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RESOLUTION NO. lie
�.r (Series of 2011)
A RESOLUTION OF THE ASPEN CITY COUNCIL GRANTING APPROVAL TO THE
ASPEN ART MUSEUM TO SATISFY A PORTION OF THEIR AFFORDABLE
HOUSING MITIGATION REQUIREMENT THROUGH A CASH -IN -LIEU PAYMENT.
Parcel 112: 2737 - 182 - 25-004
WHEREAS, pursuant to the Master Development Agreement between the City of Aspen,
633 Spring II, LLC (633), and the Aspen Art Museum (AAM), recorded at reception no. 577043,
633 and AAM must provide housing in the amount of 5.95 employees through the purchase and
deed restriction of existing residential units within the City of Aspen or those portions of Pitkin
County within the Aspen Urban Growth Boundary, the purchase of units within the City's
Burlingame Phase 11 project, the purchase of employee housing mitigation credits, the provision
of cash -in -lieu with the approval of the Aspen City Council, or other such methods as may be
acceptable to the parties; and,
WHEREAS, the AAM intends to purchase and deed restrict two residences within the
Aspen Urban Growth Boundary, located within the Aspen Business Center, to Category 4
mitigating housing needs for 4.75 employees and has requested City Council approval of a cash -
in -lieu payment for the remaining 1.2 FTEs; and,
WHEREAS, the Community Development Director has reviewed the Agreement and the
request for acceptance of a portion of the requirement through a cash -in -lieu payment and has
recommended City Council approvals; and,
WHEREAS, City Council has reviewed the Agreement, the request for acceptance of a
portion of the requirement through a cash -in -lieu payment, the recommendation of the
Community Development Director, and finds the request consistent with the Agreement and an
acceptable method of meeting the housing requirement; and,
WHEREAS, the City Council finds that this Resolution furthers and is necessary for the
promotion of public health, safety, and welfare.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF ASPEN,
COLORADO, THAT:
Section 1:
In accordance with Master Development Agreement, the City of Aspen City Council accepts
payment of a cash -in -lieu payment for approximately 1.2 FTEs with the understanding that the
AAM will purchase and deed restrict to Category 4 two currently unrestricted residences located
at the Aspen Business Center. The final number of FTEs may be adjusted slightly up or down
based on final development plans for the mixed -use building and the amount of additional net
leasable space contained therein. All other provisions of the Master Development Agreement
remain unchanged.
Resolution No. , Series 2011. Page 1
Section 2:
This Resolution shall not affect any existing litigation and shall not operate as an abatement of any
action or proceeding now pending under or by virtue of' the ordinances repealed or amended as
herein provided, and the same shall be construed and concluded under such prior ordinances.
Section 3:
If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason
held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a
separate, distinct and independent provision and shall not affect the validity of the remaining
portions thereof.
FINALLY, Adopted, Passed, and Approved on this _ day of , 2011, at a duly noticed
meeting before City Council.
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
John Worcester, City Attorney Michael C. Ireland, Mayor
ATTEST:
Kathryn S. Koch, City Clerk
Resolution No. , Series 2011. Page 2
June 29, 2011 641fr •c" ed
To: Chris Bendon
From: Heidi Zuckerman Jacobson
Re: Aspen Art Museum Housing Mitigation
The Aspen Art Museum (AAM) respectfully requests a meeting with Aspen City Council
to discuss our housing mitigation obligation as it relates to our new building project. As
part of our agreement with 633 Spring II, LLC to purchase the property for our new
building, we have agreed to mitigate the housing associated with their development on
Hyman Avenue. The AAM, as an essential public facility, Is otherwise exempt from
housing mitigation.
1. Background
The following is from Section 4 of the Master Development Agreement with the City of
Aspen, 633 Spring 11, LLC, and the AAM, which was recorded on January 26, 2011:
4. Housing Requirement. Section 8 of Ordinance 16 requires that this MDA agree to and discuss
the timing and method for meeting the housing requirement as set forth in Section 8 thereof in
compliance with Section 26.470.070.4 of the Land Use Code. Pursuant to that certain Contract to
Buy and Sell Real Estate dated October 5, 2010 between AAM and 633 relating to the purchase
of Lot 1 by AAM, together with Addendum to Contract of even date therewith, AAM has agreed
to assume the obligations of 633 to provide the housing mitigation in satisfaction of the housing
requirement. The following is a description of the timing and method as to how the same will be
met:
4.1 Number of Employees Required to be Mitigated. The number of employees required
to be mitigated is 5.95 [to be adjusted upon final determination of this net leasable area), set forth
in the Code as 5.95 FTEs. The requirement may be amended based on the final calculation of
additional net leasable area within the project.
4.2 Category 4. The housing requirement shall be mitigation of 5.95 employees (FTEs)
at the Category 4 rate as provided in the Aspen Pitkin County Housing Authority ( "APCHA ") in
effect at the time of the adoption of Ordinance 16.
4.3 Methods of Meeting Housing Requirement. AAM proposes to satisfy the housing requirement
in one of the following methods:
(i) By the purchase of existing residential units not presently deed restricted or
newly constructed residential units located in an area within the City of Aspen or
within those portions of unincorporated Pitkin County within the Aspen Urban
Growth Boundary, and the deed restriction thereof with the conditions contained
herein.
(ii) The purchase of units in the City's proposed Phase II Burlingame project.
(iii) The purchase of employee housing credits approved by the City of Aspen.
(iv) Cash in lieu with the approval of the City of Aspen City Council.
(v) Such other methods which may hereafter be proposed by AAM and agreed to by
*^ the City.
4.4 Cash in Lieu Amount. The Category 4 mitigation obligation on the date of the adoption of
Ordinance 16 was $134,079 per FTE resulting in a total obligation of $797,770 if satisfied by cash
in lieu, if proposed to and hereafter agreed to by the City of Aspen City Council. This amount
may be amended based on the final total net leasable area calculation described in subsection 4.1,
above.
4.5 Timing to Meet Housing Requirement. AAM agrees to satisfy the housing requirement
agreement no later than the time which the permitted improvements have been completed on Lot
2 and entitled to the issuance of a certificate of occupancy.
4.6 Use Conditions. The following conditions shall apply in the event that the housing
requirement shall be satisfied by AAM by the purchase and deed restriction of residential units or
units in Phase II of the Burlingame project. The deed restriction shall impose on the following
conditions upon the deed restricted units:
(1) The unit or units shall be owned (title held) by the Aspen Art Museum or its
related entity the Aspen Art Museum Foundation.
(ii) As long as a unit is occupied by a bona fide employee or employees of AAM
there shall be no salary cap nor rental amount limitation.
(iii) If no employee of AAM can be found to rent a unit owned by AAM after
reasonable efforts are used to procure an occupancy by an employee of AAM,
such unit may be rented to a qualified occupant as defined by the APCHA at the
maximum Category 4 rental rate then in effect for the type of unit.
(iv) There will be no minimum number of occupants required in a unit owned by
AAM and rented to an employee of AAM.
4.7 Sale of Units. AAM shall be permitted to sell a deed restricted unit owned by it to an
employee of AAM or a third party purchaser qualified by APCHA to purchase the unit at the then
current Category 4 price for the unit calculated at the time of sale. However, AAM shall be
permitted to buy back the unit sold to an employee and the employee shall be required to sell the
unit back to AAM (if repurchase is desired by AAM) when such employee ceases employment
with AAM at the Category 4 price calculated at the time of the buyback, or any lesser price which
the employee ceasing employment shall be willing to accept.
As mentioned in the above, the AAM is required to mitigate 5.95 employees (subject to
amendment based on the final calculation of additional net leasable area for the 633
Spring II, LLC project). If the AAM would like to satisfy all or part of this mitigation with
cash in lieu, the AAM must have the approval of the Aspen City Council.
2. AAM Efforts to Satisfy Housing Mitigation
The AAM began its work to satisfy housing mitigation in January 2009. A primary goal of
the mitigation process for the AAM has been to secure units as employee housing. This
has been a long -term strategic goal of the institution. Following is a brief synopsis of the
extent of our investigations since that time.
• January 7, 2009 letter to City Manager Steve Barwick indicating our interest in
participating in construction of new employee housing units in an upcoming
project to mitigate employee housing for a new facility.
• AAM has met repeatedly with Burlingame II to determine feasibility of utilizing
that development to satisfy mitigation needs. Due to contractual obligations
with the 633 Spring II, LLC the timing of this potential development will not work
to satisfy mitigation needs.
• The AAM has met with several people who are selling free market employee
housing/credits. The AAM was told the asking price per FTE credit was between
$280,000 and $300,000. As this is exclusively for the credit, and not a unit, this
does not meet the strategic goals of the museum to acquire units. Furthermore,
the overall cost of mitigation would be up to $1,785,000 to mitigate 5.95 FTE's,
making the purchase of credits further unviable.
• The AAM has investigated the possibility of building new units to satisfy the
mitigation requirements. We have investigated the viability of adding our units
to an existing build -out as well as commencing our own building project. Due to
the size of our requirements it is not viable to build -out our own units or engage
in an existing build -out project.
• The AAM has looked at a number of free market units that could be converted to
deed restricted units through the APCHA. There are a number of viable units on
the market which could be purchased and converted to satisfy the majority of
the mitigation requirement.
3. Request to Aspen Clty Council
The AAM respectfully requests Aspen City Council's approval of the following plan to
fully mitigate the AAM's housing requirements:
• The AAM will purchase two free market units at the Aspen Airport Business
Center:
o One one - bedroom unit which will satisfy 1.75 FTE's
o One three - bedroom unit which will satisfy 3 FTE's
• The MM would deed restrict these units to Category 4 rental units following the
closing on the purchase of these units which is subject to the approval of Aspen
City Council of this plan.
• The AAM requests the Aspen City Council consideration and approval of paying
cash in lieu for the remaining 1.2 FTE's as required by Section 4 of the Master
Development Agreement.
• The AAM further requests the deferral of this payment until the final calculation
of FTE's is determined via the calculation of net leasable area as per Section 4 of
the Master Development Agreement.
Upon approval of this plan by the Aspen City Council the museum would transact on the
two free market units. The AAM would request confirmation, in writing, by the City of
Aspen as to the satisfactory mitigation of 5.95 FTE's in a manner agreeable and
acceptable to 633 Spring II, LLC.
RECEPTION #: 577043, 01/26/2011 at
10:44:35 AM,
1 OF 13. R $71.00 Doc Code AGREEMENT
Janice K. Vos Caudill, Pitkin County, CO
MASTER DEVELOPMENT AGR nrmrly 1 ori g3.
IBIS MASTER DEVELOPMENT AGREEMENT, ( "J►IDA ") is entered into as of this t day
of January, 2011 by and between the City of Aspen, Colorado, a home rule Colorado municipality,
( "Cif ") 633 Spring II, LLC, a Colorado limited liability company ( "633 ") and the Aspen Art Museum, a
non - profit Colorado corporation ( "AAM"), and each of them.
RECITALS
A. The City adopted Ordinance No. 16 (Series of 2010) on August 2, 2010 ( "Ordinance 16 ").
B. As required by Section 1 of Ordinance 16, 633 has made and submitted to the City for
approval a subdivision plat ( "M(a ") under the name and style of the "AAM Subdivision"
( "Subdivision ") for the purpose of subdividing Lots D - I, Block 100, City and Townsite of
Aspen into two (2) development lots, Lot 1 and Lot 2.
C. AAM is made a party to this Agreement as the contract purchaser of Lot 1 of the
Subdivision, and as such is the equitable owner of said Lot 1.
D. The Plat has been approved by the City as required by Ordinance 16 and has been recorded at
Plat Book Page L, as Reception Number S 7 7 0 1.}
E. Section 2 of Ordinance 16 requires that contemporaneously with the recording of the
Subdivision Plat for the AAM Subdivision and pursuant to the procedures and standards set
forth in Title 26 of the City's Municipal Code that the owners of both lots in the AAM
Subdivision record a Master Development Agreement and MDA Reference Plans meeting
the requirements of City's Land Use Code Section 26.480, Subdivision, within 180 days of
the adoption of Ordinance 16.
F. This MDA is made and entered into to satisfy the requirement of said Section 2 of Ordinance
16, and is accompanied by MDA Reference Plans, consisting of four sheets, recorded at Plat
Book — Page —, as Reception Number5'77 , which shall constitute a part of
this Master Development Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the adoption of Ordinance 16, the parties hereto agree as
follows:
1. Utility Plan. 633 (with respect to Lot 2) and AAM (with respect to Lot 1) have submitted,
and the City has approved, a Utility Plan for Lot 1 and Lot 2 prepared by Sopris Engineering,
.LLC dated January 19, 2011, as Job No. 10199.01, Sheet C4.1 (the "Utility Plan"). The
Utility Plan satisfies the standards of the City Engineer and City utility agencies. Copies of
said Plan are filed with the City Engineer and City Community Development Department
and are Sheet 2 of 4 of the MDA Reference Plans.
2. Site . provements and Landscape Plans. 633 (with respect to Lot 2) and AAM (with respect
to Lot I) have submitted, and the City has approved, the following site improvements plans
for the Subdivision showing all improvements proposed for development, including
sidewalks, curb and gutter, and landscaping in the right of way requirements as required in
�.- Chapter 21.20 of the Code: (i) that certain Site Improvement Plan ( "Site Imorovemeab
agg"), Sheet C2.1 dated January 19, 2011, as Job No. 10199.01 for Lot 1 and Lot 2
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by Sopris Engineering, LLC; and is Sheet 1 of 4 of the MDA Reference Plans; and (ii)
Landscape Plans, consisting of Sheet 3 of 4 for Lot 1 and Sheet 4 of 4 for Lot 2. Copies of
the Site Improvements Plan, along with the Landscape Plans, are filed with the City Engineer
and City Community Development Department. The AAM has presented, as part of these
plans, an enhanced sidewalk plan for Lot 1 included on the Site Improvements Plan and, upon
implementation, shall be entitled to credit as provided in Section 7 of Ordinance 16.
3. Public Improvements Costs Estimates. Attached hereto as "Appendix 4" are cost estimates
for public improvements proposed by 633 and AAM together with a description of those
improvements and how each of these obligations shall be attached to and be the separate
obligation of AAM, as to Lot 1 and 633 as to Lot 2, respectively.
4. Housing Reauirement. Section 8 of Ordinance 16 requires that this MDA agree to and
discuss the timing and method for meeting the housing requirement as set forth in Section 8
thereof in compliance with Section 26.470.070.4 of the Land Use Code. Pursuant to that
certain Contract to Buy and Sell Real Estate dated October 5, 2010 between AAM and 633
relating to the purchase of Lot 1 by AAM, together with Addendum to Contract of even date
therewith, AAM has agreed to assume the obligations of 633 to provide the housing
mitigation in satisfaction of the housing requirement. The following is a description of the
timing and method as to how the same will be met:
4.1 Number of Employees Required to be Mitigated. The number of employees required
to be mitigated is 5.95 [to be adjusted upon fmal determination of this net leasable area], set
forth in the Code as 5.95 FTEs. The requirement may be amended based on the fmal
calculation of additional net leasable area within the project.
4.2 Category 4. The housing requirement shall be mitigation of 5.95 employees (1' 1 Es)
at the Category 4 rate as provided in the Aspen Pitkin County Housing Authority
( "APCHA ") in effect at the time of the adoption of Ordinance 16.
4.3 Methods of Meeting Housing Requirement. AAM proposes to satisfy the housing
requirement in one of the following methods:
(i) By the purchase of existing residential units not presently deed restricted or
newly constructed residential units located in an area within the City of Aspen or
within those portions of unincorporated Pitkin County within the Aspen Urban
Growth Boundary, and the deed restriction thereof with the conditions contained
herein.
(ii) The purchase of units in the City's proposed Phase II Burlingame project.
(iii) The purchase of employee housing credits approved by the City of Aspen.
(iv) Cash in lieu with the approval of the City of Aspen City Council.
(v) Such other methods which may hereafter be proposed by AAM and agreed to by
the City.
4.4 Cash in Lieu Amount. The Category 4 mitigation obligation on the date of the
adoption of Ordinance 16 was $ 134,079 per FTE resulting in a total obligation of $797,770 if
satisfied by cash in lieu, if proposed to and hereafter agreed to by the City of Aspen City
Council. This amount may be amended based on the final total net leasable area calculation
described in subsection 4.1, above.
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4.5 Timing to Meet Housing Requirement. AAM agrees to satisfy the housing
requirement agreement no later than the time which the permitted improvements have been
completed on Lot 2 and entitled to the issuance of a certificate of occupancy.
4.6 Use Conditions. The following conditions shall apply in the event that the housing
requirement shall be satisfied by AAM by the purchase and deed restriction of residential
units or units in Phase II of the Burlingame project. The deed restriction shall impose on the
following conditions upon the deed restricted units:
(i) The unit or units shall be owned (title held) by the Aspen Art Museum or its
related entity the Aspen Art Museum Foundation.
(ii) As long as a unit is occupied by a bona fide employee or employees of AAM
there shall be no salary cap nor rental amount limitation.
(iii) If no employee of AAM can be found to rent a unit owned by AAM after
reasonable efforts are used to procure an occupancy by an employee of AAM,
such unit may be rented to a qualified occupant as defined by the APCHA at the
maximum Category 4 rental rate then in effect for the type of unit
(iv) There will be no minimum number of occupants required in a unit owned by
AAM and rented to an employee of AAM.
4.7 Sale of Units. AAM shall be permitted to sell a deed restricted unit owned by it to an
employee of AAM or a third party purchaser qualified by APCHA to purchase the unit at the
then current Category 4 price for the unit calculated at the time of sale. However, AAM shall
be permitted to buy back the unit sold to an employee and the employee shall be required to
sell the unit back to AAM (if repurchase is desired by AAM) when such employee ceases
employment with AAM at the Category 4 price calculated at the time of the buyback, or any
lesser price which the employee ceasing employment shall be willing to accept.
5. impact Fee Summary. Attached hereto as "Aooendix B" is a summary of the total impact
fees for the development of the Subdivision ("Impact Fee Summary ") and the allocation
thereof as between AAM as to Lot 1 and 633 as to Lot 2.
6. Proof of Financing. Before the issuance of a building permit for the development of either
Lot 1 or Lot 2, as the case may be, and as a condition of such approval, the owner of said Lot
shall provide to the City Building Department and City Attorney for review and approval,
satisfactory evidence that such owner has in place sufficient financing to accomplish and
complete the construction of the development on that Lot covered by the building permit and
any public improvements on that Lot identified within the Subdivision Agreement required
under Ordinance 16 for that Lot or otherwise assigned to that Lot and assumed by the owner
thereof under this MDA. Such financing may include without limitation, a construction loan
from an institutional lender or lenders and equity capital investments and/or donations from
the owner or third party investors or contributors. In addition, the Lot Owner before issuance
of a building permit for that Lot shall provide supporting cost estimates for all improvements
covered by the requested building permit prepared by that Owner's general contractor for
review and approval by the City of Aspen Building Department.
7. Performance Bond. Before issuance of a building permit for development of either Lot 1 or
Lot 2 of the Subdivision and as a condition of such issuance, the owner of that lot shall
provide to the City Building Department and the City Attorney for review and approval a
copy of performance bond issued and committed to be issued to the owner's general
‘err contractor by an institutional surety company pursuant to which said instituti�urety
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�.. company agrees to provide the funds necessary to complete the construction of the
improvements covered by the building permit and any public improvements on the Lot for
which the building permit is being requested. Such performance bond shall name the owner
of the Lot for which the building permit is applied and the City as additional beneficiaries and
insured thereunder and grant to either or both of them a direct right of action under the
performance bond in order to construct or finish public improvements and to complete the
construction of the cost of the improvement covered by the building permit.
8. fah Escrow for Site Protection. Before the issuance of a building permit for either Lot 1 or
Lot 2 in the Subdivision, and as a condition of such issuance, the owner of that Lot will
deposit with Stewart Title of Aspen, Inc. the sum of TWO HUNDRED FIFTY THOUSAND
DOLLARS AND NO /100THS ($250,000.00) ( "Escrow Funds') in the form of cash or wired
funds pursuant to an Escrow Agreement made and entered into between Stewart, the owner of
the Lot for which a building permit is being requested and the City which shall provide as
follows:
a. In the event construction work on the development of the Lot for which the building
permit is being applied shall cease for sixty (60) days or longer ( "Work St000aee")
prior to a final inspection by the City of the work authorized by a
foundation/structural frame permit ( "F/SFP ") on such lot, then the City in its
discretion may draw upon the Escrow Funds from time to time as needed for the
purposes of protecting and securing the Lot/construction site and improvements
thereon from damage by the elements and/or from trespass by unauthorized persons,
and for purposes of improving the site to a safe condition such that it does not
become an attractive nuisance or otherwise pose a threat to neighbors or other
persons.
b. The Escrow Funds or any remaining balance thereof shall be returned to the owner of
the Lot on which the building permit has been issued upon completion by the City of
a final inspection and issuance of a Certificate of Occupancy for that Lot, or when
otherwise agreed to by the owner of the Lot for which the permit has issued and the
City.
c. The City shall be named as a third party beneficiary of the Escrow Agreement with
the express right and authority to enforce the same from time to time in accordance
with the tenor in terms thereof.
9. Electrical Easement. As provided under that certain Plat Note referenced on the Plat, an
electric easement shall be granted to the City of Aspen for the electric service of Lots 1 & 2,
which easement shall be located on Lot 2. Attached as "Appendix C" hereto is a map
showing the proposed locatidn of said electric easement based on preliminary plans for
development of Lot 2. The parties hereto acknowledge that the location of the electric
easement may change once the design specifications for construction of Lot 2 are finalized.
Therefore, 633 agrees that within thirty (30) days of the installation of the electric facilities
on Lot 2, 633 shall enter into (and record in the Pitkin County real property records) an
electric easement in form acceptable to the City evidencing the location of the electric
easement area on Lot 2 based on the as -built condition of the electric facilities.
10. Construction. This MDA shall be deemed to supplement the provisions of Ordinance 16 and
in no way shall be construed to amend, alter or modify the said Ordinance 16 in any manner.
In the event of inconsistencies with the provisions of Ordinance 16 and of this MDA, the
provisions of Ordinance 16 shall control.
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11. Binding Effect. The provision of this MDA shall be binding upon and inure to the benefit of
Owner and City and their respective successors and assigns.
12. Situs. This MDA shall be subject to and construed in accordance with the laws of the State of
Colorado.
13. Invalidity. If any provision of this MDA or any paragraph, sentence, clause, phrase, word, or
section or the application thereof in any circumstance is invalidated, such invalidity shall not
affect the validity of the remainder of this MDA, and the application of any such provision,
paragraph, sentence, clause, phrase, word, or section in any other circumstance shall not be
affected thereby.
14. Entire Agreement. This MDA and Appendices attached hereto, MDA Reference Plans,
consisting of four sheets, and Ordinance 16 contain the entire understanding between the
parties hereto with respect to the transactions contemplated hereunder. AAM or 633, their
successors or assigns, may on the their own initiative, petition the City Council for an
amendment to this or for an extension of one or more of the time periods required for
performance hereunder. The City shall not unreasonably deny such petition for amendment
or extension after considering all appropriate circumstances. Any such amendments or
extensions of time shall only become effective upon the execution by all parties hereto that
are affected by the proposed amendment.
15. Section Numbers & Headings. Numerical and title headings contained in this Subdivision
Agreement are for convenience only, and shall not be deemed determinative of the substance
contained herein. As used herein, where the context requires, the use of the singular shall
include the plural and the use of any gender shall include all genders.
16. Approval. Execution & Recordation of Plat. Upon execution of this MDA by all parties
hereto, City agrees to approve and execute the Plat and to accept the same for recordation in
the Office of the Clerk and Recorder of Pitkin County, Colorado, upon payment of the
recordation fees by AAM and 633.
17. Notice. Notices to be given to the parties to this MDA shall be considered to be given if hand
delivered or if deposited in the United States Mail to the parties by registered or certified mail
at the addresses indicated below, or such other addresses as may be substituted upon written
notice by the parties or their successors or assigns:
CITY: City of Aspen
City Manager
130 South Galena St.
Aspen, CO 81611
AAM: Aspen Art Museum
Attn: Heidi Zuckerman Jacobson
590 N. MW St.
Aspen, CO 81611
With a copy to: Leonard M. Oates, Esq.
Oates, Knezevich, Gardenswartz & Kelly, P.C.
533 E. Hopkins Ave., 3 Floor
Aspen, CO 81611
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633: Andrew V. Hecht, Esq.
Garfield & Hecht, P.C.
601 E. Hyman Avenue
Aspen, Colorado 81611
18. Counteroarts. This MDA maybe executed in counterparts, in which case all such
counterparts together shall constitute one and the same instrument which is binding on all of
the parties thereto, notwithstanding that all of the parties are not signatory to the original or
the same counterpart. Facsimile signatures shall be treated as original signatures hereon.
19. Covenant Running with the Land. The terms, conditions, provisions and obligations herein
contained shall be deemed covenants that run with and burden the AAM Subdivision and any
and all owners thereof or interests therein, their respective successors, grantees or assigns,
and further shall inure to the benefit of and be specifically enforceable by or against the
parties hereto, successors and assigns.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of' the day and
year above first written.
CITY: City of Aspen, Colorado, a Colorado municipal
corporation
B /sr-- 2
Michael !. land, e
r
Attest:
- �_..� � .. 6r/r•
Kathryn S. Koch, City Clerk
APPROVED AS TO FORM:
C� iity Attorney
633 Spring II, LLC
i • • * By: Spring Street I, LLC, its Manager a • •
By:
Nik�Manager
AAM: ASP T MU
B y
Danie Holz, President
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STATE OF COLORADO )
)ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this day o 201$,
by Michael C. Ireland as Mayor and Kathryn S. Koch as City Clerk of the City Aspen, lorado, a
municipal corporation.
Witness my hand and official al. �RI RUE;
�
My commission expires: ���� 0 /1 c,:'
P ■ Public . an ' 0 ■
STATE OF COLORADO ) k e OF Cw'
—
)ss.
COUNTY OF PITKIN )
ZO 6�
The foregoing instrument was acknowledged before me this day of 2040
by Nikos Hecht, Manager of Spring Street I, LLC, Manager of 633 Spring II, LLC. I
Witness my hand and officia sea.
My commission expires: in 7 #/ 71 1 t r Y • P
bli Pulp STS s
E t :
K
STATE OF COLOR DO )
Ronda )ss.
)ss. OF
COUNTY OF PIS )
Pelt, aaach
The foregoing instrument was acknowledged before me this i a day of ,kanuGs1 , 201k
by Daniel Holtz as President of the Aspen Art Museum.
Witness my hand and official seal.
My commission expires: cal us I =As _2„j C f t n CC r1 P•
Notary Public Putc Morns
eiN Hairy
1 W aeour53
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