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Mar�h 8, i985
CA 3(S5) � �
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Boacd of County Cammissicrners �' c�,� �
Pitkin County � �� v
Pitktn County Courthnuse b� p
506 East Main St«pt � c r
Asp�n, Colorado $1611 z „m �
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��, Ree Ceneennial-Aapen Proiect
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��" Honorable Lediea and �entiemen:
Citicorp Reai Earate, [nc. ("Ci�lcocp Reai Estate")
� is in recetpt oE certain pl�dq�d Eu�ds drawn upon the
. '� construct[on Eund erea�ed by a certain indenture oE Truse
dated October 1, 1984, by and between Colorado Nat[onai
eaek oE Oenver, as truslee t"Truskee") Eoc the holders oE
� rhe Pitktn County Nu1tLEam[ly Houstog Revenue Sonds
(Centeent�l-ASpee Project) Secies 1�84, and Ptekin Couney,
� whtch consn�uction Eund� are be[nq used by Cente�nial-
Aapen It 4lm[eed Partnershtp ("Ceneennial-Aspen ii"), Eor
the conaeruction oE the muleiEam[ly houslnq project to be
known as ehe Ceotenelal Aparcme�es, ro be bullt on lands
locaCed wlth[n Pitkin County, Colorado (the "Ceneenntal-
Aspen Projece"). we underseand ehat Ce�tennlal-Aspen ii
haa been advised by your Coun�y Ateorney ehat it vtil be
required. In connectloa vlth che consc�uctlon of ehe Ceo-
ten�ial-Aspen Project. to pcov[de Etnanclal securtty Eor
the completion ot cereatn publtc lmprovements celactng eo
the pcoject. It is in response to that advice from your
• County Attoc�ay that �h[s lettec is writtan.
The �ollowing cepreseoes our unde�standing oE khe
publlc impcovemants, tha cacapiQ�ton ok whlch you wtsh to
hav@ us asaure:
(a) Roada. Curb and Gucter 5229.829
tb) Sidewalks and Stairs l01,221
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' Board oE County Cammissioners �.��h ��� FN,��l�
March 8, 1985
E+ag� 2
(c) Utilities
Sea�r AdjusCmert_� 900
WaCer Adjuszments 900
Storm �cainaqe 29,286
(d) Landsr�ping i82,535
(e) Trails 17.257
(E) Sire Ltqhttng 30,542
(g) Sub r�de Pr� �ratfon
f; oat inclu e n Ftoada, ---
.�, Curba and Cutter "�
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` ToEal 5592.470
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# it is ehe poatt[on o! Cenernntal-Aspen t[ and
Ci[Icorp Real Estate, �hat the Ceunty can ceasonably
� _., expect assurances that th@ improvemenes ttemtzed above,
� to ehe extent neceasary Eor or associated wtth the
� Centenniai-Aapeo Projece, will be completed. According-
ly, with reapec� to �ach oE ehe items mentloned above,
�i totalinq 5592,470, C[ticorp Real Esta�e qtves ehe PLtkin
� Counly Board o! County Commisatoners ehts assurance Ehar
it [s ta receipc oE �dequeee Eunds eo aatlsty the expend-
� irure o! up to 5592.470 0� �n ltem-by-ttem basla. Eor the
publtc improvementa hecein dt$cussed.
Centennlal-Asp�n II shall complete such improve-
ments by DecembQC 1, 1985. or sucb late� daee as may ba
determined by the grant oE one day's extension foc every
day's delay occasLoned by the n@ed for a�y apptovai �rom
° Ptekln Couney during ehe tlme such appcova! Ia being pco-
cessed; except khat such completion date ahall no� apply
to landscaping, ehe cea►piet�o� of which Is dlclated by
w@ather conditlons an� ahall bQ eompleEed as soon aa
pcacticable.
In the event of �sfaulc by Cen�en�ial-Aspen in
maeting the completion �lata Eor such improvemeqts, Cili-
cocp Real Escace shall app�y �uch Eunds �o the itama. and -
in the awounts, discussed above: and, should Citico�p
Real Estate Eail ko app�y such funds to khe items, and in
the amou�ks, discussed ab�ve not later kha� the latec oE
(i) six (b) months Eollvwing default try Centennial-As�sen
II, o� lii) November 39 oE the year Eolloving khe d�Eault
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` Board of County Commissioners "��f 4�`� F�j`�3 rv
M�►rch S, 1985
PBge 3
by Centennial-Aspen II, then the PiCkin County Hoard of
County Commission�rs shali have ine rignt to com�let� or
Cause to be completed the items discuased hecein �nd �
shall Chen be reimbursed by Citicocp tteal �statp, aithin
sixty (60) days aE prespntation of invoices. Eor all or
part oE the cost aE compl�tioo oE the item� sppcified in
the lett�red subparagrapns h�c�oE, Eor amoun�s expended
an �uch it�ms, up ta rhe amounts in tne 1pCtered subpar-
agraphs hereof; pc�vid�d, dE course, that rh� amounts
available atll be reduc�d doYlac Eor dollac as tney ace
dr�an by CentennLal-A�pea II tram tnp p1�dg�d acrount
eteat�d by CiCiearp R+��1 E�eae� �ar ehe C�ntenntal-Aapen
Project or are n�n�rais� pcnvided by Citicorp Rea1
5 Eata[e, in its �ole di�er�cian, in c�rder co b� appli�d ta
� the impcovements digcuaged h�rein. Either C�nt�nnfal-
� Aapen it or Ctct�orp (te�l Est�ee �hall provide the County
3 Manaqer wlth notice �het e dr�w will occur at 1e�st Etv@
CS) 8ays prioc to the occurrence oE each auch draw.
t
} Tne assucances given Cn ehis letter ere, oE course,
condtttoned on youc agceement, as evidenced by your exe-
cutio� oE ehts lelter, (1) to lssue temporary certiEi-
� cates oE occupancy ptior to Einal plat approv�l Eoc all
� of the u�ita [n the CenEennial-Aapen Project, at such
rlmes, and Erom etme eo rime, as ehe apertment units are
z ready t�oc occupancy, assuming o! coursa tha� all othec
requirements o! the UnlEocm euildtnq Code as adopead by
Pitktn County er� t��ct,�fl�d; tii) eo grant ESnal p1At
approval foc eh� Ceneen�ial-Aopen Projece, a� such tlme
� as the requtreme�ta toc tinat plat approval contalned in
r; ehe Pltkin County Code have been mets (t!t) no tssue -
permanent certiElcae�s o! occupancy subsequent to Ei�al
plat approval !oc nll of the ynits [n the Centennlal-Aspea
Porject, ae such eiaes. and Econn time to tione, as �he
aparement units are r�ady Cor oceupancy, assuming oF
course. thak all other raquz�ements, o[ the Unilo�m
Building Corle as adopcad by Pitkle Coun�y are satis�`leds
(iv) ko Eu1Fi11 all obtigatiqns con�ained in writEen
agreemenes and cantracts betveen Centennial-Aspa� II (oc
- any aE its predscessors-in-int�rest) and Pickin County
(oc a�y authorixe� accion oE any board, agsncy, or
dapa�tment theraoff; {v} co p�oVtd� atl othe� Cour�ty
approvalg upon compliance vith khe applicable law, which
iE not provided, would otherwise prevent or impede the
rental of any apackment unit in the Cenken�ial-Aspen
Project: and (viy not co impose any condition or obliga-
tion upon Centennial-Aspart iI contc�cy to aay agr�ement
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; aoara of Countp Cortnnissioners
March 8. 1985
P�ge 4
r�r contract described in clause (iv) �bovp ot not speciE- •
ic�lly provided for by tne Pitkin County Cod� or otnec
- applicable laW. :
Uniess earlier tecmin�ted by youc Eaiiurp tc Eul-
' fill thp conditiona descrided in the immediately preced-
' Ing paraqrapri, the abligatinns oE Citicorp Real Esta�e
; rontained in ehfs letter gh�11 terminate at $uch tfine as
ehe sum oE g592,470 neld by Citicorp Rea1 E�tate Eoc �he
�xpenditures desccib�d nerein has indeed bpen �irher drawn
; by C�ntennial-Aspen ti, appiied by Cieirorp Real Estatc,
or disbursed to Pitkin Caun�y for the purpo�e� described
,'':� hercin.
a Citicorp Rea1 Eatate and Centeeniai-Aspen ti view
+ Ithis IetCer as bindinq on ail the parties he:eeo, but
.; oniy when ail oE the partles listed belov have execuled
j rhis letter or a counterpart heceoE.
t Sincecely yours,
•� CITICORP REAL ESTATEr INC.
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CENTfNNIAL-ASPEN II
GIMITED PARTNEttSHIP
8y Cenlen�tal-Aspen. A
; ;� Llmited Partnorship,
• General Partner
Atteat: 8y World C1 s liousin , Inc.,
General are
��tl.��C �a•�i�,t�¢�,' gy t .
Ass stant ecretary Sam �1. Brown, Jr.
Titles President
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9oacd of County Commission�rs � ��� ��'��(�
M�rah 9• 1g�5
Page 5
, , Accepted artd Aqr��d tos
PITKIN CflUN�Y BOARb Ot�
CCt)NTY C4MMIS520NE8S
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