEMPTION PROVISIONS]
Notice of any redemption of Bonds shall be given by the Paying Agent by sending a copy
of such notice by first-class, postage prepaid mail, not less than 30 days prior to the redemption
date, to the Owner of each Bond being redeemed. Such notice shall specify the number or
numbers of the Bonds so to be redeemed (if redemption shall be in part) and the redemption date.
If any Bond shall have been duly called for redemption and if, on or before the redemption date,
there shall have been deposited with the Paying Agent in accordance with this Ordinance funds
sufficient to pay the redemption price of such Bond on the redemption date, then such Bond shall
become due and payable at such redemption date, and from and after such date interest will cease
to accrue thereon. Failure to deliver any redemption notice or any defect in any redemption
notice shall not affect the validity of the proceeding for the redemption of Bonds with respect to
which such failure or defect did not occur. Any Bond redeemed prior to its maturity by prior
redemption or otherwise shall not be reissued and shall be cancelled.
4813-1651-5845.2 A-2
The Paying Agent shall maintain registration books in which the ownership, transfer and
exchange of Bonds shall be recorded. The person in whose name this Bond shall be registered
on such registration books shall be deemed to be the absolute owner hereof for all purposes,
whether or not payment on any Bond shall be overdue, and neither the City nor the Paying Agent
shall be affected by any notice or other information to the contrary. This Bond may be
transferred or exchanged at the principal operations office of the Paying Agent in Denver,
Colorado for a like aggregate principal amount of Bonds of other authorized denominations
($5,000 or any integral multiple thereof) of the same of the same type, maturity and interest rate,
upon payment by the transferee of a transfer fee, any tax or governmental charge required to be
paid with respect to such transfer or exchange and any cost of printing bonds in connection
therewith. Notwithstanding any other provision of the Ordinance, the Paying Agent shall not be
required to transfer any Bond (a) -which is scheduled to be redeemed in whole or in part between
the Business Day immediately preceding the mailing of the notice of redemption and the
redemption date or (b) between the Record Date for any Interest Payment Date and such Interest
Payment Date.
The Ordinance may be amended or supplemented from time to time with or without the
consent of the registered owners of the Bonds as provided in the Ordinance.
It is hereby certified that all conditions, acts and things required by the State Constitution
the Charter, and the ordinances and resolutions of the City, to exist, to happen and to be
performed, precedent to and in the issuance of this Bond, exist, have happened and have been
performed, and that neither this Bond nor the other Bonds exceed any limitations prescribed by
the Constitution, the Charter, or the ordinances or resolutions of the City.
This Bond shall not be entitled to any benefit under the Ordinance, or become valid or
obligatory for any purpose, until the Paying Agent shall have signed the certificate of
authentication hereon.
IN WITNESS WHEREOF, the City has caused this Bond to be executed with the manual
or facsimile signature of its Mayor and attested by the manual or facsimile signature of the City
Clerk, and has caused the seal of the City to be impressed or imprinted hereon, all as of the date
set forth above.
[SEAL] CITY OF ASPEN, COLORADO
Attest:
By
City Clerk
4813-1651-5845.2
10
A-3
Mayor
Dated:
CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds of the issue described in the within mentioned Ordinance.
WELLS FARGO BANK, NATIONAL
ASSOCIATION, as
Paying Agent
By
Authorized Signatory
4813-1651-5845.2 A-4
APPROVING LEGAL OPINION
Set forth below is a true copy of the approving legal opinion of Kutak Rock LLP,
delivered on the date on which the Bonds were originally issued:
, 2009
City of Aspen, Colorado
General Obligation Housing Refunding Bonds
Series 2009
We have been engaged by City of Aspen, Colorado (the "City") to act as bond counsel
for the issuance of its General Obligation Housing Refunding Bonds, Series 2009 in the
aggregate principal amount of $ (the "Bonds"). The Bonds are being issued pursuant
to the home rule charter of the City and Ordinance No. _ (Series of 2009) (the "Bond
Ordinance"), adopted by the City Council of the City on first reading on 2009
and on second reading on 2009. We have examined the constitution and the
laws of the State of Colorado (the "State"); the provisions of the Internal Revenue Code of 1986,
as amended (the "Code"), and the regulations, rulings and judicial decisions relevant to the
opinions set forth in paragraph 3 below; the provisions of the Securities Act of 1933, as
amended, and the regulations, rulings and judicial decisions relevant to the opinion set forth in
paragraph 5 below; and such certified proceedings, certificates, documents, opinions and other
papers as we deem necessary to render this opinion. As to questions of fact material to our
opinion, we have relied upon the certified proceedings and other certifications of public officials
furnished to us without undertaking to verify the same by independent investigation. We have
assumed that the legal conclusions stated in the opinion of the City Attorney delivered in
connection with the issuance of Bonds are correct.
Based upon the foregoing, we are of the opinion, under existing law and as of the date
hereof, that:
1. The Bonds are valid and binding general obligations of the City.
2. All taxable property within the boundaries of the City is subject to ad valorem
taxation without limitation as to rate or amount to pay the principal of and the interest on the
Bonds. The City has covenanted in the Bond Ordinance to include in its annual tax levy the
principal of and interest coming due on the Bonds to the extent the necessary funds are not
provided from other sources.
3. Under the laws, regulations, rulings and judicial decisions existing on the date
hereof, interest on the Bonds is excluded from gross income for federal income tax purposes and
is not a specific item of tax preference for purposes of the federal alternative minimum tax. The
opinions set forth in the preceding sentence assume the compliance by the City with certain
requirements of the Code that must be met subsequent to the issuance of the Bonds. Failure to
4813-1651-5845.2 A-5
comply with such requirements could cause such interest to be includible in gross income for
federal income tax purposes or could otherwise adversely affect such opinions, retroactive to the
date of issuance of the Bonds. The City has covenanted in the Bond Ordinance and in the Tax
Compliance Certificate executed and delivered in connection with the issuance of the Bonds to
comply with such requirements. We express no opinion regarding other federal tax
consequences arising with respect to the Bonds. We note, however, that interest on the Bonds is
taken into account in determining adjusted current earnings for purposes of the alternative
minimum tax imposed on corporations (as defined for federal income tax purposes).
4. Under State statutes existing on the date hereof, interest on the Bonds is exempt
from State income tax. We express no opinion regarding other tax consequences arising with
respect to the Bonds under the laws of the State or any other state or jurisdiction.
5. The Bonds are exempt from registration under the Securities Act of 1933, as
amended.
6. Because the City has properly designated the Bonds as "a qualified tax-exempt
obligation" within the meaning of Section 265 of the Code, any banks, thrift intuitions or other
financing institutions owning the Bonds may be able to avoid the loss of 100% of any otherwise
available interest deduction attributable to such institution's tax-exempt holdings.
The rights of the holders of the Bonds and the enforceability of the Bonds and the
Resolution may be limited by bankruptcy, insolvency, reorganization, moratorium and other
similar laws affecting creditors' rights generally and by equitable principles, whether considered
at law or in equity, by the exercise by the State and its governmental bodies of the police power
inherent in the sovereignty of the State and by the exercise by the United States of America of
the powers delegated to it by the Constitution of the United States of America.
We express no opinion herein as to any matter not specifically set forth above. In
particular, but without limitation, we express no opinion herein as to the accuracy, adequacy or
completeness of the Official Statement relating to the Bonds or as to the validity of any
obligation of the City other than the Bonds.
This opinion is given as of the date hereof and we assume no obligation to update, revise
or supplement this opinion to reflect any facts or circumstances that may hereafter come to our
attention or any changes in law that may hereafter occur.
This opinion may be relied upon solely by the addressees hereto in connection with the
issuance of the Bonds. This opinion may not be relied upon for any other purpose or by any
person other than the addressees.
Respectfully submitted,
/s/ KUTAK ROCK LLP
4813-1651-5845.2 A-6
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
(Please print or typewrite name and address of Transferee)
(Tax Identification or Social Security No.)
the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints
attorney to transfer the within Bond on the books
kept for registration thereof, with full power of substitution in the premises.
Dated:
NOTICE: The signature to this assignment
must correspond with the name as it appears
upon the face of the within Bond in every
particular, without alteration or enlargement or
any change whatever.
Signature Guaranteed:
Signature(s) must be guaranteed by a national
bank or trust company or by a brokerage firm
having a membership in one of the major stock
exchanges.
TRANSFER FEE MAY BE REQUIRED
4813-1651-5845.2 A-7
CITY OF ASPEN
General Obligation Housing Refunding Bonds, Series 2009
BOND PURCHASE AGREEMENT
, 2009
City Council
City of Aspen
Ladies and Gentlemen:
1. Stifel, Nicolaus & Company, Inc. (the "Underwriter") hereby offers to enter into
this Bond Purchase Agreement (this "Agreement") with the City of Aspen, Colorado (the
"City"). This offer is made subject to the City's acceptance, which shall be evidenced by the
City's execution of this Agreement and delivery of it to the Underwriter on the Date of this
Agreement. Upon the City's acceptance of this offer, this Agreement shall be binding upon the
Underwriter and the City, subject to the further provisions hereof. Capitalized terms not
otherwise defined herein shall have the meanings set forth for such terms in paragraph 10 below.
2. Subject to the further provisions hereof, the Underwriter agrees to purchase from
the City, and the City agrees to sell and deliver to the Underwriter, all of the General Obligation
Housing Refunding Bonds, Series 2009 (the "Bonds") at the Purchase Price. The Bonds will
mature, bear interest and be sold at the prices indicated in Exhibit A hereto. The Purchase Price
is to be used for the purposes set forth in the ordinance of the City adopted on 2009,
authorizing the issuance of the Bonds (the "Bond Ordinance").
3. The City shall deliver the duly issued and executed Bonds to Wells Fargo Bank,
National Association, in its capacity as Paying Agent for the Bonds (the "Paying Agent"), to
hold for The Depository Trust Company ("DTC") pursuant to the FAST balance sheet agreement
in effect between the Paying Agent and DTC, prior to, and the Underwriter shall deliver the
Purchase Price to the City in immediately available funds by 9:00 a.m., Denver Time, on the
Closing Date, or at such other place and time as shall be mutually agreed upon by the City and
the Underwriter. (Such deliveries are referred tows the "Closing.") The documents to support
the Closing will be held and may be examined at the offices of Kutak Rock LLP in Denver,
Colorado at the same time on the Closing Date.
4. The City shall cooperate with, and shall take all actions reasonably requested by,
the Underwriter to facilitate the Underwriter's offer and sale of the Bonds to third parties,
including but not limited to (i) the preparation of the Preliminary Official Statement relating to
the Bonds dated , 2009, and any supplements or amendments thereto that the
Underwriter reasonably determines are necessary (the "Preliminary Official Statement") and the
final Official Statement relating to the Bonds to be dated prior to the date of the Closing and any
supplements or amendments thereto that the Underwriter reasonably determines are necessary
(the "Official Statement") and (ii) all actions necessary under the securities or "blue sky" laws of
4841-0737-5109.1
the jurisdictions specified by the Underwriter to enable it to offer and sell the Bonds in or to
residents of such jurisdictions. In addition, in order to facilitate compliance with Rule 15c2-12
of the United Stated Securities and Exchange Commission under the Securities Exchange Act of
1934 ("Rule 15c2-12"), the City (A) has certified, and hereby affirms its certification, that the
Preliminary Official Statement is "final" as of its date as required by Rule 15c2-12, (B) hereby
authorizes and ratifies the distribution of the Preliminary Official Statement to any potential
customers (as defined in Rule 15c2-12) until the Official Statement is available, (C) hereby
agrees to make available to the Underwriter, within seven business days of the Date of this
Agreement, as many copies of the Official Statement as the Underwriter deems sufficient for
purposes of complying with Rule 15c2-12, (D) hereby authorizes and approves the distribution
and use of the Official Statement in connection with the offering and sale of the Bonds and
(E) hereby agrees to enter into a written agreement or contract, constituting an undertaking to
provide ongoing disclosure about the City, for the benefit of the owners of the Bonds on or
before the date of delivery of the Bonds as required by Rule 15c2-12, which Undertaking shall
be in the form attached as Appendix A to the Preliminary Official Statement, with such changes
as may be agreed to in writing by the Underwriter.
5. The Underwriter's obligation to purchase the Bonds shall be subject to the
Underwriter's receipt of each of the following in form and substance satisfactory to the
Underwriter:
(a) A certified copy of the Bond Ordinance;
(b) An executed copy of the Paying Agent and Registrar Agreement dated as
of the Closing Date (the "Paying Agent Agreement") between the City and the Paying
Agent;
(c) an executed copy of the Refunding Escrow Agreement between the Paying
Agent, in its capacity as escrow agent, and the City;
(d) the verification report of
funds to be deposited into the Escrow Account;
with respect to the sufficieny of
(e) An executed copy of the Blanket Issuer Letter of Representations (the
"Letter of Representations") between the City and The Depository Trust Company;
(f) An executed copy of the Continuing Disclosure Undertaking dated the
Closing Date (the "Continuing Disclosure Undertaking") entered into by the City;
(g) The unqualified approving opinion of Kutak Rock LLP, Bond Counsel;
(h) A letter from Kutak Rock LLP as to their participation in the preparation
of, and as to the material set forth in, the Official Statement;
(i) The opinion of John Worcester, Esq., as City Attorney, in substantially the
form acceptable to the Underwriter;
4841-0737-5109.1 2
(j) Certificates of the City as to (i) the facts necessary to support the opinions
referred to in clauses (e) and (f) above, (ii) the enforceability of this Agreement, the
Paying Agent Agreement, the Letter of Representations and the Continuing Disclosure
Undertaking, (iii) the accuracy of the Preliminary Official Statement and the Official
Statement, (iv) litigation affecting the City and (v) such other matters as are customary
with respect to the issuance of obligations such as the Bonds or as the Underwriter may
reasonably request;
(k) Evidence that the Bonds have been rated "[Aa2]" by Moody's; and
(1) Such additional agreements, documents, instruments, opinions and
certificates as the Underwriter may reasonably request.
6. The Underwriter's obligation to purchase the Bonds also shall be subject to the
Underwriter's right, in its absolute discretion, to elect to terminate this Agreement by written
notice to the City if at any time after the Date of this Agreement and prior to the Closing:
(a) Any event shall have occurred, or information becomes known, which, in
the Underwriter's opinion, makes untrue, in any material respect, any statement or
information contained in the Official Statement or the Preliminary Official Statement
(except as modified by the Official Statement), or has the effect that the Official
Statement or the Preliminary Official Statement (except as modified by the Official
Statement) contains any untrue statement of a material fact or omits to state any material
fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading;
(b) Additional material restrictions not in force as of the date hereof shall have
been imposed upon trading in securities generally by any governmental authority or by
any national securities exchange;
(c) The United States shall have become engaged in hostilities, whether or not
a war shall have been declared, or there shall have occurred an escalation of any
hostilities involving the armed forces of any country, or any other national emergency or
other national calamity relating to the effective operation of government or of the
financial community shall have occurred, which, in the Underwriter's opinion, materially
adversely affects the market price of the Bonds; provided that the hostilities referred to in
this paragraph shall not be interpreted to include the current state of the operations of the
armed forces of the United States and its allies in Afghanistan and Iraq existing as of the
date of this Agreement;
(d) There shall have occurred a general suspension or material limitation of
trading on The New York Stock Exchange or any other national securities exchange as
the result of an event affecting the national economy, or minimum or maximum prices for
trading shall have been established on any exchange and be in force, or maximum ranges
for prices for securities shall be in force on any such exchange;
(e) The New York Stock Exchange, any other national securities exchange or
any governmental authority shall impose, as to the Bonds or obligations of the general
4841-0737-5109.1 3
character of the Bonds, any material restrictions not now in force or being enforced, or
increase materially those now in force or being enforced, with respect to the extension of
credit by, or charges to the net capital requirement of, or financial responsibility
requirements of, the Underwriter;
(f) A general banking moratorium shall have been established by federal,
New York or Colorado authorities;
(g) Any rating of any obligations of the City shall have been downgraded or
withdrawn by any rating service, which, in the Underwriter's opinion, materially
adversely affects the market price of the Bonds;
(h) Legislation is adopted by either house of the United States Congress, or
favorably reported for passage to either house of the United States Congress by any
committee of such house to which such legislation has been referred for consideration,
legislation is actively considered for enactment by the United States Congress, legislation
is recommended to the United States Congress for passage by the President of the United
States, a decision by a court of the United States or the United States Tax Court is
rendered, or a ruling, regulation or official statement by or on behalf of the Treasury
Department of the United States, the Internal Revenue Service or other governmental
agency is made, with respect to federal taxation upon revenues or other income of the
City or upon interest payable on obligations of the general character of the Bonds or
which would change directly or indirectly the federal income tax consequences of interest
on obligations of the general character of the Bonds in the hands of the owners thereof,
which, in the Underwriter' opinion, materially adversely affects the market price of the
Bonds; or
(i) Any change shall have occurred which, in the reasonable judgment of the
Underwriter, makes unreasonable or unreliable any of the financing assumptions upon
which payment of debt service on the Bonds is predicated.
7. The City shall pay or cause to be paid, from the proceeds from the sale of the
Bonds or other funds available to it, the expenses incident to the issuance and sale of the Bonds
(the "Costs of Issuance"), including but not limited to the Underwriter's Discount and the
expenses of the Underwriter, the fees and expenses of the Paying Agent, Kutak Rock LLP, and
any other attorneys, accountants or other experts or consultants retained in connection with the
issuance and sale of the Bonds (including but not limited to the City's independent auditors), fees
and charges of any paying agent or other agent retained in connection with the payment of, or the
administration of the payment of, the Bonds, fees to register the Bonds with DTC, CUSIP fees,
clearing and delivery fees, the costs of printing and distributing the Preliminary Official
Statement and the Official Statement, and any costs incurred in connection with the rating of the
Bonds, including but not limited to rating agency fees and expenses incurred in communicating
with or making presentations to rating agencies.
8. This Agreement may be executed in several counterparts, which together shall
constitute one and the same instrument. Photostatic copies of executed counterparts hereof or
4841-0737-5109.1 4
copies of executed counterparts hereof transmitted by facsimile transmission shall be binding to
the same effect as originally signed counterparts.
9. This Agreement shall be governed by the laws of the State of Colorado.
10. For purposes of this Agreement, the following terms have the meanings specified:
Date of this Agreement: _, 2009
Aggregate Principal Amount:
Original Issue Premium upon sale of Bonds
Underwriter's Discount:
Purchase Price (Aggregate Principal Amount of Bonds, plus Original
Issue Premium, less Underwriter' Discount):
Closing Date:
[Signatures appear on following page]
_, 2009
4841-0737-5109.1
STIFEL, NICOLAUS & COMPANY, INC.
By
Authorized Officer
This Bond Purchase Agreement is hereby accepted by the City on the date and at the time set
forth below:
CITY OF ASPEN
Date of Signature: 2009
Time of Signature:
[Signature Page to Bond Purchase Agreement]
4841-0737-5109.1 6
■t�J■
THE Crry or ASPEN
MEMORANDUM
TO: Mayor and City Council
FROM: R. Barry Crook, Assistant City Manager
DATE: November 13, 2009
MEETING DATE: November 16, 2009
RE: Public -Private Partnerships and Issuance of RFQs for
802 W. Main/517 Park Circle
Summary:
On April 28, 2009 in a worksession, Council directed that an RFQ be issues to determine the
interest in private partners in collaborating with the City in developing affordable housing on two
parcels — 802 W. Main and 517 Park Circle. We issued those RFQs and evaluated them and are
now recommending the further development of respondents' ideas with three finalists.
Previous Council Action:
Most of the discussion at the April worksession was centered on Staff requests that Council, if so
inclined, indicate those areas of any potential proposal that were unacceptable to them so as to
not have proposers put together a package that was not going to be looked on favorably by the
City Council. The staff recommendation was to try and not make too many decisions in advance
of seeing what the proposals might be, and Council agreed to a limited number of constraints,
including:
✓ The land, in the end, must remain in the ownership of the City
✓ No Affordable Housing mitigation credits would be part of any proposal
In addition, there were some conversations about proposal outcomes that might create a more
favorable review by Council, those items included:
✓ A focus on 1-bedroom units would be preferable
✓ All tenants/owners in the proposed housing would be APCHA qualified and APCHA
"lottery-ed" — unless a compelling case could be made for some other selection
method
✓ If the proposal includes free market units, design ideas that render the free market
units "indistinguishable" from the affordable housing units in terms of size and
location in the development are likely to be more in keeping with Council's desires
✓ If a non-residential use at 802 W. Main is proposed, the proposer should keep in mind
previous Council discussions on affordable commercial space and potential tenant use
Request of Council:
Provide direction for us to issue additional RFPs to the three finalists so we can continue to discuss
their partnership proposals. We would also like to hire a financial consultant at some point to advise
us on those details of the proposals as we get closer to selecting a recommended partner.
Discussion:
When we issued the RFQs to the public, we included the following as expectations to be included
in their proposals:
➢ Expectation of approximately 34-44 units
➢ Focus on 1 bedroom units
➢ Meet the APCHA guidelines
➢ Meet building code/zoning requirements
➢ Minimize or eliminate City funding beyond the land contribution
We received 12 excellent proposals from a group of well qualified developers both local and non -
local. Proposals ranged from 25 total units to 44 total units, some proposals included free-market
components, some were for -sale development, others for -rent proposals. Proposals included debt
and equity financing, some required additional financial commitment from the City beyond the
land, and others did not. In general thoughtful and excellent designs were provided to us in the
packages. We are grateful to everyone who participated and to the many hours of effort their
proposals required of them.
We established a review committee of City and County staff and sought some level of participation
from the APCHA board. The committee consisted of:
✓ Barry Crook - CoA, Assistant City Manager
✓ Scott Miller - CoA, Director of Capital Asset
✓ Phylis Mattice - Pitkin County, Internal Services Director
✓ Cindy Tucker -Davis - APCHA, Operations Manager
✓ Jennifer Phelan - CoA, Deputy Director of Planning
✓ Ashley Ememann - CoA, Assistant Director of Finance
✓ Chris Everson - CoA, Affordable Housing Project. Manager
✓ Oversight: Rustin Gudim, Housing Authority Board
Approximately 200 staff hours were devoted to the evaluation process. We focused our evaluation
in three major areas:
➢ developer qualifications
➢ project vision
➢ financial viability
2
We worked together to select five semi-finalists. We interviewed those five semi-finalists to clarify
their proposals, answer any questions we had about those proposals and to afford them one more
opportunity to "make their case" regarding their proposal.
The evaluation committee agrees unanimously that of the five semi-finalists teams, the three teams
in that semi-finalist group that were proposing for -rent concepts had what seemed to be the most
beneficial & most viable financial plans. All of them were highly qualified developers and have
what appear to be conceptually reasonable proposals for building designs. All proposed the least
amount of risk to the City in terms of further financial exposure.
Recommendation:
Evaluation committee recommends that the City craft and issue a for -rent affordable housing RFP
to the following 3 teams:
➢ LIFE Foundation Team
➢ Theodore K Guy Associates Team
➢ Coburn Development
We will then work to further develop their proposals — both the site plan design and the financial
proposals — and work towards crafting what is more like an agreement or potential contract with
each. We would bring in a financial consultant to help us with our evaluations and move towards
selecting a partner for the development of these two sites.
We could involve the Council later in this stage if you so desire, by having each of our finalists
make a presentation to the Council, or we could make a recommendation to you of the chosen
partner.
Affordable Housing
Development
Public Private
Partnerships
Update
On April 28, 2009, City Council
directed staff to issue an RFQ for
affordable housing PPPs for two
city -owned properties:
802 West Main St.
➢ 517 Park Circle
Council's Requirements:
➢The land, in the end, must remain in the
ownership of the City
➢No Affordable Housing mitigation credits
would be part of any proposal
Additional Council Considerations:
➢ Prefer a focus on 1-bedroom units
➢ Tenants/owners to be APCHA qualified /
lotteried
➢ Free market units should be
"Indistinguishable" from affordable housing
units
➢ If a non-residential use is proposed, keep in
mind previous Council discussions on
affordable commercial space
Instructions to Developers:
➢ Expectation of approximately 34-44 units
➢ Focus on 1 bedroom units
➢ Meet the APCHA guidelines
➢ Meet building code/zoning requirements
➢ Minimize or eliminate City funding beyond
the land contribution
Responses Received
➢ Received 12 excellent submittals
➢ A range of well-quaiified developers
➢ Local and non -local developers
➢ For -profit and non-profit developers
➢ Unit counts ranging from 25-45 units
➢ Mix of for -sale and for -rent concepts
➢ Mix of debt and equity financing plans
➢ Some required additional funding, some did not
➢ Excellent designs provided including sustainable
environmental features
C
Aspen -- 3 Aspen
Evaluation Process
➢ Established a 7-person, multi -departmental
evaluation committee
➢ Approximately 200 staff hours for evaluations
➢ Documented evaluations in three areas:
developer qualifications
✓ project vision
✓ financial viability
➢ Worked together to establish 5 finalists
➢ Interviewed 5 finalists
➢ Collaborated on recommendation for next steps
Evaluation Committee
Barry Crook - CoA, Assistant City Manager
• Scott Miller - CoA, Director of Capital Asset
• Phylis Mattice - Pitkin County, Internal Services Dir.
• Cindy Tucker -Davis - APCHA, Operations Mgr.
• Jennifer Phelan - CoA, Deputy Dir. of Planning
• Ashley Ernemann - CoA, Assistant Dir. of Finance
• Chris Everson - CoA, Affordable Housing Pro]. Mgr.
Consultation: Rustin Gudim, Housing Authority Board
Evaluation Committee Findings
➢ The evaluation committee agrees
unanimously on the recommendations
➢ Of the 5 finalists teams, the 3 teams that
were proposing for -rent concepts had what
seemed to be the most beneficial and viable
financial plans
➢ All highly qualified developers
➢ All had what appear to be conceptually
reasonable proposals for building designs
Recommendation for Next Steps
Evaluation committee recommends that the
City craft and issue a for -rent affordable
housing RFP to the following 3 teams:
➢ LIFE Foundation Team
➢ Theodore K Guy Associates Team
➢ Coburn Development
TO:
FROM:
THRU:
DATE OF MEMO:
MEETING DATE:
RE:
MEMORANDUM
Mayor and City Council
Scott Miller, Capital Asset Director
Steve Barwick, City Manager
November 12, 2009
November 16, 2009
Purchase of 104 W. Cooper, Unit #5
THE Cn of ASPEN
REQUEST OF COUNCIL: Staff recommends that City Council authorize the listing of this
unit for sale in "as -is" condition.
PREVIOUS COUNCIL ACTION: On July 17, 2009, Council passed Ordinance #17 (Series
2009) amending the Aspen/Pitkin County Employee Housing Guidelines, permitting APCHA to
determine if a deed -restricted unit located in a condominium or subdivision which also includes
free-market units, has been rendered unaffordable as a result of general or special assessments.
Such a unit would then be eligible to be purchased, the deed restriction removed and sold into the
free market, with the proceeds being deposited into the appropriate housing development fund.
On September 14, 2009, Council directed staff to purchase unit #5 at 104 W. Cooper and pay any
outstanding Home Owners Association assessments. Council also directed staff to research the
value of this unit and possible methods for selling this unit as a free- market unit.
BACKGROUND: This unit was built as a free-market unit in 1972, then deed -restricted as an
affordable housing unit in 1991. This unit is the only affordable, deed restricted unit out of six
units at 104 W. Cooper. The Home Owners Association for this building decided to undergo a
capital improvement project, updating the building's exterior fagade, expand the building
footprint, and improve the mechanical and electrical systems. Doing so requires almost total
renovation of the interior of all six units. This renovation is currently underway, requiring
payment of a special assessment of $165,000 for renovation of the common elements of this
building. When this project is complete, unit #5 will be in a partially gutted condition, requiring
redesign and reconstruction of the entire unit.
DISCUSSION:
This garden level unit, across the street from Koch Park, is being increased in size from 878 to
1000 square feet. The building and the other five units are being updated to a finish level
appropriate for units worth $1.5 to $2.0 million. If this unit were completed to that level of finish,
it is estimated that this unit would sell for $925,000. Of course this is an estimate, depending on
market conditions at the time of completion. In order to determine the value of the unit in its
current condition, the following analysis was done:
Page 1 of 3
The city's investment in this property is:
Buyback of unit $152,730
HOA assessment $165,000
Total Investment by COA
$317,730
The estimated cost of renovation of this unit is:
Finish fire sprinkler system
$3,500
Finish fire alarm $5,500
Drywall $7,500
Finishes (incl. trim, paint, cabinets, tile, etc.)$180,000
Interior design $5,000
Total cost of renovation $201,500
If an investor were to buy and renovate this unit, the total investment would be:
Total investment
$519,230
In preliminary conversations with two local lenders, it was stated that those lenders would not
lend money for the purchase or renovation of this unit, so the potential buyer of this unit probably
will be a cash buyer. The potential buyer of this unit will probably expect a gross return on the
investment of 30 %. For this analysis this potential return will be called opportunity cost:
Opportunity cost
$155,769
Staff has concluded that a possible method for determining the "as -is" value of this unit is:
Estimated sales price if renovated $925,000
Cost of renovation ($201,500)
Opportunity cost ($155,769)
Estimated value "as -is" $567,731
Page 2 of 3
If this unit sells for this estimated value, the net proceeds to the city will be as follows:
Sales price
$567,731
Sales costs (broker and closing) ($31,550)
Total investment by COA ($317,730)
Net proceeds to city $218,451
ALTERNATIVES: If Council should choose to invest in full renovation of this unit, the net
proceeds to the city would be as follows:
Sales price $925,000
Total investment by COA ($519,230)
Sales costs ($46,250)
Net proceeds to city $359,520
FINANCIALBUDGET IMPACTS: The cost of purchasing and finishing this unit, $317,731,
will be paid from the 150 Housing Development Fund in calendar year 2009. The revenue from
the sale of the unit, $567,731, will be received by the 150 Housing Development Fund, with the
net proceeds from the sale benefitting the 150 Fund in the amount of $218,451. During the
discussions with the Citizens Budget task force about Burlingame, the average cost of
subsidizing a unit of affordable housing was calculated at between $342,000 and $391,000, so at
a profit of $218,000 we would not be able to replace this affordable housing unit- we would be
able to replace some 63% of the unit and therefore need to put more money into any effort to
replace the unit being put into the free market.
ENVIRONMENTAL IMPACTS: This project is a reuse of an existing structure on an existing
city lot, resulting in much less impact to the environment than new construction on a vacant lot.
The building's mechanical and electrical system, insulation, doors and windows are all being
replaced with components that meet or exceed current building code requirements, resulting in
greatly reduced consumption of greenhouse gases.
Page 3 of 3
Comparison for Sagewood (910 W. Hallam #11)
ADDRESS OF PROPERTY
STATUS
ASKING PRICE SOLD PRICE $$/S.F.
BEDROOMS
BATHS
SQ.
FEET YEAR BUILT
REMODELED
910 W. Hallam #11
TBD
TBD
n/a
n/a
2
1
765
n/a
1235 E. Cooper#3
For Sale
$625,000
n/a
$1,034
2
1
604
1969
n/a
1235 E. Cooper #1
For Sale
$650,000
n/a
$1,062
2
1
612
1969
n/a
1235 E. Cooper #2
For Sale
$650,000
n/a
$1,033
2
1
629
1969
n/a
835 E. Hyman #D
Under Contract $735,000
n/a
$924
2
1
795
1969
n/a
501 W. Main St. C101
Closed
$675,000
$625,000
$978
1
1
639
2006
n/a
501 W. Main St. A203
Closed
$699,000
$675,000
$1,102
1
1
612
2004
n/a
COMPARISON FOR 104 W. COOPER #5
104 W. Cooper#5
TBD
TBD
n/a
n/a
3 1
999
n/a
914 Waters #19
For Sale
$949,000
n/a
$1,218
2 1 1/2
779
1998
n/a
731 E. Durant#13
For Sale
$995,000
n/a
$1.193
2 2
834
1968
1997
900 E. Durant #D-111
For Sale
$996,225
n/a
$925
2 2
1.077
1970
n/a
940 E. Waters #206
For Sale
$873,000
n/a
$1,229
2 2
710
1970
2006
940 E. Waters #301
For Sale
$895,000
n/a
$1,282
2 2
698
1970
n/a
901 E. Hyman #2
Closed
$995,000
$895,000
$964
2 2
928
1966
2006
926 E. Waters #101
Closed
$995.000
$895,000
$743
2 2
1,190
1969
n/a
800 S. Mill St. #205
Closed
$1.395,000
$850,000
$1,112
2 2
764
1965
2007
611 S. West End #5
Closed
$1.150.000
$775,000
$1,398
1 1
554
1968
2007
Property Type: RES wll mprovments Address, 1735 F Conpar Avenue #3 Aepon, CO $1611 Status; Active Asking Price: $625,000
List Number. 112221 List Price PeUSF: 1,034,77
a rt i Type: Condo Lv Ht SgFt: 604
"- Area: 01 EA -East Aspen LvHt3gFt(Abv Grnd):
�ii i Major Area: AspenOtt
LvHtSgFt(Blw Grnd):
ROU1j"i'-� SUb/Loc: Aspen Edge Unfinished SgFt: 0
County: Pitkin Total SgFt 604
' , . ` fORrp4' a' Bedrooms; 2 PUDk SgFt:
AiR
Baths: 1 Garage SgFt:
;it it Half Baths: 0 Lot SgFt:
;ill
�
'' I�FCULot Size: Unknown Nbr of Acres; 0
Acreage: Unknown Year Built: 1969
t aLd;�i�'+�` - I r'•d; , Garage: None Year Remodeled:
„+ +Furnished: Yes Zoning:
%�*It-ttkr}�
Levels: 1 Lead Certified: Payment Per: Quarter
Short Termable: No HERS Energy Rating: HOA Dues: 1,339.15
Account#: R010454 Taxes: 1,232.04 Earnest$/%: 5%
Parcel M 273718141003 Tax Year: 2008 Earnest $ Payable To: Land Title Guarantee Company
Under Construction: No Transfer Tax: Yes Special Assessments: 1,519.00
Pre -Fabricated Home: No Short Sale: No Short Termable: No
9 nevm ummg rxoom nmcnen run datn Halt Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks: Great value for a 2 bedroom unit in town. Convenient location, just a short walk to the shops and restaurants. Light and bright, floor unit
opens up to a beautiful lawn and views
ground
of Aspen Mtn. Small complex with only 8 units on an oversize lot. 2 assigned parking spaces and lots of storage spare.
NO PETS.
Directions: East on Cooper Ave, across bridge to Aspen Edge on the right.
Addendum: Special Assessment is for new boiler.
Legal: Aspen Edge, Unit 3
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Membrane
ConstlExterior: Concrete Block;
HOA Amenities:
Substructure: Slab
Frame; Stucco
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Sewer; Snow Sign: No
Cooling: None
Removal: Trash Removal; Unit Electric; Unit Heal; Water
Showing Instructions: Occupied;
Condition: Good
Heating; Baseboard; Gas; Hot Water
Overnight Notice
Carport:
Inclusions: Microwave; Range; Refrigerator; Window Coverings
Sanitation: Sewer
Documents on File: CC & R's:
Location Amenities: Trees; Views
Style:
Financials; Inventory
Laundry Facility: Common
Terms Offered: Cash: New Loan
Disclosures: No Dogs
Mineral Rights: No
Unit Faces: West
Electric: Yes
Parking Area: 2 Car
Water Rights: No
Exclusions:
Possession: DOD
Water: City
Extras: Landscaping; Storage Shed
Member Association: Aspen Association
Fireplace: Wood
Sold Price PerrSF:
DOM: 97
ADOM: 97
Listing Date: 0711412009
Owner Di Russo
Under Contract Date
TB%: 3
BB%: 3
Variable Comm: No
Original List Price: 625,000
Fallthrough Date:
Flat Fee: No
LA: Galen Bright Satterfield
& Bright 970-920-1833 970-379-3877
galen@aspenreal.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wllmprovments Address. 1255 E Cwye, Avenue Lint I Aspen, CO 81611
Status: Active Asking Price: $6W,000
List Number:
111129
List Price Per/SF:
1,D62.09
k r r w M ��' In e�
•, p
Type:
Condo
Lv Ht SgFt:
612
<
Area:
DIEA-East Aspen
LvHtSgFt(Abv Gmd):
612
Major Area:
Aspen
LvHtSgFt (Blw Gmd):
SublLoc:
Aspen Edge
Unfinished SgFt:
0
a k�ij��d! tit I.
I,o-t
County:
Peskin
Total SgFt
612
r9 y Lii',� !r
Bedrooms:
2
PUDk SgFt:
Nc
Baths:
1
Garage SgFt:
Halt Baths:
0
Lot SgFt:
Lot Size:
Refer to Acreage
Nbr of Acres:
Acreage:
Refer to Lot Sae
Year Built:
1969
Garage:
None
Year Remodeled:
Furnished:
No
Zoning:
PUD
Levels: 1
Short Terrnable:
Account #: R010452
Parcel#: 273718141001
Under Construction:
Pre -Fabricated Home: No
Load Certified;
HERS Energy Rating:
Taxes:
Tax Year:
Transfer Tax:
Short Sale;
Payment Per:
Quarter
HOA Dues:
1,356.32
1,070.24
Earnest$//:
S20,000.00
2008
Earnest $ Payable To:
Land Title
Yes
Special Assessments:
1.539.29
No
Short Tamable:
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room DerdStudylLibrary Laundry/Utility Room
Public Remarks: Here is the place for your Buyer because it is only 5 minutes (on foot!) to town, has awood-burning fireplace, faces west for sun, has a great,
manicured lawn, assigned parking, laundry room, storage for the bikes. Two bedrooms, convenience
and set back from the road for quiet and privacy. Pets are
OK for owners. No pets for renters.
Directions: East on Cooper Ave, across the bridge. Complex is on the right.
Addendum: CALL MARY ANNE MEYER SET UP A SHOWING FOR YOUR BUYER. 970-948-3236 Special Assessment: New Boiler
Legal: Aspen Edge, Unit 1
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Membrane
Const/Exterior: Concrete
HOA Amenities:
Substructure:
Block: Frame
HOA Fees Includes: Cable; Grounds Maintenance; Sewer; Snow Removal; Trash Sign:
Cooling:
Removal; Unit Electric; Unit Heat; Water
Showing instructions: 24 Hour
Condition: Good
Healing: Baseboard; Gas
Notice; Occupied
Carport:
Inclusions: Dishwasher; Range; Refrigerator
Sanitation: Sewer
Documents on File: CC & Rs
Location Amenities: Trees
Style:
Disclosures:
Laundry Facility: Common
Terms Offered: Cash
Electric: Yes
Mineral Rights:
Unit Faces: West
Exclusions:
Parking Area: Assigned
Water Rights: No i
Extras: Landscaping
Possession: DOD
Water: City
Fireplace: Wood
Member Association: Aspen Association
Sold Price PerISF:
D
DOM: 184
ADOM: 164
Listing Date: 05IU812009
Owner On File
Under Contract Date
TB%:3
BB%: 3
Variable Comm: No
Original List Price: 650.000
Fallthrough Date:
Flat Fee: No
LA: Mary Anne Meyer
Joshua & CO of Aspen, Inc. 970-925-8810
970-948-3236 maryanne(glpshuaco.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2D09 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wllmprovments
Ad&66.. 1205 E C.,vyn, Avw,ue N2 Aspuu, CO 81611
Status: Active Asking Price: $650,000
List Number: 112217
List Price PerfSF:
1,033.39
Type: Condo
Lv Ht SgFt:
629
Iy
1jf G
Sti
Area: 01FA-East Aspen
Major Area: Aspen
LvHtSgFt(Abv Grnd):
LvHtSgFt(Biw Grnd):
Sub/Loc: Aspen Edge
Unfinished SgFt:
0
County Pitkin
Total SgFt:
629
Bedrooms: 2
PVDk SgFt:
Baths: i
Garage Sq Ft:
Half Baths: 0
Lot SgFt:
Lot Size: Unknown
Nbr of Acres:
0
Acreage: Unknown
Year Built:
1969
J�
rr
Garage: None
Year Remodeled:
Furnished: Yes
Zoning:
I
Levels:
1
Leed Certified:
Payment Per:
Quarter
Short Termable:
No
HERS Energy Rating:
HOA Dues:
1,394.13
Account 9:
R010453
Taxes: 1,283 Earnest$/%:
5%
Parcel p:
273718141002 Tax Year: 2008 Earnest $ Payable To:
Land Title Guarantee Company
Under Construction:
No
Transfer Tax: Yes
Special Assessments:
1.582.10
Pre -Fabricated Home: No
Short Sale: No
Short Termable:
No
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Dan/Study/Library I anndm/Utlriro a,...,.,
Public Remarks: Great value for a 2 bedroom unit in town. Convenient location, just a short walk to the shops and restaurants. Remodeled, ground floor unit
opens up to a beautiful lawn and views
of Aspen Mtn. Small complex with only 8 units on an Oversize lot. 2 assigned parking spaces and lots of storage space.
NO PETS.
Directions: East on Cooper Ave, across bridge to Aspen Edge on the right.
Addendum: Special Assessment is for new boiler.
Legal: Aspen Edge, Unit 2
Agency: EXGl Right to Sell
Gas: Natural Gas Roof: Membrane
ConstfExterior: Concrete Block:
HOA Amenities: Substructure: Slab
Frame; Stucco
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Sewer, Snow Sign: No
Cooling: None
Removal; Trash Removal; Unit Electric; Unit Heal; Water Showing Instructions: Short
Condition: Good
Heating: Baseboard; Gas; Hot Water Notice: Vacant
Carport:
Inclusions: Dishwasher; Microwave; Range; Refrigerator; Window Coverings Sanitation: Sewer
Documents on File: CC & R's;
Location Amenities: Trees; Views Style:
Financials; Inventory
Laundry Facility: Common Terms Offered: Cash; New
Disclosures: No Dogs
Mineral Rights: No Loan
Electric: Yes
Parking Area: 2 Car Unit Faces: West
Exclusions:
Possession: DOD Water Rights: No
Extras: Landscaping; Storage Shed
Member Association: Aspen Association Water: City
Fireplace: Wood
Sold Price Per/SF:
DOM: 98
ADOM: 98 Listing Date: 07113/2009
Owner Dacosta
Under Contract Date
TB%: 3
B13% : 3 Variable Comm: No
Original List Price: 650,000
Fallmrough Date: Flat Fee: No
LA: Galen Bright Satterfield
& Bright 970.920-1833 970-379-3877 galen@aspenreatcom
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wllmprovments Addroee: 936 G Nyman Avonuo D Aspen, CO 81611 Status: Pending Asking Price: 3735,000
-------------------------------
List Number: 111443
List Price Per/SF:
924.53
Type:
Condo
Lv Hit SgFt:
795
-'�
Area;
01CC-Central Core
LvHtSgFt (Abv Gmd):
795
Major Area:
Aspen
LvHtSgFt (Blw Grnd):
Sub/Loc:
Hy -West
Unfinished SgFt:
D
County:
Pitkin
Total SgFt:
795
Bedrooms:
2
PUDk SgFt:
-
Baths:
1
Garage SgFt:
Half Baths:
0
Lot SgFt:
0
Lot Size;
Unknown
N6r of Acres:
0
Acreage:
Refer to Lot Size
Year Built:
1969
°p
Garage:
None
Year Remodeled:
_ °j�'±•} rt'��I
Furnished:
Yes
Zoning:
�t-)4 0 ill?
Levels:
1
Load Certified;
Payment Per: Quarter
Short Tamable;
Yes
HERS Energy Rating:
HOA Dues: 1085.00
Account #:
R000514
Taxes:
1.774.64
Earnest $/%: 5% of Sales Price
Parcel #:
273718228021
Tax Year:
2008
Earnest $ Payable To: Title Co. of the Rockies
Under Construction:
No
Transfer Tax:
Yes
Special Assessments: TBD
Pre -Fabricated Home: No
Short Sale:
No
Short Termable: Yes
aerirnnma Llvino Roam Dinina Room Kitchen Full Bath Half Bath Family Room DerVStudy/Library Laundry/Utllity Room
Public Remarks: Excellent opportunity to own in downtown Aspen! Just four blocks from the gondola, this two bedroom, one bath condo is in a quiet, small
complex on a lovely residential street. Park your car in your assigned parking place and walk to all the restaurants and shops Aspen has to offer.
Directions: One block east of Original on the corner of Hyman and S. West End Street.
Addendum: See HOA Budget and Complex Rules in Documents.
Legal: Unit D. Hy -West
Agency: Excl Right to Sell
Gas:
Roof:
Const/Exterior: Brick; Stucco
HOA Amenities: Pets Allowed/Owner; Pets Allowed/Renter
Substructure: Garden Level
Cooling: None
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Management; Sewer,
Sign:
Condition: Average
Snow Removal; Trash Removal
Showing Instructions: Call
Carport:
Heating: Baseboard
Listing Office
Documents on File: Financials
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range; Refrigerator; Window
Sanitation: Sewer
Disclosures:
Coverings
Style:
Electric: Yes
Location Amenities: Corner Lot; Trees
Terms Offered: Cash; New Loan
Exclusions:
Laundry Facility: Common
Unit Faces: East; North
Extras: Cable TV; Landscaping;
Mineral Rights:
Water Rights:
Palb/Deck
Parking Area: 1 Car; Assigned
Water: City
Fireplace:
Possession: DOD
Member Association: Aspen Association
Contingent: Other
Proposed Close Date: 11ID912009
Sold Price Per/SF: 0
DOM: 139
ADOM: 139 Listing Date: 06/02I2009
Owner Maze
Under Contract Date 10/10/2009
TB%; 2.5
BB%: 2.5 Variable Comm: No
Original List Price: 735,000
Falithrough Date: Flat Fee: No
LA:Jenn'der Engel Joshua 8 CO of Aspen. Inc. 970-925-8810 970-618-7319
jenajenengel.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/lmprovments Addraec: 601 W Moin Slmot C101 Aopon, CO 81611
Status: Closed Asking Price: $675,000
I f I List Number: 111430
'
List Price Per/SF: 1.056.34
I(�1lii Type:
Condo
Lv Ht SgFtl 639
Area:
01OC-Central Core
LvHtSgFt (A by Grnd): 639
Major Area:
Aspen
LvHtSgFt (Blw Grnd): 0
Sub/Loc:
Christiana Aspen
Unfinished SgFt: 0
County:
Pitkin
Total SgFb 639
Bedrooms:
1
PBDk SgFt:
Baths:
1
Garage SgFt:
Half Baths:
0
Lot SgFt: 0
Lot Size:
Unknown
Nbr of Acres: 0
Acreage:
Unknown
Year Built: 2006
Garage:
None
Year Remodeled:
Furnished:
Yes
Zonina:
QC%20019 Fit,
Levels:
1
Lead Certified:
Payment Per:
Month
Short Tameable:
Yes
HERS Energy Rating:
HOA Dues:
471.00
Account M:
r020429
Taxes:
0
Earnest $/%:
S50,000.00
Parcel 8:
273512449022
Tax Year:
2008
Earnest $ Payable To:
Stewart Title
Under Construction:
No
Transfer Tax:
Yes
Special Assessments:
no
Pre -Fabricated Home:
Other
ShortSale:
No
Short Termable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library LaundrylUtility Room
Public Remarks: One of a kind large Floor plan! Beautiful unit with many builder upgrades AND fully furnished! AC -POOL -Jacuzzi - HUGE STORAGE SPACE -
HARDWOOD FLOORS -GRANITE -ALDER DOORS/CABINETSISTEAM SHOWER/ Priced to Sell now!Motivated Seller!! St D56 a square foot- Pets Allowed
EASY TO SHOW!!!Pool and Jacuzzi
Legal: UHKis I iANA ASPEN GUNUO G101 DESC: PHASE II
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Metal; Shake
Const/Exterior. From
HOA Amenities: Locker Ski Storage; Pets Allowed/Owner
Substructure:
Cooling: Central A/C
HOA Fees Includes: Contingency Fund; Grounds Maintenance; Insurance;
Sign: Yes
Condition: Excellent; New
Sewer; Snow Removal; Trash Removal; Unit Heat; Water
Showing Instructions: Call
Carport:
Heating: Forced Air; Gas
Listing Office
Documents on File:
Inclusions: Dishwasher; Freezer; Microwave; Range: Refrigerator; Washer;
Sanitation: Sewer
Disclosures: Deed Restrict
Window Coverings
Style: Contemporary
Electric: Yes
Location Amenities: Trees; Views
Terms Offered: Cash
Exclusions:
Laundry Facility: Room
Unit Faces:
Extras: Cable TV; Handicap Access; Hot Tub/Spa;
Mineral Rights:
Water Rights:
Patio/Deck; Pool; Storage Shed
Parking Area: Common
Water: City
Fireplace: Gas
Possession: DOD
Member Association: Aspen Association
Sold Price: 625,000
1 Sold Date: 09/23/2009
How Sold: Conventional Fixed
Sold Price Per/SF: 978.09
Proposed Close Date: 09f25/2009
Seller Concessions: No
iiu
r Chuchman
2.5
is[ List Price: 675,000
Kdsti Gilliam Gilliam Properties of Aspen
Tim Clark Frias Properties of Aspen
AUVM: 11U
BB%: 2.5
Fallthrough Date:
970-544-1000
970-925-4000
Listing Date: 06/052009
Under Contract Date 08242009
Variable Comm: No
Flat Fee: No
kristi@rof.net
970-379-2250 tim@friasproperties.win
Information is deemed to be reliable, but Is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wllmprovments
Address! 501 W Main Street A203 Acpon, CO 21611
Status: Closed Asking Price: $699,000
s a I'ry,
Pry -
List Number: 111456
List Price Per1SF:
1,142.16
Type;
Condo
Lv Ht SgFt:
612
Area:
01 CC -Central
Core
LvHtSgPt (Abv Grnd):
Major Area:
Aspen
LvHtSgFt(Blw Gmd):
SuWLoc:
Christiana Aspen
Unfinished SgFt:
D
tit
r;.k �( ) =
County:
Pitkin
Total SgFt:
612
_ !r Y'
Bedrooms:
1
PtfDk SgFb
Baths:
1
Garage SgFt:
s
Half Baths:
0
Lot SgFt:
D
Lot Size:
Unknown
Nbr of Acres:
0
Yt
Acreage:
Unknown
Year Built:
2004
Garage:
None
Year Remodeled:
Furnished:
Yes
Zoning!
1 •so
Levels:
Lead Certified:
Payment Per: Month
Short Turnable: -
HERS Energy Rating:
HOA Dues: S531.53
Account#: R019195
Taxes:
1,788.28
Earnest$1%: 5%
Parcel #: 273512449011
Tax Year:
20D8
Earnest $ Payable To: Land Title
Under Construction:
Transfer Tax:
Yes
Special Assessments:
Pre -Fabricated Home: No
Short Sale:
No
Short Tamable;
Bedrooms Living Room Dlning Room Kitchen Full Bath Half Bath Family Room DerVStudylLibrary Laundry/Utility Room
Public Remarks: Beautiful top floor condominium in one of Aspen's prettiest complexes. Vaulted callings, granite countertops, hardwood floors, steam shower,
'acuzzi tub and A/C. Surprisingly quiet inside. Air conditioned storage space under bldg. Lovely
landscaped grounds with waterfall and poollacuzzi area.
Directions: South Corner of Main and 4th. 2nd floor.
Addendum: See "Documents" for Lodge Ordinance describing rental restriction, Rules and Regs,
CC&Rs, Income and Expense, Floorplan and Site Plan.
Legal: Unit A-203 Christiana Condominiums Phase I
Agency: Excl Right to Sell Gas: Natural Gas
Roof: Metal; Shake
Const/Exterlor: Frame HOA Amenities: Looker Ski Storage; Pets Allowed/Owner Substructure: Unfinished Basement
Cooling: Central A/C HOA Fees Includes: Contingency Fund; Grounds Maintenance; Sign: Yes
Condition: Excellent Insurance; Snow Removal; Unit Heat: Water
Showing Instructions: 24 Hour
Carport: None Heating: Forced Air; Gas
Notice; Occupied
Documents on File: CC & R's; House Plans Inclusions: Dishwasher; Dryer; Freezer: Microwave; Refrigerator; Washer; Sanitation: Sewer
Disclosures: Other Window Coverings
Style:
Electric: Yes Location Amenities: Views
Terms Offered: Cash; New Loan
Exclusions: Laundry Facility: Area
Unit Faces: East; North
Extras: Cable TV; Hot Tub/Spa; Landscaping; Mineral Rights: No
Water Rights: No
Patio/Deck Pool Parking Area: Common
Water: City
Fireplace: Gas Possession: Negotiable
Member Association: Aspen Association
Sold Price: 675,000
Sold Date: 10113/2009
How Sold:
Cash
Sold Price PerISF: 1.102.94
Proposed Close Date:
10/13/2009
Seller Concessions: No
DOM; 128 ADOM: 128
Listing Date: 06/07/2009
Owner VANDERSCHUIT FAMILY TRUST
Under Contract Date 09116/2009
TB%:3 BB%:3
Variable Comm: No
Original List Price: 795.000 Fallthrough Date:
Flat Fee: No
LA: Tara Young BJ Adams and Company -Aspen 970-922-2111
970-309-7131 tara@bjac.net
SA: Carol Hood Masan & Morse Real Estate -Aspen 970-379-0676
970-379-D676 carol@masonmarse.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/lmprovmenis
Address! 014 Waters Avaaue 010 Aspen, 00 81611
Status: Active Asking Price: $949,000
6x?
WTr.
List Number: 112665
List Price Per/SF:
1.218.23
, ,- -
Type:
Condo
Lv Ht SgFt:
779
�7N¢r1
�,, Jiv",+• • �."
Area:
OiCC-Central Core
LvHtSgFt(Abv Grnd):
779
Major Area:
Aspen
LvHISgFt (Blw Grind):
'a
Sub/Loc:
914 Waters
Unfinished SgFt:
0
xs+, +,
County:
Pekin
Total SgFt:
779
� +"F,
Bedrooms:
2
Pt/Dk SgFI:
Baths:
1
Garage SgFt:
-
Half Baths:
1
Lot SgFt:
Lot Size:
Unknown
Nbr of Acres:
0
Acreage:
Unknown
Year Built:
1998
if
uIol trr r' tXR,-
!
Garage:
None
Year Remodeled:
Furnished:
Yes
Zoning:
C t 1LL �PLtyN(tjr:LiAspeili : t; 1 •• YlL$
Levels: 2
Leed Certified:
Payment Per: Quarter
Short Termable: Yes
HERS Energy Rating:
HOA Dues: 1038.
Account#: R017329
Taxes: 1,705.12
Earnest$!%: $40,000,
Parcel #: 273718263019
Tax Year: 2008
Earnest $ Payable To; title company
Under Construction: No
Transfer Tax: Yes
Special Assessments: none
Pre -Fabricated Home: No
Short Sale: No
Short Termable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room DenlStudvlLibram LaundrvIUMIty Rnnm
Public Remarks: Beautifully decorated and top of the line finishes. Two and a half blocks to the gondola! Remodeled in 2007 and 2008. Wood burning fireplace.
Includes a deeded off-street parking space. Locker and ski storage. Quiet street and well -maintained building.
Directions: Cooper Avenue to West End Street, left on Waters Avenue
Addendum:
Legal: D14 Waters Condo, Unit 19
Agency:
Gas:
Roof: Compositions
Const/Exterior: Frame
HOA Amenities:
Shingle
Cooling: None
HOA Fees Includes:
Substructure:
Condition: Excellent
Heating: Baseboard; Electric
Sign:
Carport:
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range; Refrigerator; Window
Showing Instructions:
Documents on File:
Coverings
Sanitation: Sewer
Disclosures: No Dogs
Location Amenities:
Style: Two Story
Electric: Yes
Laundry Facility:
Terms Offered: Cash
Exclusions:
Mineral Rights:
Unit Faces:
Extras: Cable TV; Landscaping;
Parking Area: 1 Car
Water Rights:
PallolDeck
Possession: DOD
Water: City
Fireplace: Wood
Member Association: Aspen Association
Sold Price Per/SF:
g
DOM: 67
ADOM: 67 Listing Date: 08113/2009
Owner Patton
Under Contract Date
TB %: 3
BB%: 3 Variable Comm: No
Original List Price: 949,000
Failthrough Date: Flat Fee: No
LA: Peggy Margolin Morris & Fyrwald, Sotheby's Intl Realty 970-925-6060 970-379-1839
margolinrjcsopris.nnt
Information is deemed to be reliable, but Is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments Addrens, 731 F flint Avenue Unit 013 Acpsn, CO 81611 Status: Active Asking Price: 5995,000
List Number. 112143
List Price Per/SF.
1,193.05
mr"*
Type:
Como
Lv Ht SgFt:
834
Area:
01 CC -Central Core
LvHtS Ft Abv Gmtl -
Major Area:
Aspen
LvHtSgFt(Blw Grnd);
Sub/Loc:
Chat Chaumont
Unfinished SgFt:
0
,NM.Hr, Pit 1��ii, ! 1;
i1, }� !!._ �'' 11
County:
Pitkin
Total SgFt:
834
iill
.''I
Bedrooms:
2
PUDk SgFt:
Baths:
2
Garage SgFt:
Half Baths:
0
Lot SgFt:
,g
s. maw,;•:
Lot Size:
Unknown
Nbr of Acres:
0
Acreage:
Unknown
Year Built:
1968
Garage:
None
Year Remodeled:
1997
Furnished:
Zoning:
Levels:
Lead Certified:
Payment Per:
Quarter
Short Termable: Yes
HERS Energy Rating:
HOA Dues:
$1,675.12
Account #: R001469
Taxes: 2,521.48
Earnest $I%:
5% of Purchase Px
Parcel #: 273718210031
Tax Year: 2008
Earnest $ Payable To: Title Company
Under Construction:
Transfer Tax: Yes
Special Assessments: N
Pre -Fabricated Home: No
Short Sale: No
Short Termable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library LaundrylUtllity Room
Public Remarks: Completely remodeled, this 2 bedroom 2 bathroom condominium features hardwood floors, a wood burning fireplace, granite countertops and
stainless steel appliances. With an excellent location within walking distance to the gondola, one has convenient access to all Aspen has to offer. Fully furnished
and equipped, this unit is a great rental property. The complex features an outdoor hot tub and heated garage.
Directions: Durant 8 Original
Addendum: Contingent upon Rentals in Place
Ls al: Subdivision: Chateau Chaumont Unit #13
Agency: Excl Right to Sell Gas: None
Roof:
Consf/ExteriOC Brick; Frame HOA Amenities: Pets Allowed/Owner
Substructure:
Cooling: HOA Fees Includes: Cable; Snow Removal; Trash Removal; Unit Electric
Sign:
Condition: Excellent Heating: Baseboard; Electric
Showing Instructions: Call Listing Office
Carport: None Inclusions:
Sanitation: Sewer
Documents on File: Location Amenities:
Style: Other
Disclosures: Laundry Facility: Area
Terms Offered: Cash; New Loan
Electric: Yes Mineral Rights:
Unit Faces:
Exclusions: Parking Area: Common
Water Rights:
Extras: Hot TublSpa Possession: DOD
Water: City
Fireplace: Wood Member Association: Aspen Association
Sold Price Per/SF:
0
DOM: 103 ADOM: 103
Listing Date: 07/08/2009
Owner Ajax Mtn Investments, LLC
Under Contract Date
TB%: 3 BB%: 3
Variable Comm: No
Original List Price: 1,000.0,00 Falllhrough Date:
Flat Fee: No
LA:Tim Clark Fries Properties of Aspen 970-920-2000 970-379-2250
timgfriasproperties.com
Information Is deemed to be reliable, but is not guaranteed. See copyright notice,
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments Address, g00 E Durant Avenue ttD.111 Acpon, CO 81611 Status: Active Asking Price: $996,225
Ii -'
List Number:
112719
Type:
Condo
♦
�n; 141
kt
Area:
O1CC-Central Core
Alf�I
Major Area:
Aspen
61�
Sub/Loc:
Old Hundred
County:
Pilkln
Bedrooms:
2
Baths:
2
I'ql
ll�
Half Baths:
Lot Size:
0
Unknown
:..-,-_, ,. .-_.- • ._ --
.....,..
Acreage:
Unknown
Garage:
None
Furnished:
Partial
Levels:
2
Short Termable:
Yes
Account#:
R000101
Parcel#:
273718237010
Under Construction:
No
Pre -Fabricated Home: No
Lead Certified:
HERS Energy Rating:
Taxes:
Tax Year:
Transfer Tax:
Short Sale:
List Price PerfSF:
925
Lv Fit SgFt:
1.077
LvHtSgFt (Abv Grnd):
LvHtSgFt (Blw Grnd):
Unfinished SgFt:
0
Total SgFt:
1.077
PUDk.SgFt:
Garage SgFt:
Lot Sci t:
Nbr of Acres:
0
Year Built:
1970
Year Remodeled:
Zoning:
Payment Per:
Quarter
HOA Dues:
2839.75
2.002.88
Earnest $1%:
10 %
2008
Earnest $ Payable To:
Title Company
Yes
Special Assessments:
none
No
Short Termable:
Yes
oearooms riving Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library LaundrylUtllity Room
Upper 1 1 0 1 1 0 0 0 0
Lower 1 0 0 0 1 0 n n n
Public Remarks: This large two-story unit exudes comfort and warmth and the open Floor plan is well -suited to a relaxed Aspen lifestyle. The living room, kitchen
and master are on the main level with a separate bedroom/guest suite plus extra sleeping area
on the lower level. Fabulous location just a few blocks from
Aspen's skiing, dining, nightlife and shopping. Priced for today's value -driven buyer.
Directions: East on Cooper, Right on West End, Old Hundred is on Northeast corner of Durant and West End.
Addendum: Pals ok with HOA approval.
Legal: Old Hundred D-111
Agency: Excl Right to Gas: Natural Gas
Roof: Membrane
Sell HOA Amenities:
Substructure: Slab
ConsVExterior: Frame HOA Fees Includes: Cable; Contingency Fund; Grounds Maintenance; insurance; Management; Sign: No
Cooling: None Sewer; Snow Removal; Trash Removal; Unit Heat; Water
Showing Instructions: Short
Condition: Excellent Heating: Baseboard; Hot Water
Notice; Vacant
Carport: Inclusions: Dishwasher; Range; Refrigerator; Washer
Sanitation: Sewer
Documents on File: Location Amenities:
Style:
Disclosures: 1031 Laundry Facility: Area
Terms Offered: Cash
Exchange Mineral Rights: No
Unit Faces: North
Electric: Yes Parking Area: None
Water Rights: No
Exclusions: Possession: DOD
Water: City
Extras; Member Association: Aspen Association
Fireplace: Gas
Sold Price PerlSF:
0
DOM! 63 ADOM: 63
Listing Date: 08/1712009
Owner Myers
Under Contract Date
TB%: 3 BB%: 3
Variable Comm: No
Original List Price: 996,225 Fallthrough Date:
Flat Fee: No
LA: Anne Burrows Mason & Morse Real Estate - Aspen 970-925-7000
970-379-0776 aburrcrwsQmasonmorse.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the bong of the provider.
Property Type: RES wllmprovments
Addresee 040 C Waters Avenue Unit 200 Aeon, CO 81611 Status: Active Asking Price: $873.000
Llst Number:
111228
List Price Per/SF: 1,229.58
Type:
Condo
Lv Ht SgFt: 710
Area:
01CC-Central Core
LvHtSgFt (Abv Grnd):
Major Area:
Aspen
LvHtSgFt (Blw Grnd):
SublLoc:
Silver Glo
Unfinished SgFt: - 0
4^' p
County:
Pitkin
Total SgFt: 710
t li
r:+
Bedrooms:
2
PtfDk SgFt:
-
•.' ' t� RTiW}
Baths:
2
Garage S Ft.
Half Baths:
0
Lot SgFt:
t '
Lot Size:
Unknown
Nbr of Acres; D
Acreage:
Unknown
Year Built: 1970
Garage:
None
Year Remodeled: 2006
�(. '••..;
Furnished:
Yes
Zoning: _
1..
Levels:
Lead Certified:
Payment Per: Year
Short Termable: Yes
HERS Energy
Rating:
HOA Dues: 7582
Account#: R001417
Taxes:
1,132.24
Earnest$Ph: 5% purchase price
Parcel #: 273718261034
Tax Year:
2007
Earnest $ Payable To: Pitkin County Title
Under Construction: No
Transfer Tax:
Yes
Special Assessments: none
Pre -Fabricated Home: No
Short Sale:
No
Short Termable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks: ONE OF THE BEST DEALS IN TOWN! Lovingly renovated and exquisitely furnished 2 bedroom and 2 bath unit, wood burning fireplace, views.
Great rental unit walking distance to Aspen Mountain. In -town shuttle service, ample parking, swimming pool, ski storage and onsite management offered.
D!ractions: East Durant to West End Ave, turn right to Waters Ave turn left. Silver Glo is 112 block down on left. Unit is middle of 2nd floor.
Addendum: All ad work, rugs excluded from sale (but negotiable). Inventory on file. Rental pro forma on file. Parking is not deeded, first come first served in lot or
on street parking.
Legal: Condo: Silver-Gio Unit 2F Desc: ADA unit 206
Agency: Excl Right to Sell
Gas: Roof:
Const/Exterior:
HOA Amenities: Bus/ShuttleService; Front Desk; Locker Ski Storage; On- Substructure:
Cooling: None
Site Management; Pets Allowed/Owner Sign: Yes
Condition: Excellent
HOA Fees Includes: Grounds Maintenance; Management; Snow Removal Showing Instructions: 24 Hour Notice; Call
Carport:
Heating: Baseboard Listing Office; Occupied
Documents on File: CC & R's;
Inclusions: Dishwasher; Microwave; Range; Refrigerator; Window Coverings Sanitation:
Financials
Location Amenities: Cul-de-Sac: Exposure, Southern; Views Style:
Disclosures: Right of 1st
Laundry Facility: Common Terms Offered:
Refusal
Mineral Rights: Unit Faces: South
Electric:
Parking Area: Common Water Rights:
Exclusions; See Remarks
Possession: DOD Water: City
Extras: Hot Tub/Spa; Pool
Member Association; Aspen Association
Fireplace: Wood
Sold 76ce Per/SF:
DOM: 151
ADOM: 151 Listing Date: 05/21/2009
Owner Christie -Horn
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 873,000
Fallthrough Date: Flat Fee: No
LA: Raitiel Bass Morris & Fyrwald, Sotheby's Intl Realty 970-925-6060 970-948-7424 raifie.bass@sothebvsrealty.com
Information Is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments Addrass: 040 C Waters 9001 A�c,,, CD 81811 Status: Active Asking Price: $895,000
List Number:
107792
Type:
Condo
Area:
01CC-Central Core
-
Major Area:
Aspen
iry
Sub/Loc:
Silver Glo
County:
Pitkin
ti
Bedrooms:
2
_T
Baths:
2
Half Baths:
0
Lot Sin:
Unknown
h
Acreage:
Unknown
a
Garage:
None
Furnished:
Yes
List Price Per/SF:
1,282.23
Lv Ht SgFL-
698
LvHtSgFt (Abv Gird):
698
LvHtSgFt (Blw Grnd): 0
Unfinished SgFt:
0
Total SgFt:
698
PUDk SgFt:
0
Garage SgFt:
0
Lot SgPt:
0
Nbr of Acres:
0
Year Built:
1970
Year Remodeled:
Zoning:
mf
Levels:
0
Lead Certified:
Payment Per:
Quarter
Short Tamable:
Yes
HERS Energy Rating:
HOA Dues:
1815.00
Account#:
RDOB92
Taxes:
1,415.28
Earnest$1%:
5%
Parcel C
273718261020
Tax Year:
2008
Earnest $ Payable To:
Pitkin County Title
Under Construction:
Transfer Tax:
Yes
Special Assessments:
0
Pre -Fabricated Home:
No
Short Sale:
No
Short Termable:
Yes
ueorooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/StudylLtbrary Laundry/Utility Room
Main 2 1 1 1 2 0 0 0 0
Public Remarks: Top -floor corner unit. The complex has a pod and on -site management Great short-term rental property. Close to downtown Aspen and the
gondola. Seller is a licensed Colorado real estate broker.
Directions: 940 E Waters- Top Floor
Addendum:
Legal: Unit 3-A AKA Unit 301, Silver Glo
Agency: Excl Right to Sell
Gas: None
Roof: Membrane
Const/Exteriori Frame
HOA Amenities: Conference Facility; Front Desk: On -Site Management; Pets
Substructure: Slab
Cooling: None
Allowed/Owner
Sign: No
Condltion: Good
HOA Fees Includes: Grounds Maintenance; Insurance; Management; Snow
Showing Instructions: Call
Carport: None
Removal; Trash Removal
Listing Office
Documents on File: CC 8 R's; Inventory
Heating: Baseboard; Electric
Sanitation: Sewer
Disclosures: Right of 1st Refusal; Seller Lic
Inclusions: Dislwnasher: Microwave; Range: Refrigerator; Window Coverings
Style: Other
RE Agent
Location Amenities: Yews
Terms Offered: Cash
Electric: Yes
Laundry Facility: Common
Unit Faces: East
Exclusions:-
Mineral Rights: No
Water Rights: No
Extras: Cable W Patio/Deck: Pool
Parking Area: Common
Water:
Flreplace:
Possession: DOD
Member Association: Aspen Association
Soltl Price PerISF;
0
DOM: 381
ADOM: 381 Listing Date: 1010312008
Owner Van Bilderbeek
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 995,000
Fallthrough Date: Flat Fee: No
LA: Charley Podolak Chaffin Light Real Estate Aspen 970-925-2811 970-948.0100
cpodolak@clre.twm
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday. October 19, 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wim provments
Address: 901 C I lyinun A,rcnue 2 Anpan, CO 81611 Status: Closed Asking Price: S895,000
yyr iN,a a '
List Number: 111385
List Price PerISF:
964.44
Type:
Condo
Lv Ht SgFk
928
Area:
01CC-Centrat Core
LvHtSgFt (Abv Gmd):
0
Major Area:
Aspen
LvHtSgFt(Blw Gmd):
0
SublLoc:
Chateau Blanc
Unfinished SgFt:
0
I `r
County:
Pitkin
Total SgFt:
928
fyl0.t, E 'llll�
Bedrooms:
Baths:
2
2
PVDk SgFt:
Garage SgFt:
0
0
`,:y�j
Half Baths:
0
Lot SgFt:
0
1 Eililiii.`
...
Lot Size:
Unknown
Hier of Acres:
0
Acreage:
Unknown
Year Built:
1966
fl'i
Garage:
Common
Year Remodeled:
2006
,�`•
Furnished:
Zoning:
Levels: 1
Lead Certified:
Payment Per:
Quarter
Short Termable:
HERS Energy Rating:
HOA Dues:
867.00
Account #: R001272
Taxes: 1.659.36
Earnest $/%:
30.000
Parcel 4: 273718231013
Tax Year: 2007
Earnest $ Payable To:
Stewart Title of Aspen
Under Construction:
Transfer Tax: No
Special Assessments:0
Pre -Fabricated Home: No
Short Sale: No
Short Temptable:
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room DenfStudy/Library Laundry/Utility Room
Main 2 1 1 1 2 0 0 0 1
Public Remarks: Beautifully remodeled & furnished. Additional remodeling in May/June'09 to include new, open, bright mirror & glass entrance. Top of the line
granfie counters, steam shower, 6 f. Jacuzzi tub, 5 flat screen TV's, private entrance, washer & dryer in unit, custom fireplace & bay window, Just steps from the
Gondola. 2 bdmV2 bath wl GREAT OWNER FINANCING! 4.5% first yr, 5.5% second yr, 6.5% remaining for 10 years, 3D yr AM.
Directions: Corner of Hyman and West End
Addendum:
Legal: Chateau Blanc #2
Agency: Excl Right to Gas:
Roof.,
Sell HOA Amenities: On -Site Management
Substructure:
Const/Exterlor: HOA Fees Includes: Grounds Maintenance; Snow Removal; Trash
Sign:
Cooling: Removal
Showing Instructions: Call Listing Office: Short Notice;
Condition: Heating:
Vacant
Carport: None Inclusions:
Sanitation:
Documents on File: Location Amenities:
Style:
Disclosures: Laundry Facility:
Terms Offered: Cash; Seiler Finance
Electric: Mineral Rights:
Unit Faces:
Exclusions: Parking Area: Common
Water Rights:
Extras: Possession: DOD
Water:
Fireplace: Member Association: Aspen Association
Sold Price: B95,000
Sold Date: 09/23/2009
How Sold:
Owner Will Carry Sold Price Par/SF: 964.44
Proposed Close Date:
09/15/2009 Seller Concessions: No
DOM: 260 ADOM: 260
Listing Date: 06/01/2009
Owner Krajian
Under Contract Date 08/12/2009
TB%: 3 BB%: 3
Variable Comm; No
Original List Price: 995,000 Fallthrough Date:
Flat Fee: No
LA: Ralph Braden Chaffin Light Real Estate Aspen
97D-925-2811 rbraden@clre.com
SA: Ralph Braden Chaffin Light Real Estate Aspen
970-925-2811 rbraden@clra.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Studv/Library Laundry/utility Room
Public Remarks: Extra large ground Floor 2bd/2ba condo in small 7 unit complex. Walking distance to downtown Aspen. Sun room type windows enhance the
livingldining areas. Clean and neat with South -facing views towards Aspen Mountain. Excellent value!
Directions: When driving South on Original, turn left on East Durant. Turn Right on S West End St then Left on Waters Ave.
Addendum:
Legal: CONDO: Chateau Snow Unit 101
Agency: Excl Right to Gas: Natural Gas Roof: Membrane
Sell HOA Amenities: Pets AllowedlOwner Substructure: Finished
Const/Exter!or: Frame HOA Fees Includes: Cable; Contingency Fund; Firewood; Grounds Maintenance; Insurance; Basement
Cooling: None Management; Sewer; Snow Removal; Trash Removal; Unit Heat; Water Sign:
Condition: Excellent Heating: Baseboard; Gas; Hot Water Showing Instructions: Call
Carport: None Inclusions: Dishwasher; Freezer; Microwave; Range; Refrigerator; Window Coverings Listing Office
Documents on File: CC Location Amenities: Exposure. Southern: Gentle Topo; Views Sanitation: Sewer
& R's Laundry Facility: Common Style: Contemporary
Disclosures: Right of 1st Mineral Rights: No Terms Offered: Cash
Refusal Parking Area: 1 Car Unit Faces: South
Electric: Yes Possession, DOD; Subject to Lease Water Rights: No
Exclusions: Member Association: Aspen Association Water; City
Extras: Cable TV; Sauna
Fireplace: Wood
Sold Price: B85,000
Sold Date-. 0521/2009
How Sold: Cash
Sold Price Per/SF: 743.7
Seller Concessions: No
DOM: 94 ADOM: 94 Listing Date: 02/16/2009
Owner Nila J. Wells Living Trust Under Contract Date 04106/2009
TB%: 2.75 BBk: 2.75 Variable Comm: No
Original List Price: 995,D00 Fallthrough Date: Flat Fee: No
LA: Brian Hazen Mason B Morse Real Estate - Aspen 970-925-7000 970-379-1270 bhazenr@rof.net
SA: Bill Stirling Stirling Homes Inc. 970-948-8287 970-948-8287 bill@sbrlingnomesinacom
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments
Addrrcv Rnn R Mill.St. A205 Aspen, CO 81611
Status: Closed Asking Price: $896.000
List Number:
104949
List Price PerfSF:
1.171.47
MTt''.
Type:
Condo
Lv Ht SgFt:
764
lot,Area:
01 CC -Central Core
LvHtSgFt (Abv Grnd):
764
,"
MaJor Area:
Aspen
LvHtSgFt (Blw Grnd):0
IJ�'i�y�'�
FT'# 1,a
Suon-0c:
Fifth Ave Condo
Unfinished SgFC
', 'fs
�£,A yC` yj( �'
County:
Pitkin
Total SgFt:
764
��k '�, -
• >� +i��', i �-_r.
Bedrooms:
2
PUDk SgFt:
0
�s
li iYYr
Baths:
2
Garage SgFt:
0
ll.
!w ' �;,, tII rt 1. ,I !
I x I
Half Baths:
0
Lot SgFk
0
I
It; ..
Ii .I(�rrr �;
� "�Ir_ �
Lot Size:
Unknown
Nbr of Acres:
0
Acreage:
Unknown
Year Built:
1965
Garage:
None
Year Remodeled:
2007
Furnished:
Yes
Zoning:
RMF
'
tt°'. • t�iendfRaor
Levels: 2
Lead Certified:
Payment Per:
Quarter
Short Tamable: Yes
HERS Energy Rating:
HOA Dues:
1745.00
Account#: R004946
Taxes:
2.565.88
Earnest$1%:
5%
Parcel M 273718276031
Tax Year:
2008
Earnest $ Payable
To: Pitkin County Title
Under Construction: No
Transfer Tax:
Yes
Special Assessments: Possible
Pre -Fabricated Home: No
Short Sale:
Short Tamable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Dentstudy/Library LaundrylUtility Room
Main 1 1 0 1 1 0 0 0 0
Upper 1 0 0 0 1 0 0 0 0
Public Remarks: This 2 bed / 2 bath is truly one of 5th Ave's Gemsl Peaked ceilings and lots of windows, excellent upgrades, comfortable living space and
furnishings. Amenities include ski access, heated pool hot tub, off street parking. & wireless internet.
Directions: The 51h Avenue condos are located at the top of Galena and Mill Sts,
Addendum: Complex has building movement Disclosure.
Legal: Unit 205, Bldg. D. 5th Avenue
Agency: Excl Right to Sell
Gas: None
Roof: Compositions
Const/Fxterior: Frame
HOA Amenities: Locker Ski Storage; Pets AllowedlOwner
Shingle; Membrane
Cooling: None
HOA Fees Includes: Cable; Contingency Fund; Firewood Grounds Maintenance;
Substructure: Crawl
Condition: Excellent
Insurance; Management; Road Maintenance; Sewer; Snow Removal; Trash Removal; Unit
Space
Carport: None
Heat: Water
Sign: No
Documents on File: CC & R's;
Heating: Baseboard; Gas; Hot Water
Showing Instructions:
Financials; Inventory
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range; Refrigerator; Window Coverings
Call Listing Office
Disclosures: Right of tat Refusal;
Location Amenitles: Ski Out Access; Views
Sanitation: Sewer
Other
Laundry Facility: Common
Style; Contemporary
Electric: Yes
Mineral Rights: No
Terms Offered: Cash;
Exclusions:
Parking Area: Common
New Loan
Extras: Cable TV; Hot Tub/Spa;
Possession: DOD; Subject to Lease
Unit Faces: North
Landscaping; Lawn Sprinklers; Pool
Member Association: Aspen Association
Water Rights: No
Fireplace: Wood
Water: City
Sold Price: 850,000
Sold Date: 04/03/2009
How Sold: Cash 7Sold
Price PerlSF:
1,112.57
DOM: 325
ADOM: 325 Listing Date: 05/13/2008
Owner Patrick
Under Contract Date 03/07/2009
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 1,2195,000
Fallthrough Date: Flat Fee: No
LA: Douglas Nehasil BJ Adams and Company -Aspen 970-922-2111 970-379-1148 doug@bjac.net
SA: Chris Giuffrida Chaffin Light Real Estate Aspen 970-618-1136 970-618-1136 AspenProperty.Chris@gmail.coin
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MILS and may not be the listing of the provider.
Property Type: RES wilmprovments Address: 611 9 Woct End 6 Aapon, CO 81611 Status: Closed Asking Price: $875,000
List Number, 103565
List Price PertSF: 1,579.42
Type: Condo
Lv Ht SgFt: 554
Area: 01 CC -Central Core
LvHtSgFt(Atov Grnd):0
'
Major Area: Aspen
LvHt$gFt(BKv Grri 0
Sub/Loc: Little Nell
Unfinished SgFt:
County: Pitkin
Total SgFt: 554
Bedrooms: 1
PNDk SgFt: 0
'• * „'
Baths: 1
Garage SgFt: 0
gat
Half Baths: 0
Lot SgFt:
if ;ir•
Lot Size: Unknown
Nbr of Acres: 0
r1!Ij
`ramq
Acreage: Unknown
Year Built: 1968
:,,
Garage: None
Year Remodeled: 2007
hm,4 �'
Furnished: Yes
Zoning:
., y y 13
g !
ji" ^ �
1 f:r r1:X ce„ar'::rpi
Levels: 0 Leed Certified: Payment Per: Quarter
Short Termable: Yes HERS Energy Rating: HOA Dues: 776.00
Account#: R005139 Taxes: 1,561.36 Earnest$!%: 50,000
Parcel #: 273718260002 Tax Year: 2D07 Earnest $ Payable To: Title Cc
Under Construction: No Transfer Tax: Yes Special Assessments: tbd
Pre -Fabricated Home: No Short Sale: ShortTermable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Familv Room Dan/Sh,dvn ihrary I t,t"Mi.n Ienw a.......
Public Remarks: Just a couple of blocks to the gondola. Lovely top Floor comer unit with views of Aspen Mtn. Vaulted ceilings and a private deck. Storage closet
and assigned parking. Very cozy unit. Dogs and cats allowed.
Directions: E on Durant. Right on S.West End. Little Nell Condo is on the right
Addendum: Call listing office for all showingsVery easy to show.
Legal: Little Nell Condo 5
Agency: Excl Right to Sell
Gas:
Roof:
ConsVExterior:
HOA Amenities:
Substructure:
Cooling;
HOA Fees Includes:
Sign: No
Condition: Excellent
Heating:
Showing Instructions: Call Listing Office; Short
Carport:
Inclusions: Dishwasher; Dryer; Range; Refrigerator; Washer; Window Notice
Documents on File:
Coverings
Sanitation; Sewer
Disclosures: Right of 1st
Location Amenities:
Style:
Refusal
Laundry Facility: Area
Terms Offered: Cash
Electric:
Mineral Rights:
Unit Fates:
Exclusions:
Parking Area: l Car
Water Rights:
Extras: Cable TV; Patio/Deck
Possession: DOD
Water:
Fireplace: Wood
Member Association: Aspen Association
Sold Price: 775,D00
Sold Date: 01/28/2009
How Sold; Conventional Variable
Sold Prtca PerlSF; 1,398.92
DOM: 326
ADOM: 326
Listing Date: 03I09t2008
Owner Davis
Under Contract Date 1212112008
TB %: 2.5
BB%; 2.5
Variable Comm: No
Original List Price: lit 50,000
Fallthrough Date;
Flat Fee: No
LA: Nicole Lewis
Carol Dopkin Real Estate 970-920-1186
970-948-1172 Iewisjandn@aoi.com
COLA: Carol Dopkin
Carol Dopkin Real Estate 970-618-0187
970-618-0187 carolacaroldopkin.com
SA: Out Area
Out of Board Jurisdiction
Information is deemed to be reliable, but is not guaranteed, See copyright notice.
Prepared by Greg Hunter on Monday. October 19, 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
TO:
FROM:
THRU:
DATE OF MEMO:
MEETING DATE:
RE:
Mayor and City Council
Scott Miller, Capital Asset Director
Steve Barwick, City Manager
November 12, 2009
November 16, 2009
Purchase of 910 W Hallam, Unit#11
THE CRY of ASPEN
REQUEST OF COUNCIL: Staff recommends that City Council authorize the listing of this
unit for sale in "as -is" condition.
PREVIOUS COUNCIL ACTION: On July 17, 2009, Council passed Ordinance #17 (Series
2009) amending the Aspen/Pitkin County Employee Housing Guidelines, permitting APCHA to
determine if a deed -restricted unit located in a condominium or subdivision which also includes
free-market units, has been rendered unaffordable as a result of general or special assessments.
Such a unit would then be eligible to be purchased, the deed restriction removed and sold into the
free market, with the proceeds being deposited into the appropriate housing development fund.
On September 14, 2009, Council directed staff to purchase unit #11 at 910 W. Hallam and pay
any outstanding Home Owners Association assessments. Council also directed staff to research
the value of this unit and possible methods for selling this unit as a free- market unit.
BACKGROUND: This unit was built as a free-market unit in 1970, then deed -restricted as an
affordable housing unit in 1987. This unit is the only affordable, deed restricted unit out of
twelve units at 910 W. Hallam. The unit is in fair condition and would require rather extensive
renovation to be sold as a free market unit at its best and highest use.
DISCUSSION:
This unit, which faces Highway 82, is 765 square feet in size. If renovated properly, its estimated
value is $725,000. In order to estimate the value of this unit in its current condition, the following
analysis was done:
Buyback of unit $145,945
HOA assessment $3,615
Total Investment by COA $149,560
Page 1 of 3
The estimated cost of renovation of this unit is:
Finishes (incl. trim, paint, cabinets, tile, etc.)$80,000
Interior design $2,000
Total cost of renovation $82,000
If an investor were to buy and renovate this unit, the total investment would be:
Total investment
$231,560
In preliminary conversations with two local lenders, it was stated that those lenders would not
lend money for the purchase or renovation of this unit, so the potential buyer of this unit probably
will be a cash buyer. The potential buyer of this unit will probably expect a gross return on the
investment of 30 %. For this analysis this potential return will be called opportunity cost:
Opportunity cost
$69,468
Staff has concluded that a possible method for determining the "as -is" value of this unit is:
Estimated sales price if renovated $725,000
Cost of renovation ($82,000)
Opportunity cost ($69,468)
Estimated value "as -is"
$573,532
If this unit sells for this estimated value, the net proceeds to the city will be as follows:
Sales price $573,532
Sales costs (broker and closing) ($28,500)
Total investment by COA ($149,560)
Net proceeds to city
$395,356
Page 2 of 3
ALTERNATIVES: If Council should choose to invest in full renovation of this unit, the net
proceeds to the city would be as follows:
Sales price
$725,000
Total investment by COA ($231,560)
Sales costs ($36,250)
Net proceeds to city $457,190
FINANCIALBUDGET IMPACTS: The cost of purchasing and finishing this unit, $149,560,
will be paid from the 150 Housing Development Fund in calendar year 2009. The revenue from
the sale of the unit, $573,532, will be received by the 150 Housing Development Fund, with the
net proceeds from the sale benefitting the 150 Fund in the amount of $395,356.
ENVIRONMENTAL IMPACTS: This project is a reuse of an existing structure on an existing
unit, resulting in much less impact to the environment than new construction on a vacant lot.
Page 3 of 3
Comparison for Sagewood (910 W. Hallam #11)
ADDRESS OF PROPERTY
STATUS
ASKING PRICE SOLD PRICE $$/S.F.
BEDROOMS
BATHS
SQ.
FEET YEAR BUILT
REMODELED
910 W. Hallam #11
TBD
TBD
n1a
n/a
2
1
765
n1a
1235 E. Cooper #3
For Sale
$625,000
n/a
$1,034
2
1
604
1969
n1a
1235 E. Cooper#1
For Sale
$650,000
n/a
$1,062
2
1
612
1969
n/a
1235 E. Cooper #2
For Sale
$650,000
n/a
$1,033
2
1
629
1969
n/a
835 E. Hyman #D
Under Contract $735,000
n/a
$924
2
1
795
1969
n/a
501 W. Main St. C101
Closed
$675,000
$625,000
$978
1
1
639
2006
n/a
501 W. Main St, A203
Closed
$699,000
$675,000
$1,102
1
1
612
2004
n/a
COMPARISON FOR 104 W. COOPER #5
104 W.Cooper #5
TBD
TBD
914 Waters #19
For Sale
$949,000
731 E. Durant #13
For Sale
$995,000
900 E. Durant #D-111
For Sale
$996,225
940 E. Waters #206
For Sale
$873,000
940 E. Waters #301
For Sale
$895,000
901 E. Hyman #2
Closed
$995.000
926 E. Waters #101
Closed
$995.000
800 S. Mill St. #205
Closed
$1,395,000
611 S. West End #5
Closed
$1,150,000
n/a
n1a
3 1
999
n1a
n/a
$1.218
2 11/2
779
1998
n/a
n/a
$1.193
2 2
834
1968
1997
n/a
$925
2 2
1.077
1970
n/a
n/a
$1.229
2 2
710
1970
2006
n/a
$1,282
2 2
698
1970
n/a
$895,000
$964
2 2
928
1966
2006
$895,000
$743
2 2
1,190
1969
n1a
$850,000
$1,112
2 2
764
1965
2007
$775,000
$1,398
1 1
554
1968
2007
Property Type: RES w/l mprovments Address* 1735 F Cooper Avenue 83 Acpan, CO 81611 Status: Active Asking Price: $625,000
List Number: 112221List
Price PerISF:
1,034.77
R1,
Type: Condo
Lv Ht SgFt:
604
Area: 01 FA -East Aspen
LvHtSgFt(Abv Grnd):
iy
Major Area: Aspen
LvHtSgFt(Blw Grnd):
LF
j }INI
Sub/Loc: Aspen Edge
Unfinished SgFt:
0
r'
County: Firkin
Total SgFt;
604
Bedrooms; 2
PVDk SgFt:
'P I �^^ + I + " "-
114
j I g-a
Baths: 1
Garage SgFt:
Ir 1 i 4 ej
ig
�.k
I,
Half Baths: 0
Lot Size: Unknown
Lot S Ft:
N6r of Acres: -
0
Y"6yir'�
a�i$I(irl
k} -
7
Acreage: Unknown
Year Built:
1969
'49 ,4r C(I
Garage: None
Year Remodeled:
.t 9, , , •'
I'r
Furnished: Yes
Zonin
Y ' i
Levels: 1 Lead Certified:
Payment Per:
Quarter
Short Termable: No HERS Energy
Rating:
.HOA Dues:
1,339.15
Account#: R010454 Taxes:
1,232.04 Earnest$1%:
5%
Parcel #: 273718141003 Tax Year:
2008
Earnest $ Payable To:
Land Title Guarantee Company
Under Construction: No Transfer Tax:
Yes
Special Assessments:
1.519.00
Pre -Fabricated Home: No ShortSale:
No
Short Termable:
No
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Studv/Llbrary Laund"/Utility Room
Public Remarks: Great value for a 2 bedroom unit in town. Convenient location, just a short walk to the shops and restaurants. Light and bright, ground floor unit
opens up to a beautiful lawn and views of Aspen Mtn. Small complex with only 8 units on an oversize lot.2 assigned parking spaces and lots of storage space.
NO PETS.
Directions: East on Cooper Ave, across bridge to Aspen Edge on the right.
Addendum: Special Assessment is for new boiler.
Legal: Aspewtidge, Unit 3
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Membrane
ConstlExterior: Concrete Block;
HOA Amenities:
Substructure: Slab
Frame; Stucco
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Sewer; Snow Sign: No
Cooling: None
Removal; Trash Removal; Unit Electric; Unit Heat; Water
Showing Instructions: Occupied;
Condition: Good
Heating: Baseboard; Gas; Hot Water
Overnight Notice
Carport;
Inclusions: Microwave; Range; Refrigerator; Window Coverings
Sanitation: Sewer
Documents on File: CC & R's;
Location Amenities: Trees; Views
Style:
Financials; Inventory
Laundry Facility: Common
Terms Offered: Cash; New Loan
Disclosures: No Dogs
Mineral Rights: No
Unit Faces: West
Electric: Yes
Parking Area: 2 Car
Water Rights: No
Exclusions:
Possession: DOD
Water: City
Extras: Landscaping; Storage Shed
Member Association: Aspen Association
Fireplace: Wood
Sold Price Per/SF:
DOM:97
ADOM: 97
Listing Date: 07114/2009
Owner Di Russo
Under Contract Date
TB%: 3
BB%: 3
Variable Comm: No
Original List Price: 625,000
Falithrough Date:
Flat Fee: No
LA: Galen Bright Setterfield & Bright 970-920-1833 970-379-3877
galen@aspenreal.com
Information Is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MILS and may not be the listing of the provider.
Property Type: RES w/Improvments Addres.. 1235 E Cvvpa, &nnua Urfll I Aspen, CO 81611
Status: Active Asking Price: $650,000
'' f " i• f
' -a -
List Number:
111129
List Price PerISF:
1,062.09
Type:
Condo
Lv Ht SgFt:
612
Area:
01 EA -East Aspen
LVHCSQFt(Abv Gmd):
612
Major Area:
Aspen
LvHtSgFt(Blw Gmd):
Sub/Loc:
Aspen Edge
Unfinished SgFt:
0
"'fyli9�ifl�+'+rt ' �rj
County:
Pitkin
TotalSgFI:
612
imX I��N �,ili 4f1
Bedrooms:
2
PUDk SgFt:
e
Baths:
1
Garage SgFt:
tit
Half Baths:
0
Lot SgFI:
Lot Size:
Refer to Acreage
Nbr of Acres:
Acreage:
Refer to Lot Size
Year Built:
1969
Garage:
None
Year Remodeled:
Furnished:
No
Zoning:
PUD
Levels: 1
Lead Certified:
Payment Per: Quarter
Short Tamable;
HERS Energy Rating:
HOA Dues: 1,356.32
Account#: R010452
Taxes;
1,070.24
Earnest$/°/: S20,000.00
Parcel M 273718141001
Tax Year:
2008
Earnest S Payable To: Land Title
Under Construction:
Transfer Tax:
Yes
Special Assessments: 1,539.29
Pre -Fabricated Home: No
Short Safe:
No
Short Tamable:
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Famlly Roam Den/Study/Library LaundrylUtilKy Room
Public Remarks: Here is the place for your Buyer because it is only 6 minutes (on foot!) to town, has a wood -burning fireplace, faces west for sun, has a great,
manicured lawn, assigned parking, laundry room, storage for the bikes. Two bedrooms, convenience and set back from the road for quiet and privacy. Pets are
OK for owners. Na pets for renters.
Directions: East on Cooper Ave, across the bridge. Complex is on the right.
Addendum: CALL MARY ANNE MEYER SET UP A SHOWING FOR YOUR BUYER. 970-948-3236 Special Assessment: New Boiler
Legal: Aspen Edge, Unit 1
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Membrane
Const/Exterior: Concrete
HOA Amenities:
Substructure:
Block; Frame
HOA Fees Includes: Cable; Grounds Maintenance; Sewer;
Snow Removal; Trash Sign:
Cooling:
Condition: Good
Removal; Unit Electric; Unit Heat; Water
Heating: Baseboard; Gas
Showing Instructions: 24 Hour
Notice; Occupied
Carport:
Inclusions: Dishwasher; Range; Refrigerator
Sanitation: Sewer
Documents on File: CC & R's
Location Amenities: Trees
Style:
Disclosures:
Laundry Facility: Common
Terms Offered: Cash
Electric: Yes
Mineral Rights:
Unit Faces: West
Exclusions:
Parking Area: Assigned
Water Rights: No i
Extras: Landscaping
Possession: DOD
Water: City
Fireplace: Wood
Member Association: Aspen Association
Sold Price PerISF:
0
DOM: 164
ADOM: 164
Listing Date: 05108/2009
Owner On File
Under Contract Date
TB%:3
BB%:3
Variable Comm: No
Original List Price: 650,000
Fallthrough Date:
Flat Fee: No
LA: Mary Anne Meyer
Joshua & CO of Aspen, Ina 970-925-8810
970-948-3236 maryanneQoshvaco_com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/lmprovments
Addrebo. 1205 E Coupe. Avenue 02 Aspen, CO 81611 Status: Active Asking Price: $660,000
List Number: 112217
List Price Per1SF:
1,033.39
s-luM.,�
as -k'tk1
Type: Condo
Lv Ht SgFb
629
r 1
I
Area: 01EP.-E2st Aspen
Major Area: Aspen
LvHtSgFt (Abv Grnd):
LvHtSgFt(Blw Grnd):
F.
I
Sub/Loc: Aspen Edge
Unfinished SgFt:
0
County: Pitkin
Total SgFt
629
r'S
Bedrooms: 2
PUDk SgFt
-
h � ,.
Baths; 1
Garage SgFt:
J.?
n l�
Half Baths: 0
Lot SgFt:
1YI�
n
Lot Size: Unknown
Nbr of Acres:
0
Acreage: Unknown
Year Built:
1969
�y --
Garage: None
Year Remodeled:
Furnished: Yes
Zoning:
e #I rr
Levels:
t
Lead Certified:
Payment Per:
Quarter
Short Termable:
No
HERS Energy Rating:
HOA Dues:
1.394.13
Account#:
R010453
Taxes:
1.283 Earnest$/%:
5%
Parcel #:
273718141002 Tax Year:
2008 Earnest $ Payable To:
Land Title Guarantee Company
Under Construction:
No
Transfer Tax: Yes
Special Assessments:
1,582.10
Pre -Fabricated Home: No
Short Sale:
No
Short Termable:
No
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family, Room Den/Study/Library, LaundrvlUtility Rnnm
Public Remarks: Great value for a 2 bedroom unit in town. Convenient location, just a short walk to the shops and restaurants. Remodeled, ground floor unit
opens up to a beautiful lawn and views
of Aspen Mtn. Small complex with only 8 units on an oversize lot. 2 assigned parking spaces and lots of storage space.
NO PETS.
Directions: East on Cooper Ave, across bridge to Aspen Edge on the right.
Addendum: Special Assessment is for new boiler.
Legal: Aspen Edge, Unit 2
Agency: Excl Right to Sell
Gas: Natural Gas Roof: Membrane
ConstlExterior: Concrete Block;
HOA Amenities: Substructure: Slab
Frame; Stucco
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Sewer, Snow Sign: No
Cooling: None
Removal; Trash Removal; Unit Electric; Unit Heal; Water Showing Instructions: Short
Condition: Good
Heating: Baseboard; Gas; Hot Water Notice; Vacant
Carport:
Inclusions: Dishwasher; Microwave; Range; Refrigerator; Window Coverings Sanitation: Sewer
Documents on File: CC & R's;
Location Amenities: Trees; Views Style:
Financials; Inventory
Laundry Facility: Common Terms Offered: Cash; New
Disclosures: No Dogs
Mineral Rights: No - Loan
Electric: Yes
Parking Area: 2 Car Unit Faces: West
Exclusions:
Possession: DOD Water Rights: No
Extras: Landscaping; Storage Shed
Member Association: Aspen Association Water: City
Fireplace: Wood
Sold Price Per/SF:
DOM: 98
ADOM: 98 Listing Date: 07/13/2009
Owner Dacosta
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 650,000
Falithrough Date: Flat Fee: No
LA: Galen Bright Satterfield & Bright 970-920-1833 970-379-3877 galen@aspenreal.com
Information Is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 200910:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments
Addrocc: 936 G Hymon Avenue D Aspen, CO 81611 Status: Pending Asking Price; 5735,000
List Number:
111443
List Price Per/SF:
924.53
--b!r-
,,{pj, i-•L
Type:
Condo
Lv Ht SgFt:
795
_s
Area:
01CC-Central Care
LvHtSgFt (Abv Gmd):
795
Major Area;
Aspen
LvHtSgFt (BW Grnd):
Suh/Loc:
Hy -West
Unfinished SgFt:
D
County:
Pitkin
Total SgFt;
795
Bedrooms:
2
PUDk SgFt:
'
Baths:
1
Garage SgFt:
Half Baths:
0
Lot SgFt:
D
Lot Size;
Unknown
Nbr of Acres:
0
Acreage:
Refer to Lot Size
Year Built:
1969
Garage:
None
Year Remodeled:
Furnished:
Yes
Zoning:
L%L000 P't 5ls'
Levels:
1
Lead Certified:
Payment Per:
Quarter
ShortTermable:
Yes
HERS Energy Rating:
HOA Dues:
1085.00
Account #:
R000514
Taxes:
1,774.64
Earnest $/%:
5% of Sales Price
Parcel #:
273718228021
Tax Year:
2008
Earnest $ Payable To:
Title Co. of the Rockies
Under Construction:
No
Transfer Tax:
Yes
Special Assessments:
TBD
Pre -Fabricated Home: No
Short Sale:
No
Short Termable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks: Excellent opportunity to own in downtown Aspen! Just four blocks from the gondola, this two bedroom, one bath condo R in a quiet, small
complex on a lovely residential street. Park your car in your assigned parking place and walk to all the restaurants and shops
Aspen has to offer.
Directions: One block east of Original on the corner of Hyman and S. West End Street.
Addendum: See HOA Budget and Complex Rules in Documents.
Legal: Unit D, Hy -West
Agency: E cl Right to Sell
Gas:
Roof:
Const/Extenor: Brick; Stucco
HOA Amenities: Pets Allowed/Owner; Pets Allowed/Renter
Substructure: Garden Level
Cooling: None
HOA Fees Includes: Cable; Grounds Maintenance; Insurance; Management: Sewer;
Sign: -
Condition: Average
Snow Removal; Trash Removal
Showing Instructions: Call
Carport:
Heating: Baseboard
Listing Office
Documents on File: Financials
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range: Refrigerator; Window
Sanitation: Sewer
Disclosures:
Coverings
Style:
Electric: Yes
Location Amenities: Corner Lot; Trees
Terms Offered: Cash; New Loan
Exclusions:
Laundry Facility: Common
Unit Faces: East; North
Extras: Cable TV; Landscaping;
Mineral Rights:
Water Rights:
Patio/Deck
Parking Area: 1 Car; Assigned
Water: City
Fireplace:
Possession: DOD
Member Association: Aspen Association
Contingent: Other
Proposed Close Date: 11/0912009
Sold Price Per/SF: 0
DOM: 139
ADOM: 139 Listing Date: 06/02/2009
Owner Meza -
Under Contract Date 10/1012009
T5%: 2.5
BB%: 2.5 Variable Comm: No
Original List Price: 735,000
Falithrough Date: Flat Fee: No
LA: Jennifer Engel Joshua B CO of Aspen. Inc. 970-925-8810 970-618-7319
jenajenengel.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday. October 19, 2009 10:33 AM
The informa0on on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES wllmprovments Addrecc: 601 W Main 81mot C101 Aapon, CO 81611 Status: Closed Asking Price: $675,000
List Number:
111430
Type:
Condo
Area
01 CC -Central Core
Major Area:
Aspen
Sub/Loc:
Christiana Aspen
County:
Pitkin
Bedrooms:
1
Baths:
1
Half Baths:
0
Lot Size:
Unknown
Acreage:
Unknown
Garage:
None
Furnished:
Yes
Q01 it NO
List Price Per/SF:
1,056.34
Lv Ht SgFt
639
LvHtSgFt (Abv Grnd):
639
LvHtSgFt (Blw Grind);
0
Unfinished SgFt:
0
Total SgFt:
639
PNDk SgFt:
Garage SgFt:
Lot Sci t:
0
Nbr of Acres:
0
Year Built:
2006
Year Remodeled:
Zoning:
Levels: 1
Lead Certified:
Payment Per:
Month
Short Tamable: Yes
HERS Energy Rating:
HOA Dues:
471.00
Account#: r020429
Taxes:
0
Earnest$/%:
S50,000.00
Parcel #: 273512449022
Tax Year:
2008
Eamest $ Payable To:
Stewart Title
Under Construction: No
Transfer Tax:
Yes
Special Assessments:
no
Pre -Fabricated Home: Other
ShortSale:
No
Short Termable:
Yes
tsearooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room DenlStudy/Library Laundry/Utility Room
Public Remarks: One of a kind large floor plan! Beautiful unit with many builder upgrades AND fully furnished! AC -POOL -Jacuzzi - HUGE STORAGE SPACE -
HARDWOOD FLOORS -GRANITE -ALDER DOORS/CABINETS/STEAM SHOWER[Priced to Sell now!Motivated Selled! S1056 a square foot- Pets Allowed
EASY TO SHOW!!!Pool and Jacuzzi
Agency: Excl Right to Sell
Gas: Natural Gas
Roof: Metal; Shake
Const/Exterior: Frame
HOA Amenities: Locker Ski Storage; Pets Allowed/Owner
Substructure:
Cooling: Central A/C
HOA Fees Includes: Contingency Fund; Grounds Maintenance; Insurance;
Sign: Yes
Condition: Excellent; New
Sewer; Snow Removal; Trash Removal; Unit Heal; Water
Showing Instructions: Call
Carport:
Heating: Forced Air; Gas
Listing Office
Documents on File:
Inclusions: Dishwasher; Freezer; Microwave; Range; Refrigerator; Washer;
Sanitation: Sewer
Disclosures: Deed Restrict
Window Coverings
Style: Contemporary
Electric: Yes
Location Amenities: Trees; Views
Terms Offered: Cash
Exclusions:
Laundry Facility: Room
Unit Faces:
Extras: Cable TV; Handicap Access; Hot Tub/Spa;
Mineral Rights:
Water Rights:
Patio/Deck; Pool; Storage Shed
Parking Area: Common
Water: City
Fireplace: Gas
Possession: DOD
Member Association: Aspen Association
Sold Price: 625,000
Sold Date: 09/2312009
How Sold: Conventional Fixed
Sold Price Per/SF: 978.09
Proposed Close Date: 09125/2009
1 Seller Concessions: No
11u
TB%: 2.5
Original List Price: 675,000
LA: Kristi Gilliam Gilliam Properties of Aspen
SA: Tim Clark Frias Properties of Aspen
ADOM: 110
BB%: 2.5
Fallthrough Date:
970-544-1000
970-925-4000
Listing Date: 06/05/2009
Under Contract Date 08/24/2009
Variable Comm: No
Flat Fee: No
kristi@robiet
970-379-2250 tim@friasproperties.conl
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments
Address: 501 W Main Street A303 Acpon, CO 31611
Status: Closed Asking Price: $899,000
i
List Number: 111456
List Price PerlSF:
1,142.16
Type:
Condo
Lv Ht SgFt:
512
Area:
01 CC -Central Core
LvHtSgFt(Abv Grnd):
i
Major Area:
Aspen
LvHtSgFt (Blw Grnd):
Ids I i, r
Sub/Loc:
Christiana Aspen
Unfinished SgFt:
0
County:
Pitkin
Total SgFC
512
uu1, n li
Bedrooms:
1
PffOk SgFt:
Baths;
1
Garage Sci t:
Half Baths:
0
Lot Sci t:
0
y2
Lot Size:
Unknown
N6r of Acres:
0
y''•
Acreage:
Unknown
Year Built:
2004
-_
Garage:
None
Year Remodeled:
_
Furnished:
Yes
Zoning:
Levels: -
Lead Certified:
Payment Per: Month
Short Termable:
HERS Energy Rating:
HOA Dues: S531.53
Account#: R019195
Taxes:
1,788.28
Earnest$!%: 5%
Parcel #: 273512449011
Tax Year:
2008
Earnest $ Payable To: Land Tide
Under Construction:
Transfer Tax:
Yes
Special Assessments:
Pre -Fabricated Home: No
Short Sale:
No
Short Tamable;
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks: Beautiful top floor condominium in one of Aspen's prettiest complexes. Vaulted ceilings, granite countertops, hardwood floors, steam shower,
'acuzzi tub and A/C. Surprisingly quiet inside. Air conditioned storage space under bldg. Lovely
landscaped grounds with waterfall and podrJacuzzi area.
Directions: South Corner of Main and 4th. 2nd door.
Addendum: See "Documents" for Lodge Ordinance describing rental restriction, Rules and Regs,
CC&Rs, Income and Expense, Floorplan and Site Plan.
Legal: Unit A-203 Christiana Condominiums Phase I
Agency: Excl Right to Sell Gas: Natural Gas
Roof: Metal; Shake
Const/Exterlor: Frame HOA Amenities: Locker Ski Storage; Pets Allowed/Owner Substructure: Unfinished Basement
Cooling: Central A/C HOA Fees Includes: Contingency Fund; Grounds Maintenance; Sign: Yes
Condition: Excellent Insurance; Snow Removal; Unit Heat; Water
Showing Instructions: 24 Hour
Carport: None Heating: Forced Air; Gas
Notice; Occupied
Documents on File: CC & R's; House Plans Inclusions: Dishwasher; Dryer; Freezer; Microwave; Refrigerator; Washer; Sanitation: Sewer
Disclosures: Other Window Coverings
Style:
Electric: Yes Location Amenities: Views
Terms Offered: Cash; New Loan
Exclusions: Laundry Facility: Area
Unit Faces: East; North
Extras: Cable TV; Hot Tub/Spa; Landscaping; Mineral Rights: No
Water Rights: No
Patio/Deck; Pool Parking Area: Common
Water: City
Fireplace: Gas Possession: Negotiable
Member Association: Aspen Association
Sold Price: 675,000
Sold Date: 10113/2009
How Sold:
Cash
Sold Price PerlSF: 1,102.94
Proposed Close Date:
1011312009
Sailer Concessions: No
DOM; 128 ADOM: 128
Listing Date: 06/07/2009
Owner VANDERSCHUIT FAMILY TRUST
Under Contract Date 09/16/2009
TS%: 3 BB%:3
Variable Comm: No
Original List Price: 795,000 Falithrough Date:
Flat Fee: No
LA: Tara Young BJ Adams and Company -Aspen 970-922-2111
970-309-7131 Cara@bjac.net
$A: Carol Hood Mason & Morse Real Estate - Aspen 970-379-0676
970-379-0676 carol@masonmorse.com
Information is deemed to be reliable, but R not guaranteed. See copyright notice,
Prepared by Greg Hunter on Monday, October 19, 2009 10:33 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments
Address! 014 Waters Avenue N10 Aspen, CO 81611
Status: Active Asking Price: $949,000
P
n '
A' `'� 'FY"�""`
List Number: 112665
List Price Per/SF:
1,218.23
.'es rxi�i'ia r� � :• '
Type:
Condo
Lv Ht SgFh
779
F-i4. I!!jii '
Area:
01CC-Central Core
LvHtSgFt(Abv Grni
779
�"
Major Area:
Aspen
LvHtSgFt (81w Grnd):
Sub/Loc:
914 Waters
Unfinished SgFt:
0
- ,y+
. i
County:
Pifkin
Total SgFt:
779
'
llt4c.i
Bedrooms:
2
Pt/Dk SgFu
Baths:
1
Garage Sq Ft:
r
Half Baths:
1
Lot Si
t:
Lot Size:
Unknown
Nbr of Acres:
0
rr.
l; �
x „
Acreage:
Unknown
Year Built:
1998
'
Garage:
None
Year Remodeled:
Furnished:
Yes
Zoning:
�iluPllii' LI A'-l`rili ' L;.1 t4?F +ILi
Levels: 2
Lead Certified:
Payment Per: Quarter
Short Termable: Yes
HERS Energy Rating:
HOA Dues: 1038.
Account#: R017329
Taxes: 1,705.12
Earnest$/-/: $40.000.
Parcel M 273718263019
Tax Year: 2008
Earnest $ Payable To: title company
Under Construction: No
Transfer Tax: Yes
Special Assessments: none
Pre -Fabricated Home: No
Short Sale: No
ShortTermable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Familv Room Den/st.,i lhrary ! .,,.,n.,.n uu!h, a.,,...,
Public Remarks: Beautifully decorated and top of the line finishes. Two and a half blocks to the gondola! Remodeled in 2007 and 2008. Wood burning fireplace.
Inclldes a deeded off-street parking space. Locker and ski storage. Quiet street and well -maintained building.
Directions: Cooper Avenue to West End Street, left on Waters Avenue
Addendum:
Legal: 914 Waters Condo, Unit 19
Agency:
Gas:
Roof: Compositions
Const/Exterior: Frame
HOA Amenities:
Shingle
Cooling: None
HOA Fees Includes:
Substructure:
Condition: Excellent
Heating: Baseboard; Electric
Sign:
Carport:
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range; Refrigerator; Window
Showing Instructions:
Documents on File:
Coverings
Sanitation: Sewer
Disclosures: No Dogs
Location Amenities:
Style: Two Story
Electric: Yes
Laundry Facility:
Terms Offered: Cash
Exclusions:
Mineral Rights;
Unit Faces:
Extras: Cable TV; Landscaping;
Parking Area: 1 Car
Water Rights:
Patio/Deck
Possession: DOD
Water: City
Fireplace: Wood
Member Association: Aspen Association
Sold Prier/SF; Price P
0
DOM: 67
ADOM: 67 Listing Date: 08113/2009
Owner Patton
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 949.000
Fallthrough Date: Flat Fee: No
LA: Peggy Margolin Morris 8 Fyrwald, Sotheby's Intl Realty 970-925-6060 970-379-1839
margolint]r. sopris.nxt
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 200S 11:36 AM
The information an this sheet has been made available by the MILS and may not be the listing of the provider.
Property Type: RES w/Improvments Address' Tit F rhimnt Avenue Unit 413 Atpan, CO 81611 Status: Active Asking Price: 5995,000
List Number: 112143
List Price PerISF:
1,193.05
Type:
Condo
Lv HtS Ft:
834
Area:
01 CC -Central Care
LvHtS FtAbv Gmd ):
Q (
I, , -t
Major Area:
Aspen
LvHtSgFt(Biw Grnd):
Tla„
Sub/Loc:
Chat Chaumont
Unfinished SgFt
0
Yii �; 1 a�'^ I
County:
Pitkin
Total SgFt:
834
Bedrooms:
2
Pt/DkSgFt:
Baths:
2
Garage SgFt:
a'lR
Half Baths:
0
Lot SgFt:
Lot Size:
Unknown
Nbr of Acres:
0
tq
Acreage:
Unknown
Year Belli:
1968
Garage:
None
Year Remodeled:
1997
Furnished:
Zoning:
Levels: Lead Certified:
Payment Per:
Quarter
Short Termable: Yes HERS Energy Rating:
HOA Dues:
$1,675.12
Account #: R001469 Taxes: 2,521.48
Eamest $/%:
5% of Purchase Px
Parcel #: 273718210031 Tax Year: 2008
Earnest $ Payable To: Title Company
Under Construction: Transfer Tax: Yes
Special Assessments:
N
Pre -Fabricated Home: No Short Sale: No
Short Termable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks. Completely remodeled, this 2 bedroom 2 bathroom condominium features hardwood Floors, a wood burning fireplace, granite countertops and
stainless steel appliances. With an excellent location within walking distance to the gondola, one has convenient access to all Aspen has to offer. Fully furnished
and equipped, this unit is a great rental property. The complex features an outdoor hot tub and heated garage.
Directions: Durant 8 Original
Addendum: Contingent upon Rentals in Place
Legal: Subdivision: Chateau Chaumont Unit #13
Agency: Excl Right to Sell Gas: None
Roof:
Const/Exterior: Brick; Frame HOA Amenities: Pets Allowed/Owner
Substructure:
Cooling: HOA Fees Includes: Cable; Snow Removal; Trash Removal; Unit Electric
Sign:
Condition: Excellent Heating: Baseboard; Electric
Showing Instructions: Call Listing Office
Carport: None Inclusions:
Sanitation: Sewer
Documents on File: Location Amenities:
Style: Other
Disclosures: Laundry Facility: Area
Terms Offered: Cash; New Loan
Electric: Yes Mineral Rights:
Unit Faces:
Exclusions: Parking Area: Common
Water Rights:
Extras: Hot Tub/Spa Possession: DOD
Water. City
Fireplace: Wood Member Association: Aspen Association
Sold Price PerISF:
0
DOM: 103 ADOM: 1 D3
Listing Date: 07/08/2009
Owner Ajax Mtn Investments, LLC
Under Contract Date
TB%: 3 55%:3
Variable Comm: No
Original List Price: 1,000,000 Fallthrough Date:
Flat Fee: No
LA: Tim Clark Frias Properties of Aspen 970-920-2000 970-379-2250
lini@17riasproperties.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
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Property Type: RES w/Improvments Addreser 040 C Waters Avenue Unit 200 Aspen, CO 81611 Status: Active Asking Price: $875,000
' s +
List Number: 111228
List Price Per/SF: 1,229.58
;.�.
Type: Condo
Lv Ht SgFt: 710
Area: 01CC-Central Core
LvHtSgFt (Abv Grnd):
• !� -,�k�
Major Area: Aspen
LvHtSgFt (Bice Grnd):
Sub/Loc: Silver Glo
Unfinished SgFt: 0
ge' I
County: Pitkin
Total SgFt: 710
�Y llia;,.,'�, i.
r
Bedrooms: 2
Pt1Dk SgFt:
k
�• - s.
Baths: 2
Garage SgFk
`-'•- '+:
Half Baths: 0
Lot SgFb
_?
'
Lot Size: Unknown
Nbr of Acres; 0
Acreage: Unknown
Year Bulk: 1970
Garage: None
Year Remodeled: 2006
f
Furnished: Yes
Zoning:
Levels: Lead Certified: Payment Per: Year
Short Termable: Yes HERS Energy Rating: HOA Dues: 7582
Account* R001417 Taxes: 1.132.24 Earnest$1%: 5%purchase price
Parcel 9; 273718261034 Tax Year: 2007 Earnest $ Payable To: Pitkin County Title
Under Construction: No Transfer Tax: Yes Special Assessments: none
Pre -Fabricated Home: No Short Sale: No Short Tamable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Public Remarks: ONE OF THE BEST DEALS IN TOWN! Lovingly renovated and exquisitely furnished 2 bedroom and 2 bath unit, wood burning fireplace, views.
Great rental unit walking distance
to Aspen Mountain. In -town shuttle service, ample parking, swimming pool, ski storage and onsile management offered.
Directions: East Durant to West End Ave, turn right to waters Ave turn left. Silver Glo is 112 block down on left. Unit is middle of 2nd floor.
Addendum: All art work, rugs excluded from sale (but negotiable). Inventory on file. Rental pro forma on file. Parking is not deeded, first come first served in lot or
on street parking.
Legal: Condo: Silver-Glo Unit 2F Desc: ADA unit 206
Agency: Excl Right to Sell
Gas: Roof:
ConsUExterior:
HOA Amenities: Bus/ShuttleService; Front Desk; Locker Ski Storage; On- Substructure:
Cooling: None
Site Management: Pets Allowed/Owner Sign: Yes
Condition: Excellent
HOA Fees Includes: Grounds Maintenance; Management; Snow Removal Showing Instructions: 24 Hour Notice; Call
Carport:
Heating: Baseboard Listing Office; Occupied
Documents on File: CC & IT%
Inclusions: Dishwasher; Microwave; Range: Refrigerator; Window Coverings Sanitation:
Financials
Location Amenities: Cul-de-Sac: Exposure, Southern; Views Style:
Disclosures: Right of 1st
Laundry Facility: Common Terms Offered:
Refusal
Mineral Rights: Unit Faces: South
Electric:
Parking Area: Common Water Rights:
Exclusions: See Remarks
Possession: DOD Water: City
Extras: Hot Tub/Spa; Pool
Member Association: Aspen Association
Fireplace: Wood
Sold Price Per/SF:
DOM: 151
ADOM: 151 Listing Date: 05/21/2009
Owner Christie -Horn
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 873,000
Fallthrough Date: Flat Fee: No
LA: Raifiel Bass Morris & Fyrwald, Sotheby's Intl Realty 970-925-6060 970-948-7424 raifie.bass@sothebysrealty.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:36 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/improvments
Addrass: 040 C WaI&S N001 Air .., DO 81011 Status: Active Asking Price: $895,000
List Number:
107792
List Price Per/SF:
1,282.23
A,-
Type:
Condo
Lv Fit SgFt:
698
Area:
01CC-Central Core
LvHISgFt(Abv Grnd):
698
'`
'` `' k`•i
'3a
Major Area:
Aspen
LvHtSgFt (Biw Grnd):
0
r
i
Sub/Loc:
Silver Glo
Unfinished SgFt
0
ay
;iiai
"I
County:
Coun ty:
Pitkin
Total 5 F
698
,i;
Bedrooms:
2
PUDk SgFt
0
Baths:
2
Garage SgFt:
0
ra
Half Baths:
0
Lot 5gft:
0
•�;
Lot Size:
Unknown
Nor of Acres:
0
_
Ija
Acreage:
Unknown
Year Built:
1970
p
Garage:
None
Year Remodeled:
Furnished:
Yes
Zoning:
mf
Levels:
0
Lead Certified:
Payment Per:
Ouarter
Short Termable:
Yes
HERS Energy Rating:
HOA Dues:
1815.00
Account#:
R00892
Taxes:
1,415.28
Earnest$f%:
5%
Parcel #:
273718261020
Tax Year:
2008
Earnest $ Payable
To: Pitkin County Title
Under Construction:
Transfer Tax:
Yes
Special Assessments:
0
Pre -Fabricated Home:
No
Short Sale:
No
Short Termable:
Yes
Bedrooms Living Room Dining Room Kltchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Main 2 1 1 1 2 0 0 0 0
Public Remarks: Top -Floor corner unit. The complex has a pool and on -site management. Great short-term rental property. Close to downtown Aspen and the
gondola. Seller is a licensed Colorado real estate broker.
Directions: 940 E Waters -Top Floor
Addendum:
Legal: Unit 3-A AKA Unit 301, Silver Glo
Agency: Excl Right to Sell
Gas: None
Roof: Membrane
ConsgFxterior: Frame
HOA Amenities: Conference Facility; Front Desk; On -Site Management; Pets
Substructure: Slab
Cooling: None
Allowed/Owner
Sign: No
Condition: Good
HOA Fees Includes: Grounds Maintenance; Insurance; Management; Snow
Showing Instructions: Call
Carport: None
Removal: Trash Removal
Listing Office
Documents on File: CC 8 R'B; Inventory
Heating: Baseboard; Electric
Sanitation: Sewer
Disclosures: Right of 1st Refusal; Seller Lic Inclusions: Dishwasher; Microwave; Range; Refrigerator; Window Coverings
Style: Other
RE Agent
Location Amenities: Views
Terms Offered: Cash
Electric: Yes
Laundry Facility: Common
Unit Faces: East
Exclusions:
Mineral Rights: No
Water Rights: No
Extras: Cable TV; Patio/Deck; Pool
Parking Area: Common
Water:
Fireplace:
Possession: DOD '
Member Association: Aspen Association
Sold Price Per/SF:
p
DOM: 381
ADOM: 381 Listing Date: 10M3/2008
Owner Van Bilderbeek
Under Contract Date
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 995,000
Falithrough Date: Flat Fee: No
LA: Charley Podolak Chaffin Light Real Estate Aspen 970-925-2811 970-948-0100
cpodolak@cire.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19. 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/lmprovments
Address: 901 C I ly,,,a, Avenue 2 AeNen, CO 81611 Status: Closed Asking Price: 5895,000
List Number:
111385
List Price Per/SF:
964.44
Type:
Condo
Lv Ht Sq Ft:
928
Area:
01 CG-Central Core
LvHtSgFt (Abv Grnd):
0
aI i
�I u1)v'e I
Major Area:
Aspen
LvHtSgFt(Slw Grind);
0
Jet- i�
s: e• q
Sub/Loc:
Chateau Blanc
Unfinished S Ft:
q
0
is o-...-.r.,... t
County:
Pitkin
Total SgFh
928
!� �' rl :i
nlwi , - khG
Bedrooms:
Baths:
2
2
PtlDk SgFt:
Garage SgFt:
0
0
v
Half Baths:
0
Lot S Ft:
0
Lot Size:
Unknown
Nbr of Acres:
0
Acreage:
Unknown
Year Built:
1965
rh r
Garage:
Common
Year Remodeled:
2006
Furnished:
Zoning:
Levels: 1
Lead Certified:
Payment Per:
Quarter
Short Termable:
HERS Energy Rating:
HOA Dues:
867.00
Account g: R001272
Taxes: 1,659.36
Earnest $1%:
30,000
Parcel 0: 273718231013
Tax Year: 2007
Earnest $ Payable To:
Stewart Title of Aspen
Under Construction:
Transfer Tax: No
Special Assessments:0
Pre -Fabricated Home: No
Short Sale: No
Short Termable:
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/Study/Library Laundry/Utility Room
Main 2 1 1 1 2 0 0 0 1
Public Remarks: Beautifully remodeled & furnished. Additional remodeling in May/June'09 to include new, open, bright mirror & glass entrance. Top of the line
granite counters, steam shower, 6 f. Jacuzzi tub, 5 flat screen TV's, private entrance, washer & dryer in unit, custom fireplace & bay window. Just steps from the
Gondola. 2 bdmJ2 bath w/ GREAT OWNER FINANCING! 4.5% first yr, 5.5% second yr, 6.5% remaining for 10 years, 30 yr AM.
Directions: Corner of Hyman and West End
Agency: Excl Right to
Gas:
Roof:
Sell
HOA Amenities: On -Site Management
Substructure:
Const/Exterior:
HOA Fees Includes: Grounds Maintenance; Snow Removal; Trash
Sign:
Cooling:
Removal
Showing Instructions: Call Listing Office: Shad Notice:
Condition:
Heating:
Vacant
Carport: None
Inclusions:
Sanitation:
Documents on File:
Location Amenities:
Style:
Disclosures:
Laundry Facility:
Terms Offered: Cash; Seller Finance
Electric:
Mineral Rights:
Unit Faces:
Exclusions: _
Parking Area: Common
Water Rights:
Extras:
Possession: DOD
Water:
Fireplace:
Member Association: Aspen Association
Sold Price: 895,000
Sold Date:
091232009
How Sold:
Owner Will Carry
Sold Price PerfSF:
964.44
1
Proposed Close Date:
0911512009
Seller Concessions:
No
DOM: 260
ADOM: 260
Owner Kra(ian
TB%:3
BB%:3
Original List Price: 995,000
Fallthrough Date:
LA: Ralph Braden Chaffin Light Real Estate Aspen
SA: Ralph Braden Chaffin Light Real Estate Aspen
Listing Date: 06/01/2009
Under Contract Date 08/12/2009
Variable Comm; No
Flat Fee: No
970-925-2811 rbradennaa-,c!re.com
970-925-2811 rbradenQacire.com
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 200911:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.
Property Type: RES w/Improvments
Address! 926 Waterc Avenue #101 Aopon, CO 81611
Status: Closed Asking Price: S995,000
List Number:
109722
List Price Per/SF:
836.13
Type:
Condo
LvHtSgFt.
1,190
m
'l12
Area:
01 CC -Central Core
LvHtSgFt (Abv Grind):
I
Major Area:
Aspen
LvHtSgFt(Blw Grnd):
Sub/Loc:
Chateau Snow
Unfinished SgFt:
County:
Pitkin
Total SgFt:
1,190
Bedrooms:
2
PUDk SgFt:
Baths:
Half Baths:
2
0
Garage SgFt:
Lot SgFt:
0
�I ggi,,r
Lot Size:
0 - 3,000
Nbr of Acres:
0
Acreage:
Refer to Lot Size
Year Built:
1969
Garage:
None
Year Remodeled:
Furnished:
Zoning:
rid 6
"''!'i
l Air t• ,-
et+
i.l
Levels:
Lead Certified:
Payment Per: quarter
Short Termable:
HERS Energy Rating:
HOA Dues: 2567.00
Account #: R000629
Taxes: 2,321.32
Earnest $Py : per Seller
Parcel #: 273718261013
Tax Year: 2007
Earnest $ Payable To: Title Company
Under Construction:
Transfer Tax: Yes
Special Assessments:
Pre -Fabricated Home: No
Short Sale: No
Short Termable:
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Denl5tudylLibrary Laundry/Utility Room
Public Remarks: Extra large ground floor 2bd/2ba condo in small 7 unit complex. Walking distance to downtown Aspen. Sun room type windows enhance the
Irving/dining areas. Clean and neat with South -facing views towards Aspen Mountain. Excellent value!
Directions: When driving South on Original, turn left on East Durant, Turn Right on S West End St then Left on Waters Ave.
Addandum:
Legal: CONDO: Chateau Snow Unit 101
Agency: Excl Right to Gas: Natural Gas Roof: Membrane
Sell HOA Amenities: Pets Allowed/Owner Substructure: Finished
ConstlExterior: Frame HOA Fees Includes: Cable; Contingency Fund; Firewood; Grounds Maintenance; Insurance; Basement
Cooling: None Management; Sewer; Snow Removal; Trash Removal; Unit Heat; Water Sign:
Condition: Excellent Heating: Baseboard; Gas; Hot Water Showing Instructions: Call
Carport: None inclusions: Dishwasher; Freezer; Microwave; Range; Refrigerator; Window Coverings Listing Office
Documents on File: CC Location Amenities: Exposure. Southern: Gentle Topo; Views Sanitation: Sewer
& R's Laundry Facility: Common Style: Contemporary
Disclosures: Right of 1 st Mineral Rights: No Terms Offered: Cash
Refusal Parking Area: 1 Car Unit Faces: South
Electric: Yes Possession: DOD; Subject to Lease Water Rights: No
Exclusions: Member Association: Aspen Association Water: City
Extras: Cable TV; Sauna
Fireplace: Wood
Sold Price: 885,000
Sold Date: 05/21/2009 How Sold: Cash
Sold Price Per/SF: 743.7
Seller Concessions: No
DOM: 94 ADOM: 94 Listing Date: 02/16/2009
Owner Nila J. Wells Living Trust Under Contract Date 04/0612009
TB%: 2.75 BS%: 2.75 Variable Comm: No
Original List Price: 995,000 Falithrough Date: Flat Fee: No
LA: Brian Hazen Mason & Morse Real Estate - Aspen 970-925-7000 970-379-1270 hhazen rr rof.11et
SA: Bill Stirling Stirling Homes Inc. 970-948-8287 970-948-6287 billf4surlinghomesinc.cem
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MILS and may not be the listing of the provider.
Property Type: RES wlimprovments
Addrrgs- Rnn S Mill St 111205 Arpen, CO 81611 Status: Closed Asking Price: $895.000
List Number: 104949
List Price Per/SF:
1.171.47
Type:
Condo
Lv Ht SgFt:
764
Area:
01 CC -Central Core
LvHtSgFt (Abv Grnd):
764
Major Area:
Aspen
LvHtSgFt(Blw Grnd):
0
�I��iiy
Sub/Loc:
Fifth Ave Condo
Unfinished SgFC
M.
County:
Pitkin
Total SgFt:
764
Bedrooms:
2
PUDk SgFt:
0
Baths:
2
Garage SgFt:
0
Half Baths:
0
Lot SgFt:
0
Lot Size:
Unknown
Nbr of Acres:
0
Acreage:
Unknown
Year Built:
1965
Garage:
None
Year Remodeled:
2007
Furnished:
Yes
toning:
RMF
ICR' • ' ddeaFadSPirdi
Levels: 2
Leed Certified:
Payment Per:
Quarter
Short Termable: Yes
HERS Energy Rating:
HOA Dues:
1745.00
Account#: R004946
Taxes:
2,565.88
Earnest $I%:
5%
Parcel #: 273718276031
Tax Year:
2008
Earnest $ Payable
To: Pitkin County Title
Under Construction: No
Transfer Tax:
Yes
Special Assessments:
Possible
Pre -Fabricated Home: No
Short Sale:
Short Tamable:
Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den[Study]Library Laundry/Utility Room
Main 1 1 0 1 1 0 0 0 0
Upper 1 0 0 0 1 0 0 0 0
Public Remarks: This 2 bed / 2 bath is truly one of 5th Ave's Gemsl Peaked ceilings and lots of windows, excellent upgrades, comfortable living space and
furnishings. Amenities include ski access, heated pool hot tub, off street parking, & wireless internet.
Directions: The 5th Avenue condos are located at the top of Galena and Mill Sts,
Addendum: Complex has building movement Disclosure.
Legal: Unit 205, Bldg, D. 5th Avenue
Agency: Excl Right to Sell
Gas: None
Roof: Compositions
Const/Exterlor: Frame
HOA Amenities: Locker Ski Storage; Pets Allowed/Owner
Shingle; Membrane
Cooling: None
HOA Fees Includes: Cable; Contingency Fund; Firewood; Grounds Maintenance;
Substructure: Crawl
Condition: Excellent
Insurance; Management; Road Maintenance; Sewer; Snow Removal; Trash Removal; Unit
Space
Carport: None
Heat: Water
Sign: No
Documents on File: CC & R's;
Heating: Baseboard; Gas; Hot Water
Showing Instructions:
Financials: Inventory
Inclusions: Ceiling Fan; Dishwasher; Microwave; Range; Refrigerator; Window Coverings
Call Listing Office
Disclosures: Right of 1st Refusal;
Location Amenities: Ski Out Access; Views
Sanitation: Sewer
Other
Laundry Facility: Common
Style: Contemporary
Electric: Yes
Mineral Rights: No
Terms Offered: Cash;
Exclusions:
Parking Area: Common
New Loan
Extras: Cable TV: Hat TublSpa;
Possession: DOD; Subject to Lease
Unit Faces: North
Landscaping; Lawn Sprinklers: Pool
Member Association: Aspen Association
Water Rights: No
Fireplace: Wood
Water: City
Sold Price: 850,000
Sold Date: 04/03/2009
How Sold: Cash
Sold Price Per/SF:
1,112.57
DOM; 325
ADOM: 325 Listing Data: 05/1312008
Owner Patrick
Under Contract Date 03/072009
TB%: 3
BB%: 3 Variable Comm: No
Original List Price: 1,395.000
Fallthrough Date: Flat Fee: No
LA: Douglas Nehasil BJ Adams
and Company -Aspen 970-922-2111 970-379-1148 doug@bjac.net
SA: Chris Giuffrida Chaffin Light Real Estate Aspen 970-618-1136 970-618-1136 AspenProperty.Chris@gmail.aoin
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MILS and may not be the listing of the provider.
Property Type: RES w/lmprovments Addreaa: 611 S Woct End 6 Aopon, CO 81611 Status: Closed Asking Price: $875,000
1 `
!I+Vi+l
List Number: 103565 -
List Price PerfSF: 1,579.42
II+I'Y +li
Type: Condo
Area: 01CC-Central Core
Lv Ht SgFt: 554
LvHtSgFt (Abv Grnd): 0
-
Major Area: Aspen
LvHtSgFt (Blw Grnd): 0
Sub/Loc: Little Nell
Unfinished SgFt:
County: Pitkin
Total SgFt: 554
Bedrooms: 1
Pt/Dk ScI t 0.
Baths: 1
Garage SgFt: 0
+ t
Half Baths: 0
Lot SgFt:
Lot Size: Unknown
Nbr of Acres: 0
+III
t
Acreage: Unknown
Year Built: 1968
i
Garage: None
Year Remodeled! 2007
gi C'
rinli1g...{ h?x
Furnished: Yes
Zoning:
a } '1.1t..SK't61p nr +n{I
Levels: 0 Lead Certified: Payment Per: Quarter
Short Termable: Yes HERS Energy Rating: HOA Dues: 776.00
Account#: R005139 Taxes: 1,561.36 Earnest$/%: 50,000
Parcel 0: 273718260002 Tax Year: 2007 Earnest $ Payable To: Title Cc
Under Construction: No Transfer Tax: Yes Special Assessments: tbd
Pre -Fabricated Home: No Short Sale: Short Termable: Yes
Bedrooms Living Room Dining Room Kitchen Full Bath Half Bath Family Room Den/StudylLibrary Laundry/Utility Room
Public Remarks! Just a couple of blocks to the gondola. Lovely top Floor comer unit with views of Aspen Mtn. Vaulted ceilings and a private deck. Storage closet
and assigned parking. Very cozy unit. Dogs and cats allowed.
Directions: E on Durant. Right on S.West End. Lithe Nell Condo is on the right
Addendum: Call listing office for all showingsVery easy to show.
Legal: Little Nell Condo 5
Agency: Excl Right to Sell
Gas:
Roof:
Const/Exterior:
HOA Amenities:
Substructure:
Cooling:
HOA Fees Includes:
Sign: No
Condition: Excellent
Heating:
Showing Instructions: Call Listing Office; Short
Carport:
Inclusions: Dishwasher; Dryer; Range; Refrigerator; Washer; Window Notice
Documents on File:
Coverings
Sanitation: Sewer
Disclosures: Right of 1st
Location Amenities:
Style:
Refusal
Laundry Facility: Area
Terms Offered: Cash
Electric:
Mineral Rights:
Unit Faces:
Excluslons:
Parking Area; 1 Car
Water Rights:
Extras: Cable TV; Patio/Deck
Possession: DOD
Water:
Fireplace: Wood
Member Association: Aspen Association
Sold Price: 775,000
Sold Date: 01/28/2009
How Sold: Conventional Variable Sold Price Per/SF: 1,398.92
DOM: 326
ADOM: 326
Listing Dale: 03108/2008
Owner Davis
Under Contract Date 12/21/2008
TB%: 2.5
BS%: 2.5
Variable Comm: No
Original List Price: 1,150,000
Fallthrough Date:
Flat Fee: No
LA: Nicole Lewis
Carol Dopkin Real Estate 970-920-1186
970-948.1172 lewisjandn@aoi.com
COLA: Carol Dopkin
Carol Dopkin Real Estate 970-618-0187
970-618A187 carolacaroldopkin.com
SA: Out Area
Out of Board Jurisdiction
Information is deemed to be reliable, but is not guaranteed. See copyright notice.
Prepared by Greg Hunter on Monday, October 19, 2009 11:37 AM
The information on this sheet has been made available by the MLS and may not be the listing of the provider.