Loading...
HomeMy WebLinkAboutagenda.council.special.20081201 THE CITY OF ASPEN CITY COUNCIL SPECIAL MEETING December 1, 2008 5:00 p.m. I. Ordinance #34, Series of 2008 -Lift One Neighborhood Master Plan COWOP MEMORANDUM TO: Mayor Ireland and Aspen City Council FROM: Chris Bendon, Community Development Director ~"~ RE: Lift One Neighborhood Master Plan COWOP Final Review Second Reading of Ordinance No. 34 Series 2008 -Public hearing DATE: December 1, 2008 SUMMARY: Tonight's hearing is a continuation from November 24th when the architecture, massing, and scale of the project were presented. Tonight's focus will be on the more technical aspects of the project - the energy plan, construction management, financial perspective, engineering, etc. Experts who assisted the task force will be on hand to address questions. At the conclusion of tonight's hearing, staff will request the hearing be continued to December Stn _, r= i ~- r i ~-~ ~ ~I '~ 1 BACKGROUND: ~ ~ "~_'' ~ '' ,~A, City Council initiated the Lift One V' ~' ~ ,, ~. ° ~ ^ ~~' Neighborhood Master Plan COWOP review ~ ~ u ~'~.`~ _~'"` ~°~ ~ ~ *~ ~ through the adoption of Resolutions No. 13 and ~ ~ ,~~~.- " ~ _~,~ 80, Series of 2008. The was done to coordinate the redevelopment of several properties at the base of Aspen Mountain into a unified vision as opposed to a series of independent, unrelated projects. A 27-member Master Plan Task Force met every Thursday from April 10th through October 2°d to review the planning for this 8-acre site and made their final recommendation by a 19 to 1 vote (with one abstention). The Plan has been reviewed by the Historic Preservation Commission and the Planning and Zoning Commission. Both boards supported the project by unanimous votes. The proposed ordinance implements the recommendation of the Task Force and provides final approvals for the proposed redevelopment. The master plan accomplishes a rebirth of this side of the mountain. This is the original base of Aspen Mountain that currently accommodates an average of 3% of the 1 Mountain's skier traffic. The plan is organized around open space and gathering places and allows for a balance of breathing room and function. The Master Plan incorporates a new high-speed quad lift replacing the current lift lA, a new surface lift along the historic lift one corridor, pedestrian pathways, a ski museum, public parking, all new street and drainage infrastructure, two new lodging facilities with associated commercial space, affordable housing both on-site and off-site, and rehabilitation and re-use of historic resources all within an existing neighborhood context. REVIEW SCHEDULE: November 10`h -Second Reading & Public Hearing. This provided an overview presentation of the Master Plan, the background, the COWOP process, project goals, the final site plan, lodging program, and a summary of the Task Force recommendation. November 24`h -Continued Second Reading & Public Hearing. This hearing included a more detailed presentation of the project including architectural character, massing and scale, and a review of the proposed ordinance. December 1St -Continued Second Reading & Public Hearing. Tonight's hearing will be a chance for the project team to respond to questions from the first two public hearings. The COWOP process included several experts on mountain planning, project financing, energy efficiency, etc., and those experts will be on-hand for this meeting. A more detailed review of the proposed ordinance is also expected. December 8rh -Continued Second Reading & Public Hearing. This is expected to be the final meeting where the project team will respond to any remaining questions and a final review of the proposed ordinance occurs. APPLICANTS: 1. Aspen Land Fund II, LLC (Centurion Partners). Represented by John Sarpa. 2. Roaring Fork Mountain Lodge -Aspen, LLC. Represented by Robert Daniel. 3. Aspen Skiing Company. Represented by David Bellack 4. The City of Aspen. RECOMMENDATION: Staff recommends City Council receive the presentation, conduct a public hearing, and continue the review of Ordinance No. 34 to December Stn. CITY MANAGER COMMENTS: 2 RECOMMENDED MOTION: "I move to continue the public hearing for Ordinance No. 34, Series of 2008, The Lift One Neighborhood Master Plan, to December 8, 2008." ATTACHMENTS: Proposed Ordinance 34, Series of 2008 A - Decision Packet, December 1St meeting B - Project Binder attached by this reference. The project binder contains the entire history of the COWOP process and is located in the Community Development Department. Please contact City staff to review this document travisc~,ci.aspen.co.us or 429.2751. C - Project website, http://www.aspenpitkin.com/depts/41/liftoneMP.cfm, attached by this reference. A copy of the website on the day of each hearing will be maintained in the project file. D - December 1St Power Point Presentation attached by this reference. A copy of the presentation will be maintained in the project file. E - Public Comments, P&Z review minutes and HPC review minutes (binder) 3 ORDINANCE N0.34 (SERIES OF 2008) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN AMENDING AND CONFIRMING THE BOUNDARIES AND APPROVING THE LIFT ONE NEIGHBORHOOD MASTER PLAN AND GRANTING FINAL LAND USE APPROVALS AND A DEVELOPMENT ORDER FOR ALL PROPOSED DEVELOPMENT WITHIN THE MASTER PLAN INCLUDING PROPERTY LOCATED ON BOTH SIDES OF SOUTH ASPEN STREET SOUTH OF DEAN STREET OWNED BY THE CITY OF ASPEN, THE ASPEN SKIING COMPANY, ASPEN LAND FUND II LLC (AKA CENTURION PARTNERS LLC), AND ROARING FORK MOUNTAIN LODGE-ASPEN LLC, ALL WITHIN THE CITY OF ASPEN, PITKIN COUNTY, COLORADO WHEREAS, the Community Development Department received a completed application from Aspen Land Fund II, LLC also known as Centurion Partners, LLC; Roaring Fork Mountain Lodge -Aspen LLC; the Aspen Skiing Company; and, the Aspen City Manager, for a determination of eligibility for a project, known as the Lift One Neighborhood Master Plan, reasonably necessary for the convenience and welfare of the public (COWOP) for a redevelopment of lands, owned by the above mentioned parties, for the purpose of providing or improving the provision of lift-served skiing access to Aspen Mountain, pedestrian, vehicular and emergency vehicle access to properties along South Aspen Street, non-traditional energy sources such as ground source energy system, recreational facilities, a museum focused on the evolution of skiing in Aspen, public parking, and commercial, lodging, free-market residential, and affordable residential land uses; and, WHEREAS, the City of Aspen manages public rights-of--way in the planning area including Hill Street, Summit Street, Gilbert Street, the alley within Block 10 of the Eames Addition, South Aspen Street, Juan Street, and Dean Street and owns certain public land known locally as Willoughby Park and Lift One Park; and, WHEREAS, the legal descriptions of the lands subject to this review are attached as Exhibit 5 and are generally described as lands on both sides of South Aspen Street south of Dean Street, excluding the Shadow Mountain Townhomes; and, WHEREAS, the Lift One Neighborhood Master Plan's public and private property landowners were represented by their respective property owners and/or representatives including Robert Daniel of Roaring Fork Mountain Lodge -Aspen LLC, John Sarpa of Centurion Partners LLC, David Bellack of the Aspen Skiing Company, and Chris Bendon of the City of Aspen, all of whom were authorized to represent their individual public or private property interests; and, WHEREAS, the COWOP land use review process, Chapter 26.500 of the City of Aspen Land Use Code, was created and adopted by the City of Aspen to allow the planning of projects of significant community interest, when determined necessary by the City Council according to said Chapter, to evolve an iterative process considering input from neighbors, property owners, public. officials, members of the public, and other parties of interest assembled as a. formal reviewing authority of the City of Aspen providing recommendations directly to City Council; and, WHEREAS, via adoption of Resolution No. 13, Series of 2008 and No. 80 Series of 2008, the City Council found that the proposal for review as a project reasonably necessary for the convenience and welfare of the public met the Standards for Determination, Section 26.500.040 of the City of Aspen Land Use Code, for the following reasons: (a) The Master Plan could provide enhanced access to lift-served skiing on Aspen Mountain, lodging facilities that meet the needs of the of the community, affordable housing units that serve the needs of the community, improved vehicular, pedestrian and emergency vehicle access, the development of public parking, the preservation of important local and national historic resources, the development of non- traditional energy sources such as ground source energy system, recreational facilities, a museum focused on the evolution of skiing in Aspen, and a unified approach to managing construction impacts and ongoing maintenance and operations of the area's infrastructure; (b) Preserving and enhancing short-term lodging facilities,- providing adequate emergency services and access, the provision of effective access to lift-served skiing, housing the workforce, and energy efficiency are stated community goals that. could be addressed through master planning of this area; (c) Portions of the subject area are owned by the City of Aspen and a Master Plan could permit an advantageous disposition of those properties; (d) Portions of the subject area are managed by the City of Aspen as rights-of- way and a Master Plan could permit an advantageous disposition of those properties; (e) The bifurcated ownership of the subject area and independent projects in various stages of entitlement may result in an ad-hoc development pattern while a master planning process using an interactive and multidisciplinary approach with a diverse COWOP task team, including neighbors of the project and persons with special interest in the property and its development will lend itself to the type of open dialogue needed to determine a cohesive future vision for the neighborhood; and, WHEREAS, via adoption of Resolution No. 13, Series of 2008 and No. 80 Series of 2008, the City Council established a COWOP Task Force Team to develop a Master Plan for the Lift One Neighborhood including the quantitative elements of the plan, broad urban design elements of the plan, and the contextual relationship of the plan to surrounding properties; and Ordinance No 34, Series 2008 Page 2 Lift One Neighborhood M aster Plan WHEREAS, the Lift One Neighborhood Master Plan COWOP Task Force Team is comprised of citizens with a broad range of perspectives, expertise, and awareness of community issues. Following are the members of the task force and their affiliation: City of Aspen City Council Mick Ireland Dwayne Romero P & Z Cliff Weiss HPC Alison Agley Com. Dev. Chris Bendon, (non-voting) Landowners Lodge at Aspen Mtn. John Sarpa Lift One Lodge Bob Daniel Aspen Skiing Dave Bellack Com an Neighbors South -Shadow Chrissy McNamara Mountain West -Juan St., Derek Johnson Trainors Landing Denis Murray North -South Point, Galen Bright Timber Ridge Tami Solondz East - Sissy Erikson Mountain Queen Zachary Matthews Gilbert Street Other Affected or Aspen Hist. Society Georgia Hanson Interested Parties AVSC Mark Cole ACRA Debbie Braun Community At Large Yasmine dePagter Allyn Harvey Mark Hughes Mary Janss Andrew Kole Ruth Kruger Mary Anne Meyer Bernard Phillips *Brian Schaefer (*removed for non- attendance) Bill Wiener, Jr. and, Ordinance No 34, Series 2008 Page 3 Lift One Neighborhood M aster Plan WHEREAS, the City of Aspen Community Development Director was a non- voting member and served as the chair of the Task Force Team, in compliance with the requirements of Section 26.500 of the Aspen Land Use Code; and, WHEREAS, the Lift One Neighborhood Master Plan COWOP Task Force Team has met -every Thursday for a minimum of three hours and up to seven hours from April 10, 2008 to October 2, 2008, for a total of 26 meetings to consider the project goals, constraints, concepts, and possible development scenarios; and, WHEREAS, the COWOP review process enabled the planning and design of the master plan to reflect community values, taking into consideration various opinions and expressed points-of--view from neighbors, land owners, citizens, and technical expertise from professionals assisting the planning effort; and, WHEREAS, the Lift One Neighborhood Master Plan COWOP Task Force Team adopted the following master plan goals which were subsequently acknowledged by the Aspen City Council via adoption of City Council Resolution No. 59, Series of 2008: • Respect Aspen's history: integrate the balance of architecture and design through the relationships, mass and scale of historic and proposed structures. • Showcase and promote Aspen's ski history and traditions. • Provide easy and welcoming access to all users that integrates the Lift One neighborhood and town while minimizing traffic and pavement. • Develop improved lift access and infrastructure that includes the World Cup venue and year-round activities. • Create a "lights on" mix of lodging, services, amenities and on-site affordable housing to attract visitors and locals while respecting the nature of the neighborhood. • Develop an economically viable and flexible project without imposing burdens on the community. • Create an environmental showcase that exploits on-site energy generation and responsibly uses energy and other resources. and, WHEREAS, the COWOP land use review procedure does not and has not lessened any public hearing, public noticing, or any critical analysis or scrutiny of the project as would otherwise be required; and, WHEREAS, the Task Force meetings were run in a public hearing type format with the ability for members of the public and concerned citizens to comment on the progress of the master plan; and, Ordinance No 34, Series 2008 Page 4 Lift One Neighborhood M aster Plan WHEREAS, the project received approximately 59 pages of emails and letters which can be viewed on the Lift One Neighborhood Master Plan website accessed from www.aspenpitkin.com; and, WHEREAS, public comment was heard, from multiple parties including neighbors and general public, approximately 82 times during the COWOP Task Force Meeting Schedule; and, WHEREAS, the City of Aspen internet website had approximately 340 page views per month; and, WHEREAS, the progress of the task force and all materials, meeting summaries, diagrams, and maps related to the planning effort were maintained in 4 project binders available for public inspection at the City of Aspen Community Development Department and on the City of Aspen internet web site, www.aspenpitkin.com/; and, WHEREAS, during the planning process for the Master Plan updates on the progress of the planning effort were considered as agenda items at public meetings by the Aspen/Pitkin County Housing Authority Board, the City Planning and Zoning Commission, and the Historic Preservation Commission; and, WHEREAS, the Historic Preservation Commission was updated regarding the progress of the Task Force throughout the project by their Task Force Representative Alison Agley; and WHEREAS, the Planning and Zoning Commission were updated regularly regarding the progress of the Task Force by their Task Force Representative, Cliff Weiss; and, WHEREAS, on August 12th, approximately 60 citizens attended an "open- house" style public meeting, notice of which was published in the Aspen Times, conducted to provide information and discuss planning issues with neighbors and interested citizens; and WHEREAS, approximately 18 articles in the Aspen Times appeared over the course of the Lift One Neighborhood Master Plan Task Force review process detailing ongoing planning issues and the evolution of the plan, including 5 articles that were published prior to the formation of the Task Force and an additional 10 letters to the editor; and, WHEREAS, the Aspen Daily News published 13 articles regarding the Lift One Project including 5 that were published prior to the formation of the Task Force; and, WHEREAS, staff and members of the Task Force presented the progress of the Task Force to the Board of Directors of the Aspen Chamber Resort Association on July 29, 2008; and, Ordinance No 34, Series 2008 Page 5 Lift One Neighborhood M aster Plan WHEREAS, On August 21, 2008, an update was provided at the annual ACRA Luncheon by Task Force member and ACRA President Debbie Braun to approximately 250 attendees; and, WHEREAS, staff presented the progress of the Task Force to the Aspen/Pitkin County Housing Authority on August 6, 2008; and, WHEREAS, staff presented the progress of the Task Force to the Aspen Board of Realtors on August 13, 2008; and, WHEREAS, City of Aspen Project Assistant Travis Coggin and City of Aspen Community Relations Officer Sally Spaulding spoke about the project and where/how to access information related to the Lift One Neighborhood Master Plan on the KSNO radio station on August 19, 2008; and, WHEREAS, City of Aspen Community Development Director Chris Bendon and Project Assistant Travis Coggin spoke about the project and where/how to access information related to the Lift One Neighborhood Master Plan on the KSNO radio station on October 17, 2008; and WHEREAS, staff presented the progress of the Task Force to the Commercial Core and Lodging Commission on August 20, 2008; and, WHEREAS, staff presented the progress of the Task Force to the City of Aspen Community Development and Engineering Departments on August 20, 2008; and, WHEREAS, staff presented the progress of the Task Force to the Pitkin County Community Development Department on September 8, 2008; and, WHEREAS, the City of Aspen devoted one episode of City Matters to the Lift One Neighborhood Master Plan and filmed an on-site program with members of the Task Force; and, WHEREAS, the City of Aspen filmed a special edition of City Matters on October 15, 2008 with members of the Task Force; and WHEREAS, the City Matters program covering the Lift One Neighborhood Master Plan has aired approximately 11 times on CGTV; and, WHEREAS, there have been informational slides running continually on CGTV displaying the time and date of upcoming Lift One Task Force Meetings as well as the Lift One Neighborhood Master Plan website; and, WHEREAS, staff, land owners, and members of the Task Force Team held an Open House on Wednesday November 5, 2008 in Council Chambers that was attended by approximately twenty members of the public; and, Ordinance No 34, Series 2008 Page 6 Lift One Neighborhood M aster Plan WHEREAS, an advertisement announcing the date, time, and location of the Open House ran in the Aspen Times October 31St, November 3rd, and November St"; and, WHEREAS, on November 13, 2008 City Community Relations Office Sally Spaulding was interviewed on TV8 about the Lift One Neighborhood Master Plan and presented information regarding the City Council public hearing process as well as where to find additional information on the Lift One Neighborhood Master Planning process and whom to contact with further questions; and, WHEREAS, City Council reviewed the progress of the Master Plan during two (2) publicly noticed work sessions on June 9 and July 21, 2008, considered progress of the effort and provided direction as to the proper planning and design objectives and issues to be fully considered; and, WHEREAS, the COWOP Task Force determined that the Lift One Neighborhood Master Plan provides the following community benefits associated with the Goals created by the COWOP Task Force. History 1. Respect Aspen's history: integrate the balance of architecture and design through the relationships, mass and scale of historic and proposed structures. 2. Showcase and promote Aspen's ski history and traditions. Community Benefits under History -View plane corridor maintained. Revitalized sense of history. Museum integrated providing historical connection. Recycles historical buildings as historical assets. Accessibility 1. Provide easy and welcoming access to all users that integrates the Lift One neighborhood and town while minimizing traffic and pavement. 2. Develop improved lift access and infrastructure that includes the World Cup venue and year-round activities. Community Benefits under Accessibility -Creative and uniquely Aspen solution for people mover. Infrastructure updates -sidewalks on Aspen Street. Year-round access to top of hill, surface lift from Dean Street. Proven technology/appropriate to area. Improved skiing to Dean Street. Neighborhood -more inviting and more inclusive. Removes "load" from other lifts. Corner of Aspen and Durant will be safer. Vitali 1. Create a "lights on" mix of lodging, services, amenities and on-site affordable housing to attract visitors and locals while respecting the nature of the neighborhood. Ordinance No 34, Series 2008 Page 7 Lift One Neighborhood M aster Plan 2. Develop an economically viable and flexible project without imposing burdens on the community. Community Benefits under Vitality -Lockers at starting point of skiing. Affordable commercial is a possibility. Local's friendly steak house for beer, etc. Revitalized and beautified a huge section of town at base of mountain. Lights-on neighborhood from addition of affordable housing. Added hot beds and hotel. Better World Cup venue. Sustainability 1. Create an environmental showcase that exploits on-site energy generation and responsibly uses energy and other resources. Community Benefits under Sustainability -Increased tax base--50% less fossil fuel consumption than similar uses, sets new standard for lodges--LEED Silver or Gold. and, WHEREAS, the Master Plan is of higher quality as a result of the COWOP Task Force Team review process and the thoughtful and interactive discussions that allowed multiple iterations and development scenarios to be discussed would not have otherwise occurred if the Master Plan had not been reviewed as a COWOP application; and, WHEREAS, the Master Plan is consistent with the Goals and Objectives of the 2000 Aspen Area Community Plan; and, WHEREAS, the project meets the goals created by the COWOP Task Force; and, WHEREAS, the Lift One Neighborhood Master Plan received a vote of 19 in favor, one opposed and one neutral at the final Task Force Meeting on October 2, 2008; and, WHEREAS, the Historic Preservation Commission formally reviewed the Lift One Neighborhood Master Plan during a series of public hearings beginning August 27, 2008 and concluding October 8, 2008, resulting in a vote of 4-0 in favor of the Master Plan; and WHEREAS, the Historic Preservation Commission formally reviewed the Conceptual Application for relocation of structures, development of Lift One Park, and development of Willoughby Park beginning August 27, 2008 and concluding October 8, 2008 and voted unanimously to grant Conceptual Approval for Major Development and Relocation for the properties located at Willoughby Park, Lift One Park, 233 Gilbert Street and 710 South Aspen Street, as evidenced by Resolution No. 23, Series of 2008; and, WHEREAS, the Planning and Zoning Commission formally reviewed the Lift One Neighborhood Master Plan during a series of public hearings beginning August 26, Ordinance No 34, Series 2008 Page 8 Lift One Neighborhood M aster Plan 2008 and concluding on October 7, 2008, resulting in a vote of 6-0 in favor of the Master Plan; and, WHEREAS, Hill Street, Summit Street and their associated alleys, a portion of Gilbert Street, a portion of Juan Street and a portion of Dean Street west of South Aspen Street rights-of--way, as currently platted, do not provide for efficient or practicable vehicular movement and the City of Aspen believes it is in the best interests of the City, and its residents, to vacate the rights-of--way, concurrent with the approval of the development proposal and effective upon recordation of the Master Subdivision/Street Vacation Plat, such that the lands may be used for development purposes; and, WHEREAS, the lands subject to this right-of--way vacation are depicted on attached Exhibit 3 and shall be depicted and described on the Master Subdivision/Street Vacation Plat; and, WHEREAS, the vacation action, considering the Master Plan entire land assemblage, will not leave any land without a means of adequate access to a public right- of-way; and, WHEREAS, the City of Aspen has reviewed, verifies, and hereby accepts the vacation of the Hill Street, Summit Street, a portion of Gilbert Street, a portion of Juan Street and a portion of Dean Street west of South Aspen Street rights-of--way and the reversion of associated lands to adjacent parcels, as depicted and described on the proposed Street and Alley Vacation Map, attached hereto as Exhibit 3, the Master Subdivision/Street Vacation Plat, as consistent with the requirements of C.R.S. Section 43-2-301 et. seq.; and, WHEREAS, the vacation of these portions of the Hill Street, Summit Street, a portion of Gilbert Street, a portion of Juan Street and a portion of Dean Street west of South Aspen Street rights-of--way meets or exceeds the review criteria for effecting such changes as adopted by the City of Aspen; and, WHEREAS, pursuant to Sections 26.304 and 26.500 of the Land Use Code, City Council may approve, approve with conditions, or deny all requisite land use approvals necessary to grant a development order for a proposed development determined eligible for COWOP land use review upon a recommendation from the Community Development Director and consideration of comments offered by the general public at a duly noticed public hearing; and, WHEREAS, the City of Aspen Community Development Director has reviewed the proposed development in consideration of the recommendations of the COWOP Task Force Team, the requirements of the Land Use Code, and comments from the City Engineer and applicable referral agencies and has recommended approval of all necessary land use approvals for granting a development order for the proposed Project including Final approval of a COWOP Land Use Review including: Subdivision, Final PUD Development Plan approval, Rezoning of portions of the lands within the Lift One Neighborhood to L, Lodge (PUD), Planned Unit Development Overlay; NC, Ordinance No 34, Series 2008 Page 9 Lift One Neighborhood M aster Plan Neighborhood Commercial (H)(PUD), Historic, Planned Unit Development Overlay; and PUB, Public ;(H)(PUD), Historic, Planned Unit Development Overlay, Vacation of certain public rights-of--way, Dedication of certain public rights-of--way and easements, Growth Management Quota System ("GMQS") allotments for lodging, free market residential and affordable housing units, commercial net leasable space, and essential public facilities, Condominiumization, removing and re-establishing historic landmark designation of a parcel, Final Timeshare approval, Mountain View Plane review approval, 8040 Greenline approval, Conditional Use approval, and Commercial Design Review approval; and, WHEREAS, the Aspen City Council has reviewed and considered the development proposal under the applicable provisions of the Municipal Code as identified herein, has reviewed and considered the recommendation of the Lift One Neighborhood Master Plan COWOP Task Force Team, the Community Development Director, P&Z, HPC, the applicable referral agencies, and has taken and considered public comment at a public hearing; and, WHEREAS, the City Council finds that the development proposal meets or exceeds all applicable development standards and that the approval of the development proposal, with conditions, is consistent with the goals and elements of the Aspen Area Community Plan; and, WHEREAS, the City Council finds that this Ordinance furthers and is necessary for the promotion of public health, safety, and welfare. NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, THAT the City Council hereby amends the boundary of the Lift One Neighborhood Master Plan (the "Master Plan") as set forth in Section 1 below; hereby approves the Master Plan as described and depicted in the Decision Packet; and hereby declares that such approved Master Plan and all land use approvals necessary or appropriate thereto, as herein set forth, shall constitute a site specific development plan as defined in Section 24-68-102(4)(a) of the Colorado Revised Statutes, subject to the conditions described herein. Section 1: Eligibility Confirmation and Amendment to Master Plan Boundaries The lands included in the Lift One Neighborhood Master Plan are hereby amended to include land owned by the Aspen Skiing Company extending generally to the south from the southwesterly boundary of the Mountain Queen Condominiums, the southerly boundary of Block 12 of the Eames Addition to the City and Townsite of Aspen, the south end of the South Aspen Street right-of--way and the southerly boundary of the Shadow Mountain Condominiums to the southerly boundary of the City of Aspen, as depicted on the Master Plan Boundary Map attached hereto as Exhibit 1. The purpose of including these additional lands is to accommodate the uphill terminal of the new "surface lift" and the lower terminal of the new high speed Lift 1 A, and to Ordinance No 34, Series 2008 Page 10 Lift One Neighborhood M aster Plan accommodate certain pedestrian access improvements south of the South Aspen Street right-of--way. Pursuant to Section 26.500.040 of the City of Aspen Land Use Code, the Lift One Neighborhood Master Plan, as described in Resolution No. 13, Series of 2008, and in Resolution No. 80, Series of 2008, and with the inclusion of the additional Aspen Skiing Company lands as described above, is and continues to be reasonably necessary for the Convenience and Welfare of the Public and eligible for the COWOP review process. Section 2: Legal Descriptions The legal descriptions of the lands within the Lift One Neighborhood Master Plan boundary are attached hereto as Exhibit 5. Section 3. Master Plan Approvals; Vested Rights; Development Order (a) The Lift One Neighborhood Master Plan is hereby approved, and the respective owners of lands within the Master Plan boundary (the "Lift One Neighborhood"), as such lands are described in Section 2 above, are hereby granted all land use approvals necessary or appropriate to the implementation of the Master Plan, including without limitation the following: (i) Final PUD Development Plan approval for the developments described in Section 11 below; (ii) Subdivision approval as described in Section 4 below; (iii) Rezoning of portions of the lands within the Lift One Neighborhood to L, Lodge (PUD), Planned Unit Development Overlay; NC, Neighborhood Commercial (H)(PUD), Historic, Planned Unit Development Overlay; and PUB, Public (H)(PUD), Historic, Planned Unit Development Overlay as described in Section 8 below; (iv) Vacation of certain public rights-ofway as described in Section 9 below; (v) Dedication of certain public rights-of--way and easements as described in Section 10 below; (vi) Growth Management Quota System ("GMQS") allotments for lodging, free market residential and affordable housing units, and commercial net leasable space as described in Section 14 below; (vii) Condominiumization as described in Section 28 below; (viii) Final Timeshare approval for the developments described in Section 11 below; (ix) Mountain View Plane, 8040 Greenline, Conditional Use and Commercial Design Review approval for the developments described in Section 11 below; and Ordinance No 34, Series 2008 Page 11 Lift One Neighborhood M aster Plan (x) Removing historic landmark designation from 710 South Aspen Street a/k/a the Skiers Chalet Steak House and designating Lot 3 as a Historic Landmark. (b) Pursuant to HPC Resolution No. 23, Series of 2008, unanimously adopted on October 8, 2008, Conceptual HPC Approval has been obtained for the relocation of the Skiers Chalet Steak House building to a portion of the South Aspen Street right-of--way being vacated pursuant to this Ordinance, and for the relocation of the Skiers Chalet Lodge to Willoughby Park and its conversion to a Ski Museum. Final HPC approval for these actions must be obtained before a Building Permit or Permits are applied for in connection therewith. (c) The right to undertake and complete the development and use of the Lift One Neighborhood pursuant to the site specific development plan hereby approved shall be vested for a period of fifteen (15) years from the date of final adoption of this Ordinance, all as shall be more specifically set forth in a Vested Rights Development Agreement to be approved contemporaneously with this Ordinance. (d) No later than fourteen (14) days following final adoption of this Ordinance, the Aspen City Clerk shall cause to be published in a newspaper of general circulation within the City of Aspen a notice advising the general public of the approval of a site specific development plan and the creation of a vested property right for the Lift One Neighborhood pursuant to Section 26.304.070(A) of the City of Aspen Land Use Code. Following the publication of said notice, the Community Development Director shall issue a written Development Order containing the information required by Section 26.304.070(B) of the Land Use Code, which Development Order shall have an effective date as of the date of publication of the notice of approval of the site specific development plan. Section 4: Master Subdivision/Street Vacation Plat Within two (2) years following the date of final adoption of this Ordinance by the City Council, the record owners of the underlying lands shall prepare, execute and record a Master Subdivision/Street Vacation Plat of the Lift One Neighborhood which subdivides the area into the following parcels, as depicted on the Proposed Subdivision Map attached hereto as Exhibit 4. Lot 1: Lift One Lodge Lot 2: Lift One Park Lot 3: Skiers Chalet Steak House Lot 4: Willoughby Park Lot 5: Lodge at Aspen Mountain Ordinance No 34, Series 2008 Page 12 Lift One Neighborhood M aster Plan Lot 6: Deane Street Condominiums For purposes of this Ordinance, Lots 1, 2, 3 and 4 together shall hereinafter be referred to as the "Lift One Project" and Lots 5 and 6 together shall hereinafter be referred to as the "Lodge at Aspen Mountain Project". The Master Subdivision/Street Vacation Plat shall also depict and describe a development envelope for the relocation of the Lift lA base area as more specifically addressed and described in Section 11.6 below, shall vacate the public rights-of--way described in Section 9 below, shall dedicate the public rights-of--way described in Section 10 below, and shall grant certain perpetual easements beneath, within or above public rights-of--way and beneath Lot 2, Lift One Park, and Lot 4, Willoughby Park, as described in Section 10 below. A Master Utility and Drainage Plan for the Lift One Neighborhood shall be recorded concurrently with the Master Subdivision/Street Vacation Plat. The City acknowledges that the boundaries of Lots 3 and 6, respectively, may need to be adjusted, and the Community Development Director shall have the authority to approve such adjustment(s) as an Insubstantial Amendment to this Ordinance. The final boundaries of such Lots (and of any adjoining Lots affected by the approvals granted by such adjustments) shall be depicted and established on the individual Subdivision Plats to be executed and recorded pursuant to Section 7 below. The City further acknowledges that lot line adjustments may be required to accomplish the conveyance of portions of vacated Deane Street and of vacated South Aspen Street into the ownership of adjacent property owners. The Community Development Director shall have the authority to approve and execute any related Lot Line Adjustment Plats via administrative review. Section 5: Master Development Agreement Contemporaneously with the recording of the Master Subdivision/Street Vacation Plat, the owners of the lands within the Lift One Neighborhood (excluding the City of Aspen) shall prepare, execute and record a Master Development Agreement which sets forth a description of the subdivision improvements and other amenities required by the Master Plan, including the following: (a) The relocation of South Aspen Street and associated sidewalks as depicted on the Proposed Subdivision Map attached as Exhibit 4; (b) The installation and/or relocation of all utilities and drainage facilities depicted and described on the Master Utility and Drainage Plan; (c) Deane Street right-of--way improvements, including sidewalks;* *The design of the Deane Street right-of--way improvements for that section of Deane Street between the South Aspen Street and Monarch Street rights-of--way shall be Ordinance No 34, Series 2008 Page 13 Lift One Neighborhood M aster Plan coordinated with the City of Aspen Community Development, Parks, and Engineering Departments. All, or a portion, of the $250,000 allocated to Deane Street improvements by Ordinance No. 32, Series of 2005 (the Chart House contribution) may be used for the design and implementation of these improvements. (d) The landscaping of South Aspen Street and other public rights-of--way. The Applicant will be required to use structural soils where anon-compacted continuous root zone cannot be provided. These soils will be required within the City Rights of Way and/or as may be required on the private property. Structural Soils are applicable in situations where tree rooting potential is insufficient in designated planter areas adjacent to sidewalks. Tree Lighting, electrical conduits must comply with City of Aspen standards; (e) The new Lift lA high speed lift and other improvements to facilitate access to the lift from South Aspen Street; (f) The surface lift from Willoughby Park to the Lift lA Base Area Development Envelope; (g) 80 subgrade public parking spaces beneath areas to be depicted on the Master Subdivision/Street Vacation Plat; (h) Public locker facilities; (i) A Ski Museum located in Willoughby Park; (j) The relocation of the volleyball courts currently located in Willoughby Park; and (k) Improvements to Willoughby Park; (1) An allocation amongst the owners (excluding the City) of the responsibilities for the ongoing maintenance of said improvements and amenities; (m) The agreement shall define and describe the perpetual use of the public open space as a ski corridor. 5.1 Sequencing: If Lodge at Aspen Mountain Project Proceeds First. In the event the Lodge at Aspen Mountain Project elects to proceed with the permitting and construction of its development ahead of the Lift One Lodge Project, the Lodge at Aspen Mountain Project shall be obligated to provide financial assurances for and to construct the improvements and amenities described in Section 5 above, excepting utilities and drainage facilities that fall entirely within the other Project site and which are not required for the Lodge at Aspen Mountain Project, and excepting the surface Ordinance No 34, Series 2008 Page 14 Lift One Neighborhood M aster Plan lift and the improvements described in subparagraphs (i), (j) and (k) above, all of which will occur within the Lift One Lodge Project area. In lieu of the surface lift, the Lodge at Aspen Mountain shall establish and operate a regular public van service along South Aspen Street to the Lift lA base area until such time as the surface lift is operational. The Lift One Lodge Project shall construct these excluded improvements during the course of the development of its own Project. The Lift One Lodge Project shall be obligated to reimburse the Lodge at Aspen Mountain Project, within ten (10) days following the date of issuance of the initial building permit for the Lift One Lodge Project, for all costs and expenses incurred to date by the Lodge at Aspen Mountain Project that would otherwise have been the responsibility/share of the Lift One Lodge Project under the terms of the Master Development Agreement. If the Lodge at Aspen Mountain Project chooses to implement a Special District to provide the required improvements or some of them, then the Lift One Lodge Project's reimbursement obligation shall be to the Special District to the extent the Special District has incurred such costs and expenses. 5.2 Sequencing: If Lift One Lodge Project Proceeds First. In the event the Lift One Lodge Project elects to proceed with the permitting and construction of its development ahead of the Lodge at Aspen Mountain Lodge Project, the Lift One Lodge Project shall be obligated to provide financial assurances for and to construct the improvements and amenities described in Section 5 above, excepting utilities and drainage facilities that fall entirely within the other Project site and which are not required for the Lift One Lodge Project. The Lodge at Aspen Mountain Project shall be obligated to reimburse the Lift One Lodge Project, within ten (10) days following the date of issuance of the initial building permit for the Lodge at Aspen Mountain Project, for all costs and expenses incurred to date by the Lift One Lodge Project that would otherwise have been the responsibility/share of the Lodge at Aspen Mountain Project under the terms of the Master Development Agreement. If the Lift One Lodge Project chooses to implement a Special District to provide for the required improvements or some of them, then the Lodge at Aspen Mountain Project's reimbursement obligation shall be to the Special District to the extent the Special District has incurred such costs and expenses. Section 6: Special District To the extent the owners of the Lift One Lodge Project area and of the Lodge at Aspen Mountain Project area elect to form a Special District to fund, construct, operate and/or maintain certain of these subdivision improvements and amenities, the details thereof shall be set forth in the Master that in the event either the Lii Ordinance No 34, Series 2008 Lift One Neighborhood M aster Plan Development Agreement. The Agreement shall provide One Lodge Project or the Lodge at Aspen Mountain Page 15 Project is ready to proceed with its development ahead of the other Project, then that Project shall have the right to proceed on its own to form the Special District with the requirement that the other Project will join the Special District when it is ready to do so. If the Special District chooses to issue bonds for purposes of constructing improvements, and if the Special District has sold bonds sufficient in amount to cover the approved estimated cost of accomplishing the improvements undertaken by the Special District, the City agrees that such Special District funding shall be deemed adequate financial assurance from the Project owners for such subdivision improvements. In establishing the boundaries of and the real property interest to be included within the Special District, Lots 1, 3 and 5 shall be included and all publicly-owned property and facilities, including underground public parking, and owner occupied affordable housing units, shall be excluded. Section 7: Individual Subdivision/PUD Agreements No later than two (2) years following the date of recording of the Master Subdivision/Street Vacation Plat and the Master Development Agreement, individual Subdivision Plats and individual Subdivision/PUD Agreements shall be prepared, executed and recorded covering the Lift One Lodge Project and the Lodge at Aspen Mountain Project, respectively. Said individual Subdivision Plats and Subdivision/PUD Agreements may be recorded at the same time or at different times, as the respective developers may determine to be appropriate. Contemporaneously with the recording of each individual Subdivision Plat and Subdivision/PUD Agreement, a Final PUD Development Plan shall be recorded for that property and shall include the following information: (a) An illustrative site plan of the Project depicting the proposed improvements, the approved dimensional requirements, and adequate snow storage areas; (b) A drawing(s) representing the Project's architectural character, which demonstrates the general architectural character of each building and depicts materials, fenestration, projections, and dimensions and locations of elevator shaft heads, skylights, mechanical equipment, etc.. Mechanical equipment shall be screened from pedestrian view; (c) A landscape plan depicting the location, amount, and species of landscape improvements with an irrigation plan, containing a signature line for the City Parks Department; this plan should also include any movable planters/pots within pedestrian areas. The Subdivision/PUD agreement shall include provisions guaranteeing the successful implementation of the landscape plan and ongoing maintenance of landscape. Buildings shall incorporate outside spigots for water planters and containers in the pedestrian pathways. The Subdivision/PUD Agreement shall include provisions for initial establishment of improvements and ongoing maintenance of the landscape and pedestrian ways as general common elements. Ordinance No 34, Series 2008 Page 16 Lift One Neighborhood M aster Plan The proposed landscape plan shall provide a number, type, and quality of plant material acceptable to the City Parks Department. Sufficient mitigation shall be provided, in a form acceptable to the City Parks Department, to offset the removal of existing trees on the site. The Landscape Plan sheet(s) of the Final PUD Plans shall include an acceptable tree replacement and mitigation plan with a signature line for approval by the City Parks Department. Tree removal mitigation shall be based on the valuation of existing trees to be removed. Following is a summary of the existing trees to be removed and their valuation. New trees to be established within the Project shall be credited towards this valuation. Total valuation is subject to change based on the final layout, size and configuration of buildings, sidewalks and other infrastructure. Any changes will be reviewed and approved through the Parks Department. Total: (d) A grading and drainage plan, with any off-site improvements specified; (e) A utility and public infrastructure plan meeting the standards of the City Engineer and City utility agencies; and (f) An exterior lighting plan meeting the requirements of Section 26.575.150 of the Land Use Code. (g) Cost estimates for the improvements and requirements described in the Subdivision/PUD Agreements; and (h) A description of the financial assurances to be provided. Ordinance No 34, Series 2008 Page 17 Lift One Neighborhood M aster Plan Section 8: Rezonings Upon the approval of this Ordinance by the Aspen City Council, Lots 1, 2, 3, 4 and 6 are hereby rezoned as depicted on the Proposed Zoning Map attached hereto as Exhibit 2. The rezoning shall become effective upon the recordation of the Master Subdivision/Street Vacation Plat, and the Official Zone District Map of the City of Aspen shall be amended by the Community Development Director as follows. (a) Lot 1, Lift One Lodge, shall be depicted as included within the L, Lodge, zone district with a Planned Unit Development (PUD) Overlay. A portion of Lot 1 shall include H, Historic Overlay, to reflect the portion of Lot 1 containing a tower of the original Lift 1 system and the relocation of the Skier's Chalet Steak House building off of this Lot. The Lodge Zone District permits the development, operations, and maintenance of ski area structures, facilities, equipment, management and operations. (b) Lot 2, Lift One Park, shall be depicted as included within the PUB, Public, zone district with H, Historic Overlay and a Planned Unit Development (PUD) Overlay. The PUB Zone District permits the development, operations, and maintenance of ski area structures, facilities, equipment, management and operations. (c) Lot 3, Skiers Chalet Steak House, shall be depicted as included within the NC, Neighborhood Commercial, zone district with a Planned Unit Development (PUD) Overlay. Lot 3 shall also include H, Historic Overlay, to reflect the prior Historic Designation of the Skiers Chalet Steak House building and its relocation thereto. (d) Lot 4, Willoughby Park, shall be depicted as included within the PUB, Public, zone district with a Planned Unit Development (PUD) Overlay. The PUB Zone District permits the development, operations, and maintenance of ski area structures, facilities, equipment, management and operations. (e) Lot 6, Deane Street Condominiums, shall be depicted as included within the AH, Affordable Housing, zone district with a Planned Unit Development (PUD) Overlay. Section 9: Public Right-of-Way Vacations The following public right-of--way vacations within the Lift One Neighborhood shall be and hereby are approved, and the fee simple ownership of the lands underlying such vacated rights-of--way shall be combined with and incorporated into the respective adjacent parcels. Such vacations and resulting ownerships are shown on the Proposed Street. and Alley Vacation Map attached hereto as Exhibit 3, shall be depicted and described on the Master Subdivision/Street Vacation Plat, and shall become effective upon the recording of the Master Subdivision/Street Vacation Plat and the Master Development Agreement. (a) That portion of Deane Street located east of Garmisch Street along the northern boundary of the Lodge at Aspen Mountain Project; Ordinance No 34, Series 2008 Page 18 Lift One Neighborhood M aster Plan (b) That portion of Juan Street depicted on Exhibit 3, the Proposed Street and Alley Vacation Map; (c) That portion of South Aspen Street located south of Juan Street and north of the northern boundary of the Shadow Mountain Condominiums; (d) Those portions of Gilbert Street depicted on Exhibit 3, the Proposed Street and Alley Vacation Map; (e) Hill Street east of South Aspen Street through the Lift One Lodge Project; (f) Summit Street east of South Aspen Street through the Lift One Lodge Project; and (g) The portion of the remaining alley in Block 9, Eames Addition to the City of Aspen, within the Lift One Lodge Project. Section 10: Public Right-of-Way Dedications and Perpetual Easements The Master Subdivision/Street Vacation Plat shall accomplish the following public right- of-way dedications and shall grant the following perpetual easements and encroachment licenses as depicted on the Proposed Subdivision Map attached hereto as Exhibit 4, to wit: (a) A public right-of--way for relocated South Aspen Street; (b) A public pedestrian easement along the vacated portion of Juan Street; (c) A public ski and pedestrian easement within Lot 1, Lift One Lodge Project, within Lot 2, Lift One Park, and within Lot 4, Willoughby Park; (d) An easement granted to the Aspen Skiing Company and/or assigns within Lots 1, 2 and 4 for purposes of constructing, operating and maintaining the surface lift and other associated skiing improvements and operations; (e) A perpetual subsurface easement beneath Lot 2, Lift One Park, and Lot 4, Willoughby Park, for the use and benefit of the Lift One Lodge Project and the Lodge at Aspen Mountain Project for purposes of constructing, operating, using, maintaining and accessing parking garages; (f) A perpetual subsurface easement beneath a portion of relocated South Aspen Street for the use and benefit of the Lift One Lodge Project and the Lodge at Aspen Mountain Project for purposes of constructing, operating, using, maintaining and accessing a parking garage; and (g) A perpetual access easement across Lot 1 for the benefit of the Aspen Skiing Company. Ordinance No 34, Series 2008 Page 19 Lift One Neighborhood M aster Plan In addition to the foregoing, the City of Aspen public right-of--way known as Dean Street, a/k/a Deane Street, is hereby officially named and designated Deane Street (with an "e"), and this spelling shall be reflected in the various Plats and Agreements recorded pursuant to this Ordinance. Section 11: Approved Uses and Development Programs 11.1 Lot 1, Lift One Lode. The Lift One Lodge Project is approved as a mixed use membership lodge/whole ownership project consisting of 35 lodge units, 5 free market residential units, the affordable housing components described in Section 16.1 below, a maximum of 9,000 square feet of net leasable commercial space and a total of 250 subgrade parking spaces. The Project's lodge component will consist of one-bedroom, two-bedroom, three- bedroom and four-bedroom suites. Each bedroom within the lodge component will be separately keyed as a "lock-off' unit. For Growth Management Quota System purposes, the Project's lodge component will contain a total of 101 bedrooms equaling 101 keys or separately rentable divisions. The Project's commercial component shall consist of a public restaurant, kitchen and bar; and various facilities for the Aspen Skiing Company, including, but not limited to, a ticket sales area, public/employee locker rooms, ski equipment sales, servicing, and rental, other skier servicing facilities, etc. The public restaurant, bar and kitchen will contain a maximum of 4,000 square feet of net leasable commercial area. The Aspen Skiing Company's facilities will contain a maximum of 5,000 square feet of net leasable commercial area. The lodge will also include other guest service areas, facilities and ancillary spaces and uses which are not considered net leasable area for Growth Management Quota System purposes. The Historic Preservation Commission previously granted Conceptual Approval for the relocation of the Skiers Chalet Lodge and the Skiers Chalet Steak House. The Lift One Lodge Project shall require final approval from the Historic Preservation Commission for both relocations, which shall be processed separately from the Master Plan in accordance with the provisions of Chapter 26.415 of the City of Aspen Land Use Code. 11.2 Lot 5, Lodge at Aspen Mountain. The Lodge at Aspen Mountain Project is approved as a mixed use hotel/fractional/whole ownership project consisting of 75 lodge units, 26 fractional ownership units, 5 free market residential units, the affordable housing components described in Section 16.2 below, a maximum of 18,000 square feet of net leasable commercial space, and a minimum of 238 subgrade parking spaces. The Project's hotel component will consist of 72 standard/executive and one-bedroom lodge rooms; 2two-bedroom lodge suites; and one two-bedroom presidential suite for a total of 78 bedrooms. The Project's fractional ownership component will consist of Ordinance No 34, Series 2008 Page 20 Lift One Neighborhood M aster Plan 8 three-bedroom units and 18 four-bedroom units containing a total of 96 bedrooms. For Growth Management Quota System purposes, the Project's hotel and fractional ownership components will contain a total of 174 bedrooms and 101 keys or separately rentable divisions. No "lock-off' bedrooms are proposed. The whole ownership component will consist of one three-bedroom free market residential unit and 4four-bedroom free market residential units. The Project's 18,000 square feet of net leasable commercial area will consist of a spa; the hotel's restaurant and kitchen, rooftop bar, lobby lounge, sundries shop, meeting rooms and ballroom; and a small sales center for the fractional ownership units. The hotel will also include other guest service areas, facilities and ancillary spaces and uses which are not considered net leasable area for Growth Management Quota System purposes. The Project will be condominiumized in two or more condominium regimes (one covering the Deane Street Condominium affordable housing project on Lot 6), and the fractional ownership units will be sold pursuant to a timeshare use plan. 11.3 Lot 3. Skiers Chalet Steak House. The Skiers Chalet Steak House is approved as a mixed use commercial/affordable housing building which will contain approximately 1,052 square feet of net leasable commercial space on its ground floor and a total of 5 dormitory affordable housing rooms on its second and third floors. An outdoor seating area will be provided adjacent to the building. The commercial space's net leasable area shall be identified in the Lift One Lodge Final PUD Development Plan and individual Subdivision/PUD Agreement. The Lift One Lodge Subdivision/PUD Agreement shall also include a list of permitted uses for the commercial space, which list shall be derived from those uses permitted within the (NC), Neighborhood Commercial, zone district. 11.4 Lot 4, Willou~hby Park. Approval is granted for the relocation of the Skiers Chalet Lodge to Willoughby Park as depicted in the Decision Packet, and the use of the building for community purposes including, but not limited to, a historical museum, affordable housing, and/or affordable commercial space. The building's use shall be addressed in the Lift One Lodge Subdivision/PUD Agreement to be recorded concurrently with the Lift One Lodge Final PUD Development Plan. 11.5 Lot 6, Deane Street Condominiums. Lot 6 is approved for the development of a 15 unit affordable housing project. The Deane Street Condominiums Affordable Housing Project will consist of 7 studio units, 4one-bedroom units, 2two-bedroom units, and 2three-bedroom units. 11.6 Lift lA Base Area Development Envelope. The Lift lA Base Area Development Envelope is approved for the uses, activities and improvements necessary, ancillary and incidental to the development, function, operation and maintenance of winter and summer recreation and a ski area base, including, but not limited to the following: Ordinance No 34, Series 2008 Page 21 Lift One Neighborhood M aster Plan (a) Skiing, snowboarding, and other winter and summer recreational sports and activities; (b) Ski and snow sports racing, competitions, demonstrations, other special events, including supporting activities, facilities, improvements and infrastructure; (c) Ski lifts and mechanized uphill transportation, including all related improvements and equipment, such as lift terminals, towers, platforms, supporting or retaining walls and foundations, stairs, elevators, plaza spaces, lift mazing, housings, roofs, and similar structures, operator houses or lift shacks and storage; (d) Ticketing sales and all necessary and incidental commercial skier services functions, facilities and equipment, including, but not limited to ski and equipment rental, lockers, public restrooms, offices, ski school facilities, emergency medical care, and related activities and uses; (e) Making, clearing, removing, sculpting, grooming and maintaining snow and snow surfaces, together ~ with all the infrastructure, deep and shallow utilities, and equipment and machinery necessary for performing the same, whether fixed or mobile; (f) Motorized vehicle access and use, including snow grooming equipment as described above, as well as snowmobiles, emergency vehicles, wheeled vehicles, service and support trucks and other vehicles routinely used in the conduct and performance of mountain recreation, operations, services, construction, supply, events and the permitted uses described herein; (g) Operational, commercial, interpretive, and informational signage reasonably necessary and/or incidental to the performance of other activities and functions described herein; (h) Any and all customary activities, equipment, housings, structures, and functions which may be necessary, appropriate, ancillary and/or incidental to the full use, practice and enjoyment of skiing and other recreational sports and activities, mechanized uphill transportation, and related business purposes and activities; and (i) Installation, staging, construction, maintenance, alteration, repair, operation, servicing, and replacement of all of improvements, structures, materials, landscaping and/or equipment described or contemplated herein. Section 12: Approved Dimensional Requirements 12.1 Lot 1, Lift One Lode. The following dimensional requirements are approved for Lot 1 and shall be reflected in the Final PUD Development Plan for the Lift One Lodge Project. Ordinance No 34, Series 2008 Page 22 Lift One Neighborhood M aster Plan (a) Minimum Lot Size (b) Minimum Lot Width (c) Minimum Front Yard Setback (d) Minimum Side Yard Setback (e) Minimum Rear Yard Setback (f) Maximum Building Height (g) Minimum Distance Between Buildings (h) Maximum Allowable Floor Area (i) Minimum Off-Street Parking Spaces Per Final PUD Development Plan Per Final PUD Development Plan 5' 0' 5' Varies, 55.5 ft. at highest point Per Final PUD Development Plan 135,000 sq. ft. 250 12.2 Lot 5, Lode at Aspen Mountain. The following dimensional requirements are approved for Lot 5 and shall be reflected in the Final PUD Development Plan for the Lodge at Aspen Mountain Project. (a) Minimum Lot Size (b) Minimum Lot Width (c) Minimum Front Yard Setback (d) Minimum Side Yard Setback (e) Minimum Rear Yard Setback (f) Maximum Building Height (g) Minimum Distance Between Buildings (h) Maximum Allowable Floor Area (i) Minimum Off-Street Parking Spaces Per Final PUD Development Plan Per Final PUD Development Plan 5' 5' 5' Varies, 59.5 ft. at highest point Per Final PUD Development Plan 191,000 sq. ft. 23 8 12.3 Lot 3. Skiers Chalet Steak House. The following dimensional requirements are approved for Lot 3 and shall be reflected in the Final PUD Development Plan for the Lift One Lodge Project. (a) Minimum Lot Size (b) Minimum Lot Width (c) Minimum Front Yard Setback (d) Minimum Side Yard Setback (e) Minimum Rear Yard Setback (f) Maximum Building Height (g) Minimum Distance Between Buildings (h) Maximum Allowable Floor Area (i) Minimum Off-Street Parking Spaces Per Final PUD Development Plan Per Final PUD Development Plan 5' 5' 0' 34' Per Final PUD Development Plan 4,000 0 Ordinance No 34, Series 2008 Lift One Neighborhood M aster Plan Page 23 12.4 Lot 4, Willoughby Park. The following dimensional requirements are approved for Lot 4 and shall be reflected in the Final PUD Development Plan for the Lift One Lodge Project. (a) Minimum Lot Size (b) Minimum Lot Width (c) Minimum Front Yard Setback Per Final PUD Development Plan Per Final PUD Development Plan 40' (d) Minimum Side Yard Setback (e) Minimum Rear Yard Setback (f) Maximum Building Height (g) Minimum Distance Between Buildings (h) Maximum Allowable Floor Area (i) Minimum Off-Street Parking Spaces 10' 10' 32' Per Final PUD Development Plan 6,000 sq. ft. 0 12.5 Lot 6. Deane Street Condominiums. The following dimensional requirements are approved for Lot 6 and shall be reflected in the Final PUD Development Plan for the Lodge at Aspen Mountain Project. (a) Minimum Lot Size (b) Minimum Lot Width (c) Minimum Front Yard Setback (d) Minimum Side Yard Setback (e) Minimum Rear Yard Setback (f) Maximum Building Height (g) Minimum Distance Between Buildings (h) Maximum Allowable Floor Area (i) Minimum Off-Street Parking Spaces Per Final PUD Development Plan Per Final PUD Development Plan 0' 5' 5' 3 5' Per Final PUD Development Plan 13,000 sq. ft. 0 12.6 Height and Floor Area Measurements. (a) Height, building. For the purposes of calculating the maximum height for development within this master plan area, the height of a building shall be the maximum distance possible measured vertically from interpolated natural grade, to be recorded in the Master Subdivision/Street Vacation Plat, to the highest point or structure within a vertical plane. Architectural and mechanical appurtenances including but not limited to antennas, chimneys, flues, vents, trellises, flag poles or similar structures shall not extend over ten (10) feet above the specified maximum height limit. Ordinance No 34, Series 2008 Page 24 Lift One Neighborhood M aster Plan (b) Floor area. For the purposes of calculating the maximum allowable floor area for development within this master plan area, there shall be included that floor area within the surrounding exterior walls as measured from the outside face of structural. sheathing. The calculation of the floor area of a building or a portion thereof shall not include decks, balconies, exterior stairways, gazebos, porches, landscape terraces and similar features. For any story that is partially above and partially below interpolated natural grade, as recorded in the Master Subdivision/Street Vacation Plat, only the floor area above the point at which interpolated natural grade crosses the subfloor elevation of that story shall be counted towards floor area. Section 13: Reconstruction Credits The following reconstruction credits have been verified by the City of Aspen and shall be credited against the Growth Management Quota System allotment requirements of the Lift One Lodge Project and the Lodge at Aspen Mountain Project. 13.1 Lift One Lode Project (a) A total of 38 lodging reconstruction credits consisting of 20 lodge units in the former Holland House Lodge; 10 lodge units in the former Skiers Chalet Lodge; and 8 lodge units in the former Skiers Chalet Steak House shall be credited against the Lift One Lodge Project's lodging GMQS allotment requirement. The 38 reconstruction credits shall equate to 761odging pillow for allotment purposes. (b) One free market residential reconstruction credit located in the former Holland House Lodge shall be credited against the Lift One Lodge Project's free market residential GMQS allotment requirement. (c) A commercial reconstruction credit of 3,374 square feet of net leasable area consisting of 2,429 square feet in the Skiers Chalet Steak House and 945 square feet in the Lift 1 A base structure shall be credited against the Lift One Lodge Project's commercial GMQS allotment requirement. 13.2 Lodge at Aspen Mountain Project A total of 19 free market residential reconstruction credits consisting of one single- family dwelling unit, and two duplex units and 16multi-family dwelling units located in the former Mine Dumps Apartments, shall be credited against the Lodge at Aspen Mountain Project's and the Lift One Lodge Project's free market residential GMQS allotment requirements. Section 14: Growth Management Quota System Allotments The following Growth Management Quota System allotments are hereby granted to the Lodge at Aspen Mountain Project and the Lift One Lodge Project. Ordinance No 34, Series 2008 Page 25 Lift One Neighborhood M aster Plan Devela ment T e Allotment or Lod eat As en Mountain Residential-Free Market 0 Units (5 Reconstruction Credits) Commercial 18,000 Net Leasable Square Feet Residential-Affordable Housing 15 Dormitory Rooms Lodging 348 Pillows Develo ment T e Allotment or Li t One Lod e Residential-Free Market 0 Units (5 Reconstruction Credits) Commercial 6,680 Net Leasable Square Feet Residential-Affordable Housing 16 Units Lodging 126 Pillows Develo went T e Allotment or Skiers Chalet Steakhouse Residential-Affordable Housing 5 Dormitory Rooms Develo ment T e Allotment or Ski Museum Essential Public Facility Exempt (9,000 Gross Square Feet) Development Type Allotment for Deane Street Affordable I~ousin Residential-Affordable Housing 15 Units The above growth allotments are in addition to reconstruction credits associated witht he properties but which do not require new growth allotment. The Growth Management Quota System allotments granted pursuant to this Ordinance shall expire on the day after the fifteenth anniversary of the effective date of the Development Order issued by the Community Development Director described in Section 3(d) above. Section 15: Growth Management Quota System Accounting The Lodging and Commercial Growth Management Quota System allotments granted in Section 14 above constitute multi-year development allotments as provided for in Section 26.470.090.1. of the Land Use Code. Pursuant to Section 26.470.090.1.c, the Community Development Director is hereby directed to reduce the Annual Allotment, as provided in Section 26.470.030.D, in future years to accommodate the Lift One Neighborhood Master Plan as follows. Development Typical Lift One 2009 2010 2011 Type Annual Neighborhood GMQS GMQS GMQS Allotment Master Plan Yeaz Yeaz Yeaz Lodging 112 pillows 474 pillows Ordinance No 34, Series 2008 Page 26 Lift One Neighborhood M aster Plan Section 16: Affordable Housing Requirements 16.1 Lot 1, Lift One Lode. The Lift One Lodge Project will generate 53.5 employees. The Project has committed to provide affordable housing mitigation for 40 employees or 75 percent of the employees generated. The Project's employee generation and mitigation commitments are as follows. (a) Lodge Bedrooms. The development of lodge units within the L, Lodge, zone district generates 0.5 employees per bedroom. The Lift One Lodge Project contains 101 lodge bedrooms and has a lodge GMQS reconstruction credit of 38 bedrooms. The Project's 63 net new lodge bedrooms, therefore, will generate 31.5 employees. (b) Main-Level Commercial Space. Commercial space on the main level of a building in the L, Lodge, zone district generates 4.1 employees per 1,000 square feet of net leasable space. The Lift One Lodge Project contains approximately 3,600 square feet of net leasable area on the main level and has a commercial GMQS reconstruction credit of 3,374 square feet. The Project's main-level net new commercial space, therefore, will generate approximately 1.0 employees. (c) Basement/Upper Level Commercial Space. Commercial space on the basement and upper levels of a building in the L, Lodge, zone district generates 3.075 employees per 1,000 square feet of net leasable space. The Lift One Lodge Project contains approximately 5,400 square feet of net leasable area on the basement and upper levels. The Project's commercial component on these levels, therefore, will generate approximately 16.5 employees. (d) Lot 3, Skiers Chalet Steak House Commercial Space. The Skiers Chalet Steak House will contain approximately 1,052 of commercial net leasable space on its main level. Commercial space on the main level of a building in the NC, Neighborhood Commercial, zone district generates 4.1 employees per 1,000 square feet of net leasable space. The Skiers Chalet Steak House's commercial space, therefore, will generate approximately 4.5 employees. (e) Total Employees Generated/Mitigation Requirement: (i) Lodge Bedrooms 31.5 Employees (ii) Main-Level Commercial Space 1.0 Employees (iii) Basement & Upper Level Commercial Space 16.5 Employees (iv) Skiers Chalet Steak House Commercial Space 4.5 Employees (v) Total Employees Generated 53.5 Employees (vi) Required Mitigation @ 75 Percent 40 Employees Ordinance No 34, Series 2008 Page 27 Lift One Neighborhood M aster Plan (f) Affordable Housing Mitigation. The Lift One Lodge Project's affordable housing mitigation shall be met as follows. (i) On-Site Rental Units. The Lift One Lodge Project shall provide housing for no less than 21 employees in a configuration of studio units and two-bedroom units on Lot 1 within Lift One Lodge and dormitory rooms on Lot 3 within Skiers Chalet Steak House building. The configuration of the dormitory shall be set forth in the Final PUD Development Plan for the Project. The units will be deed restricted to the Aspen/Pitkin County Housing Authority ("APCHA") Category 3 income and occupancy guidelines for rental units in effect at the time of recording of a Condominium Map for the Project. The deed restriction will provide that whenever an affordable housing unit becomes available for rental, the unit owner shall have a period of thirty (30) days from the date of termination of the prior tenancy to rent the unit to a person employed within the Project, provided that such person is otherwise qualified under the current APCHA Guidelines. If no such qualified Project employee has signed a lease agreement on the unit within said thirty (30) day period, APCHA shall have the right to select a qualified tenant for the unit. No Final Certificate of Occupancy shall be issued for the Project until the deed restriction for the affordable housing units has been executed and recorded. Unless a different arrangement is worked out with the City Attorney, and only to the extent necessary to comply with applicable Colorado law, at the time of recording of the deed restriction the owner of the affordable housing units will convey aone-tenth of one percent interest in the affordable housing units to APCHA, subject to such terms and conditions as the owner and the City may mutually agree upon. (ii) Lift One Lodge/City of Aspen Partnership. The Lift One Lodge shall financially contribute to a City of Aspen affordable housing project in an amount necessary to house the balance of the 75% required mitigation not housed on Lot 1 and Lot 3 as delineated in (f)(i) above. It is anticipated that this will be the Burlingame Ranch affordable housing project, but a different City affordable housing project may be substituted in whole or in part, by mutual agreement of the parties. The Lift One Lodge Project and the City of Aspen shall enter into a Housing Agreement whereby the Project agrees to contribute to the City the dollar amount calculated to be required to build the number of units needed to house the number of employees calculated herein. Based on a cooperative analysis performed by the City and the developer, the Burlingame Ranch subsidy shall be $130,000.00 per employee. The Housing Agreement shall be attached as an Exhibit to the Lift One Lodge Project individual Subdivision/PUD Agreement. The affordable housing units developed with this financial contribution shall be sold or rented, at the City's election, at a sale or rental rate determined by the City in accordance with applicable APCHA Guidelines, and shall not be owned or controlled in any manner by the Lift One Lodge Project. (g) Total Employees Housed/Lift One Lodge. Ordinance No 34, Series 2008 Page 28 Lift One Neighborhood M aster Plan (i) Lots 1 and 3, On-Site Rental Units (ii) Partnership Units (iii) Total Employees Housed 21 Employees 19 Employees 40 Employees 16.2 Lot 5, Lode at Aspen Mountain. The Lodge at Aspen Mountain Project will generate 168.5 employees. The Project has committed to provide affordable housing mitigation for 126.5 employees or 75 percent of the employees generated. The Project's employee generation and mitigation commitments are as follows: (a) Demolition of the Mine Dumps Apartments. The pre-existing, prior to demolition, Mine Dumps Apartments consisted of 16 multi-family units, 23 bedrooms, and 7,722 square feet of net livable area. Demolition of these units resulted in a replacement requirement of 8 units, 12 bedrooms and 3,861 square feet of net livable area. These units, bedrooms and net livable area must be provided on Lot 5 to satisfy the replacement requirement. The replacement requirement equates to housing for 15 employees. (b) Lodge/Fractional Ownership Bedrooms. The development of lodge and fractional ownership units in the L, Lodge, zone district generates 0.5 employees per bedroom. The Lodge at Aspen Mountain Project contains 174 lodge/fractional bedrooms. The lodge and fractional ownership components of the Project, therefore, generate 87 employees. (c) Main-Level Commercial Space. Commercial space on the main level of a building in the L, Lodge, zone district generates 4.1 employees per 1,000 square feet of net leasable area. The Lodge at Aspen Mountain Project contains approximately 10,800 net leasable square feet on the main level generating approximately 44.5 employees. (d) Basement-Level Commercial Space. Commercial space on the basement level of a building in the L, Lodge, zone district generates 3.075 employees per 1,000 square feet of net leasable area. The Lodge at Aspen Mountain Project contains approximately 7,200 net leasable square feet on the basement level generating approximately 22 employees. (e) Total Employees Generated/Mitigation Requirement: (i) Mine Dumps Replacement (ii) Lodge/Fractional Ownership Bedrooms (iii) Main-Level Commercial Space (iv) Basement-Level Commercial Space (v) Total Employees Generated (vi) Required Mitigation @ 75 Percent Ordinance No 34, Series 2008 Lift One Neighborhood M aster Plan 15 Employees 87 Employees 44.5 Employees 22 Employees 168.5 Employees 126.5 Employees Page 29 (f) Affordable Housing Mitigation: The Lodge at Aspen Mountain Project's affordable housing mitigation requirement shall be met as follows. (i) On-Site Rental Units. The Lodge at Aspen Mountain Project shall contain 15 dormitory affordable housing units on Lot 5. Each dorm unit will house two employees for a total of 30 employees housed. The configuration of the dormitory shall be set forth in the Final PUD Development Plan for the Project. These affordable housing units will satisfy the Project's replacement affordable housing requirement described in Section 16.2(a) above. The units will be deed restricted to the Aspen/Pitkin County Housing Authority ("APCHA") Category 3 income and occupancy guidelines for rental units in effect at the time of recording of a Condominium Map for the Project. The deed restriction will provide that whenever an affordable housing unit becomes available for rental, the unit owner shall have a period of thirty (30) days from the date of termination of the prior tenancy to rent the unit to a person employed within the Project, provided that such person is otherwise qualified under the current APCHA Guidelines. If no such qualified Project employee has signed a lease agreement on the unit within said thirty (30) day period, APCHA shall have the right to select a qualified tenant for the unit. No Final Certificate of Occupancy shall be issued for the Project until the deed restriction for the affordable housing units has been executed and recorded. Unless a different arrangement is worked out with the City Attorney, and only to the extent necessary to comply with applicable Colorado law, at the time of recording of the deed restriction the owner of the affordable housing units will convey aone-tenth of one percent interest in the affordable housing units to APCHA, subject to such terms and conditions as the owner and the City may mutually agree upon. (ii) On-Site Sale Units. The Lodge at Aspen Mountain Project shall provide 7 studio, 4one-bedroom, 2two-bedroom and 2three-bedroom affordable housing units on Lot 6, to be known as the Deane Street Condominiums. These units will house a total of 26.25 employees. The unit mix and minimum sizes shall be set forth in the Final PUD Development Plan for the Project. These affordable housing units will be deed restricted to the APCHA Category 3 income and occupancy guidelines for sale units in effect at the time of recording of a Condominium Map for the Deane Street Condominiums. No Final Certificate of Occupancy shall be issued for the Lodge at Aspen Mountain Project until the deed restriction for these affordable housing units has been executed and recorded. (iii)Off--Site Sale Units. It is anticipated that 27 employees will be housed in Units I-Q of the Pacific Avenue Condominiums, which are to be constructed at the Aspen Airport Business Center pursuant to BOCC Resolution No. 135-2004 recorded October 29, 2004 as Reception No. 503623. The Lodge at Aspen Mountain shall retain the right to select the first purchaser of each of these affordable housing units, provided only that such purchaser is qualified by the Ordinance No 34, Series 2008 Page 30 Lift One Neighborhood M aster Plan APCHA to be a purchaser under the applicable APCHA Guidelines. No Final Certificate of Occupancy shall be issued for the Lodge at Aspen Mountain Project until the deed restriction for these affordable housing units has been executed and recorded. (iv)Lodge at Aspen Mountain/City of Aspen Partnership. The Lodge at Aspen Mountain Project shall financially contribute to a City of Aspen affordable housing project in an amount necessary to house the balance of the 75% required mitigation not housed pursuant to (i), (ii) and (iii) above. It is anticipated that this will be the Burlingame Ranch affordable housing project, but a different City affordable housing project may be substituted in whole or in part, by mutual agreement of the parties. The Lodge at Aspen Mountain Project and the City of Aspen shall enter into a Housing Agreement whereby the Project agrees to contribute to the City the dollar amount calculated to be required to build the number of units needed to house the number of employees calculated herein. Based on a cooperative analysis performed by the City and the developer, the Burlingame Ranch subsidy shall be $130,000.00 per employee. The Housing Agreement shall be attached as an Exhibit to the Lodge at Aspen Mountain Project individual Subdivision/PUD Agreement. The affordable housing units developed with this financial contribution shall be sold or rented, at the City's election, at a sale or rental rate determined by the City in accordance with applicable APCHA Guidelines, and shall not be owned or controlled in any manner by the Lodge at Aspen Mountain Project. (v) Mine Dumps Tenants. The tenants in the Mine Dumps Apartments at the time of demolition thereof shall be provided a right of first refusal to purchase an affordable housing unit in the Deane Street Condominiums. Such buyers shall meet the qualification requirements of the APCHA. (g) Total Employees Housed/Lodge at Aspen Mountain: (i) On-Site Rental Units 30 Employees (ii) On-Site Sale Units 26.25 Employees (iii)Off--Site Sale Units 27 Employees (iv)Partnership Units 43.25 Employees (v) Total Employees Housed 126.5 Employees Section 17: Parking Spaces and Parking Garage The Lift One Lodge Project and Lodge at Aspen Mountain Project parking garage shall be considered an approved commercial parking facility. Minimum parking spaces to serve each Project are identified in Section 12 above. Allocated spaces shall be identified on the individual Subdivision/PUD Agreements (or the Final PUD Development Plans attached thereto) required under Section 7 above. Allocated spaces shall not be sold or Ordinance No 34, Series 2008 Page 31 Lift One Neighborhood M aster Plan leased separate from the portion of a Project to which they are allocated. Unallocated spaces may be leased by the owners thereof on a daily or longer-term basis, or may be sold to third parties. The parking spaces in the parking garage shall be used for parking vehicles and accessory storage (such as ski storage at the head of a parking space), and shall not be principally used for storage, trash containers, mechanical equipment, or other non-automobile related purposes. The Applicant shall work with the Parks Department to develop a Parks facility maintenance storage unit located within the parking garage. The purpose of this facility will be for the storage of maintenance vehicles used for maintenance of Parks Facilities located within the Core of Aspen. Section 18: Building Permit Application The building permit application for each of the Lift One Lodge Project, the Lodge at Aspen Mountain Project, and the Lift lA Base Area Project, respectively, shall include the following: (a) A copy of this final City Council Ordinance, as recorded, and a letter from the primary contractor stating that the Ordinance has been read and understood. (b) The conditions of approval printed on the cover page of the building permit set. (c) A completed tap permit for service from the Aspen Consolidated Sanitation District. (d) Evidence that a tree removal permit has been attained pursuant to the requirements of the City Parks Department. The tree removal permit shall be accompanied by a detailed landscape plan indicating which trees are to be removed and new plantings proposed on the site. (e) A drainage plan including an erosion control plan and snow storage runoff plan prepared by aColorado-licensed Civil Engineer which maintains sediment and debris on-site during and after construction. If a ground recharge system is required a soil percolation report will be required to correctly size the facility. A 5-year storm frequency should be used in designing any drainage improvements. (f) A final construction site management plan and parking plan pursuant to the requirements set forth in Section 19 below. (g) An excavation stabilization plan prepared by a licensed Engineer. All excavations adjacent to the drip zones will be required to be vertical excavation only, with no over digging. Excavations will be soil stabilized in a manner that prevents over excavation of the site. This will require a one sided pour for all foundation walls located within these protection zones. Ordinance No 34, Series 2008 Page 32 Lift One Neighborhood M aster Plan (h) A fugitive dust control plan approved by the Environmental Health Department which addresses watering of disturbed areas including haul roads, perimeter silt fencing, as-needed cleaning of adjacent rights-of--way, speed limits within and accessing the site, and the ability to request additional measures to prevent a nuisance during construction. The Project developer shall wash tracked mud and debris from the street as necessary, and as requested by the City, during construction. Section 19: Construction Management Plan At the time that each of the Lift One Lodge Project and the Lodge at Aspen Mountain Project submits a proposed individual Subdivision/PUD Agreement to the City for review, and at the time the Lift lA Base Area Project submits a building permit application to the Building Department for review, the Project developer shall also prepare and submit a Construction Site Management Plan and Parking Plan (the "CMP") to the City for consideration. The CMP shall be reviewed by the City's Construction Management Officer and the City Engineer, and shall be consistent with the City's revised CMP Requirements Manual of June, 2007, as it may be amended from time to time. The final CMP shall be attached as an Exhibit to the Project's Final PUD Development Plan, or in the case of the Lift lA Base Area Project, to its Building Permit. Any further regulations regarding construction management that may be adopted by the City of Aspen prior to application for a building permit for a Project shall be applicable. A temporary encroachment license is required for use of City right of way for construction purposes. A Project developer shall not be allowed to close South Aspen Street during construction except for relocation and reconstruction of the street and the construction of subgrade improvements beneath the street. Street closure of South Aspen Street concurrent with significant public events like World Cup shall be avoided. Throughout the construction process, access will be maintained to Lift lA and Shadow Mountain Condos. A Project developer shall provide phone contact information for the on-site project management to neighboring properties, and shall post such information on a sign at the construction site in full public view so that concerns about the development may be made directly to construction management personnel. Section 20: Soil Stabilization The Lodge at Aspen Mountain project has installed inclinometers and conducted bi-monthly monitoring. This information shall continue to be collected and made available to the City Engineer. If any slope movement is identified by the bi-monthly monitoring, the project will not be allowed to exacerbate the historic rate of slope movement during or after construction. If the historic rate of movement is exacerbated during the construction process, the City shall stop work on the project and require the Applicant to make such improvements that are necessary to reduce the slope movement back to historic rates. If the Ordinance No 34, Series 2008 Page 33 Lift One Neighborhood M aster Plan inclinometers determine that there is a historic rate of slope movement, the design shall exhibit a global stability meeting the AASHTO requirements, which implies a minimum factor of safety of 1.5. In preparing soil stability reports for the property, a soil bearing grid with no more than 100 feet between test locations shall be used under the building's footprint. In areas outside of the building's footprint, test locations shall not exceed 500 feet apart. The depth of soil borings must exceed the elevation of the lowest footer by twenty (20) feet. Section 21: Hazardous Soils: This site has not been previously identified as containing hazardous soils. However, detailed soils reports shall be submitted with the Building Permit application and if any hazardous materials are reported the applicant shall provide the City with a mine waste testing and handling plan provided by a registered engineer or other entity with experience in soils and hazardous waste disposal. The plan must comply with the following conditions of approval regarding development and handling of any hazardous or toxic soils encountered on the property unless adequate information is provided to the Environmental Health Department indicating that certain requirements should be waived: a. Any disturbed soil or material containing more than 1000 ppm lead that is to be stored above ground shall be securely contained on and covered with anon- permeable tarp or other protective barrier approved by the Environmental Health Department so as to prevent leaching of contaminated material onto or into the surface soil. Disturbed soil or material may be stored onsite if the Environmental Health Department determines that there exists a satisfactory method of disposal at the excavation site. Disturbed soil and solid waste may be disposed of outside of the site upon acceptance of the material at a duly licensed and authorized receiving facility. b. Non-removal of contaminated material. No contaminated soil or solid waste shall be removed, placed, stored, transported or disposed of outside the boundaries of the site without having first obtained any and all necessary disposal permits. c. Dust suppression. All activity or development shall be accompanied by dust suppression measures such as the application of water or other soil surfactant to minimize the creation and release of dust and other particulates into the air and to prevent such dust and particulates from traveling off the site. d. Any contaminated soil or mine waste rock that is disturbed or exposed shall be contained on the property such that runoff does not exit the property or contaminate clean soils existing on or off the property. e. Any contaminated soil or mine waste rock to be left on-site shall be placed under structures, pavement or covered by a minimum of 1 foot of clean soil that contains less than 1,000 ppm lead. Ordinance No 34, Series 2008 Page 34 Lift One Neighborhood M aster Plan Section 22• Approval for Temporary Use of Willoughby Park and Lift One Park The City Council hereby approves the temporary use of Willoughby Park and Lift One Park for construction-related purposes in connection with both the Lift One Lodge Project and the Lodge at Aspen Mountain Project, respectively, provided that the details and conditions of any such uses shall be described in the CMP for each Project pursuant to Section 19 above and shall be coordinated with the City Parks Department. Section 23: Pre-Submittal Meeting A Project developer shall arrange with the Community Development case planner to conduct apre-submission meeting with the City Community Development Staff prior to submittal of a building permit application. This meeting shall include the developer, the general contractor, the architect of the construction drawings, the project planner, the Community Development Engineer, a representative of the City Building Department, the City Construction Management Officer, and the Community Development Department's case planner. Section 24: Juan Street Pedestrian and Emergency Vehicle Easement The Juan Street Pedestrian and Emergency Vehicle Easement, as depicted on the Proposed Subdivision Map attached hereto as Exhibit 4, shall be established as a perpetual easement on the Master Subdivision/Street Vacation Plat pursuant to Section 4 above. The bridge over Juan Street connecting components of the Lodge at Aspen Mountain Project shall be at least sixteen and a half feet above Juan Street to allow for the passage of emergency vehicles under the structure. Section 25: Impact and Other Project Fees The Lift One Lodge Project, the Lodge at Aspen Mountain Project, and the Lift lA Base Area Project respectively, shall be responsible for payment of impact, permit, timeshare mitigation and other project fees to be defined in the Master Development Agreement. Section 26: Funding of Replacement of Lift lA 26.1 Lodge at Aspen Mountain Proiect. Pursuant to an agreement with the Aspen Skiing Company, in the event the developer proceeds with the construction of the Lodge at Aspen Mountain Project, the developer shall provide Four Million Dollars ($4,000,000) to the Aspen Skiing Company towards the cost of replacing Lift lA with a new high-speed lift. Such commitment is hereby incorporated into Ordinance No 34, Series 2008 Page 35 Lift One Neighborhood M aster Plan this Ordinance as a condition to City Council approval. If the new lift is not yet operational when the Lodge at Aspen Mountain Project is ready for occupancy, in order to be granted a right of occupancy by the City the developer shall provide to the City and to the Aspen Skiing Company, as co-beneficiaries, a Letter of Credit or Performance Bond in the amount of $4,000,000 (less any portion thereof already advanced by the developer to the Aspen Skiing Company), in a form satisfactory to the City Attorney, as collateral security for developer's performance of this condition. 26.2 Lift One Lode Project. In the event the Lodge at Aspen Mountain Project does not proceed, the Lift One Lodge Project and the Aspen Skiing Company have agreed to share the cost of replacing Lift lA with a new high speed lift. If the new lift is not operational when the Lift One Lodge Project is ready for occupancy, in order to be granted a right of occupancy by the City the developer of the Lift One Lodge Project and the Aspen Skiing Company shall together provide to the City a Letter of Credit or Performance Bond in the amount required to complete the installation of the new lift, as calculated by the Aspen Skiing Company and reviewed and approved by the City, in a form satisfactory to the City Attorney, as collateral security for the completion of the new lift. Section 27: Environmental Initiatives The Lodge at Aspen Mountain Project and the Lift One Lodge Project have each committed to the following energy goals for their respective Projects. Such goals are hereby included as conditions of approval. (a) Fifty percent (50%) less fossil fuel consumption in the Project's buildings compared to the Ashrae 90.1 baseline; (b) LEED Silver or Gold Certification when the Project becomes operational; and, (c) Post-occupancy "true-up" through off-sets, operating improvements, or capital improvements. The details of the energy conservation program shall be set forth in the individual Subdivision/PUD Agreement for each Project. Section 28: Condominiumization Condominiumization of (a) the Lift One Lodge Project; (b) the Lodge at Aspen Mountain Project, and (c) the Deane Street Condominium Project, respectively, are hereby approved by the City of Aspen. Upon substantial completion of construction of each Project, the developer shall submit a Condominium Map of the Project to the Community Development Director for review and approval. During the period of vested Ordinance No 34, Series 2008 Page 36 Lift One Neighborhood M aster Plan rights described in Section 3(c) above, the Condominium Maps shall be reviewed under the applicable provisions of the City's Land Use Regulations in effect on the date of final adoption of this Ordinance. Following expiration of said vesting period, the Condominium Maps shall be reviewed under the then-current condominiumization requirements of the Land Use Regulations. The condominiumization of each Project shall be accomplished prior to the closing of the sale of any unit or fractional interest in the Project. With regard to the Deane Street Condominiums, the Condominium Declaration and the HOA Articles and Bylaws shall be reviewed and approved by the Aspen/Pitkin County Housing Authority before the affordable housing deed restriction is recorded on the property. The Condominium Declaration and HOA documents shall be consistent with the provisions of the Colorado Common Interest Ownership Act. Section 29: Vacation of Townhome Approvals; Further Vested Rights Extension. The developer of the Lodge at Aspen Mountain Project has represented to the City that the approvals previously granted by Ordinance No. 32 (Series of 2003) for the development of 14 free market townhomes and 17 affordable housing units on the Project site, together with all vested rights extensions associated therewith (the "townhome approvals"), shall be deemed fully and forever vacated, terminated and of no further force or effect upon the execution and recording of the Master Subdivision/Street Vacation Plat described in Section 4 above. The Project developer and the City shall cooperate in the execution and recording of such instruments as may be necessary or appropriate to accomplish the vacation and/or termination of said townhome approvals. The foregoing commitments by developer are incorporated herein as a condition to the City Council's approval of this Ordinance. The vested rights period associated with the townhome approvals presently expires on July 28, 2009. In light of the complexity of the several developments approved by this Ordinance and the two (2) year time period established in the Ordinance for the recording of the Master Subdivision/Street Vacation Plat, said vested rights period is hereby further extended by the City Council for a period of two (2) additional years, to expire on July 28, 2011. Section 30: Master Plan Amendments The entire Lift One Neighborhood Master Plan shall remain active as a COWOP land use review subject to the provisions of Land Use Code Section 26.500, Development Reasonably Necessary for the Convenience and Welfare of the Public, and the procedures therein and as established pursuant to City Council Resolution No. 13 (Series of 2008) and Resolution No. 80 (Series of 2008), for the entire vested rights period set forth in Section 3(c) above or as otherwise extended by the Aspen City Council. The purpose of Ordinance No 34, Series 2008 Page 37 Lift One Neighborhood M aster Plan the COWOP land use review remaining open is to allow for the consideration and enactment of potential amendments to the Master Plan, some of which could be substantive and require City Council approval. Amendments may be processed at any time and from time to time by any one or more of the developers of the Lift One Lodge Project, the Lodge at Aspen Mountain Project, and the Lift lA Base Area Project. Amendments which are not materially inconsistent with a representation or condition of approval. and which are substantially consistent with the goals of the Lift One Neighborhood Master Plan and the use, character, intensity, traffic generation, employee generation, circulation patterns, and public amenities of the Master Plan development as approved in this Ordinance by the City Council, may be approved by the Community Development Director. By way of example and not of limitation, the types of amendments to the Master Plan approval which may be approved by the Community Development Director may include insubstantial changes to the site plan, architectural materials, fenestration, character, projections, floor area, gross floor area, net leasable commercial area, unit counts and configuration, interior partitioning and circulation, parking ratios and layout, insubstantial height modifications, location and vertical projections for mechanical equipment or elevator overruns, the location and design of pedestrian amenity space, and the conversion of free market residential units to fractional ownership units and the conversion of fractional ownership units to lodge units. The Community Development Director may choose to refer all or part of an amendment request to the City Council. The Director's decision shall be considered the final administrative action on the matter. An amendment not considered insubstantial by the Community Development Director shall be reviewed as a substantive amendment. An applicant may appeal a decision by the Community Development Director to the City Council, which appeal shall be processed as a substantive amendment, as outlined below. Substantive amendments shall be reviewed and approved by the City Council. Substantive amendments shall be those which represent a fundamental change to the use, character, intensity, traffic generation, employee generation, circulation patterns, or public amenities of the Master Plan development. Amendments to the plan as a result of denial by the Colorado State Tramway Board of the requested variation to lift setback requirements for the surface lift shall be reviewed as a substantive amendment. The review shall be at a public hearing and shall require adoption of an Ordinance. The City Council shall use the same Land Use Code criteria as used for the initial City Council approval of this within Ordinance, unless certain criteria have no bearing on the specific amendment request. At the discretion of the City Council, a COWOP Task Force Team may be convened or reconvened to consider substantive amendments and to provide advice and guidance to City Council pursuant to Section 26.SOO.OSO.D of the Land Use Code. Amendments to the Master Plan after the expiration of the vested rights period and any extensions thereof that may be enacted shall be reviewed in accordance with the standards and procedures set forth in the City of Aspen Land Use Code then in effect that govern amendments to a Planned Unit Development. Ordinance No 34, Series 2008 F Page 38 Lift One Neighborhood M aster Plan Section 31: Material Representations Preserved All material representations and commitments made by the Lift One Project, the Lodge at Aspen Mountain Project, and/or the Lift lA Base Area Project, respectively, in connection with the Master Plan development approvals as herein awarded, whether in public hearing or documentation presented before the Lift One Neighborhood Task Force or the Aspen City Council, are hereby incorporated in such development approvals and the same shall be complied with as if fully set forth herein, unless amended by an authorized entity. Section 32: Existing Litigation This Ordinance shall not affect any existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of any ordinances repealed or amended as herein provided, and the same shall be conducted and concluded under such prior ordinances. Section 33: Separability If any section, subsection, sentence, clause, phrase, or portion of this Ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. Section 34: Public Hearing A public hearing on this Ordinance was held on 2008, in the City Council Chambers, Aspen City Hall, Aspen, Colorado, fifteen (15) days prior to which hearing a public notice of the same was published in a newspaper of general circulation within the City of Aspen. INTRODUCED, READ AND ORDERED PUBLISHED as provided by law, by the City Council of the City of Aspen on the day of , 2008. [signatures on following page] Ordinance No 34, Series 2008 Page 39 Lift One Neighborhood M aster Plan Michael C. Ireland, Mayor Attest: Kathryn S. Koch, City Clerk FINALLY adopted, passed and approved this day of , 2008. Michael C. Ireland, Mayor Attest: Kathryn S. Koch, City Clerk Approved as to form: John P. Worcester, City Attorney Attachments: 1 -Adjusted Master Plan Boundary 2 -Proposed Zoning Map 3 -Public Rights-of--Way Vacations & Dedications 4 -Proposed Subdivision Map 5 -Legal Descriptions Ordinance No 34, Series 2008 Page 40 Lift One Neighborhood M aster Plan Exhibit 1-Adjusted Master Plan Boundary .< ~, ti ~c ~ ~ ~: ~, t- ` & .. '~ , ,a ~~~1w ~ r ~~ ~~ + ~ ~. ~ r ~ xk• ~" ..' ~":. ~` - ~.: f + ~ Exhibit 2 -Proposed Zoning Map r ~: I 't 3 i 5 ~ ` ~ ~~ .4r # ~9~~.~~ F+~ u i ~ Y', 're' r v 1r ._ " 1'rr sr ~'~~` Lilt o~. Mai~hhorlwetl Mnbr Plea ~~. ....a.~.~.,w ) ~ r ._~ ~• I PUB (H) (PUD) i ~ wwk. ~~ a+nr. ~ ~ • ~ ~ ` I rwm.a urn ~ ""«e' ~~ ~ ~-rrrr r ~ ~ ,,,..~, i C PUB (PUD) t ~ ~ 1 a~..M~ R~bIk, PYnntl UnR a ' ~ ~ ~~ "1 i owe o.+.r j - T L ,~, J i . ~ - I .~ .j I NC (H) (PUD) L (PUD) ~ ~ ~" I Nyh6orlnod Cammoreitl, ~~. PImnW UI1R ~ X4hk QMq. P4roNd ~ ~ DMbMwK OwrVr ~ UnN DlwWpmmt dM~y I ; ^ ,J ~ ~.4~ .r- ~ AH (PUD) ~ ~~ ~ I ~eaa.nr ~w ~ r~r~Ma u~x - , ~ u.Y.~rt o+ria ~ ~ ~ I . ~ ~,~ ,~~'~~J ~ .~.~.~ ~ I I LiR OM Na1~llhOrl100d Mla~tar Plan .,.,a... wft Akl;f{II EI,'I URE -PI (~N"llNf, Gl , • ,~ ~ np0 2 Yn ma ~~. i~oa,a Ordinance No 34, Series 2008 Page 41 Lift One Neighborhood M aster Plan pee ~ft~;HiTi~IUftF-Ft114NINC O ~ RV..l~ :•~r ,, s~ • s ~ Exhibit 3 -Public Right-of-Way vacations and Dedications Map r .__ ~. + ~ Hill Street ,,,, • / • / '` I ~~ . ~~ r +..~~ `~`~ . ~ f1 ~immit Street a~ t~~ I a Gilbert S 1~ ~ ~ i i i ~ ~ ~ I ; e + ~ i i ~ .ew a~ i r i i ii . J .. .J..:... .L.~......~ • ~ ; --- ...~_.._ ~--_---~ l - ry r------------- --i - - - . ! I . .~- Juan Street i i Remaini~ Alley • a ~, ~ Block 9, Eames I ^ ~/ ~ Addition a I ~ ~ ~ ~ "~.°`J I ~ ~ !Jean Street a L..i..,^ ~ ~ ' I ^ J -----J Lik One Naghborhood M»nr Plan .,.td.. POSY g1:;~ii'~fia Wlr ~vi nmmr~G ~ . . . rmo~e a..o.euwrnuw~. 3 m.. tea,. Exhibit 4 -Proposed Subdivision Map r ~... ~. ~ ~~• ~ .` I ,~ r • '~ e ,. I , Lot 4 ! ~~_~.. I ~.r,. a ar.~ Publie Ski -and 1 • 1- _ -~ Pedastrlan • ~ ~ • r ~~~ ~ ~~ _ Easeme = _ ~- _ ~ j , a ~ .~ i ~` • I lot 5 ^ l ~.~~ ..J f ,a / ' ~6~ ~ ~ / .J __I_ • r- ~.~ / ~ .~..J Lik Om Nai{hbwbood Neater Plan .,..d... PGffAH~lillkilllHF~F"ANNi'v~; ~~ ~ o ~. was 4 Ordinance No 34, Series 2008 Page 42 Lift One Neighborhood M aster Plan Exhibit 5 -Legal Descriptions A. Property of Aspen Land Fund II, LLC South Aspen Street Subdivision/Planned Unit Development Lots 1, 2, and 3, as described on the plat thereof recorded Apri127, 2007 with the Pitkin County Clerk and recorder as reception number 537080 in Book 83, Page 50. B. Property of Aspen Skiing Company 1. Land Under Contract with Roaring Fork Mountain Lodge -Aspen, LLC which is included in the Lift One Lodge Application: Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14, Block 10, and Lots 1, 2, 3, 4, 5, 6 and 7, Block 12, EAMES ADDITION TO THE CITY AND TOWNSITE OF ASPEN, TOGETHER WITH an easement and right of way for the construction, erection, operation and maintenance of a cable ski chair lift, as created, defined and established by Easement Agreement between the Board of County Commissioners of the County of Pitkin and Friedl Pfeifer recorded October 24, 1962, in Book 199 at Page 489, and, TOGETHER WITH an easement and right of way for skiing purposes, as created, defined and established by Easement Agreement by and between the City of Aspen and Aspen Skiing Corporation recorded October 17, 1969, in Book 244 at Page 31, and TOGETHER WITH that portion of the alleyway for Block 10 vacated in Book 259 at Page 83. 2. Land Area generally adjacent to and south of the Lift One Lodge Site: That property owned by the Aspen Skiing Company extending generally to the south from the southwesterly boundary of the Mountain Queen Condominiums, the southerly boundary of Block 12, Eames Addition to the City and Townsite of Aspen, the south end of the South Aspen Street Right-of--way and the southerly boundary of the Shadow Mountain Condominiums to the southerly boundary of the City of Aspen. C. Property of Roaring Fork Mountain Lodge -Aspen, LLC Lots 12, 13 and 14, Block 8, together with that portion. of the alley in Block 8 abutting said lots, Eames Addition to the City and Townsite of Aspen, Eames Addition, City and Townsite of Aspen (Skiers Chalet Steakhouse); Lots 5, 6, 7, 8, 9 and 10, Block 9, together with Lots 4 and 11, Block 9, less the west 22 feet thereof, Eames Addition to the City and Townsite of Aspen, and that portion of the alley in said Block 9 vacated by the Ordinance No 34, Series 2008 Page 43 Lift One Neighborhood M aster Plan City of Aspen in Ordinance No. 4, Series of 2006, recorded April 11, 2006 under Reception No. 522845 (Skiers Chalet Lodge); and Lots 1, 2, 13 and 14, Block 9, Eames Addition to the City and Townsite of Aspen, together with that portion of the vacated alley between Lots 1 and 14 and the west 20 feet of the vacated alley between Lots 2 and 13, Block 9, Eames Addition to the City and Townsite of Aspen (Holland House). D. Property owned or maintained by the City of Aspen. Willoughby Park: Lots 1-14, Block 7 and Lots 1-3, Block 8 Eames Addition, City and Townsite of Aspen, and that portion of Juan Street east of South Aspen Street between Blocks 7 and 8, Eames Addition, City and Townsite of Aspen and that portion of the alley in Block 8 adjacent to Lots 1, 2, and 3 Block 8, Eames Addition, City and Townsite of Aspen. Lift One Park: Lots 3 and 12 Block 9 and the western 22 feet of Lots 4 and 11, Block 9 Eames Addition, City and Townsite of Aspen. Public rights-of--way: • South Aspen Street south of Durant Avenue. • All unvacated portions of Dean Street west of Monarch Street. • Juan Street between South Aspen Street and Garmisch Street. • The alleyway between Lots 1, 2 and 3 and Lots 12, 13, and 14, Block 8, Eames Addition, City and Townsite of Aspen (unopened). • Garmisch Street from Juan Street to Durant Avenue. • Gilbert Street west of Monarch Street. • Hill Street west of Monarch Street (unopened). • Summit Street west of Monarch Street (unopened). • A one-block section of alleyway between Hill Street and Summit Street east of South Aspen Street (unopened). • A one-block section of alleyway south of Summit Street east of South Aspen Street (unopened). Ordinance No 34, Series 2008 Page 44 Lift One Neighborhood M aster Plan _ __ _ _ Byron Koste & Eric Boyle of the CU Real Estate Center City of Aspen City Council Presentation Outline Monday, December 15t, 2008 I. Who We Are: Byron Koste, Executive Director of the CU Real Estate Center. Prior to The University of Colorado, Byron had many assignments at Westinghouse Communities, Inc. (WCI) culminating as their President. A large scale master planned community developer, WCI had communities in Arizona, California, and Florida. In 1996 Byron was recruited to start the Real Estate Program in the Leeds School of Business on the Boulder campus of the University of Colorado. (see Appendix I for list of credentials) Eric Boyle, 2"d year MBA student with an emphasis in real estate, (see Appendix II for resume). Eric has lived and worked in management roles in the resort industry in a Colorado ski town for over 4 years, and has worked in the resort industry for over 8 years. Eric is currently obtaining his MBA with an emphasis in real estate at the Leeds School of Business in Boulder. II. Our Roles and Our Processes In May of 2008, the Lift One COWOP (the COWOP) hired Byron Koste and Eric Boyle (see Appendix III for job description) as Financial Advisors to provide industry knowledge and financial advice that would be used to educate the COWOP and evaluate the participating developers' (Centurion Partners and Chaffin Light) Lift One Neighborhood development plans. Over the next several months we evaluated the financial feasibility of the development by investigating costs and revenues of similar projects and creating a proforma model that would determine financial returns. Byron first educated the COWOP about the basics of real estate development by presenting to the group on June 5th. During this presentation Byron discussed the basics of a proforma. Starting in early June, Eric began to .investigate comparable costs and revenues of other resort developments by talking with local real estate and development professionals. The comparable costs and revenues found were utilized in the proforma. During this time Eric also attended the COWOP's weekly meetings and the executive team's meetings to gain a better understanding of the proposed development and its operations. We presented to the COWOP on Thursday, August 7th in more detail about the structure of a proforma. This presentation discussed how a proforma was created and what cost and revenue categories would be in this specific proforma. During this presentation a glossary of real estate related terms was provided (see appendix IV). Byron also discussed possible financing options, such as the creation of a metro district. After comparable costs and revenues were gathered, we met with the two development teams and compared the results of everyone's proforma models and everyone's assumptions . Based on these comparisons, the proposed development made financial sense. A final presentation to the COWOP was scheduled for September 18th. In this presentation we were going to present that based on our research and proforma, we believed the proposed development was financially feasible. A few days prior to presentation date, Chaffin Light and Centurion Partners raised concerns that both their and our construction costs might be too low. This concern was raised by an outside general contractor's evaluation of the project. The increase in construction costs forced both us and the developers to have to reevaluate the development and all the different aspects of the project, to determine if was still economically feasible. We determined that in order to deal with increase in construction costs, and still maintain the COWOPs approved development, there would have to be some tradeoffs made. Some of these tradeoffs included possibly reducing the amount of affordable housing that would be accommodated on-site by relocating more of it offsite, having the city reduce the amount of fees it charged the developers, and/or reducing the amount of public parking that was going to be created. On September 18th, Byron presented to the COWOP the results of the proforma based on the new construction costs and reported that in order for the project to be financially viable, there would need to be tradeoffs. During the presentation Byron had noted that he had never seen a project with as much community benefit, in regards to the development's contribution to the affordable housing, parks, parking, new lift, reconstruction of streets and infrastructure, and the creation of a "place". As a result of the new financial results the COWOP analyzed the various tradeoffs and prioritized them based on first protecting the public benefits while not exceeding the developments' 3-dimensional envelopes. In a later meeting the COWOP came to a consensus about what tradeoffs were appropriate in order to allow the development to continue. Based on the results of what the COWOP decided to change, we reevaluated the development. Byron presented our new results to the COWOP on Thursday, Oct. 2"d. We determined that the development now provided what would be marginal returns in today's market for its investors, but may be acceptable for investors because some people want to be associated with a project in Aspen. We stand before you to answer any questions you might have in regards to the process and the results to this point. We thank you for the opportunity that you have afforded us. Eric Boyle 2800 Kalmia Ave., B-312, Boulder, CO 80301 eric.boyle colorado.edu - (303) 880-8442 EDUCATION University of Colorado at Boulder -Leeds School of Business MBA with an emphasis in Real Estate Expected Apri12009 • Pro forma and financial modeling experience through work experience, cases, group projects, and a finance classes • Real estate development and real estate economics knowledge through work experience, studying cases, working on a project with a local developer, and classroom projects Additional Activities and Associations • Urban Land Institute (ULI)-Young Leaders Group & Discover Series planning member, Partnership Forum participant • Graduate Real Estate Association (GREA)-Alumni Relations Coordinator • CU Real Estate Center -Scholarship recipient, Mentee in the Mentor-Mentee Program • Leeds Community Outreach Student Group- Board Member and Member of founding group responsible for creating an organization focused on creating philanthropic activities for students Colorado State University Master of Science, Student Affairs in Higher Education August 2002 Colorado State University Bachelor of Science, Human Development and Family Studies May 1996, Cum Laude EXPERIENCE Lift One Neighborhood Cooperative Aspen/Boulder, CO Financial Advisor Intern June 2008-preseent Advised the Lift One Neighborhood Master Plan committee in determining highest and best use for designated land • Worked with the two local developers involved with the project to assist in assessing their development costs • Developed a pro forma that was presented to the development committee • Reviewed local land owners' requirements and financial summaries to determine possible uses of land • Researched comparable projects to determine costs involved with the development project Urban Land Conservancy Denver, CO Intern June 2008-present Assessed existing and potential land and building acquisitions to determine possible uses that are aligned with ULC's mission • Prepared and reviewed pro formas on several different possible developments • Conducted research for ground-breaking community developments within Metro Denver • Created board packets based on research of economic and comparable project information Exclusive Resorts Denver, CO Resort Manager November 2004-July 2007 Managed operations of over 401uxury residences in France, Italy, Arizona and South Carolina • Supervised concierge, housekeeping and property management staff to ensure a high level of member satisfaction • Oversaw 5 destination budgets totaling over $2 million • Created housekeeping training, inspection and recognition programs to improve quality and consistency • Negotiated vendor contracts in both domestic and international locations • Obtained international business experience in training foreign staffs, auditing operations and developing business partnerships Member Services Manager May 2004-November 2004 Responsible for managing over 60 sophisticated and demanding members' travel accounts • Provided details concerning 120 properties: which homes and destinations would best fit members' needs • Promoted to Resort Manager after only 6 months of employment Hyatt Main Street Station Breckenridge, CO Resort Manager October 200.1-March 2004 Opened and managed Hyatt Main Street Station, a new Hyatt Vacation Club Property • Coordinated and assisted in opening construction punch list and finishing construction details of property • Oversaw a $1.2 million budget: managed reserve fund and rental revenue and monitored vendor costs • Acted as liaison to over 500 owners: conducted weekly owners' meetings, created newsletters and mailings • Advised the Homeowners Association: prepared and ran board meetings, interpreted and modified by-laws UNIVERSITY OF COLORADO REAL ESTATE CENTER Glossary of Real Estate Related Financial Terms Development Costs-Development costs are usually grouped into 3 or 4 categories (reviewed in this document); hard costs, soft costs, infrastructure costs, and revenues. Hard Costs-The cost of the tangible items that go into a development. These costs include all building materials, and items such as the furniture that is in a hotel or residence club. Infrastructure-The basic public works of a development. These public works include roads, sewer and water systems, landscaping, drainage systems, and snow melt systems. Internal Rate of Return (IRR)- This is a very common way for developers, and their financial partners, to determine whether a project is profitable enough to commit to. IRR is shown as a percentage of what return an investment will give over time. The developer and investors obviously want their IRR to be greater than what can be earned in the market by investing in other projects, stocks or bonds. Each firm and their investors determine what IRR is acceptable for a specific project. Floor to Area Ratio (FAR)- is the total building square footage divided by the land area. Example: A FAR of 2 means that the building has to be multi-story because the building area is twice as large as the land area. Loan To Cost (LTC)- This is the percentage a lender is willing to loan to the developer based on the total development costs. Example: If the LTC is 80, the lender will loan 80% of the total construction costs and the developer needs to provide 20% of the cost of development through other sources of funding (their own equity, another loan, etc.). Loan To Value (LTV)- This is the percentage a lender is willing to loan to the developer based on the total value of the project. Example: If the LTV is 70, the lender will loan 70% of the total value of the project and the developer needs to provide 30% of the value of the project through other sources of funding (their own equity, another loan, etc.). Metro District- A quasi government entity that is created to build, own, and operate specific assets with a public purpose and use. This entity has the power to finance (bond or other loan), as well as to tax and/or generate other revenues to pay for the improvements. Both the Aspen and Pitkin County Governments would have to approve this district. A metro district could have a limit in terms of its existence, either in terms of set number of years or a set dollar amount that it gains from taxes. UNIVERSITY OF COLORADO REAL ESTATE CENTER Glossary of Real Estate Related Financial Terms P. 2 Operating Costs- Just as it sounds, it is the cost to operate something, whether that is a hotel, the snowmelt system, or an escalator. This cost is important because it can become very large over time and is sometimes overlooked when looking at costs of a project. Pro Forma- A financial statement that predicts the net effect of what is going to occur in regards to a project. Soft Costs-Costs related to the development of a structure or project that are not tangible. Soft costs include line items such as attorney fees, soil studies, architecture fees, sales commissions, permit fees to the city, taxes... TIF -Tax Increment Financing- TIF is utilized when a project is going to create increased (over present) tax revenues such as with a hotel or retail space. TIF is a way the city assists with some of the front end costs that are required for such a development.