HomeMy WebLinkAboutLand Use Case.233 W Main St.0047.2012.ASLU THE CITY OF ASPEN
City of Aspen Community Development Department
CASE NUMBER 0047.2012.ASLU
PARCEL ID NUMBERS 2735 12 4 54 001
PROJECTS ADDRESS 233 W. Main St
PLANNER SARA ADAMS
CASE DESCRIPTION INNSBRUCK
REPRESENTATIVE BLUEGREEN VACATIONS
DATE OF FINAL ACTION 09/18/12
CLOSED BY ANGELA SCOREY ON: 3.22.13
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Description APPLICATION FOR AN AMENDMENT TO THE INNSBRUCK PUG Issued
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AFFIDAVIT OF PUBLIC NOTICE
REQUIRED BY SECTION 26.304.070 AND CHAPTER 26.306
ASPEN LAND USE CODE
ADDRESS OF PROPERTY: ��}(Jy►. yr
Aspen, CO
STATE OF COLORADO )
) ss.
County of Pitkin )
1, (name, please print)
being or representing an Applicant to the City of Aspen, Colorado,hereby personally
certify that I have complied with the public notice requirements of Section 26.304.060
(E) or Section 26.306.010 (E) of the Aspen Land Use Code in the following manner:
Publication of notice: By the publication in the legal notice section of an official
paper or a paper of general circulation in the City of Aspen at least fourteen(14)
days after final approval of a site specific development plan. A copy of the
publication is attached hereto.
Publication of notice: By the publication in the legal notice section of an official
Paper or a paper of general circulation in the City of Aspen no later than fifteen
(15) days after an Interpretation has been rendered. A copy of the publication is
attached hereto.
Signature
The foregoing "Affidavit of Notice" was acknowledged before me this 21_day
of se_vy , 20L2 by
WITNESS MY HAND AND OFFICIAL SEAL
PUBLICOfOTICE P w
DEVELOPMENT APPROVAL ••••s��
Notice is hereby given to the general public the ••�� My commission expires:
approval�f a site specific development plan,,and •
the creation of a vested property right pursuant to A !l�
the Land Use Code of the City of Aspen and Title A M. i
24,Article 68,Colorado Revised Statutes,pertain-
ing to the following legally described property:Lots 4ING • f`cv
A-E,Block 52,City and Townsite of Aspen,the
property commonly known as 233 West Main i
Street,the Innsbruck PUD,by order of the City of •••; Notary Public
Aspen Community Development Department on
September 18,2012. The Applicant received ap- Ny
proval to amend the PUD to allow no less than
twelve time-spec estates per timeshare lodge unit '�yyam�
with conditions.For further information contact Sa- zees ON9014
ra Adams,at the City of Aspen Community Devel-
opment Dept.130 S.Galena St,Aspen,Colorado ATTACHMENTS:
(970)429-2778. 1 1
s/City of Aspen COPY OF THE PUBLICATION
Published in the Aspen Times Weekly on Septem-
ber 27,2012. [84233574]
34 � ASPENI 'I'IMES WEEKLY
DEVELOPMENT ORDER
of the
City of Aspen
Community Development Department
This Development Order, hereinafter "Order", is hereby issued pursuant to Section 26.304.070,
"Development Orders", and Section 26.308.010, "Vested Property Rights", of the City of Aspen
Municipal Code. This Order allows development of a site specific development plan pursuant to
the provisions of the land use approvals, described herein. The effective date of this Order shall
also be the initiation date of a three-year vested property right. The vested property right shall
expire on the day after the third anniversary of the effective date of this Order, unless a building
permit is approved pursuant to Section 26.304.075, or unless an exemption, extension,
reinstatement, or a revocation is issued by City Council pursuant to Section 26.308.010. After
Expiration of vested property rights, this Order shall remain in full force and effect, excluding
any growth management allotments granted pursuant to Section 26.470, but shall be subject to
any amendments to the Land Use Code adopted since the effective date of this Order.
This Development Order is associated with the property noted below for the site specific
development plan as described below.
Innsbruck Suites Investments LLC Attn: William Guth 233 West Main Street, Aspen, CO
81611
Property Owner's Name, Mailing Address
Lots A B C D and E Block 52 City and Townsite of Aspen CO the Innsbruck PUD;
commonly known as 233 West Main Street
Legal Description and Street Address of Subject Property
Administrative approval to amend the PUD to allow for fractional ownership interests with not
less than twelve (12)time-span estates per timeshare lodge unit with conditions.
Written Description of the Site Specific Plan and/or Attachment Describing Plan
Approval by the City of Aspen Community Development Department for an Insubstantial PUD
amendment; application received on 8/9/2012 ; approval granted on 9/18/2012
Land Use Approval(s) Received and Dates (Attach Final Ordinances or Resolutions)
September 27 2012
Effective Date of Development Order (Same as date of publication of notice of approval.)
September 27 2015
Expiration Date of Development Order (The extension, reinstatement, exemption from expiration
and revocation may be pursued in accordance with Section 26.308.010 of the City of Aspen
Municipal Code.)
Issued thi§1 "' ay of September, 2012, by the City of Aspen Community Development
Director.
RECEPTION#: 592493, 09/24/2012 at
03:11:13 PM,
Chris Bendon, Community Development Director 1 OF 17, R $91.00 Doc Code ORDER
Janice K. Vos Caudill, Pitkin County, CO
JTICE OF APPROVAL
For an Insubstantial PUD Amendment to
City Council Ordinance No. 32, Series of 2004, the Innsbruck PUD,
for Lots A—E, Block 52, aka 233 West Main Street
Parcel ID No. 2735-124-54-010 through -118.
APPLICANT: Bluegreen Vacations Unlimited Inc.
1960 Conference Way North, Suite 100
Boca Raton, FL 33431
Tele: 561/443-8652
REPRESENTATIVE: Haas Land Planning
201 N. Mill St., Suite 108
Aspen, CO, 81621
Tele: 970/925-7819
SUBJECT& SITE OF
AMENDMENT: Lots A—E, Block 52, City and Townsite of Aspen, Colorado,
aka 233 West Main Street, the Innsbruck PUD/Subdivision
SUMMARY: The applicant, Bluegreen, with consent from the Owner, Innsbruck Suites
Investments, LLC and The Innsbruck Condominium Association, Inc., requests approval to
allow for smaller fractions of ownership interests in order to increase occupancy and turn-over
rates, to enable lower buy-in prices, and to promote an increase in new visitors to Aspen.
Aspen City Council Ordinance 32, Series of 2004 approved 17 timeshare units with 1/12
fractional ownership interests. The proposal is to amend the size of the fractional ownership
interests. No physical, interior or exterior changes are proposed.
The Community Development Department rendered a Land Use Code interpretation on July 24,
2012 regarding the definition of "vacation club" which concluded that the timeshare plan
proposed by Bluegreen, and attached to the interpretation as Exhibit B, meets the requirements
for permitted timeshare uses within the City of Aspen
STAFF EVALUATION: Staff finds that the proposal is consistent with the purpose and intent of
Chapter 26.590, Timeshare Development, of the Aspen Municipal Code. Permitting smaller
ownership interests increases vitality, enhances the lodging inventory, and maintains community
character on Main Street. Clarification as to when real estate transfer taxes are applicable
regarding transfers or assignment of interest in a unit is included as a condition of approval to be
amended in the Subdivision Improvement Agreement. Staff finds that the criteria for granting a
PUD insubstantial amendment are met as described in Exhibit A.
Page 1 of 3
DECISION: The Community Development Director finds the Administrative Application
to amend Ordinance 32, Series of 2004, to be consistent with the review criteria listed in
Exhibit A and thereby, APPROVES the request to allow for fractional ownership interests
with not less than twelve (12) time-span estates per timeshare lodge unit with the following
condition:
1. The Planned Unit Development/Subdivision Improvements Agreement shall
be amended to include language to the satisfaction of the City Attorney
regarding compliance with Section 26.590.080, Timeshare Lodge Business
license and sales tax payments, of the Aspen Municipal Code and
acknowledgement that any transfer or assignment of an interest in a unit is
subject to the real estate transfer tax and shall be required to be recorded in
the real property records of Pitkin County.
APPROVED
Chris Bendon, Date
Community Development Director
OWNER:
INNSBRUCK SUITES INVESTMENTS, LLC
fig , 1Z .
William Date
Re
Authoriz e
Attachments:
Exhibit A: Review Criteria for Insubstantial PUD Amendment.
Exhibit B: Community Development Code interpretation rendered on July 24, 2012.
Page 2 of 3
Exhibit A
Insubstantial PUD Amendment Review-Criteria -
Section 26.445.100 Amendment of PUD development order
A. PUD Insubstantial Amendments.
An insubstantial amendment to an approved development order for a final development
plan may be authorized by the Community Development Director. The following shall
not be considered an insubstantial amendment:
1. A change in the use or character of the development.
There is no change in the use or character of the building. The Innsbruck will continue to
function as a timeshare lodge. This criterion is met.
2. An increase_by greater than three percent (3%) in the overall coverage of structures on
the land.
There are no physical changes proposed. This criterion is met.
3. Any amendment that substantially increases trip generation rates of the proposed
development or the demand for public facilities.
There is no change to the trip generation rates as no new lodge units are proposed. The
applicant commits to continue the current airport and local shuttle service for all owners
and guests. This criterion is met.
4. A reduction by greater than three percent (3%) of the approved open space.
There are no physical changes proposed. This criterion is met.
5. A reduction by greater than one percent (1%) of the off-street parking and loading space.
There is no change in the parking/loading space as there are no new lodge units
proposed. This criterion is met.
6. A reduction in required pavement widths or rights-of-way for streets and easements.
There is no reduction in the ROW's widths, streets or easements. This criterion is met.
7. An increase of greater than two percent (2%) in the approved gross leasable floor area of
commercial buildings.
Not applicable.
8. An increase by greater than one percent (I%) in the approved residential density of the
development.
There is no increase in residential density. This criterion is met.
9. Any change which is inconsistent with a condition or representation of the project's
original approval or which requires granting a variation from the project's approved use
or dimensional requirements.
The change is consistent with the approved use and does not require a dimensional
variation. The proposed increase in timeshare fractions is consistent with the original
approvals that permit the Innsbruck to function as a Timeshare Lodge. This criterion is
met.
Page 3 of 3
CITY OF ASPEN
COMMUNITY DEVELOPMENT DEPARTMENT
INTERPRETATION
JURISDICTION: City of Aspen
APPLICABLE CODE SECTIONS: Chapter 26.590,Time Share
Development
Section 26.104.100,Definitions
EFFECTIVE DATE: 24 July, 2012
WRITTEN BY: Phillip Supino,
Community Development Intern
THRU: Jennifer Phelan, Deputy Director
APPROVED BY Chris Bendon,
Community Development Director
SUMMARY
This interpretation is being issued in response to an inquiry submitted by Jody Edwards
of Klein, Cote & Edwards, LLC on behalf of Bluegreen Vacations Unlimited, Inc.
(Bluegreen)with regard to whether the timeshare subdivision proposal for certain units of
the Innsbruck, 233 West Main St., Aspen, CO, as operated by Bluegreen, complies with
the timeshare requirements in City of Aspen Municipal Code Chapter 26.590, Timeshare
Development.
BACKGROUND
The intent of the timeshare regulations Code section 26.590.010, Purpose and intent, is to
"increase vitality" (26.590AI0.A), "preserve - enhance lodging inventory"
(26.590.010.13), "upgrade quality of accommodations" (26.590.010.C),. and "maintain
community character" (26.590.01.0,D) of the City of Aspen through the use of timeshare
development in approved zone districts. Currently, the property known as the Innsbruck
is an approved timeshare development. Bluegreen seeks a code interpretation to ensure
that their business model complies with City timeshare regulations prior to purchasing
unsold shares in the Innsbruck and applying for an amendment to the Subdivision
Improvements Agreement (SIA) to further subdivide their interest in the Innsbruck into
smaller fractional shares.
Municipal Code section 26.590.070.J, Prohibited practices and uses, identifies "right-to-
use" properties as inappropriate timeshare uses in the City of Aspen. Right-to-use
properties include "vacation clubs" and "lease-holds" in which beneficiaries of the
properties do not own in interest in real property.
Page 1 of 2
INTERPRETATION
The applicant notes in the interpretation request (Exhibit A) that the proposed use of the
Innsbruck by Bluegreen is not a vacation-club or similar prohibited use, because it is "a
deeded timeshare interest that does not expire." Bluegreen issues a warranty deed for a
share of its property to the "owner beneficiary," which is then held in trust as a real
property interest in perpetuity or until such time as the owner conveys or otherwise
forfeits the share. .
It is staff s interpretation that the conveyance of a real property interest to owner
beneficiaries as indicated in the Owner Beneficiary Agreement (Exhibit B) and the
timeshare plan proposed by Bluegreen meets the requirements for a permitted timeshare
uses within the City of Aspen and is not prohibited per Municipal Code section
26.590.070.J., Prohibited practices and uses.
As a timeshare property within the City of Aspen, Bluegreen or its owner beneficiaries
are required to remit Real Estate Transfer Taxes and Lodging and Sales Taxes as required
in the City of Aspen Municipal Code Chapters 23.32, 23.48 and 23.50 and to the extent
applicable.
Furthermore, the City finds that the Bluegreen proposal for a time-span estate to be
operated at the Innsbruck meets the State of Colorado definition of a timeshare
corporation pursuant to C.R.S. §38-33-110 through the granting of a deeded interest in
real property.
APPEAL OF DECISION
As with any Interpretation by the Community Development Director, an applicant has the
ability to appeal this decision to the Aspen City Council. This can be done in conjunction
with a land use request before City Council or as a separate agenda item.
APPEAL PROCEDURES,26.316.030(A)
Any person with a right to appeal an adverse decision or determination shall initiate an
appeal by filing a notice of appeal on a form prescribed by the Community Development
Director. The notice of appeal shall be filed with the Community Development Director
and with the City office or department rendering the decision or determination within
fourteen (14) days of the date of the decision or determination being appealed. Failure to
file such notice of appeal within the prescribed time shall constitute a waiver of any
rights under this Title to appeal any decision or determination.
ATTACHMENTS
A. Request for Interpretation dated 9 July,2012
B. Bluegreen Vacations Unlimited, Inc. Owner Beneficiary Agreement
Page 2 of 2
KLEIN, COTE & EDWARDS, LLC
ATTORNEYS AT LAW
IIERBERT S.KLEIN' hsk&celimnet 201 NORTH MILL STREET,STE.203
ASPEN,COLORADO 81611
LANCE R.COT$,PC' Irc r�keelaw.net TELEPHONE:(970)925-8700
JOSEPH E.EDWARDS,111,PC' jee o kcelaw.net FACSIMILE:(970)925-3977
KENNETH E.CITRON' kcitrongkeelaw.net w,ww.kcclaw.net
MADHU B.KRISHNAMURTI inbkoalkcelaw.net
OF COUNSEL:
JOSEPH E.EDWARDS,JR.,PC'joeCakcelaw.net
t also admitted in Ha%aii Ij
J alw admitted in Caliromia
also admitted in New York and Massachusetts
'also admitted inTexas 0
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July 9,2012 CITY OF ASPEN
MtlNl'tY OEVEI.OFAk1=P
HAND DELIVERY
Chris Bendon,Director
Aspen Community Development Department
130 S. Galena St., 3`a Floor
Aspen, CO 81611
Re: Request for Interpretation Pursuant to Section 26.306,010, City Code;
The Innsbruck—233 West Main Street,Aspen,CO 81611 (the"Property")
Dear Chris:
As I discussed with Jen and briefly with you,we represent Bluegreen Vacations
Unlimited,Inc. ("Bluegreen"). Bluegreen(as buyer)entered a Purchase and Sale Option
Agreement with Innsbruck Suites Investments,LLC(as seller)effective as of June 11,2012 for
the purchase and sale of the seller's remaining interests in the Property--comprised of seven
whole condominium units(from which no fractions have been sold)and 39 separate 1/12th
fractional interests in eight additional condominium units(collectively,the whole units and the
fractional interests are referred to herein as the"Units"). Upon the closing of the transaction
contemplated by the Purchase and Sale Option Agreement, it is Bluegreen's intention to file an
insubstantial PUD amendment application with the City to allow smaller fractions than the
currently allowed 1/12th interests to be created and sold within the Units. We held a pre-
application conference with Jen last week on that issue.
On behalf of Bluegreen,we request a code interpretation pursuant to §26.306.010, City of
Aspen Municipal Code,Land Use Regulations(the"LUR"). In particular,we request
verification that the prohibition against certain forms of timeshare concepts contained in
§26.590.070.J.I., LUR is inapplicable to the Bluegreen Vacation Club multi-site timeshare plan
within which the Property and the Units are intended to be integrated and then offered and sold.
(1640075.DOC/2)
Chris Bendon, Director
Page 2
July 9,2012
That section provides in pertinent part that it is"unlawful"for any person to knowingly engage
in:
1. The creation,operation or sale of a right-to-use interest or any other
timeshare concept which is not specifically allowed and approved
pursuant to the requirements of this Section. Right-to-use timeshare
concepts(e.g., lease-holds and vacation clubs)are considered
inappropriate in Aspen and are not permitted.
This prohibition appears to be intended as a consumer protection regulation. I suspect it is a
hold-over in the LUR from the 70's or 80's when some"timeshare"plans were less than
transparent and/or not real-estate based.
As further explained below,and despite the nomenclature,the Bluegreen Vacation Club
multi-site timeshare plan is not a right-to-use interest or leasehold timeshare program; rather,the
Bluegreen Vacation Club is a trust-based"timeshare estate"timeshare plan. Since the
prohibition specifically mentions"vacation clubs"as an example of a type of prohibited right to
use program,we want to clarify and verify with you that the Bluegreen Vacation Club is not the
type of"vacation club"contemplated by the prohibition and that Bluegreen is not prohibited
from operating the Bluegreen Vacation Club in Aspen.
The terms"right-to-use" interest and"vacation club"are not defined in the LUR. The
term"right-to-use"is a term of art and has a meaning in the timeshare industry. The term
"vacation club"is not a term of art and is used for many different timeshare formats in the
industry. The American Resort Development Association("ARDA") defines right-to-use as "A
timeshare owner's right to occupy a unit at a resort for a specified number of years and having no
real estate interest conveyed." Wikipedia defines a right-to-use interest as follows: "The
purchaser has the right to use the property in accordance with the contract but at some point the
contract ends and all rights revert to the property owner. In other words,the right to use contract
grants a right to use the resort for a specified number of years." The key elements to a right to
use program are a contractual right to a specified time period after which the right to use expires
and the lack of a real estate deed.
The Bluegreen Vacation Club multi-site timeshare plan was created under specific
provisions of the Florida Timeshare Act and has been registered and approved as a timeshare
estate plan in the state of Florida since August 1, 1994 and in Colorado as a timeshare estate
subdivision since June 18,2005. As noted herein, the Bluegreen Vacation Club involves only
the offering and sale of deeded timeshare estates for which title insurance is issued.
We further note that the ARDA defines Vacation Club as "a term used to describe
various types of timesharing and usually involving use or access to more than one resort location
and other vacation and travel services. However the term is used for many different purposes,
including"clubs"which may have nothing to do with timesharing(i.e.,travel clubs)."
(I 640075.noc 12 1
Chris Bendon, Director
Page 3
July 9,2012
When Bluegreen sells a timeshare interest in connection with the Bluegreen Vacation
Club, it does so pursuant to an"Owner Beneficiary Agreement"(i.e., the timeshare purchase
contract)and,upon closing, issues a Warranty Deed conveying fee simple title to the real estate
timeshare interest to Vacation Trust,Inc.,a Florida corporation("Trustee"). The Trustee holds
the real estate title for the benefit of the timeshare interest buyer pursuant to the Bluegreen
Vacation Club Trust Agreement,which is the timeshare instrument establishing and governing
the timeshare plan.
The Trust Agreement is intended to be irrevocable; however, in the event of a termination
of the Trust,the Trustee is obligated under both the Trust Agreement and the Owner Beneficiary
Agreement to transfer to the beneficial owner the timeshare interest in the real property that was
transferred to the Trust when the purchaser became a beneficial owner in the Trust. In other
words and at the end of the day,the Buyer owns the real estate. For your reference, a copy of the
Trust Agreement is enclosed.
Also,the timeshare interests can be, and often are,sold on a purchase-money financing
basis,in which event, a mortgage is granted on the timeshare interest providing collateral for the
purchaser's promissory note. The Trustee,as fee simple owner,simply executes the Mortgage
on behalf of and at the request of the beneficial owner and the beneficial owner makes the
payments under the promissory note.
The Bluegreen Vacation Club is currently comprised of over 60 component site resorts,
located in various states, Aruba and the Bahamas, which are used and accessed by its more than
166,000 members(i.e.,"Owner Beneficiaries"). Any beneficial owner who buys a timeshare
estate interest associated with The Innsbruck in connection with the Bluegreen Vacation Club
will have a 60 day"home resort"preference for advance reservation priority at The Innsbruck.
We specifically note that more than 166,000(and counting)members of the Bluegreen Vacation
Club are all potential new"trials"in the Aspen area. See §26.560.060C.5, LUR. Bluegreen is
going to propose smaller fractional interests for the Units and these smaller fractions are
encouraged under the Timeshare Regulations. See §26.560.060C.1, LUR. While the program is
called a"vacation club," it is also a type of plan that is both"specifically allowed"and
encouraged in Aspen.
Whatever meaning the term"vacation club"has in the LUR, we do not run afoul of it
because we have a deeded timeshare interest that does not expire. The specific language is that
right-to-use concepts are inappropriate—and vacation clubs are given as one possible example of
something that might be an inappropriate right to use, Bluegreen will not be operating a right to
use plan for The Innsbruck. There will be warranty deeds to a real property interest,title
insurance policies,mortgages in the case of a financed purchase,the real property interests will
not expire,and the owners are protected by the Trust Agreement and the Owner Beneficiary
Agreement.
Consequently,we request confirmation that Section 26,590.070.J.L,LUR, as it applies to
Bluegreen, does not prohibit the operation,offering or sale of the Bluegreen Vacation Club in
(1640075.DOC/2)
Chris Bendon, Director
Page 4
July 9,2012
Aspen provided that the fractional interests are deeded to the Trust and do not expire. We intend
to rely on your interpretation in making our decision concerning whether to consummate the
purchase of the Units within the Property. We have a due diligence deadline of July 26,2012
tinder our agreement with the seller and would appreciate receiving your interpretation in
advance of that date so that Bluegreen may make its decision concerning the purchase of the
Units.
Enclosed is a check payable to the City of Aspen for the LUR Interpretation fee in the
amount$50.00. If there is anything in addition to this letter and fee that is required in order to
pursue this interpretation or if you need additional information,please contact me.
Sincerely,
KLEIN, COT &EDWARDS, LLC
B
Jose . Edwards 111 r
cc: Bluegreen Vacations Unlimited,Inc.
Jennifer Phelan
Mitch Haas
bluegrecAtr to Bendon interpretation request.doc
(I 640075.DOC/2}
BLUEOREENOWNER BENEFICIARYAOREEMENT
BLUIdOREEN VACATION CLUB
(THE FOUNTAINS SELLING THE FOUNTAINS INVENTORY)
MULTi-SITE TIMESHARE PLAN:BLUEGREEN VACATION CLUB
DEVF.LOPERISELLER: BLUEORECN VACATIONS UNLIMITED,INC.
4860 CONFERENCE WAY N.STE 100,BOCA RATON,FLORIDA 33431.3311
Contract Reference 1f:701105
Purchaser(s) ' Social Security No,
Social Security No.
S{reetAdd(ess piwnel�tom9) Phone(Ous)
City Slate Zap Country Un OR tates o malice
Developorl8el;er agrees to sew,and the Purchaser agrees to purchase a Gmosharo estate,being the Property described below.Tim
Property shall be acquired and accepted by the Purchaser upon the fdlowing terms and conditions and,In connection therewith,Purchasor
Is to be designated es an Ommer Beneficiary and allocated Vacation Points as sot out below.By execution of this$luegreen Canner
Beneficiary Agreement,Purchaser voluntarily appoints and doslgnates the Trustee as blether lavrful agent to be delivered the deed to the
Property described below,
By execution hereof,Purchaser Is designated an Owner Beneficiary under the Blvegreen Vacation Ctub Trust Agreement,vrblch Was made
and entered into as of the 18th day of May 1994,as amended and reslated,by and between DeveloporlSelter and Vacation Trust,Ina,a
Fbwlda corporation,as Trustee(the'Trust Agreemanll).Each Owner Beneficiary Is entlt'ed to exercise owner Beneficiary Rights.Owner
Beneficiary Rights Include as on appurtenance thereto an aiiocalbn of the betowdesetibW Vacation Points and iho righl to be conveyed,
subject to the terms of the Trust Agreement,the bolow•desedbed Prepenty upon termination of the Tivsl Agieorrmnt.The Vacation Points
represent the opporlunity to use and enjoy Accommodations and Facilitlas subject to the Trust Agreement and have been determined in
relation to current occupancy demand for the below described Property. The Property is defined es Condomtnivavvn$No.or as an
undllded interest In a PaltiWlar phase Who Resort as may be further describod to the deed for such Property:
996ort Name:THE FOUNTAWt1 ResoitAddfess:
Appom"lion(s)cori'slatMg'oF.Coridord vmUrWNo:S,V80iiorWoektt$)(togotharvith'F (FuVTlmoshare Interest)dxr`E'ot'O'
(Bfemniat Timeshate imefosWven or Odd)1: IsJ J 7N42O
The VacaSouUnit Week No.,above set IoM,and the vacation points associated ibereve,are either designated as Annual(by use of the
letter*F,Indicating a full Timeshare,Interest)or pionnial(by use of lire letter`F.'or IV,lomating Even Numbered or Odd Numbered
Years and one,halt of a Timeshare interest).An Annual VecotiordUnit Week with Annual Vacation Points means the period of time during
which%a owner thereof Is alf9ided the opportunity to use the Aoconvlodavons of the Plan on an annual recurring basis. A Biennial to
use the A Accommodations(Ifential
the timesha o Plain on biennial roaming bass. A VocalbNUn irWeak ationlad the
aspen Annual
VBcationfUnil Week or a Biennial VocationfUnit Week shalt remain so. For purposes of this Agreement,the following definitions shalt be
oon'ro0»g:
,Btwitto'means every other year and the saute shall be delerminative on a calendar year basis,except as otheniiso provided herein.
'Odd Numbered Yeare'means Ouse years ending in 1,3,5,7 or 9 and the some shag be determinative on a caendar year basis.
'Even Numbered Years'means theso years ending in 2,4,6,6 or 0 and the same shall be dolerminathre on a calendar year hosts.
The number of Vaeatlon PdAls allocated to the Property end the Omar 8onefidary Rights and the designation as'F,"E'or'O'as
described below IS:6000 0.
Allocated Vacation Points are used to detarm100 occupancy of Accommodations and Facilities during an Owr es Use Year,aithough no
additional consideration is pakl for occupancy allowed by Vacation Points allocated to a respective Omer Beneficiary.The Owners Use
Year commences the first day of the mordh following execution of Ws Agreement by Purchaser and DevetopoifSet!er,terminates upon
expiration or u"No(12)months following such cgru r8ncemenl,end recurs for each succeeding tv olve(12)months thereafter. BlenNal
Vacation Points aityv occupancy end use of aocommodat ions only durlog alternate Omer Use Years,beginning with the initial Owner Use
Yoor felWhing the purchase of the Property,except as otherwise provided heroin. Such uses are also subject to provisions for saving end
bonovAog or Vacation P01111S,as explained elsewhere harem.
Purchaser shall be ob5galed to pay Common Assessment Fees and Club Dues In accordance with Part E of are Trust Fund Budget as set
ioth in paragraph 4 hereof.
PURCHASE7ERMS
1. Purchase prko of Property payable by Purchaser, $7,500'00
2, Down Payment(100,0011.of Lino 1). $7,600.00
3, Closing Costs.Including Recording Fees,$lots Docvmenlary Stamps,Intangible Tax,710e S `3.x0.00
Searchlrnswance,Documents Processing Fee and Fees Related to Transfer of Property to Trustee.
4. $tataocet Solos Tax(0.0023720 of Lloo 1). $ 17.79
5. Total Purchase Price(U.S.Funds)(Add lines 1,3,end 4). $7,807.79
8, Total Down payment(Add Ones 2,3,and 4). S1,857.70
7. initial Deposit Received$7,867.70(CK,MO,MCNISA,AMEX,DISC). $7,867.70
U. Balance of-Down Payment Required on or before NIA. $ 0.08
0. Amount F7norlod NIA for NIA months at NIA(Una 1 minus Pita 2).
10. Monthly payments of:WA beginning on NfA,
-=I
-Slit
T91-1 FNWro1n012
Regular Contract
1
Purchaser agrees to have Resort Title Agency,Ino.
Issue lender's tide Insurance poFcy.
Pre-AUthorized Check Plan Accepted Qnitiai if'YOS�t
THIS AGREEMENT IS SUBJECT TO ALL TERMS AND CONDITIONS HEREAFTER SET FORTH, OR ATTACHED
HERETO, WHICH ARE INCORPORATED HEREIN BY REFERENCE, BY SIGNING BELOW, PURCHASER
ACKNOWLEDGES HAVING READ AND AGREED TO ALL SUCH TERMS AND CONDITIONS AND FURTHER
ACKNOWLEDGES RECEIPT OF THE BLUEGREFN VACATION CLUB MULTI-SITE PUBLIC OFFERING STATEMENT AND
ANY APPLICABLE EXCHANGE COMPANY DISCLOSURE STATEMENT. ,
NO PURCHASER SHOULD RELY UPON REPRESENTATIONS OTHER THAN THOSE INCLUDED IN THIS AGREEMENT
AND IN THE DOCUMENTS REFERRED TO HEREIN,
YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENAM OR OBLIGATION WITHIN TEN(10)
CALENDAR DAYS AFTER THE DATE YOU SIGN THIS CONTRACT OR THE DATE ON WHICH YOU
RECEIVE THE LAST OF ALL DOCUMENTS REQUIRED TO BE GIVEN TO YOU PURSUANT TO
SECTION 721.07(6),FLA STATUTES,WHICHEVER IS LATER. IF YOU DECIDE TO CANCEL THIS
CONTRACT,YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL, YOUR
NOTICE OF CANCELLATION SHALL BE EFFECTIVE UPON THE DATE SENT AND SHALL BE
SENT TO: BLUEGREFN VACATIONS UNLIMITED, INC., ATTNi CORPORATE SALES
ACCOUNTING DEPARTMENT,4960 CONFERENCE WAY N STE 100,BOCA RATON FL 33431.3311.
ANY ATTEMPT TO OBTAIN A WAIVER OF YOUR CANCELLATION RIGHTS IS VOID AND OF NO
EFFECT. WHILE YOU MAY EXECUTE ALL CLOSING DOCUMENTS IN ADVANCE,THE CLOSING,
AS EVIDENCED BY DELIVERY OF THE DEED OR OTHER DOCUMENT BEFORE EXPIRATION OF
YOUR TEN(10)DAY CANCELLATION PERIOD,IS PROHIBITED,
PURCHASER(S): DEVELOPERISELLER:
BLUEGREFN VACATIONS UNLIMITED,INC.
24miao-i By: 99143114.12
(Data) AulkwnzedAgont (Dale)
00i=1 2
(Data)
'Notify'shall mean that a written notice of cancellation Is delivered by any means,which may Include certified mail,return
receipt requested,to Bluegreen Vacatlons Unr'mhed,Inc. It is a violation of F.S.Ch.721 for any person to interfere Wth the
deli nary of a notice of canoellatlon by a purchaser.
u e.0
a- rN6rNIr2012
^^���
Regular COetfdcl
TERMS AND CONDITIONS
1, TRUST AGREEMENT, Thu Shaegreen Vemijon Club moOstle timeshare plan has bean established pursuant to the Twat Agreement
(timeshefa Ihstrumard)and related dowmenls. VacoUon Trust,fnc,a Florida oorpaeton,cun0ntY ads as the Trustee of the Trust
Agreement The addrsss of Vecs0on Trust,ha.is 4950 Communkaliw AVenae,bl o 900,Boon Raton,FL 33431. Each PurChOsef pursuant
to an Cvmsr Benefdwy Agreement Is designated as an Owner Beahendary pursuant to the terms of the Trust Agreement.The Interest of each
Ovmer Beneficiary under the Trust Agreement consists of and its Idenl)fied as Ule right to performance by the Trustee of its obligations es sot
fall in the Trust Agreernhenl Cash Ormer UerheWarys right to performance by the Trustee Includes the Trustee hol0 titre or Occupancy
Rights relating to the Accommodations end Facilities WVM the BluegreenVawWo Club Trust Willa as agent for each Omer BeneWary and
for Ua benondal use and enjoyment of each Owner Beneficiary and the right,subject to the loons of the Trust Agreement,to have the Property to use'
conveyed t.0 90 Vie Pr peneSdery named herons Rights re aced U of Pr�dY)A9��the Bluegrea Vacation ClubTN51 Estatebjocl to
oGWpy sod enby 8ha Property Ondsrduag Ovwpa cy ftr9
ava9atiMy and to the Ierrns of the Trust Agreement and related Instruments.
(a) The Umeshare bbterest being sold and acquired hereunder consists Of the property described above,being a fee stmplo real oslale
timeshare,estate and,In connection theresvitlt,Ptacinaser Is desgnated as Cvmer BeneWary entted to the tanner BeneWary Rights and
apphaAenani Vacation PWn1s relenad to above.Owner Berohdery ft gins include tier rfgfht to use,howpy and ehhjvy Uhe Aowmmodat vns ant
FaOYtea Vrahll to eluegreen Vacation Clvb Trust Estate coopthd with the naelwld ealelo vomsyod to the Trustee by OevebperlS0 a its
afdate,on behaff of the Purchaser upon Purchaser becanrg an Ommer BeneBdary under the Trust Agreement.Ownar Benefdary Rights are
an interest in the UNegreen VK0IiOn Club Trust,Wch Interest is deWhed as a'orteshare estate under F.S.Ch,721.The dutatbn of this
thesharo interest Is intended to be perpoWal,so 1009 as the Trust Agreement continues. The term of the Vacation Pion Is Intended to be
perpelusl;prrrfded,Iharrever,that the Resod Inlereats al each Component$10 Included Within the Vacation Plan are lea stmptu p+opedy
intolosls and either(i)QW&U0 until such time as IdWted In the Component She Uncle tying DvcJSUanloloaih`e Component SRBSUMo0
AV be,obdended for one o moss WOMB'penods a 1(2)1 ere tniended to be,{perpetual pus
Y a8a9Ypyltsr8 Ciciar�has Y<aeyppypirgithaTNS(Fs�te .
Declaration.Th07tu t pllskrevocAbl9 4Q 9 o- fry
(am9R'>ivf1o4'l u 1$� aledurtdetthp T rb W_
W, 9 per sees ttCol his or her lamer
'01 e;by gratdarm deed A 4r10 t;4�Vtf'RWR b!�
[teneRd>ly t)pGgaborhs Such t7anslar shah be sub,,"M tv tla Aght}of a hekfpt of any'ofilsteiiding 108fr,0f nta19a90 falaled t0 thti PlapartY'= ")
tg�i&f thePtmhaseraidreleleJst�r F Orequosl�PlVeyano4cfyoPtcpoMioit
!....
(b) The Property and othencccommodations and Fsorii'es comprising Resort)st EsOae(and Su*d t Ina Gana t Purchasers ro cone execution
In ko aknple,(of laasohoW tNe,if wMla the Club Pow Kai Componen blf suan to
Iwheof and era VD be o have been conveyed to the Trustee by deed from Deve'opeIrSe ler or Its affiliate.The Trusl o's vbligaton,PO
the Trust Agreement,H to me such Property and other A000mmodofty and Faca;W;WUn the Bivagreon Vacation Club Trust Estate
available for the use,occupanq end amjoynrent of the O,mor Beneficiarka. Purchaser,by the eoqutsl ort hereunder,anal be an Ommer
t;enoUdary pursuant to she Trust Agreement Tile Interest of Deve"(isem in Una Acwmmodatons end FaaThBes is that DavetopeKSaCer
ptasenity ovals etch,DeveloperlSel er is pnf*d to designate Ommer Bonsf0c Rights with appurtenant Vacation Ph'ats to Purchasers
pursuant to the terms of the Trust Agreement Altar vonvayance Jo U0o Trustee as set forth heroin,pevaloper/5etler has rpv other aduai
Interest,Iahhdrh9 Merest to control,the Accarxnodatorhs or Facilities conveyed to the Trustee.PAot to Dave opadae Ief is 1AV a dead of to
Property to the Trustee as agent for Purchaser,the Property timeshare Interest)shag be released from any Tien es may""t encumbatng the
property by payment of release tees to the tender thereof a by full satisfaction of sald rportgage or ten lo$Wmont.Upon such convoyanca of
the properly.Purchaser directs erhdago alga ns�F.K that favor of of Devel�rMijef as Lender Waited to is
Mir designee 1 Pursuant 10 gre terms
certified Clack,to oalablish a nwAg go gal oP�'
hereto to soars the Purchaser's payment therefor
2. DEPOSITS, The fnt8ab deposal a subsogoent payments made pursuant to this Biuegreen Owner Aomornanl by Purchaser iv
Davetoper/So4er shall,prior to dosing,be held In esuow pursuant to the provisions of Section 721.08.Florida Statutes,With Old ReputO
Netionai TWO Insura wo Company,8433 West lake Mead BNd.,Laa Vegas,NV 88126.7835 CEsaaa Agent').The EsaOSV Agent shall
(vmtsh Purchaser swlh a written ravvtpl for the tnttaf deposit end subsua(�(a�mn payments.Escrow Uma deposNsan institutions insured by may
invested In Securities of the Unilcd Slates Govomment,or any agency 9
agency of the United Slates Government,DovolopelfSetlar shall retelo,the interest generated by any such investment.Alt monetary
amovnis recited In this Agreement shall W paid in U.S.Funds. urn Is
3. THE PROPERTY. The,hiopo�equivalent to the Vacantion Points out ha etnabova prov clad to Pulrchime hocunder.The�opatY Is
detenninat'ne of OPWPOncy,rig
a Resat interest under the Trust Agreement.By exearlorh hereof,Purchaser directs and euthorkas conveyance of Ulu Property la(l�Se @Elf If
for each Purdhaaef ProvWc(1 the OVrner Beneficiary Rights sod appurtenant Vacation Paints from Davafope pus
WAVY 10 Trvsloe a Resort Interest o cause fls afNiato to ovmey to Trustees Resort Interest,which Ids been ern establish e nfhe
occupancy Vacation Points OWWalent iv the Vacation Points appurtenant to the Owner Benefutsry fZ9
Property and a0 other prop conveyed to the Trustee pursuant to this Agreement any other
Ormerr naognefidary Rig t$,;b)ed for the rust
oonsldered to Trust Estate and PropoAy evadable for occupancy by ! pursuant to this Agreement is W lea simple(a
Agreement and as fssenration prviceduras. The Property conveyed to Ina Trustee pu 9
teasehold,if vAhIn the club Dona Kai Component$rto ResaO and is Intended to roman 1n Gib to the Trustee perpo &y,ate'sbte Underry ng
rights as sot(orth DDWaratiort identified In hereinafter
navbtr 9 otoe this BUegieen Vacation Club Putt Offering Statement.
ent.a property
4, COMMON A88 WeNT FEES AND CLUB DUES,Purchases,as an OASher Beneficiary,agrees to pay Common Assessment Fees
and Club Dues as set too to the Blvegroen Vacation Club Public Offering agrees Col aNSCOrronon expense assassmonis slsot forth In the
Club By-Lem,and this paragraph. purchaser,as an Owner Benonciary, 9 pay
VndaAyng Dadaratbn related to the Properly,to the orient tayar are
o otter Prope in the
the Common find Assessment Fee pay lvo a VeaptiOn Club
the foregoing amounts shat continue regardless of
the convey
the oreg Entity(as hssh ,defined)such faegoing amounts related to the property at the time that the same pro due and payable. Such
obligation shall Include the wigation to pay anyspedal soossmenis related to the Property,as heal as any real estate faxes attn�ratal o to the
property Nigro not oihenviso Included to the Common Assessment Fees
The annual Common Assessment Fses,IhduWO of ad vatorpm foal estate taxes,carenUy payable by Purchaser acq'Aing Annual Vacation
cadets end a FvgTinwsharo Interest hereunder shah!equal a base amount of Three Hundred Twenty Oa7aro($320.00)plus en added amount
Must to$0.045 Woo the numtW of Vacation Points appurtenant to the Ommer Beneficiary Rights herein allocated to the Purchaser,pim ad,
ihrawvar,the Annual Common Assessment Fens,kxArsive 0f taxes,orrery payable bye Purchaser aoquling StenNat Vacation Po'nls and a
Blendal Timeshare Interest then cquel a base umount of Threo ltundred TNNvnty Debora($320.00)pins an added Amount equal b$0.0225
times the number of Vacation Points oppurtonant to the owner BeneWory Rtghls hoWo allocated 10 the Purchaser, Each PurdraserlOymar
awo5dary short only be assomod one base amount(aarently$320.00)annually V6t out regard Iv the number of Vacation Points allocated to
such padhasedOrmer ttvifendary. The ca c rid i n of Common Asssss ikon of the number of V8falion Writs Attached In Owner
F�dhbfi 8 of the Pubto Uttering Statement and is calculated by camps
Beneficiary Rights allocated Purchaser us fats herern compared to the total number of WC1115 ah Pants allocated to at Amer SenoficaaAea
area'-
F„a»,�,_� FNP4r0IR012
�u�� Regular Contract
vAth'n Purchasers respective Common Assessment Feo method group. This Allocation may alter H addnlonal or less Common Assessment
Fees are needed because,for exampio,Component Silo fees of taxes increase m decrease.Bluegroan Vacalbn Club.Ina has the right,
pursuant to the Club By-laws,to Increase or decrease such Corrvnon Assessment Fees from tlrno to fine.
In the event Purchaser Is already an Owner Beneficiary at the lme of execution of this Agreement.Purchaser agrees to have the Annual
common Assessment Foas determined in We same manner as to all of the Vacation Points allocated to Purchaser,vMether arloraled
prevousy or hereunder.The Annual Common Assessment Fees due annually on the first day of the respective Purchaser's Owner Use Year.
Purchaser whll be Wed a fewi days after dosing for the Annual Common Assessment Fees for the current year,and the month prior to the sled
of the Purchaser's Owner Use Year each year thereafter. If the foregdng Annual Common Assessment Fees are not paid Men duo,default
Interest plus a late fee may be charged by the Trustee,wNch dofahAt Interest to h.6%of the unpaid balance per month end which tale(ad shaft
W In an amount of 656 of the amount duo or$26.00.VA*Aover to greater.
Purchaser understands and agrees Net Purchaser shall be responsible for the payment of Club Dues,in addition to commas expenses and
Common Assessment Fees. Club(fires are assessmonts rosutdng from the implementation of the Bluegrean Vacation Club plan end are
represenloWe of o common expense atlribulablo to such Impfamentation. Club Dues ere established pursuant to the Estimated Operarrig
Budget and Line Item Analysts attached in Exhibit 8 of the Wu c Offering Stalement,vAdch describes the various revenues and expenses
associated YAh the operation of sluegreen Vacation Club.Club Dues for the first year of participation"to the Bluog+een Vacation Chub nwN
be boiled to Purchaser a Arn days alter dosing.Thereafter,Club Dues for Al Owner nenefidades,Indhrdng Biennial Owner Benafidades,ere
dueannualy on the fist day of the resped)m Purchasers Owner Use Year, Each Purc4sarlOwner Bealihdary shall only be assessed one
Club Outs amount annually without regard to this number of Vacation Points eitocated to such PurchasetlOwne(BoneWory.Club Dues ere
payable WOW a late(go,within 16 days after the duo date.If Club Dues are not paid within 16 days alter the due date,default interest fn the
amount of 1.656 of the unpaid balance per month and a isle fed,in the amount of 6h of the amount due or$26.00,ifikkhever is greater,may he
charged by the Trustee. Club Does are currency$128.10 par year()lus tax,HapplfcaW'e)and outomatkaly include Purchasers membership
In the external exchange program then affiliated%%Ah afrregreen Vocation Club(whidt kxJudes the exchange program's annual reneval fee),
Unless othenvlso permVed by the Florida Vacation Club Ad,as may be amended from time to face,in no avant shall Chub Dues In a given
year exceed and hundred Wendy five portent(126`/0)of the Club Dues for dw prevlous year. Putc1811016 wet Only be assessed a spcdal
assessmant In aocordance Will the Club Bylaws. Fe'JUne to pay Common Assessment Fees or Club Duce when due shall cause a Eon to be
Sled against the Property pursuant to the Trust Agreement end Chub By-Lows.
6. PURCHASER'S ACKNOWLEDGMENTS, Purchaser 2cknold.edges by exec tbn of this Agreement that,prior to the execution of this
Agreement,Purchaser has ietelved end had an opportunity to read a copy of Nor Bluegrean Vacation Club Mul"Aa PUWio 0%uing StOtem8rl
end the Fxhlblts attached thereto relating to the Bluegrean Vacagoo Club,as%NvU as a copy of any appfical a exchange program documents.
purchaser further adlonjadges that Purchasers use of the Accommodations and FatAtieS ere subed to the Trust Agreement end the
reservation procedures and that each Owner Benowary shal have rights to costive use of the Accommoda0ons and Facirdies on a first-come-
Srstsarvo basis,suNed to the home tesot priority reservaion right heid by Purchaser and certain other Owner Benefidaries. Purchaser
further ockmmNedges and represents that tho Property and the rights and appurtenances described hefdn Pro being purchased for Purchasers
personal use,and not for any investment pdeatial or any poss?ble coal returns,lax advantages,depredation,guaranteed buyback,Of as
Purchasers principal residence,rig of which Purchaser Agrees ere not pad of the subjad transaction. Pordhaser adwm*dges that the
Property as herelnabove,designated,and other real property has been or will be submitted to a timeshare reg:ma In accordance with the
app5cob!o Underlying Declaration. lha Property shag be allocated voting rights,assessments and other obligations as set forth Wthin the
appficaWe Underlying Dedaratron arks totaled legal documentation. Transfer to the Trustee of the Property es specified herein by Purchaser
constitutes Trusted's membership N the owners assoda Wn ox s011 In respect to the Property,
6. MOD'WICATIONS AND CHANGES. Purchaser hemby aulliortzes the Devebpe+lWer ands lis eifi6ates,as the DaveloperlSeger may
doom necessary,to record among the puWlo records of the counCts In which the Axanmoda0ons and FaaTNos contained WiftIn the Trust
Estate may be located,such documents,Instruments and exhibits as ere required to be filed under the laws of the slate of Florida,or other
appttab!e state,in order to create and maintain the Accornmodatlons and Fadrdies pursuant to Fbrda laws,or other applcabo state inv,
Including but not longed to the Fiorida Timeshare Ad. Dava". ilse:er reserves tho tight to make changes itself,or through any of its
designees,to any such documents,InsWments and oxhiblis as eforesald,or as DovoloperfSetlet,governmental auftrities Wag)umd'dion
over any of the Accommodations end Fadftios,or the We Insurance oompanY may require or deem necessary,provided the changes do not
malortaily and adversely,alter purchaser's rights as an Owner Beneficiary.
1, FINANCED PURCHASE, if Purchaser desires purchaso money Snancirg in connection vAth Via transaction contemplated hereunder,a
ban application t%vl be completed and suixnitlad by Purchaser as part of this Agreement. In such event th's Agreement Shall be conl'ngenl
upon Purchaser obto!eng a ban ectutvalonl to a commitment for the amount spcdfied In the face of this Agreement. If the Purchaser fails to
quaW for purchase money financing,this Agreement is null and void and of moneys field by Purchaser will be refunded. Purchaser
ackn Wedges any such loan shag iequ a,Trustee to oxtcuto,grant,and dower a morigags or an egWvalent kuWment encumbering the
Property(tho'Morigage")to DeveloperlSoUer or Lender or theli designee on behalf of Purchaser,W*h M,orlgage shall provide the Propertyas
cofaleret for such loan,and to the extent that the Trustee Is required by DevebperlSoger of Leader to execute,such Mortgage,Purchaser
hereby directs and authorizes the Trustee to execute,grant,crud dolva1 such Mortgage.Purchaser shag deWof to Developer/Seller or Lender
a Promissory Note(thre Note)(together yA h the Mortgage executed by Trustee and such security Instruments requested by DoveloperiSeller
Or Lander)for the balance of the Purchase Price H such Is not paid for fully,at dosing,in cash or codified funds.PurchasAr 201805 to provide a
seuafly instrument,hndtuCng a UCC 6nandng statement,to DevekpefMeltor,tender,or their designee And their respecuv&assignees,
respedting Purchasers Ow,nar ttarteWary Rights,lneruu'ag appurtenant Vacation Points.d requested to do so in connection vAth any such
purchase money financing.Trustee shah not he gable ortesponslbb for payment of any Mortgage executed by Trustee on behalf of Purchaser
nor shag Trustee assume any such Mortgage upon its acceptance of thlo to the Property. Developerl3etter and Lander rosorve the tight to
charge Purchaser a(eaaeneb!e(9e fer swvioos performed by or on behalf of OevebperlSo!fer or lender to connection with this ban,
Inducing but not Wren ted to services such as provldxxg A payment Mslory or coples of statemanis to Purchaser,ale. Upon repayment In fug
of such purchase money ban,Purchaser shall pay to DaveloperlSo3w or Lender the stlpulaled cost of$26 for a ban payoff processing fee.In
no event shag the interest late charged in connection vht h the purchase money financing exceed the maximum Interest tale permitted by
applicabio law.
8. CLOSING AND TITLE. Purchaser shall execute any necessary documents In the form supplied by Deva!opedSellor as relates to oho
property and this transaction prior to dosing and pay el dostng costs sot forth above. Trustee shall be deaered at closing on behalf of
Purchaser a Deed conveying to it red simple 00(a ttesdhad GSA,H srilMn the Crub Pea Kai Component Site flown)In the Property free and
dear of of encumbrances except cond;Uons,6mx'totbns,zoning and easements of record el the time of dosing,the terms and condirlons of the
Underlyng Dedaa on and taxes(or the then anent and all subsequent years, purchaser agrees that helshe shall be obNaltd to keep
current such purchase money financing as is owed In respect to cis acquisition of the Property and Purchaser accnaryedges that any faA'ure by
Priullasof to do so may result in the deletion,cancellation or suspension of Purchaser from the Bluegrean Vacation Club. Al dosing,
DoveloperlSeller may deWof to Putth390f a cerlficato or Other evidence of the transactions sat out herein a$(Plain to the Property,Owner
Beneficiary Rights and appurtenant Vacation points. Closing vAll be on such dale and at such place as Is specified b/DeveloperlSaller or It
may be by mail,If ovkAzed by DaveloperlSeger,estimated to be ne later than al+tety,(90)days from the data of this Agreement,or the
completion of the Property,whldtovef occure last All representations,duties,Obligations and agmsmonis of the Purchaser under the terms
end conditions of this Agreement shag survive the Closing.Trustee may deliver a Mortgage to DavebporlSet!er,Lender,or their dea,'gmee in
is sped to the Property at dosing,provided such Mad9figo Is Wed to the Purchasers loan and such creates no liablity to the Trustee other
:tMtrn3
700 to� FNatN111012
Regular Contract
than rocourss to the Property. As used heroin,dosing shag mean delivery of deod and banter to the Trustee. Pursuant b the terms of the
Trust Agreement,the conveyance,of the Properly to the Trustee w71 be subject to the foregoing Mortgage granted by Trustee on behalf of
Purchaser,provldad that Tr rtes shalt not assume any Sablaly therefor, 11 shaft be Purchaser's oblga4on to mamlaln all payments on No Nola
nod to assure porfonnoom Willis hfatgage,indvirrg a9 terms,cond tons and covenants thereof.Please refu to Section Ilt.g.0 of tha Text of
the MuftMo PubEv Offering Statement for a tilt description of the status of We of The Acwmrnodellons and Fac'G6es In the Sluegreen
Vacation Club.
0. REFUND PRIVILEGES. in the event Purchaser cancels Bus Agmemeni during the applicabo cancellation period,Deve;"08e11of(o
Lender acting in fieu thereof)YM refund to De Purchaser the total amount of a9 payments made by the Poichoser under Ws Agreemem,
Wooed by the proportions of any Contract Denefis the Purchaser has squatty revolved prior to the effective date of the cancellation. Such
Contract Denefds shag Mode.but not bo Dmded lo,(a)the salvo of ills materials delivered to Putchaser-hereby 49pvisted to be no more then
Ievontyfive donors($70.00)-exciushro of the Mull Re Pub&o Offering Statement end other documents roqu'ted 10 bO provided to Purchaser
under app6caAe Florida law,and not returned by the Purchaser to the Dayu•IopedUlu In satisfactory coed%",reasonable wear and tear
excepted and(b)H the PureNser has used or oowpted any Ok"reon Vacation Club Component time resod for Mora than 12 hours prior to
de5vadng a notice of Cancellation in accordance w;th{he provision hereof,a reasonable ooapancy charge equal to the fair market rdghdy
rental halo hdreby sdpvlated to be not loss than one hundred fifty dollars($160M)per night plus the cos(for damages,H any,to the opp!kaNa
Component Site resort dredy akdbtdaGe to the Purchasers use or oacupancytheroof,The refund shall but made wigntn twenty(20)days pryer
Bhegreen's receipt and acceptence,of the notice of cancogation,or within into(6)days of receipt of funds from the Purchasers delisted check,
Yddchavef Is later.
10. PURCHASER'S BREACH/DEFAULT.Ttmo Is of the essence of this Agreomanl,exceAwhere otherwise speci6cedy provided for herein.
After exp+aglloo of the spocaMe cancellation period,fagure to close after demand or to moke payments vri!hia the 6419 Provided for herein,or
(alum to comply VIM any of the provaions of ft's Agreement,shag be cunsWered a breach of this Agreement and 0 sums paid by Purchaser
hereunder shall be retained by the Dave"d$e0w(or LoMgi)as liquidated end agreed damages and not as a penalty. In addition,any
lormhhatlon of this Agreement as a result of Purchaser's brencWt olauti of Orly provisions horoin shad not 10:10vo Purchaser of any
obligations as may be owed to UavebperiSetier(or Londef)or Btuegreon Vacation Club,Inc.hereby,Indudirg without limitation,oftotlons
rotating to payment or the romarning balance of the purchase price and outstanding Ctub Oues and Common Assessment Fees.Purchaser
sha`l be 6abte for IkvOopor/,%tier's reasonable attorneys fees and costs Incurred by If by virtue of any r0galion as to the parties'rights
hereunder ff the DovOoperl$der Is the prayaWV P>ady. Purchaser acX=y'.edgos end agrees that in the event Bluegrean Vacation Club,inc.
(or the Vacation Club Manogtng Emily). refers Prurdiaser's outstanding Club Dues and/or Common Assessment Felts acoount(s)(Or
coaec6vn,Purchaser shall also be obrgated to pay,in eddklon to the Principal amount awed by Purchaser hereunder In rasped thereto,wits
and ca'ectlon teas In tho ma)dnWm amount permitted by taw. Purchaser agrees to defend and indemnq Developor/Seaer(and Lender)
against all claims of real estate brokers or sates personnel due to acts of Purchaser or Purchaser's representatives,other than brokers or sates
peusomel employed by the Dovelopef/Setto(and Lender).
it, RADON OAS. Radon is naturally occurring radioactive use that,when it has accumulated In a building In sufficient quantMos,
may present health risks to Parsons who pro exposed to 11 over a period of Umo. Loyola at radon that exceed federal and state
guldetlnes have been found In buRdfngs in Florlda and other stalos. Additional 100(matlon regarding radon and radon testing may
be obtained from your Count'publio Health Unit The Foregoing no0oo k provided In order to oompy with stale law and Is for Informalim I
purposes only. Developer/Seller does not conduct radon lostirg with respect to any Accommodations In any Component Site resat end
spec ficeiy tasdetms any and OR representations or warmnfes as to the absence of radon gas of radon producing conditions In connetxlon%%M
any Component She resort.
IZ. 131,UEGREEN VACATION CLUB MEMBERSHIP, Purchaser ad mylodges ftl as an Winer 0011e6031,he/she%91 be a Class A
MOmbor of tie Bluegreen Veca6On Club,InOv,a Ffaida nowpfofit corporation, Purchaset agrees to be bound by the Articles of lncomma6on
and By-Loyea,together with all 10.43 and legurat'ons as may be adopted from lima to Omo by Blvegreen VMOA Club. Class A Membersh'p
and the voting rights related Ihefolo are not separable(tarn tamer Darolidary Rights.
13, INCORPORATION OF TRUST AOREEMENT.Tho parties hereto agree that the terms of the Trust Agreement ate irimpo sled horelo by
this fereronco, The parties hereto further agree that fie Trust Agreement may be amended,from I-ano to Vme.Pursuant to Ills forms of
paragraph 10A of suchTnrstAgreemen6
14. ADDITIONS TO,DELETIONS FROM,AND SUBSTITUTIONS OF TRUST ESTATE, DoveWper/Sayer is au0horbcd and empowered To
add to%a Trust Estate additional Accornmodalions and Facilities,as it may,In its ids dilic(OWn,datefmtna from time to gmo. n Trust
addt!ons shag bo made pursuant to the forms of tho Trust Agreement. Deletions of Aocommodallons and FadWes wmprising
Estate may Dear as a result of dCOtlon by casualty,de!et!en by enl!wl domain,or outometk dofegon,ail as further sat forth in the Trust
Agreement.Deletions of COMPOrlent$40 may OWK as a roult of automa5--delelim as furthar set(90 In ft Trust Agreement in the event
all or any portion of the Trust Estate is deleted from the Trust,a stdfiotenl number of Owner Beneficiaries of the Trust V.1 also be deleted so a a
to maintain no greater then a One-to-Ono Omer Beneficiary to Accommodation Rabb. Dololl"shall comply with the terms of the Trust
Agieement. upon an Owner Beneficiary defau"on his or her Owner Mrieficiary Obfgavons,the Trustee may delete and cancel such
Ofinef Benefdary as a Bea Wary under the Trust Agreement subjed to the terms of The Trust Agreement sod compliance with the lodwovt
rules of F.S.§721.13(9).Upon such deletion,the Trustee rha9 part"pursuant to the forms of the Trust Agreement. Nerlher the Tfuslee nor
any Benowary shall W outhooed to make any subs"luorss to any of the Trust E610to,except(or raplacamente as provided above or except
as mayOthowlse be pormkted pursuant to F.S.Ch.721.
16, DELETION,CANCELLATION OR SUSPENSION OF PURCHASER. If Purchaser dofau'1s in his of hag tamer Benefdary Oblgations,
the Purchaser may be deleted,suspended or cancelled as a Beneficiary under the Trust Agreement pursuant to the terms of the Trust
Agreemeni,the By-laws of the Club end sub eq to compliance with the lockrovl rules of F.S.§721,13(8);provided,however,before a ny such
de%bon,cancellation or suspension,Purchaser shall be enteed to the rights as set forth in Oho(oakout odes of F.S,5721.13(0)end In the Trust
Agreement arid By-Laws of 09 Club,Including the rght to pro such defav.
1s. VACATION POINTS. The number of Vacation Ports authorizing use of Accommodations and FadWes writhln the Bluegreen Vece0w
Club Trust outstandng and allocated to IndWdual purchasers who are members of rho Club sho'l at ag tines correspond equally to(or an
amount Isis than)uhe actual Vacation Point Value of Acoemrrsodatons and F060%s ownWrold by the Trustee. F.ach time an Omer
BoneWary is added(guosrgh Issuance of Amer Beneficiary Rights and appurtenant Vacation Points Pursuant to a Btuegfeen Omer
Uanefidary Agreement entered into by DoveiopodSe!!er),(7 Developed80110 or its affiWo shall oomay to the Trustee an addl oral Resort
Intolot equivalent In Vacation Points vales as has been provldcd to the incoming Purchaser Of 09 the Incer"Purchaser shag comas 10 the
Trustee his ocher Resort Interest equivalent in Vacation Paints as has been pmmW to the Incoming Purchaser.Vacation Points and Class A
Alembarship in the Club era not separabio from Ouster Benefidory Rights.
17, ESTABL1sHmeNT OF VACATION POINT VALUE. Dcwpency o)Aommmodatlom wflhln BkwWeen Vacagolh Club Trust Ls based upon
Vacalfoo Points. The minimum number of Vacation POW$presently required to be agocaied to any one Purchaser Is 3,000.The allotlod use,
atbeation of each Vatatlon Point was kwTiaAy 0steb.shod ate$1.001,so valuation par Vocation Point,which arocawn relates to a balandrig of
demand for requested o9cupaney with a delemYned number of Vacation Points equating lO a dally M. Such valuation Is for domonslrolivo
use purposes only and Vacation Prints hovu no hhdepeodont cash or other monetary value.Dovaloper/Sellor reserves Ito right to[mass*or
um.,n>e
FN441010012
7
Regular Contact
decrease such use allocation,from time to time,as detarminEd by Davaloper/Se'ler In is sots,discretfon. Each Resort Interest made a part of
the Btuegreen Vacation Club%vil be assigned a Vocation Point use value. The number of Vacation Points a+located to a Purchaser will
delearMo afikh Acoommodalksns or FacRides,and at which times of the year,such may be reserved and occupied by Purchaser or any other
Owner Beneficiary, to oslab:isbing the Vacation Point value of each Amomrnodallon,DeveloperlSeVv chili take into amount the fecarlon and
sAWpaled relative use demand at each Component Sit*the(the,Dovelopef/Seller intends to offer to the Tnrslee as a part of the Btuegreen
Vaoalon Club Trust,and Oavek>per/Seltr shelf use its best efforts,In good faith and based upon all reasonably ova able evidemco umdor The
circumstances,to further the best interests of s,4 Purchasers of the Btuogreen Vacat on Club as a whole vAMh rasped 10 the opportunity to use
and en)ey the Accommodations and Facilities of the BWegreen Vocallon Club Trust. The Vacation Point value may be periodically adjusted
from tuna to tine in order to respond to actual Purchaser use pattern and changes In Purchaser use demands for the Accommodations wdsft
at that time vAhtn the Bluegreen Vacation Club Trust.
I& SAVING AND BORROWING OF VACATION POINTS. Pufellesers vAM be 9U%,ad to save Vacal)on POWs from their curheni Omar Use
Year tot use in the noxt sumeeding Owner Use Year and bwrovr Vacation Points from that next succeeding Owner Use Year(of use In the
current Owner Use Year In amerdance with the Club rules on saving and borrovlmg,es such may exist from time to time,IcKkK Vg the
roll%*igg if required by The Vacation Club Managing Entity,Purchasers must pay all Club Dues and Common Assessment Fees attribulabio to
ail saved or bwoewOd Vocation Points. The rules on saving and borrowing may roquim that Purchasers nouy the Vacation Club Managing
En[ty in wrtitg prior to the termination of the Owner Use Year for which Purchaser desires to revs Vacation Pants. tl Purchaser faits to
provide any such mqulmd notice all unused Vacation Points for that Omher Use Yea(shel exptro upon expiration of such Owns(Use Year.
Vacation Points that are property borrowed but not used In Me current O,mo(Use Year may be saved H permitted by the Vacation Club
Managing Entity.The rotes on saving and borrowing may also require that Purchasers no*the Vacation Club Managing Entity In WOnng prior
to Ire commencement of Mu Owner Use Year for VAdch Purchaser destras to borrow Vacallon Points, Vacation Points that are property
bonrnved but not used IA the current Ovine(Use Year shall expiry upon axphallon of the turrsnl 0.wner Use Year and cannot be re-botrowed of
saved.Sating and borrasing may be Fm ted,on an annual basis,to a percentage determined,from time to fire,by the Vacation Club
Managing EMIty,%vines decision to oulhonice saving and borrowing vat be based upon anticipated relative use demand of each Component
Site. The rubs regarding saving and borrovArg will be exercised by the Vacation Club Managing Entry in good faith and based upon all
reasonably avahablo evidence under fine circumstances vnith the oigocove.to further the best interest of the Purchasers of this akiegceen
Vacation Club Trust as a Wihole Wqh reseed to their oPpoduroiy to use and enjoy the Ammunodstions and Fea'tdies of the Plan. The rules
may provkte that any saving and borrmAng may be subject to a charge.
ig. NON•TRANSFERABiLITY OF VACATION POINTS. Vacation Pofnf$are not separable from Owner Benafidary Rights a(d wh9 not be
transferable from one Ownor Beneficiary to another so as to auhhodze increased year to year usage.A8 Ownef Benefidades are subject l0 the
By-Lairs of the Club. In addition,as further set forth in the(a)d of she MuUske Pubb Offer!"Statement and the Club By-Laws,certain
benefits and faolieos of"Plan Including,Without FrOallon,mtmise(shup in the Bhneill VIP Program,%,hother Best o(E_NhancedRiaveter
Plus Membership,are personal to each Usner Beneficiary and ate not assgnabie or transferable,unless such transfer is fa Waled by the
Dave,*wr/Se1*or its authorized agents.
20. RESERVATION GUIDELINES.The Vacation Club Managing Entity shall establish,Bomtrnetotima,reservetionguidermas and Arts and
regulations%vhIch shall be blodrg upon the Purchaser and ail otter Owner Beneficiaries. Such teservaVoo gudel'inos and rules and
regulations may establish the nighty minimum baste for use of Accommodafis and Facilities,weekend and WAAy use of Amommodattns
and Facilities,spgt-%vek teservaSoas regarding Accomnodations acrd Facades,and bonus,Bme use of Accommodations and Facilities.
21. CONVERTING MEMBER RIGHTS. Pu(choser acknavAedges ghat line Club includes Converting,OsNwr Beneficlades (Converting
Members)who are,Muse vAu held tUs to a Resort Interest prior to Mek converting into membership cancan the B"men Vacation Club.
Rights or Converting Members are sat forth In the Bytahvs of the Club.
22, PRE•AUTHORIZEO CHECK PLAN. Purchasers vAo onto!in The Pra-Atihoraed Check Plan{'PAC Plan)(a)autlurize the wflhdrawal,
by debit entry or olh;vAse,from a deposlory amount specified by Purchaser(MU'Aomunr),amounts on Mo mcutring dotes each month
su i Went to make payments required under this Agfeemord andlor the Note rmrilernplated hereunder and(b)acknowledge end agree that the
terms and conditions respecting the PAC Plan as sot forth in fine Note and Mo PAC Plan Ageement etc InWrporal ed herein by this reference.
23.CONSTRUCTION OF SUBJECT PROPERTY AND AMENITIES, If Mu subject Property Is not complete,H Is antidpaled that H will be
complete by the dale estimated lot In;tW Possible,occupancyj prow,ded,twvever,in any event bavoloperfSet!er shall complete,the uwb,ed
Property within two(2)years of the dale this Agreement fs signed ly/Purchaser,subjed only to delays caused by Ads of God,strikes,malarial
shortages or Miner c«a*m beyond the neveiopeNSeilee$control which consfituio impossitfy of DevelopertfSeller s petfanmance under the
late of the state in vi h dh the Property Is located. As of the dale of this Agreement,certain ameaiies to be oomPloled by the DevecopedSaNer
may not have been completed. To the extent such amenities are Identified in Mrs cunent Btuegreen Vacation Club Mute Public Offering
Statement as being not yet lad,The Devetpar/Se4er estimates teat such amenities w ll be completed within hvo(2)years of the date
this Agreement is signed by Porchasof,subject to delays caused by ads of God or other WndtbWna Of drcumslencas beyond the teasonabro
control of Develoopet/Seller. Otherwise,the recreational 10OVes and emeAr'h'es located In the Uivag an Vecatiah Club Canponor 1 Silo
Resorts are complale and available nor use.
24. NO ORAL OR WRITTEN REPRESENTATIONS,WARRANTIES.The parties hereto agree that this Agreement,along with the documents
referred to herein,and the only agreements and disclosures behhean Mhem.Purchaser should not rely upon any represenlettns,Olaf or written.
witch are not herein set forth. This Agreement W71 become efrodive and biding upon the parties hereto when signed by Purchaser In the
space provided heap and fete wed and accepted by DevetoperlSelkr. Except as othm. 4se provided by law.Dev0"r/SaOer makes AS
vvarrande%oxpress or Impliod,,Abatseever,regarding the property,Unfi$,Cormawn E1aments of CommOA Furnishings Indud;g but ru rvWfed
to vrananties of merdhaMebifay a fitness lore particular purpow.
The Muld-sae Publc Offering Statement,canon should be rohiexed by each
Purchaser,proudos addcdoaal spedfcdly and oxplanallfi%iegardig tine Information set out herein and stall provide guidance In the
int�rpretat on of any provisions hereof.
26. FURNISHINGS. Aflhough all model units are for display purposes only,the Property described herein shall have furniture,apptrances,
cqu�pmenl and all accent fumishiings substantially similar to or of equal quality to those shmn of used in the model.Such fumish'ngs shot'bo
provided by Btuegreen Interiors.LLC,a wfofy aimed subsidiary of the Davotoperf mr,The stipulated Mial Value of the furnishings nNil Vary
between resorts,butts behveen approximately 211.and 4'h of the purchase price of the P(operty,and Is subject to any applicable sales tax
The ovmom association at Mo respective component she rosort shat Wm such fumishrngs Of euc h stag be part of tha WnvnwA atments of the
condominium,and In each case,the mvnom essodatfon shat(be responsible for MakileWing and replacing such furnishings%✓KA the Property.
20.INSULATION. Pursuant to the FTC Regulations,notice Is hereby)Ivan That each Unit vAt have blows,rigid or ball Insulation installed
In all exlettr%valls to a minimum Mvcknase of OAS and ono-holf(i 1/2)iochos.which,accetding to the manufacturer,will yield an average
insNation Value of at least R-6. Further,each Unit with a foored toting will have blann,rigid or ball Insulation installed In the telling to a
minimum thickness of We(2)inches,which,aceodfn)to the manufacturer,%rill yield an average Insulation value of el least R-7.
Purchaser understands and acMoviledges that insutallon thickness may be great$(and may vary,depending upon local w4iitons and
tonstructton factors,including,but not limited te,such items as wall openings and plumbing or other sWctufes or obstruellons wilhln the
MIN or celting Which displace the Insulation. Purchaser understands end agrees that the foregoing Information regarding the R•Value of
--Molasulation is uponlnformation suppled bytue InsutatontnstaBel,end DaVelopel/SoMer makes no representations or hvafranty
regarding same.
27. M(SCELLMEOUS, The terms and provisions hereof shag be deemed independent and severable,and the InvaWdy of anyone provision
of portion thereof shelf not affect the vaWilyor enIO(ceaN?fYOl Ony(Ah(lf P10"ISIOn hereof.
0�3—i
n,nu
FN01(o1r2012
Regular Contract
(a) BINDING EFFECT.'nits Agoonient Is bM,'Pg opon the pa&a3 Mielo,and theirbeirs,legal represenlailveS,Successors and assigns.
Tide Agreement repiosenls the entire agreement between the paNes hereto and may any be amended at rrrodiisd by en Instrument In wrong
between the ponies, lids Agreement shall be construed In ecm dance vAh the laws of the State of Florida or elsewhere and sh'a't not be
remrded, The recording of this Agreement by the Purchaser shall be mnstdered a thmach of this Agreement and,U Pwchasor records this
Agreement,It may terminate at Deve"11SONeg option
(b} DEFIMTIONS. The copl4alized terms used hot*shag be given the meardngs as preschbod to Item y,NA the Bkregreon Vacant
Club Pubrlo Offering statement and the Trust Agreement and,If not defamed therein,shag be given%a meanlogs as ptorded for in F.S.
Chaplet 721.If a term used herein Is not deMod as aforesaid,then tho lean 910 be given its normal and customary meankV.
(c) NOTICES. Any n90w to be liven under lhls Agreement sha4 be du'y given to the last knave address of the Purchaser by regular
certified mail,return receipt requested,and Wvl bo offeays,three(3)days after pladng the same In the U.S.Mal,postago prepaid Any noke
to be given under this Agroomenl to the DaveloperdSeller shall be given by certNti mail,retum recetp)requested,at the address set forth
herelnabove,unless the purchaser Is notified In vmling of an atlemative address.By exetutlon of lids Agreement,Purchaser agrees to receive
future solidtalfons at the addresalphono number(s)given above from DevebpodWilr and its Writes(ncfuding.vffl ml limitation,Erimre
Rewards,Ina.and Great Vacation Daefnatloris,Inc)for theb products and servlms,IndudVtg vnOwut Gmtlatton,sot c;lalton by max,emall,fax,
and tefepfiana lirtdudng by automatic darkV equlprnent and(or prerecorded(flessages).
(d) FURTHER DESCPJPTION OF PROPERTY, The parties hereto trckrrawfedga and agree that IN Property to be conveyed hereunder
is more apedficany sal forth In the warranty deed rnrwayi g the Property to the Trustee as agent for Purc)iasor,a copy of which ml be
provided to the PufcNwf and terms of which are hrmrporotcd heroin by this refilmil o.
(e) OFAC COMPLIANCE.Purchaser vrarmnis and represents to DevetopartSager that Purchaser is not,and$11811 not become,a person
or on*with%shorn Davoloperdsa8er 13 re5V4od from doing business Wien under reguhilbns of Oo Deparbnenl of 7nessury Office of Foreign
Asset Control COFAC).Such representation sha!)lrickrds,but not be Braked to persons or entities named on OFACs Speda%y Designated Est
ancVer UWixf Parsons list,or under any slalvta,exomWe order 6 n9.but rot firri:!ed lo,the September 24,2001,Fxeculivo Order
Blocking Properly and Prohilifdng Transactions Writ Persons Who Comrlvl,11n eatem to Comm:T,w SupportTenorism);or,other governmental
action. purchaser further warrants and ropresenls that H Is not and shall riot engage M any dealings or transaction or be oherwiso assodaled
with such persons or entities prohibited by OFAC regulation.
(t) &Wetfoans with Disabilities ct. Cenah Aemmmodations located Mjbin the Comiworil%a reso fs will be designed for and
equipped width hencilcapped foditios,as set forth and depicted more parOcularfy in the Undurtyfng Declaration and the okNbls thereto.
DeveloperAdeFer has edv sect Purchaser v tarter Oro Propery Thal Purchaser Is acgeiiirg hem"er is or Wzl be equipped Win such fadfitiea,
(g) Mold Otsataime[. Mold Is found both Indoors and outdoors.The presence or mold may cause property damago or heakh problems.
AdOonal information regarding lucid and a mold inspection may be obtained from your county public hoahh and or a prolo Donal tratnad ht
that fAid,The faegofag notlea Is provxfed in order to comply wM state law and is for Inlon no0onal purposes only. Devaloper)Sorer does not
con4vo motd Inspection vilth respect to any Accornmodaions In any Component Silo Town.and $PWfca8y d'sdatms any and au
representations orvrorran0es as to the obsance of mold In oonno Xw Oiera+elh.
(h) Florida Construotion Qlaoloauro. CHAPTER 658,FLORIDA STATUTES,CONTAINS IMPORTANT REOUIREMENTS YOU
MUST FOLLOW BEFORE YOU MAY BRING ANY LEGAL ACTION FOR AN ALLEGED CONSTRUCTION DEFECT IN YOUR UNIT,
CONDOMINIUM,OR INTEREST THEREIN. SIXTY DAYS BEFORE YOU BRING ANY LEGAL ACTION,YOU MUST DELIVER TO THE
DEVELOPERISELLER,A WHITEN NOTICE REFERRING TO CHAPTER 558 OF ANY CONSTRUCTION CONDITIONS YOU ALLEOE
ARE DEFECTIVE AND PROVIDE SUCH PERSON THE OPPORTUNITY TO INSPECT THE ALLEGED CONSTRUCTION DEFECTS AND
TO CONSIDER MAKING AN OFFER TO REPAIR OR PAY FOR THE ALLEGED CONSTRUCTION DEFECTS. YOU ARE NOT
OBLIGATED TO ACCEPT ANY OFFER/M ICH MAY BE MADE, THERE ARF.STRICT DEADLINES AND PROCEDURES UNDER
FLORIDA IAW WHICH MUST BE METAND FOLLOWED TO PROTECT YOUR INTERESTS.
28,MANAOEMENT AGREEMENT,BluegrnenVtrwtionCiob,lnc,hasenteredlntoeManagemantAgrocmantw<thBlaegraenRasorts
Management,Ina.(Cie Wecoogn Club Managing EaM for the,management of the O.Vegreen Vacation Club Mvf&Seto Umshate pian.The
initial term of the Club Management Agreement Yea%Ouao(3)years canmendng May 15,1994.The Club f tanagement Agreement,pursuant
to Section 4 O)ereof,was automatically renewed formu o$$ive Ouse(3)year pstlods,Ore moat recent of width wry expire on P48y 16,2009.
lire Ctub Management Agreement Wll continua to be avtomatoaly rwrawed for sumesshro three(3}year forms utdass termUrated by edgier
party pvrsvml to hs terms.Purchaser underelarxds that rho VacoUon Club Managing EirvTy is on affiliato of the Oevel0per1S0ibr and that
management fees arc paid to the Vacation Club Managing Entity for management Of the Nan pursuant to tits Club Management Agreement
29.For the purpose of Ad Val era m As a assntonI,Taxelion and Spa clot Ass assmonIs,the Vaaatlon Club Managing Entity
will be considered the taxpayer as your agent puts uanI to F.S.6192.037,
30.Accommodations and Faciliiss may be added to Uds Multi-Site Vile aIon Plan without the consent of the Purchasers.
The addition of AccOmmodotiona and Facilities to this Plan may result In the addition of new Purchasers who will
compete with existing Purchasers in making reaervallons for the use of available Accommodations and Facilities within
the Plan,and may also result In an Increase in the Annual Assessment agalnst PurcfraSers for Common Expenses. For
more complote details,pleaso reforto Section IILA•B of the Text of the MulltSito Pubilo Offering Statement,
31.The Developer is required to provide the Vacation Club Managing Entity with a copy of file approved Multi-Site
Public Offering Statement Text and Exhibits filed with the Division and any approved amendments(hereto,and any
other Component Site documents as described in F.S.§§721,07 or 721.65,that are not requited to be filed with the
D)vislon,to be maintained by the Vacation Club Managing Entity for Inspection as part of the books and records of the
Aiuegreen Vacation Club MufUaito Vacation plan.
32.Any roasts of this Timeshare Interest must be accompanied by certain disclosures in accordance with F.S,
§7211.066,
x„ra,r fhOlN111a I7
Regular Contract
AMENDMENT TO THE PLANNED UNIT DEVELOPMENT (PUD)
& SUBDIVISION IMPROVEMENTS AGREEMENT
FOR
THE INNSBRUCK INN TIMESHARE LODGE PROJECT
THIS AMENDED PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION
IMPROVEMENTS AGREEMENT (this "Agreement") is made this _6�- day of
Se.V4rALe.r , 2012, between INNSBRUCK SUITES INVESTMENTS, LLC (the
"O ewn r"), and THE CITY OF ASPEN, a municipal corporation(the "City").
RECITALS:
WHEREAS, the Owner owns that certain real property (the "Property") known as the
Innsbruck Inn Timeshare Lodge/PUD located at 233 West Main Street in the City of Aspen,
County of Pitkin, legally described as:
Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen, County of Pitkin,
State of Colorado; and,
WHEREAS, pursuant to Ordinance No. 32, Series of 2004 ("Ordinance"), the City
Council granted Minor Planned Unit Development, Subdivision, Timeshare, and Lodge
Preservation and Affordable Housing GMQS Exemptions approval for the Project; and,
WHEREAS, pursuant to Resolution No. 4, Series of 2005 ("Resolution"), the Historic
Preservation Commission("HPC") granted Final Development Plan approval; and,
WHEREAS,the Property was remodeled and expanded from thirty-three lodge rooms to
seventeen (17) timeshare lodge units (with twelve (12) time-span estates per timeshare lodge
unit) providing up to thirty-seven (37) lodging bedrooms/units through lock-off capabilities; the
remodeled and expanded timeshare lodge also included one two-bedroom deed restricted
employee dwelling unit;
WHEREAS, the SUBDIVISION IMPROVEMENTS AGREEMENT for the
INNSBRUCK INN TIMESHARE LODGE/PUD was recorded on the 30th day of March, 2005
at Reception No. 508441; and,
WHEREAS, with Owner's consent, a potential purchaser of unsold interests has
requested and obtained approval of an Insubstantial Amendment to the PUD to allow smaller
fractional interests/time-span estates per timeshare lodge unit to be sold.
RECEPTION#: 592494, 09/24/2012 at
03:11:14 PM,
1 OF 3, R $21.00 Doc Code AMENDMENT
Janice K. Vos Caudill, Pitkin County, CO
{
Innsbruck Inn Timeshare Lodge
Amended PUD&Subdivision Improvements Agreement
Page 2 of 3
NOW, THEREFORE, the undersigned hereby resolve to amend the PLANNED UNIT
DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT for the
INNSBURCK INN TIMESHARE LODGE/PUD PROJECT as follows:
1. The phrase "with twelve (12) estates per unit" located in the sixth bullet point of the second
WHEREAS statement is hereby revised to say "with not less than twelve (12) time-span
estates per timeshare lodge unit."
2. The last sentence in Section 4q that currently states, "Owner has the right to sell twelve (12)
timeshare estates per unit" is hereby revised to state that, "Owner has the right to sell at least
twelve (12) time-span estates per timeshare lodge unit."
3. Section 9,Notices, is hereby revised such that Notices to the Owner shall be sent as follows:
To the Owner: Innsbruck Suites Investments, LLC
Attn: William Guth
233 West Main Street
Aspen, CO 81611
With a copy to: J. Bart Johnson, Esq.
c/o Waas Campbell Rivera Johnson& Velasquez LLP
420 East Main Street, Suite 210
Aspen, CO 81611
4. The following paragraph is hereby added to the Agreement: The parties acknowledge the
following approvals are no longer of any force or effect and have been superseded and
replaced by subsequent approvals granted by the City: (1) Aspen Planning and Zoning
Commission Resolution 20, Series of 2002, recorded at Reception No. 469514 of the Pitkin
County Records; and (2) Aspen Historic Preservation Commission Resolution No. 25, Series
of 2002, recorded as Reception No. 470111 of the Pitkin County Records.
5. The following paragraph is hereby added to the Agreement: Pursuant to Section 26.590.080
of the Aspen Municipal Code, Owner shall obtain and maintain at all times a business/sales
tax license and shall comply with all applicable sales, use, lodging, real estate transfer or
other taxes. With regard to real estate transfer taxes, the Owner acknowledges that any
transfer or assignment of an interest in a unit is subject to the real estate transfer tax. Owner,
for any transfer or assignment to which the Owner or any corporate, trust or other entity
affiliate of Owner is a party, shall be required to record in the real property records of Pitkin
County a certification of transfer or other appropriate document acknowledging any sale or
other assignment of interest in a particular unit and the grantee of the transfer or assignment
shall pay the real estate transfer tax associated with such transfer or assignment.
6. The provisions of this Amendment shall run with and constitute a burden on the land on
which the Project is located and shall be binding on and inure to the benefit of the Owner's
and the City's successors, personal representatives and assigns.
r
Innsbruck Inn Timeshare Lodge
Amended PUD&Subdivision Improvements Agreement
Page 3 of 3
ATTEST: THE CITY OF ASPEN, a municipal corporation
Kathryn S. ch, City Clerk Michael C. Ireland, Mayor
APPROVED AS TO FORM:
Jim True, City Attorney
OWNER:
INNSBRUCK SUITES INVESTMENTS, LLC
By. 2
Wi Guth, Auth ed Representative JAS E c
W
STATE OF COLORADO
)ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this day of Vp-i gML1°i1r,
2012, by Michael C. Ireland, Mayor, and Kathryn S. Koch, City Clerk! I
Witness my hand and official seal.
My commission expires:
Not Public
- pp CAITLIN STROTHER DOYLE
STATE OF CO�OYY ) NOTARY PUBLIC
STATE OF COLORADO
)ss. NOTARY ID 20124057288
COUNTY OF ) MY COMMISSION EXPIRES SEPT.4,2016
The foregoing instrument was acknowledged before me this day of eYh1 b1?✓ ,
2012, by William Guth, as authorized representative of Innsbruck Suites Investments, LLC.
Witness my hand and official seal.
My commission expires:
0°! No
�
tary Public
4 '
A A S LAND PLANNING
s
August 8,2012
Ms. Jennifer Phelan, Deputy Director
Aspen Community Development Department
130 South Galena Street
Aspen,CO 81611
RE: Insubstantial Amendment to the Innsbruck PUD
Dear Jennifer:
Please consider this letter and the attached exhibits to represent a formal request
for approval of an Insubstantial Amendment to the Innsbruck PUD and its
associated PUD/Subdivision Improvements Agreement. The Innsbruck is
located at 233 West Main Street and the property is legally described as Lots A,
B, C, D, and E, Block 52, City and Townsite of Aspen. The applicant, Bluegreen
Vacations Unlimited, Inc., is seeking to amend the PUD to allow the fractions of
ownership to be divided into smaller fractions of time, in order to enable lower
buy-in prices, to encourage greater occupancy and turnover rates, and to
promote an increase in so-called"new trials" to Aspen.
The Innsbruck was approved for an expansion and remodel in 2004 pursuant to
Ordinance No. 32, Series of 2004. The project was approved as a timeshare
development consisting of seventeen (17) lodging units with each divided into
one-twelfth (1/12) fractional ownership interests. The proposed amendment to
the Final PUD Plan would allow for smaller fractional interests/time-span
estates per timeshare lodge unit to be sold. No physical (interior or exterior)
changes are proposed for the property or the improvements.
Section 26.445.100 of the City of Aspen Land Use Code provides that,
An insubstantial amendment to an approved development order for a final
development plan may be authorized by the Community Development
Director.
Said code section enumerates the types of development activities that do not
qualify as insubstantial. That is, the way the applicable provisions are drafted, if
a development activity does not result in a "yes" answer to any of these nine
• 201 N. MILL STREET, SUITE 108 ASPEN, COLORADO • 8161 1
• PHONE: (970) 925-7819 FAX: (970) 925-7395
4
standards, the proposed amendment is considered insubstantial and can be
approved administratively by the Community Development Director (CDD).
The standards of Code Section 26.445.100.A are provided below in italicized text,
and each is followed by a response demonstrating how the proposed
amendment to the PUD qualifies as insubstantial.
1. A change in the use or character of the development.
The proposed amendment will not change the use or character of the
development as it will continue to be and function as a timeshare lodge, only it
will have smaller fractional interests/more owners. There are no proposed
physical changes to the property.
2. An increase by greater than three percent (3%) in the overall coverage of
structures on the land.
The proposed amendment will not increase the overall coverage of structures on
the property at all. No physical changes are proposed.
3. Any amendment that substantially increases trip generation rates of the proposed
development or the demand for public facilities.
The amendment will have no affect on trip generation rates or the demand for
public facilities as no new units are proposed. The property will continue to
offer airport and local shuttle service for all owners/guests and the maximum
occupancy of and trip generation caused by the lodge at any one time will not
change.
4. A reduction by greater than three percent (3%) of the approved open space.
The proposed amendment will not reduce the approved open space at all, as no
physical changes will be made to the property.
5. A reduction by greater than one percent (1%) of the off-street parking and
loading space.
The proposed amendment will not reduce the off-street parking and loading
space at all, as the number of units and their maximum occupancy will not
change. There will be no changes to existing parking or loading spaces.
6. A reduction in required pavement widths or rights-of-way for streets and
easements.
Innsbruck Insubstantial PUD Amendment Page 2
�
The proposed amendment will have no affect whatsoever on the required
pavement widths or rights-of-way for streets and easements.
7. An increase of greater than two percent (2%) in the approved gross leasable floor
area of commercial buildings.
No leasable commercial space will be created by the proposed amendment.
S. An increase by greater than one percent (1%) in the approved residential density
of the development.
The proposed amendment will not increase the approved density of the
development as there will still be a total of 17 units. Only the overall number of
fractional interests/owners will change, but not the number of owners/guests
who can simultaneously occupy the property. As this is not a residential
use/property,measures of residential density are inapplicable.
9. Any change which is inconsistent with a condition or representation of the
project's original approval or which requires granting a variation from the project's
approved use or dimensional requirements.
The proposed amendment does not require granting a variation from the
project's approved timeshare lodge use or its approved dimensional
requirements. Furthermore, the proposed amendment is not inconsistent with
any condition or representation from the original PUD approval that
transformed the Innsbruck into a Timeshare Development. The project will
continue to be and function as a timeshare lodge and no amendment of any
conditions of the original approval are necessary to allow the sale of smaller
fractional interests.
One of the purposes the City of Aspen sought to achieve from timeshare
developments was, and still is, increased vitality. As stated in Code Section
26.590.010.A,
Timeshare developments can provide the opportunity for increased
tourism to Aspen, can add to the level of community vitality, and can help
create a more sustainable local economy. This can be established by
expanding the number and variety of "hot beds" available to visitors,
raising occupancy levels in the accommodations sector, and attracting
"new trials" to Aspen,from persons who have not previously visited this
community.
Innsbruck Insubstantial PUD Amendment Page 3
. r
The proposed amendment will bolster community vitality and economic
sustainability by virtue of creating an increased opportunity for tourism without
increasing the overall number of units or amount of existing development.
The average annual occupancy rate in Aspen hotels is typically somewhere
between forty and fifty percent (40-50%). By contrast and consistent with the
findings of fractional ownership/timeshare development in Aspen, occupancy of
Bluegreen Vacation Club resorts typically have average annual occupancy rates
of approximately 80%. In other words, this fractional project can be reasonably
expected to have an occupancy rate of almost double that typically experienced
in local hotels.
It should be noted that no new timeshare units are being created by the proposed
amendment, just smaller fractions. The same type of fee simple ownership
interest that has always existed at the Innsbruck will continue to be sold,
although in smaller slices. The price point of these smaller shares will attract
people who might not have otherwise considered Aspen as a place where
owning a vacation accommodation is even possible. It is, therefore, expected
that the Innsbruck will attract buyers that likely would not have otherwise
considered Aspen a viable vacation destination (i.e.,more"new trials" to Aspen).
The proposed smaller fractional ownership interests will help to increase
occupancy rates (and, thus,vitality and economic sustainability) on a year-round
basis as follows: a purchaser of a Bluegreen Vacation Club (Bluegreen) interest at
the Innsbruck will have a 60-day home-resort preference to reserve a unit
(approximately 11-13 months in advance) at the Innsbruck, after which the
Bluegreen units at the Innsbruck would be made available to any of the more
than 166,000 current Bluegreen members. In other words, the Innsbruck buyers
plus the existing Bluegreen member owners represents a captive pool of nearly
170,000 new trials to Aspen. Finally, any units that go unreserved would then be
made available to the general public on a walk-up basis. This higher turnover
and increased overall occupancy equals "hotter" beds.
Additionally, because there will be more interests conveyed and the aggregate
selling price of such interests is projected to exceed the aggregate selling price of
1/12th interests, there will be a corresponding increase in real estate transfer
taxes (RETT) and real property taxes paid. Furthermore, it has been
demonstrated in multiple studies that people who "own" their accommodations
tend to spend more money on other entertainment and attractions while on their
vacations, which (especially when coupled with the high occupancy rates)
translates to greater City-wide economic sustainability and improved revenue
for the City.
Innsbruck Insubstantial PUD Amendment Page 4
For all of these reasons, Section 26.590.060.0 of the Code states that timeshare
projects that subdivide each unit into a larger number of estates are preferred to
those which subdivide each unit into a smaller number of estates. Therefore, the
proposed amendment is fully in keeping with codified, applicable City goals and
objectives.
As demonstrated above, the proposed amendment qualifies as Insubstantial
while forwarding several important City goals. As such, the applicant seeks staff
approval to amend the Use Plan of the Innsbruck Inn PUD to allow for
additional, smaller fractional ownership interests/time-span estates within the
existing supply of timeshare lodge units.
It is hoped that the provided information and responses prove helpful in the
review of this application. If you should have any questions or desire any
additional information,please do not hesitate to contact me.
Truly yours,
Haas Land Planning,LLC
f
Mitch Haas
Owner/Manager
Exhibits:
1. Land Use Application Form
2. Proof of Ownership
3. Pre-application Conference Summary
4. Letter of Consent from the HOA
5. Authorization Letter
6. Fee Agreement
7. Prior Approvals
8. Draft Amendment to the SIA
Innsbruck Insubstantial PUD Amendment Page 5
' EXHIBIT
ATTACHMENT 2—LAND IdiEARPLICATIQN
PROJECT:
Name: ('
� aa i / C }
Location: Z J �/ S 11' f f,in L�(1"�S -G. 1 C ;�2�
Indicate street address,lot&block number, le al description where a ro riate
Parcel ID#(REQUIRED)
APPLICANT: -
Name: a oo &' P(0 �
Address: %b o !J i ' I PP f
Phone#: 5561 q Y3-- 9b1];(
REPRESENTATIVE:
/ ,,_I
Name: 4o a r y �Y I coo) c
Address: N 0
Phone#: o)A,
-
TYPE OF APPLICATION: (please check all that apply):
❑ GMQS Exemption ❑ Conceptual PUD ❑ Temporary Use
❑ GMQS Allotment p
Final PUD(&PUD Amendment) ❑ Text/Map Amendment
❑ Special Review ❑ Subdivision ❑ Conceptual SPA
❑ ESA—8040 Greenline,Stream ❑ Subdivision Exemption(includes ❑ Final SPA(&SPA
Margin,Hallam Lake Bluff, condominiumization) Amendment)
Mountain View Plane
❑ Commercial Design Review ❑ Lot Split ❑ Small Lodge Conversion/
Expansion
❑ Residential Design Variance ❑ Lot Line Adjustment ❑ Other:
❑ Conditional Use
EXIST1iN1GCONDITIONS: (description of existing buildings,uses,previous approvals,etc.
Y4 j 1 dfo lc w i-W- OP
J 1j >
PROPOSAL: (description of proposed buildings,uses,modifications,etc.
Sl,' S�rldl�G�� �✓X'f7c'yn<'` 7 f f l�!' `77} r2, %�Cr i 74- ill)
Have you attached the following? FEES DL1E• $ j
Pre-Application Conference Summary
[� Attachment#1,Signed Fee Agreement
Q Response to Attachment#3,Dimensional Requirements Form
Response to Attachment#4,Submittal Requirements-Including Written Responses to Review Standards
❑ 3-D Model for large project
All plans that are larger than 8.5"X 11"must be folded. A disk with an electric copy of all written text
(Microsoft Word Format)must be submitted as part of the application. Large scale projects should include an
electronic 3-D model. Your pre-application conference summary will indicate if you must submit a 3-D model.
ATTACHMENT 3
DIMENSIONAL REQUIREMENTS FORM
Project: he hS�G
Applicant: „ t!
Location: A e-ko
Zone District: M j/
Lot Size: �fl o o S �'
Lot Area: /S- 6()o A
(for the purposes of calculating Floor Area,Lot Area may be reduced for areas
within the high water mark,easements, and steep slopes.Please refer to the
definition of Lot Area in the Municipal Code.)
Commercial net leasable: Existing: 41 A Proposed.• rJ��
Number of residential units: Existing. i 7 Proposed: /7
Number of bedrooms: Existing: > 7 Proposed.• Y7
Proposed%of demolition(Historic properties only): F�
DIMENSIONS:
Floor Area: Existing: N / Allowable:IV IA Proposed:
Principal bldg. height: Existing: r Allowable: Proposed: '
Access.bldg. height: Existing: !` Allowable: �� Proposed:
On-Site parking: Existing: ! ! Required: � Proposed: '
% Site coverage: Existing: i ! Required: �, Proposed:
% Open Space: Existing: f! Required: Proposed:
Front Setback: Existing: f! Required: Proposed: r!
Rear Setback: Existing: ! Required.• Proposed: r�
Combined F/R: Existing: t Required: ` Proposed.• `t
�� rr
Side Setback: Existing: f 1 Required: Proposed:
Side Setback: Existing: Required: Proposed:
Combined Sides: Existing: 1 Required: Proposed: f
Distance Between Existing ! ' Required: ) Proposed: r
Buildings
Existing non-conformities or encroachments: ' y�� IC yfI/Z2 �W elwG4
Mt � 'go-n pf'o VIA PV FW- ne, �� L
Variations requested: My—?o
EXHIBIT
J _
COMMITMENT FOR TITLE INSURANCE
SCHEDULE A
1. Effective Date: June 6,2012,at 8:00 a.m. Order Number: 956425-05
Title Officer: Linda Williams
2. Policy or Policies To Be Issued: Amount of Insurance:
(a)A.L.T.A. Owner's (Extended) $TBD
Proposed Insured:
Bluegreen Vacations Unlimited,Inc.,a Florida corporation
(b)A.L.T.A.Loan
3. The estate or interest in the Iand described or referred to in this Commitment and covered herein is:
Fee Simple
4. Title to the fee simple estate or interest in said land is at the effective date hereof vested in: E
Innsbruck Suites Investments,LLC,a Colorado Limited Liability Company
5. The land referred to in this Commitment is described as follows:
See Attached Legal Description
Statement of Charges:
These charges are due and payable before a
Policy can be issued:
SEE STATEMENT OF CHARGES.
SCHEDULE A
LEGAL DESCRIPTION
Condominium Units 001, 101, 102, 200, 201, 202,and 203
THE INNSBRUCK,A CONDOMINIUM
According to the Condominium Map recorded September 24,2007 in Plat Book 85 at Page 8 as
Reception No.542332 and as defined and described in the Condominium Declaration for The
Innsbruck recorded September 24,2007 as Reception No.542331
And
An Undivided Nine Twelfths(9/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 004
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements,if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc.all
pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration
of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
and
An Undivided ThreeTweIfths(3 112ths) interest in fee simple as tenant in common in and to
Condominium Unit 103
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements, if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc, all
pursuant to the Condominium Map recorded September 24,2007 as Reception No.542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
And
An Undivided One Twelfth (1/12th) interest in fee simple as tenant in common in and to
Condominium Unit 104
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements, if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc. all
pursuant to the Condominium Map recorded September 24,2007 as Reception No.542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated fiom time to time
And
An Undivided Three Twelfths(3/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 105
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements, if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc.all
pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration
of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
And
An Undivided ThreeTwelfth(3/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 106
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements,if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all
pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
And
An Undivided Eleven Twelfths(11/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 204
low-
i
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements, if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc.all
pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
And
An Undivided Seven Twelfths(7/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 205
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements,if any,and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc. all
pursuant to the Condominium Map recorded September 24,2007 as Reception No.542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
And
An Undivided TwoTwelfths(2/12ths) interest in fee simple as tenant in common in and to
Condominium Unit 206
And the Common Elements appurtenant thereto together with the recurring(i)exclusive right every Use
Year,
Commencing with the Initial Use Year set forth below,to use and occupy an Assigned Unit within the
INNSBRUCK A CONDOMINIUM(the"Resort")
(ii)exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings
located within or otherwise appurtenant to such Assigned Unit;and
(iii)non-exclusive right to use and enjoy the Common Elements of the Resort,for their intended purposes,
during such Use Period(s)as shall properly have been reserved in accordance with the provisions of the
then-current Rules and Regulations promulgated by the Innsbruck Condominium Association,Inc.all
pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration
of Condominium for The Innsbruck,a Condominium recorded September 24,2007 as Reception No.
542331,as amended and/or restated from time to time
COUNTY OF PITKIN,STATE OF COLORADO
COMMITMENT FOR TITLE INSURANCE
SCHEDULE B—Section 1
REQUIREMENTS
Order Number: 956425-CS
The following are the requirements to be complied with:
1. Payment to or for the account of the grantor(s)or mortgagor(s)of the full consideration for the estate
or interest to be insured.
2. Proper instrument(s)creating the estate or interest to be insured must be executed and duly filed for
record,
3. Evidence satisfactory to Stewart Title Guaranty Company of payment of all outstanding taxes and
assessments as certified by the County Treasurer.
4. Execution of Affidavit as to Debts and Liens and its return to Stewart Title Guaranty Company.
NOTE: If work has been performed on,or in connection with,the subject property(architectural
drawings,soils testing,foundation work,installation of materials),please notify the Company's
escrow officer within 10 days of receipt of this title commitment.
5. Evidence satisfactory to Stewart Title of Colorado,Inc.furnished by the Office of the Director of
Finance,City of Aspen,that the following taxes have been paid,or that conveyance is exempt from
said taxes:
The"Wheeler Real Estate Transfer Tax"pursuant to Ordinance No.20(Series of 1979)and(2) The
"Housing Real Estate Transfer Tax"pursuant to Ordinance No. 13 (Series of 1990).
6. Payment of any and all Condominium assessments and expenses which may be assessed to the
property
7. Relating to Bluegreen Vacations Unlimited,Inc.,a Florida corporation,The Company requires for its
review the following:
a)A satisfactory resolution of the Board of Directors authorizing the proposed transaction
(Shareholders Resolution where applicable)
b)Execution and recordation of Statement of Authority pursuant to the provisions of Section 38-30-
172 C.R.S.
Note:The Florida Secretary of State shows this corporation in good standing.
8. A Letter from the Zoning Department of the City of Aspen confirming the Zoning of subject property
and confirming that there are no violations under said Zoning.,For The Issuance of the Zoning
Endorsement 3.1-06.
9. Revocation of the Encroachment License by the City of Aspen recorded September 10,2003 as
Reception No.488227.
10.Revocation of the Encroachment License by the City of Aspen recorded April 28,2008 as Reception
No. 548646.
11.Deed from vested owner(s)vesting fee simple title in the purchaser(s).
NOTE:NOTATION OF THE LEGAL ADDRESS OF THE GRANTEE MUST APPEAR ON THE
DEED AS PER 1976 AMENDMENT TO STATUTE ON RECORDING OF DEEDS CRS 38-35-
109 (2).
NOTE: Statement of Authority for Innsbruck Suites and Investments,LLC a Colorado limited
liability company recorded September 21,2010 as Reception No. 573680,discloses the following
persons as those authorized to transact business on behalf of said entity.: William Guth,Assistant
Manager
If there have been any amendments or changes to the management of the entity,written
documentation reflecting the changes and a new Statement of Authority will be required.
12:
13.Any and all unpaid taxes and assessments and unredeemed tax sales.
i
i
COMMITMENT FOR TITLE INSURANCE
SCHEDULE B—Section 2
EXCEPTIONS
Order Number: 956425-05
The policy or policies to be issued will contain exceptions to the following unless the same are
disposed of to the satisfaction of the Company:
1. Rights or claims of parties in possession,not shown by the public records.
2. Easements,or claims of easements,not shown by the public records.
3. Any encroachment,encumbrance,violation,variation,or adverse circumstance affecting the
title that would be disclosed by an accurate and complete land survey of the land and not
shown by the public records.
4. Any lien,or right to a lien,for services,labor or material heretofore or hereafter furnished,
imposed by law and not shown by the public records.
5. Defects,liens,encumbrances,adverse claims or other matters,if any,created,first appearing
in the public records or attaching subsequent to the effective date hereof,but prior to the date
the proposed insured acquires of record for value the estate or interest or mortgage thereon
covered by this commitment.
6. Unpatented mining claims,reservations or exceptions in patents,or in acts authorizing the
issuance thereof.
7. Water rights,claims or title to water.
8. The effect of inclusion in the following tax districts: Pitkin County;Healthy Community Fund;
Aspen Ambulance Dist;Open Space&Trails;Pitkin County Library; City of Aspen;Aspen Fire
Protection;Aspen Sanitation District;Aspen Valley Hospital;Aspen School District;Colorado Mtn
College;Colorado River Water Cons;Aspen Historic Park&Rec.
9. Reservation and exception in the Deed from the City of Aspen recorded in Book 59 at Page 68
providing: That no title shall be hereby acquired to any mine of gold,silver, cinnabar or copper or to
any valid mining claim or possession held under existing laws.
10.City of Aspen Ordinance No..2, Series of 1997,Rezoning Specific Properties from Lodge
Preservation to Underlying Zoning with Lodge Preservation Overly recorded September 3, 1997 as
Reception No.407979.
as Modified by
11.Aspen Planning and Zoning Commission Resolution No.20-2002 recorded July 5,2002 as
Reception No.469514.
12.Aspen Historic Preservation Commission Resolution No.25-2002 recorded July 23,2002 as
Reception No.470111.
A „ .
13.Encroachment License by the City of Aspen recorded September 10,2003 as Reception No.488227.
NOTE: This Exception will be deleted in the event that the City of Aspen revokes this license,
subject to any new license which may be granted by the City of Aspen.
14. [Intentionally deleted.]
15. [Intentionally deleted.]
16. [Intentionally deleted.]
17.Aspen Historic Preservation Commission Resolution No.4, Series of 2005 recorded March 29,2005
as Reception No. 508352 as modified by
18.City of Aspen Ordinance No.23, Series of 2004,approving the Minor Planned Unit Development
The Innsbruck Inn recorded March 30,2005 as Reception No.508440 as modified by
19.Planned Unit Development and Subdivision Improvements Agreement recorded March 30,2005 as
Reception N No. 508441 as modified by
20.All matters shown on the Innsbruck Planned Unit Development and Plat recorded March 30,2005 as
Reception No.508442.
21. [Intentionally deleted.]
22.Declaration of Condominium For The Innsbruck,A Condominium recorded September 24,2007 as
Reception No.542331. including in that document any provisions that provide for an easement,lien
for liquidated damages,private charge or assessment,option to purchase,right of first refusal or prior
approval of a future purchaser or occupant
23.All matters shown on the Condominium Map of the Innsbruck,a Condominium recorded September
24,2007 as Reception No. 542332 in Plat Book 85 at Page 8.
24.Revocable Encroachment License with the City of Aspen recorded April 28,2008 as Reception No.
548646
NOTE: This Exception will be deleted in the event that the City of Aspen revokes this license
25.Revocable Encroachment License by and between City of Aspen and Innsbruck Suites Investments
recorded June 28,2012 as Reception No. 590241.
26.Revocable Encroachment License by and between City of Aspen and Innsbruck Suites Investments,
LLC recorded June 15,2012 as Reception No. 589851.
NOTE: EXCEPTIONS 1 AND 4 ABOVE WILL BE DELETED ON THE FINAL OWNERS POLICY,
PROVIDED BOTH SELLER(S)AND PURCHASER(S)EXECUTE THE HEREIN REQUIRED
AFFIDAVITS AND SAID AFFIDAVITS ARE APPROVED BY THE COMPANY.EXCEPTIONS 2
AND 3 WILL BE DELETED ON THE FINAL OWNERS EXCEPTION 5 WILL NOT APPEAR ON
THE OWNERS POLICY,AND GAP PROTECTION WILL BE GRANTED PROVIDED THAT
STEWART TITLE OF COLORADO PERFORMS CLOSING DISBURSEMENTS AND RECORDING
OF ALL DOCUMENTS.
SEE 'DISCLOSURES"INCLUDED HEREWITH.
FURTHER NOTE:
EXCEPTION 6 ON THE FINAL OWNERS POLICY WILL BE DELETED.
EXCEPTION 8 ON THE FINAL OWNERS POLICY WILL BE AMENDED TO READ:
All taxes for year 2012, Or the Year of Closing,Nvhich are a lien not yet payable.
NOTE: TAX CERTIFICATES WILL BE OBTAINED ON ALL TRANSACTIONS FROM PITKIN
COUNTY TREASUER.
EXHIBIT
a
CITY OF ASPEN
PRE-APPLICATION CONFERENCE SUMMARY
PLANNER: Jennifer Phelan, 429-2759 DATE: 3/9/12
PROJECT: 233 W. Main, The Innsbruck
REPRESENTATIVE: Mitch Haas, Bart Johnson
TYPE OF APPLICATION: Insubstantial PUD Amendment
DESCRIPTION: The Innsbruck was approved for an expansion and remodel in 2004 (Ordinance No. 32,
Series of 2004) to develop 17 lodging units with 37 bedrooms. As part of the ordinance, the
Innsbruck was approved for timeshare development. As noted in the improvements
agreement (reception no. 508441) and the declarations (reception no.542331), the 17
lodge units are divided into 1/12 fractions.
The prospective Applicant would like to amend their PUD/Subdivision Agreement (and
corresponding declarations)to permit the unsold factions to be divided into smaller fractions
of time (possibly as small as 3 days in a calendar year). As the smaller fractions should
encourage a higher turnover of owners using the units, staff can process the proposed
amendment as an Insubstantial PUD Amendment.
Land Use Code Section(s)
26.304 Common Development Review Procedures
26.445.100 A. PUD Insubstantial Amendments
26.590.040 A. Procedure for review of timeshare lodge development application - PUD Review
required.
Review by: Staff for complete application and review
Public Hearing: No
Planning Fees: $1,260.00 Deposit for 4 hours of staff time (additional staff time required is billed at $245
per hour)
Referral Fees: 0.00
Total Deposit: $ 1,260.00
Total Number of Application Copies: 2 Copies
To apply, submit the following information:
1. Total Deposit for review of application.
2.- Applicant's name, address and telephone number (application), if represented by another
please provide a letter signed by the applicant stating the name, address, and telephone
number of the representative authorized to act on behalf of the applicant.
3. Consent from the HOA to apply for the amendment.
4. Completed Land Use Application.
5. Signed fee agreement.
6. Pre-application Conference Summary.
7. An 8 1/2" x 11" vicinity map locating the subject parcel within the City of Aspen.
8. Proof of ownership.
9. A written description of the proposal and a written explanation of how a proposed development
complies with the review standards relevant to the development application — see attached
review standards. Please provide a draft amendment to the SIA and declarations.
Disclaimer:
The foregoing summary is advisory in nature only and is not binding on the City. The summary is based on current zoning,which is
subject to change in the future,and upon factual representations that may or may not be accurate. The summary does not create a
legal or vested right.
EXHIBIT
a
9
THE INNSBRUCK CONDOMINIUM ASSOCIATION,INC.,
a Colorado nonprofit corporation
August 6t`, 2012
Ms. Jennifer Phelan,Planning Deputy Director
City of Aspen Community Development Department
130 South Galena Street
Aspen, Colorado 81611
RE: THE INNSBRUCK INN,A CONDOMINIUM
Dear Ms.Phelan:
The Innsbruck Condominium Association, Inc., a Colorado nonprofit corporation, is the
unit owners association for The Innsbruck, a Condominium, located at 233 West Main Street,
Aspen(the"Property") as described in the Declaration of Condominium for The Innsbruck,a
Condominium(Pitkin County Records Reception No. 542331). We do hereby authorize
Bluegreen Vacations Unlimited, Inc., a Florida corporation,and its representatives,Haas Land
Planning,LLC and Klein, Cote&Edwards, LLC to file and process with you an application for
amendment to the Innsbruck PUD/Subdivision Improvements Agreement(Pitkin County
Records Reception No. 508441) and the corresponding Condominium and Timeshare
Documents to permit timeshare interests at the Innsbruck of up to and less than 1/12 fractions.
Further, Bluegreen and its representatives are authorized to participate in any meetings or
hearings with City staff and before any City decision-making authorities.
Sincerely,
THE INNSBRUCK CONDOMINIUM
ASSOCIATION, INC.
By.
William th,Preside
EXHIBIT
City of Aspen Community Development Dept,
130 S. Galena Street
Aspen, CO 81611
RE: The Innsbruck, 223 West Main Street, Aspen
(PID# 2735-124-54-141)
Request for Insubstantial Amendment to the Innsbruck PUD
To cvllom it may concern:
As applicant for an Insubstantial PUD Amendment (and associated Amendment
of the PUD/Subdivision Improvements Agreement) on the above referenced
propert},, I hereby authorize Haas Land Planning, LLC (I-ILP) and Klein Cote
Edwards, LLC (KCE) to act our as designated and authorized representatives for
the submittal and processing of an application seeking the approvals listed
herein, as well as, any subsequent applications that may be associated therewith.
I-iLP and KCE are also authorized to represent Bluegreen Vacations Unlimited,
Inc., in meetings with City staff, the Historic Preservation Commission, the
Planning and Zoning Commission, and the Aspen City Council, as may be
Applicable.
Should you have any need to contact us during the course of your review, please
do so through Haas Land Planning, LLC.
Yours truly,
Bluegreen Vacations Unlimited, Inc
By: ' ginia Polinski
Vied, resident, Business Services
4960 Conference Way North, Suite 100
Boca Raton, FL 33431
EXHIBIT
Agreement to Pay Application Fees
An agreement between the City of As en ('City") and _ l
Property Bluegreen Vacations Phone No.: (561)443-8652
Owner("I") Unlimited, Inc Email. virginia.polinski @bluegreencorp.com
Address of 233 West Main Street, Aspen Billing Virginia Polinski
Property: Address:
(subject of 4960 Conference Way North, Suite 100
application) (send bills here) Boca Raton, FL 33431
------._. .-
I understand that the City has adopted, via Ordinance No. , Series of 2011, review fees for Land Use applications
and the payment of these fees is a condition precedent to determining application completeness. I understand
that as the property owner that I am responsible for paying all fees for this development application.
For flat fees and referral fees: I agree to pay the following fees for the services indicated I understand that these
flat fees are non-refundable
$ NIA flat fee for $ flat fee for
$ flat fee for S flat fee for
For deposit cases only: The City and 1 understand that because of the size, nature or scope of the proposed
project, it is not possible at this time to know the full extent or total costs involved in processing the application. I
understand that additional costs over and above the deposit may accrue. I understand and agree that it is
impracticable for City staff to complete processing, review, and presentation of sufficient information to enable
legally required findings to be made for project consideration, unless invoices are paid in full.
The City and I understand and agree that invoices mailed by the City to the above listed billing address and not
returned to the City shall be considered by the City as being received by me. I agree to remit payment within 30
days of presentation of an invoice by the City for such services.
I have read, understood, and agree to the Land Use Review Fee Policy including consequences for non-payment.
I agree to pay the following initial deposit amounts for the specified hours of staff time. I understand that payment
of a deposit does not render an application complete or compliant with approval criteria. If actual recorded costs
exceed the initial deposit, I agree to pay additional monthly billings to the City to reimburse the City for the
processing of my application at the hourly rates hereinafter stated.
$ 1,260 deposit for 4 hours of Community Development Department staff time. Additional time
above the deposit amount will be billed at'$245 per hour.
$ deposit for hours of Engineering Department staff time. Additional time above the deposit
amount will be billed at$265 per hour.
City of Aspen: Property Owner:
Chris Bendon
Community Development Director Name
City Use: �^ Title: �/ I Il"✓ �� i
Fees Due:$ Received:$
November. 2011 City ol'Aspen 130 S. Galena St, (970)92()_5090
EXHIBIT
a
PLANNED UNIT DEVELOPMENT(PUD)
&SUBDIVISION IMPROVEMENTS AGREEMENT
FOR
THE INNSBRUCK INN TIMESHARE LODGE PROJECT
THIS PLANNED UNIT DEVELOPMENT(PUD)&SUBDIVISION
IMPROVEMENTS AGREEMENT(this"Agreement")is made this 0 day of
y)"),r �� ,2005,between INNSBRUCK SUITES INVESTMENTS,LLC,a Colorado
limited liability company(the"Owner"), and THE CITY OF ASPEN, a municipal corporation
(the"City").
RECITALS:
WHEREAS, the Owner owns that certain real property(the"Property")known as the
Innsbruck Inn located at 233 West Main Street in the City of Aspen,County of Pitkin,legally
described as:
Lots A, B,C,D,and E,Block 52, City and Townsite of Aspen, County of Pitkin,
State of Colorado; and,
WHEREAS, the Property is being remodeled and expanded by the Owner as follows,
where said remodel and expansion is hereinafter referred to as the"Project":
• An addition extending toward the west and north property lines is being made to the
west side of the existing structure,resulting in a roughly"U"shaped building with a
courtyard in the center;
•. The existing Main Street parking area and its curb cut will be eliminated;
• The existing ground level lobby and second floor breakfast room will be converted to
unit space,and the lobby space will be moved to the ground level at the newly.
constructed northwest corner of the lodge;
• A new basement will be developed under the entire lodge,to include four(4).
timeshare lodge units,a two-bedroom employee dwelling unit,a breakfast/leisure
area, storage and storage lockers,restrooms,an exercise room,a laundry room,
mechanical space,and incidental uses/spaces;
+ Remodeled and expanded ground and second floor levels,where the ground floor will
include six(6)timeshare lodge units and the front office/lobby/reception area; and,
the second floor will include seven(7)timeshare lodge units;
+ The room count will go from the thirty-three existing lodge rooms to seventeen(17)
timeshare lodge units(with twelve(12)estates per unit)providing up to thirty-seven
(37)lodging bedrooms/units through lock-off capabilities;the remodeled and
expanded timeshare lodge will also include one two-bedroom deed restricted
employee dwelling unit;
• While the Main Street accessed parking area will be eliminated,no additional parking
will be provided on-site.
51111441
ez:031
SILVIA DAVIS PITKIN COUNTY CO R 51.00 D 0.00
WHEREAS,pursuant to Ordinance No.32, Series of 2004("Ordinance"),the City
Council granted Minor Planned Unit Development, Subdivision,Timeshare,and Lodge
Preservation and Affordable Housing GMQS Exemptions approval for the Project;and,
WHEREAS,pursuant to Resolution No.4,Series of 2005 ("Resolution"),the Historic
Preservation Commission("HPC") granted Final Development Plan approval; and,
WHEREAS,the City and the Owner wish to enter into this Agreement for the Project;
and,
WHEREAS,Owner has submitted to the City for approval,execution and recordation,a
Final PUD Plan and Plat for the Project(the"Plat")and the City agrees to approve,execute and
record the Plat at Owner's expense on the agreement of the Owner to the matters described
herein,subject to the provisions of the Municipal Code of the City of Aspen(the"Code"),the
Ordinance,and other applicable rules and regulations;and,
WHEREAS,Owner is willing to enter into this Agreement with the City and to provide
assurances to the City.
NOW,THEREFORE,in consideration of the mutual covenants contained herein,and
the approval, execution and acceptance of the Plat for recordation by the City,it is agreed as
follows:
1. Description of Proiect. Refer to the second"Whereas"statement,above.
2. PUD Dimensional Requirements. As set forth in Condition 3,Section 1 of the Ordinance,
and as amended pursuant to Condition 1 of the Resolution,the following dimensional
requirements have been approved by the City as part of the Project, are shown on the Final
PUD Plan and Plat,and shall be printed on all final building permit plan sets:
a. Minimum Lot Size: 6,000 square feet.
b. Minimum Lot Area per Dwelling Unit: No requirement.
c. Minimum Lot Width: 60 feet.
d. Minimum Front Yard(Main Street Frontage): 9 feet for the building;5 feet for the area
well in front of the west wing; and, 1 foot for the hot tub/swim spa.
e. Minimum Side Yard: 3 feet for the building; 0 feet for roof overhangs.
f. Minimum Rear Yard: 13 feet for the building/decks; 10 feet for the external stairway;0
feet for the trash enclosure.
g. Maximum Site Coverage: No requirement.
h. Maximum Height: 27 feet from the bottom of the egress well to the midpoint of the
roof.
i. Minimum Percent Open Space: No requirement.
j. Trash Access Area: Per Final PUD Plans.
k. Allowable External Floor Area Ratio(FAR): 1.21:1.
1. Allowable Internal FAR: Per Final PUD Plans.
lilylllliIllllllull111111111111111111IIIIIIIIIIII) 0°$4 e5 02:031
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Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 3of10
m. Minimum Off-Street Parking: 6 completely on-site parking spaces(if the approved
diagonal spaces that encroach upon alley right-of-way were to be converted to parallel
spaces of 22.5 feet in length each,six such spaces would fit completely on site;
therefore,the eleven diagonal spaces extending into the alley right-of-way are
considered equivalent to six completely on-site spaces;no such conversion to parallel
parking is/will be required in connection with the Project).
3. Acceptance of Plat. Upon execution of this Agreement by the parties hereto,the City agrees
to approve and execute the Final PUD Plan and Plat for the Project,which conforms to the
plat requirements of the Code and the Ordinance. The City agrees to accept such Plat for
recording in the office of the Pitkin County Clerk and Recorder upon Owners' payment of
the recordation fee. If the approved Final PUD Plan changes subsequent to this approval,a
complete set of revised plans shall be provided to the Engineering and Community
Development Departments for review and evaluation.
4. Development Requirements. The following development requirements will be satisfied by
the Owner pursuant to the Ordinance.
a. Affordable Housing. Owner shall adequately mitigate for the Project's employee
generation by providing deed restricted employee housing for at least 0.59 full-time
equivalent employees("FTEs"). The Project includes a two-bedroom employee
housing unit,which provides credit for housing 2.25 FTEs. Thus,the Project provides
housing for 1.66 more FTEs than required to mitigate its employee generation. A credit
for housing 1.66 FTEs shall,therefore,be maintained by the Property. The employee
housing unit will be deed restricted to the Category 2 rental rate,as such is described in
the Aspen/Pitkin County Affordable Housing Guidelines(the"Guidelines");however,
since the employee housing unit is for use by the Project in housing its employees,
income and asset restrictions otherwise applicable to the Category 2 deed restriction shall
be waived. Owner shall meet with Housing Office Staff prior to completion of Project
construction to establish mutually acceptable lease terms for employees whose units are
attached to the place of employment.
Prior to issuance of a building permit for the Project,Owner shall record a deed
restriction for the employee housing unit. Also,in an effort to be consistent with Section
38-12-301,C.R.S.,and the Colorado Supreme Court rent control decision in Town of
Telluride v.Lot Thirty-Four Venture L.L.0 (Case No. 98-5C-547,decided June 5,2000),
Owner desires to grant to the Aspen/Pitkin County Housing Authority ("APCHA")an
undivided one-tenth of one percent(0.1%)ownership interest in the above-described
affordable housing unit of the Project. With the APCHA consent to accepting an interest
in the property,Owner agrees to indemnify and hold harmless the APCHA for any
claims,liability,fees,or similar charges related to ownership of an interest in the
affordable housing units. Conveyance of the undivided one-tenth of one percent(0.1%)
ownership interest from Owner to the APCHA shall take place prior to or concurrent with
issuance of a Certificate of Occupancy for the unit and after said unit has been rendered
capable of separate conveyance by the recording of condominium(as described in
paragraph 5,below). The APCHA shall not be entitled to the payment of monies upon
111 IN 50844�
11111111111111110111111111111111111111 page: a of le
SILVI 0$/30 •
A bAViS.PITKIN COUNTY CO /2005 02,031
R 51.00 D 0.00
Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 4 of 10
sale or rental at any time of any units in the Project,nor shall the APCHA be entitled to
derive any economic benefit by virtue of its undivided interest in the deed restricted unit
in the Project.
Owner reserves the right to submit an alternative option, subject to review and acceptance
by the City Attorney,to satisfy the rent control issue.
b. Building Permit Plan Requirements. In addition to such requirements enumerated
elsewhere herein and otherwise required by the City of Aspen Building Department,the
building permit application for the Project shall include:
1. A copy of Ordinance No.32,Series o£2004,Planning and Zoning Commission
Resolution No.29,Series of 2004,and HPC Resolution No.4, Series of 2005.
2. All conditions of approval printed on the cover page of the building permit plan set.
3. A completed tap permit for service with the Aspen Consolidated Sanitation District.
4. A tree removal permit,as required by the City Parks Department, and approval
from the Parks Department Director for off-site replacement or mitigation of any
removed trees. The tree removal permit application shall be accompanied by a
detailed landscape plan indicating which trees are to be removed and new plantings
proposed on the site.
5. A drainage plan,including an erosion control plan,prepared by a Colorado licensed
Civil Engineer; said plan must provide for maintaining 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.
6. A signed letter from the primary contractor to the Director of the Community
Development Department stating that the conditions of approval have been read and
understood.
7. Prior to issuance of a building permit,Owners shall provide payment of all tap fees,
impact fees,and building permit fees. If an alternative agreement to delay payment
of Water Tap and/or Parks Impact fees is finalized,those fees shall be payable
according to such agreement.
8. A full set of construction management plans that are consistent with the City of
Aspen Construction Management Plan Guidelines. These plans shall include the
Owners' agreement to prohibit storage of construction material or dumpsters on the
public rights-of-way unless a temporary revocable encroachment license is granted
by the City Engineer for such storage.
9. A completed asbestos checklist(to be obtained from the Building Department). If
found to be necessary,Owners shall notify the State prior to remodel,expansion or
demolition of any buildings,including removal of drywall, carpet,tile,etc.,and a
licensed asbestos inspector will have to conduct an inspection. If there is no
asbestos,the demolition can proceed. If asbestos is present, a state licensed asbestos
removal contractor must remove it. Owners shall report these findings to the
Environmental Health Department and Building Department prior to the issuance of
demolition and building permits.
10.A fugitive dust control plan for review by and approval of the Environmental
5°�� of 10
1 05 02.031
SILVIA DAVIS PITKIN COUNTY CO R 51.00 D 0.00
Innsbruck Inn Timeshare Lodge
PUD&Subdivision fmprovemenis Agreement
Page S of 10
Health Department. The Fugitive Dust Control Plan will include,as a minimum,
plans for fencing,watering of disturbed areas,continual cleaning of adjacent paved
roads to remove mud that has been carried out,or other measures necessary to
prevent windblown dust from crossing the property lines or causing a nuisance.
11.Plans for all improvements,including snow storage areas,utility pedestals,curb and
gutter improvements,and sidewalk improvements.
c. Wastewater and Surface Drainage. Owner shall comply with Aspen Consolidated
Sanitation District(ACSD)rules and regulations. If new sewer lines are required,the
existing service will have to be excavated in the alley and disconnected at the main sewer
line. No clear water connections(roof,foundation,perimeter drains)shall be allowed.
All improvements below grade shall require the use of a pumping station.
d. Water Service. Owner shall comply with the City of Aspen Water System Standards,
with Title 25,and with applicable standards of Title 8(Water Conservation and Plumbing
Advisory Code)of the Aspen Municipal Code,as required by the City of Aspen Water
Department.
e. Fire Protection. Owner shall install an adequate fire alarm system throughout the
structure and a fire sprinkler system that meets the requirements of the Fire Marshal.
f-. Future Improvement District(s). Owner hereby agrees to join any future improvement
district(s)formed for the purpose of constructing City-approved improvements to the
adjoining/surrounding rights-of-way which benefit the property under a fair share
assessment formula.
g. Curb, gutter,and Sidewalk. Owner shall repair any cracked or uneven sections of
sidewalk adjacent to the Property and improve the sidewalk,curb,and gutter in the
adjacent public right-of-way along Main Street and South Second Street to meet the City
Engineering Department's standards; this includes replacing the Main Street gutter
system adjacent to the Property to provide a gutter with a slope that meets the City
Engineer's specifications. The curb along the portion of Main Street adjacent to the
Property shall be improved to a six(6)inch vertical curb. Owner shall extend the
sidewalk that exists within the South Second Street right-of-way across the alleyway with
six(6)inch thick reinforced concrete; Owner shall also install a concrete driveway ramp
meeting the City Engineer's standards from South Second Street to the sidewalk that is to
cross the alleyway.
h. Exterior Lighting and Streetlights. All outdoor lighting shall comply with the applicable
portions of Section 26.575.150,Outdoor Lighting,of the Aspen Land Use Code.
i. Construction Schedules and Noise. Construction is prohibited on Sundays and between
the hours of 7:00 p.m. and 7:00 a.m. on all other days. All noise ordinances shall be
abided by.
j. Trees and Tree Protection. Tree saving construction fences shall be installed around the
11111111111 111111111111111111Hill 11111111 0°a405 02:03
sILVIA DAVIS PITKIN COUNTY CO R 51.00 0 0.00
Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 6 of 10
drip line of any trees to be preserved.The City Forester or his/her designee must inspect
such fencing before any construction activities commence. No excavation,storage of
construction equipment,construction backfill,foot or vehicular traffic shall be allowed
within the fenced drip lines. A tree root barrier shall be installed on any tree that is to be
planted within ten(10)feet of the sidewalk,curb,or gutter to prevent future root damage
and/or sidewalk upheaval.
k. Parkins. Owner shall maintain the option of signing up to two (2)on-street parking
spaces adjacent to the Property as available for short-term,drop-off parking for guests
checking in or out of the Project. If Owner chooses to sign up to two(2)on-street
parking spaces as short-term drop-off parking, such spaces may be located either both on
Main Street,both on South Second Street,or one space on each street. Owner shall
provide priority to the occupant(s)of the employee housing unit for the use of one of the
off street parking spaces to the north of the building. In the event that the occupant(s)of
the employee housing unit does not own a car,the parking space shall remain available
for the general use of the Project's other occupants.
1. Pools and Spas. All design,installation, and maintenance of the pool and spa must
comply with the State of Colorado's"Swimming Pool and Mineral Bath Regulations."
Pool water shall be drained directly into the sanitary sewer and shall not be drained into
the storm sewer. The Applicant must have the Aspen Consolidated Sanitation District
approve the drain size for the swimming pool and spa before the pool or spa is installed.
m. Ownership of Common Recreational Areas. Each owner of an estate in the Project shall
have an undivided interest in all common recreational areas within the Project.
n. Food Service. Owner shall submit a food service plan for review by the Environmental
Heath Department. If deemed necessary, a food service license will be required prior to
serving food in the multi-purpose room. If determined necessary by the Aspen
Consolidated Sanitation District, an oil and grease interceptor will need to be installed in
the multi-purpose room/kitchen prior to issuance of a Certificate of Occupancy.
o. School Land Dedication Fees. School Land Dedication Fees of$1,772.84 shall be
assessed and payable prior to issuance of a building permit. School Land Dedication fees
are assessed based on one-third the value of the unimproved land divided by the proposed
number of residential units on a per acre basis, Amendments to the Project or to the fee
schedule adopted prior to issuance of a building permit shall require a new calculation.
The fee total is based on the fee schedule in place at the time of Project approval and is
calculated as follows: $565,500(Valuation of Land per Assessor's Office)multiplied by
0.0095 acres(Land Dedication Standard),then multiplied by 0.33 =$1,772.84.
p, Park Development'Impact Fees.Park Development Impact Fees of$3,905 shall be
assessed and payable prior to issuance of a building permit. Amendments to the Project
or to the fee schedule adopted prior to issuance of a building permit shall require a new
calculation. The following fee total is based on the fee schedule in place at the time of
Project approval:
508441
Page: 6 of
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SILVIfi DAVIS PITKIN COUNTY CO R 51.00 0 0.00
Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 7 of 10
Park Fees-Proposed Development:
10(three-bedroom timeshare lodge units)multiplied by$1,520 per unit=$36,340
7(1-bedroom timeshare lodge units)multiplied by$2,120 per unit=$14.$40
1 (2-bedroom affordable housing unit)multiplied by$2,725 per unit=$2,725
Total:$53,905
Park Fees-Credit for Existing Development
33 (studio lodge units)multiplied by$1,520 per unit=$50.16Q
Total Credit:$50,160
q. Short-Term Rentals. All unsold timeshare units that are not used for exchange,
marketing or promotional purposes shall be made available for short-term rent until
purchased. Nothing in the timeshare documents shall prohibit short-term rentals or
occupancy. Non-deed restricted units shall be available for short-term rental purposes
when not occupied by a purchaser or a purchaser's guests or utilized for exchange
program purposes. Owner has the right to sell twelve(12)timeshare estates per unit.
r. Timeshare Documents. Owner shall submit timeshare documents to the City Attorney for
review and approval prior to recording such documents with the Pitkin County Clerk and
Recorder.
s. Fiscal Impacts and Audits. Prior to building pen-nit issuance,Owner shall mitigate an
expected loss in lodging tax revenues resulting from the conversion of the existing lodge
to a timeshare lodge by payment to the City of Aspen of a$19,791.00 fee. The City of
Aspen shall,on its own accord,conduct an annual audit of the sales tax revenues that the
City collects from the Project over its first five(5)years of operation to determine if the
projected revenues were accurate; Owner shall cooperate with the City of Aspen Finance
Department in its annual audit efforts. No changes in the timeshare mitigation plan or fee
shall be required as a result of the audit described herein.
t. Previous Approvals Null and Void. The previous,unbuilt Innsbruck Inn expansion
approvals granted pursuant to Ordinance No. 24,Series of 2002,are null and void.All
related documents of record, such as but not necessarily limited to,the PUD Plans and
PUD Agreement recorded pursuant to Ordinance No. 24, Series of 2002, are also hereby
considered null and void and of no effect.
5. Colorado Common Interest Ownership Act(CCIOA). As soon as construction of the Project
allows,Owner anticipates submitting the Project to a plan for condominiurnizatian created
pursuant to the Colorado Common Interest Ownership Act(CCIOA)in order to facilitate the
conveyance of fractional shares and an ownership interest in the employee housing unit to the
APCHA. The City agrees to process for approval and for recordation a condominium map
prepared in accordance with the Code and CCIOA. As the Owner has provided affordable
housing pursuant to the Code,the Project is exempt from paying the Affordable Housing
Impact fee. of 10
1�I1I �I�fl 11lfll�i�llI��� I�I�I�l �442�II1�III 508441 5 02:031
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Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 8 of 10
6. Historic Preservation Commission(HPCLApprovals. The HPC approved Resolution
Number 4,Series of 2005,provides Final Development Plan approval for the Project in the
Main Street Historic District with the following conditions:
a. Information on all venting locations and meter locations not described in the approved
drawings shall be provided for review and approval by staff and monitor when such
information is available;
b. There shall be no deviations from the exterior elevations or landscape plan as approved
(see Final PUD Plan)without first being reviewed and approved by HPC staff and
monitor,or the full board;
c. HPC conditions of approval"a"and"b,"as provided above, shall be printed on the
cover sheet of the building permit plan set and all other prints made for the purpose of
construction.
In addition,HPC Resolution Number 4,Series of 2005 includes approval of a minor PUD
Amendment to establish the minimum front yard setback requirements as stated in
Paragraph 2,Subsection"d,"above.
7. Recordation. Pursuant to Section 27.480.070(E)of the Aspen Land Use Code,once fully
executed,this Agreement and the Final Plat shall be recorded in the office of the Pitkin
County Clerk and Recorder. Failure on the part of the Owners to record the plat within one-
hundred eighty(180)days following final land use approvals shall render the plat invalid and
reconsideration and approval of the plat by the Planning and Zoning Commission and City
Council will be required before its acceptance and recording,unless an extension or waiver is
granted by the City for a showing of good cause. The one-hundred eighty(180)day
recordation requirement contained herein shall not apply to the recording of condominium
maps,or declarations or any other documents required to be recorded to accomplish a
eondominiurnization in the City of Aspen.
8. Financial Security for Public Improvements. In order to secure the performance of the
construction and installation of improvements in the public right-of-way,including
landscaping,the Owner shall provide the City with a financial security for the proposed
improvements. The financial security shall take the form of a letter of credit,cash or other
guarantees in a form satisfactory to the City Attorney and shall be submitted to the City prior
to the initiation of construction or the issuance of any building permits. Pursuant to this
Agreement,the Owner shall provide a detailed cost estimate of the improvements for
approval by the City. The amount of the required financial security shall be 110%of the
estimated cost of the improvements. The guarantee documents shall give the City the
unconditional right,upon clear and unequivocal default by the Owner in its obligations to
complete the public improvements,to withdraw funds against such security sufficient to
complete and pay for installation for such public improvements,or to withdraw funds against
such security sufficient to complete and pay for installation for such public improvements. If
-the improvements have not been completed to the satisfaction of the City within one year of
the cost estimate,the City may require the Owner to adjust the amount of the financial
security for local increases in construction costs.
As portions of the improvements are completed,the City shall inspect them,and upon
I IIIII!II(II fl�lll lllll�I II Illll
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Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 9 of 10
approval and acceptance,shall authorize the release of the agreed estimated costs for that
portion of the improvements,except that ten percent(10 0/0)of the estimated costs of the
improvements shall be withheld for the benefit of the City until(i)all of the improvements
have been inspected and accepted by the City,(ii)a two-year maintenance bond has been
provided by the Contractor, and(iii)as-builts have been provided(if required).
Separate financial securities and maintenance bonds are required for civil R.O.W.
improvements(i.e.pipelines,sidewalks,and curbs)and landscaping R.O.W. improvements.
9. Notices. Notices to the parties shall be sent by United States certified mail to the addresses
set forth below or to any other address which the parties may substitute in writing.
To the Owner: Innsbruck Suites Investments,LLC
c/o Gwen Dickinson,Re/Max Premier
422 East Hyman Avenue
Aspen, CO 81611
With Copy To: J. Bart Johnson,Esq.
c/o Otten Johnson Robinson Neff&Ragonetti,P.C.
420 East Main Street,Suite 210
Aspen,CO 81611
To City of Aspen: City Manger
130 South Galena Street
Aspen,CO 81611
With Copy To: City Attorney
130 South Galena Street
Aspen,CO 81611
10.Binding Effect.ffect. The provisions of this Agreement shall run with and constitute a burden on
the land on which the Project is located and shall be binding on and inure to the benefit of the
Owner's and the City's successors,personal representatives and assigns.
11. Amendment. The Agreement may be altered or amended only by written instrument
executed by the parties.
12. Severability. If any of the provisions of this Agreement are determined to be invalid,it shall
not affect the remaining provisions hereof.
ATTEST: THE CITY OF ASPEN,a municipal corporation 0(
Kathryn S. ch,City Clerk H en Klan e a r
508441
(` lff 1 I��l�l111111�1�
030!30/2005 02:031
11
SILVIH DAVIS PITKIN COUNTY CO R 51.00 P 0.00
Innsbruck Inn Timeshare Lodge
PUD&Subdivision Improvements Agreement
Page 10 of 10
APPROVED AS TO FORM:
J` orce r,City Attomey
OWNER:
=. ,-'Vsrstant�Maniager EN S,LLC
STATE OF COLORADO )
)ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this day of
2005,by Helen Klanderud,Mayor,and Kathryn S.Koch,City Clerk.
'�Y P�
Witness my hand and official seal.. 1 ..............
My comnission expires:
�1-
jtilA�l f
?ta,&ry1.Pubb11ic cDA
�TFOFp �
STATE OF aktZ40 }
)ss.
COUNTY OF
The foregoing instrument was acknowledged before me this day of a 1"0 ,
2005,by Gwen F.Dickinson,as Assistant Manager of Innsbruck Suites Investments,LLC.
Witness my hand and o iciq se 1.
My commission expires: � � aoo8-
Not ublic
EJANICE L.JOHNSON
OTARY PUBLIC
E OF COLORADO
My Cortfissslen Expires ADM 15,2oQ8
„•` ,GWy Documents\City Appbcations\Innsbruck\Suitcs PUD-Subdivision Agrmt
l i 508441
IIIII�IIII�I�IIII VIII1II IIIIII VIII III IIIIII III IIII Page:/30/2005029
03 03!
SILVIA DAVIS PITKIN COUNTY CO R 51,00 0 0.00
EXHIBIT
a
a
AMENDMENT TO THE PLANNED UNIT DEVELOPMENT (PUD
& SUBDIVISION IMPROVEMENTS AGREEMENT
FOR
THE INNSBRUCK INN TIMESHARE LODGE PROJECT
THIS AMENDED PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION
IMPROVEMENTS AGREEMENT (this "Agreement") is made this day of
201_, between BLUEGREEN VACATIONS UNLIMITED, INC (the
"Owner"), and THE CITY OF ASPEN, a municipal corporation(the"City").
RECITALS:
WHEREAS, the Owner owns that certain real property (the "Property") known as the
Innsbruck Inn Timeshare Lodge/PUD located at 233 West Main Street in the City of Aspen,
County of Pitkin, legally described as:
Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen, County of Pitkin,
State of Colorado; and,
WHEREAS, pursuant to Ordinance No. 32, Series of 2004 ("Ordinance"), the City
Council granted Minor Planned Unit Development, Subdivision, Timeshare, and Lodge
Preservation and Affordable Housing GMQS Exemptions approval for the Project; and,
WHEREAS, pursuant to Resolution No. 4, Series of 2005 ("Resolution"), the Historic
Preservation Commission("HPC") granted Final Development Plan approval; and,
WHEREAS,the Property was remodeled and expanded from thirty-thre 0,0 ge rooms to
seventeen (17) timeshare lodge units (with twelve (12) time-span estates per timeshare lodge
unit) providing up to thirty-seven (37) lodging bedrooms/units through lock-off capabilities; the
remodeled and expanded timeshare lodge also included one two-bedroom deed restricted
employee dwelling unit;
WHEREAS, the SUBDIVISION IMPROVEMENTS AGREEMENT for the
INNSBRUCK INN TIMESHARE LODGE/PUD was recorded on the 30th day of March, 2005
at Reception No. 508441; and,
WHEREAS, Owner requested and obtained n„rsuant to e t afi Be io- Nu.-
approval of an Insubstantial Amendment to the PUD to allow smaller
fractional interests/time-span estates per timeshare lodge unit to be soldM (IAV) 17,,
Innsbruck Inn Timeshare Loae
Amended PUD&Subdivision Improvements Agreement
Page 2 of 4
NOW, THEREFORE, the undersigned hereby resolve to amend the PLANNED UNIT
DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT for the
INNSBURCK INN TIMESHARE LODGE/PUD PROJECT as follows:
1. The phrase "with twelve (12) estates per unit" located in the sixth bullet point of the second
WHEREAS statement is hereby revised to say "with not less than twelve (12) time-span
estates per timeshare lodge unit."
2. The last sentence in Section 4q that currently states, "Owner has the right to sell twelve (12)
timeshare estates per unit" is hereby revised to state that, "Owner has the right to sell at least
twelve (12)time-span estates per timeshare lodge unit."
3. Section 9,Notices, is hereby revised such that Notices To the Owner shall be sent as follows:
To the Owner: Bluegreen Vacations Unlimited, Inc
c/o Virginia Polinski
4960 Conference Way North, Suite 100
Boca Raton, FL 33431
And
Innsbruck Suites Investments, LLC
c/o Mr. Bill Guth, President
233 West Main Street
Aspen, CO 81611
With Copy To: Joseph E. Edwards, III
c/o Klein, Cote&Edwards, LLC
201 North Mill Street, Suite 203
Aspen, CO 81611
And
J. Bart Johnson, Esq.
c/o Waas Campbell Rivera Johnson&Velasquez LLP
420 East Main Street, Suite 210
Aspen, CO 81611
4. The following paragraph is hereby added to the Agreement: The parties acknowledge the
following approvals are no longer of any force or effect and have been superseded and
replaced by subsequent approvals granted by the City: (1) Aspen planning and Zoning
Commission Resolution 20, Series of 2002, recorded at Reception No. 470111 of the Pitkin
County Records; and (2) Aspen Historic Preservation Commission Resolution No. 25, Series
of 2002, recorded as Reception No. 488227 of the Pitkin County Records.
Innsbruck Inn Timeshare Lodge
Amended PUD&Subdivision Improvements Agreement
Page 3 of 4
The provisions of this Amendment shall run with and constitute a burden on the land on
which the Project is located and shall be binding on and inure to the benefit of the Owner's and
the City's successors,personal representatives and assigns.
ATTEST: THE CITY OF ASPEN, a municipal corporation
Kathryn S. Koch, City Clerk Michael C. Ireland, Mayor
APPROVED AS TO FORM:
Jim True, City Attorney
OWNER:
BLUEGREEN VACATIONS UNLIMITED, INC
By:
Virginia Polinski, Vice President
[Remainder of page intentionally left blank;Notaries on following page.]
-, ,
Innsbruck Inn Timeshare Lodge
Amended PUD&Subdivision Improvements Agreement
Page 4 of 4
STATE OF COLORADO )
)ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this_day of ,
2012, by Michael C. Ireland, Mayor, and Kathryn S. Koch, City Clerk.
Witness my hand and official seal.
My commission expires:
Notary Public
STATE OF )
)ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of ,
20125 by Virginia Polinski, as Vice President of Bluegreen Vacations Unlimited, Inc.
Witness my hand and official seal.
My commission expires:
Notary Public
Y
CITY OF ASPEN
COMMUNITY DEVELOPMENT DEPARTMENT
INTERPRETATION
JURISDICTION: City of Aspen
APPLICABLE CODE SECTIONS: Chapter 26.590,Time Share
Development
Section 26.104.100,Definitions
EFFECTIVE DATE: 24 July,2012
WRITTEN BY: Phillip Supino,
Community Development Intern
THRU: Jennifer Phelan, Deputy Director
APPROVED BY .4L Chris Bendon,
Community Development Director
SUMMARY
This interpretation is being issued in response to an inquiry submitted by Jody Edwards
of Klein, Cote & Edwards, LLC on behalf of Bluegreen Vacations Unlimited, Inc.
(Bluegreen)with regard to whether the timeshare subdivision proposal for certain units of
the Innsbruck, 233 West Main St., Aspen, CO, as operated by Bluegreen, complies with
the timeshare requirements in City of Aspen Municipal Code Chapter 26.590, Timeshare
Development.
BACKGROUND
The intent of the timeshare regulations Code section 26.590.010, Purpose and intent, is to
"increase vitality" (26.590.010.A), "preserve and enhance lodging inventory"
(26.590.010.13), "upgrade quality of accommodations" (26.590.010.C),. and "maintain
community character" (26.590.010.D) of the City of Aspen through the use of timeshare
development in approved zone districts. Currently, the property known as the Innsbruck
is an approved timeshare development. Bluegreen seeks a code interpretation to ensure
that their business model complies with City timeshare regulations prior to purchasing
unsold shares in the Innsbruck and applying for an amendment to the Subdivision
Improvements Agreement (SIA) to further subdivide their interest in the Innsbruck into
smaller fractional shares.
Municipal Code section 26.590.070.J, Prohibited practices and uses, identifies "right-to-
use" properties as inappropriate timeshare uses in the City of Aspen. Right-to-use
properties include "vacation chubs" and "lease-holds" in which beneficiaries of the
properties do not own in interest in real property.
Page 1 of 2
�7
INTERPRETATION
The applicant notes in the interpretation request (Exhibit A) that the proposed use of the
Innsbruck by Bluegreen is not a vacation-club or similar prohibited use, because it is "a
deeded timeshare interest that does not expire." Bluegreen issues a warranty deed for a
share of its property to the "owner beneficiary," which is then held in trust as a real
property interest in perpetuity or until such time as the owner conveys or otherwise
forfeits the share.
It is staff's interpretation that the conveyance of a real property interest to owner
beneficiaries as indicated in the Owner Beneficiary Agreement (Exhibit B) and the
timeshare plan proposed by Bluegreen meets the requirements for a permitted timeshare
uses within the City of Aspen and is not prohibited per Municipal Code section
26.590.070.J., Prohibited practices and uses.
As a timeshare property within the City of Aspen, Bluegreen or its owner beneficiaries
are required to remit Real Estate Transfer Taxes and Lodging and Sales Taxes as required
in the City of Aspen Municipal Code Chapters 23.32, 23.48 and 23.50 and to the extent
applicable.
Furthermore, the City finds that the Bluegreen proposal for a time-span estate to be
operated at the Innsbruck meets the State of Colorado definition of a timeshare
corporation pursuant to C.R.S. §38-33-110 through the granting of a deeded interest in
real property.
APPEAL OF DECISION
As with any Interpretation by the Community Development Director, an applicant has the
ability to appeal this decision to the Aspen City Council. This can be done in conjunction
with a land use request before City Council or as a separate agenda item.
APPEAL PROCEDURES,26.316.030(A)
Any person with a right to appeal an adverse decision or determination shall initiate an
appeal by filing a notice of appeal on a form prescribed by the Community Development
Director. The notice of appeal shall be filed with the Community Development Director
and with the City office or department rendering the decision or determination within
fourteen (14) days of the date of the decision or determination being appealed. Failure to
file such notice of appeal within the prescribed time shall constitute a waiver of any
rights under this Title to appeal any decision or determination.
ATTACHMENTS
A. Request for Interpretation dated 9 July,2012
B. Bluegreen Vacations Unlimited, Inc. Owner Beneficiary Agreement
Page 2 of 2
THE INNSBRUCK SUITES INVESTMENTS,LLC,
a Colorado limited liability company
August 14,2012
Ms. Jennifer Phelan,Planning Deputy Director
City of Aspen Community Development Department
130 South Galena Street
Aspen, Colorado 81611
RE: THE INNSBRUCK INN,A CONDOMINIUM
Dear Ms. Phelan:
The Innsbruck Suites Investments, LLC, a Colorado limited liability company, is the
owner of certain units and fractional,interests in The Innsbruck, a Condominium, located at 233
West.Main Street, Aspen(the"Property") as described in the Declaration of Condominium for
The Innsbruck, a Condominium (Pitkin County Records Reception No. 542331). We do hereby
authorize Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its representatives,
Haas Land Planning,LLC and Klein, Cote &Edwards, LLC to file and process with you an
amendment to the Innsbruck PUD/Subdivision Improvements Agreement(Pitkin County
Records Reception No. 508441) and the corresponding Condominium and Timeshare
Documents to permit timeshare interests at the Innsbruck of up to and less than 1/12 fractions.
Further, Bluegreen and its representatives are authorized to participate in any meetings or
hearings with City staff and before any City decision-making authorities.
Sincerely,
THE INNSBRUCK SUITES INVESTMENTS, LLC
By:
William G
Colorado Secretary of State - Sur-nary Page 1 of 1
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http://www.sos.state.co.us/biz/BusinessEntityDetai1.do?quitButtonDestination=BusinessEn... 8/13/2012
Jennifer Phelan
From: Jennifer Phelan
Sent: Monday, August 13, 2012 3:38 PM
To: 'Mitch Haas'
Cc: 'jodisnow @hotmail.com'
Subject: right to apply- Innsbruck
Hi Mitch:Just have a slight technical issue. Although Bluegreen is interested in purchasing the Innsbruck units they are
not the owners according to the title report. Can I get a letter consenting to Bluegreen applying for the land use
approval from representatives of Innsbruck Suites Investments., LLC?Thanks.
Jennifer Phelan,AICP
Deputy Planning Director
Community Development Department
City of Aspen
130 S. Galena St.
Aspen, CO 81611
970-429-2759
www.aspenpitkin.com
1