HomeMy WebLinkAboutresolution.council.018-98 04/29/2004 09:50~
BI.VIA DAVIS PITKIN COUNTY CO R ~.00 D 0.00 ~
RESOLUTION OF THE ASPEN CITY COUNCIL APPROVING A PAYMENT
SCHEDULE FOR 406 E. HOPKINS AVENUE, THE ISIs T~ATER, cASH-IN-
LIEU FOR OPEN SPACE MITIGATION
Resolution No. 98-_~
WHEREAS, pursuant to Section 26.64.040 of the Aspen Land Use Regulations,
cash-in-lieu payments for open space mitigation may be amortized into five equal
payments, without interest, over a period of five years; and
WHEREAS, Ordinance #59, Series of 1995 approved such a payment schedule for
406 E. Hopkins Avenue, the Isis Theater; and
WHEREAS, the owner, Isis LLC, has requested an amendment to the payment
schedule which allows the five $50,000 per year payments to begin in year 5 rather than in
year 1 as currently required; and
WHEREAS, in recognition of the value of the theater to the community, City
Council wishes to approve a modified payment schedule for the fees, to relieve some
burden that preservation of the theater use might have over converting the building to retail
shops~
NOW, THEREFORE BE IT RESOLVED by the City Council:
That payment of the $250,000 open space cash-in-lieu fee for 406 E. Hopkins be paid in the
following manner and according to the following conditions:
1. The five $50,000 per year payments, without intereSt, will begin on the fifth
anniversary after the date of issuance of the building permit, rather than in year 1 as
currently required.
2. If the property is not redeveloped according to the site specific developmem plan
for the renovation of the building as theaters, as represented to, and approved by City
Council via Ordinance #59, Series of 1995, this payment schedule shall be considered
null and void.
~ by the City Council at {ts regular meeting on March 9, 1998.
Mayor:
RESOLUTION OF THE ASPEN CITY COUNCIL APPROVING A PAYMENT
SCHEDULE FOR 406 E. HOPKINS AVENUE, THE ISIS THEATER, CASH-IN-
LIEU FOR OPEN SPACE MITIGATION
Resolution No. 98-J..~
WHEREAS, pursuant to Section 26.64.040 of the Aspen Land Use Regulations,
cash-in-lieu payments for open space mitigation may be amortized into five equal
payments, without interest, over a period of five years; and
WHEREAS, Ordinance #59, Series of 1995 approved such a payment schedule for
406 E. Hopkins Avenue, the Isis Theater; and
WHEREAS, the owner, Isis LLC, has requested an amendment to the payment
schedule which allows the five $50,000 per year payments to begin in year 5 rather than in
year 1 as currently required; and
WHEREAS, in recognition of the value of the theater to the community, City
Council wishes to approve a modified payment schedule for the fees, to relieve some
burden that preservation of the theater use might have over converting the building to retail
shops.
NOW, THEREFORE BE IT RESOLVED by the City Council:
That payment of the $250,000 open space cash-in-lieu fee for 406 E. Hopkins be paid in the
following manner and according to the following conditions:
1. The five $50,000 per year payments, without interest, will begin on the fifth
anniversary after the date of issuance of the building permit, rather than in year 1 as
currently required.
2. If the property is not redeveloped according to the site specific development plan
for the renovation of the building as theaters, as represented to, and approved by City
Council via Ordinance #59, Series of 1995, this payment schedule shall be considered
null and void.
APPROVED by the City Council at its regular meeting on March 9, 1998.
Aires ,. Mayor:
~ ' ' John