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HomeMy WebLinkAboutlanduse case.ts.Prospector Lodge.1982-1983 PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. .' 4 w ,i iahl-Kern, Inc. Mechanic's lien 18,947.92 ./o Herbert C. Phillips Aspen Inn 3333 S. Bannock St., Suite 600 7/30/82 ;nglewood, CO 80110 ~ Disputed ioly Cross Electric Assn Mechanic's lien? 3,165.15 1301 Grand Avenue Wildwood Inn ?. 0. Drawer 250 Date unknown Glenwood Springs, CO 81601 Disputed FG Leasing Company Savin Copier 6,980.48 00 Dain Tower ?. 0. Box 1160 Date unknown linneapolis, MN 55440 :eternal Medicine Specialists Security and 226,926.00 Medical Group, Inc. date unknown ,ddress unknown Disputed referred to: David M. Powell 'orsuch, Rirgis, Campbell, Walker and Grover 18 Seventeenth St., Suite 1200 Denver, CO 80202 ntraWest Bank of Denver Deed of trust 4,362,897.39 .0. Box 5808 Prospector Lodge enver, CO 80217 1/6/81 Deed of trust 4,394,717.00 Aspen Inn Aspen Inn Apts., Onits 21,22; 23, 31, 33 1/6/81 Deeds of trust 5,493,996.29 Chase Lots Robinson Parcel Blue Spruce Snowchase Top of Mill Sparr Barbee A Stirling 925 Durant Aspen Mt. Mining Claims Subtotal $14,507,630.23 M E M O R A N D U M T0: Alice Davis FROM: Sheree Bonfield DATE: July 15, 1983 RE: Prospector Lodge ~ 825 E. Hopkins, Timeshare Applications The Finance Department has reviewed the above mentioned applica- tions and would like to make the following comments: A. Prospector Lodge 1. Sales Taxes . a. As a condition of approval, evidence of a Colorado State Sales Tax license should be presented to the City. b. City, County fi State Sales taxes will be applicable to any short term rentals of these units. These taxes should be paid to the State, who is the City's Sales tax collection agent. 2. Real Estate Transfer Tax a. RETT will apply to initial and subsequent sales of these timeshare interests. MEMORANDUM TO: FROM: DATE: RE: Alice Davis, Planning Office Jay Hammond, City Engineering July 20, 1983 Prospector Timesharing Project Having reviewed the above application to timeshare the Prospector Lodge, and having made a site inspection, the City Engineers Office offers the following comments: 1. The plat will require a number of items prior to recording including: a. Reference encroachment license granted by Council for the rock facade and stairs on the north frontage. b. Indicate book and page of easements for the transformer and any vaults or pedestals on the property. c. Show common areas. d. Locate trash facility. e. Add necessary approval certificates. 2. The landscape plan should be subject to the approval of the Parks Director. It should contain; a. The additional sidewalk spur cn the west end of the alley. b. Irrigation of the planting areas along the west and north frontages to maintain the trees in those locations. 3. The applicant requests a reduction in on-site parking from 17 to 16 spaces. The site survey indicates 20 spaces in the lower level. We would state that a 20 unit project should supply a minimum of 20 on-site parking spaces. It would seem that some of the on-site parking has been lost to some other use. JH/co ! A ~i~~~ ~ r=~ ~, f~ ~~~ ~' iC(1 C 1;S.ri T d~.'1I..' lr Rasden vial :pit :1 .i I,' C:~nuld3 Luce^sed r~ea3. .1 ~ber`q:~Asp~ + : hem of "~>; i y ~ _ I ~Li~l. 1•~ S O ~ r ~ ~^ }y J 1 ,' risrv•~rd `JUniveYr i'rfiversit~ af'. 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BA;,;,2971 :~ Phi: Beta, }.apoa,_~~.'agna Cu~''L~L"e ~' ~~µ~ ',~},,i`"~ ~ ~'• lorada Continuing Education~:,Divis:on: ~ ~ ~~~ ; x ~ ~~~ ~~. ~~~r ``Real:` Estate Law ~ ~,° ~ z~~yv ~';, ~ -; Teal .Estate .F~:: ~aee ' ,~, re of Real Estate Appraisers; , `, ~ ~ ` ~. ` "" ry "' ~'~~~ Course ,i-A, P . incihzls ~- ~a Course Z'iIa,_.~i\a~ideatial ~~,*, " Course_a-3, 'Ca ala.za~ion echa_que_. '' r ";~ ~ ;~ ~ Course 2,,: Urban t~rcperties y „~ :PERT FNCT' _ i < ~ ; - z: -- C I er 3ar~es J Mc~llica~.~ nssoGiaCcs, ,.'i~Uust I`I7.6 - Ire :~•nt atc`~Eraker: 197!r - ' . _ - `, ,yr.~v ~.; _ _ - rt r n $ e.' : t - .. 1 n „r'~.~ x ,.1,.~„ S v. ~ . tik 1 . ..~Y. ] , v~±y!R.w r F'- x ''4 .v''Y,'r •~ L- S f i 1 p 1.' r r'3 }' '~ ,Y ~ 1 ~f. y ~, 3~~ f F.- 4 ~~. M ~ ti ,C,;;~t ~^~5 eQ +ri~7 ~vy w v~kV ,f , ~ ~~~;° a~_ ~~~ ~ R3 1L " ~~ ' r ;~* qtr ,~,..,;-~_, - :~ - ~ •' {~`1 r s~dentialf ~: ,• ~. .S~'ac ~ "~ a~~ Land a ~ ~.,._. 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Y s'- ~. t.1~ P e , '"¢~ a s ~ , <~. ,, ~ti _r;. f ~ 4,w '' "` ~ The gameroom wi l 1 `gal so be avai l abi a as a meeti ng faci ] i ty with _ s ~' ; ~° ' ` top ~ of the_ 1 i ne .conference :equipment:, - "° r, r ~ y ~n, 1 ~ ~ ':~ '` 5 'A~'`~` ~~ ~ f A~library•~of books and perod~cals.will, be available for guests ~:,~' ~ <J d ~ '.r "~, c r,, 7 .c% ~4 ~y rt.?xz i ,r1.i$#' ~ ~'L h ~ .~~ i n F, in the lounge ~.~.~ ~ ~~ ~~,- ~ ~ ~::~ w r° .{sue _~~ a '~ ~,.The=Wall' Street~''JournaT,and New York"Times will be delivered;;to .. .T r€'° ~C~= ~r ~ ' ~ eac ;guest room eac morns ng n ~~~ ~ ~ y raw 1 a .a~'t w 6 r: w ~~,'~ v ~, z `- T ', r i i~ a~ y - ,~~ ,~~.~4" ' ~"~#~F~,Reservatlons` are"~handled ~.by noton]y~_the ..internal management but ~~ ,.~`'~& ..~~ :..~~+:::.,,a, ~aien~hv~Acnart~~Racprvat~nnc'=_ Tn~~anri `A~nan~~f:pntraT':'RP~arv~tinnS_~' =~y..~ ~,r ~,: y, ~ 4 - •, ~ t _ 4 ~ .y t M1 w ;. y , ~ a • ..a ~ ' ~ . ~~ tr Iti -,+F y{ ~- ~. s u, _~ ~ ~ r~r 1 ~~ ~~ ~ ';~~~ j ~ ~y ).tl .. .A., t-., • U' . ~ ? ll rJ~f~t ~~'~'f ~''~{: S. , ~f d 'T ` 1' S` .; M~~~'k1, ~ 1~1`~"N ~F' gt~u~yl; A,~- f6` ~ "' ~ ~y~p ~~Fti ~ , ~~A n u aced g lass,. -including sliding ~~ ,x~1 ~ doors: ~ ~~~~ ~~ 1 ` Gaco f1e~=wai k on decks. , J ~ ~~ .. „~~ ~~Air=locks;vesti hule.fnl^ P~rh ?"~~~n~t~=` ". `~w~z~'~~ ., ,`>~~.~.~<~~~"+t~,G.:..::_,:,~ ... .`,a:,i' ~ r & ~L'~ .~ ~ .i r '. i'r `~,:~ ~t ~N _ tx + r j {~ ~ F ~ z °' 0"9r'~i ~. 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F F~• S J' ~ t~'f.. ~ .. ~ (~~ .. ; ~ a *~E }~ccas~on~'T host~nc~ of FF.~i 3=3 tt ips by}r'ra3or dge~rtts i ~o~i ~ ~i , 3 ~ , ,~; , 1 . ~ T r ~ } Qistr^lbutio • f b c s ` Pe., , ck n o ro hure s» h rate car-c+s has . ~, ~ note a in cc ~ ;~ ;:" r„~, ,,` a >- 1 s~` to dual ~ fi ed l ~,sts cif ra;ents {as obtained `r ~„ < e E .' ~ ` , ~ ~ I l'. ~>l~"` r1 J $Y~ ~r 7 `a . f r fi .fi ~ v.; ~ , ~ 7 . a k ~t . ,t ~ ~~:t; k, ~•: ...i~ r ,p +r=~ •~s't / 7 Y ~ t 1 ~~ r4~ T'~~ ) r ~ -1 P k F. -V ~Iy' ' i. i ~~, . , ~, senr~ annual cUSto;ri nisi ~ ~~ .} ......__ ; n tiri11 bn distr i ,. :-., ~. ~d ,.., ill s ., .;;, c~r o .. 3 . ~ _ _ includz` the past ?.~• rt~0itths 'o f 're istrati J ` g ons ,,n Leritz _; _ r ,. :•= jj~;r,s ~~o ~ 5 l• s ~: _r . y 4 .yf 1 ~t .~~ ;fx 4., . ,.+. vJ .;1~ .~ ~• ~{ 1 , 1. 1 Je ~ + 3 ` - _ ~ .' . a This listing and proTOtiora7 letter t•iil b d :~ ~~ ~ e ~ une b tt 1.,;,~__, ..;1~ c o~~~.arj,~'s ; ~ ,~' ~~*5 ~ ~"~co:r ~:rtPr so as' to I;e ~ , c p. accurate recerds and save 1 a!;or~ o; :' ~ ~ , ~ _. .. ~_ - ~ , : _ ,- _ _ _ x 1 M .~ y This sourcf ~ t i c r of ,,. : ! }t 1 l, s2r` r l: t~ ,, j ~~•° Y t~1f f rr ~ y Sf '?~ ~ r 1 I x .: i', u! 1} ' . n t 'Y 1 ',~.. ~ ... t > + ~ ti. ~ r r ',. •. ~ r ` ~ ' ~ ~ i v - •s y ~ ~~ n ~ ~ fy '1 ~ i 1 i v +r ) :.~ r ~ ~l~' ( to 1.:. 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'b~itZ1ng and iiz;,7usion ~i~l.IZc?,tlOt1.~..t .tT'.a.C~e ~'~?i'1~,C.'iCc~ c?.~."~' ~ •S• y +*~" Gi.`~~.1'Tti;:fi{1!', - - r a resorts . } ~+ i i 3 f ~~ ~, ~ ;~ rte" ,r ~~~ p3~ r ~ ~ ~.,. ~ s ~,~ F - .~. ~ Y. .ih r _A (t k d~:y~~3~£ }~~ ~ h s4 ~ ~e.~t ~ ~ 1 'z3.7 k ~.~-,,.. - ~'!~ *r ~~ ~~.. O~-site serving cf-~conrerence"17~etir;gs :fcr.` a .^~~:i.--~~~:a: cr ?~:r~. ~~~, ~'i`~ ~ ~h~ of rered in a post lr~,ressiv2 -^ann~;-, including ; i ~;~' rc..~ _.... L-',~er ~ ~ l~~ ~ N - - ,. ~, . L:i~h china grid linens J,:< ~44: y,,r` ~ ~~~, `~~ i~~ ;r:;:~, Jl`~k ~~. r i` a ~ l a Y t (~ „ _ ) Rttiit ir1 VlSlfr'~~ 1•lf1Y'~C h(:rll'(j~ :'fill ~£' dVc~i?c~~P_ ?nom D1''J~~C-ir'!: ?r',~ ..,':'1} ':li~~ b .:'' .".t , ' '~ ~~ r~3~ Vi~s i tors Bureau to n v r r: ~ r. 34c+ L ~ r ! r h t ,+ r , ! s r ~ ~ , s ~ ~ r} ~~ + 'tr~ -.Y 1 ~ ~ 1 ~^ ~! k vfif s t y ; 4 e ~ } ~ 4 ~~ ~ ~ + 4 Y-~ ' s { 1 4~ c.~,`. _ .;•. _ rid ,. ~ ~ --a ~ ~, + ^+ - ~ ~ ~~ 4~ '~ r r '6 '~: ~; -to travel ~agen*jreta~il- a~,d -{i~if:2~.J?Ze ~'f°!1t~ ~:i~? ~C3n~ ~~ ~~ ~- ,_.___ a, r~l?~hed via inclusion in-l ;stinks at ::ter ~d° sf,or, ,;itici~ • - -- - c '/' 4 3r1 ~~ ~ r ~runi ty sand rnountai rT- des ti rati on resorts ar o, ~;~s °a~ _~:ri~3 - , zg: Company ,':Aspan ;aighlan~lS Ski,in? Cc;'".~-~n;~,~ /',spen:~har,iJe;-. ... . , ..._ , .. =r; :;. ~4:i~ Country ll.S.ll. and D~n~:er~JColora~o Co.n•:/~ntan `ari~~ P >.~~' ~ shut a='feti•~ ~,•:ho have the Pr;Jsrec~~~~• ?is~..ri..`} ~, ~~`~ ~~_ . _ i Sc r J n_ e r t ~' a ~'°i A / lS ~ ( P ~ 4 JF -) 43111 F^' ~• t ;~ F ' .~ ~u 5 x .~ ~ V 'ti r -"}aJ4:i ~ve~~~>y~t~ i rt ; +` 7 Y ~'r ti y t y - r - t r £ ~"r - are„tb:'~ s f r :~. M t w yy a'~, 4 ~ ~•l at' ~t :: ,ty ~ ' . Tt i., ~ } y p« .~'~" xe ~ s. a !' ~. A+ ~` r "[ ° ~ •~ y~ R{R L J''n ti; ~ n~ti~ r e ~~ .~ ey ~ -~~ y .~ v ~ >~;1w "~ K t t ~" ~. ,M1` ?+.A+k 4t~4 ..+ ~' i. ~~. S ... '`::. r ~ ' 1 '^. ~ .,....._ ;x .. ~e .'r, F ~ _, ~, ' s -. ,i ~ . ~. :''L~t.~ 33 -, r t ~ , *-~. s r~, ~~s~°'~ ~ '" : ~x~ a ~ i'1e ' f ~ ,r ti 1 Ft,~ 't' 7 r 7 y ~~ .,-. 5 f ~ s ~, .. t .',~ 4 Y 'yY ~ ~ - ~a y ,. ~ .r ,, ~ ~ ~ 4 ~a~r ., ~~ ~ , , an,~r y, ~ n, F t~~. ti ~x t ~ f3br~ , ~,.. ' ~ - 4 , , 7 f k f y } ~F+~J ~J'iY { -. : 9 3 ~ ~.'U*~f '~Y ~~T~, ~ ~~~ ~ ~~ 3 : ~ ~ At - i ~Y. 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'o~Yti~c :s ~•~ , and e,•i od i cal s ui - ~ ~ `~ 1' '~d jout•I~als relates; t~ ~~. : ~is~:~aT9pn tns:. - - ~ , cl Jar ~.?~,Z,;i' ... r~ ~~~~ 1'4 . _ , ;~ i"o5il Tt dYe i .G111d~, ~'tC ~ . ,~~. ~. 4 M ~ ~ 1 r S ., ~ Z v i fifty- )~" Y _. '. j v te.the 1 _ ~ ~-~ ~ - ~ $. .. . ,4~... ~s f ' A fl \ .'r( 1+ t t l ~ r 1~~ d' s ~ t > F t,.y~~'.. f ~~ ~ „. 11 be planned o~I a 1 activities, cc-~~ as and,.~any ~! L1~~ . ~ entity in the cc I .. ~ .31 t4 - ~ FI-'..5 Y. ~ t•X , Y } ` vf, ~ i a y r r ~: a ' T,~k 1 f ~ i !`~ ~ X z,: , `~ ~ ~ 4 • . Yt f Y x % ~, Y ~ f , i.{' i 1 V }F)ft: R to . t i'L ~y.,4 t ~ .. :,:~ ~ . - :. -. 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' ~ t ~ ' TSi~ ~ S , r a _ .r. ~ ,r.. a : ' .> _. 5 - . ~ ~tt ~ c - 7~~ t< ' s r ~~. 4 ~ ~ f .; ~ :f~ ~~ ~ .Operations contd. t0~ ily Loc;ye Offer at~cns) ~ r - . r ° ~ j M 3~ ~ 9 i . .. - "l~ ~ - .€ ~ _~~S F '~~1 t.- ~T .1.7-9' L. ; fb ~ ~, ~ 4 ~~~.~~1 ~~ 1 '1 1 ~ T ~ ti k . \ 1 i` 4 P a ! '` d '' 1 f ~e ~~ w ~%' ° ~ J f 1 lY t~ ~ r r~`f~"~~ r dz ~' '. -; 1 S 4 ~S r i _ 1 ~ ~ y d ~ Y:~A ; ~ .~ t Y ~ wry: J Y C-.. J. 4 t i ~ I ng e.t ;aareeTe;it as es,.~~l i s ~a,_ ~~, s Y,= • should be refu;tded or~ nat. depondi ~~ ~~, ~ ~ . ~ \ ~~ d ~ ~ o ]`. ' ~ . n~prr: T T ~ ! 't ~~y~ ~ Y'YJn ..e .. ~ ~ Jr:. { J L f } _ ~ ! r. s fL~ ~Reserwation confirriatiors aril; ~e fcr::ar-d~d to ,each ,t~~e~t u~or :.~ .r't ~` c. ~ a . . r .: ; ~. ) ~ ,:i. T ~{:~ ti ` Q ~ y, _ t G~ (y 1 1 ~,~, I J i ~ S t p 't ~ M ~. W ,~ ;ShA ~ .vii, 4.~[5 d pcs~t ~ { t ~~r'. y 5 f t y 1 . P T. ,~ .d l~, + J ~ ~ '~ ! l J eN ~ ' t {-' > 4 4~" y 1 GF1 ~~ a 3 t 2J ~ ~ I ~ ~ _ . yA ~}. Y3 t +.'~ ~~ 'EY ' ~,o Sl~ ~ r4. F~.yf ~ /~. ~ JSi YR \ L f ty~' .1, .+1 .~ i I ~~ r -'i 1 f .~~ S~f '~ --?fit ~ ~ - yt 1 ~ r „,; 5 C . ~ ! ~ r;~y ~ ~ ~ m J L array of Ass~en in`o?-r:;ation ri', i be sent `a' Ong ~:~ r -~ ~^" : ° '' ~ ~' :rn i z , r . C ~ ~ ~ ~ ~ Y ~ „ ,, . , Front Desk 0 erati ons ~ ; : ~ ~ ~\ ts~ a„ t~. =. ~ ~~ , - ~ - .. Front desE: operaticns ti•rill ta~:e p~~ce frc;n E A.•' ~o ;.? ,.. r~r°..?;r! _ ' ~"A I.^i9flr ` ~ . of the sum;ner and ti•rint~r seasons, Qartic;alarty on S~~~rd~;s, r:a1! ~:: `••=-^d'~~ to urtai7ed to t'..ir:linC ar:s=_~t= Off season ai:.S ~. tion r h n^ ~ ~, ``~' ~~ . . a our ope a 24 the slo,~rest portion of the off season at ` ----particuTarly ~~s' ` .:. ` . r ~~ te ~ - ~ - ` ' ~, . ~ ` i r~ send to ns .r tire personneT~as al ~desF edJta Tire mu1 ~i=Ti ngu --lt i s-fio are ': a food s~ p ._ ~~~ t ~ "" _~ ~ of international cl i entel o . ~ ~ l y c ~~Y ~ ~ 1 l I ; ; ~ r ? ~ t t C ~ r r ~ ~ . ~ - _ ~ "f^~~S J' 1 A _ i in at 8 `A;\t and all units to be fully clecned ~_: ; 2 ill b i ~ ~+ ror ` eg ce w tttaid Serv Ss ^ ~. g, r * r ! , F ~ ` ~ 5 t4aids trill be outfitted t•rit:~:prover i;r,i=^ k-i c - ~ ~~ _'~~ ~'r~s. , ts. hec one and ne:•r stay ~ ~ 1 ~ ,~L,~~~ , s ~ .~ ( I a 4y T + \' .k 'E ~ hv fi . } ¢ `J ~t ~ tii`r ~ 1 f5 rti l~ 'h t ti q+ I.K Sxi ~ y - t _ - - t ry - ; ~ A .r ~ 4 F 1 $S _ ~ 1 k -, 7 'r t~~ C ` wC p ~ ~ ~ t d tr'tyf`.jr'„` -FgJx '} '~, "` t '• ~ ' Y`. ~~ W ~%~j d`. ! .~ ~3~5>Y: ,~r'fx ~irs^g ~'.'~ '~' ti Jr X 7 K s ~j F- +{~-~'° ~1 T 1 i t y 5 l 1 _ _ s y ~- - ~ ~ t ~ ~ ,h, ~F ` _ t ~ I 4 r v 1 f i h r 4 E ~ z~ S 1 + . ~ P ~ A' ~ r~ ~ T ,w • s~' f 1 ~~ ~ •r • r f T ~,x ^X ~ ~ ~ i ~ P I ~, ~ , y + . 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L.~. , ^ -- - ~:A: i ~'~. ~~ ~ ~;• :' a i r + i~41~ ,~ ~ 'd k~~ i:ilt r'li 17 ;.arepare a pr•^-; ~en~ "~ exp°T1St?S hU~"y' ~ d='=<f de'..aT i7~i"i':t~ , 1, ,~~ ~ ~, r emerts Xy . ,~ ~;~ r ~ Hit ~~, ~, l,~ ~ -, ~. r,seZ 3 ns~i de and o~r~ts t de' ttts 'co~pa;~~~', tin ? ? lie so~~z cz tea '~"°,~{ ,~,, ,~ 1 ,.},.M<<, .,.. r• ,,,~~.._...~. _.. _, _:' t2na?yZ7n~ f,1n~ i1C'd i COStS, 1nSUral1C°_ net;E:lt enCntS ~ tt" -, . `1 i abi 1 ;ties and°many of the other :i "e~~.s r•:h i cit nus t ba' CC+?S i tlcr°ed- i ri t~~3 pct: ? r ((..,, {. ;~ >~'~ rr e U u d ~ ~ 1. ~ Y+ e .'. r ~,,Y -. ~ s 1 R 4 4~~ ~~ Y~h ~q ~ K 4 ~ c~'l "fr'71~x` 'fin a ~ . r AsF _ ~ .u at n_ { x i -' - w ~Sa~a h~, Y;~ ~y A ?1 4 ~~ j ,~ ~ 5 t s st; :~ ~.~~3 ` i ; ~~ - ~'< < 4 ~- .:6 i f j '" k ir~~ } ~ i ~°' N t Jtn ability to estimate costs-accGrately aid then ccntro? t'~er.r thi•oug;~aUt t ~° . ;~' L ', dove?op^pnt prooess is and wi?1 continuous?~, be e;se;;tiai to ~r.:f~t~:3i1 iiy. `, ~ , - It requires experience,' good judgr~~ent 4nd ccnscier.+.icus cttertien 'to ~'+'t3~? ,w~~~, J ~ ~ -: ~ *' ' - ~ '% A Fro-Ferrra projection of sales and p?anniz,gs :r.17 be undated morin'y fc,• t^~ .operations, as this is most critical d;~ring the first ;~ear~ of opera Lion`as ~` F ~ y F. KCi costs are realised and'secured reservations pat4ern begin to unfold. r F ? ~ " ~. -. ------ bJithout undue a?aboratior~, each .item is,eva;uated, _based. on ~findings:.of_lthe,. -market research portion of the feasibility st±idy and dra:.in; fr~m_ our crarrent ;b ' f ti$ ~~ ~~ - . t ~~ experience at existing properties and the expertise of op~raLing managet~.ents. ~~ ~~, _;~ t ; Y4 5 ~ ~. rl 1 4+ 1. ~~, (r + ~ ' y 1 ~ l } ` ~_ t ~ _ k ~ ~y ~ t• )~ Y ~r ~ ~ f 9 ~1 ~ ~ r .r~r} i. F' 2w 't ,.,cf ~ }~ Y s.Y~ r r"r ~ P ~~~ Yr.~ ~`t . ~+ x. r~~ u i sx- irv 4° r: 1,~- ~ k. t ~.s i Y - 5 a s - .~ ~ ~. u ~ ~. ~ _ t f Y ~, q~ - I l d ~. ~ .. r 4 , t, 7 ~, ~ i rF ~ R Ff a~ K a ~,. J"•,2 tti4 r' .. ~ `r7`d ff, 'ry" ~ .~ y ~ t `. Y ~ ~ ..a ~,'Y 4 i r - i r i ~. .~ - R ~. r a ~ ~t ~ r ~. ~ s i ! ~ k~ v. t s i r t ~:r y -< r cfr d ytr ~y x' b . ~ JamCS J. Mollica ~ Assoc~atcs, ~~~ Real Estate Appraisers and Consultants Crystal Palace Building • 300 East Hyman Avenue • Aspen, Colorado 61611 • 303/925-6987 Aspen, Cdorado QUALIFICATIONS OF APPRAISER James J. Mollica, R.M. PROFESSIONAL AFFILIATIONS: Residential Member (R.M.), American Institute of Real Estate Appraisers MAI Candidate, American Institute of Real Estate Appraisers Associate Member, Society of Real Estate Appraisers (SRA, SRPA) Instructor, University of Colorado Continuing Education Division Licensed Real Estate Broker in the State of Colorado Member of Aspen and Colorado Boards of Realtors Member of National Association of the Board of Realtors EDUCATION: Ohio University, 1973, Business and Advertising, BSJ Society of Real Estate Appraisers: Course 201, Capitilization American Institute of Real Estate Appraisers: Course 1-A, Principles Course VIII, Residential Course 2, Urban Properties Course IV, Condemnation BACKGROUND AND EXPERIENCE: Incorporated James J. Mollica & Associates, Inc., 1977 Independent Fee Appraiser associated with Mason & Morse, Inc., 1974-77 Associated Consultants and Appraisers, Inc., Columbus, Ohio, 1972-73 MAJOR CLIENTS SERVED: Aspen Highlands Ski Corp. Aspen Industrial Bank Aspen Savings and Loan Assoc. Bank of Aspen City of Aspen County of Pitkin First National Bank of Aspen First Western Mortgage Corp. Ma3estic Savings and Loan Nature Conservancy TYPES OF PROPERTY APPRAISED: Commercial Lodges Condominiums Ranches PURPOSES OF APPRAISALS: Acquisition Condemnation Estate Planning Scott M. Bowie, R.M. Randy Gold Associate Appraisers Insurance Liquidation Mortgage Residential Vacant Land Partition Sales Tax Planning ^ James J. Mollica, R.M. Appraiser-Consultarn Jamcs J. Moll~ca ~ Assoclaccs, m~ Real Estate Appraisers and ConSUltant5 Crystal Palace Building • 300 East Hyman Avenue, Suite 209 • Aspen, Colorado 81611 • 303/925-8987 Aspen, Coorado QUALIFICATIONS OF APPRAISER Randy Gold EDUCATION: University of California, Santa Barbara, B.A., 1973. Honors University of California, Los Angeles:. "Real Estate Appraisal" "Analytic Tools.of Real Estate Research" "Income Tax Factors of Real Estate Investment" American. Institute of Real Estate Appraisers: Course 1-A, Principals Course VIII, Residential Course 1-B, Capitalization Techniques Seminars: "Tools and Techniques for Land Analysis" "Appraisal Techniques. and Analysis for Special Properties" "Real Estate Investment Analysis" Society of Real Estate Appraisers PROFESSIONAL AFFILIATIONS: Seminars: "Condominium Appraising" "Special Purpose. Seminar" Licensed Real Estate Salesman, Sate of Colorado, 1979 BACKGROUND AND .EXPERIENCE: Associate Appraiser,.James J. Mollica Associate Appraiser, The Epstein Co., MAJOR.CLIENTS SERVED: Aspen Industrial Bank Aspen Savings and Loan Assoc Bank of Aspen County of Pitkin TYPES OF PROPERTY. APPRAISED: Single Family Residential Condominium Vacant Land FUNCTIONS OF APPRAISALS: & Assoc., May, 1978 - Present Los Angeles,.. California, August 1975- October 1976 Empire Savings and Loan Assoc. First National Bank of Aspen First Western. Mortgage Corp. Majestic Savings and Loan Acquisition Listings Sales Estate .Planning Mortgage Tax Planning Insurance ~l i ~ ~~'~~ ~~~1~1 130 south ~•~lF•na greet aspen, cularado 81611 --303-925-2020 CONFIDENTIAL PIEPIORANUL'M DATE: May 10, 1984 TO: City Council FROM: City Attorney RE: Merit Investment Co. v. City of Aspen Forwarded for your immediate attention is a copy of the most recent correspondence concerning th proposed settlement of the above-captioned lawsuit. By copy of this memo, I ask that the Planning Office comment as quickly as possible. I will discuss this matter with Council at the May 14 meeting. PJT/mc Attachment cc: Ron P9itchell Sunny Vann .. ~ ~~, ~... ~,., W. MICHAEL Cr. WDUS Mr. Paul J. Taddune City Attorney Ci*_y of Aspen 130 South Galena Aspen, Colorado 81611 RE: Merit Investment Co. Plaintiff, vs. The C City, a munic in the Distri Colorado (the Dear Mr. Taddune: May 8, 1984 pal corpor t Court, C "Lawsuit") TELEPFION E: (3C3) F39-L'^1 TELECOYIER: (303) Fat-O7FFi TWX:910-931-0407 MAY10~ a Colorado corporaton Aspen, a Colorado Home on, et al.; Case No. 8 ty of Pitkin, State of 1 Enclosed with this letter is an executed stipulation dismissing the Lawsuit with prejudice. I am delivering the executed stipulation for you to hold in escrow pending approval•of the Application as described in the following paragraph. You will execute and file the stipulation dismissing the Lawsuit only after the Aspen City Council (the "Council") approves Plaintiff's prior Application for Timeshare and Conditional Use Approval and for Amendment to the Existing CondiursuantUto Permit (hereinafter referred to as the "Application") p Section 20-24 0° the Municipal Code of the City of Aspen (Ordinance No. 52, Series of 1962) (hereinafter referred to as the "Timeshare Ordinance") upon the Council's own motion to reconsider. Prior to such approval, the Application would be amended to comply with the requirements of Ordinance No. 55 (Series of 1983) which amended the Timeshare Ordinance. The amendment to the Application and the Council's approval of the Application, as amended, would include all recommendations contained in Alice Davis' August 22, 1983 Memorandum to the Council, a copy of which is enclosed for your information, with the following modifications: i. The Approval would specify the requirements to be imposed pursuant to subparagraph 13 of subsection (E) of the Timeshare Ordinance which nocv provides "satisfactory provisions shall be made to provide handicap access to and PENDLE"I'ON €s SA[31AN, P. C. ATl'ORNEYS AND COUNSELORS AI' LA\V SEVLNTEENTH AND CRA(~I' 6UILUINC, SUITE 1000 303 EAST SF.VENTEEN'fH AVENUE DENVER,COLORADO F0203 Inc. y of at . C Mr. Paul J. Taddune May 8, 1984 Page Two throughout the Project," which requirements must be acceptable to Plaintiff; ii. The Approval would direct the issuance of the timeshare license upon tender of the required fee. With respect to (i) above, Plaintiff is prepared to provide handicap access to the first floor of the Project which includes the lobby and more than ten percent of the units in the Project. Such access would be in lieu of "access to and throughout the Project" as required by the current ordinance and conforms to the access that was required at the time the Application was filed. In the event any additional or different requirements are imposed by the Council prior to or at the time of approval, Plaintiff shall have the option either to withdraw the Application or have it tabled. Any approval not coming within the specific conditions of this letter shall not be cocisidered basis for settlement of the Lawsuit. It is, therefore, in all parties' interest to agree on the specific requirements to be imposed pursuant to the handicap access provisions of the ordinance prior to the Council's next meeting. If the foregoing proposal is acceptable to the Council, please advise me immediately and this office will proceed to amend the Application. As I, have previously advised you, if this matter is not settled in the next several weeks, Plaintiff. will be unable to close the purchase of the property and proceed with the project, in which case Plaintiff's only recourse will be prosecution of the Lawsuit. I look forward to hearing from you. Very truly yours, W. Michael Clowdus WMC:sd cc: Merit Investment Co., Inc. Daniel M. Fowler, Esq. AENDLETON F~ SABIAN, P. C. ~~ ~.~ ~.~ DISTRICT COURT, COUNTY OF PITKIN, STATE OF COLORADO STIPULATION AND AGREEMENT Case No. 83 CV 371 MERIT INVESTMENT COMPANY, INC., a Colorado corporation, Plaintiff, vs. THE CITY OF ASPEN, a Colorado home rule City, a municipal corporation; THE CITY COUNCIL FOR THE CITY OF ASPEN; and WILLIAM STIRLING, as Mayor of the City of Aspen and Indivi- dually, RICHARD KNECHT as a Member of the City Council and Individually, CHARLES C. COLLINS as a Member of the City Council and Individually, ALLAN BLOMQUIST, as a Member of the City Council and Individually, and CHARLOTTE WALLS, as a Member of the City Council and Individually, Defendants. Plaintiff and Defendants, by and through their attorneys, stipulate and agree as follows: 1. The parties having resolved all matters in contro- versy agree that Plaintiff's Complaint shall be dismissed with prejudice. The parties to bear their own costs. PENDLETON & SABIAN, P.C. W. Michael Clowdus #6851 Attorneys for Plaintiff 303 E. 17th Avenue, #1000 Denver, Colorado 80203 (303) 839-1204 WOOD, RIS & HAMES, P.C. By: Daniel M. Fowler #6357 Attorneys for Defendants 1100 Denver Club Building 518 Seventeenth Street • Denver, Colorado .80202 (303) 595-8145 f __ ____~.. p,. __ , . /~ \-~ ' ~ MEMORANDUM TO: Aspen City Council FROM:'. Alice Dadfs'`;1•Planning Office , RE :: Council Concerns with the Prospector Timeshare Project DATE: August 22; 1983 'APPROVED AS TO FORM: At the City Council work session on the Prospector Timeshare Project on August 17, 1983 three areas of concern were identified. These concerns are discussed below: r 1. 'Free Transportation and Lodging for Potential Timeshare Purchasers The Prospector marketing entity intends to invite persons who have shown continued interest in buying a timeshare interest to visit the project. As proposed, free or subsidized transportation to Aspen and overnight lodging may be offered to visiting parties. During the timeshare ordinance review the "giving of gifts" was discussed at length. P6Z and Council both agreed that the giving of gifts may not necessarily be bad, if done in a responsible, ethical way. Council did, however, maintain the right to review any gift programs to evaluate if the programs weie to be conducted in a deceptive way. The exact Code language is as follows: "(E)(3) Marketing. and sales practices. A project's marketing program should reveal responsible, ethical sales practices, and such marketing program should not permit the following practices: ' (c)The giving of gifts in a deceptive manner to encourage people to attend sales presentations or to encourage people to buy a timeshare estate. Any exact description of gifts proposed to be given by the developer to prospective purchaser and the cost to the developer of any gift used in a gales or marketing program must be disclosed and ' sh~.ll be subject to prior approval by council." Free transportation, as proposed by the Prospector, was found to be an acceptable gift by the previous Council which is one reason why the giving of gifts was not completely prohibited. The regulations do however allow you to determine if you think their program is acceptable. The major drawback to offering free transportation is the pressure it places on potential purchasers to buy a timeshare interest. Anyone accepting a free trip would probably expect some sales pressure, but how much and how intense the pressure is or should be is hard to evaluate. Th~~anjlj,_n.c~Office has re~trunended a condition_to_the_P.rospector_approyal whio~ equires the Planning Office to_review_this-aspen.t_of_the_mark.G ~in~i'-program a ter.. six months_o.f_operation_to-ensure-rt-is-being-condxE~ed in a rz,- a~lc.~ way.. We would evaluate the nurw er of trips given, the results, the number of contracts rescinded daring the 10 day right-of- recision period, and. any pub7.ic or owner reaction to .the program. If any problems are identified, we would bring them before Council to determine i£ the free transportation and lodging program should be eliminat?d. 2. Assessment Fe' t~djustments The applicant wish:s to allow the Board cif. Manat[~rs to reduces or increase the Prospector's quarterly assessment fees as opposed to requiring 7S percent of the owners to agree to such changes. The difficulty of achieving 7S percent agreement to increase fees may result in insufficient funds for properly maintaining the project. • •. ,~, ~. ., Memo: Council Concerns re: Prospector Timeshare Page Two ~ . August 22, 1963 • Even though the Planning Office feels this is reasonable, we do believe that the assessment fee increasgs should be controlled`in some manner as this~has been a major problem with timeshare projects in other areas. If 'the Board of Managers increase fees unreasonably or 'too often, the owners can always vote them out of of£ice,_so some protection is provided. This statement should be _articulated_in._the_timeshare_doc.umen~s ~ that owners are totally aware of this protection. Another protection would be to not allow the Board to increase fees without written notice to the ` owners as to the reason necessitating the increase and documention of the need. The Planning Office recommends that-these two protections be added as conditions of approval. •• 3. Reserve Account The Prospector budget identified S10 000 oer year in the ~xter{or fund which--wilLh~_eso-rewacLand used• only for such things as re- painting, structural repairs, landscaping 'replacements and common area carpet repairs. As proposed, with the-Board of Manager's approval, these funds can be reduced or eliminated. The Planning Office recommended (and the applicant agreed) that the Board not be allowed to reduce. or eliminate this escrowed fund for the• first five years of operation to ensure that thb fund builds up to a sufficient level before the annual amount going into the fund is reduced. New timeshare owners do not have to pay into the fund until the sale of their timeshare package is closed. No timeshare closing is allowed within a unit until eight of the 15, packages are sold and closed in that unit. The developer only pays into the fund for the remaining timeshare packages in a unit which has closed on at least eight of the 15 packages. Therefore, $10.000 oe~ __y_ea~w~.Lot-be~o~ng-i-n-t~~~F~~n~ ~~~*{ ~ all timeshare package are sow...-. In addition to this reserve a count, additional funds have been identified through the budge for maintenance and repairs. The budget also earmarks $4~~49 e*~?sr fc~e_Y+or .,r mat.,+=enance, ' $28,50 ~e~ea~_for_furai.tu a and appliance repairs and replacement, 1_.Q~__per_ye.ar_for._j.acuzz_.i,___ nd_sauna.__maintenance, and $~$Q~per__ year for_..interior maintenancd. Again, these funds will be obtained as units are sold and assesslment fees are paid. The applicant has agreed to Amend his proposal so that the 510.000 annual reserve fund oannQt_he~-?ciLts.S~.l~3'._P im narcd by the Board unti~._h~e~.s 50 in the account. Since the fund will most probably not be needed until this amount is acquired, the Planning Office feels this is an adequate solution. At the Council meeting on August 22, the Planning Office will qo over the 35 recommended conditions of approval for the Prospector. All aspects of the project should be covered through this discussion. The Planning Office will be prepared to add, delete or change conditions as Council makes a decision on the above issues or any other area of concern. C.r~ (~^ y 9ti..~ ~ ,. ,ilk. ~ ~' ~/~ ~ ~.~ ~•.". MEMORANDUM TO: Aspen City Council' FROM: Alice Davis, Planning Office . RE: Prospector Lodge - Conditional Use Review and Subdivision Exception Review for Timesharing DATE: August 22; 1983 Location: 301 East Hyman Avenue - Lotis A, B, C, D, Block 82, Aspen Original Townsite. r Zoning: CC - Commercial Core. Applicant's ~ ' Request: The applicant, Merit Investment Company, is requesting approval for a timeshare project at the Prospector Lodge. The project requires conditional use approval from P&Z pursuant to Section 24-3.3 as well as approval to a two step subdivision exception review for converting the Prospector to a lodge condominium and a timeshare use pursuant to Code Sections 20-23 and 20-24 of the Code. Project Summary: The Prospector Lodge currently consists of 19 newly renovated lodge units, with an average unit size of 756 square feet. If approved as a timeshare project the 19 lodge units would each be split in 52 interests, ' one interest for each week of the year. Seven weeks will be reserved for maintenance while the remaining 45 weeks will be sold in three week timeshare packages. (15 total packages to be sold for each unit.) Each three week package will contain a peak season winter ski week, a peak summer week and an off season week in either the spring or the fall. Planning Office Review: The following is a review of the Prospector Lodge timeshare application based en the 12 standards and review criteria established in Section 20-24 of the Code. 1. Right-To-Use. As required by the regulations, the Prospector timeshare interests will be fee ownership, not the prohibited right-to-use leases. 2. Integration. The project is purely residential, all units will be timeshared and the project fs backed by 100 percent of the owners and the potential purchasers who have the property under a sales contract. 3. Marketing and Sales Techniques. As required, the applicant states that the marketing of the Prospector timeshare interests will not involve the giving of gifts in a deceptive manner, no use of public malls or streets for sales and no local phone solicitations. The sales program will be :~un by Timber Run Realty out of Winter Par{c, Cc;.orado,.a company which has been involved in timeshare projects in Winter Park and Snowmass. .• ,~, ~ -~ Memo:• Prospector Lodge Timeshare Page Two August 22, 1983 ' Timeshare sales will be directed at tourists • in the peak summer and winter seasons through 'the use of local ma~jazines, newspapers and _, television. Low season sales will be directed at several target cities including Dallas, Houston and Chicago. National magazines arid. newspapers (Sports Illustrated, Ski, Gentleiaeri's Quarterly, Houston Post, etc.) y~ill be the primary source. of advertisement in these areas. ' Interested persons calling on a~ timeshare ad will be sent an information package. If the person calls again and is still interested, he will be invited to come visit the project and may be offered a subsidy to help pay transportation and lodging costs. To ensure that this aspect of the program operates in a responsible way, the Planning Office recommends that the program be reviewed after it is in operation. The Prospector sales period should be relatively short in that there are only 15 packages to tie sold for each of the 19 units. 4. Amenities. Common area amenities include a sun deck on the third floor, on-site parking and a lobby area.. Laundry facilities are .planned, but must be reviewed through the conditional use process. Individual units each have private decks, a hot tub and sauna, a wetbar and a masonry fireplace. All common areas and common amenities must be owned by the timeshare owners. 5. Parking. There is no mandatory parking requirement for a lodge use in the CC zone, but 17 under- ground spaces were required as part of a previous conditional use approval in order to replace spaces removed in the renovation. The applicant states that only 16 spaces are possible given the limitations of the parcel -and the existing structure since one space was used for necessary mechanical space. The Planning Office feels that 16 spaces are adequate given that no parking is required in the CC zone and that the spaces are often not fully utilized in the winter. 6. Maintenance. Section 20-24(E)(6) requires a minimum of four weeks to be reserved for main- tenance due to the intensive, high impact nature of timeshare projects. (Two weeks in the spring and two weeks in the fall.) The applicant has agreed to provide seven maintenance weeks. The Planning Office feels that two weeks in the spring and two weeks in the fall must be reserved for maintenance only and no rentals or other use besides maintenance should be allowed in this period. The remaining three of the seven weeks can be used for maintenance in either the spring or fall hs is necessary. Memo: Page Three August 22, 1983 ~. '"` 7. Budget: The prospector application included an itemized budget ]fisting expenditures such as common electricity, snow removal, firewood, ~-•property taxes, interior maintenance, exterior building reserve fund and administrative costs. The total cost comes out to $6,306 per condominium unit (19 units), $553.73 per timeshare interest (1/15 interest in one unit) and $136.43 quarterly for each timeshare interest. The budget system will use four banking accounts, including 1) ~ general operating; 2) an escrow for taxes; 3) an excrow for furniture reserve; and 4) an escrow for a building reserve. The budget estimates were based on the marketing entity's timeshare experience in Winter Park and information from local property managers in Aspen. 8. Conversions. All existing structures converting to a timeshare use are required to be physically upgraded through expenditures equal to a minimum of 30 percent of the fair market value of the property prior to conversion, unless the applicant demonstrates to the satisfaction of the City Council that funds previously expended have sufficient].:• upgraded the project. The applicant has submitted an appraisal and documentation that well over this amount has been spent for the renovation of the Prospector. 9. Escrow. Deposits or downpayments made in connection with the purchase of a timeshare unit must be held .in an escrow account until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent will be a title company in Aspen, a neutral third party. The proposal states that no closing on any timeshare interest within a unit will be completed until at least eight of the 15 packages are sold in that unit. 10. Management/Assessment Fees. As discussed in the budget, the Prospector's assessment fees are estimated at 5138.43, quarterly. This amount includes necessary operating expenditures as well as money to be placed in a reserve fund for interior unit maintenance. and repairs and exterior building maintenance and repairs. In addition, the applicant states that a deposit equal to a thzee month assessment fee may be required at the time of purchase for security in case the fees are not paid. The Planning Office feels this deposit should be mandatory and the applicant-has agreed that it be mandatory. The application states that. the assessment fees are due and payable to a schedule established by the Board of Managers, the Board which handles the affairs of the Fractional Owners Association. As proposed, the Board will be established 120 days after 75 percent of the timeshare interests have been conveyed (or August 1, 198f1, whichever is first). An ~.- Prospector Ldoge Timeshare Project Memo: ~ Prospector Page Four August 22, 1983 '~ Timeshare Porject interim Board of Managers appointed by the ,.developers will be gstablished until this time. The declarant is responsible for all '' required assessment fees and expenditures related to the unsold units after the first timeshare package is sold. 11. Reserve. The quarterly assessment fete includes a collection for a re;~erve fund for interior and exterior repairs and maintenance. The Exterior Fund, estimated at $lOj,000 per year, will be used when necessary fox' such things as repainting, roof repairs and other structural repairs, landscape replacements and carpet repairs in common areas. The fund should build up sufficiently until it is needed in 5 - 10 years. The Interior Reserve will be used for individual unit ,repairs such as furniture, furnishings anti appliance replacement. The Reserve Fund, as proposed, may be reduced or suspended for a few years .if 75 percent of tt,e owners agree to the cr.ange. The Planning and Zoning Commission and the Planning Office feel that the Reserve Fund, even if unused, should be mandatory for a few years since this fund is our major assurance that the high impact, intensive timeshare use will not deteriorate the lodge, but will ensure that the lodge is continually maintained and repaired. We recommend that the amount going into the reserve fund not be adjusted until five years after the first closing on a timeshare package. At this time, the owners can adjust the fund if 75 percent of the owners and 100 percent of the mortgagees agree to the amendment. 12. Occ~ Standards. The Prospector units willll be limite~~o six occupants at any one time as the applicant feels that this is the maximum allowed to maintain an optimum comfort level. This is within the Building Code occupancy standards., Lodge condominiumization regulations limit an owner's occupancy to 14 days during the winter peak season to ensure that lodge units remain available for short term use. A timeshare project must meet the lodge condominiumization requirements (Section 20-23) as well as the timeshare requirements (Section 20-24). If a timeshare purchaser in the Prospector buys more than two packages, he will be violating the 14 day restriction if he occupies the lodge during the ski weeks he purchased. Since the intent of the condo regulation was to ensure a short term use of the lodge, and since timeshare is by its very nature a short term use, the Planning Office feels this requirement can be extended from 14 to 30 days for the ProspectoY. (Limits a purchase to 34 packages.) The City Attorney's Office agrees that, when appropria*^, this requirement can be determined inapplicable for the purposes of timesharing. . /"~ ~! °R Memo: Prospector Lodge Timeshare Project Page Five . August 22,.1983 Referral r Comments:' The Attorney's Office commented that several clarification§ and change;:-were needed in the • timeshare documents. The:;e comments are summarized below: 1. A•title commitment is needed in addi'tion.to the warranty deed supplied. 2. The actual 50 year deed restription for the employee unit must be ro~•iewed'and approved by the Attorney's Office as soon as possible. 3. Timber Run, the marketing entity, should be licensed in Aspen and should maintain a local office. 4. The timeshare owners are required to own the common areas and amenities - this is 'not reflected in the declaration, but should be. 5. T?re Board of Managers must 'designate a local managing agent. This i os ptional as submitted by the applicant. 6. One deed should be conveyed for each three week package so that weeks are never resold individually. 7. References should be made throughout the application that the project is subject to all the requirements of Section 20-24 as well as the State Timeshare Laws which are specified. 8. The financing for the Prospector must be expressly subject to all restrictions placed on the project. 9. The proposed unit amenities and the employee unit (k 108) must be shown on the condominium plat. Engineering is requesting several minor plat amendments which are stated in the attached memorandum from Jay fiammond. It is also recommended that the landscaping plan contain the addition of the sidewalk spur on the west end of the alley and the irrigation of planting areas along the north and west frontages to maintain the trees in these locations. Jim Holland, Director of Parks, has conceptually approved the landscaping plan. The applicant is amending the landscaping plan from the plan ori- ginally approved through the conditional use review since the previous owner removed trees and constructed in areas which were to be preserved. The new plan retains all seven existing firs, includes sodding, several aspen clusters, a rock retaining wall, bricking the alley and a sprinkler system For maintaining the landscaping. .. ... ,-~ ~' ~.. Memo: Prospector Timeshare Project• Page Six , August 22, 1983 The Building Department stated that a conditional Certificate of Occupancy was issued on the Prospector in January, 1983 and was extended through June 30, 1983. The C.O: expired ;Tune 30th, as three conditions were still unsatisfied. These three conditions must still be met prior to is^uance of a C.O.: 1. The required handicapped access must be approved by Council. P&Z recommended that this access requirement be~waived. 2. The parking requirement must bc,reduced, from 17 to 16 or the additional space must be provided.. P6Z approved the parking reduction to 16 spaces. 3. The landscaping plan must be approved by Council. P&Z approved the landscaping plan as a conditional use modification. Tt~e Finance Department stated that .the plan manager or managing agent must apply for.and show evidence to the City of a Colorado State Sales Tax License' since City, County and State sales tax will be applicable to any short term rental of these units. The required real estate transfer tax will apply to initial and subsequent sales of the timeshare interests and will be collected as in any other real estate sale. The submission requirements for a timeshare appli- cation require a Disclosure Statement, Condominium Documents (Fractional Estate Declaration), Articles of Incorporation of the Fractional Owner's Association and the Bylaws of the Association as well as a sample purchase contract. The documents have been submitted by the applicant and reviewed by the Planning Office and Attorney's Office. Changes will reed to be made to these documents as conditions are placed on the Prospector through the approval process. The Planning Office and Attorney's Office should both review and approve the final documents to ensure the changes and clarifications are made. Lodge Condomin- iumization Review: Most elements of the lodge condominiumization review are covered in the above timeshare review. The Planning Office is, however, recommending a Code amendment to the timeshare regulations which clarifies this situation by including the condominium regulations as guidelines (not requirements) in the timeshare review. The following is a review of the lodge condominium regulations/guidelines which were not covered in the previous timeshare review. 1. An affidavit has been submitted which verifies that the Prospector Lodge has not been in operation for three years but the quality and quantity of services, maintenance and management of the operation prior to this three year period is being improved in the new facility. y~ Memo:' Prospector Timeshare Project Page Seven August 22, 1983 • Conditional Use Review (Sec. 20-3. 3): "'~ ~• ...' 2. The applicant is providing th_e required two pillows of employee housing. This-unit (t 108) •must be deed restricted to the employee guidelines for 50 years and must be shown on the condominium plat: 3. Section 20-23(A)(1)(a) limits an owner's occu- pancy during the winter season to 14'days. It is recommended that•this requirement be adjustE:d to 30 days,for the Prospector so that more than two timeshare packages can be purchased and utilized by one owner. The primary purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be seta A public hearing is not normally required in a two step subdivision exception process. Section 20-3.3 established three suitability regvire- ments to be used in evaluating a conditional use. These zequirements are met since the project complies with the zoning code and is consistant with the objectives of the zoning code and the CC zone district. .Also, the project is compatible with surrounding land uses in that it is located in an area with other lodge and corvnercial uses, blends in well with the neighborhood and will not significantly increase parking, noise or traffic impacts in the area. Laundry facilities are proposed as part of the Prospector. Since these facilities have not 'y et been reviewed as a modificat..ion of a conditional use, they would require another conditional use review. In order to avoid a second review and fee, the P&Z conceptually reviewed the applicant's plans for the laundry facilities, then tabled this review until further information is obtained. Planning and Zoning Commis- sion and Planning Office Recommendation: The Planning and Zoning Commission and the Planning Office feel that the applicant has submitted an excellent proposal for timesharing. Although we recommend approval, we also suggest that a very detailed list of conditions be established to ensure the project is carried out as it is graposed. F71th this in mind, the P&Z and the Planning Office recommend the approval of the Prospector Lodge timeshare application subject to the following conditions: 1. Tho applicant rtmst prov~de•a current title commitment from a title insurance company prior to City Council review. 2. The condominium plat must be amended to include the following: a. Reference encroachment license granted by Council for. the rock facade stairs on the north ront:aage. ~-, ,_ ~ ~. • `- ~r ..r Memo: Prospector Timeshare Project " Page Eight August 22, 1983 , b. Indicate book and page~~of easements for the transformbr in any vaults. or pedestals ,• on •the property. c. Show common areas. d. Locate trash facilities. e. Add necessary approval certificates. f. Add unit amenities, including hot tubs and saunas. g. Designate employee unit 1108. 3. The landscape plan should, be subject to the approval of the Parks Director. The plan should contain the following: a. The additional sidewalk spur on the west end of the alley. b. Irrigation of the planting areas along the west and north frontages to maintain trees in those locations. 4. The applicant must provide 16 on-site underground parking spaces. 5. The project must include amenities as proposed including a sundeck on the third floor, on- site parking,. lobby, and unit amenities including a hot tub, sauna, wet bar and masonry fireplace. Occupancy by a timeshare owner is limited to 30 days ~ . OCL• fg t 111art1,. 2L 7. No prohibited marketing practices will be allowed including the giving of gifts in a deceptive manner, use of public malls or streets for sale, and phone solicitations to visitors at other lodges. 8. The 19 renovated lodge units found in the ' Prospector must each be split into 52 weeks. Seven must be reserved for the maintenance•of the project. Four of these seven weeks must be used exclusively for maintenance with no rentals or other uses allowed. Two of the four weeks must be in the spring while the remaining two weeks must be in the fall. The remaining 45 weeks must be sold as proposed in three week timeshare packages. EwF,t~xhree week 3 ~,k, ~~e package cry~~st~~ontain a peak.~season s week, a peak sum er~week, and an off season week in either the spring or the fall. 9. No right-to-use timeshare leasehold rri~.l be• allowed. All Prospector timeshare interest sales must be on a fee ownership basis. .. ti.. Memo: Page Nine August 22, 1983• ,,.,, ,.~ r ~ 10. Timber Run Realty and Terry Liming as Plan • Manager will be respbnsible for the marketing program for the Prospector. A local contact • must be identified to the City of Aspen for communication purposes. The marketing program • identified in the timeshare application must be adhered to. 11. Subsidies for transportation and lodging will be allowed for parties interested in visiting ~nQ,„J the Prospector Timeshare Project. The Planning Office must review this subsidy program six months after the program is initiated to ensure that it is operating in the responsible way in which it was proposed. 12. As proposed, the applicant must establish four banking accounts for operation of the budget system. Proof that these accounts have been established must be documented to the City of ~J~i Aspen when such accounts are established. "' 13. The issuance o.i' a Certifica a of Occupancy ~'h will be suffi fent to mee the r quiremen of ~ection 20-2 (F)(2) of t Code egardi the seful lif, of mech~ii 1 and ele ric e~et$pme in the Prospector. 14. The mandatory two month deposit and any downpayments made in conjunction with the purchase of a timeshare unit must be held in an escrow accouht until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent must be a title company in Aspen, a neutral third party. 15 .. No closing will be allo~red until at least eight of the total 15 timeshare packages are ~.~k' sold for any given unit. ~~ 16. when closing occurs, the declarant as/ well as the new timeshare owners must then b gin to pay their quarterly assessment fees) For any unsold units the developer is responsible for operating costs. • 17 The Interior Reserve Fund and the Exterior , Reserve Fund, both expenditures itemized in the maintenance/ assessment fees, cannot be reduced or suspended during the first five years after the first closing. All other expenditure items used in the calculation of ~~`~ the assessment fees can be adjusted with g5-• ')H'p-.~ tf- -}ham .w-uLl D~ fll rS.~et3a-awner~-and- mar-tgagees-approvi'~'~he-adjvstmen~ The money designated for the reserve funds must always be held in escrow to be{used as needed (~,~ .~~ ~tM 9oln~ rrcbu-o~Pp Q~n~ ~i ~auaiid ~e~xt/~~~•xd.r~pi3~ e~ YW a+~sv~~~•c ~nr~9~icsf ~r 9 r._tm <0. v..t~t -ILL fu d- hn~ ntt~•nu le.ied Aro cao. 18. The Prospector timeshare units are limited to six occupants at any one time. 19. The actual 50 year deed restriction for the employee unit 0 108) must be reviewed and approved by the Attorney's Office as soon as possible. Prospector Timeshare Project .r-. .~~ Memo:• Page Ten August 22, 1983 20. The. owners ale required to own the common areas and common amenities in the Prospector :Lodge and this must be reflected in the -• appropriate documents. 21. The Board of Managers must designate a local managing agent. 22. One deed must be conveyed for each three week package so that weeks are never sold individually. 23. •References must be made throughout the application ,and attached exhibits to indicate that the project is•subject to all of the requirements • in Section 20-24 as well as the State Timeshare • Laws which are already specified in the ' application and attachments. 24. The financing for the Prospector must•be expressly subject to all restrictions placed on the project. Prospector Timeshare Project 25. The applicant must meet the last unmet condition ~-'~~•~ of the Certificate of Occupancy which states approved bygCouncilandThepP&Z,recommendstthat G6.5 the handicapped access requirement be waived. •2~. The plan manager or the managing agent must, apply for and show evidence to the City of a Colorado State Sales Tax License since the City, County and State sales tax will be applicable to any short term rental of these units. A required real estate transfer tax will apply to initial and subsequent sales of the timeshare interest and will be collected as is done in any other real estate transaction. 27. The Prospector Disclosure Statement, the • Prospector Condominium Documents entitled Fractional Estate 'Declaration, the Prospector Articles of Incorporation of the Fractional Owners Association, and. the By-Laws of the Association as well as a sample purchase contract must all be amended to reflect tha conditions of approval placed on the Prospector through the approval process. The Planning Office and the Attorney's Off~'ce must both review and approve. the final documents to ensure the changes and clarifications are accurately made. 28. Any updtiting.or amending of the approved timeshare documents must be approved through the City according to the requirements of Section 20-24 of the subdivision regulations. 29. ~t~=~~~~~sc~ssr,rcnz tees ana-e~cpe~aa.-~arL~s Imes is The declarant may rent unscld units but the rental money must go to;aard any maintenance which may be necessary as a result of the unit's use as a rental: •~ .. '' Memo: Prospector TimeshaYe•Project Page Eleven August 22, 1983 • ~ , 30. The applicant must clarify throughout the • •timeshare applicatibn references to timeshare units versus references to timeshare interests. 31. 30 percent of the qualified voters (present or represented by proxy) of the Fractional Owners Association must be present to obtain a quorum. ' ' 32. The owners may not lease the common elements • or amenities (excluding the employee unit) which they own as was proposed in the application. _ --j33. To ensure•compliance with the proposed marketing • ~ program, the applicant must post with the City suitable security in the amount of . ~' 7 $20,000 cash, a $20,.000 irrevocable letter of credit or a $100,000 surety bond. 34. Full details of the RCI exchange program (cost, procedures, other projects involved, confirmation percentages, etc.) must be provided to the 'purchasers of Prospector timeshare interests. 35. The applicant, not the applicant's attorney, should sign the timeshare application. ~~_ . j ~ -f •i me5(~ar~ docvmertf~ mu6t }~~ Q-ner~ded -~ -inclvd~. in-{-vrmc~~ion rer~zrnirn~ -Ef~~ owners' a~i (i-(-c~ ~ ~•-no u2 , by e~ mQlo rtfu vof~ , 0. dr~~r(!~r- or m~beCS of -thy .C~rat of .~Car~gers r-F ~~ A~ (car or meonb~.r~ vfo rx~ ~t1 0.n ~ rstcLe.pfa.b(~ Ir~lnnGf', (~y'Cr~s •~~ y,~ ~• . ( 3'1 : ` Q,ssessrn~rtf -E2~5 cav~nOf wr~-ken no-F%ce. ~ -fo -Eh~ avner5 prior -~ -Eh~ e~-~ec~+'~ da{~ ~ ~rtfE~n nofi c.~ m use e.~Cp(c~I n ~ docvm~'rtt -the. ne.~ ~~ r~~n mndvcf- rv(C~L°tt.~ bcasir,~ W rff~vf- ~ ~(S -ff~ ~nc~~a~ , svc~ ~r '~ iclc~szs~ -~ ~2 rrxr~ase. ~~.v-~ _~-~Pms '~ ~ ~~'~ ~arki ng ~`~~~ !~~ ~ (! ~ y ~ ~ d ~ ~ ~~ ~ '~Mark~l-iny - ~ob3tdie5 ~ (nQifrf. U.~~-s - alI ~ -(~2n? ~ won=oW~us 'rbDEal ~ ~,-'' ~('r.~( OF r-~ ~.~ - SD(112 ! d ~ yb o~ at I10(1 ~J4JRB'3~ ~w~er~- o•++~ 3~, cL~c> aFiCi ~_ v !-~ lkvnaxs - nrrt a((a.c~d -b (rxcpr r~cp ~~' ~- Loin i?~"k~@ Lv ccc( ~i'r~ ~ ~# (ia~ "'~"i~nbe-f c~ ~~-~Nlartp~irt _l(~PyrF - must G~'tp ~~ I.~~01v ac~ld he~9re C•O. ~ ~ ~~ r~(are ~~ u !2 w ! w ~f - OU7Rs a~rtnq/~ a~43 L~ (~ ~ rxn ~rH- ~2m s -~~drrl~enj{{~ on ~(orF emd ~i 3~ ~'. ~ rL~lr. a1 h~ ~f 2.~,ui ~ 3 mo . depo:~~ ~. dir. -Pfiaf- -~v~d hts 1,~+'t es(~b ~j,~C. ~hSUfa~1C~' y 1EJ -~ ~i / P..C-:- ~- Cond. of aL( sfnz- ~"~ uspf-u( I t~~e. ~ o utsksdir~ vlo(afwts ~. (~odaf-lnq- C~{-~~ gpyrartzl ~ and 5 ins°ld- ~-~i~ 90 /~' ~ ~ ~U~~fo ma_i_h~. !d. Eo. Rpdtc~rtf sign c~tc~fro.. `~ ~ ~ ~~ „- ~ ~~4~~~ ~z. Kollar es{-icra~ a~ (X~Irir~e"s -f,~non. o6l~~gaFloAs ~s. Q~sCr^ipfGb/l o~ {-rnor~dr~d . ~ t~ cc _ [«nrEe~( ~ ~ ~f ~ ~ ~ l4 - (~1~2u'~SfS US Unc'f 5 e< 'f~a~S d-- ~I ~,,, J iii ilj i6_ CQ(~8'' ~+"~~~~ /fit S4/'s. ~ °c4' ~lgfQrtfs ~!:- OCVners Pad Rd{~s fi i Rrl of ~W~grs ofFrule, ~ ~ 1 I; ~! I ~~ ~ . (J~-cl- cart t,~O chain d -( '~S~ ~?i i '~I 3d?a ~(. ~°ro o-E- ve(es - nab d~S,, ~ --~ Z`~- ~mw - cG yr cltis~~ ~'~~ a~a I~~i Q~•~,:~~ ~f ,...r.._..m . I . C©nd . (~ se ~ I._c~c(~ e C~ n~o . ~ s v,~L . Cx.C.~i~n ~ l q u /1 i is ~ 5 ~ wP~kS ~ '7 mai n-~el~nce ~5 - 3 ~k. pky. 3.~ M r ~R -~ I~~ i'~. li ~~ I, am I 1, ~I i i I,~ ~~ ,' Timber evn Peak - -tom ur i s-f G~w - {art~~F ~ ifi~s ~ i u i ~ p f Ca lffis Irk a (~pc~y~-iUe ~cnner CSubstct~i~s~ P.(7. c~eui~-w aEi2r (~ mo. ~ pulsua~e iz`- ±s tS~J'~i(~ (~.5(Y»siblY~ ctS ~ro~~d ~a r -----_-- ~' ..•- ~ S c (cis ; ~ l C_O ~ ~ ~ ~o ~~ s CIT'. OF ASPEN MEMO FROM ALICE DAMS ~..~ 1.. :.,,. ;;, 1, ^ .. <~ - ~,: i~p -'> ,l ,~~-' ~'J" '~ . Vy ~_ J j 1 t? ~ G s -+ i ~! u 1 ~ ;~ b ~ ~ ~ ~ O O J ~ ~ ~, O Uj J O Z ~ V ~ Z U d ~ a u ¢v w~_-~ } ~? .r-~-:~. 2 ~ ~. -.:_ .-. - ;.l M ~~'.~ j ~_ t_r~ i ril i °"'~ ~-r` `I I R7 ~ I a ,_.__c (o ._~~x= C r~-- .--I -_~ O '-I ~~ +~ ~ rl ro ~ .~ U O O N R3 ~ ro ~ s~ 0 s~ s~ ~ a~yo R. ' ~ U U U 0 o W ~ ~ N N N Ff -'~ C:, -- Z <; j (/ v O ` .J O ~., Z J Q rC i ~ _ G -' W ;` Q. V Q `" A ~ ~'' ~ ~' COMMITMENT TO INSURE This commitment was produced and issued through the office of LAND TITLE GUARANTEE COMPANY 3665 CHERRY CREEK NORTH DRIVE, DENVER, COLORADO 80209 Telephone (3031 321-1880 Countenignad: tt',, ~L ~~ Vai flog Otfkar Representing; s. _. ;,, nM Roan zsaz xrn AMERID TITLE ASSOCIATION COMMIa'+SENT -1970 Rar. .:r•'.',iJl.~. ~t'~ibjr"i~`V~ i~ ,1~j.;\ti- }n. a Stock Company of Minnaapolia, Minttaaota TITLE INSURANCE COMPANY OF MINNESOTA, a Minnesota corporation, herein celled the Compury, for a valwbk consideration, hereby commits to issue its polity or policies of title insurance, as identifud in Schedule A, is favor of the propoxd Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor, all subject to the provision of Schedules A and B and to the Condition and Stipulation hereof. This Commitment shall be effective only when the identity of the propoxd Inmrcd and the amount of the poBry or policks committed for have been lnxrted in Schedule A hereof by the Company, either at tha time of the issuance of thin Commitment or by subsequent endorexment. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obit' lions hereunder shall ceax and terminate six months after the effective date hereof or when the policy or poHcka committed for shall issw, whichever first occurs, provided that the failure to issw such policy or policies is not the Gault of the Company. 1. The term "mortgage", when uxd herein, shall include deed of trust, trust deed, or other xcurity instrument 2. If the propoxd Inured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than thox shown in Schedule B hereof, and shall fail to disclox such knowledge to the Company in writing, the Company shag be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company u prejudiced by failure of the propoxd Inured to so disclox such knowledge. If the propoxd Insured shall disclox such knowledge to the Company, or if the Company other wix acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other nutter, the Company at ih option may amend Schedule 8 of this Commitment accordingly, but such amendment shall not relieve the Company from (lability previously incurnd pursuant to paragraph 3 of thex Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named propoxd Inured and such parties in- cluded undo the definition of Insured in the form of policy or policks committed for and only for actual loss incurred in re- liance hereon in undertaking in good faith (a) to comply with the requirements hereof or (b) to eliminate exception shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by thin Commitment. In no event shall such liability exceed the amowt stated fn Schedule A for the potty or policies committed for and such liability is mb~'act to the inuring provision and the Condition and Stipulations and the exclusbn from Coverage of the form of poBry or policies rnm- mitted for in favor of the propoxd Insured which are hereby inwrporated by reference and made a part of this Commitment except as expressly modified herein. 4. Any action or action or rights of action that the proposed Insured may have or may brirtg against the Company arWrtg out of the status of the title to the estate or interest or the stator of the mortgage thereon covered by this Commitment must be baxd on and are subject to the provisions of this Commitment. In addition to the matters contained in the Conditions and Stiputationa and Excluzons from Coverage above referred to, this Commitment is aim subject to the following: 1. Rights c: dain:c of parties in posxssion not showe by the public records. 2. Eaxments, or claims of eaxmenu, not shown by the public records. 3. Discrepancies, conflicts m boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premixs would disclox and which are not shown by the public records. 4. Any lien, or right to a lien, for xrvices, labor or material theretofore or hereafter famished, impoxd by law and not shown by the public records. 5. Defects, liens, encumbrances, adverx claims or other matters, if any, created, first appearing in the public records or attaching subxquent to the effective date hereof but prior to the date the propoxd irtsured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. IN WITNESS WHEREOF, Title Insurance Company of Minnesota has cauxd its corporau name and xal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A, to be valid when cowtersigned by a validating officer or other authorized signatory. I. `!>l. ?,' VCS 1 ~ 'Ar4:~Y .-,F ~j,, ti '~ ,. C.!!~~~ Preddant .m,e,~N ALT•~,_„ICOMMITMENT. CHEDULE A ~ _4 Application No. A0135472-2 For In}oraation Only - Charpss - Orear Policy 55, 197. 00 Tas Carti}. fs. Do - - 70TAL - - 55.202.oD kith your rs~ittanco plsasa ra}sr to A0133472-2. i. Ef}active Data: JUNE 27. 19~ at A: 00 A. N. . 2. Policy to bs fssusd, and proposed Insured: •ALTA• Ornor's Policy 53.100.000.00 Forte 8-1970 (Awandod 10-17-70) Proposed Insurod: MERIT INVESTMENT CO.. INC., A COLORADO CORPORATION 3. The estate or intarsst in the land described or ra}arrad to in this Coawitwent and covered herein is: A FEE 4. Title to the estate or interest covered horoin is at the a}}ectiva date hereo} vested in: INTRAiIEST BANK OF DENVER. NATIONAL ASSOCIATION 5. The land re}erred to in this Cowiritaont is described as fo113en: LOT8 A. H, C. AND D. BLOCK 82. CITY AND TONNSITE OF ASPEN, ACCORDING TO THE NAP RECORDED DECD 16. 1959 UNDER RECEPTION ND 109023. PITKIN COUNTY, STATE OF"COtiORADO. .AL.JCOMMI TMENT• ~:J (Requirewents) Application No. A013347Z-~ The following are the requirewents to be cowplied with: i. Paywent to or for th• account of th• granlors or wortgagors of the full consideration for the •stat• or interest to b• insured. 2. Prep7!r instruwent(s) creating tA• estate or interest to b• insured wvs! b• executed and duly filed for record, to-wit: 3. WARRANTY DEED FROM INTRAWEST HANK OF DENVER. NATIONAL ASSOCIATION TO MERIY INVESTMENT CO. , INC.. A COLORADO CORPORATION COi:'VEYII~ EUH.IECT PROPERTY. NDTE: ITEMS 1-4 OF THE STANDARD EXCEPTIONS MILL BE DELETED UPON RECEIPT OF SIOP6D AND NOTARIZED LIEN AFFIDAVIT AND AN APPROVED SURVEY. •,,.+ • .AL "'~,l•COMM I TNENT. ''~ SCHEDULE 8-2 (Exceptions) Application No. A0133472-2 The policy or policies to ho issued rill contain esceptiens to the foilorins unless the same are Iisposed e} to the satisfaction of the Cowpony: 1. Stanlard E:captions 1 lhrou~h S printed on tAe cover shoot. b. Taxos and assesewents not yet duo er payable and special assesswents not yet certified to the Treasurer's office. 7. Any u:+paid taxes or assosseonts against said lan/. 8. Liens for unpaid ester and sorer char'es. if any. 9. ANY EXISTING LE/18E8 OR TENANCIES 10 tN~PATENTED MINING C(.AIMB~ RESERVATIONS OR EXCEPTIONS IN PATENTS OR IN ACTS AUTHORIZING TFE I88UANCE TFEREOFs WATER RIOFITS. CLAIMS OR TITLE TO WATER. il. TERMS. PROVISIONS AND OBLIGATIONS AS CONTAINED IN NOTICE OF HISTORIC DESIGNATION RECORDED IN BOOK 293 AT PAGE 513. 12. ANY TAX. A88ESBMENT. FEES OR CFNRGES lY REASON OF THE INCLUSION OF THE SUBJECT PROPERTY IN ASPEN FIRE PROTECTION DISTRICT AND ASPEN VALLEY HOSPITAL DISTRICT MID ASPEN SANITATION DISTRICT. NOTE: ITEM NO. 9 ABOVE WILL 8E DELETED UPON RECEIPT OF MI AFFIDAVIT SIW~ED BY INTRAWE8T BANK OF DENVER NATIONAL ASSOCIATION STATING TFERE ARE NO OUT8TANDINO LEA8E8 OR TENANTS. ~: .f nod" a°°" ~6(f~ ~rGif'1 ~ P 0 ~-~-~' 0 ~ --~ ~~ P--~-i v2 c~ i-~ P. - expen~ence~ ~' ~r v2 ~4 cc~. - r~~k-~ o l ~r c~h+-ate ~~~.~ ~t~ ~o~, `t,l,~i,tiunat, - -E'ornnvlc~r rad~' a~. vn-4-~ l (~(05E'c~ -~.K U,`i-f~-o-F~ - 'rh Y9 v ~Fvrr~ e5~~'~~~( nroe~ ~5 Ld-s ~ap~' Pl~-`- 5 - ~~ ~ ~ ? C{~ar W ~~ ~ ~~ - ~~~ ~; ~~ ~ ~"~ ~5 -~'arn ~-fPG"s ~e~ ,,.. '~..d lntraWest//,~ ~ ~~/ ~~ IntraWest Bank o} Denver, w.~. 633 Seventeenth Street Denver, Cdorado 80270 (303) 2932211 3/3/83 Cantrup Foreclosure Sale Data Gross Loan at 3/1 Advance to complete, per MDC MDC Fee Interest through Default Dates -- 9/30/82 10/1/82 12/31/82 Default Rate Interest (18%) thru 3/2!83 3/3/83 Interest at per diem Principal & Interest through 3/3 Legal Fees Receivers hip ;Costs Collection Costs Other Settlement - Mechanics Lien Prospector 3,916,003.62 100,000.00 50,000.00 225,134.62 118,599.45 1,958.00 4,411,695.69 12,054.70 8,103.33 3,866.60 1,368.54 Total Debt at Sale Date -~ 4,437,088,86 'A ~.r `ra~ Q n ~' '~+ .J ~..~ .~ ; ...r. ^^;.'RT i:.:~L'Si C. ' _~ ." [;XITED STATES BA\RR(iPTC]' COURT ~ JN 1 ~ 1~~3 For the D'utrictof Colorado I\ RE Hans B. Cantrup S.S. No. 074-26-5744, and June Allen Moss Cantrup, aka June Moss, aka June Cantrup, aka June M. Cantrup S,S. No. 375-20-1891, . (caption continued on attachment) DEBTOR. IinduJ< here all name. ustJ M Debtor within last h \rahj ~_ =='UT.Y CLER'C CASE ~O. 83 B 01161 G STATE9IENT OF F(\ArCIAL AFFAIRS FOR DEBTOR ENGAGED IN BL'S(NESS i Bath yUe\IIOn shuulJ be anSN triJ Ur IAC fallUrl W anSx'ef CSpI:11DtJ. If the ansM'ef IS -'rWnt •' IM1IS ShW IJ be \IaleJ. If aJJltiOnal Space IS netdeJ for lhr an\xtn w usly question. a sepurrlt sheet properly itlenlifieJ anJ malt a prn hereof. shoulJ be useJ anJ altacheJ. I(lhe JeMur i\ a partntrship or a corpssrrtion. the questions shall t+e JeemeJ to be aJJresseJ to. anJ shall be answered ua behalf uf. the parmenhip or corry+aliun: anJ the statement shall he certifieJ by a member of Iht partnership ur by a July au[hurimd officer of the corporation. The term. "uriginrl petition." as useJ in the following questions. shall mean the petition file) unJer Rult 1003. I Wf, or IOOS.J 1. \a1un. h<alba. urW namr of husineta +. l'nJer what name anJ xhrc Jo yaw tarty on ~,wr hu\ine\\? h. In xhat Iw\itles. ate ysw erlFaFeJ^ IIf lwsi- ne\. ,+perrtinn\ !yv< hen IermlruleJ. (live the Jae+$\tmA lermimtiun.l c. K'hen JiJ ysw commence such business? J. N'h<rt el\r. anJ unJ<r x~hat other names. ha+e )all curri<J un hu.ine\. xithin the 6 years imm<Jlal<h paeJing the (lint of the +xiprW p<unun herein' 1Give Greet aJJrcsses. the some. of am Iwflllrf\, pJnl aJventurers. ur usher u.v~ial<\. the nature of the twsiness. anJ th pen.\In hx x hicA it xw carrieJ on.l <. tshal i. ).wr rmplorer iJentificmiun numhr! hwr vwial \ecuntc number'! .. &wAs and renmds r. Ba wham. nr onJR xhu\r .upervi+ion. hmr +..ur hr.i...d acnwnl anJ ncurJ\ hren A<pr Jurm~ Ibr . dean tmmeJrnrK prtrcJinD IAe films ,.I Ihr ~.nprn:+l prlllipn h<rrm:' IGne namr.. +JJn••v.. anJ pcr6xl..d um<.1 h. d. '•hum ha+a• )our hx+A. .d umawnt uM! re:nrJ. hren :mJneJ During the )<ar\ im• m<Juln+ preea•Jmp Ih<filing +M tht urikinal Peu- bon herein' IQrve names. uJJn\v\. anJ Jatrv.d auJin, r .. In xhu.e ry+\\e\\ion are y+wr hxJ;\ of ac• wnl anJ re:nM:' IGivr namr. anJ aJJrc\.<s.l J. 11 an+ al Ih<v hwA\ +x frrPfdf art MM .+al6n(r. evpam. a Fl:ne an)hwA\.J;mawm.x nc.xJ\relat- mp n .,wr affair. hen Jr\InyroJ. In.6 nr .x hcM ly JI\rynrJ .J' xis bin Ihr )earn im• m<Jruei~ prccCJin~ the 1'ilin8 +(Iht unglml pru- Unn h¢•em! d( v.. pnr parti:ular\. inaluJlnr Jae at Je.tru, xm. M..., ,.r Ji\Ixrauon. anJ rea• .an Iheq-Iw.l QUESTION 1: See attachment. a. Books and records have been kept by Debtors. b. See attachment. c. Debtors. d. See attachment. e. No. Ft1R\I ~Q. N Sl armrnt of Financial Affairs fnr DrAlor EntaRed in Rusinnz_ Rn. '8v_ s,,,,,,,,,,,a, ,z., ., ~,~ ~~ APPLICATION FOR APPROVAL of TIMESHARING PROJECT Pursuant to Section of 20-24 of the Municipal Code, the City of Aspen (Ordinance No. 52, Series of 1982)(hereinafter the "Timeshare Ordinance"), Merit Investment Company, Inc. (hereinafter referred to as °Applicant"), hereby applies for approval from the City of Aspen for its plan to timeshare and condominiumize the lodge existing on certain real property situate in the City of Aspen described as Lots A, B, C and D, Block 82, City and Townsite of Aspen, Pitkin County, Colorado, commonly known as the Prospector. Further, this application shzill constitute an application for a conditional use pez•mit for timeshare use at this location and to amend the eristiny conditional use permit governing the parking spaces provided on the property. SECTION 20-24 (D) PROCEDURE 1. Fees. Enclosed herewith are the fees for subdivision and conditional use review in the amount of $1,475.00. C '' 2. Proof of Ownership. Attached hereto as ~' Exhibit 1 and by this reference incorporated herein is a ,~.._ ~~' copy of the public trustee's deed to the IntraWest Bank of Denver, N.A., along with a copy of the contract between the IntraWest Bank of Denver, N.A., and Applicant demonstrating Applicant's interest in the Prospector and Applicant's right to use and deal with the Prospector. ~, ,_w. 3. Surve Enclosed herewith is a current improvement survey for the property. 4. Site Plan. Enclosed herewith is a site plan for the property which shows landscaping and project amenities. The Prospector was newly rebuilt and was issued a Certificate of Occupancy in January of 1963. It has nineteen (19) units averaging 756 square feet each of living space and one (1) employee unit of approximately 900 square feet. The units feature private decks with hot tubs and saunas, wetbars and masonry fireplaces. Located on the deck attached to each unit is a separate hot tub and sauna for the exclusive use of the owners of that particular unit. The general common elements for the use and enjoyment of all owners include: the sundecl: attached to the third floor on the east side of the building, all on-site parking spaces, lobby area and the laundry facilities which are planned for the project. Because the Prospector is newly rebuilt in accordance with all current building code health and safety requirements and regulations additional upgrading of the property is not required. 5. Vicinity Map. Enclosed herewith is a vicinity map showing all adjacent and surrounding uses and their zoning. Attached hereto as Exhibit 2 and incorporated herein by this reference is a list of the names and addresses of the owners of the surrounding properties. 6. Employee Housing. Unit No. 108 of the ~e Prospector has traditionally served as employee housing for f `~- the project and will be retained as such. This unit ~~ contains approximately 900 square feet and can house two pillows of employee housing. 7. Disclosure Statement. Enclosed herewith is The Prospector Disclosure Statement promulgated pursuant to - 2 - `.-~ W .+hq 20-24 (F) of the Municipal Code of the City of Aspen, s 0 ~; `,~ .~V Colorado. 8. Condominium. This application is a concurrent application for timeshare and conditional use approvals and for amendment to the existing conditional use --- __ _ permit. ;The subdivision of the property into timeshare estates involves the creation of condominium units and within each condominium unit the creation of fractional estates. Because the timeshare review process is subdivision review there is no necessity to go through the lodge condominiumization review process. The real estate ownership plan and subdivision being created is not a condominiumized lodge; rather, it is a timeshare project governed by the provisions of Section 20-24 of the Municipal Code of the City of Aspen, Colorado. The Fractional Estate Declaration- for the Prospector specifically allows timesharing. All mortgagees of the Prospector have approved the proposed timeshare project and all condominium units in the timeshare project shall be included in the same sales and marketing program. 9. Marketing Plan. The Marketing Plan for the Prospector Lodge will be straightforward. There will be no gift give away programs, no use of public malls or streets for sales and no phone solicitations. The approach is simply a low-key, honest sales presentation. During the peak seasons of winter and summer the marketing will be directed toward the tourist. Local magazines, the newspapers, and television will be used for informative advertising. During the low seasons of spring and fall, the ' marketing will be mostly directed at our target areas (Houston, Dallas, Chicago, etc.). Publications such as the - 3 - ~, ~~ Wall Street Journal, Barrons, Ski, and the airline magazines will be utilized. The person who responds to these ads will be sent an information package on the real estate which discloses fully all pertinent details on the real estate being offered. The package will outline the concept, program, maintenance fees and dues, financing and the exchange program, Resort Condominiums International. If and when the respondent calls back, he will be invited to visit the property and to look over the area. He g~l~ 1 will be offered a subsidy to help pay transportation to Aspen and his lodging in Aspen. The program will be explained simply as it is, a 1/15 fractional estate which provides for three weeks of use per year. One week will be selected from each of three different seasonal categories: winter, summer, and spring/fall. Each 1/15 fractional :state is conveyed with its own general warranty deed, title insurance and mortgage. There are seven remaining weeks f~_ . which 'can)be Wised for cleaning and maintenance. The ~. prospective purchaser after viewing the property and hearing the sales presentation, may then decide whether he would like to purchase a fractional estate. The following is a list of the publications used by Timber Run Realty, the marketing entity, to advertise Timber Run Condominiums, a fractional estate project in Winter Park, Colorado. The Prospector Lodge will be promoted in much the same manner using the most productive of these publications and various local media. Business Week Barrons Chicago Tribune Colorado Lawyer Continental Extra Dallas Business Journal Miami Business Journal Metro Magazine Playboy Powder Resort to Colorado Rocky Mountain News - 4 f".,~ 4, s Dallas Morning News Denver Post Gentleman's Quarterly Houston Business Journal Houston Chronicle Houston Post Kansas City Star Viking Ski Shop .~ `.r/~ Ski Skiing Ski America Directory Sports Illustrated TexaB Flyer Texas Homes Texas Monthly United Mainliiier Wall Street Journal Submitted with this application are copies of "Advertising Portfolio" and the marketing brochure (entitled "Fractional Estates, an Alternative for the Eighties") for the Timber Run Condominiums which provide a representative example of the marketing approach used by the marketing entity, Timber Run Realty. Basically the marketing approach and plan for the Prospector will not be any different from that utilized for any other real estate in the Aspen community. It will not ile promoted any differently from typical real estate promotions utilized by well-respected offices in Aspen. This project cannot be classified as a typical timeshare project because of the small relative number of sales necessary to sell out the project. This is not a huge multi-unit project which has each unit divided into fifty use weeks of the year. Rather, each unit is only divided into fifteen Fractional Estates and thus the more traditional sales methods would seem to be the better approach. This is coupled with the fact that the project is located in the City of Aspen which carries with it a prestige and ambience that again allows for the traditional real estate sales approach typically utilized by the respected real estate offices here in town. - 5 - ,.~. r/ PY~ tN/ 10. Real Estate Transfer Tax. The real estate transfer tax will be collected at the closing of the sale of ~, any timeshare~u u Each purchaser will be given a deed for ~. the fractional estate purchased and thus such deed will not be able to be recorded unless and until the purchaser demonstrates that the real estate transfer tax has been paid. This is the typical and customary procedure for all real estate closings for property within the City of Aspen. 11. Upgrading of the Proiect. The upgrading required by the Timeshare Ordinance does not apply in this instance as the project is a newly rebuilt lodge. 12. Proposed Budget for the Prospector. The estimated annual budget of the Prospector is as follows: , '~-,` ~` fish" f PER UNIT -' Jr` ITEM OF EXPENSE COMPLEX PER YEAR* COMMON ELECTRICITY 3,800 200 SNOW REMOVAL 2,850 150 CABLE TELEVISION 3,420 180 WATER & SEWAGE 3,800 200 TRASH REMOVAL 2,375 125 GAS/HOT WATER HEAT 13,300 700 EXTERIOR MAINTENANCE 4,940 260 INTERIOR COMMON AREA MAINTENANCE 2,850 150 CONDOMINIUM MANAGEMENT 22,800 1,200 FIREWOOD 1,900 100 COMMON AMENITIES 570 30 3UILDING INSURANCE 5,035 265 INDIVIDUAL UNIT ELECTRICITY 10,260 540 TELEPHONE 3,420 160 FURNITURE, APPLIANCE RESERVE 28,500 1,500 CONTENT INSURANCE 1,900 100 PROPERTY TAXES 22,800 1,200 C.P.A. REVIEW 1,900 100 INTERIOR UNIT MAINTENANCE 3,800 200 INTERIOR JACUZZI/SAUNA 3,800 200 EXTERIOR BUILDING RESERVE 10,000 526 ADMINISTRATIVE (phone, postage) 3,800 200 TOTAL $157,820 $ 8,306 * rounded to nearest dollar TOTAL DUES PER YEAR PER UNIT = $8,306.00 1/15 SHARE = 553.73 PAID QUARTERLY = 138.43 CHARGES FOR MAID SERVICE AFTER OWNER CHECK OUT WILL BE BILLED SEPARATELY BY THE MANAGER. 6 .., . , <.. s .... This budget system uses four separate banking accounts: .~~!J~ 1. General operating; '~'~ ~ ~ ~ ~~ r~ `, 2. Escrow for taxes; c~" ~~;;{~,.~^: ' ' 3. Escrow for furniture reserve; and ~ ~ ;~ ~ `~' 4. Escrow for building reserve. This budget has been estimated on the basis of Terry Liminq's experience as plan manager of the Timber Run Condominium, a fractional estate project in Winter Park, Colorado and by consulting with various other local property managers in Aspen. The figures have also been determined by taking into account the cost of living in Aspen and the size of the project. 13. Management/Assessment Fee Information. The management/assessments fees will be held as per the above itemized budget in the four separate banking accounts of the Association. The estimated dues and assessments have been computed on the basis of the above itemized budget and in accordance with the provisions of Article XX of the Fractional Estate Declaration for the Prospector. 14. Reserve Fund. The reserve fund for the project has been broken down into two components: (1) for the upkeep, preservation and maintenance of the interior of an owner's unit; and, (2) for the exterior of the building. Please not~_from the above itemized budget that these amounts are being held over and above regular annual amounts utilized for regular maintenance and upkeep of the interior and exterior of the building. It is anticipated that the Exterior Building Reserve Fund will be used when necessary to repaint the exterior of the building, to repair or~ replace the roof or other structural components, to replace - 7 - s^., any landscaping, to wash the windows and to repair or replace the indoor/outdoor carpeting throughout the common areas of the building. As the project is brand new now, with normal upkeep and maintenance these funds should not have to be expended for some time. It appears that the earliest anything would have to be done other than the regular annual cleaning chores, would be in four or five years when the outside would be repainted. The new roof should last at least ten, more likely fifteen years. Thus with $10,000 being put into the Exterior Building Reserve Fund each year, in five years there will be $50,000 accumulated in the account which should be more than enough to meet any exigent circumstances. The Interior Reserve, for furniture, furnishings and appliance replacement will be utilized to periodically renovate the interior of the unit so that the units continue to remain in excellent condition and the owners of the project will be better served and their stays there will be more comfortable. It is anticipated that, if anything, the estimated reserve funds are high and that once project is operating, the owners may agree to lower the amounts required to be paid into the reserve or to suspend for some limited period of time further payments into the reserve so that large accumulations of the owners' cash will not just be sitting in an account and not earning any benefit for the owners. It is important to note however that this is a right of the owners subject to the terms of the Fractional Estate Declaration of the Prospector Lodge. 15. Affidavit. Enclosed herewith is an affidavit from the Applicant attesting that the required documentation and facts contained herein are true and accurate and acknowledging that the requirements of Section 20-24 of the Municipal Code shall be binding on the successors and assigns of the Applicant. - 8 - ,~ ....~ SECTION 20-2{ (E), TIMESHARE STANDARDS AND REVIEW CRITERIA 1. Right to use. This is not a right to use project. It ie a deeded ownership of real estate. 2. Integration. All of the units in the project are included in the timeshare plan. 3. Marketing and sales practices. Applicant's marketing program utilizes responsible, ethical sales practices. The marketing program will not permit the following practices: a. Use of public malls and streets for sales. b. Sales campaigns using phone solicitations. ~ ~;` Sir''' c. The giving ofq~tfts in a deceptive manner. No gifts are to be given. d. Any unethical sales and marketing practices which would tend to mislead potential purchasers. Use weeks for the Prospector are selected by choice of one week from each of three groups: prime ski weeks, summer/fringe ski weeks, and spring/fall weeks. The price of the fractional estate is determined by the prime ski week in the three week package. Because of this three week combination marketing program and the indivisibility of Lhe fractional estate, off-season weeks are sold to each purchaser and are more likely to be used than if such weeks were conveyed separately. As has been previously explained above, the availability of the units will be advertised in - 9 - 1"V +"n~ •.,s .. / well-respected national magazines and other publications and the project will be marketed and promoted consistent with marketing and promotion typically utilized for other real estate in the Aspen area. 4. Amenities. The project's recreational facilities and amenities shall be sufficient so ae not to create an undue burden on public facilities. The facilities and amenities will sufficiently service the needs of the project during both the summer and winter seasons. As was previously explained above, the amenities include private decks with hot tubs and saunas, wetbars and masonry fireplaces in each unit, common sundeck, on-site parking, lobby area and laundry facilities. 5. Parkins. Parking shall be sufficient and meet the demands of the project. There are sixteen (16) underground off-street parking places in the project which will be available to occupants of the project. This large number of spaces should be more than adequate to meet the needs of those persons occupying the project at any one time. As the present conditional use permit governing the property provided for seventeen (17) underground off-street parking places, this application requests that permit be amended to reflect the number of spaces that were actually built, sixteen (16). This request is being made becasue it is impossible to add a seventeenth (17th) parking space on the property. ~,L 6. Maintenance. Maintenance services for the ~'~ ~ units are provided for in Article XVII the Fractional Estate \.. ~~ Declaration. In addition to the weekly maintenance services .1~ ~~ provided, a minimum of seven (7) fall and spring weeks per year shall be set aside as maintenance weeks during which the Association will provide major maintenance, repair and replacement service to the units. - 10 - ! ,A yy/, 7. Budget. The proposed budget for the Prospector, previously set forth above, is the best estimate at this time of the budget and demonstrates an accurate indication of necessary costs and expenditures. 8. Conversions. No upgrading is necessary for this project as it has been newly rebuilt. 9. Escrow. Deposits or down payments made in connection with timeshare unite shall be held in an escrow account until closing. The escrow agent shall be a title company in Aspen, Colorado, a neutral third party not having any interest in the purchase and sale transaction. 10. Management/Assessment Fees. In addition to common expenses each fractional owner will be assessed a prorate assessment. Included in this amount is an owner's prorate share of common expenses, maintenance expenses, management fees, property taxes, utility charges, charges for upkeep or replacement of furniture and furnishings in each unit, insurance and any other expenses incurred in the normal operation of the project and attributable to the fractional estate. The elements of this fractional unit maintenance fee and the method by which it is assessed are explained in Article XX of the Fractional Estate Declaration. 11. Reserve. A reserve account shall be established to assure that the project will be satisfactorily maintained throughout the lifetime of the project. The determination of the amounts held in this reserve account has been previously explained above. 12. Occupancv standards. Although the units in the Prospector are spacious enough to accommodate more than - 11 - 1 six (6) persons according to the Aspen Building Code, the Applicant believes that the optimum comfort for the occupants will be ensured by limiting their number at any ` i .,~~~t~ one time to six (6). Therefore the Association may ` promulgate a rule restricting occupancy to this number. Occupancy throughout the project shall be in compliance with the applicable building code requirements. SECTION 20-24 (F), DISCLOSURE 1. Disclosure Statement. Enclosed herewith is the Prospector Disclosure Statement promulgated pursuant to Section 20-24 (F) of the Municipal Code of the City of Aspen, Colorado. 2. Conversion property. As this project has been newly rebuilt 'ttii:; code section's requirements for conversion of property do not apply. 3. Updating and filing. The Applicant shall update the disclosure statement as necessary and fila with th® City all amendments to the time timeshare pro~rct instruments. All amendments shall be initially submitted for review to the Planning Director. 4. Time for provision of disclosure statement. The Applicant shall provide a prospective purchaser with a copy of the disclosure statement before any° transfer of a timeshare unit and no later than the date of execution of any contract of sale. 5. Right to rescind. A statement that there is a ten (10) calendar day mutual right of rescission is contained in the Fractional Estate Purchase Contract for the Prospector. - 12 - ,~.. 6. Escrow deposits. Any deposits made in connection with the purchase or reservation of a timeshare unit from Applicant shall be placed in escrow and held in an account with a title insurance company in Aspen, Colorado until: (a) delivered to the seller at the expiration of the time for rescission or such later time as may be specified in the purchase contract; or (b) delivered to the seller because of purchaser's default under a contract to purchase the timeshare; or (c) refunded to the purchaser. 7. Effect. All instruments of conveyance shall indicate that title is being transferred subject to the Fractional Estate Declaration which shall include the disclosure statement as an exhibit thereto. SECTION 20-24(G), BUILDING CODE HEALTH AND SAFETY REQUIREMENTS The structure is newly rebuilt and complies with all applicable fire and building codes and health and safety requirements. SECTION 20-24(H), UPGRADING TIMESHARE PROJECT Because the project has been newly rebuilt, no physical upgrading of the project is necessary. SECTION 20-24(I), TIMESHARE PROJECT INSTRUMENTS 1. Disclosure Statement is enclosed herewith. 2. Enclosed herewith are the following project instruments: (a) Fractional Estate Declaration for the Prospector, (b) Articles of Incorporation of the - 13 - Prospector Fractional Owner's Association, (c) Bylaws of the Prospector Fractional Owner's Association. These timeshare project instruments comply with all the requirements set forth in Section 20-24(I)(2) and (3). See Memorandum of Compliance filed herewith. SECTION 20-24(J), MARKETING OF TIMESHARE UNITS Applicant's marketing plan has been previously outlined above. To assure compliance with Applicant's marketing plan, as approved, Applicant shall post with the City suitable security as provided in Section 20-24~ of e . ~'~ SECTION 20-24(K), UNSOLD UNITS Applicant shall pay with respect to unsold timeshare units, assessments and fees equal to those assessed or levied on sold timeshare units. The Applicant may rent unsold timeshare units and any funds realized from the rental, to the extent necessary, shall be utilized to defer any mainkenance costa. SECTION 20-24(L), EXCHANGE PROGRAMS All condominium units in the project will be able to participate in an exchange program. The largest and most sophisticated condominium exchange program in existence is Resort Condominiums International (R.C.I.) with corporate headquartare in Indianapolis, Indiana, R.C.I. has over 500 resort locations and over 250,000 members. R.C.I. executives have inspected the Prospector and determined that it will blend well into their system. Before actual . marketing of the Prospector begins the developer will join - 14 - R.C.I. to allow purchasers vacation exchanges. R.C.I. procedure requires member resorts provide two years membership dues be paid for by the developer. After two years each owner has the option of paying a membership fee (currently $48 per year) or dropping out of the system. No owners are ever required to remain members of R.C.I., although historically a very high percentage do continue affiliation because of the obvious benefits. SECTION 20-24(P), CITY SALES TAX Occupancy of any timeshare unit by anyone other than the owner thereof who pays a fee for the use of the unit shall be subject to the City Sales Tax the same as if such occupancy were of a hotel or a lodge unit. In the event of such occupancy, the owner of the unit shall notify the owner's association and the manager of the association shall collect at or prior to the time of such occupancy the requisite City Sales Tax. Thereupon the tax shall be paid over to the City of Aspen. The manager of the Association shall be authorized to disallow such occupancy unless and until ha is assured that the City Sales tax will be paid. Applicant respectfully requests this application for timeshare and condominiumization approval, for a conditional use permit to allow timeshare use at the Prospector Lodge and for amendment to the existing conditional use permit be presented before the Planning and Soninq ooapmission at its next regularly scheduled meeting. ~G ~~~ ~A(~ yh9 ,~~(~" ~~n~ ~'~ ~~ o-~ ti,~c, ~~ this day of , 1983. OFFICES OF GIDEON I. KAUFMAN, P.C. GIDEON I. ICAUFMAN, ESQ. DAVID G. EISBlISTEIN, ESQ. BY Attorneys for Applicant Merit Investment Company, inc. - 15 - EXHIBIT 1 TO APPLICATION FOR APPROVAL OF TIMESHARING PROJECT ! ~'. ~r s ' ~r . e. ,. ~ ti>~..t .. wa~MtMR/sr. ~ irMi: . r o. • ..,r +A~Ma M. 1Y^~^14 f4.. i .~,. x n ~ r, '"~'~ '~~~ Pt~ia c < ~' w ` '~Ak Ot ~' ~. ~~ ~ ~ ~~~; ~ $ {7. ~, n _ ,~ '3 '~ 'k ~ ~ iii ~. ~ ` a, ~ v ~ r t i ~~J ' t R N ` ` 3 r' 4 .. '}. ~ .. a ~. ~ . ~ k ~ r.: ^ ''. c .: ~ y ' ~ d- ~~'~ c ,s~ 5~~; ~.~ ~ ~ ~~ i ~ E. ~ q g ~ x ~ ~v lei ' i.k - S, ~. ~~ ~ . ~ ~~ - ~~ 4 .A Block 90 lot A Park Place Condominium Association, Inc. % D.J. Fleisher 620 E. Hyman Avenue P.spen, CO 81611 Number of Units - 12 Scott Investco, a co-partnership Box 4257 Aspen, CO 81612 Block 89 Lot A & B B & K Associates 308 South Pti11 Street Aspen, CO 81611 Amelia L. Kopp & Company P.O. Box 100 Aspen, CO 81612 ,-pt Lot C Birkwood Associates P. O. Box 3421 Aspen, CO 81612 pt Lots C & D Roaring Fork Condominium Association, Inc. 417 E. Hyman Street Suite 402 Aspen, CO 81612 Number of Units - 3 pt Lots D, E,F, Roaring Fork Arms Condominium Association, Inc. and pt G 417 E. Hyman Street Suite 402 Aspen, CO 81612 Number of Units - 18 pt G & all James E. Cox H & I P.O. Box 111 Martinez, CA 94553 Lot K & pt L Golden Horn Building, Ltd. P. O. Box 4947 320 South Mill Street _ Aspen, CO 81612 Aspen Sports, Inc. 408 East Cooper Street Aspen, CO 81611 Lot M & N Red Onion Condominium Association, Inc. % Charles Israel 600 East Hopkins Street Aspen, CO 81611 Number of Units - 3 ~,....,. ~ ~e _r Block 83 Wagner Park Block 82 Lots A -D IntraWest Bank of Denver, National Association 633 - 17th Street Denver, CO 80270 Lots E - G Hyman Avenue Limited Partnership 415 East Hyman Avenue Aspen, CO 81611 Lots H & I Aspen Commercial Condominiums % Robert Barnard P. O. Box 1880 Rifle, CO Number of Units - 3 Lots I - S City of Aspen Block 81 Lots A & 6 Aspen Arcade Limited 301 E. Hopkins Avenue Aspen, CO 81612 Lot C Ferenc and Mirte Berko P.O. Box 360 Aspen, CO 81612 Lots D - I Mill Street Plaza Associates 434 E. Cooper Avenue Aspen, CO 81612 Lots K & L Crystal Palace Corporation P.O. Box 32 Aspen, CO 81612 Lot M Grand Finale, Ltd. P. O. Box 32 Aspen, CO 81612 Lot N & 0 Gordon L. Whitmer Howard Ross 314 E. Hyman Avenue Aspen, CO 81612 Lot P Estate of William R. Shaw % Harry E. Shaw 6711 E. 50th Avenue Commerce City, CO 80222 Lot R & S City of Aspen Blo~:k 88 Lots A & B Sabbatini Sport, Inc. 208 S. Mill Street Aspen, CO 81612 Lots K, L, Mountain Enterprises - 808 pt. M R.O. Box 5727 Snowmass Village, CO 81615 M . ,, Block 88 - continued Lots M, N Walter F. Hampel, Jr. Box 1034 Aspen, CO 81612 Lots B, C Augustus Felton Hallam Margery L. Hallam 410 South Aspen Street Aspen, CO 81612 Lots C - I Leroy G. Paas 228 E. Cooper Aspen, CO 81612 Lots L -0 Hans B. Cantrup P.O. Box 388 Aspen, CO 81612 Lots P - S Canada Howe of Aspen, Ltd. 411 S. Monarch Aspen, CO 81611 Block 75 Lots D - I Harry W. and Mary A. Bass 1150 Mercantile llallas Building Dallas 1, Texas 75201 Lots PS - S Riverview Condominium Association 1034 East Cooper Street Aspen, CO 81612 Number of Units - 27 Block 76 Lots A, B, Frances Willoughby Herron pt. C P. O. Box 545 Aspen, CO 81612 Lots D, E, Snow Flake Lodge, Inc. pt. C 221 E. Hyman Avenue Lots F - I Aspen, CO 81612 Lots K - N Z10 Cooper Association, Ltd. 210 Cooper Street Aspen, CO 81612 Lots 0 - S Limelite, Inc. Leroy G. Paas 228 E. Cooper Street Aspen, CO 81612 r ~, ~: .». ~. r r COMMERCUIL OONTRACT TO SUY ANO SELL lIEJ)L ESTATE (6alafti Rsrtlady Hmfbd to UquWatad Dflmapsa) Jana 6 lp 83 - 11.e~aaNrae~ra+.a...ec..aQr+!-' p#ncs. ad aw. cc.arwsaMle sMNI ffffitYMffA~ flffN~ ~• frill aI1fR Offffa flay falllfffff~IMlft f1111fIL ~j it i I~ ~~ .I 1. TMuodersipwdBipKNtebotkwwMdtoshsvinsroedtodfrom M.rit Tnnaatment C.n_~ Tne__ a !) N.+ler~ Ay w~rppri and ~~aaair^ t~yumot~ S~~~Q.~_1O thx form n< eh~ck `~ 1NEarnaa )bn~-~E~E~T~~ ,to beMldby8a11`_r_~.; tr..at n an_~~,~eat_hearingtt Meioq u earnest mouy and part pgment ter tM foilotr)aa deeerised »al ~ i eatatelntM Ceaatyof Pitkt++ Celaradatotrit: ,! Loc. ~. ar C and D , Flock 82 ' pCi~ttykk;iannnd~T1ov~rn~Sd~ita of ttspan. j feptiSeT'fiff6dil ii~iilfiTaud rl~b4 of may appurtenant thereto, dl imp»vemenp tM»on and aA fixtures of s i+ permawat natu» earyaeW » tM pnsiaes euept u he»ioafter prodded, in their p»wnt condition, ordinary wevandteuexapted.finevauffo.The RrO.zaCtOr TAdEs e•t~^ aQl °3~=r A`{~. I. caged tM P»perty. L Subject to tM proeWou of parayrsph 14. the undersigned peseaKe) a Colorado eoroor{pion, and/os asaifala i ,berNnafurcaUed Parchawr, he»by agrwe to buy the Property, and the unde»igned oeraer(e), M»ioafter eWed fie0er, M»by agrees V sell the P»perty upon tM t~rau and condition crated he»in. L The pY»haN Drke shall be U.B. {_3e1.Q0„OpO..Ot1, paY-bb] M folloat: iLr ~~ M Ae»by receipted for, The balance of S3.OS0,000.00 as adsusted for cloaiaR psosationa ss act forth is other provisions of this AEre®ant shall b• paid in cash from the proceeds of a acv loan to be obtained by Purchaser from a third party contaiaiag terms and conditions satisfactory to Purchaser in Purchaaesrs sole discretion as f;eaaooably aeeesaary for the sequlaition and devslopaent of the Property. e account with interest payable to Purchaser unless Purchaser shall be in default 6ersunderr is which event any interact accsusd thersoa shall be payable to Seller. t. Prieetoineludethafollowingpereonalp»perty: all peraOnal property currently located on the Property and owned by Seller. 1f any to b• toareyed by pill of sale at time o! closing in their p»wnt condition, ftw and clear of all penonal property taxes, lienandaneumbranees,exeepe: personal- property texas for the yeas of closiaQ and aubaaquent years and except say peraonel property lien Many encumbrance epecitied in paragraph 11. The follorvina fixtures of s permanent naW» a» excluded t»m tbia sale: 2bna irif*+wwiwrris r~ssaehirifeetsrplr'ebeee- diiiR+Mlslai eppiTlor~aekbnn •eN~ieed~by4be~wder~~and lA_ aMr'M'eier-enieheraws-per>=__ • ~ehf'eada8ysymetnsand dr-M+~wee•a~NeMreei~erawryase~to-brawaadr .~{m~.l} ngwnda+~ie~eesteley'H~lwaireneferlee*eMrewwedh---- -~d(lianieAnestrete ~~ ~ieieaefe-+ebered~egaiyer~rriable ttNesw-eater w«edNianiepe~rlA~eeiweee~er~wdas'~de~wclr ba.ierueampsiewl-sgaised~k b eeueew• wisAwt~baa~eiwiMeeemeawleendilienrei~epp+s~eeeiw*reoided. ?'~"e~~~e W wwwgertiator~aYpeywew6ef a-e•pw,ebeae"PeMertiie~eewMae~ebeilwN Seller. I~ I; ff ~~ =1 Ke. SC tt-lJi. c..~,.n a as w as a.w s.w. ~c~...rc.u :.~ tnHoN hWMies G.,tap~'. etAAr.., 4iurw0,GMr.M Wild-(aN1OiaMt*p `:`/ •, , ~ ,, , riwMer...,+ee!-any.ee--.r+,Fr.c.rderR't1te.:+,~est9net~e~-Irr+vb}-eTO«er. wtlwwwtw:rwoMesa.. e.rinkerei,.ii,t,rir,.a.ir.dt,taiRSn7r,etiorrbus~tney~„etet~ 1!. AMHI~nei~swMla~ Nia fttbibit • attuhod herKO aad lacosposated herein by sRfgra~as. 20. Neither this Contsact nos any portioa.haraof shall be recordsd or filed is th! suhlie rnnnr a !o. Itthi. ro an asscuted orl.;ina1 p pwal it aeeepud by Selkr fn wr(tine and Purehaear roeeirp aoelcaed~ on or beforr 5:00 o.m, , Jtwe ~ 163 ~ ehk imeruawnt ohall boeonis a aontraet batvnaa Boller and Purehawr and shap la~uro=T t rse~`r~lr`' ` and ~~ otaneh . Perehawr'sAddrou p•0. 3ox 1'1197 Florence Station• Ooahar Nebraska 68112 (7'be loYo~rlne aeetioa to M eeeapkted by gt. r ~ni ApaU 21. Selleraeoeputheaborepropaalthia~0 dap of ~~• ~ F I rll~. ~~.Le~r iw r-~ _ .I/w«f :. Hta.ul~cruaea_,~J •-:___ _•.._.__ . . w~w~++r'tA~~wd'aawewt~htit~ i / hWr Selter'sAddrou 6?~*eenth Street Deaver f' lorado 80270 Lietin~8rokeril~ameandAddreas-- Nr±ne EXHIBIT A TO THAT CERTAIN CpbII9ERCIAL CONTRACT TO DITY A#ID SELL REAL ESTATE (THE "CONTRACT") DATED JtAii 6, 1983 BETWEEN MERIT INVESTMENT CO., INC. AND/OR ASSIGNS ("PURCHASER") AMID INTRAWEST BANK OF DENVER, N.A. ("SELLER") Thi• 8xhiblt A is attached to and forma an integral part of 'the Coatsact. Ia the event this Exhibit A conflicts with, varies trom or modifies the terms and provisions of the preprinted por- :t1on of the Contract then, in such event, the terms and provisions Mreof shall control sad govern the rights and obllgationa of Pur- 'ctuser and Seller. 1. Dellverv and Approval of Documents. On or before ten business (10) days following the execution of this Contract by both parties, Seller shall deliver to Purchaser true, correct and complete copies of all of the following documents in Seller's possession: a. Plans and specifications for improvements con- structed on the Property; b. An inventory of the personal property on the Prop- erty; c. Survey of the Property; d. Appraisals of the Property; e. All contracts (except loan documents), service agreements, maintenance records, and construction drawings or documents relating to the Property. If said documents are not acceptable to Purchaser, Purchaser, at its option, may elect to terminate this Contract by written notice. to Seller on or before 5:00 P.M. on the fifth business day after receipt by Purchaser of all of said docwoents, and, in ouch event, this Contract shall terminate, be of no further force and effect, the Earnest Money Deposit plus all accrued interest thereon shall promptly be returned to Purchaser, and the parties shall be re- leased from any further obligation hereunder. If notice of termi- nation is not given to Seller by Purchaser as provided herein, the documents shall be deemed to be approved by Purchaser. 2. Condition Precedent. Purchaser's obligation to purchase the Property pursuant to the terms of this Contract is specifical- ly conditioned upon the following condition precedent which is for the sole benefit of Purchaser and may bs waived by Purchaser, in its sol• discretion, by written notice from Purchaser to Seller. In the event the condition precedent contained herein is not either waived or satisfied on or before August 23, 1983 ("Contin- gency Period"), upon written notice by Purchaser to Seller before the expiration of the Contingency Period of Purchaser's election to terminate this Contract, this Contract shall terminate, bs of no further fore and effect, the Earnest Money Deposit plus all accrued interest thereon shall promptly be returned to Purchaser and the parties shall be released from any further obligation hereunder. In the event that notice of termination is not given as provided herein on or before the expiration of the Contingency Period, the Contingency Period for the satisfaction or waiver of the condition precedent shall be deemed automatically extended to the closing date, as defined in paragraph 4, provided that the Earnest Money Deposit shall become non-refundable and forfeitable on August 24, 1983 if for any reason, other than Seller's default, Purchaser fails to complete this purchase and sale in accordance with the terms of this Contract and regardless of whether the fol- lowing condition precedent has been waived or satisfied. Purchaser's obtaining any and all necessary approvals of the City of Aspen to subdivide, use and sell the improvements on the property as a time-share project. Purchaser shall diligently proceed with its application to the City of Aspen, doing all things reasonably necessary and using its best ef- tosts to obtain said approvals. 3. Public Trustee's Deed. Seller and Purchaser acknowledge that the Property was subject to a public trustee's sale and has been within the jurisdiction of the Bankruptcy Court since the tiling of a petition is bankruptcy by Hans Cantrup, debtor in possession of ties Property. This Contract is contingent upon the Seller's delivery to Purchaser, an or before June 30, 1983, of a copy of the recorded Public Trustee's Deed to the property from the Public Trustee of Pitkin County to Seller. Seller shall do all things reasonably necessary and shall use its beat efforts to obtain said Public Trustee's Desd. The requirement of delivery of a copy of said deed 1s for the sole benefit of Purchaser and may be waived by Purchaser at any time. Within five business days of the delivery of a copy of said deed, Seller shall deliver to Pur- chaser an opinion from Seller's counsel for the benefit of Purcha- ser and in form and substance reasonably satisfactory to Purcha- ser, that this contract is a valid, binding and enforceable obli- gatlon of Seller in accordance with its terms and that the sale of the Property to Purchaser may not be defeated, prohibited, or otherwise affected by a trustee in bankruptcy or the bankruptcy court. 4. Closing. The closing of the purchase and sale contem- plated by this Contract shall occur on or before the date ten (10) days from the aatisfactlon or waiver by Purchaser of the condition prscadent set forth in Paragraph 2, but in no event later than September 1, 1983; provided, however, that said closing date of September 1, 1983 may be extended, at Purchaser's election, to oc- cur no later than October 20, 1983, upon the payment by Purchaser to Seller of an Additional Earnest Money Deposit in the amount of $50,000.00 in cash or certified funds on or before September 8, 1983. Said closing date and the extension thereof as provided herein may bs further extended pursuant to the terms of Para- graph 3. Twenty-five thousand dollars of the Additional Earnest Money Deposit as set forth herein shall bs applied to the payment of the purchase prlc• at closing, and $25,000.00 thereof shall in- crease the purchase price to $3,125,000.00, provided that the en- tire Additional Earnest Money Deposit shall be non-refundable and forfeitable if, for any reason, other than Seller's default, Pur- ehaser fails to complete this purchase and sale in accordance with the terms of this Contract. The Additional Earnest Money Deposit shall be held pursuant to the provisions for the original Earnest Money Deposit. At closing, Seller shall deliver to Purchaser a good and sufficient Special Warranty Desd conveying the Property, executed and acknowledged as required by law, free and clear of all liens and encumbrances except for general taxes for the year of closing and subsequent years and the matters otherwise set forth in this Contract. Any and all mechanics' liens shall be re- moved as liens on the Property by means of the statutory bonding procedure, at Seller's sole cost and expanse. 5. Seller's Conditions. Upon the receipt by Purchaser of a commitment for the loan, Purchaser shall promptly deliver to Seller a copy of the commitment or written notice that said loan is available. In the event Purchaser fails to so deliver such document on or before the expiration of twenty (20) business days after the effective date of this Contract, Seller, at its option, may elect to extend said period of time or terminate this Contract by written notice to Purchaser within fifty (50) business days after the effective date of this Contract, and in such event this Contract shall be terminated, null and vold and of no further force and effect and the Earnest Money Deposit plus all accrued interest thereon shall promptly bs returned to Purchaser. 6. Title Insurance. On or before July 1, 1983, Seller shall deliver the Commitment to Purchaser, together with copies of all instruments pertaining to exceptions referred to therein. In the event that the Commitment contains any exceptions from cover- age which are unacceptable to Purchaser, Purchaser shall have the -2- ,, right to notify Seller of any such objection within thirty (30) days after reoaipt of such Commitment. Ssllsr shall then have fifteen busim~ss (1S) days from the receipt of such notice in which t.o cure the matters reasonably objected to by Purchaser. In E~ event Seller shall be unable to curs the dsfaete reasonably abjscted to by Purchaser within such period of time, Purchaser, at lurchssar's sole option, may elect to (i) require Seller to ~eeura, at its expsaae, affirmative title insurance coverage with Qt to the mattess objected to iP such coverage is reasonably able to 8~lles; (1i) terminate this Contract, in which event, '"~'!~1# &araest Noney Deposit plus all accrued interest thereon being held by Seller shall be returned to the Purchaser and this Con- 'Graet shall beCOSe null and void; or (111) waive such objections sad proceed to close this purchase and sale transaction in aecord- aacs with paragraph 4 above. Purchaser hireby waives any objec- tioa to exuptj,ona for: Unpatented mining claims; reservations or exceptions in patents or is Acta authorizing the issuance thereof; avatar rights, claims or title to water; Terms, provisions and obligations as contained in Notice of Historic Designation recorded in Book 295 at Page 515; and Any tax, asseaemsnts, fees or charges by reaeoa of the inclusion of the subject property 1n Aspen Fire Protec- tion District, Aspen Sanitation District sad Aspen Val- ley Hospital District. Purchaser shall give notice to Seller of its decision with regard to the above alternatives within ten (10) days of riceipt of notice from Seller of Seller's inability to cure such defects. The Commitment to ba delivered by Seller to Purchaser shall pro- vide for the deletion of the standard preprinted exceptions 1 through 3 and, 1f such coverage is reasonably available to Seller, prepriatad exception 4 contained in the ALTA ownir's policy (Form 8-1970), which is the form of title insurance policy to bs delivered by Seller hereunder.. Sallar shall deliver to the title insurance company any instruments, documents, payments, rsleasas and agreements as the title insurance company shall reasonably re- qulre in order to issue, amend or update the Commitment as herein provided, but Sallar shall not be required to indemnify the title insurance company with respect to any matter. Ssllsr shall have no liability to Purchaser except as provided in this Paragraph 6 1f Seller is unable to deliver the Commitment o= isny endorsement thereto as hernia provided. -2A- 4 shall delivez'~"tne iommitment to Purchaser, together with c ies of ell instzus~ents pertaining to exceptions referred to the in. In ,fie event that the Commitment contains any •xceptioas om coverage wb3d#-ase unacceptable to Purchases, Furth r shall have the sight to aotlty Seller of any such objection w hin thirty (30) days arses receipt of such Cos~oitment. Se r shall then ~~ have litteea (1S) days from the receipt of eu notice in which to sure the matters objected to by the Purahas In the event the dealer shall ae unable to cure such detec rithin such period of • time, purchases. at Purchaser's sole op on, may sleet to either (i) require Seller to secure, at its pease, affirmative title :insurance coverage with respect to a matters objected tot (ii) e-leat to tersinate this Contract, n which event, the Larnest -- -1loney Deposit pI~ s all accrued serest thereon being held by Ruhr shall be returned to t Purchaser and this Contract shall beaos~s null #qA voidj or (i ) elsct to waive such objections and proceed to e1QSe this par are and sale transaction in accordance eritb pusyyrapi~ d above. Purchaser shall give notice to Seller of -its decision ~tb ~ d to the ahoy. alternatives within ten (10) days of seas~ge of rice from Seiles of Seller's inability to case such dafEsat Ths Comw~itment Eo be .d livered by Sellsr to 8urcbaser shsl sovide !or the deletion o~ the standard preprinted • ptians 1 through 4 6oatainsd in the ALTA owner's policy t!o t-1970) which is the form of title insurance policy to be de ered~by Seller hereunder. Seller shall deliver to the title sutraace company any instruments, documents, payments, lade ties, releases and agreements as the title insurance co any shall reasonably require in order to issue, amend or. . ~T. Com lotion of Construction. .At the closing, Seller shall assign to ur aser a warranties received by Seller, it any, relating to Ebe construction of improvements on the Property and installation of machinery, equipment or other personal property therein. 8. Brokers a Commissions. Seller and Purchaser each represent an warrant to t-~her as of the date of Closing that there are ao brokerage commissions, ltnder's arcs or other compensation due or incurred 1n connection with this transaction and Seller and Purchaser each shall indemnity, defend and bold the other harmless from and against any and all claims, losses or damages, including attorneys' fees, pertaining to or arising out of any claim for brokerage commissions, tinder's tee and other such compensation claiming by or through such indemnifying party. 9. Survival. All rarranties, representation, covenants, obligations ~n~ agreements contained bsrein shall survive the execution and delivery of this Contract and o! any and all documents or instruments delivered in connection herewith and the warranties, sepsesentations, covenants and obligations contained is Paragraphs 8, 12, and 16 shall survive the Closing hereunder and the transfer and conveyance o! the Property hereunder and any and all performances in accordance with this Contract. 10. Assi nability. Seller shall not assign or transfer Seller's r gets or o igations under this Contract without the prior written consent of Purchaser. Purchaser hereby consents to the transfer of Seller's rights hereunder to First Interstatee~ No consent given by Purchaser .to any transfer or assignment ofbafac of Ds Seller's rights or obligations her:under shall be construed as a consent to any other transfer or assignment of Seller's rights or obligations hereunder. 1io transfer or assignment in violation of the provisions hereof shall be valid or enforceable. Purchaser shall have the right to assign all or any part o! its interest in this Contract and in ~e Earnest Money Deposit,* Purchaser 'shall provide Seller within -f-sftatr--•tt5•t days of such assignment with an executed counterpart of any assignment agreement wherein the assignee shall assume the obligations of the Purchaser under this Contract. Subject to the foregoing, this Contract and the terms • subject to the prior consent of Seller, which consent shall sot be uarsasonably wii •+~ fivs business days -3- ' *-*~y~icls coasaat shall~~t be uaseasoaably L_::«zeld. e~nNe ode bwinsss day's snd provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the. parties hereto. In the went the 'rights smd obligations of Purchaser shall be transferred and assigqAed as p>ovided herein, such tssnsferee and assignee will be st:bstitntad in lace of such assignor in the above provided for docusttsts attd aba,11 b! entitled to the besefit of, and stay Nafgroe, seller's covenants, repressntations and warranties . berewneUs and the assignor shall bs released from any further obligation hereunmer. 11. Ose of the Pro ert Prior to Closin Date. from and after the a t ergo , • er s a not grant or convey any easement, lease, license, permit or any other legal or beneficial interest in o~1_to the Property without the prior written consent of Purchaser "`caller shall do or cause to be done all things seasonably w~tbin its control to preserve, intact and unimpaired, an and all rights of way, easements, grants, appurtenances, privileges and licenses in favor of or constituting any portion of kbs lroperty. lurtber, Seller shall pay, as and when due, all pay~ant on any and all taxes, assessments and levies in respect of tba! Property tbsocyb the closing date. .from and after the date hereof, Pustshaser..sball be entitled to have.aecess to the Property ~~tt~~~reasonabis titaea and •aftsf*'Sfotice tQ Seller to make whatever ~!aso~ lnapections and tests purchaser deems necessary or desirable. ~"""' >~nrabsser shall gpa1~yy Yhen-anA_due all costs and lees of such tests ~Ad shall indetsnl~y,~ defend and hold Seller harmless from any sNecd-anic's rieas ii,led in connection pith such inspections and tests. Seller direct that Purchaser say haw tDe roof of the Proapsctor Lodge repel: ao eosi to sallss, sab~aet W cellar's approval of the contractor the • e ific work to bs 12. Co ration. Seller snail aoopsrate Myth Pu~c~iaser to sad ~ do all things sasonably requested by Purchaser, at no cost or sort, expense to seller, including execution of applications and•other ba w~ documents, to obtain the necessary approval of the City of 1-spen to subdivide, use and sell.the improvements on the Property as a time-share project, at no cost or expense to Selisr. 13. Notices. Any antlce, demand or document which any party is requires to s desires to give, deliver, or make upon any other party shall, in the case of a notice or demand, be in writing, and may be delivered personally or by Dnited States registered or certified mail, return receipt requested, postage prepaid, addressed as followsr Tb Sellers Intraiiest `Bunk of Denver, 633 17th S,trest Denver, Colprado 80270 Attsation: Special Loans To Purchaser: Merit invsstment Co. P.O. Hox 11197 Omaha, 1lebraska 68112 Nith copy to: M. Micbael.Clowdus, Esq. Pendleton i $abian, P.C. Suite 1700 Lincoln Center 1660 Lincoln Street Denver, Colorado 80261 Kith a copy to N.A. llias Myra Rainey 1iuShu 6 Dorsey Suite 1600 DepartmenQatraRsst Towsr Daavar, Colorado 8020T subject to the right of, any party to designate a diffssent address for itself by. notice similarly given. Any such notice, demand or document so given, delivered or made by registered or certified mail shall be deemed to be given, delivered or made upon the earlier of actual receipt ~_recaigt.of the same by the party or parties to whom the same is to be given, delivered or made or forty-eight (48y hours after deposit in the t)nited States mail, postage prepaid return receipt requested. -4- • •• k.. 14. Cboice of Law. This Contract shall be construed and ;±~praed in aceorwith the laws of the State of Colorado. 15. Time of th~r 8ssence. The time of performance of the obligations o er ~ Purchaser under this Contract shall be of the essence. 16. Misceilsn~ous. A. Mer er Counter artss Readings. This Contract contains the ent re agreement between t e parties respecting the matters herein set forth and supersedes all prior agreements between the garties hereto respecting such matters. This Contract may be executed in any number of counterparts which together shall constitute the contract of the parties. The paragraph headings herein contained are for purposes of identification only and shall not be considered in conctruing this Contract. 8. Attorne s' Feess Remedies. If any party obtains a judgment against any of er party by reason ofbreach of this Contract, reasonsble° attorneys' fees as~fixed by the court, shall be included in such judgment. Except as otherwise herein provided, no remedy conferred upon any garty in this Contract is intended to be exclusive or any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition 'to everl- other remedy given hereunder or now or hereafter existing at law, in equity or by statute. Every power or remedy given by this Contract to any party or to which any. . party may otherwise be entitled may be exercised concurrently or indtpendently, from time to time, and as often as may be deemed expedient by such party and a party may pursue inconsistent remedies. C. Waiver. Except as herein expressly provided, no waiver by a party o~'~any breach of this Contract or of any wasranty or repsssentation hereunder by another party shall be deemed to be a waiver of any further breach of this Contract or of any sepresentation or warranty hereunder by such other party whether or not the first party knows of such a breach at the time it accepts such payment or performance. No failure on the part of a party to exercise any right it may have by the terms hereof or by law upon the default of another party, and no delay in the exercise thereof by the first party at any time when such other party may continue to be so in default, and no such failure or delay shall operate as a waiver of any default, or as a modification in any respect of the provisions of this Contract. D. Gender and Number. Whenever the singular or plural number, or mascu ne, eminine or neuter gender is used herein, it shall equally include the other. SELLER: MERIT a Cofi non Cagle, PURCBASER EXHIBIT 2 TO APPLICATION FOR APPROVAL OF TIMESHARING PROJECT T ~ g w i.. 7 ~ J ~' i ` __ ~~t f • ~~ ~~ ~' ~ I ' ' --~ ~ _ --- - - L ~ ;:,, V ~,~ ,ww.m sc --r-r-~-r-, it ~4 ~ `11~ -f ,r' m~sflar`~ c~o~vm~.rtFs -E~ <<nclvd~. gin.-c~rrr~c~~io~ ~ ~~n~r or m~be~s o~ -~h~ `~t ~ ~vn (R°_r or merm.b~,r,~ of o O rnUbt ~~ 01~1~~d 2 r~~ ~ ~ ~ o tuners " maJor?~U cx~ , ~ (bra( cif ~(ar1aQ'C' ~-s r-~ CbnO(vCf bc~sirt~~s ~ . ~.~sE-~srr~°rl'~ -~~? X2.5 Cain r~Of ~ i vt CAL ~ Li7 ~Ut- rti,Nq grcxr wri-E{~ no-F~c~ „ ~ -~h~2 avner5 ~ o~S c.~r nofi c~ m use ~x.p 1~.1 n ~ Anson -fir `~ i v~cr~s~ -~ docvtn~nf -~h ~ n~~ ~~ ~~ 1rKr~ase. PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/ferry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. 4 / ~~~~~i ~~ r~~. ASPEN~PITKIN r-~cEGIONAL BUILDIIV.~ DEPARTMENT M E M O R A N D U M T0: Alice Davis FROM: Patsy Newbury DATE: July 8, 1983 ~ RE: Prospector Lodge - Timesharing The Certificate of Occupancy for the Prospector Lodge was conditional to May 30th, 1983. 1. The requirement for Handicapped access was given a variance by the Board of Appeals but the ammendment was never approved by the City Council which was a part of that variance approval (see letter attached). 2. They agreed to go through process for one (1) additional parking space since one was taken up in the underground parking by mechanical egiupment. No evidence has been provided that this has been done. 3. Landscaping plan to be completed as per plans by May 30th, ~~ras not done of course because of snow An extension of one _nonth was granted. Original plans showed location of trash receptacles. The new proposed changes approved by Jim Holland do not show where the trash bins will be. These may be a problem since there is no alley. Requirement should be reinforced that they be provided and accessible. All conditions have not been met therefore the Certificate of Occupancy expired on June 30, 1983. offices: mail address: 1'10 East Hallam Street 506 East Main Street Aspen, Colorado 8'161'1 303/925-5973 Aspen, Colorado 816'11 ..,, MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: Prospector Lodge - Conditional Use Review and Subdivision Exception Review for Timesharing - Public Hearing DATE: August 2, 1983 Location: 301 East Hyman Avenue - Lots A, B, C, D, Block 82, Aspen Original Townsite. Zoning: CC - Commercial Core. Applicant's Request: The applicant, Merit Investment Company, is requesting approval for a timeshare project at the Prospector COt~_~JS2 Lodge. The project requires conditional use approval ~~ ~~ from P&Z pursuant to Section 24-3.3 as well as approval to a two step subdivision exception review ~ ~~_ ~~(f(3 for converting the Prospector to a lodge condominium and a timeshare use pursuant to Code Sections 20-23 and 20-24 of the Code. Project Summary: The Prospector Lodge currently consists of 19 newly renovated lodge units, with an average unit size of 756 square feet. If approved as a timeshare project J~ LUQP~S the 19 lodge units would each be split in 52 interests, one interest for each week of the year. Seven weeks will be reserved for maintenance while the '~ ~nou'r~. ~S- 3~r ptga remaining 45 weeks will be sold in three week timeshare packages. (15 total packages to be sold.) Each three week package will contain a peak season winter ski week, a peak summer week and an off season week in either the spring or the fall. Planning Offic e Review: The following is a review of the Prospector Lodge timeshare application based on the 12 standards and review criteria established in Section 20-24 of the Code. 1. Right-TO-Use. As required by the regulations, the Prospector timeshare interests will be fee ownership, not the prohibited right-to-use leases. 2. Integration. The project is purely residential, all units will be timeshared and the project is backed by 100 percent of the owners and the potential purchasers who have the property under a sales contract. T 1(11b2( ~tJ Y~ 3 . Peak - ~vvri~ L~+W - -I-«raZ-F e~y~QS Ccr~ - S~b5diQ9 Q 0 my . 0.~e~ (o M• 4v Ens uY. re.s P e(~ra~oa ~ a5 grofin~l. ~m~~ Marketing and Sales Techniques. As required, the applicants states that the marketing of the Prospector timeshare interests will not involve the giving of gifts, no use of public malls or streets for sales and no phone solicitations. The sales program will be run by Timber Run Realty out of Winter Park, Colorado, a company which has been involved in timeshare projects in Winter Park and Snowmass. `t 7 4~ :...~ Memo: Prospector Page Two August 2, 1983 Timeshare Project .~ 7~' Timeshare sales will be directed at tourists in the_~aak summer and winter seasons through the use of local magazines, newspapers and television. roc+ aaacnn =a~P= will be directed at several target cities including Dallas, Houston and Chicago. National magazines and newspapers (Sports Illustrated, Ski, Gentlemen's Quarterly, Houston Post, etc.) will be the primary source of advertisement in these areas. Interested.~ersons calling on a timeshare ad ~~P will be sent an in ormation package. If the person calls again and is still interested, hem will be invited to come visit the project afid may be offered a subsidy to help pay traq~portation and lodging costs. Although this subsi~+ may be interpreted as "the giving of a gift (a prohibited sales practice in Section 20-24) the Planning Office feels it is within the original intent. of the adopted Timeshare Ordinance as it is in no way deceptive. To ensure that this aspect of the program operates in a responsible way, the Planning Office recommends that the program be reviewed after it is in operation. The Prospector sales period should be relatively short in that there are only 15 packages to be sold for each of the 19 units. (ze5 puclco`gtil 4. Amenities. Common area amenities include a sign deck on the third floor on-site barking and a lobby area. Laundry facilities are planned, but must be reviewed through the conditional use process. Individual units each have private decks. a hot tub and sauna, a w.~tbar and a masonry fireplace. All common ~WnCrs °W~_ l areas and common amenities must be owned by a~ j-~e~n#s ~~ he fractional owners association. ~oA+.w~~ 5. Parking. There is no mandatory narking requirement for a lodge use in the CC zone, but 17 under- ground spaces were required as part of a previous conditional use approval in order to replace spaces removed in the renovation. The applicant states that only 16 spaces are possible given the limitations of the parcel and the existing structure since one space was used for necessary mechanic space. The Planning Office feels that l~6 spaces are adequate given that no parking is required in the CC zone and that the spaces are often not fully utilized in the winter. 6. Maintenance. Section 20-24(E)(6) requires a minimum of four weeks to be reserved for main- tenance due to the intensive, high impact nature of timeshare projects. (Two weeks in the spring and two weeks in the fall.) The applicant has agreed to provide seven maintenance weeks. The Planning Office feels that two weeks in the spring and two weeks in the fall must be reserved for maintenance only and no should be allowed in this period. The remaining three weeks can be used for maintenance in either the spring or fall as is necessary. _, .~ Memo: Prospector Timeshare Project Page Three August 2, 1983 7. Budget. The Prospector application included an itemized budget listing expenditures such as common electricity, snow removal, firewood, property taxes, interior maintenance, exterior building reserve fund and administrative costs. The total cost comes out to $8,306 per \~ condominium unit (19 units), $553.73 per timesh inter t (1/15 i i ~ `~ es nterest n one unit) ~ and 138:43 quarterly for each timeshare inte he budget system will use four banking accounts, including 1) a general ~~ operating; 2) an escrow for taxes; 3) an • excrow for furniture reserve; and 4) an escrow ~~ eS{~. for a building reserve. The budget estimates were based on the marketing entity's timeshare experience in Winter Park and information from local property managers in Aspen. 8. Conversions. All existing structures converting to a timeshare use are required to be physically upgraded through expenditures equal to a minimum of 30 percent of the fair market value of the property prior to conversion, unless the applicant demonstrates to the satisfaction of the City Council that funds previously expended have sufficiently upgraded the project. The applicant has submitted an appraisal and documentation that well over this amount has been spent for the renovation of the Prospector. The applicant still must, however, provide the information required in Section 20-24(F)(2) on the present condition of all structural components and mechanical and electrical installations materials and the expected useful life of these items. 9. Escrow. Deposits or downpayments made in connection with the purchase of a timeshare unit must be held in an escrow account until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent will be a title company in Aspen, a neu ray third ~rp° the proposal states that n no wills for-any unit until at b o ~ ~s least eight of the 15 timeshare packages are pfi0t' '~ C~~%~ ~ sold. The applicant should prove that eight ~-~1 packages are enough to guarantee the economic success of the project. 10. Management/Assessment Fees. As discussed in the budget, the Prospector's assessment fees are estimated at $138.43, quarterly. This amount includes necessary operating expenditures as well as money to be placed in a reserve fund for interior unit maintenance and repairs and exterior building maintenance and repairs. In addition, the applicant states that a deposit eaual to a three month assessment fee may be reauired at the time of purchase for security in case the fees are not paid. The e Planning Office feels this deposit should be mandatory The application states that the assessment fees are due and payable to a schedule established by the Board of Managers, the Board which handles the affairs of the Fractional Owners Association. As proposed, the Board will be established 120 days after 75 percent of the r Memo: Prospector Timeshare Project Page Four August 2, 1983 . ~, ~~ ~ v P b~ timeshare interests have been conveyed (or (~eQll~ ~~1~ ~ August 1, 1988, whichever is first) . The ~ 15 ~g{~p~~g~. declarant does not have to pay assessment fees on the unsold units until the Board is established. e Planning Office feels .that the Board ~~ ~(~ ~4 Op(~5 0 ~ should be established within 30 days after the acka es ht fi t i d f th i 6u9n'2r t a1~C10.~etE{- ~ g rs e g p ssue or e C.O.s are be using actuall d since owners ma y ~i ,~ y y conveye ~ I' \,.9n~,Y\ ~, Gtl'e rnpi~ the project at this time. The declarant and ~ p~ ~,~~{ Q~i ~" ~~S the new owners should not have to pay the d b t ~ f , ut monthly fees until the Board is forme • Cc~~ s O( Ur U(~SOI[f the initial deposit can be collected at the l~ru-}5 time of sale and placed in the escrow with the downpayments. ~-5 The total number of Board members should be submitted by the applicant. The P1 ning ~,ow~s Office suggests that approximately 75 percent ~`"~^u'S of the members be fractional estate owners - the applicant states that members do not have to be owners. 11. Reserve. The quarterly assessment fee includes a collection for a reserve fund for interior and exterior repairs and. maintenance. The Exterior Fund, estimated at $10,000 per year, will be used when necessary for such things as repainting, roof repairs and other structural repairs, landscape replacements and carpet repairs in common areas. The fund should build up sufficiently until it is needed in S - 10 years. The Interior Reserve will be used for individual unit repairs such as furniture, furnishings and appliance replacement. Cam ~ ~ f`~uC~m ~~ / The Reserve Fund, as proposed, may be reduce. ror ' S t-5 - ~r\ 'fi ~ or su~ended for a few years if 75 percent of ` y, ,r x the owners agree to the change. The Planning brill S ~f5- W~r~ Office feels that the Reserve Fund, even if (~~al h~ Q-C~ unused, should remain and continue and only be allowed to be increased. This fund is our major assurance that the high impact, intensive timeshare use will not deteriorate the lodge, but will ensure that the lodge is continually maintained and repaired. The total assessment fees can be adjusted through other expenditures with 75 percent. owner approval, but the money designated for the reserve fund must always be held in escrow to be used as needed for interior and exterior repairs and maintenance. 12. Occupancy Standards. The Prospector units 0~" wilIl be limited to six o~-~nan s at any one time as the applicant feels that this is the maximum allowed to maintain an optimum comfort level. This is within the Building Code occupancy standards. Lodge condominiumization regulations limit an owner's occupancy to 14 days during the winter peak season to ensure that lodge units remain available for short term use. A timeshare project must meet the lodge condominiumization requirements (Section 20-23) as well as the timeshare requirements (Section 20-24). If a timeshare purchaser in the Prospector buys t'"w ti vw_...- ~~,/ Memo: Prospector Timeshare Project Page Five August 2, 1983 more than two packages, he will be violating the 14 day restriction if he occupies the lodge during the ski weeks he purchased. Since the intent of the condo regulation was to ensure a short term use of the lodge, and since timeshare is by its very nature a short term use, the Planning Office feels this requirement can be ~ ended from 14 to 30 days for the Prospector. (Limits a purchase to 4 packages.) The City Attorney's Office agrees that, when appropriate, this requirement can be determined inapplicable for the purposes of timesharing. Referral Comments: The Attorney's Office commented that several clarifications and changes were needed in the timeshare documents. These comments are summarized below: 1. A title commitment is needed in addition to the warranty deed supplied. 2. The actual 50 year deed restriction for the employee unit must be reviewed and approved by the Attorney's Office as soon as possible. 3. Timber Run, the marketing entity, should be licensed in Aspen and should maintain a local office. i 'r ~ 4. The F-~ae~}enal Owners -- `~~' is required ~o to own the common areas and amenities - this is not reflected in the declaration, but should be. S '~' . The Board of Managers must designate a managing agent (preferably a local one). This is optional as submitted by the applicant. S ~6 ~ ~`~` ~ ~~ d d h d . y, ,~2 d k~ ~ One ee s oul be conveyed for each three dis . S • ~ week package so that weeks are never resold ~ individually. 7. References should be made throughout the application that the project is subject to all the requirements of Section 20-24 as well as the State Timeshare Laws which are specified. 0 8. The financing for the Prospector must be expressly subject to all restrictions placed on the project. C~9. The propos2d unit amenities and the employee unit (#108) must be shown on the condominium plat. Engineering is requesting several minor plat amendments which are stated in the attached memorandum from Jay Hammond. It is also recommended that the landscaping plan contain the addition of the sidewalk spur on the west end of the alley and the irrigation of planting areas along the north and west frontages to maintain the trees in these locations. Engineering recommends 20 on-site parking spaces. ~~, ... Memo: Prospector Timeshare Project Page Six August 2, 1983 ,~-. Jim Holland, Director of Parks, has conceptually approved the landscaping plan. The applicant is amending the landscaping plan from the plan originally approved through the conditional use review since the previous owner removed trees and constructed in areas which were to be preserved. The new plan retains all seven existing firs, includes sodding, several aspen clusters, a rock retaining wall, bricking the alley and a sprinkler system for main- taining the landscaping. The Building Department stated that a conditional Certificate of Occupancy was issued on the Prospector in January, 1983 and was extended through June 30, 1983. The C.O. expired June 30th, as three conditions were still unsatisfied. These three conditions must still be met prior to issuance of a C.O.: 1. The required handicapped access must be approved by Council. 2. The parking requirement must be reduced, with Council approval, from 17 to 16 or the additional space must be provided. 3. The landscaping plan must be approved by Council. The Finance Department stated that the plan manager or managing agent must apply for and show evidence to the City of a Colorado State Sales Tax License since City, County and State sales tax will be applicable to any short term rental of these units. The required real estate transfer tax will apply to initial and subsequent sales of the timeshare interests and will be collected as in any other real estate sale. The submission requirements for a timeshare appli- cation require a Disclosure Statement, Condominium Documents (Fractional Estate Declaration), Articles of Incorporation of the Fractional Owner's Association and the Bylaws of the Association as well as a sample purchase contract. The documents have been submitted by the applicant and reviewed by the Planning Office and Attorney's Office. Changes will need to be made to these documents as conditions are placed on the Prospector through the approval process. The Planning Office and Attorney's Office should both review and approve the final documents to ensure the changes and clarifications are made. f Lodge Condomin- iumization Review: It is unclear, at this point, whether or not a timeshare project requires condominiumization approval. Most elements of the lodge condominiumi- zation review are covered in the above timeshare review. The Planning Office is, however, recommending a Code amendment to the timeshare regulations which clarifies this situation by including the condominium regulations as guidelines (not requirements) in the timeshare review. The following is a review of the lodge condominium regulations/guidelines which were not covered in the previous timeshare review. ,~.,, .ham Memo: Prospector Timeshare Project Page Seven August 2, 1983 1. An affidavit has been submitted which verifies that the Prospector Lodge has not been in operation for three years, therefore the quality and quantity of services, maintenance and management of the new facility will be an improvement over those offered in the past three years. The Planning Office feels that the applicant should, however, verify that these services are equal or better than those previously provided when the lodge was in operation. 2. The applicant is providing the required two pillows of employee housing. Th;s unit (#108) must be deed restricted to the employee guidelines for 50 years and must be shown on the condominium plat. 3. Section 20-23(A)(1)(a) limits an owner's occu- pancy during the winter season to 14 days. It is recommended that this requirement be adjusted to 30 days for-the Prospector so that more than two timeshare packages can be purchased and utilized by one owner. Conditional Use Review (Sec. 20-3.3): The primary purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be set. A public hearing is not normally required in a two step subdivision exception process. Section 20-3.3 established three suitability require- ments to be used in evaluating a conditional use. These requirements are met since the project complies with the zoning code and is consistant with the objectives of the zoning code and the CC zone district. Also, the project is compatible with surrounding land uses in that it is located in an area with other lodge and commercial uses, blends in well with the neighborhood and will not significantly increase parking, noise or traffic impacts in the area. L~,,,,~,-., fari ~ l tl PS are proposed as part of the Prospector. Since these facilities have not yet been reviewed as a modification of a conditional use, they would require another conditional use review. In order to avoid a second review and fee, the Planning Office recommends that P&Z conceptually review the applicant's plans at the meeting. The facilities can either be conditionally approved or that aspect of the application can be tabled until further information is obtained. Planning Office Recommendation: The Planning Office feels that the applicant has submitted an excellent proposal for timesharing. Although we recommend approval, we also suggest that a very detailed list of conditions be established to ensure the project is carried out as it is proposed. With this in mind, we recommend that P&Z recommend the approval of the Prospector Lodge timeshare application subject to the following conditions: ~a ~ y »Y ~f ))K ~ ~ p L-. n , ~:1~ f. , , _~'' +,ea(Estare aC Nasrrsind.CO~,SUllanis - C•w ui ,~~la,~. Hw~ i~: ~ • ]OJ I nt Nr: •n ,\.r .~,~ • M,~~.. C.d~.. +~~„ b~,. i r o,, •~.'L d9y1 .G , ,:, I.... a Septegtier 15i1982 ~ a. ` c 1 ,( d 4 i L .. 1''_~' ~ r~-j Mr . Hana 8.~ Cantrup, .! - r3bC Inve~stment;i;,' Inc J„ k rt05'South Cale"na` Streut ;;" ,.. a° nE:' An Appraisal of `the Prosyector t.ud,;e Cor,du¢iniu:as, ?Ut :•:,,,t .Hyman Avenue, Ay~en, CO-81611 Ce;,r t•Sr•,. Cantrup: »~;' Yy '1` k ,, r ., t. wa. ;: _~~ ~ ~.. a~ ~.. In accordance-vrith your request, the apprai::er n:;s F~,:,tt:cr,rd -,nd aralyzed'.'appllbtable market d5ta for the I,ur~ose el' r:,tlRati:•,, :!~. ALi,•;:et'Value of! the siabje:t' units as u:' September 15, 1yE2. 7.4 °le,se,~note.that this ivaluaCion is being ofi'e:•e:e1 in a ['ere. re,;r,r~. u, mara`cin5, all° the data con~idercU germar:e' to Lhc vale.ntiot, r~C u. ub,,..cU;'p~opr.rx,Ey':, ~Corital:,ed.1n our` files Sa, addition:,l 1r,t'c r ~ ,,t: ,r; ~hictt;may bes t,~vletired'tif accessary. < 4c: a! au: nutu th:,t our ~valu~t?119~X„e,';3ub~eCC-to the contingent lrmitin}; condltJcn:: t•utl,:.~~J 1n Cttla;reporC, ssnd ^ChaC the,',hub~eat units hive been valu~rcl r•n ar, unfurrashed"be91s. - } + 4 ,ptq i e ,. ~~~ ,~ ~~. :.~i 8asa.d ~ipon our analy9l-9 of'the accumulated data, it is `our rur~cl•:-', : opinion.;that the~aub,~ect unite have Harkot Yaluos (moat prui•:,b;~ sellitsgspricey), Op at3 unfucnl9hed babis and assuming typio;,l finangf`n~,,asofrSeptemtier°,15,`...1982 as follows: - - Type pnit 0 Indicated Yalue -.Nordic , . Sno>"¢as^ w x~ ;, 5no-.mas~e~. k, ,!n9pQq ~M,a r« ~~, SnoWCa9s ~,~ ' 4, A.,poa ,,. ~ -,i inr`4 brSgY;,. , .~. ti ~ _ S.. t ,:` lol , y1g5,ooo l02 '`` 90,000 to3 ~;- •`~ 190,000 r 104;',x` ~-~ .180,000 105 .<< 180,000 ,~ 06 i~ ,170,000 1 `201;.; ~ -':, '<' 225,000 202 ~ij ~ :220,000 "203;:220,000 2P57~%, ' :. 121.0,000 X206:" :200,00 'ryery/0/~~7 `210,000 ~}V~ ~ .+wy '~ ,. ~ 220000 jol., , ~F~,~ ;235,000 302 ~~,, 235,000 jU3""' ~ .,•,235,000 jp4 ~ ~'' -~• ;240,:000 t' "ir` ~. S ~ "I~w Size:/Sb' ('ri t~/ i' 810 ee w 75U .-•Go' 750 260 750 2tIU 750 24U 650 2fi2 810 278 750 293 750 293 750 28(j 'T50 280 b50 i0ti 750 .'8U 750 2~J3 750 ;1j 750 jl% "!50 _;' j '150 „•u '; :U SOJ /L, {1 l .,~ `, s J.d nre J. idudn; a, '.1.l... :.,„u.•.wr ~, , ~•uttu ~, _. __ ..U..,~.. ,..,.,F~w_.~,~~,~.:~w:...,..~....__._...._ i; - . :. a ~- : -:.. t -. i .. * . - I J i ' I ~ ~ ,~ ?tr. Hrins l.ani.rup ~ Fago .`, `" S.:ptembcr 15,=1.482 - ~, Attached is our report containing ti:e supporting marKet data and _ exhibits from`.wtiich, an part,. we?have based cur opinion. It' u~+ can be of. ariy'furt Gr:assistance in the interpret:.tion ur appllcacl~n of ~ the 2'naings ~ ithis report, pleaue uo nut hu::itate to ral1. ;. ~ , ThanK'~you fur,t;t~is opWortunity to be of service. r, ~ ~ Sincerely, ~~ I ' 1 I n , Scott K.. Bowie,~~R.M. ', Associate Appraiser j, ~ ' SB/kv I i' I j ~ `I I~ ~ ~, ~~ j a s :• ~ ~, . _ i ~ • i y t ~ ~ - li ', I 'I i w e ~c ~' 7+"` ' `~ ~ 3f%+ T__~« •'..~, . i :~^'.- ~,.~^ Y.. ~. ., y . •t4 a ~y f, k '• i fi II `'. '4~ 1 I I 1 i ~I 1I .:.-... e.... -:_._.e.:..zmm..bo..~exc...+::.aa s...6-h ~,4mt:ar.',.n.~... am~+.+. •. .:.-...,~:.......-.n+vw,. ._.«...«....., u.. .~.:..... _... _„ ....._.d,._ S :vo 46 ~ ~ ~~y- ~ . a". ', .. , i ~'i~ '~ r `.x r !,N 7 i+,ky::~ a a,`•. "3 u `" :,ppr•oximatrfly~ I breakfasts, ,;vii sr_, 1't:e inten[i lodge facil treakfasts. lautary, ~gr na library tu•`uach~ sue ct' ul stru~ unco[ pr~cc that' his ucit sha}1 Uece~ber 18;;tnr.~ use is li"mit~a'~ year s.:unrestr lodge :facility, witn sink,<ice r 4A a pr`Q co ri or. of season usag iapact:on.q `, p. V i 'T iiT lUV[ gefCordominiums,:are located within two blocks of crInter ' `b o~oks o>;',,the:A^pen Muuntain ~•ki lit'ts, That' ~•ur er dst~,sin~le"axea tcf open space ir, central Asper . ' VSews ob~trted'~from ma,~a colts .and :re u.celli:,t 1'r:`r.. the: s uth~L~t~,rd ~fspen,kfountaih nki area. : ,~ Gst~'',~1}'free market units and"bne empioyue uni:.. The f{•e.: C ~e~slightly dif~'opent=:;cur:fiyyrations and rargr, ir. ;•izr .A ;ue feet! Lo~Q10;~4udrefeet ":;:-Also Included fur e.,-,1, unit.:~'~ )i(~~LoY300;4s9u~refeet"of derh or: paElo ar•ca wit!, ar+ til,sauna:,',=uCommon:facilities in 'the complex include a l~rgu ' ea'and deck, undert,round parkinb and boated gar:rve with ,'garage door, an'',employee housing unit designed to- ho,::;e complex„ jand a rce roam`-and lowrge: with bath of iquare feet which. SsTalso, intendud 1'c.r acr•vlr;g continent:~l id:~heese 'parties and small meetings. ~ ~ ' ~ F ' t ~' e?;prdject{1s to operate the Prospector Lodge as ;s',luxur; rYioes projected will Include French-style coni.inental ~Lurn=dogt7,service,,bn-site management to aerviae: tae::t ed f, firexbod;, etc.; and a game room with mectinF; :'acility al ~ SLrerta~Journal and Nnw York Times are to b.. duii•der•eu ea morpltg,~'"jn brlef~the project is designed a:; a ty~~ of wHj3eh Aspen has few, , 1 y,nl r ., at LhaL,~~he sub,jeCL project is to be conuominiumix.:d anal 15~01'~`,~the~Cl,Ly~of,•Aspen Land Use Cad~r, the ir,tur.tton te~~he prbhibiiion against subdivision of non-confr,r•mir•~, f,~ the•,ggndominiumization of lodge facilities while wa~ion`oc,reco'nstruction of the lodge structure. Au a royal, th;~ subject;-,condominium units will De restricted so rth~ short term`,i•ental market to be used as temporary Lab a to ahe general Public. The owner's personal use of +bt~ic7;ed''Eo 14.`.day9'or'less during. the seasonal period of Martch 20,, The reader should note that while the owr:ar's ie_high dinter~season,-use during the remainder of the 1.<;Additonally,'°.because the project replaces an or•i~;inal .h©r~s are illegal 1n'the subjaet units. A large wet bar ' and,,refrigeratbr will<be'included in each unit. ilities are not :permitted in lodge rooms. Nevcrtt:cle.^,s, •itf~ier~tl}e lack,'of ,a' kitchen ors°.the restricted u .e '1 d~tr mental~=to value~~'s~ In fact, owners of 'luxury R.''~typical•ly prefer restaurant eating rather than cooking Dg~ause fhe Internal,,gevenue tax code permits a maximum r! se ot"'any seSond dome to be considered an inve~t¢ent ..the Aspen,ordinane~~pc_ov"ides 'plenty of out-of-prime-time S~l~b,ject~`property,'the uao 'restriction should have little s 1 ~~ ~ , , ' ~~= ~ y lr, [ne tollow'tng anel~~ ~s, we~have examined in detail four specific units cf the five diffeting uni types. Where more .than one; type of unit is available ir, the. complex, we hav selected a3'second-floor unit which we corsider to bc' average in location in~~he'complex:''.;Tlie Aspen and Snowmass units, though ~..~. differing sl2ghtly'ip"1 youtiare"essentially the aims size and in our• cL`jrdon have hu sameiuiility;' Therefore, we have analyzed only the Aspen units separately. 1)nt~ examined in detail are Innsbruck Unit 305, Aspen Unit 203, Yordie L'nit 2f)6, and'A1plrie Unit 201: From the indicated values dorived from our detaiipd evaluation. of -these four units, we will, i:, the Conclusion of, the report, derive valuations for each of the units sr.;.arately '_n the complex. :, , 1i If + _.. ~ ~.~. ,. , ,. ~~,,, ~d;~ ~°w w; APPRAISAL Rc.r INDIVEOUAL ^ICOND0~11t~ ^M-0R L7PUD UtJIT _ r r. N~ -::"' (r .~ryuS~•„y r :- } m ?3 < .-~C+~..ut'fuU l )I ''/1eP gdn•nts ~4[•]~}r'l rI~%~t tro. l3T lOU4 Ada/•ft 301 Farr 1 vman Av. nUL .. Proles. N+m+/PMw Np, PTC St`pC G•i- 1 ~.t),c (.nn r+rn.:~. rtn As~nn" ~ ar.;rh~*~#`-~~,.~ ' ~F'~`..^~'tpunty"~'Pifhin_~.'" _„~~suNMCO zlp~oa. fll~?I1- 'A<w+l wul [d.u Tua s?-NSA "~.N~A .. u. -: ---.... tyr. I $•1•f Pr ICY { PrpR«lY AIpMf APPUbb I Fw~'^ LRwrnli I l OM GMreN t0 W Ppd OY S•11« i CtIMr S•1~~ GO»CMtlent ~ _ U .e• C1t•nl I ~ ' L•ntl«h AOdr•is {- ~Oco.vnt `~AppNla«' o B, wi R.'4 Inuructlont to AOpr•INr _y~l~ 3s { x /~, . ~' f Y0I Q+ FNMA SO7,t` ffeuVgl ~ a Q FNLMC •63 AOd•ndum A rpulr•d ^ HIMC •4S AJtl•ndum B rap aln ~Lwr.+lbn nt Vrb• { Sup rD•O "y+~~•* pOnl ~• NEI6NOOpHOOD RATING Gootl-.AW (F'+" `/`•°- : ~ '~rnO '$ryb ~r ..r^t,'4' . .. 11!7 ~... ('7 L.~ r. i t7W t up -. 4+.1 ''~:~~0 ' s% ~^2S%-t0 73%~~~^Unp•f ISis~ Ad•O WCy 01 Swopplne 4U t_.1 1 ~„`ci,+wl0 pa+• ~~ [~ruoy M.`~+bp•~dl~-gaplyf, a ~ `x^s~3eY r~ ~Qibw ~,; Emplavm•M OvvonunlUn , , ® ^ . ^ ^ INpI>•rty VUOY ~h+Yr '25,^leplw ~ S f- a . : ~_~ l ! l{J SUDW~ ~ ,^OKllnln(, p•O••IIOMI F•LIIItIH , . l 4 . ~ ~++.w. ~,~, r, ~ , Ems,; ® ^ ` O : J ~: W!naq/SOOVIY • ~ SllortaM t~1Q I7a11nn {~^7~OwrfuppiY Ad•OwcY of Ullulla , , , ~. ^ G ~, ~; _L' i+.~.•Uq ,Tlin• . ~ ~„~ QUM1w i Md ^Mi:Moi. 1 ~?-~pDv~r t Miif, hop«ty CpmwubultY....:.. ® ^ ^ ` ^ i~n•wmL.nsuN~~U1~F•Apy ~A~~M2~iFi li'~~ ~'1+AOts, ~%Ce»do Pret•alonrromDatrlm•m•ICona, ® ^ ~^ [~1 ~' ~pp~. S a". .F ~ T7q„ ~` ~ 7S~LCOnvrlrcNl~~%IAdwir ~ Cta .• w Pra+•nl Und UN~ lO Net UM•I I ~ ~~F ~t lOd$t39 ,:;. , Pollc. iM Fu0 hol•nlon ..... ~] ^ ^ ~. ^ 1 ~,• nk Y-~. c UYF~Yj ^T.YInI M•c•t OOn«N APp••ranay a/prop«tIM. ~].. LJ ~•„~,, [] ~:~ ~I,. e•From r ..: s .. ,; .., ~:.... ~~:• j'TO APp•11 to M•1 M•t ^ '• Q ,.' r~ Wtd»mIN!It OttuWnty'. - x "~a~Ovrn«~' ~ 7• ~. •~4• sx;;. ..... -.. r r"~ "; ~' ® M~ppn %4wnC Ilan[. Ate•tt or Conwnlenu CJ~dnmlelpwll hlo panat t~lo f hetlOmlMnt t 200.000 ~ Pupllc TgnlpOlUtbn ) ® ^ ,, ^ -. L Ae• ~ yrs, lD S ~~Yrf PrWi~imlw•nt 5_ t0 Ylt. Empldyfn•nt C•nt•q ® ^ [] [l µsmp• i•Allyt hlc• p•np•, t NIA R; to t f ~~ ~ I hq~mlMnt~{ ~ N•Ipneornood ShopOlnp ® ^. ^ • [_~ *< Af• ~ .` 'pA ~If, IO~Yr1 h~OAiMnt..Yrt. Or•mm•r $t»001{ k ® [~ ~~] La . D•It b• pptrnU•/ f« •edribM{ Cpnddl D wpl lq~• ufDY •rW ~~mB[St itt ~ Fruws Au•tt NSA ~_r .. ' o hold nrL+ytit t^ 'i.G?.~ . y,rY. d r-.,}r5' x L F n +1.t'°.^ mq sd~ 1- 1 _. _ ,k TIeN FM6MC/FNMA do rol oon•dr wo oy tht+r ~.vsp+posit p el tM nNphAerhood to M rdl•bb appviW f•elora - " .. _ at(,.` s n+j: ~'6r+€? k $`"`i @"51{ q r twit a;, a", .~ J cS!+41p• twoM /+ctOra, f•vw~Db wet/nl yw•DN, •11•~t wt Oyrkel•blllty (•.e, public par ws, ldnOOlf, nolN, d•w, mMl. ^rN pnDVUNOn sli• i nn+np+l +orlllYl ~Ilis, sub ect is locateH~`'t~: the'~eo` . er'oFl,lfonarch. SCreet and Hvrlan Avenue at the ea%,,,. Irf dace i:' acc:*tral"core rhera~shli in '~rcnt tninsn nt~ and'`'aki'~=~lifts .Ire'located. St+e att:~cht'dl ~ '"' '?~-120 ic~#100~s~ 4`0001- ~' r Lot Olm•nNens (111001 •-' S. Ft~~ Corn•r lot hoNq D•nWy Wn•n Compl•latl •f ngnn•d Cl A umlt/a o fzp°•anlcw•liutww CortdneTCial•%~CoteE•`~i`h `rr~.~~F• -Y ru .<. '~. ,_ •-: .. _.,. { „r", ,~ ^d0 n01 annlOrm t0 rurlnq r•YV4{Inns, ~ ~'R `~ Yf' p$„yam J, h•Nwtlmprdwm•n t d0 rli,~n•n •n9.pwt UN ~qw~ ^OtM1(1 y) SubN~ct,>flps p/lodge condomin i.um, is a lc~al non_l onturu,fn .'- t\rpllc Otn«„(O•tu1D•) "~ OAF •S~ {'f!1MIRQYEMENTi -` « prppel Iner•it/EN•U Ud•OV•cYIGOOa • ...^„t ~~ - (1~r, 1-('~t ',XSd '71'`~~~SIr~N<~t Ct'~POOYC^AINI•~ 3TOD0 '._ T. 'Vol ____ a+~<' 1t J1 . .< ~,}.furf.et`I/1. }I7Ll.t~~{ He;: 51»/Sw•p• Rs•rtnn~yjall ~p,•~w .`. ~,]..~~'~-Mnne.Mnpr QP(rgt ~]hlwN.' `~w.w Am•nuy Cood from must unitti ."!+^.1{•wr q- 'O ~~ ®SIOITS MI%k®,C~rD/Gptt.T ~~` ~. ~DgIM!•/FIDOO CpnDlllpnf~~aCq•+~!°~N2n L•_, -"~_.._ ~.v '-~•~ .I ~lnd«yeond EMG i TMi S10iw114. Sllfl•t 1.1 Mf J' Y FrOPNry la••rM M • MUD Wwwili•/ fOri•I FI•od IIWIe A.w1•1] Hs O Y.+ ,~~,CiJ.h+KENT'thncludb~.nr~•i•m.eiiynae.inm•bu °FOwrat~{eonOpbnl)i Third-floor units have excellFnC vJnw>;.AOti[h, A: '"•° ^[•Iglry Approx Yqr OWll l! Yob 1e1M117/•: ~ PROJECT pATINO Gaotl ArV. F+lr"./wor OcDwdo OPUD °:=^coM«t:et{~I>{ fil t.ouuen ............... ~J ^ ^ L? ~JvPC ^wope.w ".®Und«eontt uglen !! ~ G•n«U App•x•nc•. .. .. ... ..~ 1c^t ^ L~ F^~ FOVJECT ^Ei•r+l« ~; ^• W14~110.'YILo131otIK 3 " Am.nltN/ip•o.+1bnU F•tllltl•t t.1J ^ LJ I_1 ' ~ QpOw Or TnwnNOUN ,(®Dln« (ip•cl%Y) to f+ cOnaomininm .. • , r •~ ~S D•nslty (unnT v« tcr•1 .. ® ._.1 r^-~ r1-7~ ' ^ hlm•ry p•pd~wt• ~ ®S•wn0 NO or p•RYtlpn•1 i..... • UnU Mlx ... Q ^ CJ .,;t-i tf ~VmMNq: NO, Mwf•1 1I'-' No..V!Its qp''~~ NO. soW --r~'- OwmY Of conaf. (m,t•Lanro,n) 1;~ ~_j ^ l._ I/ ln!ompN4 h•nnq NO, (+nuw `: ~ No. 4glp ?IJ~ No, SOW _n_ COnd1110w Of !xl«l01 ... ^ ^ ^ ~, yrnt In fYD a Mawr TOW ~I' r _ N _ ~COmpl•NO~.SeW~,~p•nIq N/,1 COndI11Dn 0/l»t«IOr ® ^ ^ [~ AD~x Ox. 1Y0, {Ails I« S•Nt SWl•tt hOI•d~ 19 ~~ t~t SYb{fA PMN _ ~ APMt110 M.Ik« • • • ® ^ ^ :..J ,tEat••I«,Mpl F:'dW~tliTne peel Gown 'R~~•UD E S•ewpy FUturoDn~3iCC mL'RIC. :SeCUT1tY sta raP.e' GC !' ~[, Baler: NO. `' AOpw•Y iCO~ndllbp I tCpnd WOOllnel V«Ilpl~i- NDrIto M•1 Good _ + I t T s 4'. ,q.:ln{: ToYl lve.SP+cn'I6 pa~lsl l~+S4•c•f/Unll. , .~. rrw Und~YSLnd No.Swcn lw Ou•sl P•rwrnq StrP _ ~~. ~, „•}t.frltN gmmon •NmRAtf 01 r•putlaM{ /Kllllwf .O ' m 1 ~ ge ~ ,__ '-A~iinr eelnmon •r•m•ntf.rie. 1•tllltl•f er p«MIM IH to Own«t Attoe }~-` NO ~ -li' t aUtn Mdantlum tl•strlDlne I•nl•1, let mt +nd oPl!nr~ _... a•Intw{, wegt•d und•+ Conltt. *r tboiSNlar L.~`~°~,^..Unp Llvibi~ Aru~50-810 (p p.Nm•nt CIt~oR Flnitn•a 50'-R 10 - (~j i t-rrmelor tAll: NO. ~l~'TYP• undeTRroun Qwf6eMd ~~;,:^Ownq eo»wnl•ne•to unit `i1?4~ment _._~~ ~~. AOnw Ufl FOY•I llr .. •OM, i Kp>? BOrrn t+l{I'! "F.m -'.p•c' LnOrY ~ • ,Olnn.'- - VNIT i1 gY1NG Gnoo AW. F+n,'-F. u'' iy+•m.n1 oct I ~;it•I ° `r;•~a, COndltlOwof Imwovemantt ^ ^ ^ ~ L~ 'tt~ t.'-sv.l .. ~~:- 1. .1, ;:ir t ar:R Room Sltet .n0 UYO Uf ...... G.1 r~ ^ -:. I. I. i ,~~~ Atl•OOUy OI Clutrl/•nO SIOI+Y• i~J rJ -^ IJ :: :~r••~ ~". '- ;"° •. c:(' ~ . Kn. EDalp...C.bmtlt L WO•wip+N L11e~,,,,GCt•LifiEl,'~ ~.; IOwI , ^ WrdwOq ~~ U• Cirp•f ewrPl V ~cry~r. CO7lCQ PlumbinV-AtlaewtY +^d ConalUon Lll ^ ^ (~~) m,'v?un ©DrW+11 ^PNfNI t, J, Elatlrlcal-AtltOUacY .nd CDndrtlon ~J I_~ [~'. ~1 w ,.... ., IllrwlF'Iwnw ^Good ^AV•Up• FMI ~^POw Ad•ewtY bf SOUndPr no/rnp ... .~~ [~. r] L_1 ~;, ai•: •bo.l~' c«.rme O '. w.~e;eot: ©uurnls' Q Ad.owaY dt lmwstrnn........ LtJ f_J ^ ' L .,flrrw:rrrt Itywlo rho rmri~ non ^Sl~rm S•M', ~^So••M~ rv~r ^CpmDO LOUIIOn wi1nM hUlRtt or Vr•w L~) I~ ^ : J r`[ x . ~41cn•w EDWpI ^ p«rle. ' ^ p•np/Own F•nA.oed ^yYtn« ^ CMY« OMnll ~.IvOIUW ... ~....... L`~ ^ ^ r„J i (~ pp~~ , , '~!n: •rmm ^DI{PONI• ^OlfDwstw« MIVOw•1r~ {~I COAWCIp ApD•11 •n0 M•II{•/+pngY ...... L1J L' ^ ~, tCA •.., Typ•~~:BB ru•t''" Gas 'Collu:i Dro nand ~~ ~ I p Etl, EII•dlw AN , y'~€w to rr r, .CIRr:ON D: CenVN ... OIMI NOnC' {{••~1IAd•pwN: ~~ ~ t~ ^ ... ^ .. CJ ^In•egwll In 'COnryn`It t.rre ~.. _to ~j~ try. ~LR'fM $nUt•rb Nou4nt D•flen .^5Gl« ORflpn/L•mtu o• '] ^SOI•I Sp•N HNt/Ab CDnd, ,~ ^SOI+r Hot Y4 N1 {~~ ~r"i•O+m D« [~FI•cJM•c0 C•7 FOrn IIONI)on "tyf"r~ ^AUIOr StID•ck TMrAUSMt ~]Obl•,/TrIDN C4pd WlnOOw1 ^C+YIY,1rrQlnRrtlrl0 i .. ~ ~SfR~wT10N l1pNpF•dW IT 4newn)~r7"®W-pf"~ I~Cflplnt ~,;. ©Flgr~Qpeel/Attic ^wasr N•+ti• ! / •••is «»POt•d 00 p4nf antl /prt4 pOrlda lOr'a0•Vwt •MrggfonNlwtlpllf '~~ 1lbo, •tt•cn eNCnpOOn of motllllutlon nw0•d. t P `1Vf u1)Y FFFICICNCY APP[Aplr Nlen ©~ d•dwli, ^j LOw Cnuvy Au011 ^ V•t (+lu<n 1 +r~141 :q [~~NO ~' ~~M••tLI+T3 hfrtul rulw•t, IYndlorfal or pnypt,! r~• ~i.wcNtll,_mr .r nlyllon w Nwpf n••e•o, qc.l SPcC~ a l f CD ClITC4 inC1 U(1C ...~,...,,. - ~., ... ~,,._v ~..... ; t •F'.a r >r!<G ~'1d~n'1d A~ h~~1 ; 1 l 1 K nG1., wi /n f l! I4 5!-•~t ~ 4 p ` ~ ~f 'DIY »Ljl ._ _/ ) r....+. u.l • wnAN , I ~~vl il\/A•.. 1 F ' ~., _ • 1 S ttc :: p ~,`•~,tl-?,I;;'S~~t+•'4 ~~`~£ •{ Y •, Otn• ln•f 1 ' tfu~`isty:d rsd r'lk 25: 1. l„ 1, ~l.el (.1 w•1er :, rover. + • ~ ` qr ~ Hy1 ~~,I '~1MIr1~pGh•I f • ,D ~' J U ° ~ IY1•ul 1{ I I,~" __ .. _. _._ -_ ..• .-• _ __. ___.. _.___. ~. _,_ ~ '~ ~j , , t ' A • {I P ly munl•l,l IMpOIGG}4 • VlOVitl1'.{ • ~ y.¢ i ~ ~~~ Vm . •{i ID V1n ; ~ M ~ ~ P ~ comDtll N r -(.c~O~GI 'f~ Mn p•mtnl GroUO 1} . n . •/[ri 1 _ __ + ( I N N C •nIIG IV+rb ln~ D Slie eOYr.rs (1 In•U•ryu<I. a!"~ $' H '~~ Nlph U ADMV•1• u!I IYIInd Enlgn~{ub)wi <n 1 M.puPD.,,. `1] Nlyn N,1~, l ~, . ~ f » 4 1( ,on y~ l $ " !K Ip~.~ f~•1 M{n.y~m•nl .;p•nl (lD.ulllYl~ ~~ ' ' ' ~ '. , ~• ~ H.,Iuu Ir Oi M•n•pmMlll!p `p l r' •' o ,~w•5'i~x'£ o ,p ~.:. w+~`*'(•'rt~~n~ R>r~ { Npr nu< I I, ~ K' -:a , r .: -- T RD Rpugl(OM •pD••r1 [ ^ Suu Nlor - l;•1 GDDD l] Au Nluerl 1 InpLquu. ' {< ,y W < NKINiGh{•ln~ll,)•ip e)/~/Q ,~o bud~Pt h•i5'vet begin ~+ip nse ~ , I1CymMlt Or OlhNwh•+npwb WTn•e OnINI, Thrt weulD •14p1 rmrY•4n.•ny III non• m Uel•r We a some fees wll~ b ~ '(c•, .n.~T.=. „complextes: TM" ~ ~• e tyntcal ut othtlr luxury ll•dp,c ----- ----------____...__ ~. . , ., ( c -_ - '~ NgTEC:YMLMCillot> 1 STWWr•In•Cuff•pp14Knlo in••pit114, OI GDOeYmlmYmaPUD YU4,. C ' ' Appro•Gh Ito Ix uW only for dg t•eh{d SemFd t ched, uW lown houf• unitGl: ------,----'~- - ~~ -~ - -~ t 3 , •D OOUG1 o Coo N•w~ ~~ -i 1 Fh Y t 1 ~ r ~, ~ elm t ~., 1\G D•Dr •<,.\IDn. PnYfK•I° ~ p•. 59. 1 L• .. s Nf A ___ ~Intllon•lf ~ -.- .' ~ ti r , ,,ICII,II,Ip Y11Vf DI Imp YV•nlfnlG • ~ I ECOntln,q j (- -- • -.__ 4e + ntl Un0 Velu• (if ,entnnb ,nYY~AnIy le•Nhal .. t`etuf -•141n G•I<ul•Ilon,) , ~ ~ ~ ~ -_ --.-- •- ~ - - ~ •` nv.~rlY Snen ul V•luf nl AmmNI11 + • .----" -. •.- __ _ ~ r W I I ,.1W VUUf: '~ ^ TEE SIMPLE ^ L ... ... __. . . • . _ ~ ASEI/OLD ; , . ''` T• r•9•Itl+^p •,T•T:N e{ a•al:aial n •np a.hl G ' ,nle in the nr+eraisaL" ~ ~ i ~ . : ... ! .. A • or 4na •ne..m.n11r P.GY.a 'I'hL Cost Ap4ronch is not coon i dr I rd a p 1 l • - - . ,o >a ,s r ~ TM lwpr• Nr h W pOYibN Mwtd l p le condominium uni 7 E ocatedwiiTiiri a-la"r$er f•~~'~' :ICt'a'~lsed T r tM rt• Iwo e k Ctm Nitl p,01•Ct, t1 f•KI fvo CompK~llN thOY1D Vi 4 PN•ol9 Nlq llorll wllnln Il,t WYI•tt PIOI•GI ', NOVwvb, wMn •pDr•itinp . unit m • n•« ur Mwiy . NI•GGNI 110m OYb,O• Gh b , ,. KIIe N•D t0 m• wblKt unit •M n0/ Y,p•YKM If °{{°r •~' ^'MIf fo eM tomWnb4 11 s h ui t W 1•el pI01•e4- In U• /Ollowin° •MlYtlt, lh• CDrnP•I•b4 tnevl0 •Iw•YI D• ` ,~l/k°nt:IMtYN p{ [n. COmp.Y•ON b WOMIM tO GM WOI•GG unlt i ( uc t,ut • Of Ihi cwnp• :y . , ° m nu° -) MIU4mMI 1hou1D p• ' •bN 1{5n{Nie. 1pIh..Yb K1 '. Olut 1•I MI)utlm M h l ~_ . }=.-f IIST'ON - I i F M l I pu d b• m•of To 1h• Gnm NrNY+ WY.THOSE ITEMS THAT REQUIRE ADJUSTMENT -Sul Nci PTODNtN" C A f` o t ~ - _- MPA gA°LE NO. 1 COMPARA°LE NO. 3 . COMPA NnII~E NO. ~ Nunn ND r spcc or ~ Aspeq •r «T N.m. - Alpine`•201 ~, _ quara: 20 Li t One park Central idcs:t . - I Unit 4 ' I ' 2 block,; ~ block ' ~° '2i2.~ .- s 995 'ri 1 / ~ ('Il rl (1(lIl ll ,. . i Ems, 1n~,cctiDn '' Bro;ier. ~ ~ Broker I,Dr,•o15.1•MO DESCRIPTION D ESCt1 ' T w _ prokcr 1PTION~,t ~AD~~ DESCRIPTION + '~S - -~-'•~-•f ~-i OESCRIVi,ON Ar 1 e . v~AelutlmMf / '+ 2/02F 1 • ' gi l~h_,+nl - -••, :A•I . _ + -0- 8/82 -q- L_< ,. n I(n,d i.~ .., Su er1 ~ s ' _ r SLmil~r __ (~ , ._. ' -5 000 Similar ; -0- .. w J. m z 4 i`;- •D. A _ ,_0_.:' Similar ~ ~-U ~od U '=nd!1 /+ • PI ..I r ~t.l~'_LQo ~-% 1 far ~ ~j1 IY cl Conti / r . , --- t :_t±~_0 0 Inferior ;+IU,OQtp Jntcriur +lq 01 ~ ', ~!'=LScL ~ r'Inf pT:~ ~>r" -~ ~$ 1967 ~ ~< C ' f c __-_- __ ` '..+lOCODt. •Tnfcrior ~+1t) (+r({~ ._ J_. 1 -__ . n _.. -- - ~` r1 ~: • 1972 U-~ l9b r- =•-- es,~~ ' ~~ x /rd r rt L'•n A,N RDpm Tool ° •S _ ud r .) +10 00 V r~ c + U%)( .- _ erV L ~ ~... )_P I•}' S ,r4 + _Ir lr ; • rmt 9•thf. ToNI ' 8 (r :~'* - . • L C ^ ' ` , _ ,. l e. L. { i fSMt ~^ . ,.,.:~ TOIN ~ B Imt I £biht I TDI•I A rn G bGU, 4u T Mo Too, 1 • Iv ` ~ '9 I r`.-;.E n A ~ ' ~ 7' ~ 5 ^000 l _ . ' -5 UUU 1_ ~ t ~i _ 1 OG 2 -S k p -_.. cL; sn a ~ + ... , so 1c, x_+ i I "S". I s P•w••Mti eNnl i (' 59~~[ - 1) _ 1 N _- `.1 Il _~(J; I ' ~~~~.•••tl RDD . hpLC~~. f' S1mi`Ih ; r s+ ! ~ ,r.~ ; ~, ~". ~. ,_: : 0 = Similar -~- tiimllar O ,~ te. vilhy 1BR+`len lod• ~ BR c > •- * _____J., _ ndQ~°r~;~ - '-- 50 00 2 BR°`condo -50 00 lBR+den conrio U ~ A,Zpn. Ten,np Tlronr~: - Simi3a ~r , _ 1<s U '::-• Similar-0- Silnl lar ~ 0-•~ xR~• De,:k l l,._c!e_Lk ~ AderS < r I b , r U ` : +5' 000- Aver:~c ; +g OUO Av~ra e --- +; !1(, ' ~ -~ , . , •, { •< nder round: Similar Dn..n • i ----•- -- :_ -- ' , -0_ Area _ ; + 3.000 Area _+3 0(7U - v un Ete,^•nl, (:ood I ,nu rr.\rfa,prl ; ~ Similar .-__. L i , -0- Similar ; -0- Avcragc •+2 ~:i(i • , - , ` I~'LLMI n.m, I hone' ~k ~ , S#mila ~ ~- ai 3 0 Similar 0 '- , _ - •K ; . ; - _0 - Similar ~'jl~ll » .•ac~n I SaunA.~ jac „~' ~~ +. +;~ ! --- yf~,< < , ,,:: ~ "' ;: ~ ~, N,. :.meD.hn, u zi t b,lg,- Average r~'----p.~a<.k}e-x.~. ~ -~.- vY ~ '~~ ; ~ ,1: •+12 50 Avera a ;+ r g 12,50 Avera)_e •+12,SCi ~ ` " " > `~`" , , ~:; ~'n~en;'"`~° I ... ~ a; Conv + owner : - - ~ "` .~"~s~c I i:' ~ ~Tin sy;~ - ,,. ah"' 1 o ,~ 7 `^ . , ~" . ~' . 11i3 ~ -0- Cash `0- 4y !w a ; ~.as plnui •^••~--•-- `G •~l F;v'~~.t/w YNUf i M9~ `~ ~ _ _ • ~ s k't -25 500 •9 pP1YG MInY, + ° '~ i7 _- 19.500 ~Pw<Qm,n„,'s~ 44 OQU r5 W J ' - - ,~ s .... 4. 3 ~ !t~r.K t ~_~ ~" .-- -- +e ? -- _ ~i ' ,,: \ ~ ' ~` 287 ~ ,° ~ s 000 ~ ~ _ ~ r - ,._ , ~~+ '!17,pU0 215,SU0_ l ~cv~Mn D .\. .1 „I. An•lY, { See at tae •d " , ~ - - ~ :- . r ~ ~ - ------__ _ -. _ ._ NI .•m•tl. 'Jµ1 •, i ~~ ma loom bon, o! AppylN{' OU, r.:+ lod_qua T i t tie "wer:cmAnsh i i '~ t'e'n` 'ull?1LP..iL c,~: ~! ~~~+.1tie•~ Cnrycnm{ni%^IE art >.n Ili ~" ,:,i; inn nu Il•z ttii~ ordir:nicc ~ ,~' fr<, a~.•ore IY t.. Yw, < Nn ,tier a^l~V ~ le•T .J91Ry 1', iA ... I Orn, 1 L•. {:u •ATI 1••~wN•I1 YAyI{,AS Oh/lh nen H_ M•fk•1 q•nl S -~/Me. • (;r0,< R•r11 MVlbbl qr _, ~ S II, ~~ - IYOM M tOnp.t,Onl 11<1ftl btbw. (~ Wbltfl In <Om Dlllnm r r f , an^.^'(D~O,Lnr s ecifu111v contingent_uin campletlon rat the suillec 1]s•_and~n reasonable ronfor•Inanec to_pl uls :roll spcl -'• ~e•.g~e`y-1f}cnlly th_it_thc lod};c•c~md~,mlt;£um units at~~-' o relital i111d 661i1PC 'lS0 ;e saa`c,if IPd to tha - 1.ity'_; r valuncitin_is emu!\ 'ecr c~ :uccc aful lon.ll _ J._.... __. -. _. sinlw iz- ---... -_-Nen+n1Y Crivn evn l •un fv. _.' _ - ..- 9•nT•,+/IgNi•np fornl •... \ Inn Mer4.1 V+IW tl.4n,bon lFR •r•,L,. 1'•n: ~- J RTrASC._SE,rcrrt;huC t5 {.. 5Z r.....<:~•~.,I•.I.. Yr Il cn• /A , a`+p`;*i~ f ,.a.y :,.---•_•_•-__ _._.._~ , ._- c., .... .__ n%:t`- --.. a i '"" ~~~ ~Irr IS_,-_ .._ -/SU. ry /v.•r Yr ur•v, rr••1 Grounn went hl •nvl t /v ~U IIRUn'mtlu0•o In uMt (Mlpt ^ .Nona ` ' `1 . • Ngt „.(~ Alr Lob. ^ EIKVI(Iry '°.u (] WN•r p •ww« M1U+• MY r..:. oil n torn ;~pulir COPp O/-tt~0 cr ,„ t ler un o/ OCIIItIM' ~ •-_~--~ - `.•.r _` _. .;"` TD Oroptny m•muM tM Prol•et fn0 Ororldt U. wnlcn •n8clpftd, iM Due Y•IJPp••n: ^ Nle4 L: Anp4n• ^ In•o•uor r c;c jCemO•rW to otnw campnlllw Prolttn of lmll. ylltr tnQ Owlpn ~tuDlKt unl/ Miry. •pMUt . ' .^ NI n y1r~. f LJ Ruapn•nb ^ low yc t~mq•m•nt GreuP ^-Ownw1 AutKb11o11 ~ ^5 wleptl `{ ^ M•M~Ominl AEtd Oaal.tlly) . ~,. ~QYdltr e( WMMm•nt the la MIOICtrMn1 PI quU me Ppulltlont fPP•IIf *:0 Su0•rlor ~ Gooo ^ AnpY•I• ^ IMa•OY~t• ... ~ n•CIII Of unutuN CnM\tIVI•tit• IA~h O_CprWO/PU D: " ' b OQynMU Of penMyrh. -(+Own IO Ih• •Ppr•IN( ~ In•1 wn Yla IfI CI m«f •t•biIIIY III Hoot tp •Ul•1 has-+ et- • :: ho bud eg t een+ ro os •d Wei assume~fces v111 be; typieal o~ other lu,(nry lodge ' .. ~; complexes:: ? w.= .. E.a i - . . ' NUTEIif NL MC Oaf nol nevlr•'IM toq tPOroxn In IM • r 1 1 1 L.;+t AVpDKh Po O• u+wf only ler d•.tathad tnnio R•o•Pnu<Iren Con N•w ~ l•u G•Pr•(1•.lun~, 1•M tf013 O. a.•cl•1•e VUue of ImpO.•m•nlh". .. _ AnO I•n0 Value IA `n Nnnlo, tn0`w-0n1Y Irt,rhPl Mn.gt! y^•I• PI Vlluf ^1 Am/n1111t • 7flu nnaluu0 Vtlur:. ^ iEE SIMPLE ^~ n. mwu r•e•r0:np onmut of e•Pr•t lftbn •no rGl -~"able in the:annraical~:nf~Yaeai M •44gnw~ wMntV« petit n.«+W P+O)tel, K 1~1•t Iwo ••'ro nwt 10 N•wDPct umttn ` ~ •N +O (M fOrnnvDI•. :1 rue -_ PO t Y O tOnO~mIM=m Or Pl1U Yntlr. _-_-_ ---" - ehed, toll itlwn houfe uniul: ~ -- nttlOMl { ~~-.~- EC 6n4ml(3 ~~~-_ 1~. ~. ---~- _-" •IYf-•Il~th UICVI1UOnrf -__~_~~- __' _ ASEMOID .........' ... .. .. :.............3 hLA.-_-..-_ _._.__- r_.- le ~ ndeminyiu n~i nit ~Ioc'ZeJ~wi~Elii hAil tge'r~-(sr'eaaE[~ciii 7J-~ nrewtD1041K IIOm w.Uln tM tnbNU Pr41KP Ilow•r«, wMn pnr of n.y .Yoh In • mw Or nrwl y bctt0 hOm eut•10! IM wD)KI Oro)KI. In tM 1oROwmp •n•1 pl•, tot tom D«•Mt ~n(~rle •Iw•r r n• 1 Hn( IYIYK 01 IM fomput0l• It WMryOf 10 IM WDI•tt un1l, • mUu• 1-1 •epununt (Houle D• tbb {I In/•Her tO~Mt tub)•[t, e41ua 1•) •Oluum•n1 tnoul0 D• mte• re rn• rem n•r.ul• ~ _ RF[N IIRF en RfM SuDIKtProDwtYl.: -- COMMN4BCE NO. 1 -COMMA RAeLE NO. 7 I,OMV4RAgt LNO "l ~•ee•.,oOnn Ne. Prospe chi- '.Aspen Squary~ L1~One. 7.30~~ Park General Wcst . ~a'1KI N•Tf - nnsbruck -305 '.y: . Unit 4 ('•n•rnaltY to SuD6 "i) ~ 3°~bloC Es ,!.; i' ~ 2 blocks ty black irwi(It~_ s N A '"a +s 12 2 5 0' _ ;f 235,U'Ub ~~ i' s 17"i,fi%i •rrdUvMq Ana s' N=A /` , ;s :, 300, ~ : 258 ~'-""C 1 ~: '- " __. ., . s -`Tti s : ¢.aey+t.` ~~~ Ins ection:~=~ 1 :,~Bro eY ~; ~ .~: Droker, Broker --- " `. 4dr o15Nt /ne tOESCRIr7rON~~ ~' . • - ~' OESChIPT10N-•~ ;AO UUmtnl OfSCRI-TION ;,•(Iro tin•nl O(SCRI-llOtl `"~---"~_- A.-T,i - tualYtna.et .t {+ Q . Y4 ~Cti .+, _ 2 82 - : -0-- - 4 82' -0- _ .. 8/87. --' ----~---:-0_ ~'~'nle^ o d-`+^)'~i~$- Suoet•io ~I ; -5000 'Similar ~ ;-0- Similar^- - _0- - 6.+.rv..w ~ a` I g rio t ~" -' :+10''000 'Inferior '+j0 000 _ _. Inferior r~li ) ? /oyn.nOAr+pw1 ' r ~~ ' ~Simihu ~~+ "'"~ 0 t="• - :Inferior. ;+5.000 _ -- ' - Infr_r iur __ ~5 'u ~: ri•f•Iratcena. ~ ood .:g Verv "Inferio r .~,i :+10 000 ':Inferior :+10 OOU _ Infcritir h'lU1Q M a '' 1982' ( F 1967 ~~ "i' It 0 %'~?_' 1972 ; -0- 19A1 ~ -0- M-M+twn : w.._ < •.: V • ' Av `.- ^ d ~::-° :+10 000 ' ~Vec ood ~ i+5 000 Very~~x~d__-_~-'_(~!= „I a r+f Arw• 11oaw .•Im Tout BOtl+r ,Tout ; 1 r} Bt1/+` , 'tt ~+ nf •?1' 7ot~1 ; faint ; B•/n• • • Teal ~. 0+mt ; BnM . 4(~nt .ne Tow ~:~. 3 + }2 P 'i :51000 - y 2 : -5 U00 J Ii 1 Ur) ~ 2 - S :e.. Lwinp A+« ,Y se. 1i• 874 '. 1 seiR+ 6 000 ~ • t 1 se. ,.~8 000 _ ~ . ~ - ' U a ft. ~- (q4 1 .. ~ ' __ _ _ -_ . ._ Cr.:.••^NROPT• r `. ~ Strf' ~ ~ x 1 .' i r .. - - L{llt~ 1'` I t•.•+ttlentt u~l•ar +rde ~4;, 1BR 2 BR 'co do +-50'000 ~~ BR'condo :-SO 000 ~_ ~BR 1 : i /:n 0- ~._anmtien:ne .x~.: ~3m= Yla~ 1._T~- - 1 --~- -Similar -4- ~ - --~._._-- Il1~.lBt--_~:_~- Ett~ Deck ~ ve a e ~ .+ AVC~ a&e : +~'--. - L'~ -- -~-~ZS.flr;~ P:.Yrny r•aulul ' Enmm n tm•nlf P c good SimilA1 1 Simllad '- - ! •i-0- y'i!_ •+ • Similar 1 - 0- 4'r1 ~ -__~ (r; l( al Slmila .-0- v't A•val:on ? ~ 1 ~.~ + , , 1 ~! '.Ii ~ , , ' lurnished N A ~: Avera " ~- 0 a e " ~ - 0 * ' rr 'tYnienow/rte ~ t~+: FeP"'>'. * $imi 18 ~ ~ ; >i;l: f 0- v.p,: r . ' -0- Similar ~-0- lja'.p M Fn«py PT' rin1 If •'^• ~ ~ xy..,ty ~ ¢ ~* ,y ry.:~r~ ~; one •~ ~+„ Smvu 1V'°f'9 4 'Z: '~ t"r~~ Similar 1~ '-` 1 /.. /~ ~ski)1 Z ~'? ~u~~:~~' • 0 , .' -_ , : r Similar ' -0- _ ~ 1 _ Similar ~-0- It./. loo.. ~."1~iM r ~ JrBlllta/ jaCtlZ % a f '~`~s~ ~ ~Av ra ~ ~""~.f ' a 2a + ~ 4 1 ` ' _...._ ;a`,; ;; ,~;,; 1 .iub lg k`~ . c e g ,) ?i±12;500 Average ~+12,500 Average +12,5( $iat`w tm•wcirif 'S" };;~ "It~ °.~t . t OWnOC~-.,_ 1 - ~V ~ ~~F: ~ ~ •1•re^. N/A ,. •i'~AI~p04~1- a:ry ~ _ k Cashp~ ~:.a ~pl V1 (y.•111Y , a: , Ir 0 _.; f '-s~eccnd ~ -0- Cash ~-0- ., f a 'n23 5U0'- I~PIUt~Mmy, •f - PIY, Mmva '3 .~_ 17,500 @ q 43,SU; to V•lut " '~' ./ ~ a.; 1 _-z~ -.- 3 ~ ~ ~ -y l ` r•. ~"239 000 ~ 217500 2IG,50( .m. on ian•n Dtu qurytt `Se x e attach ~„ d 't~' ~ -'- __ ( ~~. i - 000 `/ "'25 ' "x~ r+:~. 11 tP~ , ~. . ... .. 17~A IKtbIN C[OnOmrt MpYt1 R•nt f /Mn . rirot Rent Mwlpl,~l { s.- ,_ , _, _ _, - _. "_ ~ _ to 3:.oor«••I n mast ^~jf 6•• ^auDHtt 10 tM 1 •P•Mt tltH•Vent d cOneA inn, h,+en OuO w, h•J tuelrtt In tOmpb bon p r p4m (nV +ueuh u nn c~T~.~f..wcene;uon,o~'APOI•...+f~•Our ~aluai .. ion!fs s ecificall.y_contin ent u on coin ler!In of the sl:' jl a an good=cuality "vorkman,~ahi r an` l ~~"Tication tu) jj td'~Co ~~ ~ ~* mateYials 'nod Yn reasonable confotTtanr.c t+l~lans and sp/•c - t ifi r~ h ~u i ll P, i ~ !~~ u, ~ , ~~bo,~Q q;sp~~~ _ cn m un ts n y t at thoilo~;e condomt ~y:rt~i~afrafxxe~ subiect a to~'r~crtr v~~,~ ns as~.1 to rertai und_owner snec.ified in us( .?~ the Cit~ ~ ~~,«c~(1^e Con~o~njua o 0 t i;tt _ _ , _ _ _ _ tice" 1 v ) t on is ru o o cuccos sful rondominiumi_ ~ta~ionsinsier-~.t>_i~~tLanc`> r ~lni, u<TOn Wwgnry ^ Yoe' ~ Nel:. N•mt of } e _ :, .•., • ~ ------ N ~ --- --- ntntY 1'roebm lit - ~_-~wuumv C^•o wr E.ou tr -, : ~ , y rns: a Y PP•••nl n P••ee coon tq• •Dt . • n U ; - .. ___ , : If qN • •. If I a ` tr t•Oeh tennnptnt tntl Ilmiunp tonolbon•, too M••fn V•lu• e•Ilnition tMCu• •btro .q a ~ s• yr . 14~, 1 u ~ •n91W +C. )fl INI1A r u !pWal ~ , ~Y. P~•, 10/1tl11n•o won ch•nI to - •1 •n vwrn _•.. ~ Irl AYAfi •/~Ar 71111•fP _ SUINtCS INO•" AS Or SeptC1:1: _L'r 1i 19 t2 le eel ,_~SrUVU . 1 Y ff enelv_J.t in unn AMrp• Y`l ny "1. p, Vlno U fnifgvbi p[op•i~ly r [main 1nf p p r'• npP f0 IO Olnp tOTpfllll rfrfnt $rouo. "~ O own.,, s/ Mf n•gfnr m\ •nO Ib .nn COmpl i \ )7 = I' 1v 4~,Apnr lr/ ~\f ift~ s~y~ i `~ IipV!-UC [huyf Yn .yiJ fn'1 )•IOV n• phi •nlcq, n Pl•CH O( bmilu ~YNIty .. , •. \ \Otlfllon .~~. p. flyfl0w '.•-:. /Yt.lf ~~.- _:~/$q. Ft. Y.V * Ilyp, rpYl ~4bnn Ni,t I I1 Y11 , 1 Alr CunU. U EI~e Ble hv. (]Gn (]Wyl/~.: ! )... ,,, , a'y tIp•IW, 1M buogrl fpwuf: U Nlyh L~ 4nrfuwff 1.1 fnwdwyu„• - \ i pMlpn fuOJKI cull ~hup•q,0orq n NIUIr YJ naY.m,[n~, I J 1 uw I tai .. cJ Mfmgfn,fnlAFfnl PnfnUIYI- - l PM fpD•f nr ^ Suhfr for - tiI ti00p ~~ - U' Anrl. u ~ i.J Irf CoIb OIIUU rlt4r•`fmf 01 Othww N-k ...•• qwn to Inf • gvdffr Thal woul0 flffcl mpl•ut ~~ ly III ,n nfrfl' en ropos We'as;;umc fel•s vi 11` he typical of oche: lu.:n.v 1rltll;t• s. f, I ENIMG port fll 1wq VIIr IM <oli fOOr qf[n In In• fPOIfIYI OI , onqumaV.:~n w PUU unn 1. -- J'uif APWOt[A Ito Lr Ywt only for drlaehrd ermidt ,[Led, ands l[nyn houu unilsl: 1 I o uu~un Cou Nfw q FI. G t ,_ I • a 1''l. ... 3 . N/.n ~ .. l m I4pHt••110n. In yUUI i I . unenon•1 >~ ' E<ono,nit s 1 , . _ ~lYr•fa+IW WIUrM ImWO.eminlft i -'.~ -~~ .. .... _. • • . ..'• . •: .. . . . ~. - 11' AOU IInU WWe rI Iq[rhYIQ MOYI On1Y Igf1[1OI f1Yr-pl •p'r~(Y lna • 01 Vffur of Amfn1lNl~ ° .'~ ! , ;j .. ~ ~ _ .._ ~ .. ~ ... .. 7 ul InUiu uO Vifus•. ^ FEE SIMPIF D IASENOLO ly`L f -~-~ ~ - .n .no,fq\anF•,li.n~fglp•pne.aonrnpY•m o/l.np•rW•m•nitYpawfa Tht• Co •t A mach i~.na[ curl-lderc<I II,r' able in the ar dis f i l =' 'w nr a o :a:=s z ngle condominium lmft"~ocat~d ~tiliil a Iargex (,:r .,t(,/'t;cE*I . w6•ry.fr Oowmb; theYid t1/NIYIf IfYq.~on,p•nDi~ 1.uf Iron wnhra IM fubpct proprt. Howow, when appr•~.,r.y .unn .n [ nfw nr , wMy <.n.w twl pr olfat, •1 Iful twO CwnP•K!b\mnWp d• (•IKI•U Ird(rC~oonlp• ih4wblfct pro tt I h l • , n t f N ollowinq •n\lydf• IM amrPer Yl.1• pmWO flwfr[ t • IYnwl 10 U. Wplrtl unl(yrp h01 Vitf VMY~• 11 •.Ap{Nlk•M,1•Il~ulf Of tnE iOrnpV•Ob 4lupuiOr /O lhf wpl•[I unll • mina[ 1-1 p far ra IM -n vnfnf fhu - • L , .•IO r o tomwr+blr 11 1+ Wch . }utur~ p/ IM CompN•DI• if in Nor t0 IM wppcl, a Dluf I.1 \pltrNm•nl Mould h• mwr .o fn• rnrnpv •hb . ~' '~-•- LIST ONLY-THOSE 17EMS THAT REOU -- _ I~IM IHE ADJU_STAIENT__ 5LD1•R 11yOVtY COMPAgAB4F NO L COMPA RAUI.E NO Z Cl•AIANARI( fl ~ - ~ T•rn VnN NO. , {` rospec cor • Aspen St{uar~ ,1 .~.(1 (.] [ [)nl• .)1J/ [lilC ~( (l S1 I' 2~ 1 i ~'f - - -.. , . Ati en 203 t> 'I ' .. - -~ _ __ . 3 block s ~ I:I blocks is d • ~-162,50(1 _ !i ~'i ~~~.U(~ ~. !! ; ,;~ . , `'"•t Y••• Ilmiection Ntoker ~ ~ Br k o er ISr 6 , U.u of bfN •nd - A ~ Of SCFlIPTWN -" O[SC I ~TION ~1 'AO wImM 1 UI'$C TUITION ~r-1Y ~ A fir ,.nl n f nt'.t.NU•l lOr[ '1 . ~ , / a OfY.fm.nl 9i82 ' 2 82 '=~ ' U ~ + ~ O- ' 4[82 0 -- . , t. . _ . g~K-r r +~-~ n C[rl! ~~ Su cr1 t r ' ' S 000 . - --- similar - _._ Sim lr l (t fVr ~ _ . 2nd f1 ood Simil:i -0- ' :• _ 'nimi.lar -- iL l _ .- .; - ~ 21 d 1i h ' I••F •nnAO,..., Lerv ood ''' Inferi Y' ' [+5 000 -.- Tnf/rrior _ ±1Q 004 >, . . ;ty -L~- ~~ l t t Y ,.• fy e/ epnar I . - VE`1 V ood - ` ~~ ~._ Inf ccio r • _ ,~ .+10 000 , , ' Inferior +IO,OU~ .c>. l .r.._ ~l: r~.' f It t; r -1 'O n * • h'182 r 1967 .• ~~ f 0 . 1972. --- • -9= ~ r> _ , ~ . ]98j _ p ~ Av n d ~ ~+10.000 VI:TV -hood F 00f y -'~1 ~ . . V \r t nr, S r Il F l y ir•mq AIN• NOOm o T bl •a+m\•B•Iht~ L Tpl•1 a N~If [ ift ' 6•Ih/ / , - .... . ~ TOpI B•rml ~ Bflnf _ r '• . . J. a.1 Tn l v C : O T I _ ~ : r l ' , . ., ~ , ' - u 0 1 IIaU [ _ t )fn elN 1 l. . . ~2 .. [ 2 i-S,000 '~ ~ ~ 000 -5 - - ~. 4 a[[[ .mgArq 750 5o n. { ~ S74v nl l •sa:Fi-b 00 , s r,~ 91U q yH ~~ _j.: ---L..- -- ,>!;:I~ ' , It ~-1 1. 2` +4 ' r...~.nla p,rn •~' • ~..' ~,~ ' •-°r' (~ y ' _ . - -. _...._. . .- ' ' /- ;bNnp.n_(N~ne Simi ar' ~: o r-~ t / -.[~ .~uhlw~~lyk+d• od-.`' 2 8H con do •F'- 0 00 _-- 2 RR condo 50 0(10 Siui tc _ ii- lTlft+c l l , I ~, w.. Ccnmlmnlnq-11.1h11G . p+~ _{ )_.._,- I JIC.~""'~`~ '~- ~ +4~~. --_i _-t 11L___r..~_ . ; , .. .. .ilID11Ji I/' _.__ .^my . a f I wf :1iJ~Lia,.a~ S ~. •- - _ ~ +3.O Q ~S ca X3 1111( s ,•; nYn E,.m.nL Food _ p;q, , Similar ' ~~ (-0- . Similar ' -0- . . _ AveYl e., i 1 i! i1 [ alron .s «r ~ t, . , 'Furnished N/A ~•? nanY•rfnn ~;' „t ,_ Fnrar r .. rl If.+r. ~ INonl: .o .Y. -~°tt~1 .rft nYn ;tu6ld •h_ ^ IIOLII . ~ ~ _-4 On1Y1 Cj•.r pi ~ ?+f -.. ,n n.. r.rt; tlt gniln f~ :iCe nf(:nC11 •1n11 q T10• r rf\ •n0 Cgndn.01 '~.I if7~QnS-SJ1PP1j.Ss1_tl:.l•LS..4 WG'_: •.rRw:+as><ni, ~ihiect• ~oreatricri, `:+• 1, 4,./ ~,;~,lu^tiail~mi _:1[iol~4?rIl In:l :e +~i17n alga r F'ti3 ordl,~~n~,„c,;. ~?Y<t•Yn w....n1Yn a ,n No ' NFmr ~~1d •.~ i(Ga\.n y[•rn t"1 fhar,Y l4!•i ~r Y• .tn 11 Int C ' •~~' f'r • o•m 1Jp 111 •Y 10/7EVMNMA ~orrn /OOtU I •, 1.IVA1 •N(M~ARIt VA[:y l-AY OE (IN (,• .~~.000 • -5. D02 Ali? _.__. =~-- - Si tUl__ 1 Slinilar -4= TSimfli^c~._ 4 I'-~ 0 ~ Similar {-0- Similar '-0- , ;~; - - /•:~~".'•+12;500 Average ~+I2,SOU Avera;;<• ;+i.',5C - - - ..-. ° . x<; ~ , ~ ,cony ~+ _ i ~~31~000 f1PIY.~MrnY1 s •- 75 OOO~dlwf_nr _ S i• ~ _ -,;~LSSZ9 '•i.-- _y.._.. :1.O.UuQ_L_._.. .__1 '1•_.~''!(t ~~T __ _ ' r t (/`/„// 1,11 ~~,1 fOlfl EtgnPm• M~.yrl l •nf S ._ ...._ rlp Y Gran Iryur M,p b[•~iv _._..., } '" '•%~~ Nr/, II UrJ 11Ynf. 01 [gnOr4mn IrU xf Lr y.w 1~• IVI•. •:1 ~4 rom r: n.• ~ ~ • r. f L lu ,. n~' 'r 1 f t..Jrn • r,n' Ott-`is specifically c•unr.inpent a},•~:~ cum}•IlYtinn ui t.le sl.t~jl= _ _ ..__ _.. ... ..__.t-. _ TCE•rialn llnll%111 )1:1P ^'llflR Cn l)Ir(1{1:711,C t[• irl~r!I :;11(1 :.'a t'~ .. .r -. _ _., _ .__._ _ ?~'~gl( -,.Pecific~lTy [hit.. thc._It+ll};c c•om;nn,i,'lium units .~Ir _ _.. v ~s to rental and cant r u:;c as spf:, i f ic1.: I n c}". c t r•', I __.;~Qllr ~~aluat i~in 1s-sut~je~a to .,•ucc I sfla , nn.Lnntniumi.:- nlY Pfgpum __.--._____._ Wirrurl Y.CO Yruu<f YpO w\.-__._ ,. ~I,tfUOn; tOnfingnnl MO bmibny.Om~ra••n, •r,J rf..f •r Vwluf d•hm uOn to 4Pw fli ~wU nl ' r 10/)!1 /0.0 wglf [roof ~' . 1q. _. L:• .. r... ui\e`i.AUnrr ar_.e ... Samrnn {..,f• 1i~~_ dq •f 9f1 1[1111• e i I{, • ,KIuJr• t \ unll enlr Gl • • v b ; mr ~ Ivan ~iy 4r Gon yr ~~ r o Prpt •r1Y ma nUln tnY proi•c11 ~•: C3aq+o•r•e m prMr tomo•Ulir• pr .i4:n•O•mant Grpuu: ^ Owtin Au, ' e - ~ /v•. Ia. ~lSp rsp ~ , I .~.._, ..,oa no i u rl f i7~A~ p~ « ~IINt ~L]TL 106.. CJ 1'Ir<:rr.nr yG•1. UrvHOr (J~. ' /O <n<rp~y for u i Pf.,t•c{(IJN~___--..-. OJOr ihrpNic O, antic lpat ld thO l r OL<I sPnOUt, U NIeA iJ Aorrru•n ^ 1 aurquNr ,< a 3`( . 1 O} t+TII<I QWIIIy InO ONIpn \UOi.CI 41,11 Chupupl .an: (7 Nlph %' U RO,o nrnla C.7 Lea ~' jex`y 's X. S . °. en ..tea ^ I]Oralepu Dq uana.rmam n..nr un...ur..l AR ISj ~/, Mv.- i?.y ,hO of MangwmtanO lq anlonamant o( RUt<e , ~I A u f1 p~A«uI.llpnuDPO•n ~,~ O SYPNItlr 1J NeOtl Q ~O.OPat• G InrAOWIU- ~ rA 01 YMi,uOI <MrO<INMIICO Iw tn0 CemP//uD ~ ' gErynewt•w OLIINWIN Ynlrww tO IM • Drrhp, ibalrrpulU all•cl TartObtlilltY III nOnr ." ,1.11) ~ budzet ha, yet beeTS p~o~osd o q. We~assume fees w11 be typical of other luxury lodge h: tyenrw.nl. ~ complexes 1~ r~,..:~-~~, ' .. :, v *•,:, . - "" NOTk b 'P NIMC 00r{ bt ueeube~(M coq eo0loeEh In lM <Ppu1W of coneominlurn w VUO un1i 1. y~`oa •pprtlacn rto o. Ir<ee only rot de xMd ilmcdr c~,. ° , i • IOwn noute ynit~): ~~ R<Pr DOUatbn Cmt NOw e\ I ~'y r ~,;G 1 t. • ~' l , ~ i ' DN SO. it. • ....... .. S NIA , _ , , ~. 1..< oaprNUlion: ri.raicOl E 1: f ISMaI , -~ Eeonow.le i 1 ~t\INat u1N VNN Of (TpOYOwrMtf ~ )xrr }1 L ~' T, i . ~ i 4 ' yj. ` -_ "`wOe Une VOlue (it gONweN ewe~n tMly Le~OIrOW j~'' ' W.y1J• t• kl' WWINbM) ' , :~ , . • . I ~~ 0.o au Shp. 01 V•IW 01 AnlNllli< 1 `~T ut01 iwa•~lea vun. `., ~ FEB "' k T 1' "k •~f 5 hi-l a IQ Ilyt r ~SEi1DL `•!r~ rtyF. r.3 / _ ..;~ ;. - ~ : E N/ A ~.. '. ~. . , t'. ~ ~rrw.nu..pr,elne«tuw~.et'dep« i.t .we rli~ b 'w 61 n Y 'Thi! Coat A ro a~h is~not considered a i iy li ' , tGb1e in the. a raisal . ~ ,o~a'Ts~n t 1 : a co _p~ enrlr w<e,ge pp~~ ~~ l dominium.un ~.;. oca a :v~Eb~n aZ~~CL~L~h c~ TMl,<Pgi•N'~ Mh•ww•r Oeultlle,'YIOI~1 it7r•~'M/Oe Orp)e<t et Jeri two etpw e11e1,TN lYrO' - ~ouW b!I OeMea I«IN lfs Melee lywl wllnln ine tVy«i O/Oleet.:., NOwerel, wh•n ePpINIrM .unit Iw • Mw.O/ Mwly le pi pr wb e n 0( t hYitP I , Wiwue is tM •1 bi«t uwli nd not te YN Iii f ni1W l ug l e i e< n ) <t p t lltwvlnE •n.ly!I<, M• <anppebu •heule elwiy/ n. i b i ( s ,y :'++.Pe to IM.dewWmMa• 1/ weniibeiG « `~ OrtM ianP F~ Wtll.1~ 1ni ~~ M}M .ww.f.b+•~I wPplar 4gjM~ev61ec1 unit:^twlrwe l-l eelunm•nt /ntWlebl.:.. '.:_ N1011e Ii1~.OUb KIi . Plui (rI ee u<tTMt Oh:oule be meee 10 tM cnrwDarabp. ''~` '~~~a.' •~~ ~t~3gp, - ;2P~[1STON tiY1~SHOS _ E~ITEMS'THATpEQUIREAD'JUSTMENT ~~T'-ITEM ~.SVIyOet l/OpM<V i<' F'.~ [2'C 1"ANAOC E~ NO. 4:•' •-- /^''-~<+CAM-All AttlE NO. ? COMYARABIE_NO. a ~~ 9,•q•un+t.ire Prospecto ~ . ; ..~ r. r+ N t pe`"" x' ` : 120 ~ - `-„ ~,fft:'One 0307 Park Central Weau~y. ' '~ ' , lNi Ow,e, ;1. g~+„ z , • ,.a. ~ ; - : ~~e.M,lo`is;ra. -.=4,. ~3tir~ r~ ie` 2!~blocka r,,,~; r ,,, , 'block ., _ +.;~.-s<.._~i ' :`N A `~~ ' . 4+A sae ?''• ;ET ; x'262. 500 ~ ;E.:', 275 00 '. '1'13'0( - ~IrIn,A.Oe <.N•' .•~;~~!?' ~* .?an: ':a•`, t•300'YIf; ~ ", ; -. 258 -;s 1 _. ti.~.sDP.<.;" Ins ea.tion'~r *! '-Broker , r.~l: ~lr ,~~:'jr>• Broker Broker - - ' ~ OiiePU~l~M',- ~-D[SCRO'TION.y d.. ;+,.*~DESQ TIRN.I~' • r - ~1 Ad unr^Mt .;.'DESC aI/TION: ' • - -r Alliunmanl -~0[SCRIP1tON • -~`i ~ ,wnh,nrr Tlry*. AOwgrw.p 9/82?,. r ~~ F2 82`x`{ IY,,.4 ;-0. ,~.~~;.. 4 82 ~ - ; -0- 8 82 .-0- Loaeuew Good- t +5d er> r•! I;-5,000 _Similar ; -0- Similar r-0- s„e/vl.w 2nd fl' sv '>SuPeri 'r•~I '~! . '~i-10000 Superior f -10,00 _ Su erior ~ '-if,(' urn.^.^•wpp..1 Good "^~ ' : "Simi'la k •`'+ -.;. b-0-°s :~ Inferior ' ~ +5 O_UO Infer inr +_5_-_~G Ver '•ood` ` - Inferi ~\' ~' .;.+10;000 Inferior r +10 UO Inferior •+O,C -w' 1992' I- 1967',-i +, .`• , „ •-0-: ~" 1972 ; -0- 1981 •-0-` ro~e4+•^ ~` New.' •~ _' Av i 0 9„~cw ~;+10 000 Ver ood . ; +5 000 Ver •ood ;+5.':U k q:nE ArY, ROOT roul•s.an.•ean~' ~•Teta -s= ~: ;,an r :~},-_.- Togl ; O•rm. ; eeen. r Totes ; nnn, ~ eah~-.... CevrR ~.re TOUI 3 ' ''1'^:~ 3 afd ~..: 2' T;-5,000 -3 r 2 ~ 2 ; -5,000 4 ~7 ~2 ;-S, OC o.uN t {rrne'w.Oa 650 se. 1t. 874 ~' I + ' : s6: (t.l -11 `D00 910 so.+t. ~ -13 (70 _ 994 .~. rc~ -17 , 0 B<~ .M•t. n .... ~ .,<i ,Ply ~9 .. ; . , ' ~ -• I nn..l.y ROPrn, ~ NtJj7 ..:' °$1m '' ` ~'•~ ,Similar ~ -0- , _S 11 i1~r U- ="n-..clwrvlulbnr 1BR + den ''2'BR`C ' do "r`:: '-50 Ob0 2 BR condo -50 00( 1BR + den ;-0- '~~cNr"a.pnlne - hone ! Similes •-0- Similar r ----~T-- - y:°~• Ueck r~Iar ~ deck i Avera I ~' ' ~I ;+5 00 Average ; +5.000 _ Avera~E ; FSLQb wT.r~ev.uPn<. U der rou I Si ila ! I-O- Area • ~ +3 000 __ _ Area *' ~+? Uil to^+^•.^aerr.enl, Good ~ Similes I +~ ~ 0- _ Similar -0- _ , Average :+[,'•+1 era fUCH<I rOw '~: I} ~' r i .~` a '?~ i , ~.~ - i race • :1~~ '-~:• ..~ ~\....•n,ant Tvaica S mi a' "' ~?!'' - -0- " .- Similar t~0- _... ___~ Similar ; _0, ~••+:n_I"/r.. Fee Siniilal ! ',!'3 ~ -0- Similar ~ -0- Similar ~~.0- "'~»"1't•'^!i N ~ `' i les! ~~ 1"~ i i~'' '' ~ ~ ' i one• S mi ~ . 0 - , Similar -0- Similar ~-( - otr;y~ 1. a Irrrr.- Sauna jacuz ' ~y!~ ; 1: ` '~}~ ° , :~~ .... _ """~""n`"" w r monrnn l tub•lg ..lac; ~ Averag ~5'r 1! Ti z " +12{ 500 i . Avera e ~ +L2 50 g Average' ' ~+12 5i enu a e , ,l .. . . , , fK~1 0. e,wartrne amt; a "'{ '~ q r' ;^ On V'. -~~_..~~ -~...__ Con.•.uom NiA ~ ~• Cash'' .: d,ls; .i l'1 ; 0 ~ ~:`: owner 2nd ~ -0 - Cash '0-;~ iYOti~eL Ilolal). ~~i~ ~~~ ,.,~ _ f OP1=,{p•~M,~ .•! [ 149j5DD;'~Pluf}(H'N\nu1 'f 42 JDD `--~-_~3 j•.l i , 7[fl• us f]rdm p, ; S 1 ,l 1) o Srrtll•<I ,,,_ _ ~ ~'f I'i. ?114,000 ~!~ 1t 192,500 ~~'s 194,htD '` -~ ICu•wrirentl on'M.rpe l Uru Pnalyul ~' e c ~ttac •d ---'~-- ~: I .,. ' IIi !O lfpatlb) E kenomre Mp4H ROnI S /MO, . tlre•{ ROm Mul4pber~~ _. S T7~A ~tlq ~DegwOl nInOOO []"ee n x Q.'Wbleca 1e ID ~ iP•b401 _ V .40111, b. <OnoglPnf llst.O b<IOw, ©fubl•r1 10 <Omnl<h"n r•.r Pl<nt lno l0•Uln~l/i, fi)G~• to•~.~•^•..roc•rwrlww.'DI•DPLL:I~iOur'valu ion`.3 s•specifically contingent urn completion of the su:>j{ ~s^;'aood-DUality'vorkiil~nshiD?and ~ ma er nls and irr'reasonahlerconfv:•mance tu_plans and cp.vc- ~~tions ' "~ W`'?~ 1sOx,~i btc~ specifically that the logic condominiula units :Ire 1, evltx;;xr3cxxaE, snhie,:rt >:D'Ylestri~.' ns`a,~, to rental and owner use as specified in'the City'e:_. ~Fg~l7~~on m. •t m a o r in' t•er~ Qur v. lnation 1s ocr_ to st n _~.1 I SsEul_so domtniumiz- ~~~n under tj~ aF T :;. , _~ SYi _ :' - a~ !fig •.' h%u<nen WrrmoY ^ t <. r Q N :. ~ N<m• o/_W rf.ntY ~!r I Onm - wur<n1 Y:Cor•r•r< Eaon Yl _ 1 h., u.e••.IN •• OnM ueOn tM ab0 • ~ u rNnanll, llr yt1/ cdil n, <OntlnEMl Ono lim{Ime <OnwillOnl, an0 Merl, OI Valyr odmrtiOn .h•1 Ora un•d q • 1 HIMC IOIrw 039 (RO. 10 78L t NGI• i Prm lOOe I ~ ~ N ~ te~ ~ iEl i l.e wrln <INnt _ _ _, 19 _ ~ ~ Oua•nN - '!`_ '••EM1 ET VwtU~A`D[RIN[D, r l~ UOJEC T-RO-E RTV NS Of Septnmbcr 15 ~l! 9. lu pry 2C1V,UJ0-~•~_ ..~.. • _. ....~ y ~ :, j~CHB~AH00D 0 F'TS+ I~ ` "., ' ~`fM~ (s~oniiniggl; z5 .~.chools~and chvrche~ and withlq walking~diatance and Gusservlce nearbylinks: F„ the getgh~iorho d with, pen-sl'tliree other ski areas. -The nei hborhod is 1COx builf~ up withxbomaerkc~,~ ' builgings `and 4acation Tod ,e g borderrs Na np ~4ri ~~' ~' _ P Properties. 'ihe sub jcet ~•',~ B $ P~~}„1 and has unobstructed views :south toward Aspen Mount:a n. ,.` ,~ S~OiT APPROACH COM h f ~ ~~ i tR. ~:: ~~~ ~ ~ s cocpt~x duc`',to~inherenC difficulties in deriving -unit land cost, reprcductior. '~~ - * , •s cost ana accrued deprtcl~tion.l' _ r _ti ~ ~ ~- S.~•A1FNT4' n ~MARKFTI"DATA ~ I ~ 1 Our three saSe¢ Autill..ed~Iin each of. our former analyses represent ' transactions#of `similar bnp- a'nd,two-bedroom units located near>Aspen's cunU•al core.`~Sale`'j iala'tvoi-6edrobm/two bath unit located in the Aspen Square complox in the heart ofcentral As en. 1ti+o-bedroom layout of the unit . is superior tortho subje~t~a;' fed other negative adjustments have been mace fvr Ene additional bath the`p~ightly larger size of this. unit, and rise fact that is vas,f~rnished ~ artiatly offsetting these features, however, are the subjects supe~•ior'appe~l~'qua;t~ty, rew condition, largo unable deck area, ana special ,~'e~tuyes~'-' I ,t, pr, y: Sale 2 is also~a Lwa-be Igom un~ G located ir} the Lilt One complex two blor,es soutntiaest of Ll~e subaeo, `,The~1~unit`is also slightly larger than each. of our subject units„~ In adds pn,;.it hae~a superior too--bedroom layout, necessitating 2~tlarga~neg'~tive adjuatmont:', Offsetting these features are the subjecE~s superjor app~ea gnality,.oondition usable deck and s eels! F ~ ~. '4-?~>: Sale 3 1s loca ed~` n.F~ ark CentrallNest•com lex one block west of the ~~;5= subject The" a ~`tt;a~ ` ~ ~qne= edroom`-plus, diniP ,.u+~~ ~ ~r.. ~ ~, ng room or den layout with two baths 1n 994=g0~`ar ee e~"~'he•~un3C is larger.than`'the subject but functions ~~ `. ..similarly to t e°"b~d~~' ~o~jden layout~oP the subject. The unit~wasbuilt ~~,z,. in 1981< and~so`~~~^~q Hatay! x^~pau++'eondition. a lJpWard~~adjustments Poe the, superior specs ands ua t "h; !the `subjeCL'complexand nsablc deck, I -unaerground"parking_facl~Pt1•ea; superior common elements, and overall' a¢enltles'are warranteda~(The ,location of this unit within one-half b':ek o:' the subject and comparable views from Sts second-floor location soot ward Aspen Mountain make thislunit.unusually appropriate as a comparable s 'e`. ~, i ~ ~ ~ ~ ~ Y~ ~ , Ycur appraiser~,ha~ia al{ cbns~~ered the following sales as further ~.; indications of1,~:value y>"o ~he.a>~bjeot units: (p` l ~ h 1W" 7' Y t ~~ y ~~,~s r ~~ ',. '. „ ".ale 4:,, Gant ~ 102,~sol ~~I82~ or 5250,000'(eash). "This unit is located in ` ;~• the prtesti look GaaL~'~omp7,ez'with a location near skiing and the. 8 central core;r~~ sona;~,y,oomparable to the eubject~s. .This unit' : contains too b rooms and two baths?in 1037 square-feet. It is ~ ,~ , . locate d, orb"the !i•`stj. loon of the' complex and has average views,aCowa~d;A~ en Mbrltain^aki area. The:--Gant includes many hotel ~, ; ~ facil~t~~e~~incl' ding~tshuttle~ service, _ on-situ management, five M.. tennis courts xo pools and:two`common Jacuzzis. The unit sold for ,ca"'sh ancw~ fbrnlshed;=at `time of sale. 'Though prestigious, . :%` the C~nt ua#ts re comsidei•ed`inferior in quality to the subject ~ - property. AIn~pdditio>iii the spocial`.features of the subject units k ~- are desirable:~ d.,supprior.;~This unit breaks down to $241/SF. ,~ ~l 5: '' Rtvai•viex Con iniums Unit 9 ,under contract 8/82 for an ~ - -10/82~closipg;~ r`~225;000 •(cash).,:This tWO-bedroom/two bath unit - is~locate~~on~ a top,~Sloor oP-the RiVcrview complex overlockirg the Roaring%For, -R3vpr. The complex 13 located farther frog tF.e y central core.,tl~ n the subject, and an'upward locations! adjust- t _i '~ ~ '~ ;~ i• ,_..~. , _ ... ....~.,« ,t, :.~r.:.._ _ ...:.h~., ._, . _ ._,.. , .' .. 1S ' 1 ~ . ;4. - ~~' r1 '~ , fates by a t. ai of 'Lc ~: ~ a ` ~' of l'C f1 ar ' cd Ce vi nt is appl.~cable. ,superior too the~s~ i has` speof~al` feats, 1, `furnistiic~gs.` Tcr rumption, a.~Thia~aal x t #::. .I 9 ;"S'ireside"~ 8 liucurv'. su3~ s ,_ ~• ? . ~~~; V F ;w. `~• t s," _%. F +i- r ,{^,~' . w r'. ..~ l a u 1 algnit! slz$$. of stela;] ~Tlie (iaos sQti~re rec'b~ dhoi~lii~° ::.tla.1: Snor{mas on the : higd-qua sev ral r"B ".~{]tlil stainio i; square;! 886 ;.~Salua are ~"~oY `and~epr pro_1'alets weight menrd~?° cold`,p facli located approximately 12 miles frog the sub'@et s Golf Course, includes 7ti newly constructed cry ondom~niumized lodge units. The ledge units airs of withl62 "A";:,units--studios of 414 scare feet, nine ge aCydioas~"'of 6G6 square Peet, two "C" units-- Pt o;,606 square feet, one "D" unit--studio.of 440 ne•^$, -unit--studio with private sleeping area of t~~a4~ one "F" unit--studio with private sleeping pare. eet.~}'he•pro,jeet was only recently constructed ~tne xtremeuppar range in Aspen/Snowmass area aeceesibihity~oP~this complex is reasonably he~'s~b~ecLla. In addition, the complex is located >f~,ttse Snowmaiss Golf Course; an important feature for ;nessjof the~coaaplex: Ownership of a Snowmass Lodge regylar memb'erahip 1n the Snowmass Club athletic t oP~'the p~o~ect.'_ The Snowmass Club/Lodge includes -se~iee restaurant ahd a 1400 square foot ccn- room Ttie~lrealth club facilities include a four- a're`dreatiQ~a1`'swimaning pool, kiddie pool, two outdodr~whlilpool tubs, an exercise room with equipment,='three racquetball and oro squast: courts, 's .locker, room .with sauna, massage room, ste:,3 ar,d y nursery and or,-sits central pro shop. The 'rcludea A3 outdoor,teunis courts and two severed is well as;an'19-hole champiorship ;;olf course, v,+ever,:tne°member•ship doyu not include the use of either the ennis or EoT Ifacilities~.§although far an addition+,1 fee there i+ ~ ~:I ~. .. -. vX re,~twc-bedroom layout o1' this unit,:howcvcr, dent's.' The ur.St contains 1060 square feet •a,ineluding large skylights, tWO fireplaces, i``of thu sale were cash to a s198,bpo breaks dowel Lo 1212/Sr. 3e ~ogaosnlums,;Units 111 and i5, sold in ,2/82 for full comafsalnn end fully i'urnlnhed. Thr units gold ~rchaser; 'and It 'is our underr;tanding !'rcn r. ;nv,,,,y_ to sa311er;; hat some discour.ting wa:. involved, Tcrrs aicn'xere'not made available to us. The Aspen Ski aiu~as, located at the corner oi' ;:oath Garm±sch >trcet >t;.were ;Eotally-rebuilt in 1y79 of a quallty the sub3CCtst. 'Units are cf vory high-quallty Project aaoenitles include swimming pool ana: }acuzzi vas lounge~,on-alts management, shuttle service and a lationship with the Aspen Racga:et Club,. allowing is The rowaaj are divided into three categories, rodaw rangirb in size from 205 Co 2ti5 square feat, ooms ranging in size from :900 to 3?5 :square feet, and s of 3A5,to L75 square feet. Wher: Lhe project was sled; theta were 8 sales of club rooms. Sales of February~.~g81 ranged from X85,000 to 5104,500. the ~units'.havn stayed constant, ranging from 195,000 to,~a105,000 for the smaller club rooms, 'o~sj"available.trom'=150,000 to 5175,000, and 'tom .5~00~000 to Q240,000. The lengthy marketing anstrated aqd the lack of recent sales in this flnative,of>~the ourrent sluggishness affecting the ,ne=i~f general,]-'The location oP the Sk! Lodge is nfa3rior tvthe aub~ent~a. In addition, the larger QectJrooma'aad their layout with separated sleeping' eekbland~extensive private amenities are superior. sales or~Lhe Aspen Ski Lodge units reflect u per e~"'~pi~ce oPs'=386. However, the small size of; these hldfiesult`:in a highor per square foot size thra lrectly comparable to the subject units. ... 1, ,._.~ ~._,.. ;,~ ~.. ~ r 1 ~ ~ . ~ tbeillties d.iy~ Da util ..ed ns well. ~` `+ `~ ~: s`':' Of C a 7b uni ~ offered foc':sale, apnroxlmate ~ part~e { 1~ t d ly ;ti were sold to r r3 or i e partners in the Snowmass Houg er; 27~u' i H s Company, Ltc:. r ~. p units°,old w$ n s ave al o beer. sold cn the `'a 4z'fi d ' opnr. mar ket. All quaj$Ly pine '~ n er a fee and fully f ~r~iqud'rep • du n ur••:i.+hed in vary high_ 3pFrgx~r.'ately) t o etio s. Pure:hale 92;OU0`to $1fai 000 f ' Nrices ranged frorv , or tl:c 414 with several''"~3" unias'sellir t 9 square foot "A" units, c *. ,;; a . ;; z :~ " t, _., ~. +a .. .5 r ' ;< .. • .g a 189,000. 1h:: "L•'" unit o!' ddt~ glare".;feet (,Unit 4U$) sold in April, 1982 for 12:i5,PU0. 1'hls uni t.YlncluJes;~a sitting area and separate badrour aree., cor.,t.;,rai,ie: to tht~ subs~:etis. - Alt:lough it is difficult to pr;>uisely co,.;,t,r+: Snowl>ia:s units°with 'aspen"units and this diffS.:ul'_y is ert ~m.ed Dy. the special features of the Snowplr.:a Club, t::i r,ac 1r ±;,_ ~iicative of t(ia car:(utability for luxury ]odRe unit:: wi.liu;,~ r.:oking i'nciliftc:J in Chu suhje=.;a's pr•ipe CaY,ct;(•(;, -'i nd(ii t'+,t ~ 'ril ~r~.u 'the reader':. ;+t.trr.ti c^ tU It fl] 1. di ; 6tt, P _ 1(.. tli_,(00. this st;nlio plies iut't. t_:;it c::~t.1r.:: ~b(i syuare f+:et a^,i sold for UCI indicated }•.r•!re ,rr sor,:~.t•+: .-,(.r. .:f $9UL I i :il~$: w'ocdstune Lodge, lo.:atr:d at ::hu cc.r•uer of ITur:lrrt ;n,,l Ur.ipinr•:. sweets, inelud~a 97 units'of :,evui•ul dii'furunt ty{,es. ;p,, r_•, uas cohdominiuinized uhder Lodge Crdinanue 14 .uui i; now ir. th•~ i. initial stages'pf c:arketin~; Yndividual condomir,:lnau. The t,roj+:ct kSll t)e tutallykrenov9ted and Doasts a complcta :,.meetly p,,~k:~F;,: ircluc~ing largeiiswimming pool and 3aeuzzi area, oh-ait.e r+rstaur•.,ut. <an~"'m nagemenC+`~i,shuttj,e service, ski shop, and excellent vie:::. c "Aspen~Mountain`Ifrom rLany of-ttle units. The locar,ion of the tt•,;~,.;.,, is also consldered exdellent,,ad;jacent to the ski slopes. -~.I i I i oUf undgrs anding from '.conversations with the developer of 'Lhe pr•ojeet tha,Lt pproximately.25'letters of-intent gave been signed 'on the Gt..ndard'e~st-wi' seventy-fotr "o they units are hotal-type bedroom guest acr:omm(,d- `ation.,<rangitg. fn size ~from'224'to 276 square feet, som(:.trith 'pri~atte~balc`onic{s.'~ Twenty=e~ix of these units located in the case ~Sah of-,Lhe~pr•oject aye pr$ced~at`E98,500. Forty-two of thr;se units located i the ucst wlr:g are priced at $101,5;0, F'innli , six ground-flooj•,untts in the we9t wing watch will helve pri~ai• gardens and hot ,tuts are available for sale at y175,000. The'. prcjeet alsu includes i11 studios ranging in size from 384 to 403•• aq'rarefe~t and~~.ncludies a.sroall separate livint; arua and ovorsizr:d bathroQtn ,These units are4available,for sale at 5725,000. Thr•rr• small guiles arelalso ~aituated in the pro,jeet, each including 4;;; ;square;feet with a weE liar,` fireplace ahd separate living are•:. 'Thr•.Je units aret v~il~~le at,a160,000. Three larger suites in +.he,pro~eet, ea c'ontalning S24 square feet with separate fire- place,fxet bard d sep~lrate living area are. available for sale at •317 j.000`Uni<ts ark'being o;fered for sale with 73-7/8~ financing and,l~ ly furnished.' The list price for the larger suites,r:;,those;mp f<`co~parable in size and layout to the suble'eG'unlts,:ri uld r~flect;$924/SF. st is , l''= ~ ~. j i nr, unit~,at„598,500. -The units F.ave rc. yet Leen pl~ded unde;lrt contract dtie' to pehding wcrY• :,ceding comet •ti;;n 1'ot• the,$ecurities and £xchaRgF,Cotrmission. ,~ , c"ti' 2: Th, CuachllF,ta. pj•j~ject is located at tt:e nortt:east intcr:,ecti:..;, ci »ust Y.ym:+n Avehuo anti South S,;c•ond Street, five blceks wr.;c rf h~P~n's co¢cet•+:i21, core. 1'he nelghbarY.eod is slightly less ; „r;- venirnt tt;,n ttle._';albject's, :.nu locatior. is corsider•ed 1nf(:r.r;;•,', this eo¢pl(:x.%3s"completely reGuilt fro3 the orir,_:,;,1 Cos+:hl:r;~:`. Lodge $n 19b1 .and conslstr: oJ'-i1 att:;io mats with :;m.:,t loft:.. , e;wlr Cf a^plroxiWately SjC n(il.':il'e feet, :,t:d 3 :gwnhpU:1C Uli1t (,1 tt+r'ee j 4 bedtfooms/3 ate' ~ - studio unit ~~~ ~ ranffe and p. . : > ; baldoriies;: ,, , < tot~Is 160 ; sldered,~~le~ large basem~ -+ a 4 ~ ~ 9 ~ • `_^ i ' c ~'~ `~ r ,`,,: from '$120, 0f from4`$225, 0( In addition quality, vie sub~~acL. Al amen~Lies, ] T:rare follows:a summ¢ resultant prices per The upper end; of thi the Aspen Ski(Lodge, sub jetbt. ~ • They;lower ~ e .project located near. The remaitider'.'of thee- tbaths designed as the man,gur~s ,u,it.' L•'laven aeh~~'ittolude' 8 ,sm311 kitchenette with refrigerator, ate bath, u%od-burning stove, private covered raiseQ living room ceilings. A small storage left are f~et:but has lbx ceilings and is not cor.- {~ t}g ar a Also; included.. with tl[e project is s 4'Ihous~ng too ed:ployee studio units, large stcragc ~tfai la ndry, and coed s2una and poo]. room and Lorage,.~ The first level of the structure a.l.o Sr:cludus Gated to ,an office/reception area for the pro~ert. io units in Lhe Complex are listed at prices ranFing ~to $16S,000~ refleoting per square foot list prices a, to $309,000`,'(without eonsiderint; loft areas). t~( Lhe ]!beatlbnal inferiority of thi: complex, the s~~~ and gverall,design are considered inferior to'tt,e s , the',~subJect units have substantiallly supcri~,r ~~out at}d common facilities. i.~ ^~ of tt~e comparable sales and listings and their tsrelfoot. -The range falls from 31'l~t/ .F to 3386/:.^•. tnge ; a established by the smallest unit, loc,.l~:d in tsidei!ed too- small to be directly comparable to thF of tt~e range is established by the Park Cuntr•al kcet. tFsup~eot but inferior in quality and overall appeal. .t~'establish'a`range from approximately $212/SE' to ~, th9• subJeot 'units should Fall nearer the upper end Ib in Tour final analysis, $+~4/SF ln'Pur opini~ oP this'range'y as they i , Unit j ` -- ~ --- -,~ __=~ Aapen Square'120 Lift One •307 "; Park Central _ Test 44 '' Cant D-102 Riverview 69 Aspen Ski Lodge 14 8 t 5nowmass Lodge 405 Snevmu>s Lodge 407 ~'J ~, Woodstbhe Listing ~t~ ~ .170,000 524 ,•...,.,,,i~..wr-t a::aa it+~ ~ 120000- 534 ''LI :. I i.165r000 ~ ?}~ 6e have:u.[ed. he four~~e report-to esLsbllsh,Ya1 ~; i ~ `'I~ l'ni t 201 is at~' Alpine Al pi tie. unit 1~.Unit:10.1 olinibri, an adju9tmettt~. a tot:il`of S3Q,000, is Therefore, Sn'our oFin3 - ~',' t~: tt 1+03, an Aspen unit c,e::c doer, UrtiE 2C::, as ais„ valued arr;g22U,GOQ a[:othur'St.oumass t.nit a un_t is .,lso u5lueu ,r t Urit 203 u1~h ;the ta<iep butldi::g partially obatl ad,7ustme . for thi:, far ~t ~210,Ot1U. ~ Price ;.'Size/SF Layout $/SF $262,500 - 874 ' 235,000 910 ~,~I :~173ti000 994 ';!250,000 1037 j 225,000 1060 65,000 220 1:235,000 886 183,000 606 2IIR/2BA 2BR/2BA 1BR/2BA 2DR/2BA 2BR/2BA Studio 1BR/ 1Bn Studio ~ loft 1DR/1IIA Studio $300 258 174 241 212 386 265 „. , 302 32~ 225-309 pa~a~le sales we have detailed in the body of this tion~'oti our other units in tha complex. ~;r _ , ,l ,. ,. it and•is valued frets at •$225,000/ The only other .loca~.ed in t '°g5rden '1 oel_of the complex.. In our f $20;000 for $10,000 !'or overall acpeal, or pplcable for the diffcrencec between thes., units. n, Uhit 101 should have) a value of ;195,000. f is valued 3t $220,OQQ: The ullUl:rG259 unit 1~•catad jsimilar in vY.ex...,-layout, and overall appeal, it i, l Urit 208,, also located on the seccnd floe. , is 4d has!simllar good views and. overall apps,- Th:o ~220,Ot~0. Units 204, 205, and 207 arc idenu ul to ion that same trues located cn the ,oath pia of the ~uct views, In bur opinion, a $Ia,U;;O negat.iv., ~cr is warranted. Ther~foru, those unity.: ar:: valued ->`~ - a . . A3 r~ . '~ L w' . ~. M x. . ' I i ~ ~ - ` `', ~' ~ ~ xF- ~ F '; Unitlb3~is;an Aspeniunlt 7~ocated,dlrectly GeluW tnl:. ?[13 ,:,:aain~c ir. the , "•. God/;~ofwthi's report:~~~he"ui,it id:'ldentical tv 2Uj ulth tLc. exculti9:, t!,dt 1t °a; has~arderi-lever ~~eatiory and~infcrior views. As is the case of ct.c A1~ir.~ ~~ -unit: di c 9 ed~above - r ~r gttlr fy n _, we have made.a:E30,000 adjustarant :or the ic,icriur W ,:. aFpeal of Ylhis garder•-level'>loeaT<ign and its Sni'erior view.- Uni: lp3 is ~ ' ; v lued at 'S1,~OL000 ,, ~Uriit 1;02, 2ocaEcd `next .door, is a Snowmass unit and is similar to1f03 , 'It: s also,_valued;at $190,000., Units t04 and 105 arc also Aspen unitss~~_.but the#~ views `are partially oostructed by the trees ¢entiuned _ " above Thef `inferioi•~.;views frna .these units result in a r;e;aii.ve r•,dju::anent • wtien'compai•ed to`Unts 102 and 103 of $10,000 and r•,ault Sn a final valuation est:¢ate oiY',5180,000., " J ~° The top flogrtiacludes fourv Aspen>and Snoumass units, Units 301 through ;U4. Th~_y are idggntical,:u_layuut to Unit 203. Howevct•, privacy of a tun-fi:.or location an$lthe siiperior~vlewa-that it affords, in our opinion, should .;e compensated!`rby a,$15,b00 upward adjustment. Units 301, 302 and 3f!? vc value at a235,000'each .:_Untt 3041 is located next to open deck area to the ea:,t ar.d ^' incaudes additional views !`~•om the deck touard Indepen[icnce Paas. Iu cur - uplnion, a small additionah{upward adjustment of $5,000 is indic:[ted foi thf.s• unit, resulting in a y~alue st'or Unit 304 of 1.^^40,000. There are t o,Nordic~4nits,}}'n the. complex, Unit 206 and Unit 106. Unit 2UL ` is valued.i~.the.Dodxlof,ahA:report at $200,000. Unit tOG is inferior !o ~ Unit:206 foc;its"gar [fin=levg2`loeation and inferior views. A total '~ adjustment df $30,00 ~is'applieable`for.these factors. Therefore, r,.: hove valuud.Nord~c Unit,t ~'`at $,1j0,000.' * ~ „~i T!:ere:is~on Innsbru unitin the complex, Unit 3G5. It. is valued ir, tha t•ody of tde~i•eport a ~ $225,000 Ii The follouigrg is a summary of our final valuation estimates, the sire of thi; writs and their result;i'ng priices`per squire foot: i -; ., . _.' `' > TYPe U t t -_h~ IndiSated _Yalue .Size/SS Price/SF = ~ ____ f • L y _______ ____ Glyirn 1101 $1'95,000 ~ 8t0 . 5241 fncvr,ass ;102 190,000 750 2bU Aspen p03 ~ 1190,000 750 260 3 dspuu h04 ~~0,000;• 750 240 AsFcn 105 10,000 750 240 ~,, Nordic '106 ; , •;1`7b,000.' 050 262 - y ASpiua„ ,~~to1 '? ~~ 2z5,ooo ~ alo 27a M «Y. Snuwt,ass,¢ ~2b2 20,000.' • 750 Zo3 ~,FeYc~?y~ 03 i :¢20,000 •' 750 293 ` S Aspen~~~' ~04 ,~,c~~~,'.~h0,000,,;- ~ "750 280.- ~~ ~-: aspcn'> < b5 ' ~` t, " 2,0,000 `~' 750 280 ;- ~ Nurdiu Oo °"~ ,i~ N 200,000 ~ 650 308 .;4 ~no[.a:ss O7 ~ 210,000 '.; 750 280 !~::~ ..r.owmssa . •,` ~ 08 •` 220,000 " ' ~ 750 243 asF,en 301 ,a 2 5,000 750 313 :nor:¢ass :~02 , 2 $,000. 750 313 ` aup~n ". 03 . - ~~ . 25,000. 750 313 a.;yen - 0~ 2ffOr000.; 750 320 Irnsoruck ~ 05 >; 2$$,000 i 50 300 5 .:, TLc valuer wq„,haves 1`ote~-Tor he `subject units rang,: from ;247/SP to ""w E32U/SF'. This rar.~u' old' appear to be 1 supported by our compar•;,!'~lcs tali•s'nd listings, j ~. ;_ .t ;cur aplr„i •ut„ rote-ttllC. all our valaaEiori t'or the suojert proyc:rtl~:: ..r[: `~ <'• ,:nfuc•riished„i'a,e, are 3uar•e`that the units,will be sold fur•nishcd r, n'! Ch.,t tt:[. retail'value'of the furnishings Ss estimated at $2.,000. IC is our cir,icn ~;'±: that furnishings are'u~ci'ul as a marketing Cool iti Aspen t,ceauae they {>rovide £~ `+; a potential purch;tser wlth a ;"turn f.o; " rentable unit. ( ; i • .. Y.. ,. ,.~' - 'i '~ • I t, me ex j ; ,,• ~.~' .,,~ ,1~ (i ~ i ~ ~• ~ ~ AspetTl;marketQ~ a in ,{•ec.ent months has been ;c•har•acterized by a dominance oft ow ~r finanoing: Typical financing, today, involves sore sure~Q~', beloy-m rket• f~nanoltig,, either lr..the form of the assumption cf arl stingt~mortga~e'.acrd/or.§omemeasdre of secondary orrnur participation a; ],: ~` C ~eral~y' s~r"aking ,ehers who can offer the mcs~ attructlyr ! ~r,~ -~ <,~~ . r ns more uoc~essfu ~in se ling their property. .Sellers requiring pur.:hascrs to pay ea h or~see 'conventional financing are faced with sales price reduotaon ; acrd; iri-many cases,- longer marketing periods. MarY.aC vclue as traditloriollyvdeTf~~d now assumes some measure of Lelow-market i'inanci:rg; and, in our oplniq '~.'our• estimate of the $ub,jeot::' P'..~r•kut values ti,~c1d :, 1, o royuirc s,~me, favor, isle teNms. ', [ , .,~ ,i , ; , , i • .. ~ ' ~ t • - i _ ~ . I i 1 1' :f A tiZR~ 7 i r a ~ ~ ' t !b f - o k f x * fF`y ~ ~ . f C'~ ~~` .' i iY ~ i ~ f S r~~~ 5 ry~;~ ~ i .•RY ~ ~ ' .vw LY ~ • ~ . `~A{ F °~. - ' I r~ y a a! ~ •' t •I I 1 I ( l I ". ~~ ~.1 7~ t ~ ~ ~ { • t QUALITY FUI("IISI11fVG5 ..• it =: rJ°.~ ^7`- ; ' i . t I ~-'+! I i , I I `Irr9'_r TUE IItnSRRUCK` ~"~1= ~- ~ 1~; „_~- ~` ~ ° 1 Innerspring Slreprr ~aHns IQucen fur k~,C. L I j ~ IYfhku China Unrida ti4dn!ess I In!»:u.~ r ~. ,._ _ _~.: ~~~~+ ',~; _t-~ ~ ~I- ..! 1!tnwn•JalAan Urrh tgmifurr r ~. { +~, -•.= ~ Uruhr!e Wall Itan!Ilnyh e~ ~ ~'., j~. :-'i~ ~', ~ I i~_II ~~ I I S!~ned anA tlUmbcta!!ri hr.gr.,liln ~. LC + ! I ~~rL KLrg S!ir Mastrr hed - hu: rt I!..rwn ~ i, rh lil!rd Gnnfortrr i ~«%r~ ,C' Ij II[ • Cnlor Cow dindlyd Uu. r! l.rvr r, - 9a... r. ` I ~~ - Llnrns and 7owrls '. •_~_ ,, ~ 'I`~ -'t'~'~ _ ~--+ {- i ,, i i ~ I ~ -~ :. t ~,. ~ ~~ I ,I"~ 1 !~ ~,r-, Tltt: LP!\T ,. + ~ '-t t ~~+ I- ! ' t-.I~I. I~j ~ k ,• ~, r '' .yip ICI! ~'- I I , i , ~ .. -_ ~ ~ ~. ~.~~~-~ I ~. 1~ I ~ ~ ~~ .~) ..I''"'P + ' ~ i `j•~~-~--li I re¢sirowness r ' h ter--- ( i r \! y I I - - ` .. ~'~"'~"~ II , ~ • r --... ~ I . I Nrm' '.' ~ r•`'! ~ `1 .~1. `/ ~l.t ~ Ii' ~1 i~ 1 ~ ~~ ~ ~ r... I I ,1 I•I. ~ ;`~ 1_r~> ~~ L vii I, 1. - `'~ 'ii~t-~ ~ ii' ! ~'. r ~ 'ii ~ i ° - I'~~ I~~i ~, Tlik~ aCVzy _t. ~ ( G_ j i 1 ~, ~..~ ~•. ,! -! .._7 i.ll ;_ ! ! ... J q ~ I(~ ~ ~ r•:, t I ~ I • I Irl , ~~ r. 1 I I `~~ 1 .... ! ~`,~ .• r I ~ _ 'I 1 ., 1 II ,~~ ,i ~~I `~ ` :,\ `, it ' r ~ v' ~ ~ ' -d ~' + ~ • r. ~! ~) : ~ ,fir; I k .,~ - .'fU1110RUIC `~ III rtl'I(: I i1 " 1 I. ! * ! ~ 1`- t ~,_j phi I:-I I- ! ~. I .apvplrlr rrrY :~ an l\ d ~i ',i ''.9::T_'.__.__ ._ ~ J , ~~`l y l ri~: ~1~ I'~ J :L __ ~ •rl 1~ ro -~ U O y ~ N •rl O N ~ C r-1 •~i ~ E N .-I ~ O +~ .n W ~ ~ g v ~' ° v ,_, y ~ ~ Z ro x ro i s + o ` ~ ~ w x c°, ~ ~ z `_' ~ ~ ~ ro ~ p., O '-I N a~a w U k ~_ O m Z Q ~ ~ ~i ~ J ~ ~ o- ~ O O Z e0 V 7 v^a Y ~ ~ c U t games ~.MOIIiGa~ Assoclares, m~ Real Estate Appraisers and Consultants AN APPRAISAL OF CANTRUP PROPERTY PROSPECTOR LODGE CONDOMINIUMS BLOCK 82 LOTS A, B, C & D ASPEN, COLORADO 81611 April 15, 1980 FOR: The Shaffer Grottp P. 0. Box 9789 Aspen, Colorado 81611 . r. NOTE: The valuation in this report is contingent upon completion of the subject in very good quality worlananship and materials and in conformance to the plans and specifications outlined to us. It is also contingent upon the successful condominiumization of the proposed 21 units. The valuation study and Certification which follows are expressly subject to the assumptions, contingencies and (uniting conditions at- tached, together with any special limiting conditions specifically dis- cussed in the report. Scott M. Bowie, R.M. Randy Gold Associate Appraisers R M James J. Mollica, R.M. e~~ Appraiser-Consultarn Crystal Palace Building • 300 East Hyman Avenue, Aspen, Colorado 81611 • 303/925-8987 RM ~' James J. Mollica, R.M. Scott M. Bowie, R.M. Aspen Project: Locahon:301 E. Hyman Avenue APPRAISAL REPORT ^ Residential (8 Condominium ^ Other Unit D A g C& D Block 82 Lot E5 ' it 15, 1980 Date condominium Type: City: Aspen County: Pitkin 097 State: Colorado Present Owner of Record: HPC Development' Company Date Purchased:April 8, 1980 Purchase Price: _ $1.250.000 Deed Book: not yet recorded Tax Valuation: 10, 570 est. Tax District: 1-AFS Tax Rate: 54.39/$1,000 Est.Annua]Taxes: $575 est. Estimated Monthly Rental Income: _ Weekly in Season: n/a Quarterly Association Dues: $75 est. NEIGHBORHOOD DATA: The subject is located at the corner of Monarch Street and Hyman Avenue at the edge of Aspen`s central core where shopping, entertainment and ski lifts are located. Schools and churches are within walking distance and bus service nearby links the neighborhood with Aspen`s three other ski areas. The neighborhood is 100% built up with commercial condominium and vacation lodge pro- perties. Subject borders Wagner Park and has unobstructed views south toward Aspen Mountain. Trend of Neighborhood: upward Zoning: commercial core PROJECT DATA: Total No. of Units: 20 t 1 f No. Built: PropOSed Year Started: 1980 AMENITIES: Subject units, when complete, will contain a private jacuzzi tub in each unit. Project amenities will include rooftop swimming pool and Jacuzzis, an underground parking garage, maid and service area on each floor and 250 SF of reception office. Top floor units will have large skylight over jacuzzi area. BUILDING DATA: ABe~ proposed Exterior: Qualit very good very good Y ~ Condition: Exterior Construction: frame, wood siding, built up roof Interior Construction: drywall, carpet and the floors, thermopane windows Desirable layout: yes Interior: Quality: very good Condition: Very good No. of Rooms: Studio Living Area: yes Deck Area: 150 SF No. of Bedrooms: sleeping area No. of Baths: 1 Carport ^ Garage 6 underground Basement Area: none Laun no yes dry: Fireplace: KITCHEN: Cabinets: wood Oven-Ran e: none none 8 Dishwasher: Disposal; none Other: wet bar and refrigerator only BATHS: Floor ceramic the r ceramic the jacuzzi ub Recess: Showers: Tubs: Heat: electric bb yot Water. gas Plumbing: copper Electrical System: rOmex Floor Coverin carpet over plywood drywall; wood accents 8 ~ Interior Walls: Parkin underground condominium 8 ~ Highest & Best Use: Location of Unit in Building: Stack - 3 un1tS Land Sis: 12,000 SF Comments on Specia] Features, Marketability, Repairs, and View: View from units when Complete will be essentially unobstructed south toward Aspen Mountain- Units are stacked with lower-level units partially below grade. Accessibility to Aspen's commercial core and Aspen Mountain is very good and transportation to Aspen's three other ski areas originate in Wagner Park, which is adjacent to the subject. Preliminary drawings indicate that the units will represent the upper range in studio condomin- iums, n/a Reproduction Costs: 19,000 SF hvinK area COST APPROACH TO VALUE at $ 110 per sq. ft. _ $ 2,090,000 basement at$ per sq. ft.= $ 7,200 $F carport u garage G at S 25 per sq. ft. = 5 180, 000 5,000 SF approx. deck, patio at $ 10 per sq. ft. _ $ 50, 000 ESTIMATED REPRODUCTION COSTS NEW: - fi 2,320,000 Depreciation and Obsolescence: new Physical $ _0 Functional q -0- Economic $ -0- Deferred Maintenance ~ $ -0--- TOTAL ESTIMATED DEPRECIATION: _ rs -0- DEPRECIATED VALUE OF IMPROVEMENTS $ 2,320,000 Land and Amenities (Contributory Value) $ 960, 000 INDICATED VALUE BY COST APPROACH $ 3 , 280, 000 Developer's Overhead & g~yx $ 820,000 Profit (20%) TOTAL: $4,100,000 OR ~ $ 195,000/unit MARKET DATA APPROACH TO VALUE * Note: The following sales have been adjusted to ground-level units in the subject complex. Sale N 1 Project: Lift One Price: $195,800 living Area: 660 SF condominium Type: 2 blocks January, 1980 Distance from Subject: Date: Unit Lx; Lot// O 304 Land Sizen/a Time Adjustment: none CurrentValue:$195,800 balcony Carport O common lot none Deck: Garage (] Basement: 1972 good Age: Furniture: No. of Rooms: 2 No. of Bedrooms: 1 No. of Baths: 1 Price per Room: n/a Price per squarefoot $297 Buyer: Langford Seller: Pingel Deed Book: 382 Page Number 803 Veri fied by: broker Comparison: The Lift One Condominiums are located two blocks southwest of the sublect property with similar proximity to downtown Aspen and ski lifts. Al- though condition design and overall appeal of this unit are inferior to the subject, these features are partially offset by this unit's 1 bedroom utility and full kitchen facilities. These features result in a final positive adjust- ment of $7,500. INDICATED VALUE OF SUBJECT BY COMPARISON $ 203 , 300 Sale M 2 Distance from Subject : 2 blocks Cooper Street Lofts Unix'-t Project: Lot F C ~~2 Price: $185,000 Time Adjustment: -f'1%/m0 642 SF + 82 SF loft .Carport Living Area: Deck: 54 SF Garage C Parking sp. gasemenL: none T condominium 1976 good YPe ~ Age: Furniture: No. of Rooms: Studio Price per Room: n/a Britvar/Kermin Buyer. Deed Book: 381 No, of Bedrooms: Stud iO Price per square foo; Page Number: _ Seller 551 December, 1979 Date: _ Land Size: n/a Current Value: $192, S00 _ No. of Baths: $300 1 Cooper Street Partners Verified by: broker Comparison: Sale 2 is a studio condominium unit located approximately 1 block west of the subject property.. Views from this unit are considered very comparable to the subject's garden-level unit. Its studio + loft utility is again very similar to the subject. However, condition, quality, design and overall appeal are much inferior to the subject, resulting in a final positive adjustment of $3,000. INDICATED VALUE OF SUBJECT BY COMPARISON ~ 195,500 Sale q 3 Distance from Subject 3 blocks Date: May, 1979 Project Aspen Wild : U°'t ~ II201 Lot /(^ n Land Size: /a Price: $180,500 - partial comm. no adj. Time Adjustment: +1//mo Current Value:$198, 500 740 SF Living P_rea: balcony Carport r- parking Deck: Garage G area 80 SF unfin. stor. Basement: Type: condominium - Age. 1978 Furniture: average No. of Rooms: 2 Price per Room: n/a Williams Buyer: Deed Book: 369 Page Number: Seller 750 No. of Ba[hs: 1 $268 Reeder Verified by: seller Comparison: Sale 3, our oldest sale, is most similar to the subject in terms of size and overall appeal. Its location approximately 2 blocks west of the subject property is again, very comparable in terms of accessibility of the downtown area. Inferior condition, project amenities and overall appeal of this unit are partially offset by this unit's full kitchen facilities. Our analysis results in a final positive adjustment of $7,500. INDICATED VALUE OF SUBJECT BY COMPARISON S 206, 000 Jr No. of Bedrooms: studio Price per square foot: _ SUMMARY-MARKET DATA APPROACH TO VALUE SaleN 4 Distance from Subject: S blocks Date: February, 1980 U.C. As en S uare Un't x Project: p q Lot gam. ~f418 Land Size: n/a Price: $190,000 Time Adjustment: none Current Value: $190,000 Carport '- Living Area: 494 SF peck: balcony Garage C underground Basement: none Type: condominium Age 1968 Furniture: good Nn. o(Rooms: Stud 10 Price per Room: n/a Buyer: not disclosed _ No. of Baths: $389 Schottland Seller: Deed Book: under contract ~ page Number: under contract Verified by: seller/broker Com arison:Sale 4 is the most recent sale of an Aspen Square studio unit. This uni~ is a top floor corner unit facing south, superior in views to the subject. This view; along with this unit's full kitchen are superior features which are more than offset by its smaller size, studio utility and inferior design and overall appeal. INDICATED VALUE OF SUBJECT BY COMPARISON Sale p 5 Project : Sunr i s e Price: $175, 000 living ?.rea: 992 SF condominium Type: No_ of Rooms: ~ 2 n/a Price per Room: g 201,000 1 Price per square foot: not available Seller: Buyer: - Deed Book: under contract page Number: under contract Verified by: broker Comparison: Sale 5 is our most recent sale. This unit is larger in size than the subject property and enjoys superior 1 bedroom utility. However, its location and proximity to downtown Aspen as well as its design and overall appeal are inferior features. Our analysis results in a final positive adjustment of $9,000. INDICATED VALUE OF SUBJECT BY COMPARISON 5 184, 000 SUMMARY -MARKET DATA APPROACH TO VALUE Sale Date Price Adjusted Price (Time) Price/SF Indicated Value of Sub j ec t 1 1/80 $195,800 $195,800 $297/SF $203,300 2 12/79 $185,000 $192,500 $300/SF $195,500 3 5/79 $180,500 $198,500 $268/SF $206,000 4 2/80 U.C. $190,000 $190,000 $385/SF $201,000 5 3/80 U.C. $175,000 $175,000 $219/SF $184,000 See Attached Comments. INDICATED VALUE BY MARKET DATA APPROACH 5 190, 000 garden level $200,000 2nd level $235,000 top level studio 1 Price per square foo:: No. of Bedrooms: No. of Bedrooms: Distance from Subject: $ blocks Unit F9 Lot y n 115 March, 1980 U.C. Date: Land Size: n/a -Time Adjustment: none __ Current Value: $175,000 Carport [' Deck: balcony Garage `Parking area Basement-. none Age: 1977 Furniture: none No. of Baths: 1 $219 not available CONCLUSION AND CORRELATION Cost Approach to Value Market Data Approach to Value $4,100,000: 21 units =g 195,000/unit $4,340,000: 21 units ~ 207.000/unit 1st Level = $190,000 2nd Level = $200,000 3rd Level = $235,000 See Attached for Final Reconciliation, As a result of my appraisal and analysis, i[ is my opinion [hat the Fair Market Value of the subject property, as a whole, in its present condition, as of April 15, 1980 is: 1st Level: 7 units @ $190,000 = $1,330,000 2nd Level: 8 units @ $200,000 = 1,600,000 3rd Level: 6 units @ $235,000 = 1,410,000 TOTAL: $4,340,000 NOTE: This valuation is contingent upon completion of the subject in very good quality worlananship and materials and in conformance to the plans and specifications outlined to us. It is also contingent upon successful condo- miniumization of the proposed. 21 units. ~~ yy~~ , April 15, 1980 .~~~eCtxL'¢~~ Dale J mes J of a, R.M. Aspen, ~^raMJd~ou• - ~llt' d/ an Gold Associate Appraiser - i Market Data Analysis: The five sales represent the most recent transactions of comparable Aspen studio and 1 bedroom condominiums. In our opinion, all are generally comparable to the subject in their appeal to the tourist market. As your appraisers have noted, our five comparable sales have been adjusted to a typical ground-level unit in the subject complex. The teneral range in value indicated by the adjustment of our comparable sales is from $184,000 to $206,000. Prices per square foot range from approximately $219/SF to a high of $385/SF. In addition to the-sales in- cluded in our analysis, the reader is also referred to the addendum section of this report for additional sales and other current listings. In our analysis, your appraisers have examined the subject units both on a per unit basis as well as through a per square foot analysis. Of our comparable sales, Sale 2 (Cooper Street Lofts) and Sale 4 (Aspen Square) should be accorded primary emphasis in our final analysis. As we have noted, the condition, design, size and overall appeal of the Cooper Street Lofts are inferior to the subject. These features are partially offset by this unit's full kitchen. We note that there is currently 1 unit in the Cooper Street Lofts listed for sale at $210,000. This unit was listed just after the sales of Units 112 and 115 at $185,000 in the fall of 1979. This lack of market activity causes us to regard this unit's list price of $210,000 as firmly establishing the upper range in value for the subject property. The sale of Aspen Square 11418 at $190,000 represents the most recent transaction in the complex. Inferior condition and overall appeal of this unit is offset by this unit's unobstructed views of Aspen Mountain, superior to the subject's ground- level units. Complex amenities including underground parking, pool and Jacuzzi area, and on-site management are very comparable to the subject's amenities. There are currently ten Aspen Square condominiums listed for sale at prices ranging from $189,000 for a 2nd floor south-facing unit to a high of $230,000 for a top floor south-facing unit. Most of these units have been listed for sale for at least 8 months, indicative of the general slowdown of condominium activity over that period of time. Of particular interest are the sales of units 1/412 and 11416 at $200,000 and $215,000, respectively. These units were placed under contract during the first half of 1979 and closed during the fall of 1979. Their locations in the com- plex are very similar to unit 11418, top floor, south-facing unit. However, the sale of unit 11418 at $190,000 would indicate that prices paid during the first half of 1979 may have been over-inflated due to limited supply of competing units available for sale. This phenomenon is not unique to the Aspen Square condominiums but has been experienced in other Aspen condominium projects as well. In our analysis, we have also considered the wide variety of studio and 1 bedroom units now listed for sale. There are currently 32 1 bedroom and 18 studio units listed at prices ranging from a low of $162,500 to $250,000. Although these units are, in most cases, much inferior to the subject in terms of overall desirability, location, and appeal to the tourist market, their availability as alternatives to a buyer prevent Market Data Analysis - cont'd your appraisers from selecting a value for the subject property from the upper range established by our market data. Rather, this large supply along with the general sluggishness in the Aspen real estate market primarily due to the limited supply of mortgage financing and high interest rates being paid, more properly direct your appraisers to the lower range in value established by our sales. In conclusion, the subject ground-floor units should be very marketable at $190,000 per unit. At an allocated sale price of $190,000, a price per square foot of $244 is indicated. This price per square foot also falls nearer the lower .range of value established by our comparable sales. In attempting to value the subject's 2nd and top floor units, your appraisers have looked not only to indications of value from our adjusted comparable sales, but have again looked to the availability of competitive units now available for sale. From our analysis, a premium of $10,000 is indicated for the added elevation and superior views of the subject's 2nd-level units. It has been characteristic in the real estate market that added elevation tends to sell for increased prices per square foot and higher sale prices. An exact determination of this view premium is very difficult to determine. However, as all of our comparable sales have been adjusted to the subject's ground-level unit, with inferior views, your appraisers are directed nearer the upper range established by our five comparable sales. In our valuation of our subject's top-floor units, a per square foot analysis was given most weight. The general range in per square foot values of those sales included in our analysis, as well as the additional sales included in the addendum section of this report, indicate a general range in value of $167/SF to $435/SF. This wide range is due to differences in quality, location, unit size and overall desirability of the comparable sales. Although the Aspen Square is very comparable to the subject in terms of overall appeal to the tourist market, their much smaller size at $494/SF would cause us to give their per square foot indications of value least weight in our final analysis. It has been characteristic in the real estate market that smaller units tend to sell for higher prices per square foot. Conversely, units of larger size would sell for a lesser price per square foot. The range indi- cated by our most comparable sales is from $219/SF to $300/SF. These units are again, much inferior to the subject in terms of their design, special features and overall appeal. Top floor units in the subject complex will enjoy unobstructed views of Aspen Mountain. In addition, they will enjoy the added privacy of a top- floor location with some special unit features,including a large skylight over the Jacuzzi area. These factors, in our opinion, serve tc direct your appraisers to the upper range established by our most comparable sales, say, $235,000 or $301/SF. Final Reconciliation: The Cost Approach is a useful guide to value. It is based upon .recent land sales of comparable Commercial Core-zoned land as well as reproduction cost data from other new projects being developed in the Aspen area. However, the scarcity of available building sites as an alternative to a buyer would cause to undermine the validity of this approach. Additionally, the inherent time delays and extensive regulations with the development of amulti-family project in the Aspen area under the Growth Management Plan, may indicate that 20% developer`s overhead and profit is not fully indicative of those risks. Under the Growth Management Plan, there have not been many multi-family complexes developed. Therefore, a true market- record is not yet available as to acceptable developers profit. For these reasons, we feel our cost analysis should be given secondary emphasis. Cost estimates cannot be considered fully reliable until further market activity deter- mines an accurate indication of the overhead, profit and risk percentage necessary to motivate developers of multi-family projects in Aspen. The Market Data Approach to Value is very well supported by a very large number of condominium sales comparable to the subject in utility, size, location and overall appeal to the tourist market. In our opinion, this approach most accurately reflects the actions of buyers and sellers of multi-family condominiums. Therefore, in the final analysis we have given this approach primary emphasis. Conclusion: In our opinion, the Current Market Value of the subject property, completed in the high quality and specifications outlined to us, as of April 15, 1980 is as follows: 1st Level: 7 units @ $190,000 ea.= $1,330,000 2nd Level: 8 units @ $200,000 ea.= 1,600,000 3rd Level: 6 units @ $235,000 ea.= 1,410,000 TOTAL: $4,340,000 OR an average price per unit of: $ 207,000 _.,. i ~ ~~. 1 1I i ` ' I I / 11II ' 11~ III I ~ ~ ._ ~ '~ I ~• ~~}~\ y ~T- -4-1 /// l ~i i Ii i.' ~ ~~~ ~\ ~, ll) r K ~ti ,5 FF ~\ Z _~ J ~~ - -~ k { ~ ~f ~ r,. ~~ ~ ~ ~. ire; ti ~ r' -~ :, .,.,, . + w Y : i f.; N L ';'~ o f n~ N ~~ ~ _ ~ x ,''. Itli ~.. „`r',. D_ A io I~ F z s ~ ~ ~ °1'_~ ~ -- ..r e 5: .. ~ ~- > n p ~ p~p ~ *, ~' fi 6 ~ r ~> - . Ia it ~ s $ \~~~ R A • Y, ~ j d ' Y f r ~ A i ro I~I ri j ~ in _p ,. ~., N O ~ t~l f ~ I JAI ~`, ` 1 M .J II) R R ~ ~, i ~. T ~7 :. - _. a 1~m ,~ -- ---- r -- -- ___ ~~- A__-=-_ - - ' _ - N- E o ~'z~ ' - _I~__iD _ __~ °,I.I ~~,~-- N CJ ~~~~~~ _5 ~~ P ~- ~ ~f "-~- ~ _ a U ~~ n _~~ ~ r ~~ ~i r: J, 4° 1.1 o ~J m ~J O Z iP ~D n g~ O ~~i Current Listings of Comparable Units Aspen Square Condominiums Utility Unit Square Foot Price Price/SF Studio - 1 Bath ll 202 494 $225,000 $455 Studio - 1 Bath ll 420 494 $215,000 $435 Studio - 1 Bath ll 203 494 $222,000 $449 Studio - 1 Bath ~l 407 494 $225,000 $455 Studio - 1 Bath ~l 422 494 $230,000 $466 Studio - 1 Bath /I 205 494 $195,000 $395 Studio - 1 Bath ll 207 494 $205,000 $415 Studio - 1 Bath ll 324 494 $205,000 $415 Studio - 1 Bath // 216 494 $189,000 $383 Studio - 1 Bath ll 409 494 $225,000 $455 Aspen Main Condominiums Studio - 1 Bath Il 301 600 $162,500 $271 (Plus large storage area) Aspen Wild Condominiums 1 Bedroom - 1 Bath ll 202 740 $240,000 $324 Cooper Street Lofts Studio - 1 Bedroom ll 642 $210,000 $344 Centennial Park Condominiums 1 Bedroom - 2 Baths Il 201 930 $179,000 $192 (6 month rental restriction) Columbine Condominiums 1 Bedroom - 1 Bath 41 4 968 $225,000 $232 1 Bedroom - 1 Bath ~l 3 968 $200,000 $207 210 Cooper Street , 1 Bedroom - 1 Bath ll 1-E 690 $180,000 $261 Durant Condominiums 1 Bedroom - 2 Baths I11 0-C 750 $175,000 $233 Lift One Condominiums 1 Bedroom - 1 Bath /I 104 700 $210,000 $300 Little Nell Condominiums 1 Bedroom - 1 Bath ll 1 554 $185,000 $334 Midland Condominiums 1 Bedroom - 1 Bath 11 8 596 $225,000 $378 1 Bedroom - 1 Bath ll 9 596 $200,000 $336 Y - ~ 6££$ 000` 88T$ 755 mOOZPaff T 6L/5 Z li smn?u?mopuo0 TTaN aT~1?Z £SZ$ 00£` LLT$ OOL moozpag T 6L/9 TOT // smn?u?mopuo0 au 0 ~3?Z L9T$ 000` 55T$ 0£6 moozpag T 6L/ZT £OT 11 smn?u?mopuo0 xzea Ts?uualua0 88Z$ 000` 58T$ Z79 o?Pn~S 6L/ZT S 11 s~3o7 ~aazlg za o00 szz$ ooo` s£T$ 009 ~?pn~s on 6L/8 Toz ~~ smn?u?mopuo0 u?eN ua sy 7L£$ 000` SST$ 767 o?Pn~S 6L/OT 70Z lI 507$ 000` OOZ$ 767 o?Pn~S 6L/6 ZT7 1t S£7$ 000` STZ$ 767 o?pn1S 6L/OT 9T7 Ik 3S/ao?zd ao? zd 1003 azan g z?T?1n alan 1?un smn?u?mopuo0 azenbS uaasy s~?un aTgsze moo ;o saTeg Tsuo?~?ppy OLZ$ 000`56T$ ZZL 3-£ 11 u;Eg T - moozpag T smn?u?mopuo0 a p?N zagm?y T6T$ 000`68T$ Z66 L Ik q~Eg T - moozpag T smn?u?mosuo0 as?zunS 76Z$ 000`OSZ$ 058 x-£ 11 q~Eg T - moozpag T smn?u?mopuo0 TTaN 3o g1zoN k' ~ ~ PHOTOGRAPHS OF SUBJECT ~:~~. View of subject property looking southeast. View south from subject property overlooking Wagner Park and Aspen Mountain. View east along Hyman Avenue. v PHOTOGRAPHS OF SUBJECT Sale 113 - Aspen Wild Condominiums. Sale 111 - Lift One Condominiums. Sale 112 - Cooper Street Lofts. .._ ~ 'lls~i/ ____ PHOTOGRAPHS OF SUBJECT ~_~~'.~- Sale 115 -Sunrise Condominiums. Sale 114 -Aspen Square Condominiums ~~ a m ~I ~a ~ { iF'I] ~J L~ C 1j~~ ~C Z ^ m m Cldll -____ ..~ 'iCi i~,i ~~ u~ F~, ~ ~I ,~ii. O / D T r 0 D /~ ~ /~/ / 3~nads eyed 3Ndl :... u uu u~ HLH~J 13 ~I a~ Lela as z~ H1N3~3S rn ~ ~ m m Baa~aaa ~Z ~~ ~o H1XIS a~aazaa~a ~~~f~ o 0 a3aaNaaDaa ~~m a as as as ~~° 90~ .ti a as as a~ 3~tl, 9 C~09~' POPO ~~~ aoa ~ o~ v ~o ~_ o ~~~. Z C m ~ m ~ O ~ ~ O C O I Z O \ r / n ~~ 03ti ~ ~9 F ' ~ F~ T9 \ ` ~ 9 V \ ~ ~~ .. C _ ~ .:F__.._. DEFIlVITION OF MARKET VALUE: The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consumtr~ation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasunable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts andJor terms, services, fees, costs, or credits incurred in the transaction. ("Real Fstate Appraisal Terminology," published 1975.) CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION: The Appraiser certifies and agrees that: l . The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report ar the partici- pants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under- signed affecting the analyses, opinions, and conclusions contained in the report). 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears ort the appraisal report, unless indicated as "Review Appraiser." No change of arty item in the appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for arty such unauthorized change. CONTINGENT AND LIMITING CONDITIONS: 1'he certification of the Appraiser appearing in t}te appraisal report is subject to the following conditions and to such outer specific and limiting conditions as are set forth by the Appraiser in the report. 1. Ttte Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title there- to, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop- erty. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangernertts have beers previously made therefor. 4. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization. Ttte separate valuations for land and buildirtg must not be used in conjunction with any other appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 6. Information, estimates, and opinions furnished to the Appraiser, and contained in tl~e report, were obtained from sources considered reliable and believed to be true and correct. However, cto responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. S. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property va]ue, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. Date:, , +.'~". A rarser s ~":' .l/~! "': (.J~.(.[_L PXLMC RORM A79 RH V. f0~79 • MA RORM 10 4B REV. f0~79 ~` ~ ~ ' ~ , ~ -. .O ._... -- .,. ~~~ `~~ 4 1 _-~ / ~ 1 1 ,~ ~Y ,~,L t.~ i~r' .. - „~. ._ .. . 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