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�: �t��K 431 �-:,�� 8�
+: MEMORANDUM AGItfiEMEtJT
"`: CA 42(82)
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�,`s� THIS AGREEMENT, made and entered into this 20th day of July,
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';� 1982, by and between THE BOARD OF COUNTY COtI��iISSIONERS OF PITKT_N
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r COUNTY, COLORADO (hereinafter referred to as "County") , and JAY �
� R. KUHtdE, and JAY R. KUHNE d/b/a JAY R. KUHN� AND ASSOCIATES OF �,�.;��;
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� NEVADA, (hereinafter referred to as "Kuhne"), is upon the
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following terms and conditions:
�� • WITNESSETH: y,,
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,�� WHEREAS, the County and Kuhne have previously entered into +
s,��, an Agreement dated March 30, 1981, whereby certain rights and
� obligations with respect to the development of Phase IV of the
� �
� Silverking Apartments project were set forth, and ,`_`
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WHEREAS, the parties desire to clarify their intentions with ��
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� respect to the exercise of said rights and obligations for the i
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development of Phase IV, and '
WfiEREAS, Kuhne, by virtue of the March 30, 1981 Agreement
` � has the right to execute the development of Phase IV provided '
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��•'� certain conditions are met and no necessary submission or
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approval is denied, and �
WHEREAS, Kuhne and the County met on July 13, 1982, to '�`
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engage in a "Pre-Application Conference" pursuant. to Section 6-2
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�� , of the Pitkin County Land Use Code to provide Kuhne and the �:
� County with advance information on Kuhne's proposal for the ,�f�
development of Silverking Phase IV, and
WHEREAS, said "Pre-Application Conference has been
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continued to July 20, 1982, at 3:00 P.ld., and ' �:- ,
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WHEREAS, Kuhne has indicated his agreement not to execute �
his contractural right to develop Silverking Phase IV if the �S_"r"' �
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Board of County Commissioners has received a more iavorable �. .
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proposal for the Silverking Phase IV project by July 30, and �
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WHEREAS, Kuhne and th�e County desire to reach a final
understandinq of Kuhne's position relative to the ex`�rci�of his {� .
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development rights to the Silverking Phase IV projecN _-",+� c� �
NOW, THER�FORE, the parties agree as follows: � m a -�
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F'.- �� 1. Review of Kuhne Proposal. The County, by and through
�-; a� its Commissioners and Staff, will review the Kuhne proposal for •
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t;�:-c Silverking Phase IV at the above referred "Pre-Application ;
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"- �i Conference" continuance of July 20, 1982. Such review will be
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based upon comparison of the Kuhne proposal for the Phase IV
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r��' > development with any and all other proposals for the development
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°'' of •Silverkin Phase IV. Based u on this review and com arison
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�'�' i the County will inform Kuhne by July 30, d982, whether or not it -
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�<�:� will informally accept the Kuhne proposal.
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#,-;::;�:� 2. Effect of County Review. Whatever the result of the
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A'.=`<� Counties review Kuhne may immediately continue to convert 67
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;r,,� units to condominiums without awaiting the date prescribed for
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;�,;��":7 such conversion in the Settlement Agreement. In the event that
�: ;�:,!e;� the County informally endorses the Kuhne proposal over any and
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:;� all other proposals, such shall not be considered formal or final
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� :F approval as required by the Pitkin County Land Use Code.
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�� ` � Following such endorsements, Kuhne shzll proceed imcnediately to
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�:;�� secure formal approval of the proposed Phase IV development from
.' E � all required governmental agencies, including Pitkin County.
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� Kuhne shall have an exclusive right pursuant to the Contract of
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� :.� March 30, 1981 to develop Phase IV so long as construction
�;,, .� :commences by July 1, 1983. In the event that the County .
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`�'�° informally rejects the Kuhne proposal as a result of the July 20,
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„�?''�~ 1982 "Pre-Application Conference", Kuhne and the County will
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3=»� consider such rajection a "denial" of "approval" parsuant .to -
� ' Paragraph 5 of their March 30, 1981 Agreement. Therefore,
� �� pursuant to such denial, Kuhne's exclusive right pursuant to the � �
� �
���� Contract of March 30, 1981 �to develop the Silverking Phase IV �
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�^�'-� ro ect shall be terminated. However the Count ma declare `
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3��� such a "denial" only if all of the following elements are �: `
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, Y� present: ;
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' a) Submission by' a third party independent of the '�
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?�` County of a plan for development and financing of Phase IV
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;r substantially better than that proposed by Kuhne; :,"�'
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- �:��,K 431 ,;<< 8�
5`- , b) The development plan must be for approximately
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���'� 170�000 square feet of interior space constructed at one time and
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C= d not in phases either of units for rental or a mix of rental and
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�;.,,, sale with a bias in favor .of rental all under the price restric-
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i;'S tions impose3 by the Housing Authority for PMH housing in Pitkin ��.
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�:�'`? County. In no event will such denial be in favor of a plan by a Pi
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�.,-.� third party to construct housing free of such restrictions;
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:S�.,� c) There exists a commitment from such third party
���? that satisfies objective requirements to be established by the
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°`� County's consultant, to be mutually agreed upon by the parties by
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�_"� July 23, 1982 to provide assurance that the financial
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,�.� opportunity to proceed is available. Such assurance shall .
;,�� consist of a commitment from a qualified financial institution
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�=i subject only to condition over which the County has control, or a
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,.;::a commitment from an underwriter in the form of an investment
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4:� banking letter commiting to purchase tax exempt bonds when such
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;� .; are legally available at the then prevailing rate; and
• �� . d) A binding agreement of such third party equally as
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secure as that required under subparagraph "c" above that such
E � third party will immediately upon final formal approval by the
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?�� County for development of Phase IV reimburse Kuhne for monies
�� expended by him in connection with planning for the development
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'1` of Phase IV, which would have been expended by a reasonable
�r48 developer in Kuhne's position, not to include accounting or legal
��
e'� fees.
s��, If for any reason construction of Phase IV is not commenced
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''� by a third party on or before July 1, 1983, Kuhne shall within 90 `°��`
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days submit another plan for development and he shall have the i;•
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;5} exclusive right pursuant to the Contract of March 30, 1981 to ��?=:
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develo Phase IV for one ear from the date such a lication is s'�" �
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submitted. - ;.�j
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3. Cooperation by Kuhne. Kuhne shall, regardless of the ;,�.
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� approval or denial of his proposed Silvezking Phase IV F�
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development, continue to abide by his cooperative .q
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responsibilities as set forth in the March 30, 1981 Agreement. {�
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;:,n In particular, Ruhnc shall convey the lands referred to in
��� Paragraph 3 of the March 30, 1981 Agreement as soon as possible.
�
� In the event that said lands are not yet conveyed at any time
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�� prior to the December 1, 1982 required date, Kuhne agrees to join
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;� in any application for development approval or financing as
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processed by any party seeking to develop the Silv.erking Phase IV
�� Pro ect. Kuhne shall be Fs
k� j permitted access across Phase IV to
� property, he owns adjacent to Phase IV, so long as such access
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ip� does not interfere with the development of Phase IV. `
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,� 4. Intent of Agreement. This Agreement is intended to
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3i clarify the exercise of rights and obligations of Phase IV under
� the March 30, 1981 Agreement between the parties. It is not •
� intended to amend or otherwise alter or waive any terms contained
� •
Y ,� in the Tiarch 30, 1981 Agreement.
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''' � . 5. Binding Effect. L3pon execution hereof by the parties,
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"� this Agreement shall become a contract binding upon the parties �''�
;�„ and their heirs, executors, snccessors, administrators, and
. � - assigns.
�' 6. Time is of the Essence. Time is of the essence hereof ���. �'
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_ and compliance with all dates herein shall be strictly adherred ,`;
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� ". : ,yl BOARD OF COUNTY COMMISSIONERS ��
PITKIN COUNTY, COLORADO
EST:�. �'�
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Lewis,.5�a}nlan en i anderud �; `
Deput�y�'•Clerk and Reco er hairwoi an
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APPROVED AS TO FO . '
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Wesley A L1ght �
County Attorney �'
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` J�i R. If� hne �
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� ���K 431 ;�,�.� 87
�� STATE OF COLOR�IDO ) ;
4�s ) ss. �
r' C4UNTY OF PITKIN )
The foregoing was acknoaledged before me this �� day of '
� July, 1982, by Helen Kalin Klanderud, Chairwoman, Board of County _
F Commissioners Pitkin County, Colorado.
�� WZTN�SS my hand and official seal. ='
My commission expires: �-/y-b�3 ��
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� . . AddressPubl 8�41W.M.r.V��yi`�.816I-lT� ��
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STATE OF COLORADO ) �^.
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� COUNTY OF PZTKIN ) � ?
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The foregoinq was acknowledged before me this r�(� day of �'
July, 1982, by 3ay R. Ruhne. 4i��;
� WITNESS my hand and official sea ��
My commission expires: I zo $ f�5'
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