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Home My WebLink Aboutcoa.lu.pu.500 W Hopkins Ave.A023-02 ""'" ",.. > CASE NUMBER PARCEL ill # CASE NAME PROJECT ADDRESS PLANNER CASE TYPE OWNER/APPLICANT REPRESENTATIVE DATE OF FINAL ACTION CITY COUNCIL ACTION PZ ACTION ADMIN ACTION BOA ACTION DATE CLOSED BY n A023-02 2735-124-66001 Bommerang PUD Extension of Recordation 500 W Hopkins Ave. Fred Jarman Extension of Recordation Charlie Paterson 4/9/02 Approved 4/26/02 J. Lindt 1"'\ n 011\ F"'\ f'l , 'J NOTICE OF DECISION TO: Charles Paterson, Boomerang Lodge Ltd. RE: Julie Ann Woods, City of Aspen Community Development Director Fred Jarman, Plarmer0- Extension for Recordation of PUD Documents Request FROM: DATE: April 9, 2002 SUMMARY Charles Paterson, President of the Boomerang Lodge Ltd., requests a 6 month (180-day) extension in order to record the necessary PUD Plans and PUD 1 Subdivision Agreements with the Pitkin County Clerk and Recorder's office for the Boomerang Lodge PUD project BACKGROUND The Boomerang Lodge PUD received approval from the Aspen City Council on October 9th, 2001 and is memorialized through Ordinance No. 41, Series of 2001. According to Section 26,445.070(A) of the Land Use Code, the Boomerang Lodge is required to have all necessary and required PUD 1 Subdivision documents recorded with, the Pitkin County Clerk and Recorder's office within 180 days of the approval date which would be April 9, 2002. Moreover, in order to request an extension, the request shall be made to the Community Development Office at least 30 days prior to the final expiration date. The Applicant submitted the appropriate request on March 3, 2002, which satisfies the 30-day requirement. Subsequent to the submitted request for an extension that would normally be reviewed by City Council, the Land Use Code has been amended granting review authority to the Community Development Director. Specific language has been included in the Land Use Code as Section 26.440.070(B), Recording a Final PUD Development Plan and Section 26.480.070(E), Subdivision Agreement, Recordation state that, The Community Development Director may extend the recordation deadline if the request is within the vesting timeline and if there is a community interest for providing such an extension. The CommuJlity Development Director may forward the extension request to the Planning and Zoning Commission. STAFF FINDING The Applicant has been working on completing their paperwork including the final draft of the PUD 1 Subdivision Agreement and therefore Staff finds that the Applicant has been diligently working towards the completion of the required and necessary documents to be recorded. Staff finds that the request has been submitted within the vesting timeline (\ n (attached hereto as Exhibit A) and there is a community interest for providing an extension. COMMUNITY DEVELOPMENT DIRECTOR APPROVAL I hereby extend the recordation deadline for the Boomerang Lodge PUD Amendment project for 6 months (180 days) to expire on October 9, 2003 finding that the request has been made within the vesting timeline and there is a community interest for providing suc an extension. Ann Woods, Communi y Development Director -1/) ~~ /J ()I' "'Y. "-""'f :-01> ./~ "'-'/1 <J ,., ''04; ~"', 'If,, '1"<2.. .9 q4:~">' , <"a 0-,,"'''' <::'''' "/".11 '~" :.:- -t~ '1~/ <'1' <ix ~c" /G.9 1'/1/07_ Date THE BOOMERANG r"'l Community Development Department City of Aspen Aspen Co. 81611 Attention:.Fred Jarman, City Plarmer. March 3, 2002 '~' ' C\C th,b.+ A- .:,',. ",'/ Go "^",,\-\.. We are requesting an^extension to record our PUD agreement documents regarding the approval from City Council for Ordinance 41 Series 2001' gtailted to us on October 9th 2001,in reference to our project on Block 32, City of Aspen opposite the Boomerang Lodge. We are in the process of completing our working drawings and appreciate the_ extension to accomplish all the paperwork required. Sincerely, ~~ Charles Paterson Pres. Boomerang Lodge Ltd. ~ -=r. ~" ~\.,. ...~" 1,"-, ....'-yCl!f~::.;D ~~O2. ASPtN I ~i i KIN COI.i\4UNITY DEVELOPMENT ~ 500 WEST HOPKINS AVENUE ASPEN, COLORADO 81611 970-925-3416 . 800-992-8852 FACSIMILE 970-925-3314 THE BOOMERANG ~ ~, '1 A Community Development Department City of Aspen Aspen Co. 81611 Attention:.Fred Jarman, City Planner. March 3, 2002 G> IN\QY\\-A.. We are requesting an^extension to record our PUD agreement documents regarding the approval from City Council for Ordinance 41 Series 200 I gfanted to us on October 9th 2601,in reference to our project on Block 32, City of Aspen opposite the Boomerang Lodge. We are in the process of completing our working drawings and appreciate the_ extension to accomplish all the paperwork required. Sincerely, C~~ Charles Paterson Pres. Boomerang Lodge Ltd. e~}:c'"~~~" p~ ~"'- ,,~-~ii!.",n '-<~: 'Yo/-1l!'I':.Y /Wte~()z. ASPEi~ / PiTKIN COM\AUN1TY DEVELOPMENT ~ 500 WEST HOPKINS AVENUE ASPEN, COLORADO 81611 970-925-3416 . 800-992-8852 FACSIMILE 970-925-3314 f"""'... r""'l E)i.A;Ll- b PUD AGREEMENT FOR THE BOOMERANG LODGE EXPANSION PROJECT THIS AGREEMENT is made this _ day of ,2001, between CHARLES G. PATERSON (the "Owner") whose legal address is 500 West Hopkins Avenue, Aspen CO, 81611, and THE CITY OF ASPEN, a municipal corporation (the "City"). RECITALS: WHEREAS, the Owner owns that certain real property (the "Property") located across and to the south of West Hopkins Avenue from the Boomerang Lodge (Parcel Identification Number 2735-124-49-002) in the City of Aspen, County of Pitkin, State of Colorado, described as: That part of Lots A, B, and C lying northerly of Line 7-8 of the City and Townsite of Aspen (According to the 1978 Resurvey by the Bureau of Land Management), except the southerly 20 feet thereOf and the north 80 feet of Lots D, E, and H the north 80 feet of Lot F, the north 75 feet of Lot G, the north 50 feet of Lot I, Block 32, City and Townsite of Aspen, and as modified by the addition ofthe north 85 feet of Lots D and E, and the north 80 feet of Lot G, Block 32, City and Townsite of Aspen through quit claim deed executed on August 14,2000, and recorded with the office of the Pitkin County Clerk and Recorder as Reception Number 446337; and, WHEREAS, the Property is being developed by the Owners as follows, where said development is hereinafter referred to as the "Project": +:+ The Project is an extension of the operations of the Boomerang Lodge onto the Property from the existing Lodge located directly across West Hopkins Avenue. The Property will be developed with six (6) detached structures, including four (4) freestanding chalets with three bedrooms each, one (I) freestanding cottage with one- bedroom, and a freestanding building (the "west end building") to include four (4) one-bedroom lodge units, two (2) studio affordable housing units, guest storage, common space, lockers, bathrooms, and spa facilities. In total, there will be seventeen (17) lodging bedrooms amongst nine (9) units, and two (2) affordable housing bedrooms amongst two (2) units. All nine (9) lodging units will be sold in a fractional share/interval ownership arrangement as further discussed herein. An outdoor swimming pool will be developed between the westernmost chalet, the cottage and the west end building. In addition, a total of seven (7) parking spaces will be located on-site. WHEREAS, pursuant to Section I of Ordinance No. 20, Series of2000 ("the Original Ordinance"), the City granted Rezoning from Moderate-Density Residential (R-15) to Moderate- Density Residential with Plarmed Unit Development and Lodge Preservation Overlays (R- 15/PUD/LP); and, r'l f""\ WHEREAS, pursuant to Section 2 of the Original Ordinance, the City granted Minor Plarmed Unit Development approval with conditions; and, WHEREAS, pursuant to Ordinance No. 41, Series of2001 ("the Ordinance"), the City granted approval with conditions of a Substantial Amendment to the Plarmed Unit Development approval of the Original Ordinance, as well as Conditional Use and Subdivision for Timeshare; and, WHEREAS, the City and the Owner wish to enter into a PUD Agreement for the Project; and, WHEREAS, Owner has submitted to the City for approval, execution and recordation, a final 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, the Owners are willing to enter into such 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: I. Description of Project. Refer to the second "Whereas" statement, above. 2. PUD Dimensional Requirements. As set forth in Condition 13, Section 2 of the Ordinance, the following dimensional requirements were approved by the City as part of the Project, are shown on the Final PUD Development Plans, and shall be printed on all final building permit plan sets: a. Minimum Lot Size: 15,000 square feet. b. Minimum Lot Area per Dwelling Unit: No requirement. c. Maximum Allowable Density: One lodge or residential bedroom per 1,000 square feet of lot area. d. Minimum Lot Width: 75 feet. e. Minimum Front Yard: 10 foot. f. Minimum Side Yard: 8 feet. g. Minimum Rear Yard: I foot. h. Maximum Site Coverage: 35 percent. 1. Maximum Height: 25 feet. J. Minimum Distance Between Buildings: 6 feet. k Minimum Percent Open Space: 40 percent. L Trash Access Area: to be located at the northeast corner of the property, on Fourth Street and Hopkins Avenue. m. Allowable Floor Area Ratio (FAR): 0.75:1. n. Minimum Off-Street Parking Spaces: 7 on-site spaces. ~ Boomerang Lodge Expansion l-vJ Agreement Page 3 of 10 o 3. Acceptance of Plat. Upon execution ofthis Agreement by the parties hereto, the City agrees to approve and execute the Final Plat for the Project submitted herewith and reduced-size copies of which are attached hereto as Exhibit "A," 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 Owner's payment of the recordation fee. The City has further required the submission and recording of PUD Development Plans which are attached hereto at a reduced size as Exhibit "B." If the approved PUD Development Plans change 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 Ordinance No. 41, Series of200l. a. Affordable Housing. The Project shall include two (2) studio apartments for affordable housing and employee generation mitigation purposes, where each studio unit provides credit for housing 1.25 full-time equivalent employees. The entire development requires housing of 1.911 full-time equivalent employees. Both units will be of the rental variety (i.e., not for sale) and available first to employees of the Boomerang Lodge. Ifnot rented to employees of the Lodge, Owner retains the right to rent the unites) to a qualified renter under the terms of the AspenlPitkin County Housing Authority (APCHA) Guidelines (the "Guidelines"). Construction of the two(2) affordable housing units shall begin no later than 36 months after the completion of the three (3) easternmost chalets. If construction does not begin on the two (2) affordable housing units within said timeframe, Owner shall be required to mitigate the incremental employee generation attributable to whatever is built in the initial phase by temporarily deed restricting a two-bedroom unit at their 1020 Waters A venue property or other acceptable property. Temporary deed restriction of a two- bedroom unit would provide housing for 2.25 full-time equivalent employees and would, therefore, be more than adequate to mitigate any incremental employee generation impacts attributable to a partial build-out of the Project. If a temporary deed restriction is necessitated, the temporary deed restriction shall be permanently dissolved and rendered null and void upon issuance of a Certificate of Occupancy for the two (2) affordable housing units provided for in the Project. If, after 36 months, a second phase of development to include construction of the on-site affordable housing is not initiated, Owner shall have the option of either converting the temporary deed restriction to a permanent deed restriction, or paying to the APCHA cash- in-lieu of housing at the then current rate for 0.88 of a full-time equivalent employee generated by construction of the three (3) chalets. With regard to either permanent or temporary mitigation, if an affordable housing unit is to be rented by an employee of the Boomerang Lodge itself, APCHA income and asset restrictions shall be waived. However, if a deed restricted unit is to be rented to a r'\ Boomerang Lodge Expansion ]- ~ J Agreement Page 4 of 10 tl qualified renter who is not employed by the Boomerang Lodge, standard terms and restrictions of the APCHA Guidelines shaH apply. In an effort to be consistent with Section 38-12-301, C.R.S., and the Colorado Supreme Court decision on the Town of TeHuride v. Lot Thirty-Four Venture L.L.C. (Case No. 98- 5C-547, decided June 5, 2000), Owner desires to grant to the APCHA an undivided one- hundredth of one percent (0.01%) ownership interest in the above-described employee housing units of the Project. With the APCHA consent to accepting an interest in the property, Owner agrees to indemnify and hold harmless for any claims, liability, fees, or similar charges related to ownership of an interest in the affordable housing units. Conveyance of the undivided one-hundredth of one percent (0.01 %) ownership interest from Owner to the APCHA shaH take place prior to or concurrent with issuance of a Certificate of Occupancy for the units and after said units have been rendered capable of separate conveyance by way of condominium map or the similar (as described in paragraph 5, below). The APCHA shall not be entitled to the payment of monies upon sale or rental at any time of any residential units in the Project, nor shall the APCHA be entitled to derive any economic benefit whatsoever by virtue of its undivided interest 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. Wastewater and Surface Drainage. The site development will meet the runoff design standards of the Aspen Municipal Code at Section 26.580.020(B)(6). FuH drainage plans, and erosion and sediment control plans for both during and after construction, will be submitted for review by the Engineering Department as part of the building permit application. The drainage and erosion control plan shaH be prepared by a Colorado licensed Civil Engineer, and said plan shaH demonstrate maintenance of sediment and debris on-site during and after construction. If a ground recharge system is necessary, a soil percolation report will be required to correctly size the facility. A two-year storm frequency should be used in designing any drainage improvements. Foundation drainage systems must be separate from site storm drainage systems, Rain and snow melt runoff must be detained and routed on-site. These facilities must be shown on the drainage plans and submitted for approval as part of the application for building permit. Drainage may be conveyed to existing landscaped areas if the drainage report demonstrates that the percolation rates and detention volumes meet the design storm drain. The drainage and erosion control plans shaH prevent mud from getting tracked into the streets and shall demonstrate that roof drainage will not be discharged onto the sidewalk or into drain chases through the sidewalk. There shall be no clear water connections such as roof drains, foundation drains, or storm water connections to the Aspen Consolidated Sanitation District sewage lines. c. Utility Connections. Utility meters and service connection points will be accessible to service personnel in the completed project and will not be obstructed by garbage or recycling containers, other structures or vegetation. Any necessary and new utility easements, required for surface utilities such as a pedestal or other above-ground r". Boomerang Lodge Expansion I- _.J Agreement Page 5 of 10 ~ equipment, shall be shown on the plan set submitted for building permits. Owner shall install and replace utility service lines and appurtenances, as required, to the standards of the utility provider. The costs of any necessary upgrades to existing utility lines, systems, and/or facilities attributable to the Project will be borne by the Owner. Owner will use good faith efforts to not disrupt utility service to adjacent properties during construction. 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. The only exception to the provisions of this paragraph may include necessary changes to or easements for the Aspen Consolidated Sanitation District's (ACSD) sewer line that was erroneously installed by ACSD on the Property without an easement, when said line should have been installed in the public right-of-way; Owner will make good faith efforts to work with ACSD to coordinate a mutually acceptable arrangement with regard to avoidance of, easements for, and costs associated with the sewer line. d. Fire Protection. Owner shall install an approved fire sprinkler system and alarm system to the extent required by the Aspen Fire Marshal. e. Dust and Mud Control. Prior to the issuance of any building permits, Owner shall obtain from the City Environmental Health Department approval of a Fugitive Dust Control Plan. The Fugitive Dust Control Plan will include, as a minimum, plans for fencing, watering of dirt roads and disturbed areas, daily cleaning of adjacent paved roads to remove mud that has been carried out, speed limits, or other measures necessary to prevent windblown dust from crossing the property lines or causing a nuisance. A washed rock or other style mud rack shall be installed during construction as a requirement of the City of Aspen Streets Department. f. Construction Management Plans. There shall be no storage of construction materials in or on the public rights-of-way unless specifically approved by the Director of the City Streets Department. A set of construction management plans will be submitted by the Owner to the City as part of the building permit application and said management plan will include, noise, dust control, and construction traffic management plans. Construction is prohibited on Sundays and between the hours of 7 :00 p.m. and 7 :00 a.m. on all other days. g. Future Improvement District(s) & Right-of-Way Improvements. Owner agrees to join any future improvement district(s) formed for the purpose of constructing public improvements which benefit the property under a fair share assessment formula. While condition number 12 in Section 2 of the Ordinance states that, "The Applicant shall install a curb, gutter and sidewalk along the property frontage on Hopkins Avenue at the time of development of this project that shall meet the City of Aspen guidelines," this Agreement hereby effectuates an insubstantial amendment to said condition as follows. Notwithstanding the language of said condition 12, Owner shall install a five (5) foot wide sidewalk consistent with City standards in the West Hopkins Avenue right-of- way along the outside of and contiguous to the Property boundary at the time of r-. Boomerang Lodge Expansion}~.J Agreement Page 6 of 10 (""\ development. Between the sidewalk and the street, but adjoining the sidewalk, Owner shall install at the time of development a five (5) foot wide parkwaylplanting strip in a marmer consistent with City guidelines. Owner further agrees to install or pay Owner's proportionate share for installation of curb and gutter along the length of the Property's West Hopkins Avenue frontage at such time as curb and gutter improvements are being installed along the West Hopkins Avenue frontage of the adjoining property to the east or the west regardless of whether such installation is being undertaken by the City or by private developer or at such time as the City requires installation by Owner. Owner is not responsible for any sidewalk, curb, or gutter improvements along the Fourth Street frontage of the Property. If Owner chooses to heat the new sidewalks for snow and ice melting purposes, there shall be no use of Glycol and the City shall not be required to replace or repair the heating system if the City ever has to cause damage to said system en route to completion of necessary work in the right-of-way. In addition, prior to the issuance of a Certificate of Occupancy for any part of the Project, Owner agrees to sign a sidewalk, curb and gutter construction agreement and pay any applicable recording fees associated therewith. h. Exterior Lighting and Streetlights. Any and all outdoor lighting shall comply with the applicable portions of Section 26.575.150, Outdoor Lighting, of the Aspen Land Use Code. 1. Trees, Protection, Removal Permits, and Planting Plans. In the event required and prior to building permit application, a tree removal permit must be obtained from the Parks Department for any tree(s) that islare to be removed or relocated. J. Parking and Traffic Mitigation, Seven (7) parking spaces shall be provided on-site. Two (2) of the seven (7) spaces may be stacked one behind the other along the Property's westerly boundary. The other five (5) spaces shall be located in a one-way, looped drive access from West Hopkins Avenue. No parking spaces in the Fourth Street right-of-way will be designated for use by the Project. The following traffic mitigation measure will mitigate PM-l 0 emissions and vehicular trip generation: (1) limiting the number of available parking spaces; (2) providing secure bicycle storage; (3) providing a free bicycle fleet consisting of at least five bicycles available for use by guests and employees ofthe lodge; and, (4) providing a courtesy shuttlelvan for guest trips to and from the airport and other local destinations. k Building Permit Plan Requirements. In addition to such requirements enumerated above and otherwise required by the City of Aspen Building Department, the following information shall be submitted as part of the building permit application: a construction dust and noise mitigation plan; a list of all conditions of approval associated with the Project; a completed tap permit for service with the Aspen Consolidated Sanitation District; a site improvement survey prepared by a licensed professional surveyor where said survey includes, as a minimum, monuments, setback lines, utility lines, pedestals and r" Boomerang Lodge Expansion} _.J Agreement Page 7 of 10 (""'\ j poles, easements, existing features (irrigation ditches, sidewalks, driveways, buildings, trees, etc.), and the surveyor's seal dated within twelve (12) months ofthe submittal; and, plans for all improvements, snow storage, and utility pedestals. I. Contractor Knowledge of Conditions. The building permit application shall include a signed letter from the primary contractor stating that the conditions of the development order as specified in the Ordinance and construction management plan have been read and understood. m. Fees. Prior to issuance of a building permit, all applicable tap fees, impact fees and building permit fees shall be paid. Cash in lieu of school land dedication shall be paid at the time of building permit issuance at the then current rate, and said payments shall be made on a proportional basis to the net number of bedrooms being constructed under the particular building permit. Park development impact fees are due and payable to the City of Aspen at the time of building permit issuance at the then current rate, and said payments shall be made on a proportional basis to the net number of bedrooms being constructed under the particular building permit If an alternative agreement to delay payment of the Water Tap andlor Parks Impact fee is finalized, those fees shall be payable according to the agreement. 5., Colorado Common Interest Ownership Act (CCIOA). As soon as construction of the Project allows, Owner shall submit the Project to a plan for condominiumization or the similar created pursuant to Colorado Common Interest Ownership Act (CCIOA) in order to facilitate the conveyance of an ownership interest in the employee housing units to the APCHA and the conveyance of fractional/interval ownership interests in the lodge units pursuant to the timeshare approval granted under the Ordinance. The City agrees to process for approval and for recordation a condominium map or similar prepared in accordance with the Code and CCIOA. As the Owners have provided employee housing pursuant to the Code, the Project is exempt from paying the Affordable Housing Impact fee. All nine (9) lodging units in the Project shall comply with the City's definition of "Lodge," as such exists under the October 9, 2001 Aspen Land Use Code. That is, each of the nine (9) units shall remain available for a total of no less than six (6) months of every calendar year to the general public for short term rental. Fractionallinterval owners will be subject to a reservation schedule whereby all such owners are required to reserve use of a unit on or before October I st for use in the winter season and on or before May I sl for use in the summer season. If such share owner reservations have not been confirmed by these dates, any remaining unreserved times in the units shall be made available for rental to the general public on a short-term basis. 6. Timeshare. In addition to other representations made herein and in the application approved pursuant to the Ordinance, Owner shall provide the City with all documents and financial assurances required pursuant to Sections 26.590.010(C)(1) and 26.590.01O(C)(20) of the 2001 Aspen Land Use Code. The $20,000.00 letter of credit required pursuant to Section 25.590.010(C)(I), Marketing and Sale of Timeshare, ofthe Code is to ensure that Owner conforms to the marketing plan contained in the disclosure statement required pursuant to . f'""'1 , Boomerang Lodge Expansion Ie _ J Agreement Page 8 of 10 " 26.590.01O(C)(20). The letter of credit shall be provided to the City as part of the building permit application for the first lodging unite s), and the City shall release the letter of credit once all shares in all units have been sold for the first time. 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 Owner to record the plat within one- hundred eighty (180) days following approval by City Council 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 City Council for a showing of good cause. The subdivision plat shall also be submitted in a digital format acceptable to the Community Development Department, for incorporation into the CitylCounty GIS system. The one-hundred eighty (180) day recordation requirement contained herein shall not apply to the recording of condominium or similar maps, or declarations or any other documents required to be recorded to accomplish a condominiumization or similar in the City of Aspen. 8. Security for Public Improvements. In order to secure the performance of the construction and installation ofthe public improvements described above, Owner shall provide a bond, letter of credit, cash or other guarantees in a form satisfactory to the City Attorney prior to the issuance of any building permits for the Project. Said guarantee will be delivered to the City prior to the issuance to Owner of a building permit for the Project. As part of the building permit application, a list of the improvements that are being guaranteed, as estimated by the Owner's engineer and as accepted by the City, will be submitted. The guarantee documents shall give the City the unconditional right, upon clear and unequivocal default by 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. As portions of the improvements are completed, the City Engineer shall inspect them, and upon approval and acceptance, slhe shall authorize the releases of the agreed estimated costs for that portion of the improvements, except that ten percent of the estimated costs of the improvements shall be withheld for the benefit ofthe City until the completion of all of the described public improvements. Owner shall require all contractors to provide a warranty to the City that all improvements were constructed to accepted standards of good workmanship for the installation of the public improvements described herein for one year from the date of acceptance. In the event that any existing municipal improvements are damaged during Project construction, on request by the City Engineer, a bond or other suitable security for the repair of those municipal improvements shall be provided by Owner to the City. 8. 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. . ~ Boomerang Lodge Expansion ~ _.J Agreement Page 9 of 10 f'\ To the Owner; Mr. Charles G. Paterson c/o The Boomerang Lodge 500 West Hopkins Avenue 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 9. Binding Effect. The provisions ofthis 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 Owners' and the City's successors, personal representatives and assigns. 10. Amendment. The Agreement may be altered or amended only by written instrument executed by the parties. 11. Severability. Ifany 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 Kathryn S. Koch, City Clerk Helen Klanderud, Mayor APPROVED AS TO FORM: John Worcester, City Attorney " r'I Boomerang Lodge Expansion 1 ] Agreement Page 10 ofIO ("""\ OWNER: CHARLES G. PATERSON By: Charles G. Paterson STATE OF COLORADO ) )ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this _ day of 2001, by Helen Klanderud, Mayor, and Kathryn S. Koch, City Clerk. Witness my hand and official seal. My commission expires: Notary Public STATE OF COLORADO ) )ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this_ day of 2001, by Charles G. Paterson, as Owner of The Boomerang Lodge. Witness my hand and official seal. My commission expires: Notary Public c:\documents\city applications\Boomerang pun Agreement