HomeMy WebLinkAboutcoa.lu.ex.LotsK-M,Blk96.1977
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STATEMENT OF EXEMPTION
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FROM THE DEFINITION OF SUBDIVISION
WHEREAS, THE DURAc~ GALENA CO., a Colorado Limited Partnership,
Colorado, more particularly described as:
Lots K, Land M, Block 96, City and Townsite
of Aspen, Pitkin County, Colorado
WHEREAS, there exists on said property a structure in
which the applicant wishes to/create separate interests without
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II parceling the land on which said structure is situate, and,
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WHEREAS, there has been made an application for exemption
from the definition of subdivision for such conveyance of
interests pursuant to Section 20-19 of Chapter 20 of the Aspen
Municipal Code, and
i WHEREAS, the Aspen Planning and Zoning Commission, at its
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I~ meeting held March 1, 1977, has determined that such exemption
,I . . 'd d h
i 1S appropr1ate prOV1 e tat:
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a. That there be imposed a subdivision dedication fee
calculated pursuant to Section 20-18.
WHEREAS, the City Council has found the proposed division
of interest in the existing structure to be without the intents
I and purposes of subdivision regulation provided that the con-
straints imposed in subsection a above, proposed by the
Planning and Zoning Commission, be maintained,
THEREFORE, the City Council of the City of Aspen does here-
IbY determine that the proposed division of interest in the
II structure situate on the above-described land is without the in-
tents and purposes of subdivision regulation, and does, for
such reason, grant an exemption from the definition of
,
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subdivision
for such action,
PROVIDED, HOWEVER, that this grant of exemption shall at
all times be conditioned on compliance by the applicant, his
heirs, assigns and successors in interest, with the conditions
.
.
with respect to extension, replacement and contribution to
the cost of public improvements, itemized in subparagraph a
above; which conditions shall be deemed a covenant running
with the land and burden the same.
PROVIDED, there shall be imposed a subdivision definition
fee of $ 17 ?Rn nn
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, pursuant to Section 20-18 of the Aspen
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I Municipal Code.
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I ment of Exemption from the definition of Subdivision was
STANDLEY, III,
Mayor ,/
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I, KATHRYN S. HAUTER, do certify that the foregoing State-
considered and approved by the Aspen City Council at its regular
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I, meeting held ../km'h 14
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, 1977, at which time the Mayor,
STACY STANDLEY, III, was authorized to execute the same on
behalf of the City of Aspen.
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STATE OF COLORADO )
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COUNTY OF PITKIN )
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The foregoing
UT'"-
this -~ day of
was subscribed and sworn to before
/I11~1
, 1977 by STACY STANDLEY, III,
Mayor of the City of Aspen.
WITNESS my hand and official
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My commission expires: ~~~~
seal.
II STATE OF COLORADO )
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I COUNTY OF PITKIN ) ss.
'I The foregoing was subscribed and sworn to before me
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'Zt-h day 0 f ----.t!1 ~. ,
~ITNESS my hand Ind official
1977, by KATHRYN S. HAUTER.
seal.
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My commission expires:
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81611
MEMORANDUM
FROM:
Clayton Meyring
Mick Mahoney tv-'
March 10, 1977
TO:
DATE:
RE:
Durant Galena Condominiumization
Park Dedication Valuation
Please be advised that I accept Jim Mollica's valuation of the
above referenced property at $288,000. Attached is his "Opinion
of Value" in letter form.
PSM/pm
cc: Mr. Ashley Anderson
Garfield & Hecht
ATTORNEYS AT LAW
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GARFIELD & HECHT
VICTORIAN SQUARE BUILDING
601 E. HYMAN STREET
ASPEN, COLORADO 81611
RONALD GARFIELD
ANDREW V. HECHT
March 9, 1977
SUITJI: 201
TELEPHONE
1303) 9215-1936
BROOKE A. PETERSON
Mr. Mick Mahoney
City Manager, City of Aspen
Aspen, Colorado
HAND DELIVERED
RE: Park Dedication -
Durant Galena Condominiumization
Dear Mick:
Please find enclosed a letter from Jim Mollica regarding
the valuation of the lots upon which the Durant Galena Building
is located. As Jim states in his letter, his appraisal is based
upon comparable valuations in the City of Aspen. We, therefore,
believe that the amount set forth in Jim's letter is fair.
As I understand it, according to Section 20-18 of the City
Code, the park dedication fee will be six percent (6%) of the
amount set forth in Jim's letter. According to our calculations
this amounts to Seventeen Thousand, Two Hundred and Eighty
Dollars ($17,280.00).
I would appreciate it if you would see if this fee meets
with your approval as we are scheduled to go before Council
for subdivision exemption on the 14th day of March.
Please call me if you have any questions or comments.
Thank you very much.
Very truly yours,
GARFIELD & HECHT
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Ashley Anderson
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Enclosure: State of Exemption
cc: Mr. Stephen Marcus
James J. Mollica & Associates, Inc.
Real Estate Appraisers and Consultants
Aspen, Colorado
Mason & Morse Building. 315 East Hyman Avenue, Aspen, Colorado 81611.303/925-8987
March 9, 1977
Mr. Mick Mahoney
Aspen City Manager
City of Aspen
P.O. Box V
Aspen, CO 81611
Re: An "Opinion of Value" for the Durant-Galena Building, Lots K, L and M
of Block 96, City of Aspen for Park Dedication Fees
Dear Mick:
Pursuant to the request of Mr. Brooke Peterson, I have personally examined
the subject property, I have gathered and analyzed applicable market data
for the purpose of estimating the Fair Market Value of the subject site,
as if vacant, under the subdivision dedication fee requirements.
The site contains 9,000 square feet and is improved with a two-story plus
garden level commercial building. The property is located at the corner of
Durant Avenue and Galena Street and is zoned C-C, Commercial Core. The site
is level and at grade with both streets and is connected with all public
utilities.
According to the subdivision dedication fee requirements, the subject site is
to be valued as if vacant under existing zoning. Therefore your appraiser has
gathered and analyzed recent sales of commercial core property. The sales have
been gathered and analyzed based upon their location, shopping exposure, zoning
and rentable characteristics. On the following page I have listed the eight
most recent sales of commercial core properties.
Sales #2 and #3 on this list are the subject's past transaction which sold
vacant in February 1974 for $180,000. It is difficult to analyze appreciation
rates in commercial core property since there have been very few sales and
location variables exist. However, recent sales of residential property and
tourist condominiums have represented an average appreciation rate in the area
of l~ - 3% per month over the past two years. These appreciation rates have
also been reflected by commercial rent increases for properties located on or
near the pedestrian mall.
The subject property is located adjacent to the newly improved pedestrian mall,
adjacent to the bus stop and one block from the Aspen Mountain ski slopes. This
location is considered to be the 90% corner by your appraiser and therefore would
obviously reflect good appreciation rates in value. Using typical appreciation rates
as a guide to value, and considering the most recent sale #8, it is your appraiser's
opinion that the subject would have a fair market value, if vacant, of say:
$32.00 per square foot.
II
James J. Mollica, R.M.
Appraiser~Consultant
Mr. Mick
March 9,
Page Two
Mahoney
1977
$32.00 per square foot x 9,000 square feet = $288,000.
Please note that this is not a formal appraisal but rather an "Opinion of
Value" in letter form at the request of the client. However, attached to
this letter are numerous sales of commercial core properties from which I
have based my opinion. If at a future date a formal appraisal would be
necessary I could complete this for an agreed upon fee.
I hereby certify that I have no present or future contemplated interest
in the subject property and that my fee is in no way contingent upon the
valuation set out in this letter.
If I can be of further assistance in the interpretation or application of
the findings in this letter, do not hesitate to call.
Sincerely,
,
JJM:sy
Attached: Appraiser Qualifications
Commercial Core Comparable Sales
.Iilmes 1 Mollica t Assoclale& loc
Real Estate Appraisers and Consultants
VALUATION SECTION
Land Valuation:
Your appraiser has gathered and analyzed recent sales in the commercial
core area. These vacant land sales have been analyzed based upon their
location, shopping exposure, and zoning characteristics. The following
is a summary of the most recent sales of vacant sites in the commercial
area.
Sale #1. Lots G, H, I, 0, P, Q, R, and S in Block 94, City of Aspen,
sold March 20, 1974 for $425,000. This sale consists of a group of
vacant lots facing on Hopkins Avenue and Hyman Avenue, which are improved
with some older buildings which your appraiser considers to have no value
in this transaction. This sale contained 24,000 square feet or say,
$18.00 per square foot.
Sale #2. Lots K and L, in Block 96, City of Aspen, sold February 1974
for $120,000. These two lots were improved with an older swimming pool
and small building which had not been used for several years. The
improvements are considered to have no value in this transaction, and
they have been removed, and a commercial office building has been construc-
ted. This sale contained 6,000 square feet or say, $20.00 per square foot.
Sale #3. Lot M, Block 96, City of Aspen, sold in April 1974, for
$60,000. This sale had part of a small building on it which contributed
no value in this transaction, It contained 3,000 square feet, or say,
$20.00 per square foot. Lots K, L, & M have since been developed with
approximately 18,000 square feet of commercial building (Durant-Galena).
Sale #4. Lots E, F, and G, Block 82, City of Aspen, sold June 1975 for
$150,000. These lots are vacant and adjacent to Wagner Park. They
contained 9,000 square feet or say, $17.00 per square foot. This sale
was somewhat restricted due to view plane easement, directly across
from the subject. These lots have since been developed with approximately
14,000 square feet of commercial building (Mason & Morse Building).
Sale #5. Lot north one-half of A and Rand C, Block 100, City of Aspen,
sold May 1975 for $90,000. These lots were vacant and had a corner
location. This sale contained 4,500 square feet and breaks down to
$20.00 per square foot. These lots had a slightly inferior zoning
classification and were later developed with a commercial building
(Victorian Square).
Sale #6. Lots D and E of Block 94, City of Aspen, sold June 1976 for
$110,000. There were two Victorian residences on the site. One had no
value and the other brick structure had historical designation and would
not be allowed to be removed or changed without City and Historical
Committee Approval. This sale breaks down to $18.00 per square foot.
iDles 1 Mollica t Assoclale& 1[.
Real Estate Appraisers and Consultants
Your appraiser has knowledge of an offer to purchase these lots at
$30.00 per square foot.
Sale #7. Lot L of Block 80, City of Aspen sold April 1975 for $75,000.
There was an old Victorian residence which was later torn down. It was
purchased by the adjacent landowner for Restaurant expansion. This
sale breaks down to $25,00 per square foot.
Sale #8. Lots G, H, and I of Block 94 was also purchased in June of 1976.
It was vacant and part of Sale #1. It sold for $275,000, 9,000 square
feet which breaks down to $31.00 per square foot. It had a corner
location and is presently being developed with a commercial building.
Land Summary:
Sale Date Size Price/Square Foot
1 3/74 24,000 SF $18
2 2/74 6,000 SF 20
3 2/74 3,000 SF 20
4 6/75 9,000 SF 17
5 5/75 4,500 SF 20
6 6/76 6,000 SF 18
7 4/75 3,000 SF 25
8 6/76 9,000 SF 31
.lames 1 Mollica << AsSOClale& Ioc.
Real Estate Appraisers and Consultants
James J. Mollica & Associates, lue.
Real Estate Appraisers and Consultants
Aspen, Colorado
Mason & Morse Building. 315 East Hyman Avenue, Aspen, Colorado 81611 . 303/925-8987
QUALIFICATIONS OF APPRAISER
James J. Mollica
Residential Member (R.M.) Designation of the American Institute of Real
Estate Appraisers, 1976
Licensed Real Estate Broker in the State of Colorado
Member of Aspen Board of Realtors
Member of National Association of the Board of Realtors
Instructor University of Colorado Continuing Education Division
EDUCATION
Business and Advertising, BSJ, Ohio University
Real Estate Law, Ohio University
Course I-A, American Institute of Real Estate Appraisers
Course 9, American Institute of Real Estate Appraisers
Course 201, Society of Real Estate Appraisers
Course 2, American Institute of Real Estate Appraisers
BACKGROUND AND EXPERIENCE
Incorporated James J. Mollica & Associates, Inc., February 1977
Independent Fee Appraiser and Real Estate Broker, associated with Mason &
Morse, January 1974 to present.
Appraiser Intern - Associated Consultants and Appraisers, Inc., June 1972
through November 1973.
Construction, Deffett Companies, Ohio (during college)
~~JOR CLIENTS SERVED
Aspen Highlands Ski Corp.
Aspen Industrial Bank
Aspen Savings and Loan Association
Bank of Aspen
Bank of Snowmass
City of Aspen
County of Pitkin
First National Bank of Aspen
First Western Mortgage Corp.
Holland & Hart, Attorneys
Majestic Savings and Loan
Oates, Austin, McGrath, Attorneys
TYPES OF PROPERTY APPRAISED
Commercial
Condominiums
Lodges
Ranches
Residential
Vacant Land
PURPOSES OF APPRAISALS
Acquisition
Condemnation
Estate Planning
Exchange
Insurance
Liquidation
Mortgage
Partition
Sales
Tax Planning
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James J. Mollica, R.M.
Appraiser.Consultant
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STATEMENT OF EXEMPTION
FROM THE DEFINITION OF SUBDIVISION
WHEREAS, THE DURANT GALENA CO., a Colorado Limited Partnership,
is the owner of a parcel of land located in pitkin County,
Colorado, more particularly described as:
Lots K, Land M, Block 96, City and Townsite
of Aspen, Pitkin County, Colorado
WHEREAS, there exists on said property a structure in
which the applicant wishes to create separate interests without
parceling the land on which said structure is situate, and,
WHEREAS, there has been made an application for exemption
from the definition of subdivision for such conveyance of
interests pursuant to Section 20-19 of Chapter 20 of the Aspen
Municipal Code, and
WHEREAS, the Aspen Planning and Zoning Commission, at its
meeting held March 1, 1977, has determined that such exemption
is appropriate provided that:
a. That there be imposed a subdivision dedication fee
calculated pursuant to Section 20-18.
WHEREAS, the City Council has found the proposed division
of interest in the existing structure to be without the intents
'I and purposes of subdivision regulation provided that the con-
I straints imposed in subsection a above, proposed by the
I Planning and Zoning Commission, be maintained,
I
II THEREFORE, the City Council of the City of Aspen does here-
II by determine that the proposed division of interest in the
d
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I! structure situate on the above-described land is without the in-
tents and purposes of subdivision regulation, and does, for I
such reason, grant an exemption from the definition of subdivision,
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for such action, I
PROVIDED, HOWEVER, that this grant of exemption shall at
all times be conditioned on compliance by the applicant, his
heirs, assigns and successors in interest, with the conditions
,
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the cost of public improvements, itemized in subparagraph a
above; which conditions shall be deemed a covenant running
with the land and burden the same.
PROVIDED, there shall be imposed a subdivision definition
fee of $
, pursuant to Section 20-18 of the Aspen
Municipal Code.
Date:
STACY STANDLEY, III, Mayor
I, KATHRYN S. HAUTER, do certify that the foregoing State-
ment of Exemption from the definition of Subdivision was
considered and approved by the Aspen City Council at its regular
meeting held
, 1977, at which time the Mayor,
STACY STANDLEY, III, was authorized to execute the same on
behalf of the City of Aspen.
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
Kathryn S. Hauter
The foregoing was subscribed and sworn to before
me this
day of
, 1977 by STACY STANDLEY, III,
Mayor of the City of Aspen.
WITNESS my hand and official seal.
My commission expires:
Notary Public
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
The foregoing was subscribed and sworn to before me
this
day of
, 1977, by KATHRYN S. HAUTER.
WITNESS my hand and official seal.
My commission expires:
Notary Public
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MEMORANDUM
TO: Aspen City Council
FROM: Planning Staff (HC)
RE: Subdivision Exemption - Durant-Galena Building Condominiumization
DATE: March 10, 1977
This is a request by the Durant Galena Company to condominiumize the
existing Durant-Galena building located on Lots K, Land M, Block 96,
Aspen Townsite. The proposal would divide the ownership of the building
into two units, the Le Cabaret in the basement; and the rest of the
building. An improvement survey will be available for your inspection
at the Planning Commission meeting.
The Engineering Department has no comments.
The joint recommendation of the Planning and Zoning Commission and the
Planning Office is for approval of the exemption subject to payment of
the Park Dedication Fee which is $17,280.00 ($288,000.00 x 6%).
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APPLICATION FOR EXEMPTION
Pursuant to Section 20-19 of Chapter 20 of the Munici-
pal Code of the City of Aspen, The Durant Galena Co. hereby
applies for an exemption from the definition of the term "sub-
division" with respect to the real property described as:
Lots K, Land M, Block 96, City and Townsite of
Aspen, Pitkin County, Colorado.
The applicant submits that the exemption in this case would be
appropriate.
The application involves subdivision of an existing
structure into two condominiums and does not in any way increase
the land use impact of that property. The applicant submits
that such an exemption in the instant case would not conflict
with the intent and purpose of the subdivision regulations
which are directed to assist, among other things, orderly,
efficient, and integrated development of the City of Aspen; to
insure the proper distribution of population; to coordinate the
need for public services; and to encourage well planned sub-
division. They are directed to considerations of subdivision
design and improvements and to restrict such building where it
is inappropriate after considering its land use impact.
In the present application those decisions cannot be made
as the building exists, and the density would not effect the
prevailing contemplated or desired population density on this
property.
It should be noted that the applicant's position is that
payment of any park dedication fee for this condominiumization
and exemption will relieve him from any further payment should
he wish to further subdivide the structure.
We would greatly appreciate your consideration of this
matter at your next regular meeting.
MEMORANDUM
TO:
Dave Ellis ~
Hal Clark V
FROM:
RE:
Subdivision Exemption - Durant-Galena Building Condominiumization
DATE:
February 25, 1977
This is a request by the Durant Galena Company to condominiumize the
existing Durant-Galena building located on Lots K, L, and M, Block 96,
Aspen Townsite. The proposal would divide the ownership of the building
into two units, the Le Cabaret in the basement; and the rest of the
building.
We will schedule the Planning Commission review for March 1, 1977
pursuant to your verbal comment that you have no comments to make
on this proposal at this time.
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81611
Departnlent
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February 8, 1977
Mr. Brooke Petersen
Box 8237
Aspen, CO. 81611
Dear Brooke,
We have received your request for condominiumization of the nl1r::lnt'-~~lpn.::l
Building. Upon receipt of the improvement survey and exemption fee
payment of $50.00, we will proceed with review of the application.
Sincerely,
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Hal Clark
Land Use Administrator
He/ ck
RONALD GARFIELD
ANDREW V. HEOHT
BROOKE A. PETERSON'
GARFIELD & HECHT
A'lTO~Y. A.T LAw
POST OFFICE BOX 8287
ASPEN. COLORADO 81611
February 7, 1977
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(80B) 925.1938
Mr. Hal Clark
City Planning Office
Aspen City Hall
130 South Galena Street
Aspen, Colorado 81611
HAND DELIVERED
Dear Hal:
Enclosed please find our application for exemption from sub-
division for the condominiumization of the Durant Galena
Building. It is our intention that the building be divided into
two (2) units, the Le Cabaret and the rest of the building.
As we discussed on the telephone, the application is predicated
upon Mr. Marcus only having to pay a dedication fee for
this exemption, and that if he chooses to further divide
the property at some later date that no dedication fee
will have to be paid at that time.
The improvement survev is being prepared by John Bieschel of
Tri-Co., and I will deliver it to you as soon as I receive
it. ~
I would appreciate it if you could put this item on the agenda
at the P and Z meeting scheduled for March 1, 1977.
Please contact me if you have any questions. Thank you very
much.
Very truly yours,
GA~ELD & HECHT
;7,'~~"petereDD
BAP/kjk
Enclosure
cc: The Durant Galena Co.
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,CITY OF ASPEN
FINANCE DEPARTMENT
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CASttlER'S RECEIPT
01-111 FINES & FDRFEITS
561 0 COURT FINES
562 0 COURT BONDS . FORFE~"lilj,
563.01 0 TOWING FINES. IMPO '. -,i''''
563.02 0 TOWING FINES - NOT D
564 0 TRAFFIC FINES
566 0 FALSE ALARM FINES
568 0 DOG IMPOUND FINES.."~i'l.. ;':-;.~".
569 0 OTHER FINES & FORFm~:
'..4f~.<;",r
01.111 OTHER MISC. REVENUE ';i~~.'
579 0 MAPS, CODES, ZONIN -..
589 0 OTHERS (DESCRIBE)
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01_988-632-03 0
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