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Home My WebLink Aboutresolution.council.054-94 .~ - e' *. II \" ~ ~- RESOLUTION NO.~ Series of 1994 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A STIPULATION AND SETTLEMENT AGREEMENT IN THE MATTER OF CENTENNIAL-ASPEN II LIMITED PARTNERSHIP V THE CITY OF ASPEN. ET AL., AND RATIFYING THE ACTIONS OF THE CITY ATTORNEY IN EXECUTING SAID STIPULATION AND SETTLEMENT AGREEMENT ON BEHALF OF THE CITY OF ASPEN. WHEREAS, the City Attorney presented a Stipulation and Settlement Agreement to all members of City Council in the matter of Centennial-Aspen II Limited Partnership v The City of Aspen. et al., which said Stipulation and Settlement is attached hereto and incorporated herein by this reference, wherein the plaintiff has agreed to dismiss all claims against the City with prejudice; and, WHEREAS, following consulatation with members of the City Council the City Attorney executed said Stipulation and Settlement on behalf of the City of Aspen; and WHEREAS, the City Council desires to approve said Stipulation and Settlement and ratify the actions of the City Attorney in executing said Stipulation and Settlement. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1. That the Stipulated Motion for Entry of Order, Judgment, and Decree and Order, Judgment and Decree in the matter of Centennial-Aspen II Limited Partnership v The City of Aspen. et al., (U.S. District Court, Civil Action No. 92-B-2570), attached hereto and incorporated herein by this reference, is hereby approved; and, the actions of the City Attorney in executing the same are hereby ratified. ~ \. ~e... '< ., ~.; \l~ the INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on .;< '1 day of ~ ' 1994. .~ 5~ '2 .~J_ (/J]-<~_../6 . Joh S. Bennett, Mayor I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is a tme and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. ~4~/ Kathryn S. Koch, City Clerk enterprise.res r [, 'jl,j L;.. ) J __ j t llj uIJ.J oJ I ), ~ . J 0& A&- 00-1~-j~ Ui "i~r~ '...... tl \1 '\;;,-, .,ft '*. ~, . ',< ~.. \\1, 1 _ l _ ,_, _ _ _ _ ; ,_-.' UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO c;,~c? /;. Y CIVIL ACTION NO. 92-8-2570 CENTENNIAL-ASPEN II LIMITED PARTNERSHIP, plaintiff , v. THE CITY OF ASPEN and THE CITY COUNCIl, OF THE CITY OF hSPEN, TilE COUNTY OF PITKIN, COLORADO and TIlE BOARD OF COUNTY COr11"-';I,;r;TONERS OF TilE COUNTY OF PITKIN, COLORADO, and THE JI.SPEN/PITKIN COUNTY 1I0USING AUTHORITY aud THE BOARD OF DIRECTORS OF THE Aspsr,/plTKIN COUNTY HOUSING AUTHORITY, Defendants. STIPULATED MO':'ION FOR ENTRY OF ORDER, JUDGMENT, AND LECREE liNn ORDER, J UDGHENT, N!IJ DECk!:;!:; STIPUUI.TED ~10TION The parties, by their attorneys, move by stipulation tor entry of the order, judgment. and decree set forth below. AS GROIJNI1.'; for this Sl-.ipu]ated motion, the parties state and cgree as follows: 1. Comoromise and Settlem~nt. The parties have agreed Lo compromise and settle this lawsuit. In so doing, the parties understand and agree thac che settlement is not to be construed as an admission of liabil~ty or wrongdoing 'on the part of any party. Moreover, the p,,~.ties understand and agree that l:hey have agreed to this compromise and settlement to avoid further litigation, to resolve the disputes I UtJ'!4'J4 U'I:~HIil 'I'e.'. ~ " "~It'.... W' '<<,. 11.,.'rt.-.- ,)\ \, \, f J.. i.lll !, '. J I J :; J 6 l iJ Ii u \) j I L " ~ ; . -' 1_ 'J.' _' _ _"; i _.I that are at iseue in this litigation, to affix certain righ~G between and among each other aD opccifically provided herein, and to buy their peace. II. uurisdiction. The partiPR confirm their stiplllrttions contained in thp MClY 10, 1994 Pretrial Order, Section II, Jurisdiction. The defendants do not contest federal juri.sdiction and a~ree thot tllC court may receive and consider plaintiff's exhibit 134, Verified Evidentiary Exhibit Establishing Citizenship of Plaintiff for Purposes of 28 D.S.C. !l U::J2(a) (1). III. Unit Desiqnations and Rental Rates for Centennial l\partments. A. Dc:fll1..LLlonD: 1. The term "Centennial Apartments" used herein shall 1:eLe1:' to that 14S'unit rent:a1 apartment complex Iocateu iLl A:.J[Je'" Pitkin County, ('olorado whic:h is the subject of this litigation. 2. The term Disposition nnd Developmenl. Agreement ("DDA") used herein shall refer Lo that Mny 10, 1983 agreement, and all its various amendments (including the incorporated Rent Resolution No. S4-32) between pitkin County and plainti ff Ccntenniol..Aspen II Limi~Arl p~rtnprR}lip and/or its various predecessors ("Centennial") for development and subsequent use of Lhe Centennial Apartments and additi(.Jrlal sale uni t:8. 3. The term "Deed Restriction" used herein shall refer to any duly recorded restrictions, covenants, or similar devices contained in or affecting deeds or similar instruments conveying to Centennial (or its predecessors) real property upon 2 r I. I. j.l :. C I I .. :i .~ ~ ! IJ !I 'J 'J (j l i: . . .. Uu-I~-:Ii t',,;,-:-:!fJ',l ~-..'.'. . ~&.;-". it 0: -"" b....'. l% 'Ii ''C. . 0 ,:,.'.'.. _ 0.-:; 1_.' which the Centennial ApartmeEts Dre sitl"ated, or which affect: usage of such property. 4. The term "Urban Index" used herein shall refer to the Consumer Price Index - All Urban Consumers (CPI-U), u.s. City Average, All Items (1967 100) compi led by thp. United SI;Dte" Department of Labor, Bureau of Labor Statistics. By way of identification, the parties a.gree that the CPI-U illd,,~x number for July 1993 = 432.6. If at the time of computation'of rental increases as provided below the Urban Index as defined is not then being currently published, Centennial (and/or its then Guccessor-in-interestl and pitkin County shall nwtuRlly select a substi tute index which has his tor ically approxinmLedc;he lllbd!! Index as definA(~. The parties furth2r agree thi'lt 1".he .r.ethodology they will use for calculating index changes in the Urban Index is that described in the instruct::ion sheet from the BCll-e",'.> of Labor statistics, U.S. Department of Labor, which reads as f~llows: CALCULATING INDEX CHANGES Movements of the indexes [rrnn one month to another are usually expressed ao percent changes rather than changes in index points, because index point changes are affected by the level of the index in relation t::o its baRe period while percent changes i'lye not::. The example in the accompanying box illustrates the computation of index point and percent changes. Percent changes for 3-month and 6-month period are expressed as annual rates and are computed according to lhe sldndard formulD for compound growth rat::es. These data indicate what the percent change would be if the current rate were maintained for a 12- monLh period. 3 .'. .1."7 .. ..' ...... ~.... ~'"" I. '~" ~." \. IND2X POINT CHlINGE CPI Less previous index Equals index point change 315.5 303.5 12.0 PERCENT CHANGE Index Point difference Divided by the previous index Equals Results multiplied by one hundred Equals percent change 12.0 303.5 0.040 0.040 x 100 4.0 5. The term "GuIdelines" used herein shall refer to the Aspen/1->itkin County Affordable Housing Guidelines, howevPT described, initially identified as the Qualification Guidelines in Section 1.01Iv) of the DDA. The term Guidelines shall include, without limitation, any resolution, ordinance, or enactment of the County of Pitkin, Colorado and/or its Board of County Co~"issioners; the City of Aspen, Colorado and/cr its City Council; the Aspen/Pitkin County Housing Authority and/or its Board of Directors; and/or any successor or assignee ot such SjovenllJlental entities or their governing bodieD replacing, amending, or serving a purpose or function similar to Lhat of tlle Guidelines as presently constituted. B. Unit Desiqnaticns. Commencing July 1, 1994, and fur Lhe duration of time during which uso, occupancy, or rent of any of the 148 rental units in the CenLelulial AparLments is restricted in any way by (a) the Guidelines (bl the DDA, or (c) the Deed Restrictions, those 36 units previously categorized or designated as "low-income" or "category 1" unILs shall be categorized or designated as II category 3'1 unito for all purposes 4 -- '~' li J.. ~'.. ". ~ " ". .. J '"I ~e.. 'ii. '-i, "'It ;10.. , "'" "It II. \:' '0. l...... .. u " :, , ~., ~ ~ ~ . under the Guidelines, the D:i::1'i./ Elnd t.i.J.e Deed Rc.:f3t:1:ictiol1s dJHl shall not be recategorized or redesignated without the written mutual consent of the owner or owners of Centennial Apartments and those defendants herein (or their successors) then holding legal authority to so categorize or designate units under the Guidelines, the DDA, or the Deed Hestrictions as ClJ?pllcable. c. Rental Rates (1995 throuqh 2004). Commencing IIJ; th calendar year 1995 and during each subsequent year through calendar year 2004, the maximum monthly rental for each of the 148 rental units in the Centennial Apartments maybe increased over tbe maximum monthly rental permitted for such units during the prior calendar year as follows: 1. For calendar year 1995, the maximum monthly rental may be increased over the maximum monthly rental permitted for such units during 1994, whether actually rented at the maximum permitted rate or not during 1994, by a percentage amount equal to the sum of (a) the percentage change in the Urban Index during the twelve months ending on July 31, 1994, and (bJ 1.475~. The parties agree that the maximum monthly rental permitted for the Cel11::ennial Apartments durIng 1994 was clll aggreyated average of $1.032 per net interior square foot of residential space for units designated under the Guidelines as category 1 (formerly low,incomel and an aggregated average of $1.215282 per net interior square foot of residential space for units designated under the Guidelines as category 3 (formerly moderate-income) The above referenced maximum monthly permitted rentals were 5 "_ ill.. \Z"', '.~J". ' " v' 'Ci~" '.'.ft,.",.. (' ~'" ca~culat.ed by (I) commenciDg ',lit.h th.= initial max2.r..:lm permi':..tcd base monthly rental amounts of $.62 per square foot fo~low- income units (now category 1) and $.73 per square foot for moderate income units (now category 3) established in pitkin County Resolution 84-32; (2) increasing those base amounts by G% to determine the maximum permitted monthly rental amolmts chargeable in calendar year 1985, and further incr~aGing the maximum permitted monthly rental amounts determined to be chargeable in 1985, 1986, 1987, and 1988 Ly 6%, 10%, 10%, and 10% , to.det .ermine. ,the..J.eslllt..ingc..JnaX.imullI__permilled-monthl-}!--JC-<:>Rt-al amounts chargeable in 1986, 1987, 1988, and 1989, all as provided in Resolution 84-32; and (3) further increasing the maximum permitted monthly rental amounts determined to be chargeable in calendar year 1989 by 4.7% to determine the amount chargeable in 1990, the resulting 1990 amount by 3.0% to deLermine tile amoullL chargeable in 1991, the resulting 1991 amount by 0% to determine the amount chargeable in 1992, the resulting 1992 amount by 2.0% to determine the amount chargeable in 1993, and the resulting 1993 amount by 1.2% to determine the amount chargeable in 1994, all by reference to the percentage increases permitted for existing rental units specified in the Guidelines for 1989 through 1993. 2. For each calendar year from 1996 through 2004, the maximum monthly rental may be increased over the maxImum monthly rental permitted for such units during the prior calendar year, whether actually rented at such rate or not durir.g the prior 6 U 'oJ I. '.. ...:"J:. .-. ~'..'. \>. ',,- II." ~,. 'i.. 'v. ~ 1. . .' . .. u. . . , .. "' ,.. " ~ ~ ~ . calend2.l" yeal-, by a pe:!:"centage amOL:nt equal t::> ~he Sum of (a) the percentage change in the Urban Index during the twelve months ending on July 31 of the prior calendar year, and (b) 1.475%. D. Rental Rates (2005 through 2007). For each calendar year from 2005 through 2007, the maximum monthly rental may be increased over the maximum monthly rental permitted for such units during the prior calendar year, whether actually renteJ at such rate or not during the prior calendar year, by a percentage amount equal to the total of (a) the percent ago change in Lhe Urban Index during the twelve months ending on July 31 of the prior calendar year, minus (b) 1.9%. (The parties acknowledge their understanding that, should the applicable percentage challge in the Urban Index be less than 1.9% for the relevant 12-month period, this mechanism will result in a decrease in the maximum monthly rental permitted for the affected calendar yea~.) E. Rental Rates (2008 and bevond). Commencing with calendar year 2008, and in each subsequent year for the duration of time during which use, OCcupancy, or rent of any of the 148 rental units in the Centennial Apartments is restricted in any way by (a) the Guidelines (b) the DDA, or (c) Lhe Deed Restrictions, the maximum monthly rental for each of the 148 rental units in the Centennial Apartments may be increased over the maximum monthly rental permitted for such units during the prior calendar year, whether actually rented at such. rate or not during the prior calendar year, by a percentage amount equal to the percentage change in the Urban Index during the twelve months 7 - --- 1..' I.J J"1 ~' "1 _ ~ . .o'~. .'. '- ~, . \('" ',"It., ~' *' '0" ~'...... . .,. . ., -... .... , . .. .. ;, . ~ .. ., ~ ~ . .. - . . ending on July 31 of the prior calendar year. F. In addition to the maximum permitted monthly rentals described above, Centennial shall continue to increase the rental price of each rental unit in the Centennial Apartments leased by one cent ($.01) per square foot of Interior Residential Space rented per month over the maximum permitted monthly rent.als (previously described as rental price ceilings in the Guidelines or maximum rental charges in Resolution 64-32) which sum shall be paid to the Aspen/Pitkin Housing Authority, all as provided in Section 3.02(a) of the DDA as amended. G. The partie,; a9~'ee that Centennial shall be in compliance with the maximum permitted monthly rental limitations of this stipulated agreement, t.be Guidelines, the DDA, and the Deed Restrictions, even if certain individual.units in the Centennial Apartments exceed the such maximum limitations, so long as the aggregated average of all rental units in the Centennial Apartments, taken as a whole, does not exceed such maximum limitations. Provided, however, that for three (3) years from date of this agreement, with respect to any unit rented on the date of this agreement, Centennial shall not exceed the maximum monthly rental increases permitted from year to year with respect to each such specific unit over and above the ~'ents being charged for such unit on date of this agreement, so long as the unit continues to be rented without interruption during the three year period by the same tenant or tenants renting the unit on date of this agreement. For purposes of this section, the date 6 Ub-.J4-;J4 U,:HtM ~_. \' ., 11,-'..... ',. ~ 'c:. 'It. !!J.. ", t~VN &.:1 IYnJ6IUJJUu~lll;cJ : '. .... II U~'-i J'w' LIU,j,j_'.I. I~U of this agreement shall be deemed to be the date on which the last signator to this stipulated motion executes the stipulated motion. H. The provisions of this Section III supersede all prior conflicting or inconsistent provisions of the Guidelines, the DDA, and/or the Deed Restrictions pertaining to maximum monthly rents chargeable for the 148 rental units in the Centennial Apartments and/or to the previous categorization or designation of the 36 rental units identified in Section III.B above as "low, income" or "category 1," rather than "moderate-income," or "category 3" units as provided herein. Nothing herein shall be construed to impair Centennial's rights articulated in the DDA as ..mAnded, and in partiCUlar Sections 2.01(c) (5) and 2.01(f) therein to sell or condominiumize units as provided therein. I. Rule Against Perpetuities. Notwithotanding any other provision of this Stipulated Motion and the agreements herein, all provisions of this Section III shall expire and be of no further force and effect simultanemJsly with expiration of the restrictions contained in Section 2.01(c) (4) and (c) (5) of the DDA and the Deed Restrictions in the deeds conveying the site of the centennial Apartments to Centennial's predecessor, which expiration date is defined therein as the date of death of t.I!e last surviving pitkin County Commissioner (as the Board of Pitkin County Commissioners was constituted as of April 26 and April 30, 1984) plus twenty-one (21) years. J. Except as superseded or otherwise modified herein,the 9 '.. 'oJ ,.. .. I _.'. ~ . ... bflt' ''it. . \1\ ~'..: ,a. . (. '1\- DOA as amended shall remain in full force and effect as an agreement between the parties thereto or their success8rs-in- interest. IV. Monev Judqment and Covenant Not to Execute or Enforce. A. Judgment shall enter in favor of Centennial'Aspen II Limited Partnership and against the Board of County Commissioners of the County of Pitkin, Colorado in their official capacity (collectively "Pitkin County"), in accordance with C.R.S. !'l 30, II-lOS, in the amount of $500,000. B. Centennial shall not execute upon or otherwise enforce such money judgment so long as pitkin County makes timely payments to Centennial as follows: 1. A payment of $18,278.00 shall be due and payable to Centennial no later than March 31, 1995, and like payments shall be due and payable no later than the last day of each quarterly period thereafter with the final such quarterly payment due, together with all remaining unpaid principal and interest, if any, no later than December 31, 2004, unless the judgment is sooner paid in full. Such quarterly payments are based upon amortization of the $500,000 judgment amount over ten y~ars payable in equal quarterly amounts with interest calculated at the rate of 8% per annum starting January 1, 1995. No interest shall accrue on the judgment amount prior to January I, ],995. 2. pitkin County may prepay any portion of the unpaid balance of the $500,000 judgment amount, plus all accrued unpaid interest, at any time. All payments received ~y 10 V'_' ."f _' 'I _.'. l. ." 1.._; hi "<<,. ,w.e.... \;\ '~, I.'..'.. IS 'S,,, .. ' .... . ~ . . .. Centennial shall be applied first to pay any unpaid int~rest accrued through date of receipt of payment, and thereafter shall be applied to pay down principal. A payment shall be considered received when actually physically received by Centennial's agent designated in paragraph 3 below. At the time of any p~'epayment Pitkin County shall designate the treatment to be given such prepayment, from among the three options specified below, and shall provide a revised amortization schedule subject to verification and acceptance by Centennial. pitkin County shall have three options for any prepayment: a) maintain quarterly payments at the dollar amount required prior to the prepayment, resulting in a reduced final payment and/or earlier payoff of the unpaid balance; b) after application of the prepayment, rearnortize the remaining unpaid balance over the remainder of the ten, year term, resulting in reduced equal quarterly payments; or c) prepay an amount equal to a round number of quarterly payments times the quarterly payment amount, resulting in a suspension of that number of quarterly payments and a reduced final payment and/or earlier payoff. If at the time of making any prepayment Pitkin County fails to designate in writing orie of the above payment options. Pitkin County will be deemed to have selected option (a) above. 3 . Payments shall be made to Centennial by causing the 11 - .11.. U 'j ! '1 j -: '~~. '; ~. ;.; , .. -.. .. - . . .. ... :;, . ~ .. ~ ~ .. . <- '.'..'.' is 'ie" I'." t, '''-::, ~'..;.';-'..'.. H: ], same to Le delivered to Centennial-Aspen II Limited Partnerc~ip, to the attention of Marilyn Weed at 302 Eastgate Lane, Martinez, California 94553 or to ~he attention of any other person and/or at such other address as centennial shall instruct in writing to Pitkin County from time to time. C. In the event that Pitkin County defaults in making any such timely payments, Centennial shall give written notice thereof to Pitkin County to the attention of the Pitkin County Attorney, at 530 East Main Street<. Suite 1, Aspen, CO 8161]_ or -<to' .the..at tent-ion--Df.--any...-Other-person...and!-Dr....at--s".... h or h '" y ".-1.-1 rp "" as pitkin County shall instruct in writing to Centennial from time to time. If pitkin County fails to make the default payment within 15 days after ; t.R reee; pf. of such notice, Centennial shall have the right to declare the entire unpaid balance of ~be $500,000 judgment amount, plus accrued unpaid interest, to be immediately due and payable. Thereafter, such total amount declared due shall bear interest at the rate of 15% per annum until paid and Centennial shall no longer be .prevented from executing upon or otherwise enforcing such amount as a money judgment in every manner permitted by law. D. The interest accruals of 8% and 15% set forth herein shall constitute post-judgment interest and shall be in lieu of any other post-judgment interest that might otherwise accrue with regard to a judgment entered by this Court as provided in 28 U.S.C. ~ 1961. Pitkin County consents to application of such interest accruals in consideration of Centennial's waiver of 1? W'..1 .I"l r' I .;':; . .'. . ... ". .,., . .. " ~ Co ' ~., ~ ~ . . " . . . ~.'.. 1:<,.. ~-.' '~. - w ~. 1(\ ~ pest-judgment interest prior to January 1, 1995 and Ccntenni~l's willingness to accept payment of the judgment over time and under the terms provided. V. Miscellaneous. A. This settlement agreement, the Court's Order, Judgment and Decree thereon, and the dismissal of all remaining claims with prejudice shall not prevent the parties hereto from asserting any claims in the future which were not specifically asserted in the complaints or counterclaims filed in this case. B. The parties acknowledge that Centennial may in the future seek to refinance all or a portion of the debt that has financed the Centennial project. In such event and upon the request of Centennial, to the extent authorized by law and to the extent that such obligation does not constitute a prom~se of future quasi-legislative action, pitkin County agrees to reasonably cooperate with Centennial in its effort to secure and effectuate such financing, so long as. such cooper"ation does noL require Pitkin County to expend any funds in connection with such cooperation, or to otherwise incur economic disadvantage. C. In the event that any party initiates any legal action to secure compliance of another party with the terms of this stipulated motion and/or the order, judgment, and decree set forth below, specifically inclucl1ng payment of the money judgment, the prevailing party shall be entitled to an award of its reasonable attorneys fees and litigation costs incurred in connection with securing such compliance. 13 lJU 1. "Ji '-"'I,,:l!,j 11......ld. J.~-.II';IJ.jJ..U..\Julll....J 'f.r_" Hi "<\ 's'," .It' 10:."'.' I~,', '\;-< /"-" .....',..... 1 \~, .. - ! w' ,,\,.. .."_ _" . _ u I \,.'" _I '.I ..-'. D. The parties intend and agree that the provisions 0= this stipulated motion and the agreements herein which are not specifically incorporated in the Order, Judgment, and Decree appended below shall survive entry of judgment and not be extinauished or meraed thereby. E. Except as provided herein, all other pendin~ claims and counterclaims asserted in this action, whether asserted by or against plaintiff Centennial, defendants City and its City Council, the pitkin County Board of Commissioners. or the Aspen/Pitkin County Housing Authority and its Board of Directors, shall be dismissed with prejudice, each party to bear its Own costs and attorneys' fees. F. Each of the undersigned attorneys for the parties represents that. his client has fully and duly approved and accepted the provisions of this stipulated motion and has duly authorized such attorney to execute this stipulated motion on behalf of the parties represented by such attorney in this lawsuit. KELLY/HAGLUND/GARNSEY & KAI-lN LLC Date: Norman D. Haglund 300 Blake Street Building 1441 Eighteenth Street Denver, Colorado 80202 (303) 296-9412 ATTORNEYS FOR PLAINTIFF CENTENNIAL ASPEN II LIMITED PARTNERSHIP 14 UO~J.1-Ui Ui;q~rM' rfiUJVJ hCllyn'6IuIIUU,lh,q 1"_". Ii . 'I, M_' 'il. h' '0 "~- ( . ($.'.".. , ''\ 'c_ Date: l00 / Dote, r'-' r S( (o/l'f Date: (;,'I/to/14- I dl\wpdata\ndh\centenn\stipmot4.nrd i V i .J0,j,j~ J-: I i.1J i U .j.j/ U.j~ ;;>r ~_.~ ( ,/ John E1y, Baq: ~ Timothy E. ~itt, Esq. 530 East Ma~n Street, Suite I Aspen, Colorado 81611 ATTORNEYS FOR THE COUNTY OF PITKIN, COLORADO and THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF PITKIN, . C.OLDRADO ~.rfk ~~ifA. Th s Fenton Smith, Esq. Austin; Peirce & Smith, P.C. 600 East Hopkins Ave., Suite 205 Aspen, Colorado B1611 ATTORNEYS FOR THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY and THE BOARD OF DIRECTORS OF THE ASPEN/ PITKIN COUNTY HOUSING AUTHORITY ,:/~ /jo/;ztc;- John ~. Worcester, Esq. 130 South Galena Street Aspen, Colorado 81611 ATTORNEYS FOR THE CITY OF ASPEN and THE CITY COUNCIL OF THE CITY OF ASPEN 15 - -..- uv l'i~.:i;i U1:'1:1:~J.I! .Ii.VI'1 ~;."I'J~;".j,..:I'.L.."'IU..., e' (>~. . 1$\ . ''0.< ~. 1\. '-.. ,~ . ~ !....' ..' '" _ ..": I......... ...'..'1:. ....""1: ORDER, JUDGMENT, AND DECREE. THIS MATTER having come to. be heard upon the foregoing ; stipulated motion, and the Cour~ finding and concluding it has ! jurisdiction over the parties and over the subject matter of this action; It is ORDERED, ADJUDGED, AND DECREED that, with regard to the subject matter of Section III of the foregoing stipulated motion, the rights of the parties are and shall henceforth be determined in accordance with the stipulated provisions set forth in Section , , III pf the foregoing stipulated motion; It is FURTHER ORDERED and ADJUDGED that judament is hereby entered in favor of Centennial-Aspen II Limited Partnership and against the Board of County Commissioners of pitkin County, Colorado in their official capacity, in th~ amount of. $500,000 in accordance with the stipulated provisions set forth in Section IV of the foregoing stipulated motion, subject to the provisions of the covenant not to execute or enforce also set forth therein; It is FURTHER ORDERED that all other pending claims and counterclaims asserted in this action are hereby dismissed with prejudice, each party to bear its own costs and attorneys' fees. DATED at Denver, Colorado, the day of June, 1994. BY THE COURT: FOR THE COURT: J~ES R. MANSPEAKER, CLERK Lewis T. Babcock, Judge United States District Court 16