HomeMy WebLinkAboutlanduse case.ts.825 E Hopkins Ave.TS-1983-2
,..-'.
'~
,
... ..~
"
,,-..,,
,-'
MEMORANDUM
TO:
Aspen City Council
FROM:
Alice Davis, Planning Office
Im:
Review of the New Timeshare Regulations - Work Session
DATE:
August 17, 1983 1;;L:?0
APPROVED AS TO FORM:
The Planning and Zoning Commission and the former City Council spent,
a great deal of time formulating an ordinance which thoroughly regulates
and restricts timesharing so that only quality projects would be
approved in Aspen. The first two applications for timesharing are
now. under consideration, therefore, this memo is an attempt to
familiarize you (or refresh your memory) with the conept of timesharing
and the major issues involved in our regulations.
The Concept
Timesharing involves the division of an accommodation into several
different interests so that the different interests can be sold or
leased for use on an annual basis. A timesharing interest, from a
legal and regulatory standpoint, is usually sold on a 'fee ownership'
or 'right-to-use' basis. Fee ownership is where a buyer acquires
ownership in a particular unit and a corresponding exclusive occupancy
right for a specified annually occurring period of 'time, ranging
from a week to several months.. Right-to-use is where a buyer acquires
an occupancy right fora specified annual periOd of time, in a specified
unit or class of accommodations, sometimes involving more than one
location but acquires no ownership in the property.
The major advantages of timesharing are that it encourages people
to come to Aspen during the traditional off seasonperiods, filling in
the voids between the summer and winter seasons; timesharing brings
in more tourist dollars year round; it provides a more affordable
ownership alternative fOr second home pur<::hasers and for regular return
visitors and as adopted, the timeshare regulations requires the
substantial upgrading of existing. lodges converting to a timeshare use.
Timeshare Regulations
Section 20-24 of the Code, Timesharing, allows timesharing in all
lodge districts (L-l, L-2, L-3), the CC and CL zone districts and the
R-MF zone in structures where short terming is currently allowed.
The regulations establish' the following major areas of review:
1. Marketing Program. Due to problems experienced in other areas
with high pressure sales programs for timeshare units, Aspen's
regulations prohibit the use of public malls and streets for
sales, local phone solicitations and the giving of gifts ina
deceptive manner. An applicant must provide complete information
on his proposed sales program so that the City can prohibit
any practices which may be undesirable, .unethical or too high
pressure oriented. Background information on the developer, the
marketing entity, and the project manag.er must be submitted for
review to illustrate the timeshare experience, the success, and
reputation of those involved in a proposed project.
2. Off Season PaCkaging. Since one of timesharing's major advantages
is the increased. visitation to Aspen in the off season, applic.ants
are reqq.ired to adequately package and market the off season
timeshare weeks with peak season weeks.
,
,-..,
,-..,
Memo: Timeshare Regulations
Page Two
August 16, 1983
3. Fee Ownership. No right-to-use leases are allowed since these
types of timeshare interests have historically created the most
problems in other areas as they often are not covered by real
estate laws which provide substantial consumer protections. Only
fee ownership interests are allowed.
4. Disclosure Statement. This document is a City submission
requirement which the developer must provide to any potential ~
purchaser. The statement' s purpose is to ensure the u tmos t )Pd1xh'!1I{iI,~
consumer protection possible by requiring the developer to 'I '
disclose background information on the developer and marketing
entity, specific details on the timeshare project, estimated
costs, fees, taxes, 'downpayments and deposits, a right of
rescission period, information on exchange programs, the season-
ality found in this area and any occupancy limitations placed
on the project and other similar disclosures.
5. Upgrading. A minimum of 30 percent of the fair market value
ofa project must be put into upgrading any structure converting
to a timeshare use. Any :f.mprovementsrecently completed can
be documented to have this amount partially or fully waived.
This provision provides a major community benefit achieved
through timesharing - the renovation of existing lodges in Aspen.
6. Reserve Funds. A reServe account is required to ensure that a
project will be satisfactorily maintained throughout the life
of the project. Money in this account is to be escrowed and
used only for this purpose.
7.' Maintenance. Four weeks a year is required to be reserved each
year for maintenance purposes only.
Summary
This memorandum is intended to provide background information so that
the two current applications can be appropriately reviewed. At this
work session the Planning Office will summarize the two proposed
projects and address the major issues involved with each. Attached
is a copy of a detailed. review of .the Prospector and East Hopkins
Condominium proposals. The written review is very detailed - we
plan to cover only the major issues in our discussion at the work
session and hope that if you have any other areas of concern, you will
bring them forward.
,-..,
.-
MEMORANDUM
TO: Aspen Planning and Zoning Commission
FROM: Alice Davis, Planning Office
RE: East Hopkins Timeshare project - Subdivision Exception
and Conditional Use Review - Public Hearing
(to
DATE: August)(, 1983
Location: 825 Eas~ Hopkins.
Zoning: R-MF.
Applicant's
Request:
The applicant is requesting the approval of a
timeshare project at the East Hopkins Condominiums.
The timeshare approval process requires a conditional
use approval (Section 20-3.3) fromP&Z and approval
of a subdivision exception review {Section 20-24) .
Condominiumization is not necessary since the units
have already been condominiumized.
Project
Summary:
~
J
Planning
Review:
The following is a review of the East Hopkins
Timeshare Project according to the standards and
review criteria in Section 20-24 of the Code.
1. Right-To-Use. The proposed timeshare units
will be sold by warranty deed. No prohibited
right-to-use leaseholds will be used.
v
Integration. The project will ultimately be
100 percent timeshared even though the existing
owners want to reserve the right to rent the
unsold units until they are sold. The Pli;lnning
Office feels that an owner should be able to
rent his condominium up until renovation
occurs, then the units should remain' vacant
until a C.O. is issued for the timeshare use.
f!ii tal! liRit. il~.~l:1e:.sti.!l... A C..O. should not
be issued for any timeshare unit until 7z...of
theJ~J)ackages{50%) are sold. "-
3. Marketing and ,Sales Practices. The marketing
of the East Hopkins Timeshare Project will be
geared toward returning Aspen visitors who
have been unwilling to commit to the sizable
resources which are ordinarily necessary to
purchase a second home. Timeshare interestS -I
will be sold as a "two week vacation in As'el!z>,h _
forever.. II I\,,-
2.
/
/
,,-.,
.'-'
>f:.()1;
vd-
, ,,,.~--fied) ~\(l~
u(\! (ji:JJ \ \ . -10.(\ ~~d
l I'Ll. ;teY'
~A lO~ uJ\,0,fO'
0V
Memo: East Hopkins
Page Two
August 2, 1983
Timeshare Project
/'l
------
/
/
(r- '1~ n,-':'J u,J.;,. A local real estate
~okerage fir~~wi be the marketing entity
for the project.. Sinc.e pre"ient Aspen visitors
are considered the mos't .fi'o~I!~'tal purchasers,
the sales efforts will be concentrated in the
Aspen area. Denver and Grand Junction will also
receive advertisement coverage as well as a
few national ski and vacation magazines or
newspaper travel sections. Direct mail literature
~ ~~~e~~~~~~~,e~plain t~e ti~eshare concep~c+o
T~e Mu!t~ple L~st~ng Serv~ce w~ll also conta~n
detailed information on the concept.
<D
c
The entire Aspen Board of Realtors will be
'. " encouraged to Erovide referrals on a fee basis -Ie> it1.e.
lOCb.\ ~~e.-8fl(\..~l!8~"':Le~, Re'it ..J H lil~ who will be solely
responsible for operating within application
real estate laws. Condominium unit #2-N will
be renovated, refurnished and unoccupied, and
will function as a model for the sales program.
No prohibited sales practices (use of public
malls and stree~s ~~~a_~~ phone solicitatibns,
the giving of gi~~ -'W~ll be allowed.
J
The P&Z must review the marketing program to
ensure that the off~eason will be adequately
marketed. As established, the purchaser
picks the two weeks (one peak season, one off-
season) that he wishes to buy. This, historically,
has created problems in that the more desirable
weeks are chosen first and sales are very
difficult for the remaining weeks. Summer
packages are not as desirable as winter packages.
It is unclear if there are enough offseason
weeks to package wi th both .summer and winter
weeks. It is recommended that the applicant
predetermine the two week packages; then the
purchaser can buy the packages which best meets
his needs. This creates packages of similar
value and helps to prevent unwanted, unsellable
. packages'. ~H:: ~la..LJ..LJ.":"H'j GfficQ2.1s6E!ues tiOIJ.5
r.."het.fl<:.r 01: uvL a ]3srS9R 19 - tlcc.k.s.3Lol:11a _ varlor
...U Il__LllfJ..v!U'yt;:QJ.. Co )c.ax. Wo feol th9 ~Jech:o
p..ta-r,-,l.Lc:t.:':H~d, shuulJ LlC" r':"xcJ ,Au a. , L~..II.J.":JL. L...i..u 1-"lO::J.-'-
~t\lit.1 c.~--tLis R3f: -(:l:1e~lfl to 13LiR~ muoh le~s
ctia.3a L":"o [QI..,;L.ivu alUvu'::::fLim.t:::bl.LCLJ..t:: VWUt::.J.. ~.
'1
4. Amenities. The timeshare regulations require
a timeshare project's amenities to be sufficient
so as to not create a burden on public facilities.
The only amenity mentioned in this application
is one hot tub for the complex. Even though the
amenities are minimal, the number of people
-~, f'o'\.VtJo,...
generated should notbe.greater than those
generated from the project operating as a tra-
ditional condominium.
,5.
Parking. The parking requirement in the R-MF
zone is I space per bedroom for residential
uses and no requirement for a lodge use,5it\lt.!> loO-q~S GllIe
~The East Hopkins Condominiums contain three
bedroom units which, as a residential condominium,
ro\-' C<t\. 4.I.l.o-v~ o~
",,-.-fh.L l!--ml" 'Woe.,
,-"
,,-.,
Memo: East Hopkins Timeshare project
Page Three
August 2, 1983
requires 18 spaces for the six units. Parking
requirements have been waived in the past for
condominium approvals as it is often physically
and economically difficult or impossible to
provide the necessary spaces. The Planning
Office feels that this precedent may be
carried over to timesharing, but only after
a review determines that it would be an
unreasonable hardship to provide the required
spaces. Condominiums have, however, always
been required to retain all existing parking
spaces and the same should already be (at a
minimum) true with timeshare projects.
The applicant for the East Hopkins Condominiums
has agreed to retain the six existing parking
spaces. At a minimum, the applicant should be
required to designate one on-site space to each
unit. The Planning Office feels that the
applicant should determine if any more spaces
could possibly be provided on-site by reworking
the site plan. parking is already a problem in
this area and the more intensive use of the
site will generate further significant impacts
on this. residential neighborhood. With a
maximum occupancy of eight people per unit,
48 people for the complex, six parking spaces is
inadequate.
6. Maintenance. The applicant is reserving the
required four weeks per year for maintenance -
two weeks in the spring and two weeks in the
fall. When there is a 53rd week, it too shall
be reserved for maintenance. These maintenance
weeks should be restricted for maintenance only,
with no rental or other uses allowed. This
prevents the tendency to rent the units whenever
possible and hold off on maintenance until
rentals are not available. Also, one specified
intention of the required maintenance weeks
perceived by some members of the community is
to provide a down period when the units are
not used so intensively and the negative impacts
are not felt by the surrounding neighborhood.
7. Budget. The applicant's proposed budget includes
the owner's annual dues and homeowner associa-
tion fees which equal $115,038 for the six unit
project, $19,173 for the 24 two wee~p~~k~~~~~th
and $798.84 annually, or $200 quarterlYI\1"or each
two week package. The budget appears to be
reasonable, except that it is unclear which
eXJ;>enditure items go into the reserve funds
for interior and exterior maintenance and repairs
which are to be held in an escrOlN account until
needed. The Planning Office recommends that
the expenditures intended for this reserve
fund be identified by the applicant so it ca~. ~LA
be ,evaluated fO.f.,jM",;t8-.fl+':'~1hf~~'f! ,.J~ ~'~. ,,"Sil 1X7rT\. ~
,Ma1ntenance R~~ec~.~~~Rtg~g~ to be escrowed,
the identified .l;.iililil per ye~ to be .collected '
for this purpose ~O?~ ~~~ .~F~~~ to be satisfactory
for major structural repairs which may be
necessary in the ,future. L--n-e.. furNiuue. +. Al'eUClI\ce
~l.€. \-cc, 'c>€.<4\ o.me.r.&-ecL -tfom. ~ '\..cttl fer If:. €P.r -to
l\S.CiOl> r:r 't~r w\r.\t-e.. --!he.. J:t1i€.~o.-- l<e{>tJ.-ln -t
J\I\Ai rd~<.e. O=Vr<1l Nus \veer-.. (f\.cre.cx.sed fro<<\. t Gt ~ @
-b ~ IO,a::b),
r-.
,'-'
Memo: East Hopkins Timeshare Project
Page Four
August 2, 1983
It appears that the budget covers the 48
timeshare weeks to be sold, therefore the cost
of the four maintenance weeks are assumed to
be factored into these figures. The applicant
should verify this..
8. Conversions. The Code requires 30 percent of
the fair market value of a timeshare property
to be put into upgrading and renovation. The
East Hopkins Condominiums are appraised at
$1,010,500 for the six unit complex. 30 percent
of this figure requires $303,150 to be spent
on upgrading. The applican.t has met this
requirement by identifying $133,625 already put
into renovations and $194,150 proposed for
renovations for a total of $327,775 in improve-
ments. The applicant should, however, document
the expenditures already made to veTy-the
improvements. ,U~~
9. Escrow. The ordinance requires that all deposits
or downpayments made in connection with the
purchase of a unit be held in an escrow account
until clOsing or the issuance of a certificate
of occupancy, whichever is later. The applicant
says this account will ' , I 1" '1"" be held
by the title insurance company who will issue
insurance for the units. Such an arrangement
is acceptable, since a neutral third party is
required. A condition would be the commitment
to this arrangement as well as verification
to the City that the escrow account has actually
been established.
10. Management/Assessment Fees. The applicant has
proposed a quarterly assessment fee of approxi-
mately $200 which will cover general operating
and maintenance costs as. well as a reserve fund
for major repairs. The quarterly assessment
fee can, as proposed, be adjusted by a majority
vote of the Board of Managers. The Planning
Office feels that a majority vote or the
Homeowners Association would be a more appro-
priate, equitable method for adjusting fees.
High and rapidly increasing maintenance and
assessment fees have been a common dissatis-
faction among past timeshare owners, therefore
it is important to give the entire association
a vote in how the ;fees are adjusted. Ik "'-ffli'C.C<Ilt,cd--
-k. 1'.0.5 ~-tl Nt'>~!"t~ -b ~l~ ,5% <>f- ~I!.. ~f' 'I'-&e,...
11. ~':~~v~l1''r tlle~tYm: 6f~clos'i~e. iw t1ltre~~.~~
share purchaser will contribute a month
assessment fee in advance to the reserve fund.
The reserve fund will then be increased quarterly
by the regular assessment fees according to ~\~
~.h the budget allocations for the reserve fund_' '~
~U!.*l4\ ~~-ttPt..-1- .(rp\(ance..~:;.3;t: i..... uu(.;1t::ClJ..,'wb~,:,L.l.HE19R~'i-l:""t'<i i,'Ecms iu L!J.e
bUgg9t ~r~ E896 lRt9 th~ ~~~~J..v~a~~uunt ~o
be ese:E's":'JS9. TI.L";'::S :::ihull.ld L~spec~tl.ea su _.;. e-
~~:!:~?rj:;f.i~~:i~;~:f~I~G~"
Memo: East Hopkins
Page Five
August 2, 1983
.-,.,
,.......,
Timeshare Project
12.
Conditional Use
Review (Sec. 20-3.3)
Occupancy Standards. The East Hopkins
units are approximately 1,200 square feet with
three bedrooms each. The applicant submits
that current occupancy standards specify that
no more than eight people can occupy a unit at
one time. Section 20-24 requires that the
occupancy levels be in compliance with appli-
cable building code requirements throughout
the life of the project. However, if all six
units were at capacity at a given time, the
density and neighborhood impact would be unde-
sirable since occupancy by eight people in a
three bedroom/two bath unit is an intense
usage of the property. The Planning Office
would recommend that the applicant propose an
occupancy limi ta Hon which cons ti tutes a'jl rrore.. de~; ra-bte
-] " ... comfort level, possibly six persons,
as opposed to the highest occupancy allowed
by the building code.
The primary, purpose of requiring a conditional use
review for a timeshare project is so that a public
hearing will be s<:t since one is not normally
required in a two step subdivision exception process.
.
Section 20-3.3 establishes three suitability require-
ments, discussed below, to be used in evaluating a
conditional use.
1. .Condi tional uses mus.t comply with the zoning
code. This project complies with all require-
ments of the zoninq code except possibly the
18 space parking requirement. Even though this
requirement is often waived for condominiumi-
zations (a use similar to timesharing), having
only the proposed six spaces could create
significant negative neighborhood impacts.
2. The project is required to be consistent with
the zoning code and with.the objectives of the
applicabll" zone district. Throughout the
timesha~~~iew process the Planning Office
felt that timesharing was a high impact,
intensive use which was inappropriate in a
residential district such as the R-MF Zone
district. Due to the increased impacts resulting
from parking, noise, traffic and a more fully
utilized year round use, we still believe that
theR-MF zone is not an appropriate zone for
timesharing. The use is, however, now allowed
in' this. zone, therefore w.e should make sure t? eL 1'r-t1je(+
I~ "Pf"'"utdJol\.4l; all possible negative impacts are mi tigatedto
the degree possible and practical~
J
3. The use must be compatible with surrounding
land uses. Compatibility has historically
been reviewed according to three potential
impacts - parking, noise and local versus
tourist orientation. Parking and noise problems
at the project ~ be more significant with
~
r--..
--
Memo: East Hopkins Timeshare Project
Page Six
August 2, 1983
the new timeshare use, and the operation will
sti.ll be oriented toward the tourist population.
Again, a timeshare use is .often incompatible
in a residential zone. .
Referral
Comments:
Engineering had the following c~mments on this
application:
a. The plat submitted with the application is not
adequate, having been recorded in 1971. The
applicant should be required to record an
updated plat reflecting any changes to the
property including new facilities planned as
amenities. Replatting may also offer the
opportunity to renumber the units eliminating
the north/south designations.
b. The timeshare owners association should be
obligated to join future improvement districts.
c. It should be noted that parking on the site is
substantially inadequate. The applicant
should, at a minimum, designate the six on-
site parking spaces as limited to the use of
six specific units.
The Finance Department stated that evidence of a
Colorado State Sales Tax License should be presented
to the City, as City, County and State sales t~xes
will be applicable to any short term rentals of
these units. Also, the real estate transfer tax
will apply to the initial and subsequent sales of
these timeshare interests. The applicants must
also pay the occupation tax required from persons
with a business license or sales tax license.
The Building Department gave no comments on the
application.
Th!.~"'.t.teY"I..G} "3 err.:...........
.
":~L__..' ~ 1
: Ls:
~@
qf Cocwq
m<e.-t
~
~a.r11A.5;>f~+: Cl-tt{ ,/rttomey /.-1:(<;
se..Lfral {.j,me.~ LLJiih ---tk ~U~t-+
U~ ~CQ{wI'l~<l-
PLoU'\(\.tVV( O$'tt ntS
... f'e1.tc.bied 1l"e.CDU)i\.~ o..-tibn 5 hQite 'o~
\ ruo f"fO~ lr\'{;O & o..-tkuhetl , ~1'-tfOil.S
... <>I- oq)f'e7U~t ('emli'\~E'c('pLl-(-fe.
PLQhr\.l~ (J--f-h.'ce...
W"""'''~~
,.-...
,-..,
Memo: East Hopkins Timeshare Project
Page Eight
August 2, 1983
J
v
1
h'l~
g
s
d,
~~
.~
ecoce.s io be. solPL prior- -p Cl dos,''1I
1.:'Jh.1',*,- re<:Lu ll\f<~ ,)... 0+ l4 tl
"'1M~'-fy f<>.L~.
In an effort to tie up these and other areas of
concern, the Planning Office has developed the
following list of conditions:
1.
Four weeks out of each year (two in the
spring and two in the fall) are to be
reserved for maintenance only. No other
use, including rental, is allowed)(iJ.udl~ -&is ~Ia",
2. The timeshare interests must be sold in
two-week paCkages with each package containing
one prime week. and one off~eason week, with
the. prices adjusted for seasonal variations
and market demand. The applicants~guld'M
establis,h a calendar identifying tlfe-;'t~o~week
packages that will be available so that these
can be reviewed by the Planning Office prior
to City Council. review. Ti m9saare:. l?ac]",u'::1~o
shotllclL\:.,i:)ulJ.. vl~a :fiveo };?:a.sie r(.OCCtl.l..:ng
.--:1 t ',tL(!..3am.<:. L';',uu::: '~VtCLY 'y~d.L c.o oPl:'O.3c.d Lo, a
floQL.i.u'::j . ~Y::51:em wlu:;::J..'= Hew weehi:l a..I..(.., clLo~\!n-
eG1.\".oh yc....J.: BY e-:;,roh, ....imp~:h~rjO .......~ncJ::.o..
3. Timeshared interests will be sold by warranty
deed only; no prohibited right-to-use leaseholds
will be allowed.
4.
Owners of the existing East Hopkins Condominium~
prior to timesharing}may continue to rent these
units until the required renovation occurs,
then the units should remain vacant until a
certificate of occupancy is issued for the ~ O~~\
timeshare~ '(Ji'i t .: - q',....~~.; "'... N01~~~~6;!fjT ~, a
flet SQ ;C!~11ea, fo~ any' L.:..m.....aLar9"'....i-e. 'eu..Lil
1r of the f.;:f packages in -II\~a~~ci:~i b are sold.
No prohibited sales practices, including the
use of public malls and streets for sales, 10(..".1
phone solicitations, and the giving of gifts;<,1'\ "'-
will be allowed.
5.
d.e.~I\Jt iNN\Y
~
1b) As do.ri-t-tl2d by --tk ~The-se.. re:en,;€..., e.s::rouEd 'Ffo
iX.efticant--, --f-tI~ Buct~ ;r rY10nles (!~')[j)1 t.pr) Me.
Qj(fenotrt-ure.s {C(" ifQ fo('~ ~ Mto0{ --<Or fiue- ~5,
.r- AepLIAAce f-E,se,U!! (JJ.. 5,f1X)/'1r" ~: (VIafl whlch .-tl me.. --tht.
Met -the.- ('(\.oJn.-le.nance ~'< :: cd-- oct m~y be.. o..m-endBi
(j(-:JaJ/yr':) 1llU:;~ be- heJp( cn ~o~u~ ~ L') .J.>_
1M\. €..sc.row O-Lc.ourtt- ... v~ 1- \ b 15"'10 of-' \~
In'll[ -fOr vnajo. il'\-teFtort- _c o...~Fo~ ~ hClf\'e.. ~0
~-k.rtor ""''''''Irs a5 'l~ . s:,' l..J01els _.1(;-
',-- I OS,;odUL'~':()/'\'
7 (j... . A deposit equal to tw
fees must be required . .__ _~_--
This money must be PU1:'--rnT6-anescrow account
as. the beginning of the required reserve fund.
Memo: East Hopkins
Page Nine
August 2, 1983
J
I
~
9.
,-..,
.,-"
Timeshare Project
Evidence that all escrow accounts required
have been established must be presented to
the City of Aspen when such accounts are
established.
10. The applicant should document the amenities
to be available in the project to back up a
statement in the application that the lack of
al\lenities would present no burden on pub).ic
facilities. 4~H~7 ~ l>e. st--owY'\ 0"- -tM.. 'f'Lco;&.
11. The initial required assessment fees for first
purchasers must remain within 10 percent of
the fees proposed. Any future increase in the
assess.ment fees must be approved by 7S-percent
of the voters in the homeowners association.
12. Evidence that the budget covers the cost of the
four maintenance weeks should be documented.
13. 30 percent of the fair market value of the
East Hopkins Project must be put into upgrading
and renovation. Evidence that expenditures
have already been made toward this renovation
have actually been put into the project must
be documented by the applicant. Any future
upgrading must also be documented to ensure
that it is completed.
All deposits and downpayments related to the
timeshare project must be put into an escrow
account until closing or the issuance of a
certificate of occupancy, whichever is later.
The account must be held by a title insurance
company or another neutral third party.
Evidence that the escrow account has actually
been established must be presented to the
City Planning Office.
e.iaht-
No more than ~ persons should occupy a
timeshare unit at anyone time in order to
maintain an optimum comfort level in the unit.
16. The applicant must adhere to the recommendations
of the Engineering Department including the
following:
14.
15.
a. The plat submitted is inadequate, since it
was recorded in 1971. The applicant
should be required to record an updated
plat reflecting any changes to the property
including new facilities, such as amenities.
Replatting may also offer the opportunity
to renumber the units, eliminating the
north/south designations.
b. The timeshare owners association should be
obligated to join any future improvement
districts.
c.
It should be noted that parking on the
site is substa~iallY inadequate. The
applicant l!L~ .. _L T " '-, designate
the six on-site parking spaces as limited
to the use .of the six specific units.
,'-'"
/-'.
Memo: East H k'
op lns Timeshare proJ'ect
Page Ten
August 2, 1983
17.
As recommended by th '
evidence must be sh e Flnance Department,
State Sales Tax L' Qwn that the COlorado
, lcense has been '
Slnce the project will b ,acqulred
County and State sales t:xsUbJect to City,
rental use of the u 't on any short term
nl s.
18.
to
all
ed
'~:--._--'-_._--'-
@ rh~ &.(lpll'Canfs
"''''IlV' Ie.-fler ~
.
d..~,> (1
r.,,...~ ~ -I< e
@ A ~ ",v#- i:le.- ittc.lvcAe,c{ /1'( -eM.. rew. CCJ{!do""nlo/H dPcul/f.drk
:lie ./eI ,
uJh1th stJJfS ~ a{JculI\~ suptrtedei. condom/ilIum doculY/!!.tt6 . o-t -Ik orlfjif'llf
~, -Ito(t.i;1.5 ci'JrOOninium.j pr-t'or -to '/:J1Yl'f!.sI--OI.n'nq,
~e-~,,'€.. h\usf wbMif CV\
'#q+ 1:I1e- sobrr,iflg}, /.Ud( r,.ell fy
IdL
",",~vr-~ .-t,
~ -6+ ~"~f'T-'
+11I1l1hl.-<-
@) 1b1e..- 4.ff1t'CM>-i- fYVlrl- .. mOre.. .;;FecT.{lCCi.{{<j d!2fiN!.. -N.
~(b ,"- ~~ Cst! areA bpmir'ltf dait2sJ:k) ':$
II _.1~ . "'{/IdeA '
we q~ ~l-{-f cPo.lLt ideJd.i-fyt'fIj --fie.. dc.q-e:J"'" ,,,
-th'L CJtf-- ~5bf\ ~ +;Iflt5~ uhif.s;. + fMt- s82 ~IL
--6 ~are... idd 5 ,
f4II/Iff
e-,~01\e..
-th.('{:t
d..~
wed..
GOLd
Musf be WVlue.<{rg;{ -br eg.(~
ft<<.t Cl((.e.. .v 1W.d- a&f-s t?te
it'(1..1 u r'tA-u6tL4! '
11 Q..l.)er
@
MA.vto'lJ!.r
.v ~CJ .Jill
co"'"' pat! bit
A. toca.\
l'Y'O.f'~i Il~
V'€rr/-'j
l'fl-tue5fs f...-e.. tI1-lJ~i- r).o fu in. tI<.
I
s'''''ila.. --b --ff.t.- "0-Pr-t- 1:er/VL +Irre.;~
.-f;'v-+ ~ ":#' ( /iJI - "
() J .
5e-5 1lo-'t.lYIAil1:!c<-ul.eoC. ""it-h.'" ~ p<<'J-ed',
bro.k.~e. -(~rVR W'IU be.. ine frq{oectS
~m-d'y ,. "th,s -f! ~ r6T\. IJY\US+ be icl:errH-fied CD
qt,,:>
por-b-"n. 0+
lInxic;{
@ I-f- Q d-eue..l(J{1fr
t; ~Mte..
1"""\
,-."
.,
LAW OFFICES
AUSTIN MCGRATH & JORDAN
600 EAST HOPKINS AVENUE
SUITE 205
RONALD D. AUSTIN
..1. NICHOLAS MCGRATH, JR.
WILLIAM R. JORDAN fir
ASPEN, COLORADO SI611
GRAY A. YOUNG
FREDERICK 1"". PEIRCE
AREA CODE 303
TELEPHONE 925-2600
August 11, 1983
----------
MEMORANDUM
TO:
MATTER:
City of Aspen Planning and Zoning Commission
Application for Approval of Timeshare.
Applicant Pitkin CO., Inc., a Pennsylvania
Corporation.
Parking Requirements and the Planning Office
Recommendation Concerning the RMF Zone and this
project in particular.
SUBJECT:
Office in
feel that
Because of the position taken by the Planning
its recommendation of denial of our project, we
a written response is called for.
1. Character of the nei hborhood and RMF Zone.
While the neigh or 00 surroun ~ng East Hop ~ns Avenue is
in the RMF Zone, by far the vast majority of structures in
the area are multi-family rather than single-family
residences. In fact, the majority of the structures in the
neighborhood are short term rental multi-family structures.
While there has been considerable discussion about
the question of whether or not the use as timesharing has a
different impact than short term condominium rentals, we
believe that there is no significant change in the use, and
perhaps the use by timesharing has fewer impacts in the long
run. Nonetheless, both are designed for short term
occupancy. Our proposed timesharing of the 825 East Hopkins
Condominium Project thus is totally in character with the
neighborhood. We have attached two separate items to this
memorandum, the first being a parking survey and map
(Exhibit A) and the second being a review of parking
exemption requests in the Planning and Zoning Commission
files for condominiums (Exhibit B).
Referring to Exhibit A, you will note that we had
it prepared principally to address the parking issue;
however, it also serves to reflect the type of structures
r--
.,~
AUSTIN MCGRATH & JORDAN
Memorandum - Planning & Zoning
August 11, 1983
Page 2
in the neighborhood as well. If you examine the left hand
column, you will note the type of structure and if you
examine the right hand column, you will note the number of
bedrooms and parking spaces in each. We think this exhibit
speaks for itself and clearly makes the point that this is a
multi-family neighborhood.
2. Parking issue. It should first be noted that
this project is an existing condominium consisting of six
units at the present time. The institution of timesharing
will not change the fact that it is a condominium; it will
simply vary the form of ownership.
The City of Aspen has on several occasions exempted
condominiums in the RMF Zone from the stringent parking
requirements provided in the code. Some of the exemptions
granted are set forth in Exhibit B to this memorandum.
A review of Exhibit A will clearly show that there
simply has not been a requirement of one parking space per
bedroom in the RMF Zone in this particular neighborhood. The
fact that our present project has six parking spaces (one for
each unit) reflects this very situation. It strikes us that
it would be extremely unfair and discriminatory to impose an
artificial parking requirement on our project simply because
we are attempting to change the form of condominium ownership
to timeshare. We are unable to construct more parking spaces
and therefore, to impose this requirement would be to deny
the project because of the hardship factor not created by the
applicant that there is simply no space available for
additional parking.
We are willing to designate one parking space per
unit as is suggested by the engineering department.
3. Character of our proposed project. We are
certain that our project will appeal to families and not to
single people, primarily because each unit has three bedrooms
and because it is a small project. Our marketing will be
directed at families and this is the type of project we hope
to end up with. For this reason, we do not feel that we will
have the situation very often of more than one car per unit
in use anyway. Additionally, the location is close enough to
Aspen Mountain and the bus routes so that automobiles will be
unnecessary. We intend to stress this factor in our
marketing.
,
r-,
-.
AUSTIN MCGRATH & JORDAN
Memorandum - Planning & Zoning
August 11, 1983
Page 3
While the Planning Office might feel that
timesharing is inappropriate in this type of project, we fail
to see any good reasons for that position. We think when you
review this project thoroughly, you will see that it is an
excellent opportunity for the City of Aspen to see
timesharing work in different types of projects and it will
establish a good basis for the evaluation of the very concept
of timesharing itself.
Thank you for your consideration.
AUSTIN, McGRATH & JORDAN
cc: Alice Davis
Gary Esary, Esq.
Location
Larkspur Condos
800 E. Hopkins
Centennial Park
Condos
830 E. Hopkins
898 E. Hopkins
(residence)
Mtn. River Manor
900 E. Hopkins
Queen Victoria Condos
926 E. Hopkins
926 E. Hopkins
(residence)
Valley-Hi Apts.
1012 E. Hopkins
(residence)
1016 E. Hopkins
Riverview Condos
1020/1024/1028 E.
Hopkins
Columbine Condos
801 E. Hopkins
811 + 819 E. Hopkins
(residences)
.-
-
EXHIBIT "A"
TO MEMORANDU}I RE:
TIMESHARE APPLICATION ISSUES
UNIT/PARKING SURVEY
OF NEIGHBORHOOD
No. of Units
Bedrooms
10
30
10
10
unk.
16
16
13
30?
unk.
24
unk.
unk.
2
unk.
27
unk.
5
5
unk.
Parking; Spaces
10
10
2
10
10
2
approx. 21
6
(looks like might
share with 1016 E.
Hopkins)
o
(unless shares with
1012 E. Hopkins)
30
5
2
--
.~
~
--
Location No. of Units Bedrooms Parking Spaces
Mtn. View Condos
819 E. Hyman 8 8 approx. 8
Hy-West Condos
835 E. Hyman 12 at least 18 approx. 12
Chateau Blanc
901 E. Hyman 15 27 12
923 E. Hyman
(residence) unk. 2
.." ,.,
Applicant Name
Endeavor Lodge
905 E.Hopkins
Eagle's Nest/
Green Family
105 W. Hyman
Edelweiss Lodge
201 E. Hopkins
Corks crew/
Ed Baker
118/120 E. Hyman
"'""
-,
EXHIBIT "B"
TO MEMORANDill1 RE:
TIMESHARE APPLICATION ISSUES
PARKING EXEMPTIONS
Zone
Connnent
L-3
Requested a GMP exemption for 3 new
employee units and a parking exemption
for those units. Was approved. The
lodge has 5 parking spaces for 11 total
bedrooms.
RMF
Requested conversion of existing space
into 2 employee units in form of duplex
and parking exemption from having to
provide 4 additional parking spaces.
Final approval consisted of having to
provide only 2 additional parking spaces.
L-3
Lodge Condominiumization plus request for
parking exemption for the one employee
unit. The parking exemption was approved
subject to 10 requirements, including
that the existing 6 parking spaces must
be retained and precluded from being used
for scoring points in a future GMP
competition.
RMF
Exemption from GMP competition for 2
employee units in garden level of duplex.
Issue pertained to allowing "stacked"
parking. Although initially denied the
request for parking exemption, 2 addi-
tional parking spaces were eventually
constructed and approval was granted.
,-..,
,-,
MEMORANDUM
TO:
Aspen Planning and Zoning Commission
FROM:
Alice Davis, Planning Office
RE:
Prospector Lodge Timeshare Project
DATE:
August 9, 1983
Attached for your review is the resolution recommending the
approval of the Prospector Lodge Timeshare Project.
If you concur with the resolution, Perry can sign it, and the
Planning Office will take it to Council on August 22, 1983.
c C-- 0.JorL ses510(\
--
--
LAW OFFICES
AUSTIN MCGRATH & JORDAN
600 PrAST HOPKINS AVENUE:
SUITE: 205
RONALD O. AUSTIN
.J. NICHOLAS MCGRATH, .JR.
WILLIAM R. ..JORDAN m
ASPEN, COLORADO 81611
AREA CODE 303
TELEF'HONE 925-2600
GRAY A. VOUNG
FREOER'CK F, "",RCE July 25, 1983
Ms. Alice Davis
Pitkin County Planning Office
130 S. Galena Street
Aspen, CO 81611
HAND DELIVERED
Re: Pitkin Partners' Timeshare Application
Dear Ms. Davis:
Enclosed please find four signed copies each of the
signature page for the Affidavit Regarding Upgrading of
Condominium Property and the Amendment to Sworn Disclosure
Statement. Please file these with your copies of the
application.
Sincerely,
AUSTIN, McGRATH & JORDAN
By ~~A-~ t~l,J~
JVIarj ~e c u tze
Sec tary to Ronald Austin
.~
1""\
AFFIDAVIT
REGARDING UPGRADING OF CONDOMItlIUl1 PROPERTY
AT 825 E_ast Hopkins Avenue
Signature Page
7#/
CA. __
Robert L. Silverman
STATE OF COLORADO )
) SS.
COUNTY OF PITKIN )
,j
Subscribed and sworn to before me this ~ day of
, 1983 by ROBERT L, SILVERHAN.
'U
~
/C
\ Iii tnes s my hand and officia 1 seal.
Ny Comrr:ission expires:
Mv Commi..;^q expiRls februal,19, 1985
',' , . ',', /
/ / /LC1A.'1f/ \ Yf' .Ai.., y ~ '
Notary(lPu lie )
Addresk of Notary: .
.< ,~; -) )>~ (~~'.rPJ -.,'/ I ,'j,-<,_'-(
,;,,' A ,';. ...; ,..", )(~l f (
,-..,
~
AMENDMENT TO
SWORN DISCLOSURE STATEMENT
OF PITKIN CO., INC.
The undersigned, Robert L. Silverman, on behalf of the
appli~ant herein, being first duly sworn, states:
Paragraph 2, Marketing Entity, of the Sworn Disclosure
Statement is amended as follows:
The marketing entity shall consist of a cooperative
arrangement between Pitkin Co., Inc. and a realty firm with a
broker in Aspen, Colorado. The actual arrangements have not
been concluded at this time, but the marketing plan will
remain the same.
~erman---- __
STATE OF COLORADO
)
) ss.
)
COUNTY OF PITKIN
Subscribed
tUO~, '
Wi ness my
d
and sworn to before me this ~ day of
1983 by ROBERT L. SILVERMAN.
hand and official seal.
My Commission expires:
My CollllllISSion expires February 19. 1985
fk(~,fitl~ ~ ~ l, ~1:
Notar Pu l~c
Addr:,: of NO~rY'
&~~ ~ ~ ~
. ~) .' ~IJ ~~ /l
I"""
, :!'
r
CITY/COUNTY f!'L.AMHINCI OffK'JII:
130 S. GAL.ENA
ASIl:>EN. C':'L"''-','-DO SHill
CITY/COUNTY PLAlliNINGl OFFICE.
1 SO S. GALENA
ASPEN,COLORADO 61611
.,i ,,:,,;...;:,~ i. ._1
..'~J_,_
'~~;k.;
:~.
t"'U"'dIj~O)
..
$ENc9Itn _ './
, "OT OELNfq;>~LEV
AS ADD:' '-;:11)
UNABLE Te, '
...._.--_.~._--~,..._..- ..---:.-'--- ^
~,
,,'':-
~"'w.._
..-'1'"';:., u ~ ~. A
- "" >, ~ ,
\,l--c:) " .,
-,.
"t',
"';;.~'"-'_.-
~~~~~ ~l ~.a..'II~
Columbine Condominium Assoc.
c/o Robert Orr, M.D.
Riverview Associates
420 E. Main Street #202
Aspen, Colorado 81611
Donald and DorIa Westerlind
Box 927
Aspen, Colorado 81612
/
;
"
,-..,
,-..,
APPLICATION FOR APPROVAL OF TIMESHARE
Conditional Use and Subdivision Pursuant to
Ordinance 52; Series 1982
1. Name of the Applicant.
Pitkin Co. Inc., a Pennsylvania Corporation is the
applicant. Pitkin Co. Inc. is a general partner of
Pitkin Partners Special Properties I (Ltd.) a
Pennsylvania Limited Partnership, the owner of the
property. The address of both is Suite 700-4, Benjamin
Fox Pavilion, Jenkintown, PA 19046.
2. General Description of the Project.
This is a six unit condominium known as East Hopkins
Condominiums and will be a conversion into timeshare
units. The location is 825 East Hopkins Avenue.
3. Proof of Ownership.
Copies of deeds accompany this application. Five
units 'are owned by Pitkin Partners Special Properties I
(Ltd. ) a Pennsylvania Limited Partnership. One unit is
owned by Richard Fulton and is under contract of purchase
by Pitkin Co. Inc. Mr. Fulton has also consented to the
filing of this application.
4. Site Plan.
The East Hopkins Condominium site plan and condo-
minium map accompany this application. It is anticipated
that J:ninilllal changes will be made in the configuration of
amenities except that a hot>tllbwillbe added. This will
be reflected on a subsequent site plan once a location is
determined. There are s,ix o,ffstreet parking spaces and
the landscaping includes lawn, etc.
5. Vicinity Map.
We have submitted a vicinity map with this applica-
tion which we believe provides the necessary information
regarding surrounding uses, zoning and owners.
"
,-..,
.
,-..,
6. Employee Housing.
This project presently has no employee housing
because the small size of it calls for all services to be
provided by offsite personnel. This will continue if it
is till)l'!shared and management will be by a property
management company, at preSent anticipated to be Stirling
Homes. .
7. Consent to Timesharing.
Since this is a condominium, all owners have con-
sented to amend the Declaration to allow timesharing.
Either all mortgages will be paid off prior to allY
c1osingsor their CClnsent to timesharing will be
obtained. At this early stage in the application pro-
cess, we must be flexible until a definite determination
is made.
8. Marketing Plan.
The general out~ine ,of tIle marketing plan is set
forth below. We will be updating, revising and improving
the plan as we proceed through the process, and as a,
marketing entity is determined.
A. l1arketin Philoso, h -The East HO. kins Condominiums
Ourt reeroom, two at units wi e
attractive a.s family vacation second homes. . The
marketing plan will be based on the theme "Now you
and ;your family can own two weeks vacation in
As,pen- forever. It The Applicant believes that
present Aspen. visitors desiring second homes, in
Aspen, but unwilling to cOllD!lit the sizable resources
necessary to purchase a family vacation property
will be the natural buyers for two weeks fee simple
ownership in the East Hopkins Condominiums.
B . Marketing ; Organization.
The"'Applicantis presently seeking proposals
from several well-known Aspen real estate brokers,
recognizing the deep concerns expressed by the City
Council, and mutually shared by the Applicant, as to
the marketing utilized in offering this new concept
to the public. Only local, well-established,
professional real estate brokerage firms will be
considered. Selection shall be completed on or
".....,
,-..,
around July 15, 1983, and this application shall be
amended to provide the full information required by
the City Council.
Details of Plan
C.
.
Each condominium unit will be divided into 24
two week intervals in each calendar year. Two
spring and two fall maintenance weeks have been set
aside, except that due to a 53 week year occurring
from time to time, week 53 has been set aside as an
additional spring maintenance week in those years.
Each condominium unit will have 24 prime weeks
and 24 off-season weeks. Weeks 52 and 1 will be
sold as a unit to a single buyer. All other buyers
will choose one week of the 24 prime weeks which he
will match to one of the 24 off season weeks to be
conveyed by deed. Weeks will be priced according to
seasonal variations, adjusted by market demand.
Thus, each buyer may choose those weeks which meet
his family's vacation scheduling requirements.
Marketing will commence in late '83-early '84. Each
potential buyer will receive a calendar designating
significant dates in 1983 and 1984. It is antic-
ipated that the homeowners association will continue
the practice annually.
D. Advertising
Applicant believes that present Aspen vacation
visitors are the major source of buyers, thus the
majority of sales effort shall be expended in the
Aspen media. Denver and Grand Junction will receive
additional coverages, as well as possibly national
ski and vacation magazines or newspaper travel
sections. Direct mail pieces will be utilized
explaining the concept and providing answers to
questions that a typical buyer might ask. The
Multiple Listing Service shall contain detailed
information concerning the concept.
E. Sales Methods
It is anticipated that the entire Aspen Board
of Realtors will be encouraged to provide referrals
on a fee basis to the selected marketing organization.
All selling will be done only by designated
representatives of the marketing organization, who
,-..,
,-..,
shall be solely responsible to conduct the sales to
the public in accordance with applicable laws.
Training of sales personnel and closing of the
transactions shall be the responsibility of the
marketing organization. Condominium unit #2-N shall ,
be renovated and refurnished by Bethune & Moore as a"
sample apartment prior to the commencement of sales.
It shall be unoccupied as a rental unit until
marketing has been substantially completed.
F. Vacation Exchange Privileges
Applicant has been in contact with several
exchange' companies seeking to enroll the East
Hopkins Condominiums in their international vacation
exchange program. No final selection has yet been
made. Applicant will provide each buyer free
membership in the selected exchange program for at
least one year after closing of his transaction.
Continuation of membership beyond that time will be
the option and expense of each buyer.
9. Real Estate Transfer Tax.
This tax is paid by
to recordi.ng the deed.
closing.
the buyer and must be paid prior
It will be collected at the
10. Upgrading.
This is a conversion project and upgrading and
improvements are dealt with later in this application.
However, applicant hereby makes assurances that all
upgrading and improvements represented have been or will
be made.
11. Proposed Budget.
The preliminary budget accompanies this application.
This budget will necessarily have to be refined and
updated as more information is available.
12. Management/Assessment Fees.
These fees and assessments will be collected at
least quarterly in advance and will be held in a separate
trust account by the managing agent and statements shall
be issued to owners at least annually showing all pertinent
accounting information.
--
.
^
13. Reserve Fund.
The reserve fund will be established at the closing
by each purchaser of a timeshare unit contributing a two
month assessment in advance to the reserve fund according
to the figures on the proposed budget. The reserve fund
will be added to by the assessments according to the
budget. The condominium documents will authorize the
owner's association to increase or decrease the fUn~ when
and if necessary.
14. Affidavit.
The affidavit of applicant assuring the binding
effect upon successors accompanies this application.
15. Timesharing Standards an~ Review Criteria.
(A) These units will be sold by warranty deeds.
(b) All of the units will be timeshared, however
unsold units may be rented by the applicant until sold.
(C) The marketing and sales plan will be carried
out with the utmost care and professional concern. None
of the prohibited practices will be utilized.
(D) The packaging of weeks will be done in a manner
that will adequately market the off-season.
(E) The amenities shall present no additional
burden on public facilities.
(F) The parking that exists is six offstreet spaces
for six units. This is sufficient parking for the use
intended.
(G) Only 48 weeks maximum will be sold. Two weeks
in the spring and two weeks in the fall will be reserved
for maintenance, and for those years in".which a 53rd week
occurs, it shall be a maintenance week!
(H) The budget will be continually refined and
upgraded until the closing after which the' condominium
association shall assume responsibility therefor.
-.
.
A.
(I) Upgrading is dealt with elsewhere in this
application.
(J) Downpayments and deposits will be held in an
independent escrow account most likely by the title
insurance company who will issue insurance for the units.
(K) The management and assessment fees shall be the
subject of review by the condominium association
(timeshare owners) and they shall have the right to
review, change and administer all aspects thereof.
(L) Reserve funds are dealt with elsewhere.
(M) The condominium documents or other appropriate
documents shall require compliance with occupancy standards.
16. Disclosure.
The sworn disclosure statement accompanies this
application.
17. Timesha,re Pro'; ect Instruments.
The timeshare project instruments, including amend-
ments to the Condominium Declaration, By-Laws and the
like, are being prepared consistent with the City Ordinance
and state law. They will be presented for approval as
they are completed.
18. ~pgrading Affidavit.
We ,have attached an affidavit concerning improvements
that have been made and improvements to be made. Also
attached is an appraisal. We will ask that credit be
given toward the 30% requirement for the improvements
already made and that additional improvements be
evaluated with those already made in determining
compliance with this requirement.
,,'
..
Respectfully submitted,
By
, n 1 D.
Attorneys or the Applicant
600 E. Hopk~ns Ave. #205
Aspen, CO 81611
(303) 925-2600
/"",
,-..,
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
p,o, Box 1047
G lenwood Springs, Colorado 81602
Teiephone:
303.945-1251
July 7, 1983
Collins Engineering
0227 Pacific Avenue, Suite 209
Aspen, Colorado 81611
ATTN: Clayton J. Hayes
RE: Six-Plex Unit - 825 East Hopkins, Aspen, Colorado
,
Dear Hr. Hayes:
Following is additional information concerning the projected re-
maining life of the heating system and electrical system of the
six-plex unit as 825 East Hopkins, Aspen. Please make reference
to our letter of May 2, 1983 for additional background information.
I. Heating System
The boiler is an American Standard cast iron boiler. The
average service life of an atmospheric burner/cast iron
boiler is 20 to 25 years. This can be extended by main-
taining a clean system, flushing the boiler periodically
and chemically treating the water in the system. The main
reason for a cast iron boiler to fail is the cracking of the
cast iron caused by "hot spots" in the castings. These hot
spots are caused by a buildup of mineral deposits resulting
in poor heat transfer to the water.
The existing boiler has surpassed its economic life. There
are hot water heating systems available which have a much
higher efficiency than the existing system. Installation of
a new, properly designed system would result ina substantial
return on investment.
/ II. Electric System
The existing electrical system will last for the remaining
life span of the building providing the occupancy remains as
residential.
sinc,;~elY, /7 ;/)
?A,af~G~~~
Edward E. Pearson P.E.
EEP/llc
/
/
f"",
r."
MEMORANDUM
I
iI
I
t
I
TO: City Attorney
Ii Ci ty Engineer
Building Department
City Finance
PLANNER: Alice Davis
RE: East Hopkins Condominiums Timeshare Project
DATE:
July 7, 1983
Attached is an, application to convert a six unit condominium known
as the East Hopkins Condominiums into timeshare units. The location
of the six units is 825 East Hopkins.
Please review the materials and return your comments to the Planning
Office by July 18 so that we may prepare for its scheduled August 2
City P&Z presentation.
Thank you.
Note to the Finance Department: The review information pertinent
to Finance is located on Page 9(k) and page l7(p) of the ordinance.
This applies to the application for conversion to timeshare of the
Prospector Lodge.
(""\
,-..,
July 5, 1983
Mr. Robert Silverman
Suite 7~0-4, Benjamin Fox
Jenkintown, Pennsylvania,
Pavilion
19046
Dear Bob:
This letter is to acknowledge the fact that I do continue
to support your application for a time sharing permit for
the East Hopkins Condominiums in Aspen, Colorado. As
owner of unit 3-S, East Hopkins Condominium, I give you
my full support to persue the time sharing application
before the City Council and any other governmental entity
that is appropriate.
Sincerely,
461.:~~~ 1
cc: Ronald D. Austin, Esq.
600 East Hopkins, Suite 205
Aspen, Colorado 81611
"
"
'~
.r;- H' S;PR,fON . .ilfd/.. dl1<<~ I Pllftpd/:
· ~-=~:::-..~ ":;~.~::~~::_~iL~:::~~;-,_.~~J1'1l:
,-,tf' l.,.r t:',,<.,Jf--"'s~/r=-- Mvs".. -- IfitJ...t . rn;ll.~ u. ,
PI a fJ-.1 d Week
$('f'\S d,,) r==~'tIlJ/JL /}:;. 1:;.) we.::,,- Number
.-.----- ,"--J~~_. 1
------ '-n,CJ'dr) 2
I ''L-cJ17f) 3
, 1Z-cll1V 4
I
I
,
,
I
!
{;/
"-/
~ , .
,
"':
l-Is:P~
I-r.fT ~
<.le~
.llber
1983
~
Jan. 1 . Jan. 8
Jan. 8 . Jan. 15
Jan. 15. Jan, 22
Jan, 22 . Jan, 29
ti
I
J
Jan. 29 . Feb, 5
Feb, 5 . Feb, 12
Feb, 12 . Feb, 19
Feb, 19, Feb. 26
J
10
il
'2
Feb, 26. Mar. 5
Mar. 5 . Mar, 12
Mar. 12 . Mar. 19
Mar, 19. Mar, 26
13
14
15
,6
Mar. 26 . Apt. 2
Apr. 2 . Apr, 9
Apr, 9 . Apr, 16
Apr, 16 . Apt. 23
,7
18
19
:)
,3
I
~, .2
3
Apr. 23 . Apt. 30
Apr, 30. May 7
May 7. May 14
May 14 . May 21
May 21 . May 28
May 28 . June 4
June 4 . June 11
June 11 . June 18
':
,5
ti
June 18 . June 25
June 25 . July 2
July 2 . July 9
July 9 . July 16
:7
J
'9
o
;1
l
July 16. July 23
July 23 . July 30
July 30 . Aug, 6
Aug. 6 . Aug, 13
'3
A
,5
'I}
Aug. 13 . Aug. 20 i' '
Aug, 20 . Aug. 27
Aug, 27 . Sep, 3
Sep. 3 . Sep, 10
:7
'd
9
:0
Sep, 10. Sep, 17
Sep, 17. Sep. 24
Sep,.24. Oct. 1
Ocl.1.0ct.8
:1
'2
,3
,I
Oct. 8. Del. 15
Ocl. 15 - Oct. 22
Oct. 22 . Oct. 29
Oct. 29 . Nov, 5
')
Nov, 5 . Nov. 12
Nov, 12, Nov, 19
Nov, 19 . Nov, 26
Nov. 26 ' Dec. 3 '
J
Oec, 3 . Dec. 10
Dec, 10. Oec. 17
Oec, 17 . Dec. 24
Oec, 24 , Oec, 31
~
L
1)<
""'", -X' = --...../1"5 ..-..
--'r: ._" q 'n_,_
.
"
--f.
.,c
y.
'f.
)(
yo
"
'II'
,
I
'y.
I
I~
t:..
.!~~fJl.'!J
""AlT"""f4ol.
Wdrl.~() C,vf
lV61t~" '"I'
"l<..
'f
Y.
)(
-.,_._"-, ....-..."....
--- _. ~_. -'~"- -"-"
1-
)C
"1-
'I'
po!>/ ,.., t.
y;
-''f--' .-- -------
.,. <iI' .F :rut.
'/- C::Odlt.$ 13.1i.,
y.
-;.
't-
,Y-,.
i
I
I
t-
!
"I
':L
.,c
y.
"I-
."
~
.,c
')<.,
"I-
:r'l"/,.. c...ccJ-'
.lOUiui~,F~I!1..._ _._
"I-
y.
.,.
'1'.
Flt-f1 f' C'~T:...,
.J~,.f.':':'..'_f!!T!.~ .
,"'~U.OW(C".v
..---..-.-.......---..
......<.'.
;;:;l~.
, '"
,.....
'~'.i .-
I
i
i
I
i
I
I
i
.,
~-"-~'+-_."j'
i
,
--.r..._n_."
! (
i
I
I
I'
, I
, I
, I
; . J
---.--....-....-
, !
, !
i
,
I
I
, ;
. I
I'
, I
i
,
I
i
i
,
.-1.... ~_. ._.._
I
;
,
--j..-..--.....
! I
, ,
!
I
I
i
!
.1
1. I i
'.-'-r--'41'- '-'1'-"1
, I, . \.17-i
;1 ."( it i
.! 1 . ;
,.. _l_...i...__
, I
...I---
,
!
I
--:,-.-. i
I ,
,/
'-
o
7/ i ,
574-.- -; i
!~">~~'I ''''~=''"~~'~~.,
',,'
'^, , ~
,-"
I'f<U.Auto bl
CHE:CkI::o- av
A,PPROVED In f/V cf
I.
. - "-"T"'
!
; ,
" __.1..
;
,
-....-
, 2 c./ttJ
17 dlflJ
17tJ1/D
17cfUD
, ;
17d7nJ 9
17{/'fjf) 10
11
17UtItJ
(7M 12
II
13
14
15
16
I7c1dO
( Ltl'f/D
7clUO
'}tnIO
?d1/O
'7 cJU7)
17
18
19
20
5
10 21
IOCJUJ , 22
I (/l!7IO 23
/lJdlID 24
NdTIb 25
'('({/fb 26
I ycRlO 27
(<{rM 28
II
29
30
31
32
( '(Ud6
, ''(tIUD
, ('(dUI>
[/V(;rAJ
I I
i niJVD 33
: ( (/lI1JO 34
, 1(}7IlID 35
. : rId(///() 36
I ((}(/11) 37
-... I 'ld/!tJO 38
! 1(!1/TlI39
I ItI/nlJ 40
luun 41
f.(/7JI) 42
f(//R) 43
I..]rtr/I) 44
I
I
45
4
47
48
:1
~~
icrvv !
(~~:
'_.. _ll.........
~-- r-trg.u.tc::.;.
49
50
51
52
1ge~
ec. 31 . Ja
an; 7 ~ Jan.
an. 14 . J..
an, 21 . Jar
5
6
7
8
an~ 28 .. Fe!
eb, 4 ' Feb,
eb,ll. Fel
eb. 18. Fe!.
eb. 25 . Mal
Mat, 3 . Mar,
Mar. 10 . MOl
Mar, 17. MOl
II
Mat. 24 . Mar
Mar. 31 . ApI.
pro 7.Apr.,
pt. 14 . Apr
pt. 21 - Apr.
pr, 28 ' M"
\-laY5-May,
\1ay 12 - Ma,
4ay 19 . Ma,
4ay 26 - Jun,
'une 2 .. Junt-
une 9 . Jun::
'une 16 a Jur.
lune 23 . JUT;.
'une 30 - Jul J
luly 7. July 1
July 14 - Jul,
July 21 . July
July 28 . Aug
Aug, 4 - Aug, ,
Aug. 11 . Aug,
Aug, 18 - Aug
Aug, 25. Sep
Sep. 1 . Sep, "
Sep, 8 . Sep. ,
Sep. 15. Sep, ,
Sep, 22 . Sep
Sep. 29. Oct.
Ocl.6 .Ocl. I!
Oct. 13. Oct. ;
Oct. 20 . Oct. ,
Oct. 27. Nov,
:Oec. 1 . Dee, B
'Occ, 8. Dec. ;
Dec. 15 . Dee,
Dec, 2,2 . Dee
,-..,
..--
. COLLINS
.ENGINEERS,INC.
0227 Pacific Avenue Suite 209
Aspen, Colorado
May 3, 1983
8161I
303-925-2089
Stirling Homes
600 E. Main Street
Aspen, Colorado 81~12
Attn: Mr. Bill Stirling
Re: 625 East Hopkins Condominiums
Structural Inspection
Gentlemen:
As per your request, Collins Engineers, Inc. has conducted a
structural review of the six units of the above noted condominium
development. The two 3-level wood framed buildings have partial
basements with concrete foundations and are connected at each
level by open walkways. The buildings were constructed in 1971.
A site inspection was conducted on April 21, 1983 by Clayton
Hayes of this office to determine the existing condition of the
structure. The inspection covered only those structural elements
which were readily visible,and this report does not respond to
hidden or concealed elements due to the cost and disruption of
exposing them. Calculations were performed on the exposed main
framing members to confirm their load capacity. On the same
date, a review of the electrical and mechanical systems were
cOnducted by Pearson and Associates, of Glenwood Springs. Please
,refer to the attached report for information on those systems.
Roof framing typically consists of 2"x6" nominal wood
decking supported by 51/s"xI01/2" laminated beams spaced 4'-0"
on center, spanning 17'-6". These beams rest on wood bearing
walls. This framing is capable of supporting approximately 75
psf of live {snow) loads, which meets the current local building
code requirement.
Floor framing consists of 2"x6" nominal wood decking
supported:'by 5 1;6 "x9" laminated beams spaced 4' -0" on center,
spanning~7'-~". These beams rest On wood bearing walls. A
2 lf2" thick concrete overlayment covers the floor deCking. This
framing is capable of supporting superimposed dead loads and 40
psf of live load, as required by local and generally accepted
bUilding codes. The exterior walkways share similar construction
and are capable of supporting the required 100 psf of live load.
Generally, the timber structural framing noted above was
found to be in very good condition, with no signs of checking,
-"
,-..,
---
825 East Hopkins Condominiums
May 3, 1983
Page 2
twisting or excessive deflection. No signs of movement or
settlement were found in any of the units. The concrete basement
Walls were found to be intact and with no cracks or other signs
of settlement. The concrete slab making up the basement floor
showed no signs of moisture or more than normal shrinkage
cracking. The concrete block retaining walls at various exterior
locations were found to be Sound and in good condition, except
for being wet from water draining from the roofs.
Water draining from the roofs onto the exterior walkways has
caused spalling of the concrete topping, and excessive weathering
of the Wood edging. This water has also caused settlement of the
patio slab outside of Unit 2S. It is recommended that rOof
gutters and downspouts be installed to divert the water away from
the bUildings.
The interior of all units were generally found to be in very
good condition. The following minor deficiencies were noted:
1. Signs of water, possibly from the roof or exterior wall,
were found on the floor at the southeast corner of Unit
2S.
2. Hall light covers were missing in Units IS and 2N.
3. Bedroom doors stick upon closing in Units 3N and 3S.
4. The sliding doors to the deck do not operate properly,
Some fireplace briCks are loose, and the wallboard by
the front door needs repair in Unit 3S.
5. The exterior walkway wood edging needs to be weather
sealed, and the Wood around the outside lights need
painting.
With the exception of the above noted defiCiencies, we found
the general condition of the bUildings to be quite good.
If you have any questions regarding these matters,;' or if we
may be of further service to you, please contact us.
Respectfully submitted,
COLLINS ENGINEERS, INC.
CH/skc
~~.~, j1 - -
Clayton Hayes
Project Engineer
~,
,-,
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
.'
,.
'-
P.Q, Box 1047
Glenwood Springs, Colorado 81602
Telephone;
303-945-1251
May 2, 1983
Collins Engineers Inc.
0227 Pacific Ave.
Sui te 1f2{) 9
Aspen, CO 81611
Attn: Clayton J. Hayes
Re: Six plex unit - 625 E. HOpkins, Aspen, CO
Dear l>1r. Hayes:
Pearson & Associates performed a mechanical and electrical
inspection of the six plex unit at 825 E. Hopkins on ThurSday,
April 20, 1983. FOllowing are the results of that inspection:
I. General Condition
A. The general condition of the plumbing, heating
and electrical was very good. The building
has been well maintained and the
mechanical systems all function properly.
II. Heating System
A. The bUilding's heating system is an American
Standard boiler, natural gas fi,red with
an input of 1,000 M.B.H. and an output
of 800 M.B.H. The boiler is used for both
building heat and domestic hot water. The
domestic hot water is s'tored in a 120
gallon storage tank and circulated through-
out the building with a small cirCUlating
pump.
B. The building is divided into a total of 13
heating zOnes, two for each unit and one
for the basement area.
III. Plumbing System ..
A. The plumbing fixtures have been well maintained
and all function properly.
,,'
,......"
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
p,o, Box 1047 Telephone:
Glenwood Springs, Colorado 81602 303.g45.1251
~\
Collins Engineers, Inc.
Page 2
May 2, 1963
IV. Electrical System
A. The electrical distribution system and
circuit breaker loadcenters are
adequately sized to meet 1983 Code
requirements. Each unit has its
own loadcenter and has room for expansion,
if additional tenant requirements are
needed.
B. All 120 volt convenience outlets were
checked for grounding and found to be
grounded and properly wired. The outlets
in the bathrooms and those on the
exterior of the building are not protected
against ground fault. Ground fault
protection was not a Code requirement at
the time the units were built.
C. The wiring of many of the light switches
to switch outlets appears to have been
done incorrec,tly during construction or
the wiring was changed to make certain
lighting circuits inoperative. FOllowing
are electrical items that were noted in
each of the units.
1. Unit IN
a. Three way switch in master bedroom
not wir€d correctly.
b. Living rOOm switch inoperative.
2. Unit lS
a. Three way switch master bedroom
inoperative.
b. Hall light switch not properly
fastened_,in swi tch box.
c. Living rOom switch inoperative.
d. Hall light glass reflector missing.
3. Unit 2N
a. Three way in bedroom #3 (small
bedroom end of hall) inoperative.
b. Hall light glass reflector
missing.
I"'"
1""\
.
"-
Pearson & Associates
MECHANICAL & ELECTRICAL ENGINEERS
P,O, Box 1 04 7 Telephone:
Glenwood Springs, Colorado a1602 303.945'1251
Collins Engineers, Inc.
Page 3
May 2, 1983
4. Unit 2S
a. The three way switches in master
bedroom were Changed to single pole.
The circuit does not work.
b. Bedroom #2 (center bedroom) same as
master bedroom.
5. Unit 3S
a. Fan motor in master bath does not
operate properly.
6. Unit 3N
a. Three way in master bedroom not
working.
b. Living room switch inoperative.
v.
Summary
A. Except for minor wiring problems of the light
switches, the overall mechanical and electrical
system is in excellent condition.
Edward E.
o
pe~~
EEP/ss
,,'
,-..,
,-..,
Wtsttrn Colorado Radiologi( Assodatts, P.C.
Al.AN A. BASINGER, M;O.
BRUCE A. WARD, M.D.
RICHARD E. FUl. TON, M.D.
JAMES E. MACLEAN, M.D.
RADIOLOGISTS
Hlllcr..tPlaze-1938N. tat,. .2 . GrendJunctJon.Colorado81501 . Phone: 245'1658
23 March 1983
Mr. Robert L. Silverman
Pres ident
Pitkin Co., Inc.
7~0-4 Benjamin Fox Pavilion
Jenkintown, Pennsylvania 19046
City Council and Aspen Planning
and Zoning Commission
City of Aspen
Aspen, Colorado
Re: Apartment No. 3S East Hopkins Condominiums
Aspen, Colorado
Gentlemen:
The undersigned, owner of Apartment Unit No.3S in the East Hopkins
Condomi ni urns, Asp,en, Co lorado, hereby acknowledges tha t he des ires
to join in the filing of an application, on or before March 25,
1983, pursuant to Ordinance No. 52, Amending Chapter 20 of the
Municipal Code of the City of Aspen, Colorado, to obtain time-
Sharing approval for all of the apartment units in the East
Hopkins Condominiums.
It is my understanding that I will incur no cost for this under-
taking and that I may terminate this pennission on 10 days written
notice to you.
Sincerely,
l!J..I1-~
Richard E. Fulton
.,q. .
1""'\
"-
,-..,
AFFIDAVIT
,R.EGAaDING UPGRADING OF CONDOMINIUU PROPERTY
> AT 825 East Hopkins Avenue
The following items representa,ctual expenditures
made to improve a.nd upgrade the property:
IMPROVEMENTS TO COMMON AREAS
Exterior siding, staining, painting
New roof - North bUilding
Landscapping, drives, signs
Exterior carpentry, laundry, storage
and exterior electrical
SUB-TOTAL
IMPROVEMENTS TO IN, 2N, 3N, IS AND 2S
Furniture - Bethune & Moore
(Incl. interest)
Sales Tax
New linoleum - kitchen and baths
Replace damaged kitchen appliances
Electrical fi:l!:ture replacement
Painting, plastering, windows, capentry,
formica, cleaning, tile
Legal fees - Time Sharing Ordinance
SUB-TOTAL
TOTAL
$ 4,956.00
5,960.00
6,575.00
1,200.00
$ 18,691.00
$ 83,132.00
3,604.00
2,314.00
2,478.00
870.00
22,536.00
11,000.00
$ 125,934.00
$ 144,625.00
The following items are a preliminary budget to
further upgrade 825 East Hopkins Avenue and will be adjusted
as the need arises:
9,000.00
2,000.00
$ 11,000.00
COMMON AREA
Hot Tub
New laundry machines
$
SUB-TOTAL
.
~
UNlTS IN, 2N, 3N, IS, 2S
(Per Bethune & Moore)
New carpet to be laid on existing
carpet $
Additional furnishings - living
room and dining room
New kitchen appliances, cabinets,
and accessories
Upgrading bedrooms
Upgrading bathrooms
Wallpaper
Accessories
lmprove Fireplaces
State Tax @ 5%
Freight @ 5%
UNlT 3S ($25,630.00 +15,000.00)
MlSCELLANEOUS
GRAND TOTAL
,-..,
3,600.00
7,700.00
6,000.00
1,300.00
700.00
1,000.00
2,500.00
500.00
$ 23,300.00
1,165.00
1,165.00
$ 25,630.00X5=
$ 128,J:50.00
$ 40,000.00
$ 15,000.00
194,150.00
....
"
.
-.
" .
,-.."
AFFIDAVIT
REGAIIDING UPGRADING OF CONDOMINIUM PROPER.TY
AT 825 East Hopkins Avenue
Si.p;nature Pa.p;e
Robert L. Silverman
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
Subscribed and sworn to before me this _ day of
, 1983 by ROBERT L. SILVERMAN.
Witness my hand and official seal.
My Commission expires:
Notary Public
Address of Notary:
,-'
..
","
"
~..-
.
"
,-,
,-..,
AFFIDAVIT OF APPLICANT
PITKIN CO. INC.
A PENNSYLVANIA CORPORATION
Robert L. Silverman is the sole officer and is
co-director and a 33 1/3% shareholder with 66 2/3% voting
rights of Pitkin Co. Inc., a Pennsylvania Corporation, the
general partner of Pitkin Partners Special Properties I Ltd.,
a Pennsylvania limited partnership.
On behalf of the
applicant, and with the full authority of the limited
partnership, the undersigned hereby states that the
information, documentation and facts contained in the
application to the City of Aspen for timeshare approval of
properties known as East Hopkins Condominiums, are true and
accurate and that all requirements of the application section
of Ordinance Number 52 Series of 1982, Section 1 (D)
procedure, shall be and are binding upon all successors and
assigns of the applicant.
The undersigned, being first duly sworn, upon his
,,'
oath states that the foregoing information set forth in this
affidavit are true and correct to the best of his knowledge
and belief.
Robert L. Silverman
\
,JIfA"\
,-..,
STATE OF COLORADO )
) ss.
COUNTY OF PITKIN )
Subscribed and sworn to before me this day of
, 1983 by ROBERT L. SILVERMAN.----
Witness my hand and official seal.
My Commission expires:
Notary Public
Address of Notary:
/'*'.,
("'-"
REFERENCES FOR
Pitkin Co. Inc.
Pitkin Partners Special Properties I
Robert L. Silverman
Harmen S. Spolan, President
J,effersonBank
31 S. 18th Street
Philadelphia,PA 19103
(215) 564-5040
Samuel P. Miles, 3rd
Assistant Treasurer
Industrial Valley Bank
17th & Market Streets
Philadelphia, PA 19103
(215) 496-4212
Michael J. Rotko, Esquire
1800 Penn Mutual Tower
510 Walnut Street
Philadelphia, PA 19106
(215) 922-5056
Charles E. Humphrey, Esquire
Kirkland & Ellis
1225 17th Street, 28th Floor
Denver, CO 80202
(303) 291-3000
Abe Fuchs
172 Kenny Court
Santa Cruz, CA 95065
Martin R. Warshaw
2279 Mershon Drive
Ann Arbor, MI 48103
(313) 769-1563
James C. Calaway
1220 Americana Bldg.
811 Dallas Street
Houston, TX 77002
(713) 654-8960
"
Lawrence G. Spielvogel,
Wyncote House
Wyncote, PA 19095
(215) 887-5600
P.E.
William G. Stirling
Stirling Homes
600 E. Main Street
Aspen. CO 81611
(303) 925-5757
1""\
t'lll<.!N LU., tNL.
1""\
,.
NINE MONTHS ENDED MARCH 31, 1983
INDEX
PAGE
~
ACCOUNTANTS' REPORT
1
FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS:
STATEMENT OF ASSETS AND LIA8ILITIES ARISING FROM
CASH TRANSACTIONS
2
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
3
5TAT-EMENT OF SOURCE AND USE OFCA5H
4
NOTES TO FlNANCiAL ~5TAf-EMENTS
5-6
** * . . .. * *
,,'
,-..,
,-..,
~
0-
~
cv~~~
Officers and Oirectors
Pitkin Co., Inc.
Meadowbrook, Pennsylvania
We have reviewed -the aCcompanying statement of assets and liabil-
ities ariSing from cash transactions of Pitkin Co,., Inc. as of March 31,
1983, and the rela-t-ed s~atements of reventJes collected and expenses paid,
and so~rce and use of cash for the nine months then ended, in accordance
with standards established by the American Institute of Certified Public
Accountants. All information included in these financial statements is the
representation of the management of Pitkin Co., Inc.
A review consists principally of inquiries of company personnel
and analytical procedures applied to financial data. It is substantially
less in scope than an examination in accordance with generally accepted
auditing standards, the objective of which is the expression of an op~n~on
regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
As described in Note 1A, -the Company's policy is to prepare its
financial s'tatetll,ents on the basis of cash receipts and disbursements; con-
seqt.lently, cectainrevenue and the related assets are recognized when
received ~ather than when earned, and certain expenses are recognized when
paid rat~ than when -the obli9ation is incurred. Accordingly, the ac-
companying financial statements are not intended to present financial posi-
tion and results of operations in-conformity with genera1J.y accepted ac-
coonting prfncipl-es.
Based on our review, we are not aware of any material modifica-
tions that should be made to the accompanying financial statements in order
"for them to be in conformity with the basis of accounting described in No.te
,; 1A.
:r..~ ..f ~
Certified Public Accountants
May 17, 1983
100 PRESIDENTIAL BOULEVARO . BA:'A CYNWYD. PENNSYLVANIA 19004 . (215)839'3422
~
r'\
,-..,
PITKIN CO., INC.
STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS
MARCH 31, 1983
ASSETS
Cash
Cash Equivalent
Advances to Partne.ships
Prepaid Taxes
Investments in Partnerships at Equity _
(Cost $56,000)
LIABILITIES
Advanc,es f-rom Officer
5 TOCKHOLOERS' EQU I TY
Common stock: 1ti! Par; Authorized 100,000 ShlH'es;
Issued and Outstanding 40,000 Shares;
10,000 Shares in Treasury
Capital in Excess of Par
Retained Earnings
$ 400
111,600
16,900
Less: Treasu.y Stock at Cost
$128,900
5,500
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
$ 21,830
50,000
51,011
725
18,624
$142,190
$ 18,790
$ 18,790
123,400
$142,190
.
,-.."
- ~ -
,,-..,
PITKIN CO., INC.
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
NINE MONTHS ENDED MARCH 31, 1983
fEE INCOME RECEIVEO
OPERATING EXPENSES:
Advertising
Professional Services
. Taxes and licenses
Insurance
Office Expenses
Telephone
Travel
INC~ME FROM OPERATIONS
OTHER INCOME (CHARGES):
Interest Income
Share of Partnership Losses
INCOME BEfORE fAXtS
INCOME fAXES
NET INCOME
RETAINED' EARNINGS - BEGINNING
RHAINED EARNINGS - ENDING
SEE NOTES TO FINANCIAL 5TATEI-lENTS AND ACCOUNTANTS' REVIEW REPORT
$46,670
$ 316
2,300
1,675
1,760
6,799
1,850
10,236
$24,936
$21,734
$ 457
( 19,236)
($18,779)
$ 2,955
720
, $ 2,235
"
14,665
$16,900
~
- 4 -
,-..,
PI TKIN CO., lNC.
STATEMENT OF SOURCE AND USE OF CASH
NINE MONTHS ENDED MARCH 31, 1983
CASH PROV WED:
Ne,t Income
Acle!: Share of Partnership Loss Not Requiring Use of Cash
Cash Provided by Oparations
Officer's Loan
Distributions Received from Partnership Investments
Issuance of capital Stock
Repayments from Partnership
Total Cash Provided
$ 2,235
19,236
$ 21,471.
29,100
3,400
100,000
32,714
$186,685
CASH APPLIED:
Pu~chase and Calls - Limited Partnership Investments:
Pitkin Partners
Pitkin Partners II
Pitkin Partners Special Properties I
Pitkin Partnet>s II I
Pitkin Partners V
Pitkin Partners VI
Pitkin Partners Special Properties I I
$ 500
, 500
15,000
500
6,500
3,000
2,625
Advances to Pa~tnerships
LOans Payable
Taxes Payable
Acquisition of Treasury stock
Total Cash Applied
$ 28,625
68,628'
11,238
3,467
5,500
$117,458
INCREASE IN CASH
$ 69,227
"
CASH BALANCE - BEGlNNING
2,603
CASH AND CASH EQUIVALENT _ ENDING
$ 71 ,830
SEE NOTES TO FlNANClAL STATEMENTS AND ACCOUNTANTS' REVlEW REPORT
,-
,-..,
PITKIN CO., INC.
NOTES TO fINANCIAL STATEMENTS
NINE MONTHS ENDED MARCH 31, 1983
1. SUMMARY Of SIGNIFICANT ACCOUNTING POLICIES:
A. Method of Accounting:
The accounts of the Company are maintained, and the acCompanying financial
statements have been prepared, on the cash basis, except that they include a
prOvision for income tax and adjustments of partnership investments (Note
18).
B. InVestments in Partnership:
The 'Company owns one Limited Partner$hip Interest each in Pitkin Partners,
Pitkin Partners II, Pitkin Partners V, Pitkin Partners VI, and one-half
limited Partnership Interest in Pitkin Partners Special Properties I. These
investments are stated at their underlying equity at the end of each partner-
ship year on December 31.
2. TRANSACT:IONS WITH RELATED PARTNERSHIPS:
A. Obligations of General Partner:
The Company is liable as General Partner for the debts of this Partnership.
Such debts are limited to recourse to the real estate Ol\fled by the Padner-
ships and other liabilities are not considered to be material to the finan-
cial condition of the Company in the event that any are not paid by the
celated Partnerships.
B. Management fees:
The Company is the Co-rporate General Partner of Pitkin Partners, Pitkin
Pa<<ners II and Pitkin Partners I II, Pitkin Partners IV, Pitkin Partners V, ,
Pitkin Partners VI and Pitkin Partners Special Properties I, and is entitled
to fe,es for management of the Partnerships' business.
The unpaid portion of these fees is not included in these financial state-
ments as income and receivables since the statements are on a cash basis.
The fees shall be comprised of an amount equal to (A) an annual fee of 10% of
the net cash flow from the rental properties before debt service and capital
improvements and replacements; plus (8) 5% of the total acquisition cost of
any property acquired for the PartnerShips, except for Pitkin Partners
Special Properties I from whom the fee is $75,000.
SEE ACCOUNTANTS' REVIEW REPORT
.
r-.
- 6 -
,-..,
PITKIN CO.. INC.
NOTES TO FINANCIAL STAfEMENTS _ CONTINUED
NINE MONTHS ENDED MARCH 31,' 1963
2. TRANSACTIONS WITH RELATED PARTNERSHIPS _ CONTINUED:
8.MClnClg~ment Fees - Continued:
fee activity from the inception of the corporation to March 31, 1983 was:
Pitkin Partners,
Pitkin Partners II
Pitkin Partners III
Pitkin Partners IV
Pitkin Partners V
Pitkin Partners VI
Special Properties I
fEES
EARNEO
$ 45,484
26,896
20,580
21,588
20,641
6,420
76,709
,
C. Pitkin Investments., Inc.:
$218,318
The president and majority sharehOlder of the Company has formed Pitkin
Investments, Inc., which is a registered broker/dealer and which sells
partnership interests without compensation in limited Partnerships in which
the CompClnY will be the Corporate General Partner. The expenses of Pitkin
Investmen,ts, Inc . are reimbursed by the Company .
'SEE ACCOUNTANfS' REVIEW REPORT
kv
.. 0,',
":'1
.....,. ,
"
<~" .
".',
~:
-'f..
-, '
....'~.
"....;...,...
~:;.,.. ~ '.~
~"';...
~:>:~.
'"~. .
, "~;!
,,'tit. .
~,
~KIN PARTNERS SPECIAL PROPERT[~[
PERIODS ENDED DECEMBER 31, 1982 AND 19B1
I N D E X
PAGE
ACCOUNTANTS' REPORT
1
FINANCIAL STATEMENTS ON A MODIFIED CASH BASIS:
STATEMENT OF ASSETS AND LIA8ILITIES ARISING FROM
CASH TRANSACTIONS
2
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
3
STATEMENT OF PARTNERS' CAPITAL ARISING FROM
CASH TRANSACTIONS
STATEMENT OF SOURCE AND USE OF CASH
NOTES TO FINANCIAL STATEMENTS
4
5
6-6
.. * .. * .. .. * *
....
"
,-..,
,-..,
Q~
&
~
CQ'~~~
Partners
Pitkin Partners Special Propetties I
Meadowbrook, Pennsylvania
We have reviewed the accompanying statements of assets and liabil-
ities arising from cash transactions of Pitkin Partners Special Properties I
as of December 31, 1982 and 1961, and the related statements of revenues
collected and expenses paid, partners' capital, and source and use of cash
for the periods then ended, in accotdance with standards established by the
American Institute of Certified Public Accountants. All information includ-
ed in these financial statements is the representation of the management of
Pitkin Partners Special Properties I.
A review consists principally of inquuLes of company personnel
and analytical procedutes applied to financial data. It is substantially
less in scope than an examination in accotdance with generally accepted
auditing standards, the objecUveof which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
As described in Note lA, the Company's policy is to prepare its
financial statements on the basis of cash receipts and disbursements; con-
sequently, certain revenue and the related assets are recognized when
received rather than when earned, and certain expenses are recognized when
paid rather than when the obligation is incurred. Accordingly, the ac-
companying financial statements are not intended to present financial posi-
tion and results of operations in conformity with generally accepted ac-
counting prinCiples.
8ased on our reviews, we are not aware of any material modifica-
tions -that should be made to ,,the accompanying financial statements in order
for them to be in conformity'with,,'the basis of accounting described in Note
1A.
~~~
Februaty 15, 1983
100 PRESrOENTIAL BOULEVARD. BALA CYNWYO, PENNSYLVANIA 19004 . (215) 839,3422
I"""'-.
~ 2 -
I"""'-.
PITKIN PARTNERS SPECIAL PROPERTIES I
ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS
DECEM8ER 31, 1982 AND 1961
ASSETS
PROPERTY AND EQUIPMENT _ AT COST
Less: Accumulated Depreciation
1982 1981
$1,007,748 $900,043
137,520 20,950
.
$ 670,228 $879,093
CASH IN BANK
15,041
5,679
TREASURY BILLS, AT COST WHICH APPROXIMATES MARKET
19,523
PARTNERSHIP ORGANIZATION COSTS - NET OF AMORTIZATION
5,750
7,250
GENERAL PARTNER
"
. $ 1,000 $ 1,000
69, 128 60,745
$ 90,128 $ 61,745
$ 896,699 $911,745
REVIEW REPORT
LIMITED PARTNERS
SEE NOfES TO FINANCIAL SfATEMENTS AND ACCOUNTANTS'
,-..,
- 3 -
.-,
PITKIN PARTNERS SPECIAL PROPERTIES I
STATEMENT OF REVENUES COLLECTED AND EXPENSES PAID
PERIODS ENDED DECEMBER 31, 1962 AND 1981
$ 26,273
1982 *1981
($ 10,000) ($65,000)
( 745)
6,149 194
( 225)
( 7,616)
($ 12,212) ($65,031)
($ 95,297) ($68,305 )
116,570 20,950
($211,867) ($89,255)
RENTAL INCOME
EXPENSES - OTHER THAN DEPRECIATION:
Mortgage Interest
Office Expense
Amortization, Organization Costs
Rental Operating Expenses
Travel
Real Estate Taxes
Accounting
Legal
Interest - Capital Lease
$ 78,115
1,312
1,500
6,996
687
5,179
1,500
10,550
1,519
$109,358
NET (LOSS) FROM RENTAL OPERATIONS - BEFORE DEPRECIATION
($ 83,085)
OTHER INCOME (CHARGES):
Management Acquisition Fee - General Partner
Management Fee - General Partner
Interest Income
Property Acquisition Costs - Deductible
Expenses Incurred to Obtain Time-Sharing
NET (LOSS) BeFORE DEPRECIATION
DEPRECIATION
NET (LOSS)
ORDINARY (LOSS) PER $50,000 LIMITED PARTNERSHIP INTEREST
($ 26,483)
* October 25, 1981 (inception) to December 31, 1981.
SEE NOTES TO FINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
$ 6,050
$ 6,000
2,295
250
1,538
1,241
$11,324
($ 3,274)
($11,157)
$ 1,000
$ 1,000
,,'
"
$ 1,000 $ 1,000
~
~
- 4 -
PITKIN PARTNERS SPECIAL PROPER rrES !
STATEMENT OF PARTNERS' CAPITAL ARIS!NG FROM CASH TRANSACTIONS
PER roDS ENDED DECEMBER 31, 1982 AND 1981
LIMITED PARTNERS
PARTNERS' CAPITAL CONTRIBUTIONS
1982
$240,250
NET (LOSS) 8EFORE DEPRECIATION
( 95,297)
$144,953
DEPRECIATION
116,570
$ 26,363
CAPITAL BALANCE - JANUARY 1
60,745
CAPITAL BALANCE - DECEMBER 31
$ 89,126
GENERAL PARTNERS
BALANCE - JANUARY 1
CAPITAL CONTRIBUTIONS
BALANCE - DECEMBER 31
· October 25, 1981 (inception) to December 31, 1981.
SEE NOTES TO FINANC!AL STATEMENTS AND ACCOUNTANTS' REV!EW REPORT
.1981
$150,000
( 66,305)
$ 61,695
20,950
$ 60,745
$ 60,745
r>,
- 5 -
,-..,
PITKIN PARTNERS SPECIAL PROPERTIES I
STATEMENT Of SOURCE AND USE Of CASH
PERIODS ENDED DECEMBER 31, 1962 AND 1961
CASH PROVIDED:
limited Partners' Capital Contributions
General Partner' sCapital Contributions
Cash Provided by"Partners
Redemption of Treasury 8ills
Total Cash Provided
CASH APPLIED:
Net (Loss)
Less: Depreciation and Amortization
Cash Used in Operations
Purchase of Property and Equipment _ Net of
Mortgages Issued or Assumed
Purchase of Treasury Bills
Payment of Organization Costs
Advance to Condominium Association
Payments of Mortgage Pt'incipal:
first Mortgage (in full)
Purchase Money Mortgage
INCR€ASE IN CASH BALANCE
CASH BALANCE - BEGINNING
CASH BALANCE - ENDING
* October 25, 1981 (inception) to December 31, 1981.
SEE NOTES TO fINANCIAL STATEMENTS AND ACCOUNTANTS' REVIEW REPORT
1962 *1981
$240,250 $150,000
1,000
$240,250 $151,000
19,523
$259,773 $151,000
($211,867) ($ 89,255)
118,070 21,200
$ 93,797 $ 68,055
39,011 50,043
19,523
7,500
7,680
109,000
1,123
$250,611 $145,121
$ 9,162 $ 5,879
5,879
$ 15,041 $ 5,879
~
- 0 -
,-..,
PITKIN PARTNERS SPECIAL PROPERTIES I
NOTES TO FINANCIAL STATEMENfS
PERIODS ENDED DECEMBER 31, 1982 AND 1981
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. Method of Accounting:
The accounts of the Company are maintained, and the accompanying financial
statements have been prepared, on the cash basis, except that they include
provision for depreciation of property and equipment and interest (points)
and organization costs.
8. Organization:
The Partnership was organized on October 25, 1981 as a Limited Partnership
under the laws of Pennsylvania.
C. Property and Equipment and Depreciation:
Property and equipment are stated at cost. Depreciation is provided by use
of Accelerated Cost Recovery System of the Internal Revenue Code.
D. Partnership Organization Costs:
Professional fees, duplicating and other costs relating to the organization
of the Partnership are amortized over five years.
2. PROPERTY AND EQUIPMENf:
Property and equipment are summarized below:
ASPEN, COLORADO
5 UNITS
Buildings and Improvements
Furnishings
$ 914,801
92,947
$1,007,748
137,520
$ 870,226
Accumulated Depreciation
fhe properties are o""1ed by the Partnership.
collateral for the Purchase Money Mortgage.
properties.
The properties are pledged as
This lien is limited to the
SEE ACCOUNTANTS' REVIEW REPORT
.
I'""'-
PITKIN PARTNERS SPECIAL PROPERTIES [
- / -
,-..,
NOTES TO FINANCIAL STATEMENTS _ CONTINUED
PERIOOS ENOEO DECEMBER 31, 1982 AND 1981
3. PURCHASE MONEY MORTGAGE:
Purchase Money Mortgage _
Payment in full is due on May 1, 1967.
$739,B77
Monthly payments for pr incipal and interest (14%) are $8,779.
The Partnership is obliged to seek to refinance the Purchase Money Mortgage each
April 1 during its 5 year term, but such refinancing is limited to 14% interest,
30 year amortization, 10 year term and 2 point placement fee. If properties have
been sold in the interim, the amount of refinancing is to be reduced
pt'oportionately.
The Partnership is obligated to pay to the holder 0 f the Purchase Money Mortgage
certain amounts on account of principal from the proceeds of the sale of any of
the individual properties during the term of the Mortgage.
4. PARTNERS' ACCOUNTS:
The Associate General Partner has contributed $1,000 to the Partnership.
6 Limited Partnership Interests of $50,000 each have been purchased.
The Limited Partners are subject to call by the Corporate General Partner to
furnish additional funds for debt service and expenses of $6,600 maximum on July
1, 1983 and thereafter, and an additional $4,400 after January 1, 1984, total ing
$11,000 per full Limited Partnership Interest.
Distt'ibutions of available cash are to be made to the Limited Partners until they
have recovered all of their capital contributions and calls, plus a 5% annual
credit on theit' capital contributed.
Thereafter, available cash shall be distributed as follows:
Limited Partners
Corporate General Partner
Associate'General Partners
75%
24%
1%
"
Certain of the Limited Partners are members of the Partnership's law firm which
received $16,050 for legal fees and reimbursement of expenses.
5. INCOME TAXES:
No provision has been made for income taxes since such taxes, if any, are the
liability of the individual partners.
SEE ACCOUNTANTS' REVIEW REPORT
.
t""'\
- tI -
,-,'
PITKIN PARTNERS SPECIAL PROPERTIES I
NOTES TO FINANCIAL STATEMENTS _ CONTINUED
PERIODS ENDED DECEM6ER 31, 1982 AND 1981
6. MANAGEMENT FEE:
The Co~porate General Partner shall be entitled to an annual fee for management of
the Partnership's business.
The fee shall be comprised of an amount equal to (A) an annual fee of 10% of the
net cash flow from the rental properties before debt service and capital improve-
ments and replacements; plus (8) $75,000, which was paid.
From the inception of the Partnership to December 31, 1982, the annual fee was
$1,7D9, of which $964 is unpaid and not included in these financial statements
since they are on the cash basis, but remain a liability of the Partnership.
AccQi'ding to the Confidential Memorandum dated August 12, 1961, no assurance can
be given as to the deductibility of these fees for federal income tax purposes if
they are ultimately determined to have been paid to a partner in its capacity as a
partner rather than for services rendered.
7 . FURN I TURE LEASES:
Leases for furniture costing $70,779 are in effect . These leases are collateral
for a second mortgage. The leases, including interest, are to be paid over a 60-
month period beginning December 1, 1982. When the leases have been paid in full,
the Partnership will own the furniture. The total lease cost will be $95,503,
including interest. Monthly payments are $3,604 for 24 months, then $250 for 36
months.
8. TIME-'SHAR ING:
Aspen, Coloi'ado adopted a time-sharing ordinance in January 1963, which includes
the property owned by the Partnership. In order to obtain this ordinance the
Partnership expended $7,616 in 1982 and additional expenditures have been
incuri'ed. Furthermore, the General Partner intends to obtain the right under this
ordinance to qualify the Partnership's property for time-sharing.
....
"
SEE ACCOUNTANTS' REVIEW REPORT
j
/"
~
i""'"
General Partner will be obligated to present to the Partner-
ship any partieular investment opportunity which comes to its
or his attention even if such opportunity is of a character
which might be suitable for investment by the Partnershi.p
(see "Conflicts of Interest"). The foregoing provision ex-
cuses the General Partners from the fiduciary duty (to whic:h
they mi~ht otherwise be subject) not to compete with the
Partnership for investment opportunities.
MANAGEMENT
-'J:he Partnership will be managed by the officers
and directors of the Corporate Gene,ral Partner and by the
Associate General Partner. 'The investors as limited partners
will ,have no right to participate in the management of the
Partnership or to change the management of the Partnership;
except where hoth of the General Partners are unable to serve,
in which, case the limited partners may as a group elect or
appoint new general partners for the Partnership. The Gen-
eral Partners are not b'ound to remain general partners, but
they may not transfer their interests as General Partners
except to another General Partner.
The General Partners will generally have responsbil-
ity for all aspects of the Partnership's operations. The Gen-
e~al Partners will have primary responsibility for 'the initial
selection, evaluation and negotiation of investments for the
Partne~ship and will provide all executive, supervisory and
certain,adminstrative Services, for the Partnership's o~=:a~_______, ' ,
tions (other than the management of its individual pro~, '
ties). Such services will include overall responsibility for '
determining how and by whom the properties should be managed,
whether and when, and on what terms, any property should be
sold or refinanced, and what steps can be taken "to provide the
most advantageous tax treatment for the Partnership's income.
"
Local .pI:'operty management firms and/or an On-site
resident manager will be retained in order to provide day-to-
day management and rental functions for the properties . They"
will not be Affiliates of the General Partners. The Partner-
ship will pay the fees of any such firms and manager, esti-
mated not to exceed 10% of gross rents.
The books and records of the Partnership will be
maintained by the Corporate General Partner, subject to re-
view by independent public accountants.
-27-
I"'"'"
,
,-..,
The General Partners
PITKIN CO., INC., C.ORPORATE GENERAL PAR.TNER: Tp.e
Corporate General ~artner is a Pennsylvania corporation with
offices at Suite 700-4, Benjamin Fox Pavilion, .Jenkintown, PA
19046. The stockholders of the Corporate General Partner are
R.obert L. Silverman and J. Allen Doughe,rty" each owning one-
half of the' corporation's s,tock. Pursuant to a voting trust
agreement, the voting of all of their stock in the corporation
will be controlled by Mr. Silverman, as voting trustee, until
the earlier of 1992 or the death of Mr. Silverman. In the
,'event of Mr. Silverman's death prior. to 1992, Mr. Dougherty
will become voting trustee for all their. shares. Mr. DQugherty
is a partner in a law firm which is engaged by the General
Partners to perform legal services for them and for Pitkin
Investments, Inc.
The Corporate General Partner is also a general
partner of Pitkin Partners, Pitkin Partners II, Pitkin Part-
ners III, Pitkin Partners IV, Pitkin Partners V, Pitkin Part-
ners VI, and Pitkin Partners Special Properties I, limited
partnerships engaged in real estate investing, and it per-
forms similar management services for such partnerships as
those to ,be rendered for the Partnership.
Robert L. Silverman is the sole officer and direc-
tor of the Corporate General Partner.
The June 30, 1982 balance sheet (unaudited) of the
Corporate General Partner is set forth at the end of this
Memorandum.
ROBERT L. SILVERMAN, ASSOCIATE GENERAL PARTNER (Age
53) : President and Director, Pitkin Co., Inc, (since July,
1979); Associate General Partner, Pitkin Partners, Pitkin
Partners II, Pitkin Partners III, Pitkin Partners IV, Pitkin
V, Pitkin Partners VI and Pitkin Partners Special Properties
I, limited partnerships organized in July, 1979, March, 1980,
April, 1981, November, 1981, July, 1982, December, 1982, and
""October, 1981~ respectively, each of which is engaged in real
' estate investing. Active investor and manager of properties
in Aspen, Colorado and elsewhere, individually and, since 1974,
in management of family~owned commercial real estate. Sole
shareholder, director and President of Pitkin Investments,
Inc., a corporation organized by Mr. Silverman in 1980 pri-
marily to sell securities of partnerships and other entities
sponsored by him. Owner and operator of two retail women's
ready to wear shops in the Philadelphia area from July, 1976
to July, 1979.
-28-
OJ!
. ~
'E'D
. c
g .
- -
~ l en
5: z
.:-! 0
g,i ;::
Au <(
... .;.I
E: 0
at 5=
vi ..J
:.. -<:(
g,: z_
~ ~
g; ~
is 5
'_:I> .
e'D W
";:i I-
5 ~ ::>
..... t:
o.! ....
.... '" C (f)
-; ~,.2 Z
~ t :0
)0 ~ _ 0
'Q 2 ~ r
e D - ~
;::.~ 00::::
a ..... c::;;:
C : :::'(1)
0;01-
c c. 0
1!;;.2: <(.
:]tu..
E ....; u..
!~:SO
;s g ." en
)O"2Z
:ig;o
, ,e U :: in '
E ~,~'~
~;e~
~:.:O
.~.,S,.~.a:
'~, -t.~O.
; :.~~.
.g, .~. !'.Z'
. ......w.
~.~ ,:~;; :E
.;:.: s'w
S c~ 1:1-
" .s: ':t<C
c .:! ; f-
~.f ~,~
ic.!I!-
:: .. t: :E
~5 ~ ...J
e-= a<(
"'j~Z
2,...20
-='Q.t;::
;;ejiz
g g 'i ~
':S;Z
SsS-
:! ! '0
::a ... ...
~ s !
... . -
n
...<irledule 0 of FORM 80
.,-.."
OFFICIAL USE
tf/it.li>./::::;~; :?tfit:]#~i~~J:::~::'~
fl~.ti;,::Y;,1~~li~IJ~l'~~,f.!'
Date 8S stated on the ex"
ecution page of FORM eo
occomv7:;i;7edUI0:
IRS Empl. Ident. No.:
12<1_
204-20-4550
,
(e' Country:
USA
IV. NNAes USED: Furnish below a Uft of all names individual has been known .bV or has used ineluding maiden nameifapplicabfe. Ifno "
other names usedf'ltateHNone.H
Last First Middle
Central High School
University of Delaware
Phila.
Newark
PA
DE B.A
194'7
1950
(Answers in response to ITEM 12 of FORM BD.)
NOTE: (a) Complete a separate Schedula 0 for each natura' person namecHnltems 2(a'.80r 9, or any
Schedule thereunder. except that Schedule 0 need not be furnished for any person whomeeu both
of the foltowing conditions: (1 J he owns less than 10% of any class of equity security of applicant
and(2J haisnot an officer. director. or person with similar status or functions.
(bJ Complete a separate Schedule 0 for each person subject to any action reported under hem 10.
(e. State all names in the oroerof last name, first name, full middle name.. If any person legally has onty
ananitial,ro.indicate after the initial. .
I. Full nemeof applicantel(8ctly asitated in Item 2(a) of Form eo':
, Pitkin Investments Inc.
u. Fuflname of person for whom,this'Scheduleisbei'ng completed:
,
, '
IRS Empl.
Ident. No. or
Sac. Sec. No.:
v. C:OUcATI0N:Fumish below a description oftheeducation for the 'person named in Item It of this Schedule Cindtide name andlocati,on ofltlst
high sehooJ 8ttended, name end location of any college or university attended. degree received and year it Was receivedJ
Robert L. Silve=an
Ul. IlIl Resid......dd'ess of penon:
(Number Ind Street, City, Store, ZIP Code}
VI. BUStNESS BACKGROUND: Furnish below a camplett.consecutive statement,of aU business experience and employment for the pMtten
yean.Un the18st position first. If none. state "None."
937 Dale Road
Meadowbrook
PA
19046
8egJnninolJiate
.. 'Mo. Yr.,.
Ending Date
Mo. Yr.
, "
: ,~:; },~9
"(" 75
(bl Oo.eof Birth:
leI City of Birth:
Cd) State or Province:
:3,.. 76
.:=u:.~..'
50
,
,
VII.. PRoceEOINGS: Jf any 8tm.'I/'et' to any paragraph of (tem 10 is "Ves"with respe(:tto the perronf'or whom this Schedule is being C9mpleted. '
furnish the following details: Nt A
"
~
Z
'"
<(
::
1/12/29
Phila.
PA
Applicable
Part and
Question
of It ern 10
Title or Description
afAction
Name and Location of Court.
Agency. JUf'isdiction or
Self.Regulatory Organization
Nature and Oate of and Disposition
of Proceeding
.
I
If any item on this page is amended. you mun anWN!r in (ulla/( other items on this page and me with II completed and signed cx.eeu1'ion page. I
None
, ". '
Name of Ftrmand Addt"eS$
,
Kind of Business
" ,
. ", ':
RetaiL Stores
Exact Nature of Connection
or Employment
,..' :',
,:,Owner, '
Sel.f~!lJIl~l~y.~~ ' "
,
: ~ ..,.
5i1<:o'ID.velibiiene CompanY Inc~
,
Retail Jr. Deit.
Store Chain
....
President; Share': 1.'0-':
holder
r--
PITKIN CO. INC.
5UIIE 700..
BENJAMIN FOX PAVILION
JENKINIOWN. PA 19046
(215) 576.1200
~
February 24; l.g83
TO ALL LIMITED I?~RTNEiRS', PITKIN PARTNERS
PITKIN PARTNERS II
PITKI'N PA'RTNERS II-!
PITKIN PARTNERS IV
PITKIN PARTNERS V
PITKIN PARTNERS vr
PITKIN PARTNERS SPECIAL PROPERTIES I
Management:
On February 23; 19,83, by a unanimous action, the g,tock,
holders elected James C, Calaway, age sa, BBA: Doctor of
.Jurisprudence, University of Texas, as a Director of PitJdn Co,
Inc.
Mr. Calaway is founder and President of Southwest Minerals
Inc. Since 1955 the company; based :!:nKouston, Texas, has been
active in oil and gas exploration in several states. He is
Chairman and Treasurer ef 'FRIO Resources" Inc" Db,ector of
Amwar Petrol.eum CorpoJ!ation, D:!:rectOJ!,Gulf 'Freeway National.
Bank, Kc;>uston (Southwest.,BankshareSBank); Chairman of the Board,
H. C. Hwang and Partners, Architects and Planning Consultants,' ,
Inc. Mr. Calaway has also been active, in many educational., '
cultural and public interest organizations :!:n Texas and elsewher,e.
Mr. Calaway has acquired 2000 shares and Southwest Minerals
Inc. has acquiJ!ed 2000 shares of newly issued common stock of the
company. Mr. Calaway controls the stock of Southwest Minerals Inc,
and as a result of this transaction will control 16.66% of the
voting stock of Pitkin Co. Inc. In addition the <company has
granted 'Mr. Calaway andlor Southwest Minerals Inc. an option for
120 days after February 11, 1983 to purchase an additional 16.66%.
of the yoting stock of the company. If sa:!:d option is exercised,
Mr. Calaway will own 33.3% of the common s.tock of Pitkin, ,5:!o. Inc.
Mr. Calaway has been an active real estate investor in a number
of limited partnerships over the past 5 years, including each of
the limited partnerships sponsored by this company. His election
to the Board ,of Directors brings to this company and the partner~
l""
,,......,,
Page 2
ships additional perspective and jUdgments formed by successful
entrepreneurial management over time and strengthens the financial
base of the company.
Should you have any questions concerning this notice or any
other aspects of your partnership's activities, please call me
at 215-576-1200.
. -".'."
Sincerely,
:i ..
,.
Robert L. Silverman
President
RLS/bb
,,'
t""\
,-..,
PRIOR PERFORMANCE OF THE GENERAL PAR.TNER.S
The Corporate General Partner and Associate General
Partner have!;ponsore.d !;even other limited partnership!; !;ince
July of 1979 with inve!;tment objectives similar to tho!;e of
the Partnership. The seven prior limited partnerships, all
privately formed, are Pitkin Partners, Pitkin Partners II,
Pitkin Partners III, Pitkin Partners IV, Pitkin Partners
Sp,ecialE'r<:>perties I, Pitkin Partners V, and Pitkin Partner!;
VI.
The seven prior ,limited partner!;hips have,raised
$1,396,000 from 58 investor!;, including limited partnership
interests purchased by the General Partner!;, ,but excluding
cash calls made pursuant to the partnership agreements.
At JUne 30, 1982, the prior limited partnerships
(excluding Pitkin Partners V, which was organized on July 1,
1982, and Pitkin Partners VI, which was organized in December,
1982) had purchased 34 properties, containing 47 rental units,
as follows:
.........
-29-
';..~.;;i'~l,~_:.;_...,;:.
:.' '.~ '.::.,. .~ - ..:
..
~.'"
i
~
~,
, ....
~.
'.
.
i
,.
f""'\
Location
PITKIN PARTNERS
Glenwood Springs, CO
Washington,O.c.
Stuart, FL
. .-':"r::::",'~'.:.::...~":~.'.
. . '.. . ~-~"~ .,,_.,::,,",,-,.., . .-: .
. .~:,;3::~.~ ~
........
.........
- "
PITKIN PARTNERS II
Washington, D.C.
Stuart, FL
Denver, CO
PITKIN PARTNERS III
TyPe
1 duplex
8-unit apt.
house
4 condomin-
ium apts.
2 duplexes
,
....,.. .to.:
1 condomin-
ium apt.
1 duplex
1 triplex
1 condomin-
ium apt.
3 condimin-
ium apts.
Aspen, CO 1 condomin-
ium apt.
Washington, D.C. 1 condomin-
ium apt.
Tucson, AZ 4 condomin-
ium apts.
Stuart, FL 1 condomin-
ium apt.
-30-
,~
Purchase
Price
Mortgage
Financing
at Date of
Purchase
$ 88,129
278,000
158,439
148,785
, $673;35'3'
$ 54,702
196,000
121,061
ll6,864
$488,627
$ 58,121
61,000
101,166
46,912
200,765
$4S7,964
$ 48,475
52,000
7S, OOQ
31,732
160,lS5
$367,362
$145,129 $ll3,830
43,146 31,911
134,346 99,284
52,907 40,433
$375,528 $285,458
.f"",.,
1""\
Location
Type
Purchase
Price
Mortgage
Financing
at Date of
Purchase
PITKIN PARTNERS IV
Tucson, AZ
3 town-
houses
3 condomin-
ium apt.
lcondomin-
ium apt.
$179,700
158-..232
60,000
$156,300
141,750
46,000
Denver, CO
Ft. Myers, FL
$397,932
$344,050
PITKIN PARTNERS
SPECIAL PROPERTIES I
Aspen, CO
5 condomin-
ium Apts.
$900,04;3
$850,000
$900,043
$850,000
~'
~;,'
~.
11',
All of the foregoing 34 properties are residential
properties the aggregate purchase price of which amounted to
2,814,820. 62.5% of such a.qgregate purchase price is investe<;i,
in primary home -residential property and 37. S% is invested in
vacation type short-term -r.ental properties. Approximately 85%
of the aggregate PUl:'chase price for the 34 properties repre-
sents investment in existing properties, and 15% represents
investment in new construction that ,was purchased upon comple-
tion by the applicable partnership.
Financing for the f~~egoing 34 properties, aggre-
gating $2,338,5.44, was obtained by the respective prior part-
'nerships through the issuance or assumption of mortgages
securing the debt. Interest rates' on these mortgages were:
'-31-
I.
f.
,
i
._...8.......~.
. ,,-.......:..
"
,<
r-,
,"'""',
Interest Ra.te
Principal of Mortgages
at Dates of Purchase
Percent of"
All Mortgages
4.7%
4.6%
7-7.9%
8-8.9%
9-9.9%
10-10.9%
11-11. 9%
12-12.9%
13-13.9%
14-14.9%
15-15.5%
$ 109,000
107,792
o
187,804
590,550
171,790
285,108
840,500
46,000
$2,338,544
8.1%
25.3%
7.3%
12.2%
35.9%
1.9%
100.0%
..-.:...
'Certain of these mortgages, amounting to $285,500
(at dates of purchase) were issued with variable interest
rates which will be adjusted up or down at specific times
over the term of the mortgage. In addition, certain of the
mortgages require balloon payment.s due, in the aggregate, as
follows:
1982 - $109,000 (paid 4/1/82)
1983 - $ 43,000
1984 - none
1985 - $ 80,817
1986 - $ 8,156
1987 - $833,173
The remainder of the mortgages amortize over their fixed
terms, ranging from 11 to 30 years.
With respect to ,Pitkin Partners V, which was orga-
nieed on July I, 1982: In July, Pitkin Partners V purchased
a condominium apartment in North Ft. Myers, Florida for $75,000,
financed by (i) the assumption of a $42,790 first mortgage at
9-1/4%, amortizing oyer 20 years with approximately 16 years
remaining, and (11) a $15,990 purchase money second mortage
from the seller at 12%, amortizing on the bas.is of a 30-year
term with a balloon payment due in 1989. In AUgust, Pitkin
Partners V purchased a three bedroom single family home in a
suburb of Denver,' Colorado for $70,500, financed by the assump-
tion of a $52,500 first mortgage at 11-1/2%, amortizing over
30 years with approximately 28 years remaining. An additional
four bedroom single family home was purchased in a Denyer suburb
in late 1982, for a purchase price of $67,500, subject to a
$47,333 FHA mortgage at 9% with approximately 27 years remain-
ing. Also in late 1982, three townhouses in Tucson, Arizona
were purchased for Pitkin Partners V, at purchase prices of
-32-
.",--'. ...----.--.-..,.........---
""""
,~
approximatel.y $64,700 each, financ.ed by $52,000 FHA mortgages
for 30 year terms, one with interest at 12% and two at 12~.
Pitkin P!lrtners V expects to settle in January of 1983 on a
two bedroom condominium in North Ft. Myers, Florida, for a
,purchase price of $59,500, with a $47,600 mortgage bearing
interest at 12%, amortizing on the basis of a 30-year'term
with a balloon payment due in seven years.
All of the prior partnerships have investment ob-
jectiyes similar to those of the Partnership. Pitkin Part-
ners Special Properties I, however, was organiz.ed to acquire
properties lOcated solely in Aspen, Colorado and therefore
did not seek geographical ,distribution of its propez;-ties.
The prior performance tables that follow, Tables I
through IV, contain information as of June 30, 1982. At that
time, three properties owned by the prior partnerships have
been sold, as indicated in Table IV. Since June 30, 1982,
two additional properties have been sold: Pitkin Partners
sold its duplex in Glenwood Sprin~s, Colorado for $110,000,
and Pitkin Partners II sold one of its condominium apartments
in Denver for $95,000. All sales of properties by the prior
partn.erships have been for cash. Additionally, since June 30,
1982, Pitkin Partners V has Purchased six properties, as men-
tioned above. The accompanying tables do not reflect these
post-June 30, 1982 sales or purchases.
Since none of the prior partnerships has sold or
disposed of all of ~ts proPerties, result.s of programs com-
pleted by the General Partners are not aYailable.
Prospective investors in the Partnership will not
acquire any ownership interest in any prior partnership or
~eal estate to which the following tables relate.
The fOllowing information is given
solely to enable prospective investors
to better evaluate the experience of the
General Partners. Because of changes in
prices of real property, interests rates,
and various other factors, investors
should not construe the inclusion of the
follOWing tables in this Memorandum as
implYinq or indicating in any manner that
the Pal:'tnership will make investments com-
parable to those reflected in the tables
with respect to location, distributable
or disbursable cash, Federal income tax
deductions available to investors or
other factors.
-33-
"
1
I
I
f
I
I
f]
""""
,"'""',
.
n~
&
~
cu~~~
Officers and Directors
Pitkin.Co., Inc.
Jenkintown; Pennsylvania
, . We have reviewed the accompanying statement of assets and Habil-.
Hies arising from cash transactions of pitkin Co., Inc. as of June '30, ,
1982, in accordance with standards established by the American Instit.ute of
Certified Public Accountants. All information included in this financial
statement is the representation of the management of Pitkin Co., Inc.
A review consists principally of inquiries of company personn,el
and analytical procedures applied to financial data~ It is substantially
less in scope than an examina.tion in accor.dance with generally accepted aud-
iting standards, the objective of which is the expression of an opinion re-
garding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
As described in Note 1A, the Company's policy is to prepare its
financial statements on the basis of cash receipts and disbursements; con-
sequently, c.ertain r.evenue and the related assets are recognized when re-
ceived rather than when earned, and certain expenses are recognized when
paid rather than when the obligation is incurred. Accordingly, the ac-
companying financial 'statement is not intended to pr.esent financial position
in conformity with generally accepted accounting principles.
Based on our review, we are not aware of any material modi fica-
tionsthat should be made to the accompanying financial statement in order
for it to be inconfomi:ty with the basis of accounting described in Note
1A.
,.'
I~fC~
Certified Public Accountants
August 12, 1982
100 PRESIDENTIAL BOULEVARD. BALA CYNWYO. PENNSYLVANIA 19004 . (215)839.3422
-73-
.~
., ,
~ ..
LII
.' ,
,
t
lJI
,
~,
~
~
iJJ
f.I
tII
r
~
r-
tJII.
~
.r-
't
III
i
III
(
r-
r.,
,
r-
"
,
~
I;
nt
tit
f"
r-,
,
- 2 -
"'""',
STATEMENT OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS
JUNE 30, 1982
PITKIN CO., INC.
ASSETS
,
Cash
Advances to Partnerships
Advances to Officer
Investments in Partnerships at Equity _
(Cost $34,515)
.
"
Loans Payable
Payroll Taxes Payable
Income Taxes Payable
LIABILITIES
STOCKHOLDERS' EQUITY
Common 5tock: 1 ~ Par; Authori...:ed 100,000 Shares;
Issued and Outstanding 30,000 Shar'es
Capital in Excess of Par
Retained Earnings
....
.-
SEE NOTES TO FINANCIAL STATEMENT AND ACCOUNTANTS' REVIEW REPORT
-74-
$ 300
11,700
14,665
$ 2,603
15,.097
10,310
, 12,635
$40,645
$11,23B
7BO
1,962
$13,980
26,665
$40,645
.
,
1.
I"""
."""""
- 3 -
PITKIN CO., INC.
NOTES TO FINANCIAL STATEMENT
YEAR ENDED JUNE 30, 1982
1
I
j
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
A. Method of AccountinQ:
The accounts of the Company are maintained, and the accOCllpanyirig financial
statement has been prepared, on the cash basis, except that they include a
provision for federal income tax for the year ended June 30, 1982 and adjust-
ments of partnership investments (Note 1B). j
B. ,Investments in Partnership:
:r.he Co~panyowns one Limited Partnership interest each in Pitkin Partners, I
'Pitkin Partners' II' and Pitkin Partners 'Y, and one-half limited Partnership"
interest in Pitkin Partners Special Properties I. These investments are
stated at their underlying equity at the end of each partnership year on De-['
cember 31.
I
2. TRANSACTIONS WITH RELATED PARTNERSHIPS:
It
A.
Management Fees:
~
The Company is the Corporate General Partner of Pitkin Partners, Pitkin
Partners II and Pitkin Partners III, Pitkin Partners IY, Pitkin Partners V .
and Pitkin Partners Special Properties I, and is entitled to fees for managetl
ment of the Partnerships' business. ' IJ
The unpaid portion of these. fees is not included in thi.s financial statementl"l
as income and receivables since the statement is on a cash basis. However, IJ
the unpaid balance of $12.914 remains a liability of the Partnerships to the
Company as at June 30, 1982.
B.
.
lIJ
Obligations of General Partner:
The Company is liable as General Partner for the debts of the Partnerships. iin
Such debts are limited to recourse to the real estate owned by the Partner-g"J
ships. Any other liabilities are not considered to be material to the finan-
cial condition of the Company in the event that any are not paid by the ~,.
related Partnerships. IU
C.
Pitkin Investments, Inc.:
The President and majority shareholder of the Company has formed Pitkin In-II)
vestments, Inc., which is a registered broker dealer and which sells partner:-
ship interests without c:ompensation in Limited Partnership in which the Ih'
Company will be the Corporate General Partner. The expenses of Pitkin ell
Investments, Inc. are reimbursed by the Company.
IJ
IJ
SEE ACCOUNTANTS' REVIEW REPORT
-75-
...-
,~
r-,
James J. MolUca&ASSOGliltes"n~
Real Estate Appraisers and Consultants
Scott M, Bowie. R.M.
Randy Gold
Bill Whaley
Associate Appraisers
AN APPRAISAL
OF
SILVERMAN UNIT
EAST HOPKINS CONDOS UNIT 2S
ASPEN. CO 81611
March 10. 1983
'.
,,,-.,,
FOR: Mr. Robert L. Silverman
c/o Bill Sterling
Sterline Homes
600 East Hyman Avenue
Aspen. CO 81611
.......--.
The valuetion study end Certification which follows ere expressly
subject to !,be essumptions. contingencies end limiting conditions at.
tachad. togathar wi!,b any special limiting conditions speclfically dis-
CWlsad In !,be raport.
iJ^1A \
II
.
James J. Mollica. M.A.I.
Apprabet-Conaultt;r"
Crystal Palace Buildinge 300 East Hyman Avenue. Aspen, Colorado 81611 . 3031925.8987
r""
,-,.
James J, MolllcR& AggOclates,ln~
Real Estate Appraisers and Consul1anls
Aspen, Colorado
Cryn.IPal.ce Building. 300 elU Hyman AvenlJe. Aspen. Colorado 81611 .303/925.8987
March 10, 1983
Mr. Robert L. Silverman
c/o Bill S~erling
S~erl1ng Homes
600 Eas~ Main S~ree~
Aspen, CO 81611
RE: An Appraisal of ~he Silverman Uni~, Eas~ Hopkins Condominiums
Uni~ ~S, Aspen, CO 81611
Mr. Silverman:
In accordance wi~h your reques~, we have ga~hered and analyzed
applicable marke~ da~a for ~he purpose of es~ima~ing ~he subjec~'s
Market Value (most probable selling price) as of March 10, 1983.
Please note that this valuat:i.on is being offered in a form report
summar:i.zing all the data considered germane to the valuation of the
subject property. Contained in our files is additional information
which may be reviewed if necessary. We also note that the SUbject
property has been appraised on an unfurnished basis.
We are appraising all of the units in ~he subject complex. Unit ~S
has been selected as one of.the models and is examined in detail in
the body of this report. We use this appraisal to also value Units
IS, IN and 2N located on the first and second floors of the subject
complex. We have been asked to appraise the subject units on a cash
basis. It is also our understanding that real estate commission may
not be applicable in regards ~o ~he function of this report. For
~his reason, we have also included a value for ~he subject units
without real es~ate commission.
Our conclusio.n of the value of ~he above foul' units, as of March 10,
1983, on a cash basis, is as follows:
Unit ~-South:
Unit 2-North:
Unit 1-North:
Unit 1-South:
Total:
--
$180,000
175,000
165,000
Hlo;.O,oo
$685,000
We no~e that all our comparable sales and our final value estimate
include 6% real estate commission, that typical in our area. Should
~he function of this repor~ dictate tha~ real estate commission is
not applicable, we suggest it be deducted as follows:
Value of ~he Subject Units With Commission:
Less 6% Commission:
Rounded:
$685,000
(41,100)
643,900
$640;.000
Value of the Subject Units Without Commission:
Scon M. Bowie, R.M.
Randy Gold, R,M.
Associate Appraisers
11
James J. Mollica, M.A,I.
Apprals.r.Consult.nt
,",:
""""
.'-"
Attached is our report containing the supporting market data and
exhibits from which, in part, we have based our opinion. If we can
be of any further assistance in the interpretation or application of
the findings in this report, please do not hesitate to call.
Thank you for this opportunity to be of service.
Sincerely,
~~
~
Scott M. Bowie, R.M.
Associate Appraiser
'.
-.....
,
Bor,row., Robert
VnltNo. 25
ClIv Aspen
Actual Real Estat. TUt., S N/A
!""".
APPRAISAL. REhlRT - INDIVIDUAL
L. SilVerman
ACldr." R?li'last
HO:Dkin~ Avenue
Cou.n.v Pitkin
(yr,.)' S,l... Price sN1A
.
Oth.r Sa,le'ConC."ion,
1"""'\
~CONDOMIN.IUM OR OPUO UNIT I'll' No.
097 M.. RaI,'.n..see atta
Proj'ct. ""me/Ph,se No.l;1! ~t' Rt'lp'lri :';~ r.nntinmi ni Umq
5"" C,g ZI.C... 81611
Prope,ty Rlgh.ts ADP"lted (19 Fe. . 0' Leasehold
Census Tnct
Lo'n Chuges to be P,ldby S.U., S
J. Lender/Cllent
Ocg,p,nt
LOc.ation ~Utb'n ~'SUbur,b'n
BuiH UD [lover 75lW. 025'4 to 75%
Growth R,le [JJ:FUlly Developed OR'Pld OStUdY
Property V,lues Olncuasing (J'SlItUe
D.mand/SuPPly OShollag. ~ In B,I,n<<
M,rk.Hng Time o Under .3 Mos. 04-6 Mos.
Presenll...anCl usejJl% 1 F,mity ..l2.....2-. F,rnUy..a'4A'Dts. ~'4Condo
- % CommerCi,lo..-...;.... '4 Indun,J,t _ % V'Unt
Ch,ng. in Present L.nd Vse DNol Likely O,Llkelyl IKJ T,klng Pl.ce'
'From ~in,glQ f$lmilyo mil1ri_f$lmily A'DPealtOM,rk.t
Predomln,nlOccuNnCY KJo,wn.r GTen,nt _ '4 V.cant
Con(lom~nium: Pric. Range S l50 oon to S 4Q:t) rnnOPredomina:nl S 2'50 r 000 PUbliC Transport'tion
Age ~ YIS~ to~yr,.Ptldomin.nt ~ yrs. EmPloyment Center,
Single F.rnlly: Price Range s150. one to. S ~,nnr t?OOp,.ctomin'ant , ,.c;n. nnn NeighbOfho.Od ShoDPlng
Ag. , ~ yrs. to.$!![ Yrs. Pledomln"u..9.!L.- yrs. Gr'mmitr SCho.ols
Descrlbl Dotentiitl for addition,1 COftdo/PUOunIU In nearby ,r,ea Res trict ions. F'reeway Access
[posed by the Growth Mana,gement Plan will limit development in th.. "..-1
APPfllserSC,o,tt Bowie.
OFNMA l'013A required
Ltndtl's .Address
R 1}f . Instrucuons to APpufs.er
OFHL,;MC 465 Addendum A ItQuired
o 'FHLM.C 4.:65 Add.ndum 8 "QUheCl]
~RUf'l
o Under 25'4
OSIOW
DoecUning
o OversuPPly
(] Over 6 MGs.
NEIGHBORHOOD RATING
.........
Go.Od AYI. Fair PoOr
129 0 0 0
129 0 0 0
[2g 0 0 0
Q9 0 0 0
[2g 0 0 0
[2g 0 0 0
[2g 0 0 0
0 [2g 0 0
Q!l 0 0 0
AdeQu,eyof Shoppln, . . . . . .
EmPloyment OpPorlunltles '"
Rectlalion'l F'cilitles .......
AdeQU,CY of Utilities: ......
Properly Comp'tib~llty. . . . . . .
ProteCUon from Oetrlm.nt'l Condo
Police ,nd Fire ProtlcUon . . . . t
Genern Appearance of ProDerUe, .
ROO," Sizes ,nd L'yout . . . . .
AdeQu,cy of CIOllls.ndSlo'''Ot
Kit. EquiD., C'blneU& WOtksp'Ct
FlOOrs OH"dWOOd I~lC'fDetovernlV 0 Plumbing-AdeQU'Cy,nd.Condltlon
Inl. W,lIs ~ Dryw'll 0 Pl.ster 0 Eleetrlc.liI-AdeQuitey ,nd Condition
Trim/Finish Deoo.ct (IDAvera,. OF...r OPo.or Ad.a,u,ey o.f Soundproofino ....
B'th I="IOo.r DC.r,mlC m Vin,yl W,lntcot: (IDeeramic 0 AdeQu,CY o.f Insul'Hon. . . . . . . .
Windows (tYPe): ~i nr 1 p n~ne !2QStorm Sun [XJSere.nt 0 Combo 1,.0c:.atio.nWl<<hin PrOjeclol View "
Kitchin Equip: (29 Refrig. [IDRitnvelOv.n fIlF,n/HOoct OWashtf DOry., Over'lIlrivablllty ..........
o In"'com 119 0".0'" 119 C'..w..... OMl<'ow,,, OComOlcto. A...., .n. M.......lIltv '" . .
I-I'EAT: TyoeHW'RR Fuel t:::$l1:: COnd." Ayp",~f':P' Est.l:ffecllve Ag.. ... .
.Q,IR CONO: oClntril OOtherNon,e QgAdeQul1e O'ln,d'Qu.te P'c.L gl!, lalnlna r:t'^ rnkl Ue
::JE.,tnsneltcnCl Housing Ouign 0'5,0111 O.,ionlundscaD. OSol.r Sp'ce Heat/Air Condo OSo'.r Hot W,ter
:J F.o. C.m... 0 ElooJM.c.. G.. Fo.n. ,,,,'Uon OAoto. S.t.'ck T...mo".. 0 C.'..fT".', G I.... Wln.ow. 0 C.o.klW..I..,,,,,.
INSULATION (st,t. R.F'ctor I' known,1 (XJW'IIS_ [XIC'lIIno_ (XI'Floor _ (XI ROO,f/AltiC OWltet Huter
If reh'b prOPOsed.d.o PI,n, ,nd sO'n provide fOr IdeQu't. .n.rOY con,erv'lIont NIA If no, ,tI'ch ClescrlpUon 0.' modlflCltlOft n..aed..
~NERGYEFFICIENCV APPEARS:OHI9h [XJAdIQU,t. O...ow Energy Audit DYes ('lIaen. Iflvitll'ble' [ENO'
~OMMENTS uceciitlfU~u'''"unClion.IOf pnYSIUlln'CI.Quadel. mOCJe,'nIIUJon 01 ,ecab$nUded. elcoi,St'lhj P--r't hAS bp.:en recen tl V
-remodeled. Carllet'in2 and oaint(both interior and exterior) are new.. ~ath ..i I.. ..lsn
NOle:FHLMC/FNMA do not corisidatrut Of ther.ci.. compOSilio.nof,the neighborhood 10 be I.liable appraisal factO'rs.
00...... "0," I.ct~... "'0"01. 0' onl..ora.,.. '''.cUn. m.......m.v f.... .o."c ."", "noo... no.". ,'.w. mkt,.... ~O.o"Uon "ZO .. f1n.ncl., '."ItVI
The sub, e(:t is located three blocks from Aspen's commercial "or.. where _L _L
entertainment and sho.ncin2 are avail ,,1.1.. Bus i',.nm "..",. ..1... f. ... " '1\
~ot Clm,n.'ono (It PUC) Common Condo . NIA S,,'Ft. 0 Co.n.. ~ot '''OJ.., O.n.lty W..n C.m.,...... P'.nn.a/..lL..un.to/Ac"
Zonln. C....IfI..Uon RMF - Residential Mul'til.-Fam1.1y P"..nt Im..o..m.nts 1XJ.0 0.0 no. .0n'OIm.o zoning ".ul.lIon,.
Hlgh.stand eesl Use: :[lPreuntU,eOOth.r' (SD'Cily,
PUblic Other (dlscrlbe) OFF~St'TEf'MPROVe:MEN'TS Project In9res'/EO,.u "deQu.licy)
EI.c:. an St".t Access: K:)PUbIiC O.Pr1'v'te TODo. 1.~vQ 1
GIS l[J Surface, ARpb"lt Sile/Sh,pe 'R_-_~,..t'ilIngI11.A1" _ ~ypi,.,ql
w..., liD M.ln"...n... <<::IPU.hC0 "'I..t. V'.w Am.nllV Gnnr'l ("l1m lijPuth units
S.n.S'w" /iD , IlOs..,," S'.W" [lCO'./Cu".. C..,n'''/F'oo. Con.,llon. N" F1 nn.l b..,..,.tl
o..n.....oon. EI.c. .. T.,.lXJS'..walk _llD 5".., ~i.." I, ..oo..ty loeet,d In. HUC ,..."1;,,, Soecl,' Ftood H...,d A"., IS! NoD v.
COMMENTS (Inc'o.'n. .n..mm.nto. .nc'o~c.m.n" O......n con.lt.on.lln-l.. '1': h.." ..v..,...~" tn g-<>nd vi ew" ",,11th t.ow"rd
. ~s .. ' Tlnn,. ..unft_in_a - of 2arden anartments
I !Xl Exl.lln. A...ox. V'" Bo'lt 1922- O,'.'n.. u.. "1'''. I,.n"r'ln" .ROJECT RATING Goo. A... F... .00'
I 0 Con.o O.UC OiCon...... fll ~ ) ~O..lIon . . . . . . ..:(:) 0 0 0
,TVoE 0"'0.0... 0........ Con"'ocUon G.n....A......nc.. .. " '" .. 0 QI 0 0
'.ROJECT 0 EI....o. [lW"k'U. No. 01 Sto..... ~ A.,.nll.'n.. R.c,..t10n...F.clII".. 0 Q,QI 0
o Row 0' Town "'ou.. 00'." ....cllV) C.nmV (un."... ...., ...... 0 QI 0 0
!Xl ""m..V R"'..n.. /iDs.con. "'om. 01 R'c...llon.. Unit Mix ............... 0 CiI 0 0
If Com.'.t... No. P..... 1 No. Un." 6 No. 501.] Qu.II.V 0' Con.... (m..". ~ fl.l.hj 0 [] 0 0
If Incom...... ...nn.. No. ...... No. Un". No. 501. Con."'on 0' Ex....o. . . . . .. 0 [] 0 0
UnU"n SU.I'c, ....., Total 6 Com."......2.- SOI.--!...-- R.n...L- Con."Ion 0' In'",o. .... '" 1]1 0 0 0
A...ox. No. Unlt"OI 5.'0, SU.I.c''''Ol'c, None"""'suo;.ct ..... A..... '0 Milk.. . . . . . . . .. 0 1]1 0 0
Exterior wall Cp-d:tr - pl,v Roof CO"'lring B'Uilt~.~ Security Fe-ittures I'l.one
EI""Oll N.. -L A.',u,cV .. COn.ltion Soon..,oolln., V..lI.., FairlaveraRe "'o,'zon.., Fairlaverajle
"'kin., Tot.. No. s..c., 6 R..'o 1 S....O/Unlt TV.' parkin.S! lot NO.5..... fo, Gu... Pllkl':. street
OesCllbe common ""e menU or recrntiO'nll.f.liCUiU..B,asement a):'ea"n.as laundry rOom and owner st:o,ra~e
AIO .nv Commo. ...m.nu. IOC. '.cllIU..., ....,n........o Own... Au..., No " v.,. ZlllC' ....n.om .....'.'n. ,.n,.,. ,.,m. .n. O.lIon..
iU Ex""n. U "'0.0... U u.... C.n...; FI.o, No, -L Unit ~;"." A... ll~ (tJ B...m.ntCOmmOn,. F'nl.... -:.L.);) (tJ
...kln.'o. Unll, No.-1- TV.' space Il9A..,.n.. Down.. Con..n..nc..o Unll rear of cOlllplex
Room ~". FoV" ~I. C'n ""~ "... 'F.m" R'e ~n..V 01.., UNIT RATING' G~~ AO"'. 'FO.'lr Poor
Suement Condjtion of Improvemen.ts .... t..a'
'0 KJ 0
o KJ 0
o KJ 0
o KJ 0
o lD 0
o KJ 0
o KJ 0
o KJ 0
0100
o 10 0 0
8 '0 10 V".
40 '0 4;-: ...,
DIU'nce Actenor Co.nvenlence
IN"",. []I 0 0
,"I blh Q!l 0 0
~ b11. []I 0 0
lr. mil.. Qll 0 0
NIA [] 0 IS
o
o
o
o
o
Good
"
lsLUvel
2nl:LLe-vel
1
are
1
",";t
2
!cent al
o
o
o
o
o
o
o
o
o
o
"
~ ""1.1
) II 0, 29,801
A.'~
I TI ,t P...
GRAP.HSO F'S09:J~CT PROPE RTv 4F\!O ST = ~ ~ TSCEI\1E
lCf.n..A 11:'_. ,,,"'...,,.,,,,.,...
Vrut Chaf~ $
Utlli'iesinclud~ in unhcharge:
150
,..., . 12 . $ ,-a00
o None ~H"1:
'V',I$1.59
0, AilCo.nd,
ISQ, Ft.lyuf o~'e afe.). GfDund kentClf Iny) "N/ A
o EI-ac:triCity Glajs :[)W.I., ~ Sewer
None
Iy,.
"^"~",k
No.t. .ny fns. o.th'fth,n regular CondolPVO char"es. ior use Off'ciliti.,
To. "rGperly maim.in the projeet ,nd o'-o.v-id. th'services'A1lci~t.a. th.bucge1u)oelf5: 0 High ~ Ad~u'te
Co.m",red to. oth" cOmottitive.oro.j.cu o.f "Imit., Qu.Utv .ndd..i"n. sUbi.c,t uni-t cha,ge app..II: 0 High :[lR.lSon.bl.
M,n.gem.n, Grou,,: I2J Owne'sAssocinlon OOevel;:)"e, KJ M.nlgem.nt Ag;.nt (iOeMltyJ Sterlin2 Homes
Ou'hty of Man.gem'nt ,nd iu .nI01'c.",."t 0..1 Rules and Reglllnlons ,ppurs: 0 Su"erID' ~Good 0 Ad~u.te 0 In'deQuate
Soeci.1 Of unus.ullch.r'Cltrinlnin th. Condo/PU:DDo.C4m,nu 0.1 Otherwi.. known to the .ppr,J..r. that would .ff.ct m.rketabiUlYUf non,. so. state)
--llil.n.ELk''''',~
Cornm,n"
NOTE: FMLMC Oo.iSn.Otf.Quifllflecon I,pDr.oach int"e IPpr.ii.1 Ofco.nClo.mlnlum 0.1 PUO unJls.
Cost ApproaCh Ito be used OnlV fal delached. semi-del;ched, and loWn hause units}:
Aep,oOuctio.", Con N.w
Less Deo'eciatien: Physical S
Oep,eClillea Villue OllmprClvemenu;.
Aaes L.na ViI'ue (it .eilr.eI'lQIO, ShUW only ICI-S;f:h.OIC v'lue'-.uac" ca-ICUli:llonl)
Sa, Ft,,, "
per Sa. Ft, '"
Economic $
FunchoO\al$
$
C
N/A
PrU"'l. snil'c 0.1 Vilue Of Amcnlhll S
lelilllnO.Ulees Vilue: 0 FEE SIMPLE 0 LEASEHOLD $
Cemmen" ,eva'dtng enun.te of deprecilll;on .nd va.lue Of I.ndand am.nity ,,'Ckillje The Cost AD'groach is not
able in the aooraisal of a sinl>le condominium unit lOi'at"rl wi"h~"
N/A
,
c9Msider@d aQolic-
r""" ",. I)
o 1".deQuate
o
Low
Th. '..""", wh.n.v" .o..'...,.h"o.. .n.'V" two '."'."'"'' ..,.. ,'.'" w.."in th. 'o""ct .,.j..., "ow,v'" wh.n .......""'. onlt'n .n.w., n.w'V
conve'ted P'o.ject, " IUntwocompa,.bles I-ho.u1dbt selecudfrom Dut$lde the subject pro,CCt, In the fonowing analysis. th.complfabl. ShDUld alw.ys 'be
.adjusted to the subject ""nit and 1'10.1. vlcevar..~ UI"ign,flc_.n,featur'Of thecempa"bl. is su"edeftO the subjectunlt~ . minus C-) adjustmant should ba
",..ele to. tha co.mpa'.ble; "such a"a.tur,o' the compa,.bl. is Inf"io, to the sUb,ect, 'C),lus (+) .djunmantshDUldbamaCla to. thecompar.bl..
ITEM
Aaa'en.Unlt No..
P'olect Na-me
$1,0.. imitv to. SUb,.
S"es Price
PrlcelLiving A 'ea
Oao.SDu,rce
O.te.Df Sale ano
Time Adjust",.nt
lecatio.n
Site/V,ew
Design and Appeal
Ou."'y elConstr,
Age
Cond.tlon
Sub;lCt, Propefty
Eas't' Hopkins
112S
LIST ONI.YTHO.SE/TEM.S THAT REQUIRE ADJUSTMENT
COMPAR"a'LE N:(t'1~ COMPARABLE NO.2
Queen Victoria //304 Villas of Aspen 1t33
$ N/A
$ N/A --'(I:
InsDection
OESCRIf'T10N
near
--......... .,/':$
........ --"':$
Broker
DESCRIPTION
:Adj~~t~~nt
:'..n~ .
:-10 000
:-0-
'-0-
:-0-
:-0-
o
.
:-0-
: _" nnn
.-
:"'0-
:-0-
:~o-
,
.
.
:-0-
o
,
.
:-0-
8 000
lQ'LOOO
.
COMf'ARA8LE NO~ 3
Concept 600 11206
Inferior
2 BR condo
Similar
Limited
Undenround
Similar
. J, ,~
Similar
Similar
Similar
Similar
Seller finan.
,gjP'usOMinu$: $
-, ~:
~:s
l60.000
. 163 .E-
.
.
.
+2 000
:+25 000
.-0-
:-0';"
:- 3 000
.
o
:-0-
:_ ~ nnn
:~O-
:"'0- '
.
:-0-
.
"
:-0-
.
.
.
o
:-0-
22,000
187 000
.........'.......'.'...0...",'.".......,..,.,.""""".", , , $ SEE ATTACHE
H, "".'"...','.."...... ,."..,,'"".".,'...'..,. ~"..."...".., e..no",;. ....k.. R.n. ._,...., . G.... R.nt "0'''0''''_' $ N/ A
Thil ''',or'ls.IIS m'd'~".s IS". 0 sub"Cl io. the ,.pa"s. .Heration,. arco.ndltion' listed belOw. 0 tUb-lect IOC-O:n'lDJehon l)elDI.n,.no ,geclt.jc.allo'ns.
Com",enu and Cenditions af Appr.iSl'
Living A'... Reom Tetal 'afms' hths To.tal :"S<rms : Sa.h, :
Counl.ndTota. C\ . ~ ,,", 6.; '\\ :, :
Gros, LIVlnlJ A'ea 11 ":lc;, ~ SQ. h;Qi67' SQ, 't.;4-7 .nnn
S"e""ent& Slmt. I Common bsmt. i :
>.no..... R.o",. h ;;~nd....1s.t,QX~ InfD,.., :+? 000
!l:unCt.an'l UI.llty 13 BR condo . Sim:ilar :-0-
AH Cond~hen,"g .1 None ..~~==-,., Simil~'~ :-b-
s..,... --1..h.llem~11J;.~.~.Limited :-0_
'Pol-I,'....ng F .C.hhes . : Space' '. Undertlround :-3.000
Cununen E Icmcnlsl No ccnnmon '. :
:f~:,~t:=;e.t'on ~ rec. t Similar : -0-
,;,,, .,l , >.T. ;," ,I. :_0_
'~e Asussment '.Aver~~_._" :Slm1:1att..... :"':0-
c....on..alFoo ; Fee 'I Similar : -0-
s";;:a7~~;-~l I
~. o..~_, I None ~ Sauna ;-3,000
O,he' 'e,g. I"e : II .
O"C". kItchen Average ;;Si1J\ilar : ~o.-
eaUoD , '.mo.delo"g' 'j .
---j; "bO,OOO cash/tta"e,
Sille' or F....."c.ng , v- .' . . ......'1
C.nces...n. ' N/A l:ba1.owc 12% 5 .;rs..,.O-
Net Adl. (tollll I \_~::JP.u,,~If'U' :s 2.000
Il!Id'C'."d V.lu. I --....... __.... t ~ l
"50.'0<1 i.~ i,.- -....:$ 17~.nOO
Comments 0." Milrket Oat.. An,IYSll _See attached.
Ftn.1 R.co.nciliatien
: AdiJiigant :Ad.~~t~~"t
lip. q :-0_ Ill/Po? :"'0_
:+?O OM s.:I" :"n_
S. w. I a~ -good -u- SO\ltnIS1mlla'l" :"0-
Townhouse :-5.000 Similar ~O-
Similar :-0- Similar :"0-
1972 :-0- 1972 :-0-
AVf!, I." ,,l :+5.000 Similar :"0-
Total :B.rml :Sl1hs : Tout : 8.rms : B.th, .
.-oy-'o
c;, : _ 3 ilk: ~ l ? I
1170 Sa, h, :-0- IQllO SQ,1t,:.r6 000
i8~R~i ~;~h
Similar
Similar
Limited
SnaC!L
~ mile
175 000 :--.... ..........:$
tv ______ "-.....: $
Broker
O'ESCR'If'TION
181
1/l!1
r;:"",l
South/aVl>.
Avera""
wrage
1972
..Ga",l
101M
~im~lr
North similar
TOD floor
Similar
._ 1973
~._H
:-p"'"!
:~O-
'-5.000
:"'0-
:'...0....
:.;.,;0';"
COnstructlo.n W..r'.n.ly U Ves W No Nam' elw'"anty ."'ogr.m W.rrantY,COve'JgeE.Pir..
This'.Dp,a.UI is bneduDon the above reQulreme"". the certific.tion. Centing.nl'~d limihngconditians. a"d Mar"et V.lua d.linitlo" the..,. itated in
K...! r"'LMC Fo,m 439 IRev. 10,'lBI/FNMA Form 1004B IRev, 101l811iled whh Client .19_ (i] e.ttac:hed
I ESTIMATE THE MARKET VALLI.E. AS,DEFINED.OF SU8JECTPROPERTV AS OF .' March 10. . u~ to be, SEE ATTACHED
A'op,..,.",l . .:.;.s:', './'"S..,. A evil...... Apo'a.,., I.t 'Ppltc.blll
~/;O .' .fi::7 ;- O.a W O.a Not PI\v.icaIlV In'PIClPro.i,."y
Oaa Rf'aor: S'oJ".O n__ _-::::.LL~ ._, ,19
Illvl"SE 'N~""o,~ to"
'.'C " ~._ 46!1 9 NO
.
Similar
v""I"u"
Similar
Similar
Similar
Similar
Cash
txPluS _MIOUs :'
><1$
See att",.}",,,.
9/80 '
~
~
NEIGHBORHQOD COMMENT~ (cQnti nued):
subjeot property servioes Aspen and the area's ski resorts.
central Aspen and the ski slopes makes the neighborhood very
Aspen residents and tourists.
Proximity to
popular with
COST APPROACH QOMMEN~S (cqntinued):
complex due to inherent difficulties in deriving unit land cost, reproduotion
cost and aocrued depre.ciation.
COMMENT~ ON MARKET DATA:
The three sales represent transaotions of reasonably similar two- and
three-bedroom units in and near central Aspen. Sale 1 is located aoross the
street from the subjec.t in a relatively similar complex. The unit also
contains three bedrooms and two baths and is looated on the top floor. The
privacy of this. top-floor location is considered Superior to the subject's
middle-floor location. Views are oonsidered reasonably oomparable to the
sUbject's. Terms of the sale were $60,000 cash with a trade and the owner
carrying the balanoe for 5 years at 12~. We note that there are currently
two Queen Victoria units available on the market for $200,000 each.
'.
Sale 2 is located in a oomplex near the west boundary of the City or Aspen.
Its location away from the oentral core is significantly inrerior to the
subject's. The unit itself is of townhouse design, considered slightly
superior to the subjeot's garden middle-level design. The unit contains
three bedrooms and 1-1/2 baths on the first and second levels, with a
finished basement of 585 square feet finished as one-bedroom and one bath.
The complex was built in 1972, and the units are comparable in quality to the
subject. We also note the sale of Villa of Aspen Unit 28 in Deoember, 1982
for $207,000. This is a slightly smaller two-bedroom/1-1/2 bath unit with a
finished basement. This sale would tend to direct us near the upper end of
the range for Unit 2S.
Sale 3 is situated in the Conoept 600 bUilding approximately three blocks
from the subject. The unit itself has only two bedrooms and two baths,
necessitating a large upward adjustment for the subject's superior layout.
The oomplex is comparable in quality and the unit similar in oondition to the
subject. We note that seller financing was involved in this transaction.
There are currently two three-bedroom Concept 600 \1nitsavallable at $200,000
and $225,000. In our opinion, these units represent market competition for
the subject complex,! and their range of listed pr:l.ces should help establish
an upper parameter for .t;h.e, subject.
We also note the sale of two Chateau Roaring Fork three-bedroom/two bath
units. Unit 30 sold in August, 1982 for $260,000! and Unit 39 1.s under
contract for $215,000 (cash). Both units are looated on the toP flo,or of the
complex and contain apprOXimatelY 1150 square feet, three bedrooms and two
baths. Unit 30 overlooks the river, and views are Significantly superior to
those of Unit 39. We also note that the seller of Unit 39 was nearing
foreclosure and needed an immediate sale. For this reas.on, the sale price is
regarded as the lower range applicable for these units. The Chateau Roaring
Fork complex 1.s superior in quality, amenities and overall appeal to the
subject complex! and this range of value for three-bedroom units must be
regarded as the extreme upper range applicable for the subject.
Our sales reflect a range of value for Unit 2-South from apprOXimately
$170.000 to $190,000. In our opinion, the subject's desirable south-facing
views would direct us nearer the upper end of this range, or say $180,000 to
$190,000. On a cash basis, we feel that the lower end of this "mini-range"
of apprOXimatelY $180,000 is applicable.
.--.
.--.
We have also been requested to value the remainder of the units in the
complex. Unit 2-North is nearly identical to the sUbject, although it faces
north and does not have the subject's south views toward Aspen Mountain and
sun exposure. However, views are average north toward Red Mountain. In our
opinion, the middle portion of the range established for Unit 2S is
applicable for Unit 2N, or say $175,000 to $180,000. On a cash baSis, we
would select the lower end of this range, or say $175,000.
Units 1-North and 1-South are situated in the garden level of the complex.
Effectively, they have very limited views and their location partially below
grade is less desirable than higher I,lnits in the complex. For this reason,
we feel a range of value is applicable from the lowest end of the range and
slightly below the lowest end indicated by our comparable sales for Unit 2S.
Consequently, it is our opinion that Units 1S and 1N have a value range from
approximately $165,000 to $170,000. On a cash basis, we would select the
lowest end of this range, or say $165,000 for each unit.
Summarizing, the following are our value conclusions, on a cash baSis, for
the subject units analzyed in this report as of March 10, 1983:
Uni t 1-North:
Unit 1-South:
Uni t 2...North:
Unit 2-South:
$165,000
165,000
175,000
180.000
Total:
$685,000
...
~~.
- - --
I
I
I
I
I
I
1_____
Patio ,area
for lS unit
(IN Slightly
smaller)
1"""\
1"""\
SKETCH OF SUBJECT
18
---.------ --2S patio ,area 1
--- - - - - - -- 13
--------- --2N, 3N deck a.e
33~
.
Bedroom
Living room
23
Bath
Kitchen
B!'; Bedroom
. Bath
Bedroom
,.'........ l8 f
8 x 13
a l8,x '6
,
'....
43~
Typical Unit Layout
Taxes: lS = $724.50
25 = $744.88
1N = $724.50
2N = $731. 50
3N: $765.86
Not to scale; dimensions are approximate; for descriptive purposes only.
r-,
PHOTOGRAPHS OF SUBJECT
,..-,
,;
~~,.
"..t ,- ...
. . f: }O;
.~ -.#!, ..-
. '
Subject complex looking south
\
\
I
'~
-.......""1
Subject complex looking ~est
1
View south from Unit 2S
~
,'-'
-
..-
"
View looking north from Unit 2N
'.
.-.....,......--
r; ':. .~
"\" I
\ . _.i
, ',1
View west along !Iopkins,Avenue
,,-
.'
-"""'-"
--.-~-
;:. . 'i
~.
Neighborhood typieal eomplexes
PARK
. '
,o~.q
Irc,
11 .<1C(f:
~u ""OL~NO
,
.
,
,
,
~DE~D!I :
'"
a:
S:I ~ ~
<["';1
,S3:~
~rRING ......... .~
11 il "J ~ I' i a----~-_h/.ET 4
HUNTER i 0 ---..
e O~ O~ B @ i ~ ~
GALENA a:: ~
o Ow 006D$[m~ lDu ~
MILL...;:):
//~ MoLli] DO D~ ,~. ~ ~.~f @ ~ ~
~~~~~/~ [ DO D~ DO ;O~~a:Q ~ 1@ bJ ~~! .~~
.~. dITo@ EJmOO~llli
i DD ODM'D~~~r@D"D@"'" ~
h ~. DO DO dDTD~ WO!DQ ~
e:2 dO DO DO [J[n~ ~DI m
% \Ju DU1JD DO qORDB ~O!
DO~OD~DU~OO~OB~DG '~~I
~,...,r1::c,ngnl r-',<nn..JD~",'nn ~ nno.l
s\ i'U !'~u'~: :, ::! ::u: I~ ',a:U:UI~ ,.i Ig
,%\J ....:' Li~ U Lw.l i
. SIXTH l'i
.'-1 rn .-, :;0, n nn nniL
· lJU L-.:cJ U .~ u uU:
! C--n : ~.;VENn,; ~"[t:]'O'r=-' ..'
: tJ ~u u EJ [j,
, , EIGHTH
-----'.-/in nn In If ~,... r. ,F~
~ ~~ '/
RED
'~1
.1!"
((o.\~fi;.((o.
~o((o.'"
1--((0.\""1;,
((0.0
0..01l .;.
~;;'O"'D
'I-'Q.
"0
;;.
't,.
.
,.J1 qiJ ""
lr .~ ~
11 U z=
w;:
.. :r:
~i
< -
W
..J
::i
~
,.
oS>
"
\~.:.\
-
, '
.
,
,--
.~
QUALIFICATIONS OF APPRAISER
Scott M. Bowie, R.M.
PROFESSIONAL AFFILIATIONS:
Residential Member, (R.M.) American Institute of Real Estate Appraisers
M.A. I. Candidate, American Institute of Real Estate Appraisers
Licensed Real Estate Broker in the State of Colorado
Member of Aspen and Colorado Boards of Realtors
Member of National Association of Board of Realtors
EDUCATION:
Harvard University, BA, 1971. Phi Beta Kappa, Magna Cum L~ude
University of Colorado Continuing Education Division:
Real Estate Law
Real Estate Finance
American Institute of Real Estate Appraisers:
Course I-A, Principals
Course VIII, Residential
Course 1-B, Capitalization Techniques
Course 2, Urban Properties
BACKGROUND AND EXPERIENCE:
Associate Appraiser: James J. Mollica & Associates, August 1976 - present
Colorado Real Estate Broker:'1974 - present
Condominium PropertY,ManagE!lllent: Durant Condominiums, Aspen, Colorado, 1971-1976
MAJOR CLIENTS SERVED:
,
Aspen Industrial Bank
Aspen Savings & Loan Association
Bank of Aspen
City of Aspen
County of Pitkin
Empire Savings & Loan Association
First National Bank of Aspen
First Western Mortgage Corporation
Majestic Savings & Loan
TYPES OF PROPERTY APPRAISED:
Single Family Residential
Condominium
Vacant Land
Commercial
FUNCTIONS OF APPRAISALS:
Acquisition
Condemnation
Estate Planning
Insurance
Listings
Mortgage
Partition
Sales
Tax Planning
----..
STATEMENT OF CERTIFICATION:
The American Institute of Real Estate Appraisers conducts a voluntary program of
continuing education for its designated members. MAIs and RMs who meet the
ninimam standards of this progran are awarded periodic educational certification.
I am certified under this program through December 31, 1983.
Jnmes J. Mollica t AssotllllfS.IOC
Real Estate Appraisers. and Consultants
,
'.
.
.A
,-,
. <
.
DEFINITION OF MARKET VALUE: The highest price in terms of money which a properly will brill8 in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and
assuming the price is not affected by undue stimulu.s, Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby: (I) buyer and seller are typically motivated;
(2) ,both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable
time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) finanCing, if any, is on
terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price
represents a normal consideration for the property sold unaffected by special finanCing amounts and/or terms, services, fees,
costs, or credits incurred in the transaction. ("Real Estate Appra.isalTerminology," published 1975.)
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
CERTIFICATION: The Appraiser certifies and agrees that:
I. .The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to
make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property.
2, The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the partici.
pants to the sale, The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color,
or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin
of the present owners or occupants of the properties in the vicinity of the property appraised.
3, The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all
comparable sales listed in the report. To the best of the Appraiser's knOWledge and belief, all statemen.ts and information in
this report are true and correct, and the Appraiser has not knowingly withheld any significant information.
4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under.
signed affecting the analyses, opinions, and conclusion~ contained in the report).
5, This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated,
6, All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the
Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser." No change of any item in
the appraisal report shall be made by anYOl1e other than the Appraiser, and the Appraiser shall have no responsibility for any
such unauthorized change,
CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject
to the fOllOWing conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report,
I. The Appraiser assumes no responsibility for maHers of a legal nature affecting the property appraised or the title there.
to, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is
appraised as though under responsible ownership.
2, Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop.
erty. The Appraiser has made no survey of the property.
3, The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference
to the property in question, unless arrangements have been previously made therefor.
4, Any distribution of the valuation in the report between land and improvements applies only under the existing program
of utilization, The separate valuations for land and bUilding must not be used in conjunction with any other appraisal and are
invalid if so used,
5, The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or, structures, which
would render it more or less valuable, The Appraiser assumes no responsibility for such conditions, or for engineering which
might be required to discover such factors,
6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources
considered reliable and believed to be true and cQrre.ct. However, no responsibility for accuracy of such items furnished the
Appraiser can be assumed by the Appraiser.
7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal
organizations with which the Appraiser is affiliated.
8. Neither all, nor any part of the conteni"of the report, or copy thereof (including conclusions as to the property value,
the identity of the Appraiser, professional designations,reference to any professional appraisal organizations, or the firm with
which the Appraiser is connected), shan be used for any pUrposes by anyone but the client specified in the repQrt, the borrower
if appraisal fee paid by same,the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal
organizations, any state or federallY approved' financial institution, any department, agency, or instrumel1tality of the Ul1ited
States or any state or the District of Columbia, without the previous wriHel1 COl1Sel1t of the Appraiser; 110r shan it be cOl1veyed
by al1yone to the public thrOUgh advertising, public relatiol1s, l1ews, sales, or other media, without the wriHel1 COl1sel1t al1d
approval of the Appraiser.
9. On all appraisals, subject to satisfactory completiOI1, repairs, or alteratiol1S, the appraisal report al1d value cOl1clusiol1 are
contil1gent upon completiol1of the improvemel1ts il1 a workmal1like mal1l1er.
.,
..'.
Date:.. '., .-:J/rpls.3.
I"HLMC: I"ORM U' REV. 10/71
A 'r() &..~,. &-- ~
pptalses......"......... .
.............. .
I"'NMA "ORM 100... RKY. 10/7.
'"
,.,::-
.~
,~
....-,
,
!'IIKIN \...U,IN\...,
SUllf 700.4
BENJAMIN FOX PAVILION
JENKINTOWN. PA 19046
(215) 516,1200
'February 24, 1983
TO ALL LIMITED PARTNERS, PITKIN PARTNERS
PITKIN PARTNERS II
PITKIN PARTNERS III
PITKIN PARTNERS IV
PITKIN PARTNERS V
PITKIN PARTNERS VI
PITKIN PARTNERS SPECIAL PROPERTIES I
Management:
On February 2~, 1983, by a unanimous action, the stock,
holders elected James C, Calaway, age 50, BBA: Doctor of
Jurisprudence, University of Texas, as a Director of Pitkin Co,
Inc.
Mr. Calaway is founder and President of Southwest Minerals
Inc. Since 1955 the company, based in Houston, Texas, has been
active in oil and gas exploration in several states. lie is
Chairman and Treasurer of FRIO Resources, Inc., Director of
Amwar Petroleum Corporation, Director, Gulf Freeway National
Bank, Houston (Southwest Bankshares Bank), Chairman of the Board,
H. C. Hwang and Partners, Architects and Planning Consultants,
Inc. Mr. Calaway has also been active in many educational,
cultural and public intel:'est organizations in Texas and elsewhere.
Mr. Calaway has acquired 2UOO shares and Southwest Minerals
Inc. has acquired 2UOO shares of newly issued common stock of the
company. Mr. Calaway controls the stock of Southwest Minerals Inc,
and as a result of this transaction will control 16.66% of the
voting stock of Pitkin Co. Inc. In addition the company has
granted Mr. Calaway and/or Southwest Minerals Inc. an option for
120 days after February ll, 1983 to purchase an additional 16.66%,
of the voting stock of the company. If said option is exercised,
Mr. Calaway will own 33.3% of the Common s,tock of Pitkin Co. Inc.
Mr. Calaway has been an active rear estate investor in a number
of limited partnerships over the past 5 years, including each of
the limited partnershIps sponsored by this company. lIis election
to the Board of Directors brings to this company and the partner-
'-
..
/~
,'-'
Page 2
ships additional perspective and judgments formed by successful
entrepreneurial management over time and strengthens the financial
base of the company.
Should you have any questions concerning this notice or any
other aspects of your partnership's activities, please call me
at 21S-576-l200.
Sincerely,
Robert L. Silverman
President
RLS/bb
,,'
....
,1981 'i
I
hot'.'.cn ALAN J. GOL DSTE I N I
~ :
G', I
[',;; Vr ofth. i LORETTA B.l.lmER
Coo ~ COU:lt)' of llonroe and Stat<' of N. Y. "fthcfi.,": I",rt, .,,,1 i J'ITKIH CTY. REC.ORDER
,... 'Pitkin Partners Special Properties I, a Pennsylvania Limite
:-:-: ':':;' who..lcK.I.dd.,...i. c/o J. Allen Dougherty, / Partnership i
;,;:'Esq., Schnader, Harrison, Sega~ & Lewi~, 1719 Packard Bld~. .~tR
c::~, ofth. Count)'of Phl1adelphla ,,,,diltotl'of I
_. oil{ Penna. ,ofthes..ond r.Tt:
(" i,:'*...Philadelphia, PA 19102
. ... \\'ITNESSETIJ, Thalthe said pKJ't. y nftlw tir~t I'art, (('f ane! in ('{lrl~j{lcr3thn 0:.
(' Ten Dollars ($10.00) and other good and valuable consideration-------n-~)t}{,{*R_i;_
,', :\' to the sOlid porTty oCtile fint.}mrt in hand p.,itl).)' !'<lid flur! oiti.l' :O:~~(.oll;J.part. t.lw tt'('('il't Wht'fC'ufi$
: ~:. ~~" }H~reh).c(.jJlfe!Os('d :anl.!nckno\\'ledJ:~d. h.. S J..:'I'UJltt.tJ. bl\n~ainf'd. ~l.oi,l olntl {'o'I;l n':;~(l. at'.',! h:.. t ht!H' 1.r...~ltnt\O c.J~S
O~. . 2'rant. bnrJ::ain, sell. conY,")' urad confirm, Wltd tilt' "aid pan Hi t j'". H'(";f1d 1.lt.:'L htoir:;. :,nd n!$iJ,:ns tor.
" ~" ever, :tll the foUowin~ descrihed lot 01' )lun:el of):tlHI, situli.lt..lrilll: ;::;01 t'\':I:;: in the
',..: _ ;!.Ji, Count). or Pitkin nndSht~orr.ol~lr:HJo.towit:
,....,,!l
"
r:' l." ~.
"
'-'0
1.
~
--
"'
.h,'c:urdt1~. .._.
n(>\'t.'pti~. .tl...
w_f:"'od..
. , :"i '.if
. ',"::.=.:.. ::.~. i',':L~
'- ,
~8d
..~ ~
~1.,
'-\
.. r~t'l,'('r:i.. r.
TIII~ lJEEH, M.d. this
day"(
5th
October
2 4', 0 3 4 0
3 01 PM 18Z
i:
ii
I:
I'
i.
"
"
!;
j ~
H
i,1
,:
I:
II
Ii
II
:.
Ii
1:
"
i:
I'
I'
t:
"
Unit 3 North, EAST HOPKINS CONDOMINIUMS,
according to the Condominium Declaration recorded in Book 253 at
SUBJECT TO: reservations and exceptions as contained in United States
common to the City and Townsite of Aspen; and Condominium Declaration
Hopkins Condominiums recorded in Book 253 at Page 267.
Page 267,
Patents
for Eas t
.i,,,t
;;~.. loi ....: ~ . \' FH
"
;
"
:'.1 '
"
i:
"
"
. ~7
also known as street and number \. _ ~"h~'~'::::':'_''''
TOGETHER with all and singular the hereditamenh nnd appurtenances thereto beloniiini:'orln an)'wbuo apiler.
tainin~, and the reversion and rp\'ersions, remainder and rClllnindt'rs. renh. iS$uE'S and profits thereof. and aU tll('
e~tate, riJ:ht, title, intereJt. claim and demand whatsoe\'cr of thE' $nid part y o(th€- fir!l-tpl\rt. eithrr in In\\' 01'
"quit)'. 0(, in and to-theabove bargained pr(>n1j~(!s. with the hcn'ditall1(>nts and nPfl~lrlenanc(>$.
TO HAVE AND TOllOl.D the said premisc.>s auo\" bnl'~l\ined and described w!th tit... nrlmrten:lnrto,. unto tlw
said purt 01 tht" second part, heirlC and nni~nl' (ore\'('r. .-\nd the :mid part y of the fir:tt purl,
(Clr h ime1 f, hisheirs. exerutorf. and r.dmini~tl'l\ton~. du es C'on.-rlnnt, eranl. bar):'uin, and U~rf'P to nnd
with tilt.' ~aid part of the ~econd part. hc.>ir~ antll\~~iJ:ns. tl1M at tht' timl': ot till" l'u:lol.'ulinS:Ilnd dcli\'('r)'
o(thest' Jlre~cnts. he is wcUseizedofthe pJ'C'mhws nlJ()\'e c"onvt')'E'd, a~ 0:" ~tlud.!l-un'. perfetto ;absulute nrHI
inde(eal'ible estate of inheritnnce. in 1I\\\', in lee simple. nnd ha S 1:1'1{.d riJ:ht; tull JloweJ' :UltJ aut horit).
to grant, b~lrgajn';$eU and con\'e)' the samt" in IlH\nnel' untl form :lS; a(urw..lid. and ,hat the Jlanlfo :tfl,1 (rc.>e- and c-1t'nr
(rom all furmer and other ~rants. h~\I'gain~, sales.. Hens., huw:;, a~s('$l'n\(>nu. an.) (.:-.t'umbranrt.":' f.f whutt'\'E'r kind o(
natur.,o.VOI'. except taxes for the current year and burdens of special
assessment districts.
Ii
~'--,
nnd th(. uhn\'ebt\-r~:alned premi~es in tlw'quiN and peaC"eablc IUl~!'l.'~::.iunortlw :Ootid part o(:hf> ~l'('ond 1)01I.t.
hcin and Mssign~ "J:s,inst 311 nnll r\'pr)' llerSOn OT IWrI'On~ luw(ull:-' d:dmiuJr or t6 claimthl' \\'hl,)!(' ','r an)' pont
tht'r~'of.lhc ~aid I)nrt y ottlw fint J'01rt shall nile.! \\'UtWAHRA:,,\T A~l) FORF.YJ-:n HE fr.:o.:n.
J~ \\Tr;\ESS WJlERE(H". thel':lid lIill't yorthr (il.~t pal't,lws h~J't'7Ilr:t'1 Jlet .hiS h:Uhl
and st'.II the dny nnd ,'car fir~t aucl\'t' wI'iUt'n. ".: j , ./ / "'_...
' . / /' / /~ (/ ," , ----
( (: .",..,,~-,
, " ..'. '.' ./ .. '"", / -",-'''-' . "--....
.,... ~ L -".......... ... ~t.
".4"1 an ,1: 'GOI aslelil --- ,... I. .AI..
~/' ...
,:
,
i
it
;,
~ !
w _ ..... ___.___.__._.....~
.. .....(~f;.U..
i
I
,__,(ilf:,11.1
". ,,- S':ATE ::~~:~~:~:~:~~;~:r~:H
'J 1,(' (Hr('~oinJ: in~t l'IHlu.'nt WK1'I ,,,'kllflwlt-dJ!c,,d IwCurt. nu' t hi:;.
I!' 81 ,hr Alan J. Goldstein.
~1~' t'Olll1tlilt~ionl'Xllil't'" ..')-?l...a.....t '-A'" d t
".
(_j' I ~I ,1(/ . \\'It nt':'~u).' ~\anj :,tI.d'b.(!if'iall'll'ul. .,
/ ", / . / }'1 ,i.. i ~. ... . J . . '.:.
// '. '-( ./.../:"(','-<.~ / / /.,,':u l,lCl,(..C-f.,', .._ '
/. r . .' ~.t....,t",hll.. "
. ., ',j.;... .' ........ .'
.'-:-;;' ' :' .... ~...',' ." \
.,,: I
\
5th
"
,I,,~ "f October,
'"f' .
, ..
"
<, ~
.", ,/..:>
.... ~.'.~ \\.AHHASTY(lr;..:U.-w....., 1';'..1o'0_,,1I!.. l.....'rd_ lh~;i!....ll',".h.:..,..; 1'., . l'.~.. _, C'.':'.,...~., 11_:,'
,19 81 'I
~ between ALAN J. GOLDSTEIN I
" \:: !
~. i
..... "...... ortlu.;
o Count)' or r'lonroe .andSt,te"r N.Y. o(lh,:r",.t!,,,':t,,,," P;~kin
'. - Partners Special Propertles I, a Pennsylvama l1mlted Parit-
,; ~'nership, c/o J, Allen Dougherty, Esq" Schnader, Harrison'I'
'QE Segal & Lewis, 1719 Packard B~dg, Phi~adelphia, PA 19102 I
., Co.' orthe County or Phlladelphla andState"r.
.. l;,~ L Penna. ,orthes.eondpart:
n::. ~:
:'.'~~'
...I'.....~
~
," j.:J :
!"'....:.
..:!: :
() r.~
l~t'('ol'lh:d lIt .....
H(,'('('pliu~. "':"-:_'
l.'" '[
E~:r;~; J ' i..
.__..... .f..".,
._lh:cor:Jt'r.
;
,~.
','" /Hf")
f,d.~ ~'~'Jf.";
lI't: :,.....~.
\!
TillS Dn:u, M,,,It.thi.5th
..
i..
October
day of
2' 4: 0 3 3 9
"
LORETTA BANllER
PITKIH CTY, RECORDER
An 3 01 PM '8l
WITSESSETII. That the said part y of the fint rart. ror and in considt'raticlfl cd
Ten Dollars ($10.00) and other good and valuable consideration---------_~~~~~~~~
to the said p;\rty of the firstllnrt in hallcllll:a.id h>' ,"uid purl fI( th,., !'~<:und IH\rt. the reC'~ipt whu('nf i:l
hereh)' confessed ;mdacknowledged, ha S R'rantcd. har2'.linr.d. sc,ld and cOI1",,(,::t:d. :tr,ct t,>. these prt'sent~ dfes
grant, hnr2'nin, st'U, ('onv~>' and confirm, untlt th" :;aid part or th~ ~l;'('I.I'.d part, ht:irs nnd Uli!,jJ::t1S f'1r.
c\"t'r, nil the followins: deNcribed lot ol'l1nrCl't of laud, :::itu:ttl', 1~'inJ! ant) h!:'in:: III t ht'
County or Pi tkin nnd State o(Coloi'ado,luwit:
i;
"
"
Unit 2 North, EAST HOPKINS CONDOMINIU~lS,
according to the Condominium Declaration recorded in Book 253 at Pftge 267,
SUBJECT TO reservations and exceptions as contained in United States Patents
common to the City and Townsite of Aspen; and Condominium Declaration for East
Hopkins Condominiums recorded in Book 253 at Page 267,
!
"
I,
II
!!
", "''''''''1'0; ",.
.t:H! ,,,;.:t,C,:':tll,iM r~~
,
i:
:i
II
I:
'j
,
i
I
I
I
I
1
Ii
I'
I'
,I
I,
ii
"
i:
ir
I,
Ii
il
Ii
Ii
Ii
I,
II
,
l;
;,
!!
I:
i;
I,
Ii
il
;;
,
, ~ '"'\.",
J ;"~'(j'~,
also known as street and number ,"_' r; ~ ..,.........../K.,J?..."0.,.........
.. " .' I
TOGETHER with all and sinJrular the hereditamertt$ and apJl':lrtenance~'thereto beJon~in~. or in Iln~""ise apper.
taining, and the reversion and reversicms, remainder,and'remainders, rents; i~sues and prfl(its thereoC, and all the
efitate. ri~ht, title. intere~t., claim and demnnd whatsoe,'er 0( the said part y ot the tiut purt. f'ither in law or
equit}., ot. in Rnd to the above bargained premises, wit hthe hereditament!ll; Rnd appurtenanfl"ll,
TO HAVE ANn TOUOLD the said premises abo,'e bnrJ:~lined and descriu~tI with then}JJlurt~nnnl.'~$. unto thf'
said part of the llecond part, heir~ and as:::iJ.:'lls (ore,'er. And thp. :l\:lid part y of the tir:c.t pUI.t.
for himdf,hi s heirs. ~Xp.c:utOTfI and;:dmini~trators, do covenant. J::rant, har~aln,and a~ree to nnt!
with the said part or the serond part, - heirs and assi~n:s:, t hut at the timp oC the E'nnnlinS! Gnd deli""r>'
oCthese presents, he is, well s,cizcdofthe premiseI-; abo,~e cl'm"'e~'ed, n~ or J,:ood, !ll;Ure, perfe\'t, absolute and
inde(easihle estateotinheritunce, in I"w,in fee simple, and ha S J:ood I'il!ht. full power and authorit).
to ~rant. bars:ain, sell and rOIl"e)' the sume in manner nnd (OI'lU a~ aforctlaill. Hnd ih:n thp ~:unp 3.Yt.' free and clt'ar
(rom all (or mer and ot.her JP:rants. bar~4ins, snles,lit'nl', tn);(.'$, assessment:;. nnd t>nC'umurancE'll (tf whate,'er kind of
natu..eso",'er. except taxes for the current year and burdens of special
assessment districts.
-',
Rnd the nho,'e bar~ninedllrel11i5esin the quiet and peaceable Pos$cssion ort he iOnid part of the 'cC'ond ~1a1't.
heirs and assigns Ml!ninst all and eyel'j' perllOon or pel'lH~ns lawfull)'daiminS! or todnim the whole ~r an)' part
thereor,th. said party oflhe (i..st part 'haUa,nd will II'AR RA~T A;o.;n FORE\'ER PEFE;o.;U,
IN WITNESl; WIIERl::Of',th. said part y orthe (irsl pa..t~\a'S h.r..~l\tO'~'iS .hand
and tleal the (ht), and )'car tir~t abc)\'t' wrilt,"'Il. /" - /f '.;/ .a~ __~
/ A-t-;': "'1I./:A/"'o., "
~laiiT--[iildS efn-:'-~- ,- __,_._~l;E,II,1
____'___m ---,,- -- ------,---,-,-.-. -, I
-----.-,. .~../ .__.._-~_..._._______,t~f.:AL~
/
......-.-.-"-./
.' .'
_.,,;-..(~.!-:.~1.1
!:
----. '--ST,~~F.Of' c()t;6R~I,Q:~:~,-}~}' '~~~
Count). or P::R:k+n/}':I;I!.l<,L-
TIlt' furt'KoiuJ:: inliltrumt'nt Waf; Rl'kno,\'h,'d~...d bdon' nH' t hi!'!
I~ 81 ,Ioy Alan J. Goldstein
~1>'l'(lmlUi~siunl.'X'ltil'l.g "'J?~'t.J., .'kl
, \\'It lW$~ In)' h:lIHI ~n(1 (,r'ficial ,.1.';",
?; I ../ ,.... ' .,'; ~' '" . . \':\~.
// ,,--.,' 'i.e'L, " ..': ,.., ,0'
'0... ...l... ',..._ ....... ..,__y._"
~"l"'r. I"'J~IJI'.
'.
.\n)' ur October.',,'
5th
.:
"
"
.'
. 1~'\ .~
,)
~,
/?\..~.
('/:.:A.~.'),,-:--.
f,op)
No, t13'2 W AHHA:S'fV u..:r::n.-}'l;lr rhol..,rr':soMt n......nt_ IJnct!l;lrd 1\.I.li.hlnR ("", I\~...". (c.l.;ir..d.. 1: ~:I
.lD81 . l
.
,
" LOh"cn ALAN J. GOLDSTEIN :
~ I
~ I
n~ I
:';~ ~. Countyo( 14onroe andStatco( N.y,O(t.~':t1",r;"<t"nrt,an'l i pr(l<~eEJl: ~~~~~~;R
'" C2:Pitkin Partners Special Properties I, a Pennsylvania Limi~ed
:- ",:, ::Partnership, c/o J: Allen Dougherty, Esq.. Schnader, Harr~- ~ I 3 CO PM fBZ
,.:,~son. Segal & Lewis, l719 Packard Bldg,. Philadelphia, PA ~91O~rR '
.. <;;;:.. o(the Count)'o( Philadelphia and State of
"', ".:: Penna -,o(thesecond ,,"rt:
:j 1'.I:~ . .-
r'.' :
, ,
, , '
, ;:\i.
'~,.
;........<<.:
'". ~:
.. U.J
t-- ; i
!i
'..
:.) ::5 ;!
1~"I"t:'Jl'(~
Hcc"p~i')l. ,I.
I,'.:I'I('~.. .
. . . ~
. .... ..':
. ...~ ~
41"'...,
',t'. '"l
tll',.;:' o~;~
:'!.
"~
l~~'\.,d~'r.
'.
TillS Ill':~:IJ, M:ute thi"
October
5th
doy of
2 4: 0 3 3 8
WITNESSETH. 'rhnt the 1;uid part y orthe firM part, for and in consideratiun (,:
Ten Dollars ($10.00) and other good and valuable consideration----------~~~~~
to the $aid part y orthefil'J;t part inhand pnidby said IJ:trl or thoi:' sE.-Cond pi\rt. tht' rC(,E'ipt .....In.reor b
ht'reh>' confessed and t\('kn.n.....lt!(!gt>d. hu grnntt.c.J. hnrJ.n~inp.c1.l'uld and ('t.Tl\",;'rMI. o!'".rl b)' thf":o;.~ ,'Ti'l'ent!O do es
grant. lJl'lrgnin. sell. con v!;>)' ami confirm, unto the said part nf tht= ~t'('\md part. .win and :u~i~ns (or,
e....er. all the folJowing des('ribed lot or pUI'l:el of land. :;ituat '...I;..inI: nod b~ing in the
County of Pi tki n untlStntc of Colurado. to wit:
I'
"
l;
Ii
Unit 1 North, EAST HOPKINS CONDOI.iJNIU~IS,
according to the Condominium Declaration recorded in Book 253 at Page 267,
SUBJECT TO: reservations and exceptions as contained in United States Patents
common to the City and Townsite of Aspen; and Condominium Declaration for East
Hopkins Condominiums recorded in Book 253 at Page 267.
\I,A:,
',O""""'T'"J FEE
ul.i;.;,Lnt:, ,",i,)
'-
Ii
\' ..
~",.
,'" .I',-:/~
, ..
j \
~ ............1.6..:..:2..9...........
.
" ~ ...~~ ')
:.:.. i......~.
I
i
I
I
i
i
I
abo known as street and number
TOGETHER witb anand singular tbe hereditaments and appurtennncett thereto belonllin~. or in an)'wi~e npp~r.
taining, nnd the reversion Ilnd rp\'crsions, remai'nder and remaind~rs. rents. iSSlli'S nnd prf\(jU thereo(. and all Uw
e~late, ri~ht, title. interel't. claim and demand whatsoe\'er (If thesuid part Y (.( tilt:- first part. either in Inw or
equity. of. in and tojhe abo\pe bargained premises. with thehen'dit:lInents anrl apptlrt<,nanct':o.
TO HAVE AND TO UOLDthe said premises abo\'e bar~ained and describt'ti with th~ npP\lrtt-nunC't"$, unto the
said part of the second part, hein and a:$t=i~IHi r(lre\'er, And thl!' ~aid part Y of tht- (ir~tt Jmrt.
for himelf ,his heirs. executon. and ndmini~trntor:;. do es CO\'Cll:lnt, )!rant. unr~ain, Rnd il.$!rl!t" to ;lncl
.....iththE' snid part of the second part, htoi"$( and ussj~n~. thut at tllt' timt' 01' thE' t'n~ealinJ! afhi dE'1t\.t"r)'
orthe~e Jlre~cnts. he is we'1l seized ofthe premises abo\:e ('on\'('~'t'd. ll.!lo ui ~uod. $I.I1'e. perret.t. nhsolutt' llntl
inde(ea~ilile estate ot inhcritn,nce, in law, in fee simple. nndhn S S!t'od I'i$!ht, fuli pO\\l'r ar.d authtlrit~'
to grant, bnr~ain. senand cOIn-e)' the same in manUel' nnd (01'01 as n(ol'esaid. and i.hat th~ :onmp a1'\.' (I'~e and C'll'ar
Crom all formE'r and other,grants, bn"JE'ains. sales. liens. taxes. tlsscs~m('nts and (oncumbranC'H 0( whau\'pr kind o(
nature soever. except taxes for the current year and burdens of special
assessment districts.
I
I
II
:1
"
I ~
;
i:
II
'I
I,
I'
,!
-.,
and the- above hars:ained premi~e~ in the quiet and peuC'(>able PO~s('s~ion ort hi.' :HliJ I'art ofthe !=eC'ond part.
heirs and nss'iJrnsng:'\ilut aU and ~\'er)'))er$on or Ilt'1':o:ons lawCull)' c1aimini! or to claim :he wholl.' c..r :).n~' rart
thcreo(, the said party orth,. fir<t part <hnll nnd will \\'A1HIA~T A~U fORE\"F.n IlEn:~(),
IN WITNESS \\'IIEREOF. tho snid pari y orthe fi".t "a.I"I)l~ h""",;!'!o ct.. h.iS h.and
:tnt! "t.'21 the da)' ;and )'~al' fil.:;t abo\'t" writtl'n. ,.."../ _ // J;I"';:
/ ~' I 't1~: /1
C/L.,,-,: -.!,,' ,-,-:z:"L~I:f~:,===-,_fSEAI.)
Alan J, oldstein
I
I
i
I
-(/---.
.." _..... ____.,8F.AI.\
. '
i:
"
'" __.._.,,':.._.:;EAI..
'.'
"._.._,..-s~i:~~~~':~n;:!~1~::
Thl' rurese-oiu): iH~trunH.~lltwn~ 8('kl\nwh'd):l.d h"rul'l.- lilt. 1 hi:-;
l~ 31 .hy Alan J. Goldstein.
~1~' t'ommis~i(ln t'Xllil'C'!>l '.. 114L"......:J........ 3",
lilt). u{
Octobe'r. .' :
"
5th
.: '..
'.::.:"..'
, ~ :t.... . . ,... ......
.I!) JI . \\'Iltw:,:: my IUUHJ ;uutl,)((1t"i"lr~l~;li:. .~,. .....
/) , -::..., (' . ,f. .'
/3'.J~-O':'A,"/..<', ......,//t..~~...L~:c,,_....... ,
</ / ~,.11"'\ 1'.,1,1,,'
i.' iC'~!;P~:;:\": H ~:~::I
"':-::'71"::'"
'( ~
: '.1.~!
"
St). 11:12 WAItR.\:-iTY 111-;1-:0._....., J~t"'kl.l'UftM('K...vrd_ Ih..M...,II'"t.l..I.i:.t< (.". I\""'n. ('..l.'No.~" II
~
Z'
) --1
'- ~
,.0
)~
~
,.,1,..
"
'"
. ,
'<:,-~
.~'- '
Ld.
')' .:C :.
':l'
I,
I
I'
.::..
:'..1
:-
f....
..
t:","\:dc"~
Hr\"'nl.iol,-'
'; ..; ').j. J;~,i
, : ~:~.~::.....!/~: ....:0.1.
I,\';t".!,
....
,,~
t~tC('f'ly~;
r:
I'.' .
TIlI~ 1 It: r 1>. ~lod..lhi, 5th day of October .1931 ,
. i
I
hctwn'I> ALAN J. GOLDSTE HI I
I
I
ofthe j
Count\" of ~lonroe ","l Slute of N. Y. .(thcfi"t P"rt, on,' Pi tki n
Partne'rs Special Properties I, a Pennsylvania Limited Par~-
nership, c/o J. Allen Dougherty, Esq., Schnader, Harrisohi,
Segal & Lewis, 1719 Packard Bldg., Philadelphia, PA 191021
of the County 01 Philadelphia "nd!:',",c,,( i
Penna. .,(the ~i('condpnrt:
'2 4: 0 3 3 7
LORETT A BAHl/ER
PITKIH CTY. RECORDER
ArK 3 00 ~M 'BZ
Wll'~F.SSETH. Thul the !{.dd )HU.t Y o(t hl! flf::t ,'art. (('If and in l'llnsilh..nn i;,'l~ (',;"
Ten Dollars ($10.00) alld other good and valuable consideration-h----1lO1:1::,t'Jr~
to lht' ~aid Ilarty ()( the nr~l lIart in hRnd paiti h:-" ~~dd part of t!~.. .~\"(,'r.,"jJ part. the rt'l'ei;1t wherE"(\( j"
li"'\'ch~,. ('Oil res~.:d nne! ncknowl,..dsrcd, ha knlnted. 1,.tnCilinpu. sul,1 Ull" l"on\.~:..t..d. ;!'iotl by t ht'!'e Jlre~('nt:i (!,)es
grant. t'~Il')!kjn, IU~lI, CUll V'")' :In.:1 cOhrirtu. unto th~ lOuid part of th(' !'l'l:.;t!ri part, heir:t and :I:u,i$:'u,; fol'-
en'r, n!lth~ followinJ.Cde~t"riht:d lot ur plu't..'t:1 of lanu, ~ituate.lying hlHI hdnl! In the
Count). <If Pi tki n and State f)fCo)ol'ado. to wit:
Unit 2 South, EAST HOPKINS CONDOMINIUMS,
according to the Condominium Declaration recorded in Book 253 at Page 267,
SUBJECT TO: reservations and exceptions as contained in United States Patents
common to the City and Townsite of Aspen; and Condominium Declaration 'for East
Hopkins Condominiums recorded in Book ,253 at Page 267.
~rAif ~j~ti:;:;f.1,iR'r' FEr
:
.'
'.
'; ~'~'.."
.' .. ......
i
I
I
,
I
I
i
i
I,
1
also known as street and.number 4i. .............Lf..:.:'::!..fd.............
TOGETHER with all and singular the hereditamentsanu ll)lIlul.tt.>narices thereto belon2"inJZ. or in an)'wi:\t' nppt:r.
taininJt, and the revenionand r.t-versions. remainder and remaindt!rs, rents, i~Hles and prAfiu .thereof, and all the
estate. right, title. interest. elaim and demand whatsoe\'er of lht' snid part Y of the first par~, either in law or
equit)., of. in and to !he above bargninod premi$es. with the hC'l'('dit aments ant! apr~lrtt"nanct',..
TO HAVE '\~-D TO nOLD the said premises above bal'JCkil'ied and descriLed with the aJ'lpurtenance" unto thE'
said part of the second part. heir~ and as~hcns forp\'er. And the said part of the fir$t part,
for him sel f, hi Shein, executul'P. and e-dministrntors; doeS Co\'enant. ~rant, bar,2'ain. and a){rt'e to nntl
with the said part o(the llccond part. h,'irs Rnd Rs~iKn~, that :\t the timE- of th~ l'nlJt>:\linf,.! and d~li\'t>r)'
ofthesl" prescnts. he is well aseized of the premises nbu\:e l'on\.t')'ed. 8$ of J:uod. !ture, perfect. nb~olute and
indefea~ihle l'state of inheritance. in Jaw. in fee simple, and ha S ~oodri"ht, full pO\lo'tr :lnd authorit).
to grant, bargain, seU and (on\'(')-' the same in manner and form nJ'. dort'said. and lhat the ,amp art' ft ee anti clt'nr
from all former and other grants~ hnrgains.sales.lien$. taxl"!;. assessmt'nts and encumb-rance$ of whatever kind of
nature soecer" except taxes for the current year and burdens of special
assessll)ent districts.
!
i:
;
I
I:
i:
j'
I:
...........
I
"
I
and tht.> nbo\'t' lJars:ained llremisuin the quit't and peact'able' poss('ssjon oft hi' ~aid part oft he fccund part,
heirs nnd assigns a)t:linlSt aU andt'\'el')'I)t.'TSon 01' p('I.Jotons law(ull)' ('Inimin~ (.IJ' to claim the wholt' C\r nn)' 11ltrt
thf'l.t'(tf. th~ said part y ofthc fir~t vart ~hall nlJ.d-'\\11l~VAJ~RA:o\T A:o\D FOREVER J)EFE~n.
JS \\'ITZ'r;S~ \\'IU:Rl':OF', till' snid Ilurl y , ofth" ril'Jotl 1>1\:4't n.is' l"'r:l~lt7)"1~:jnd
"nd oe.1 the d"y Dnd )'elll' li.,.t au,",'" "Tllten, ...,:?'z )rA./L~, _
.- , ;6., ~.&-_,_-.~..I~}:'U.,
-A an J~astein '
----'-1- ". --.-.-_.,_..__....Il'EAI..
...., .......::, .'_______..._.. .lSEAl..
~"ATE 01-' (;()I~Q.~.",(,f J~ } os,
Count)'of P.:i::tk::i'fl77Ul.~
Till' fon'J.:oinJe in~trunll"nt wu~ arknuwl(.'(IJ:cd ht'foJ'l' Ill'! this
1~81 ,h!' Alan J. Goldstein.
~l)' t'llllln\ilO~ion I'xpirt.jol ..'7?~.,.It..r:---1".., StJ
.I"p,r October,
'I
5th
", I "
,. '.. ., '.
~. . . '.) ..
.... '. .)'
)l , HI i(..:f . WIt th',$!C m)' h~lllllt~,t:6{fiC"ial NI..~I: 'I . ".
'" ..' I.,," ,
'. L I.' : ,. ,
;",,-<,--'> AN' '" /)? /~t.t~&-:, '.:, ,:, .". '...
.::;;' 7 ~,:,,'~I'..loIl" li'::-
... .. ',."'.',~::.{;-,,,
;O.>::'Jti!:<.: ;". G.1UDiO ........,.\' ..'
;~. .. , .~.~ Q! ::.'.'Il~t;. I ..\ . ,.'
. .. , .' '." . . . ~ ,~. .
'. .'. I.
",
}\\'. \l1'! W AHk,\;"'TY O'F.~:!).-,,'u, l'hl,i"II',.,.h!, }(.oc"\...I_ Hndf",d l'llh!i"l,i",( (.... 0.......,'. ("..~.,...J" 11. :!'
')",.' LORETTABAHHER
6\-:: of the P' m-l<lll en. RECORDER
", Iv ,. County of Monroe andStateof N. y,. orth. fi.." I""'t.ond 1
:Z ::Pa~tners Special Properties I, a Pennsylvania limi~ed Par ner-
,- ~,'Shlp, c/o J. Allen'Dougherty, Esq., S chnader"Harnson, I ArR
o ,:Segal & lewis, 1719 Packard Bldg., Philadelphia, PA 19102
;::::; orthe County of Philadelphia "nd Stoteof
,1 ~ !. P
~ ~:enna. Qfthe set'ond part~
st,
. . ,. WITNESSETH. That tht' said part Y oCt he first part, fut' alld in (,fltl!'ideri\tion of
!'~ Ten Dollars ($10.00) and other good and valuable consideration----------~~~R~
to the said party o(the first part in hand pnid by !Iollid part of the ~econd JHtrL the receipt 'o\'hereof is
hHCb)' confessed and acknowledged. haS 5:rHnted, harKaillf'd. :o;old ~nll cOIl\"e~..ed. uriCI1),.. the~... prpsents do es
graul. bargain. self. co,n\'e)' urad conCil'm, unto the );uid purt uf till;> sccond f)'art.. bt.!TS ant! ~!=!:i$:'ns for.
eVt"r, .\11 the .followinlt described lot or pUl'ee! of litoli. situate,lrillg and being in thE"
County of Pi tk i n llnd State orColor.do.to wit:
.
, ,~( !
--.i:~:
.........~'
'~'
.;.; "::j:::j
',,- t' !
: \ ~....; ,:
--. j-..;- i.
-'-, ",," I'
:.)...ili :
,
Ht.c.'urdC'dI"""Loo:""__ . _._,__o'('lo('k..._... r..L.
~!,~!P.~i:O~!.l %'.lu. .__. ,:",.,:~,:",~~._.u:,.~_:_._~.
'\"'./" ''''I1J<U
" --.: "',,~-:IU
'.,'
.,-.,
._._.l~N'(>:,,:h,'~._,. _.
/' . .
"'. ..
...:,~ .'
/,;;;-
THIS DEED. Made this
5th
, HJ81
2' lr. 0 3 3 6
day of October
bt..tween
ALAN J. GOLDSTEIN
3 00 PH'S?
Unit 1 South, EAST HOPKINS CONDOMINIUMS
according to the Condominium Declaration recorded in Book 253 at Page 267,
SUBJECT TO: reservations and exceptions as contained in United States Patents
common to the City and Townsite of Aspen; and Condominium Declaration for East
Hopkins Condominiums recorded in Book 253 at Page 267.
'T'T, n.r....\..JT.rr roo
;" .11.. _ ",U,:U;',tl ;~.l' It
r
.... .',
.....'...
,!
abo known as street and number. " ..n.............L.G..:5..~_....
TOGETHER with an and singular the hereditaments and appurtenances'thereto belor-gintz". or in anywiJe apper.
tainini:", and the reversion and r~ver~ions, remainder and remainders, rl'nts. j.ssues nnd prnf:ts thereor, and aU the
estate, right, title, interest, claim nnd demand whatsoever of thp said part Y or the fint part, (lither in h\\l.' or
equit)" 0(, in and to-the above bargained premises, wit h th~ hereditament!' and appllrt(,IU\i\('e~,
TO HAVE AND TO HOLD the said premises above barJ,:ained ~\ndde~crihed w:th thto appurtenancu. unto the
said part of the second part, heirs and assil{n~ forever. And th~ said party of the (jut part.
(or himsel f )hiShein, executortt, and administrators, does ('o\.ennnt. J,!nmt. bargain. and a~ree to and
with th(' said part or the second part, lll"irs nnd,a~siJ.':".n!'. thut at tilt' timt- or t he L~n5l-"aHng and deli"CT)'
of these presents. he is well seized ofthe prcmist,~ abo,'" cOIl,.e>'('d. a~ (lJ ~uud. ~ure. perfLO"'l..;\b.:tolut" and
inde(c:>a!'ihle estate of inheritance. in law. in fee simple. and ha S J:(Iod ri~ht. (uT! powcor and autl:flrity
to grant. bargain, sell and eon\'e).the JBme in manner and (orm a~ aforesnid. and i. hat t he sam,. are fl'er nnd ('It.'ar
(rom all (ormt.'r and other grants, bar~ainsl sales, liens. taxes. asse~sm('nts nnr! f'n('umbrancu of whatt'\"t'-I' kir'ht of
nature,oever. except taxes for the current year and burdens of special
assessment districts.
.....~...:. ,
i
"
il
I,
1:
and the above bar$:ain~d pl.emises in the quiet and peaceahle Jlos!,e!'~i(ln ortht, said part ort he "l.~('ond l'3).t.
heirs and assigns n~~linst all andt'ver>'penton or 1)('1"80n~ l<lwrull>' claim in)! or to daim ~ he wholt' ('Ir an)' part
tli.....of, the .oid part y or the first 1'''''' .hnll an~,~ill II'ARRA:-;T A:-;O r-ORE\'ER IlErE:-;J>,
IN WITNESS WHEREO}....lhc said pnrt Y of the rin;l pnrt 1;x.S:'. ?\l'un~\, ~~vhi Shand
"no seal the day and )'.1\1' fi".t aoo\'. written, / .,,_ /)f; ( /:;. ".
I / Z/~1 ~{~//.l.-6.~ (~r.,
'-in al1-J:--G6:r-6s"mn-L-;:,'."".~,-- .'--~<..,' ,I
.. ....-4'..... -- ,---, '-,--- ___u.1SEALI
l/
I'
"
I:
i
"
:i
Ii
I'
1
I:
---- ---.--;; A'~n; O~~~fri.~I';~~0:?1;~1~,~7(r ~~~.
Count)' of Poi:tIci:n-llZt7t...-tj
TIlt' rllrt'5:0illJ,: in~lrunwnt wa~ ;1('knowlt..dKl.d bdol"l' rUt. 1 hil-t
1981 ,1>)' Alan J. Goldstein.
M,\' "OlIUnil-t:.:ion t.'xpit'(.'$ '/}'L-ct--'\.-r:: '-- .3'.::.'
-_, .......:._.l.'JSF.Al.1
..' .~ ' "!;:
'. '.
..
, .
"
-;.. t .....
":0: . . ; ,;, .. ')..
Iln)' uf Octo~,e-'~t ..~. _ ' ~ '~! =,:
-.:. '. .' i .,.. ,::;)
.1P J j . WiuU':=:o: m~-ll:Lnlt.ahd offinal ,:.,..:.1..... ~
/2 'J' ),) {:' " "(, -,::;. '.. ,,;~- "
J/",,'-,-<,-,A,."L-<....<-<--.. , ,:?';:"':a.~'("'"!:.c; ..,'_ ~L".._..""",
,/ > / ~'ot,...~\ 1....,,'" .
( /' " - '
~. ': I.:;' \ : ..~: . 4 \.., ....
5th
. , I'
.5:.3
l'\u. ~1:'2 WAIUt,\NTY 1);:tJI,-r.., 1'''n'''arUI')o1(' ll.oNlnl_ IIht!!,."II'uh:..I,,:',: ('''' r...."..,. C'..-.1..O"6do 11.:.'
~
~
~
I
I
I
I
I
1
1
1
1
......-,..-1'
1
1
1
1
1 I
I I
I I,:
AVE. ~
1 1
1 I
I
I 1
1 l-
I I
1 . I
1 I
I-' E. HYMAN 1
(/) 1
J 1
co I
z
~ t?
(/) .
. 1
! 1
I ..J
A~, I ~
----------~---------~
I .' 0
I
I III
I ,
I I
I r
I 1
1 ' I
--~-----~-~--~~~---~-I
'. I I .
I I
I I
J I
I - I
I 1
I . 1
--
R-6
4
", ,":H 1/4
CORl'lER, SECTlOr.
7
lQ
E,
HOPKINS
Iii
AVE.
.'
o
, z
:3
ILl
~
U
'.
I1rril
If\~
t?
!f
ILl
~
(/)
'ILl
~
v
r'I~
22
"
~'"
I
I
\p
I
I
I
/').
II.. /'>.......
/"/01'
....; ,'!7
L l' ,,' I" ....
- ...... / '.
.....". ./ 1.1 '-,
, / 'D .. 'Y:'
------_._----
.'
1
I
-I
I.
,.
.~..
"
7
/
/
SCALE
I": 200'
~
;. . ~
r"
i I I I I I I I I I I en I I I I I I I I
~W,-;'HYMAN - AVE. -....-------
CONCEPT bOO *
A 11f1/A/sr.e.EET .5TL/f)/OS
.B O.eIG/NAL CVJ(VE. CONOOS
C LItR.KSfJtlI!
D CE.NTENN/IlL PAI?K.
E l!}oLLICA.:S__STu/)/OS.
.1= .QU/EE,AI !/;eTO/(,/tl. CONDOS'
G .l1/lLLE..':1 /lPT.s
t+!(/VE.et/;EW C OA/D05 '
I.AsPEN ATHLETIC CU/8 :';
:r {!flflTfl LE T .-.<- ..
I< Su.BJECT P~OfJce.T!f EllsT h"of',K.wS:
L S/LUE.e8ELL
., ftJ/TTEN Do.e.F
N Lf UNIT CON.f}O
o OLO IlPT: Bf//LD/NG
P GIII/ILON CONDOS
.~ RltJE.E.. SIDE..
1\ Et1'/i CLfl/R.E
S ,CHIt/ElltJ. R.o/l~/It/G ;:o.eK..~~ i I
I
I
i
i '
I
I
I
!
i
,
I
l
,
I
!
I
I
!
,
I
i
I
f
I
!
i
.
.-
- -",
^
-::c -t> Of(; l. / ~ 3
E Hopk..ins Tiffle5h:1re.
J. P+ L dQf\ie.ct CJ)rtdl, U2e
oJ, Proj-e.d- denied un.less "
a.) (L. qr:J.rITS appil'caftt on o..ppe.ctl [but
CDU(lLi! dceslrf ~-CO)
b') Amerds (L)1\41. U::e. sdioo -co :Jay
-tro.-+ -t,5, 15 a. :2 5f€.p col'CiI, ~. reui&
~
^" ~ I e.d aU€- -to:
3, Vl::.J1
,
p?'"" {Jl11\'5\.
R-e.u t'6D C r-l-\e.ri C\. \ t'\
~w. ex-l-t:,
;(\Pfli ~.(\
cOrdI. us(.
.).4. - '"3 .:,
;;1.0-;;"4
'rc-se-LC
lncom.~+'( bt-e cA.~ +0
ci) (?:l.~ ~ \ Y'nfO--d 5 [It; S PQCe.5 'llY\~~{" rec;.~} ~ ')
b\ i'a.mll~ Orlffi-te.q -- hi' ~~ DCdJpantt( ('-H? rect:>l-e J
2) -tTIl.-ffi'c ..r nofse.. lfl\{Xtc.+'s
d) \r\--ter\sl ue.., 'nlq\\ \rY\f'Gtc:t-- U5~ in
ex f(\1xed...1 f'0:>l cl'eJ\-tiaJ n85hOOrhQld
. ncrt-. ron~~ w( _, .
e) ob.1e.dl lJe..s ck e-rY\i= - I f\COTr\~Clfd)d I tv
of) o.OO:s(\t ~,"20t\i~ ~t' --{Or ?~:j'
m..0('~t1 ~
~ 00 e.\'\+i~ - tDca.\ -Hrty\ - no (oco..l {!.frll1S
!\~ -t.7, ~lC.('lfle.VtCl2.. - lYlU ch.. ~ f'L CD f7Il{J(ex,
1bM -tra.at(. saL-es, In. o-t-h..er 'p(Q(.'C-s-I-
hlJbric c<( hg.s f\PJe.rJed.... /1rI()te. 1lY::ljX2.rt'el/l..ce
-to::> h\ €I ~ """. i 1'Y\~a.d- - '\ {'f\ pct.ds CCU\l"\of
oo.~ll~(t'Ho~b~ - ~ '1." . ~ ID~ ,~o-ft1d$~
..".. "'~ 1fY\L+iqCl...-tea,
Y'O +- <:om fCd-i ti~
,-,
,-,
ffio..n.aqem.Qit(- -
noUj Q6 0..
no on.-sH-e rnan.aqe<<1eA1- - 6fY<roj-e.9f
/v;fe.,{ - +tt~ &clIffe.;'" an-site. I::' nee.ch:t,
I n(Qrn.pc.<::fi bi INy:
II'\. expe.ri Q1\.c.~ .s-lact 'o-f
Projuf- (t5 pmp0se4. (j
m.t::-fq mf-iiy
t' fl {om.(j)<:d- i ~,(.e