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HomeMy WebLinkAboutFile Documents.523 Walnut St.0045-2021-BRES (8) 1 I 511411 E 1 II Page: S of 15 , 06/20/2005 09:24A t + ��e.j b SILVIA DAVIS PITKIN COUNTY CO R 76.00 D 0.00 SUBDIVISION AGREEMENT FOR FOX CROSSING SUBDIVISION THIS SUBDIVISION AGREEMENT is made and entered into this /1i''day of June,2005, by and between THE CITY OF ASPEN, COLORADO, a municipal corporation (hereinafter referred to as the "City") and WALNUT PROPERTY, LLC, a Colorado limited liability company and its successors and assigns (hereinafter referred to as "Walnut") WITNESSETH: • WHEREAS, Walnut has submitted to the City a request for Subdivision approval, including Lot Spilt approvals, Lot Line Adjustment approvals, Growth Management Quota System (GMQS) Exemptions, and amendments to the Cityof Aspen Land Use Code (collectively, the "Application")for a fourteen (14) lot subdivision, with one (1) lot proposed as a park and thirteen (13) lots proposed for development, situated within the City of Aspen, Colorado to be consolidated, platted and known as the Fox Crossing Subdivision (the "Property"), which Application requested the approval, execution and recordation of a Final Subdivision and Vacation Plat of the Property (the "Final Plat"); and WHEREAS, the City has fully considered and approved the Application, Final Plat, and the proposed development and improvement of the Property pursuant to Ordinance No. 50 (Series of 2004) , and the effects of the proposed development and improvements of said Property on adjoining or neighboring properties and property owners; and WHEREAS, the City has imposed certain conditions and requirements in connection with its approval of the Application, and its execution and recordation of the Final Plat, such matters being necessary to promote, protect, and enhance the public health, safety, and general welfare; and WHEREAS, Walnut is willing to acknowledge, accept, abide by, and faithfully perform the conditions and requirements imposed by the City in approving the Application, and the Final Plat; and WHEREAS, under the authority of Sections 26.445.070 (C and D) and 26.480.070 (C and D) of the Aspen Municipal Code, the City is entitled to certain financial guarantees to ensure: (i) that the required public facilities are installed; and (ii) that the required landscaping is implemented and maintained, and Walnut is prepared to provide such guarantees that hereinafter set forth; and WHEREAS, contemporaneously with the execution and recording of this Subdivision Agreement, the City and Walnut have executed and recorded the Final Plat in Plat Book 3-4 at Page j -Z,-Reception No. !S11 4JD in the office of the Clerk and Recorder of Pitkin County, Colorado. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, the approval, execution, and acceptance of this Subdivision Agreement for recordation by the City, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT II II 1111111111011011111011 511411 Page: 2 of 15 06/20/2005 09:24A SILVIR DAVIS PITKIN COUNTY CO R 76.00 D 0.00 ARTICLE I PURPOSE AND EFFECT OF SUBDIVISION AGREEMENT 1.1 Purpose. The purpose of this Subdivision Agreement is to, along wth the Final Plat, set forth the complete and comprehensive understanding and agreement of the parties with the respect to the development of the Fox Crossing Subdivision and to enumerate all terms and conditions under which such development may occur. 1.2 Effect. It is the intent of the parties that this Subdivision Agreement and the Final Plat shall effectively supersede and replace in their entirety all previously recorded and unrecorded subdivision, condominium, and other land use approvals and related plats, maps, declarations, and other documents and agreements encumbering the Property, including and without limitation those matters identified in Article V below (collectively, the "Prior Approvals and Instruments"). ARTICLE II ZONING AND REGULATORY APPROVALS 2.1 Approval Ordinances. Pursuant to Ordinance No. 48 (Series of 2004) and Ordinance No. 50 (Series of 2004), the Aspen City Council granted Subdivision approvals, Lot Split approvals, Lot Line Adjustment approvals, three (3) Growth Management Quota System (GMQS) exemptions, and amendments to the City of Aspen Land Use Code, providing for vacation of a portion of Race Street, and development of a fourteen (14) lot subdivision to be known as Fox Crossing Subdivision on the Property (collectively, the "Project"). This Subdivision Agreement and the Final Plat incorporate all of the pertinent provisions of Ordinance No. 48 (Series of 2004) and Ordinance No. 50 (Series of 2004). In the event of any inconsistencies between the provisions of Ordinance No. 48 (Series of 2004) and Ordinance No. 50 (Series of 2004) and the provisions of this Subdivision Agreement and the Final Plat, the provisions of this Subdivision Agreement and the Final Plat shall control. 2.2 Dimensional Requirements. Ordinance No. 50 (Series of 2004) established and approved Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, and the pak parcel (referred to as "Fox Crossing Meadow"). The Final Plat designates the former"Griffith" Lots 1, 2, and 3 as "Fox Crossing" Lots 11, 12, and 13, respectively. The allowable Floor Area for each Lot shall be pursuant to the City of Aspen R-6 Zone District regulations, as amended from time to time, the size of each Lot, bonus Floor Area granted by the Historic Preservation Commission, and the proposed use, all as provided for on the Final Plat. The approved sizes of each of the Lots are summarized below: Lot Lot Size (s.f.) 1 9,347.37 2 7,500.00 3 6,514.59 4 6,010.76 5 6,015.68 6 6,068.38 7 6,007.68 8 6,894.48 9 7,500.09 2 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT It 11411 till OMNI @6g/20:20:400159:249 SILVIP DPVIS PITKIN COUNTY CO R 76.00 10 11,676.12 Fox Crossing Meadow 9,044.22 11 9,849.50 12 7,510.80 13 14,182.78 TOTAL 114,122.44 s.f. 2.3 Fox Crossing Meadow. The Fox Crossing Meadow shall have no development rights other than for open space/park uses. 2.4 Designation of Historic Landmark Properties. Fox Crossing Lots 5, 6, and the Fox Crossing Meadow are designated Historic Landmark Properties and are subject to development review regulations of Section 26.415 of the City of Aspen Land Use Code 2.5 Historic TDR Floor Area Bonuses. Fox Crossing Lot 6 and the Fox Crossing Meadow are sending sites with respect to the transfer of Historic TDR's. A total of 470 square feet of allowable Floor Area shall be transferred from Lot 5 (which TDR's shall be represented by a Lot 5 TDR No. 1, and a Lot 5 TDR No. 2 (one of which shall provide for a transfer of less than 250 square feet of Floor Area) and a total of 1,280 square feet of allowable Floor Area shall be transferred from the Fox Crossing Meadow (which TDR's shall be represented by a Fox Crossing Meadow TDR No. 1, a Fox Crossing Meadow TDR No. 2, a Fox Crossing Meadow TDR No. 3, a Fox Crossing Meadow TDR No. 4, a Fox Crossing Meadow TDR No. 5 (one of which shall provide for a transfer of less than 250 square feet of Floor Area)). Taken together, Fox Crossing Lot 5 and the Fox Crossing Meadow shall represent 1,750 square feet of transferred Floor Area. A total of 1,000 square feet of allowable Floor Area are being transferred from Lot 6 (which TDR's shall be represented by a Lot 6 TDR No. 1, a Lot 6 TDR No. 2, a Lot 6 TDR No. 3, and a Lot 6 TDR No. 4). All together, a total of 2,750 square feet of Floor Area shall be transferred from Lot 5. Lot 6, and the Fox Crossing Meadow. Any City issuance of such TDR's shall be accompanied by recorded deed restriction which evidences a reduction in the allowable Floor Area of the sending site. Fox Crossing Lots 3, 4, 7, and 8 may receive a total of one (1) TDR (with each such TDR bonus in the amount of 250 square feet of allowable Floor Area) for each residential unit on each such Lot. Fox Crossing Lots 1, 2, 9, 10, 11, 12 and 13 may receive up to a total of two (2) TDR's (with each such TDR bonus in the amount of 250 square feet of allowable Floor Area) for each residential unit on each such Lot, pursuant to an amendment to the Land Use Code adopted pursuant to Ordinance No. 48 (Series of 2004). Fox Crossing Lots 5 and 6 are Historic Landmark properties and shall not be eligible for receiving TDR's. The Fox Crossing Meadow shall not be eligible for receiving TDR's. The maximum number of Historic TDR's which may be landed anywhere within the entire Fox Crossing Subdivision Project shall be limited to the total numberof Historic TDR's which may be generated by the Project. 2.6 Parking. Lots 8, 9, 10, 11, 12, and 13 shall be squired to provide one (1) more parking space than is otherwise required pursuant to the Citys Land Use Code (minimum, plus one space). However, if field conditions or final architectural development require the designation of alternate lots for such required additional parking, Walnut may redesignate such lots, with approval from the Community Development Director. All other Lots are required to meet the Citys Land Use Code minimum parking requirements. 3 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT Page: 4 of 15 06/20/2005 04:2411 SILVIP DAVIS PITK1N COUNTY CO R 76.00 0 0.00 ARTICLE III APPROVALS AND EXEMPTIONS 3.1 Hunter Valley Way Development Rights. Pursuant to the procedures for exempting development from the scoring and completion procedures of the Growth Management Quota System, Section 26.470.070 of the City of Aspen Land Use Code, and pursuant to an amendment to the Land Use Code adopted pursuant to Ordinance No. 48 (Series of 2004), and pursuant to Ordinance No. 50 (Series of 2004), upon the encumbrance of the Hunter Valley Way parcel with a restrictive covenant in a form acceptable to the City of Aspen that sterilizes the Hunter Valley Way parcel and precludes future development of the Hunter Valley Way parcel (other than for maintenance of open space and trails and the development of new trails),Walnut may purchase from the owner of the Hunter Valley Way Parcel three (3) separate "Hunter Valley Way Development Rights" each of which shall be used in connection with the Project as an exemption from the City of Aspen Growth Management Quota System ("GMQS"). The City has approved the utilization of such three (3) separate Hunter Valley Way Development Rights as City of Aspen GMQS exemptions within the Fox Crossing Subdivision. 3.2 Growth Management Exemptions for Affordable Housing. The replacement of any existing residential units within the Project shall require an exemption from GMQS, pursuant to Section 26.470.070E of the City's Land Use Code, unless the Lot on which the residential unit is proposed is an Historic Landmark (Lots 5 and 6). Any parcel which utilizes of one of the Hunter Valley Way Development Rights must fulfill affordable housing requirements. The following Lots shall require affordable housing mitigation, pursuant to Section 26.470.040B.1 of the City's Land Use Code: Fox Crossing Lots 1, 2, 3, 4, 7, 8, 9, 10, 12, and 13. No Lots vithin the Fox Crossing Subdivision shall be permitted to provide affordable housing mitigation in the form of Accessory Dwelling Units. Cash-in-lieu payments shall be due pro rata upon the sale of each of the residential units, pursuant to the terms of a written deferral agreement with the City of Aspen Housing Office. Fox Crossing Lot 11 shall not be required to provide affordable housing mitigation, pursuant to former approvals which created this Lot. Lots 7 and 10 contain e>asting residences and the current Floor Area for these Lots shall be applied as credit towards the affordable housing mitigation requirement. The affordable housing mitigation credit for the existing residences on Lots 7 and 10 may be reallocated to other Lots within the Fox Crossing Subdivision pursuant to a letter of understanding with the City of Aspen Zoning Officer, which letter of agreement is to be completed prior to the demolition of the residence on Lot 7 or 10. 3.3 Impact Fees. (a) Park Impact Fees. The City has waived Park Impact Fees with respect to the Project. (b) School Impact Fees. School Impact Fees shall be assessed on the basis of a $109,750 per acre standard. The Project is not conducive to locating a school facility, and a cash- in-lieu payment shall be accepted by the City. School land dedication fees are not required for replacement dwellings and shall not be assessed to development of Lot 5, 6, 7, or 10. Development of each of the remaining Lots shall 4 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 511411 Page: 5 of 15 SILVIA DAVIS PITKIN COUNTY CO Rf 76.00 06/20D2005 0 00 09.24A require payment of School Land Dedication fees according to the following schedule, payable at building permit issuance: 1/3 Land Value Land Dedication House Size Per Unit Acre Standard (acres) Per Unit Fee One Bedroom $109,750 .0012 $132 Two Bedroom $109,750 .0095 $1,043 Three Bedroom $109,750 .0162 $1,778 Four Bedroom $109,750 .0248 $2,722 Five or More $109,750 .0284 $3,177 Bedrooms Amendments to the Project shall include an adjustment to these fees according to the above calculation methodology. 3.4 Water Department Standards. Walnut shall comply with the City of Aspen Water System Standards, with Title 25 of the City of Aspen Municipal Code, and with applicable standards of Title 8 of the City's Municipal Code (Water Conservation and Plumbing Advisory Code), as required by the City of Aspen Water Department. 3.5 Sanitation District Standards. Walnut shall comply with the following rules and regulations of the Aspen Consolidated Sanitation Distract ("ACSD") with respect to the Project: (a) Sanitation service is contingent upon Walnut's compliance with ACSD's rules, regulations, and specifications at the time of construction; (b) All clear water connections are prohibited, i.e., ground water(roof, foundation, perimeter, patio drains), including entrances to underground parking garages (if any); (c) On-site drainage plans require approval by the ACSD, must accommodate ACSD service requirements, and must complywith ACSD rules, regulations and specifications; (d) On-site sanitary sewer utility plans require approval by ACSD; (e) Glycol snowmelt and heating systems must have containment provisions and must preclude discharge into the public sanitary sewer system; (f) Plans for interceptors, separators, and containment facilities require submittal by Walnut and approval by ACSD prior to building permit issuance; (g) When a new service line is required for existing development, the old service line must be excavated and abandoned at the main sanitary sewer line according to specific ACSD requirements; (h) Generally, one (1) tap is allowed for each building. Shared service line agreements may be required where more than one unit is served by a single service line; (i) Permanent improvements are prohibited in areas covered by sewer easements or rights of ways to the lot line of each development; 5 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 511411 Page: 6 of 15 06/20/2005 09:24P SILVIP DAVIS PITKIN COUNTY CO R 76.00 D 0.00 (j) All ACSD total connection fees must be paid prior to the issuance of a building permit; (k) Where additional development will produce flows in excess of the planned reserve capacity of the existing system (collection system and/or treatment system) an additional proportionate fee will be assessed to eliminate the downstream collection system or treatment capacity constraint. Additional proportionate fees shall be collected over time from all development in the area of concern in order to fund the improvements needed. 3.6 Public Park and Trail. Walnut has offered to provide, and the City has accepted, the following specific amenities with respect to the Project: (1) Walnut shall provide the City of Aspen Parks Department with a monetary contribution of$100,000 for improvements to Aley Park (located at the southwest corner of Spruce Street and Williams Way). This contribution shall be payable at issuance of a building permit for the first residential unit to be constructed in connection with the Project. The City Parks Department shall be authorized to use these funds for the construction of Aley Park, including a children's playground on the Aley Park property, as provided for in the "Park Agreement" between the City and Walnut of even date herewith and attached hereto. (2) Walnut shall convey the Fox Crossing Meadow to the City upon substantial completion of the improvements associated with the Fox Crossing Meadow park. The Aspen City Council has reviewed and approved the Park Agreement, and has reviewed and approved the Landscape Drawing as shown on Sheet L1 of the Final Plat with respect to the Fox Crossing Meadow, and Walnut shall install and maintain the Fox Crossing Meadow as provided for in such Park Agreement and Landscape Drawing. (3) Walnut shall provide a public access easement across the entirety of a pedestrian trail connecting the Fox Crossing Meadow to Race Street which shall be depicted on the Final Plat. The form and content of the access easement shall be acceptable to the City Parks Department and the City Attorney. (4) Walnut agrees to construct a six-foot wide trail extending from the intersection of Walnut Street and Gibson Street to the intersection of Race Street and Spruce Street, in accordance with City of Aspen Parks Department specifications as provided for in the Park Agreement and as shown on Sheet L1 of the Final Plat. 3.7 Construction Management Plan. Prior to issuance of a building permit with respect to the Project, and prior to commencement of any site/utility work, Walnut shall submit a Construction Management Plan ("CMP") for approval by the City's Community Development Department. The CMP shall include the following provisions: (a) The primary construction access point for the Project shall be along Lone Pine Road; (b) Race Street, Race Alley, Spruce Street, and Walnut Street shall not be used for contractor parking; (c) A contractor parking area will be designated along Lone Pine Road and on- site; 6 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 111111111111111111111111111111111111115, ,,,, , Page: 7 of 15 ILVIFT DAVIS PITKIN COUNTY CO R 76.00 6/20p 0000 9,24E (d) A lot, or several lots, shall be used as a construction staging area. The CMP shall specify the particular Lots and shall specify at which point a staging area is no longer required; (e) Contractor contact information shall be provided to surrounding property owners. In the case of Hunter Creek Condominiums, contact information may be provided to the condominium association president rather than each individual owner. The intent of this requirement is for the contractor to address neighborhood concerns about construction without involving the City; and (f) An erosion control plan including design of all applicable construction BMP's (Best Management Practices). 3.8 Access Infrastructure Permit. Prior to the construction of any improvements on the Project, a licensed contractor must obtain a City Access-Infrastructure ("A-I Permit"). A single contractor will complete all infrastructure associated with the Project. As part of the A-I Permit, the contractor will be required to comply with the CMP provided for herein. 3.9 Hazardous Soils. The Project is partially within the former Smuggler Superfund Site. Accordingly, additional permits and institutional controls may be required. 3.10 Streets. (a) Walnut consents to the Citys designation of Race Alley and Race Street as one-way streets, with the direction of travel being northbound. (b) Walnut consents to the Citys prohibition of parking on either side of Race Alley. (c) Race Street shall be developed with a 34-foot curb-to-curb dimension and parking along both sides of the street. d(er) Upon the approval of all property owners adjacent to Spruce Street, and the City's design of a pedestrian sidewalk on at least one side of Spruce Street (and preferably along both sides) between Race Street and Park Circle, Walnut will deliver to the City funds in an amount equal to the cost of the installation of such pedestrian sidewalk(s). jef)Walnut shall develop three (3) public parking spaces at the northern-most portion of the Walnut Street right-of-way adjacent to and partially within the Fox Crossing Meadow. r' ) Parking on Walnut Street may be permitted if the 21-foot wide clearance of the public port' n of Walnut Street is maintained, if approved by the Aspen Fire Protection District Fire Marshal. A 0,11 The extension of Walnut Street as a private driveway to its connection with Lone Pine Road shall be developed with a 20-foot wide easement with 16 feet of paved surface and a 2-foot stabilized shoulder on both sides. 7 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT ' 511411 Page: S of 15 06/20/2005 09-24P SILVIA DAVIS PITKIN COUNTY CO R 76.00 D 0.00 ,i,9 Walnut agrees to provide a 15-foot sight triangle with an area of pavement as shown on Road Plan and Profile Sheet C3 to improve the turning radius at the intersection of Race Street and Race Alley on Lot 2, and a second sight triangle with an area of pavement as shown on Road Plan and Profile Sheet C3 to improve the turning radius at the northeast corner of Lot 10, which area is adjacent to Walnut Street. Any landscaping, fencing, or other appurtenances within the sight triangles shall conform to a height limitation of thirty (30") inches. The City agrees for itself and any persons utilizing such sight triangles and paved areas that neither the sight triangles nor the paved areas shall constitute an easement, that any use of the sight triangles or the paved areas are with the consent and permission of Walnut, that such use is not hostile or adverse to Walnut's ownership of such areas, and shall not in any way affect the lot area or density of Lot 2 or Lot 10. 3.11 Subdivision and Vacation Plat, The Final Plat was recorded in the Office of the Clerk and Recorder of Pitkin County, Colorado within 180 days after City Council's final approval of Ordinance No. 50 (Series of 2004). The Final Plat which complies with current requirements of the City Engineer and includes the following: (a) The final property boundaries, disposition of lands, the partial vacation of Race Street, the dedication of a portion of land to accommodate a turning radius between Race Alley and Race Street, and utility and surface easements. (b) Setbacks on Lot 3 restricting development along the northwest portion of Lot 3. (c) Reference to the public easement across the Fox Crossing Meadow and Pedestrian Trail. (d) Design specifications and profiles for improvements to the public rights of way including geometries and turning radii. (f) A landscape plan and an irrigation plan, both of which have been previously approved by the City. (g) A utility plan which has been previously approved by the City, and which meets the standards of the City Engineer and City's utility agencies. (h) A grading/drainage plan which has previously been approved by the City. (i) Walnut shall provide the final approved subdivision line data or survey description data describing the revised street and parcel boundaries to the City of Aspen Geographic Information Systems ("GIS") Department prior to applying for a building permit. The final building location data, including any amendments, shall be provided to the GIS Department prior to issuance of a Certificate of Occupancy. 3.12 Subdivision Agreement. This Subdivision Agreement was recorded within 180 days after the City's grant of final approval of the Project 3.13 Fire Department Requirements. All newly constructed residential buildings in the Project shall include sprinkler systems and fire alarms. Walnut shall install one (1) additional fire hydrant adjacent to Walnut Street. The individual designing all required sprinkler and alarm system designs shall meet with the Aspen Fire Protection District Fire Marshall prior to preparing s RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT Page: 9 of 15 06/20/2005 09:24A SILVIA DAVIS PITKIN COUNTY CO R 76.00 D 0,00 any such design in order to confirm that adequate water volume and water pressure exists for the sprinklers. 3.14 Building Pen-nit Requirements. Any building permit application for the Project shall include and/or depict the following information: (a) A signed copy of Ordinance No. 50 (Series of 2004) granting final land use approval. Lots 5, 6 and the Fox Crossing Meadow shall require Final Approval from the Historic Preservation Commission. (b) A letter from the primary contractor stating that the contractor has read and understands Ordinance No. 50 (Series of 2004). (c) The conditions of approval of Ordinance No. 50 (Series of 2004) shall be printed on the cover page of the building permit set. (d) A completed tap permit for sewer service from ACSD. (e) A tree removal/mitigation plan for any trees to be affected by the specific phase. (f) A fugitive dust control plan approved by the City Environmental Health Department which addresses watering of disturbed areas, including haul roads, perimeter silt fencing (as needed), cleaning of adjacent rights of way, speed limits within and accessing the Project, and ability to request additional measures to prevent nuisances during construction. Walnut shall wash tracked mud and debris from the City streets as necessary, and as requested by the City, during construction. Submission of a fugitive dust control plan to the Colorado Department of Public Health and Environment Air Quality Control Divisions will also be necessary due to the Property being larger than one (1) acre. (g) A study performed by a Colorado licensed asbestos inspector detailing the presence or absence of asbestos. The State of Colorado must be notified and the report must be complete prior to issuance of a building permit. (h) If the disturbance area of a particular phase of development is over one (1) acre, the contractor will need to obtain a State Storm Water Management Permit (for erosion control) and a State Emission Permit (for dust control). (i) A Construction Management Plan as described in Section 3.7 above. (j) Prior to issuance of a building permit (i) all tap fees, impact fees, and building permit fees shall have been paid for the particular phase; and (ii) the location and design of standpipes, fire sprinklers, and alarm systems shall be approved by the Aspen Fire Protection District Fire Marshal. 3.15 Fences. Property boundary fences of Lots 5 and 6 which border the Fox Crossing Meadow shall be no higher than 42 inches and shall be subject to the procedures and requirements of Chapter 26.415 of the City of Aspen Municipal Code (Development Involving Historic Landmark Sites and Structures). 9 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 511411 Page: 10 of 15 SILVIA DAVIS PITKIN COUNTY CO R 76.00 06/20005 D20.0009 24A 3.16 Vested Rights. The development approvals granted by the City pursuant to Ordinance No. 50 (Series of 2004) shall constitute a site-specific development plan, which is vested for a period three (3) years from the date of issuance of a development order by the City. Article IV Prior Approvals and Instruments 1. Resolution No. 33 (Series of 2004) of the Aspen Planning and Zoning Commission recommending approval of Growth Management Quota Exemptions, Subdivision, and associated amendments to the City of Aspen Land Use Code. 2. Resolution No. 15 (Series of 2004) of the Aspen Historic Preservation Commission (HPC) approving an application for major development (final) for the property located at 555 and 557 Walnut Street, which are described as Lots 2-5, Block 3, Williams Addition to the City and Townsite of Aspen; recorded 26 May 2005 as reception no. 510584, Pitkin County, Colorado. 3. City of Aspen Ordinance No. 48 (Series of 2004) approving amendments to land use code section 26.470.070 —Growth Management Quota System Exemptions and Section 26.710.040— Floor Area Restrictions for the Medium Density (R-6) Zone District. 4. City of Aspen Ordinance No. 50 (Series of 2004) approving three (3) Growth Management Quota System Exemptions, Vacation of a Portion of Race Street, and a Fourteen Lot Subdivision recorded 511 +oq as reception no. 511408 , Pitkin County, Colorado. Article V Subdivision Improvements Prior to the issuance of any Certificate of Occupancy with respect to the Project, Walnut shall accomplish the following subdivision improvements (collectively, the "Subdivision Improvements"), all as further depicted and described on the Final Plat: (1) improvement of Race Street, from Spruce Street to the Race Street alley at an estimated cost of$32,500 (but not less than the actual construction and testing costs); (2) construction of a six-foot wide trail extending from the intersection of Walnut Street and Gibson Street to the intersection of Race Street and Spruce Street, in accordance with City of Aspen Parks Department specifications and as shown on the Landscape Drawing, Sheet L1, filed with the Final Plat at an estimated cost of $49,000 (but not less than the actual construction and testing costs); (3) installation and landscaping of a park on the Fox Crossing Meadow at an estimated cost of$28,800 (but not less than the actual construction and testing costs); (4) installation of a sidewalk adjacent to Lone Pine road at an estimated cost of$17,500 (but not less than the actual construction and testing costs); (5) installation of a "water main loop"with respect to the Citys water system at an estimated cost of $66,250 (but not less than the actual construction and testing costs); io RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 511411 Page: 11 of 15 06/20/2005 09:24A SILVIP DAVIS PITKIN COUNTY CO R 76.00 D 0.00 (6) installation of two (2) sewer main extensions (one on Lone Pine road and one on Spruce Street) at an estimated cost of $81,500 (but not less than the actual construction and testing costs); and (7) Walnut has also agreed to pay for the installation of a sidewalk along a portion of Spruce Street, abutting Lot 2 and extending south from Race Street to the existing sidewalk at an estimated cost of$11,000 (but not less than the actual construction and testing costs). This sidewalk is to be the subject of a neighborhood planning activity to be undertaken by the City of Aspen to determine if there is a public need and neighborhood acceptance for this sidewalk. Walnut shall not be responsible for the cost of this sidewalk unless the City provides notice that it intends to Walnut proceed with the installation within a period of three (3) years from the date of this Subdivision Agreement. After three (3) years following the execution of this Subdivision Agreement, no financial guarantee shall be required of Walnut with respect the cost of this sidewalk installation. In order to ensure construction and installation of the Subdivision Improvements (1) — (7) described immediately above, Walnut shall provide to the City either an irrevocable standby letter of credit from a financially responsible lender or a bond in the amount of$276,550. Said letter of credit or bond shall be provided to the City prior to the issuance of a grading or access permit with respect to the Project, shall be in a form reasonably acceptable to the City Attorney and the City Manager, and shall give the City the unconditional right, upon default hereof by Walnut, to draw funds as necessary and upon demand to partially or fully complete and/or pay for any of such improvements or pay any outstanding and delinquent bills for work done thereon by any party, with any excess letter of credit or bond amount to be applied first to additional administrative or legal costs associated with any such default and the repair of any deterioration in Subdivision Improvements already constructed before the unused remainder, if any, of such letter of credit or bond is released to Walnut. Provided, however, that the City shall give Walnut fourteen (14) days' written notice of a default (and the right to cure during such period) prior to the Citys right to make a draw under the letter of credit or bond. Notwithstanding the foregoing, delays or other problems resulting from acts of God or other events beyond the reasonable control of Walnut shall not constitute a default hereunder so long as a good faith effort is being made to remedy the problem and the problem is in fact resolved within a reasonable period for time following its occurrence. As portions of the Subdivision Improvements are completed, the City Engineer shall inspect them, and upon approval and written acceptance, he shall authorize a reduction in the outstanding amount of the letter of credit or bond equal to an agreed upon estimated cost for the completed portion of the Subdivision Improvements; provided, however that ten percent (10%) of the estimated costs shall be withheld until all of the Subdivision Improvements are completed and approved by the City Engineer. It is the express understanding of the parties that compliance with the procedures set forth in Article VI below pertaining to the procedure for default and amendment to this Subdivision Agreement shall be required with respect to the enforcement and implementation of these financial assurances and guarantees to be provided by Walnut as set forth above. 11 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT II III I 1111111111 II 1111 II 511411 Page: 12 of 15 SILVIA DAVIS PITKIN COUNTY CO R 76.00 6/20p2005 0.0009:24R Article VI Non-Compliance and Request for Amendments or Extensions In the event that the City determines that Walnut is not acting in substantial compliance with the terms of this Subdivision Agreement, the City shall notify Walnut in writing specifying the alleged non-compliance and asking that Walnut remedy the alleged non-compliance within such reasonable time as the City may determined, but not less than 30 days. If the City determines that Walnut has not complied within such time, the City may issue and serve upon Walnut a written order specifying the alleged non-compliance and requiring Walnut to remedy the same within thirty (30) days. Within twenty (20) days of the receipt of such order, Walnut may file with the City Engineering Department either a notice advising the City that it is in compliance ora written request to determine any one or both of the following matters: (a) Whether the alleged non-compliance exists or did exist; or (b) Whether a variance, extension of time or amendment to this Subdivision Agreement should be granted with respect to any such non-compliance which is determined to exist. Upon the receipt of such request, the City shall promptly schedule a meeting of the parties to consider the matters set forth in the order of noncompliance. The meeting of the parties shall be convened and conducted pursuant to the procedures normally established by the City. if the City determines that a non-compliance exists which has not been remedied, it may issue such orders as may be appropriate, including the imposition of daily fines until such non-compliance has been remedied, the withholding of permits and/or certificates of occupancy, as applicable; provided, however no order shall terminate any land use approval. The City may also grant such variances, extensions of time or amendments to this Subdivision Agreement as it may deem appropriate under the circumstances. The parties expressly acknowledge and agree that the City shall not unreasonably refuse to extend the time periods for performance hereunder if Walnut demonstrates that the reasons for the delay(s) which necessitate said extension(s) result from acts of God or other events beyond the reasonable control of Walnut, despite good faith efforts on its part to perform in a timely manner. Article VII General Provisions 7. 1 Successors and Assigns_ The provisions hereof shall be binding upon and inure to the benefit of Walnut and the City and their respective successors and assigns. 7.2 Governing Law. This Subdivision Agreement shall be subject to and construed in accordance with the laws of the State of Colorado. 7.3 Inconsistency. If any of the provisions of this Subdivision Agreement 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 Subdivision Agreement, and the application of any such provision, paragraph, sentence, clause, phrase, word; or section in any other circumstance shall not be affected thereby. 12 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT 511411 Page: 13 of 15 06/20/2005 09:24P ,SILVIP DAVIS PITKIN COUNTY CO R 76.00 D 0.00 7.4 Integration. This Subdivision Agreement and any exhibits attached hereto contains the entire understanding between the parties hereto with respect to the transactions contemplated hereunder. Walnut and its successors and assigns may on its own initiative petition the City Council for an amendment to this Subdivision Agreement or for an extension of one or more of the time periods required for the performance hereunder. The City Council shall not unreasonably deny such petition for amendment or extension after considering all appropriate circumstances. Any such amendment or extension of time shall only become effective upon the execution by all parties hereto that are affected by the proposed amendment. 7.5 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. 7.6 Acceptance and Recordation of Final Plat. Upon execution of this Subdivision Agreement by both parties hereto, the City agrees to approve and execute and the Final 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 Walnut. 7.7 Notice. Notices to be given to the parties to this Subdivision Agreement shall be considered to be given if delivered by facsimile, if hand delivered, or if delivered 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: The City: City of Aspen City Manager; Community Development Director 130 South Galena Street Aspen, Colorado 81611 Walnut: Walnut Property, LLC 225 North Mill Street, Suite 208 Aspen, Colorado 81611 Facsimile: (970) 544-9251 With copy to: Curtis B. Sanders Krabacher& Sanders, P.C. 201 North Mill Street, Suite 201 Aspen, Colorado 81611 Facsimile: (970) 925-1181 Provided, however, that any notices to Walnut Property, LLC may only be delivered by hand delivery or by facsimile. 13 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT Page: 14 of 15 SILVIR DAVIS PITKIN COUNTY CO 06/20/2005 09:24P SILVIA DAVIS PITKIN wuiv , R 76.00 D 0.00 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of the day and year first above written. CITY: CITY OF ASPEN, CO RADO, a Colorado municipal corporation By: Atte : athryn S. Koch ity CI APPROVED AS TO FORM:"Rs. �al 1R (41 oCCQ.l 4 r JnWorcester, City ttomey WALNUT: WALNUT PROPERTY, LLC, a Colorado limited liability company By: _ ,,E,S Camilla S. Auger, as President of Meridian Capital Group III, Inc., as its Manager. v s_ur 14 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT II 1111111111110110101101101 511411 Page: 15 of 15 06/20/2005 09:2441 SILVIA DAVIS PITKIN COUNTY CO R 76.00 D 0.00 STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this , 2,07 iay .`",:_, , 2005 by Helen Klanderud as Mayor of the City of Aspen, Colorado, a municipal corps/ion. Witness my hand and official seal, My commission expires: 411312,00 *z't pi 1..,,, , .P C7X949:10 i" riotaryPublic � z gP�',�` \ ? i i `oi\A\P" r o STATE OF COLORADO ) it sw., _ o�� J COUNTY OF PITKIN ) - --`' The foregoing instrument was acknowledged before me this' y of 2005 by Kathryn S. Koch, City Clerk of the City of Aspen, Colorado, a municipal corpor n. ', ry ,� � PUg Witness my hand and official seal, ! _o: i Z- 1ACWS . My commission expires: 4 Z.e y' `0-n.��AN Q 5 ary Public c,, 4316--st--X-J 't'tNP I4T`"""'...o��+ STATE OF COLORADO ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this tetay o2005 by Camilla S. Auger, President of Meridian Capital Group, Ill, Inc., Manager of W ut Property, LLC, a Colorado limited liability company. �..t P,�1$4/c Witness my hand and official seal, i of 6 ';. } JA �PN i o My commission expires: 64 20 k \-0 ,4 o.6 ary Public 4TE Of C 15 RECEIVED 03/17/2021 ASPEN BUILDING DEPARTMENT