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Recorded at %�' o'ciock!�� �"S �� '
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. eook �67 �a�E98 RP�eption No "3�T 1 3C�
� SILVIA DAVIS PITKIN COUNTY RECORDER
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
PITRIN COUNTY, COLORADO, TERMINATING APPROVALS GRANTED TO
MATRIX SKI CORPORATION FOR THE HIGIiLANDS INN PROJECT
RESOLUTION NO. 88 - ��
� •
FINDINGS OF FACT
� 1. This matter came before the Board at a public hearing on
:,....� June 20, 1988, for consideration of the termination of approvals
`,�. for the Highlands Inn as contained in Resolutions Nos. 86-75, 87-
68, and 88-10, for failure to comply with the conditions thereof,
:� for failure to comply with the requirements of the Improvements
:.�;,.a Agreement for the project, and for violation of Section 4-5 of
Yi_^$ •
the Land IIse Code.
• 2. The above-referenced documents require approval by the
-.%,-ry Board of an Improvements Agreement and security by December 1,
;;:_� 1987. Matrix did not object to the terms and conditions of these
Resolutions. A draft Improvements Agreement was accepted as
�..r:;� meeting the deadline. However, as a condition of such approval
_ .�:z the Board required "the submittal of a final Subdivision
=y Improvements Agreement for recordina...�� (emphases added). This
';?.� requirement identified the need for imminent approval and
_`,��.� execution of the Improvements Agreement.
' _`� 3. The Improvements Agreement requires the simultaneous
submittal of an acceptable Letter of Credit in the amount of
M1%:� $361,077.00, to secure completion of the public improvements
identified therein.
,^ � 4. On April 26, 1988, the Soard conducted a compliance
�;�;;� review for the purpose of deterntining if the proposed
Improveraents Agreement and Letter of Credit should be accepted by
;:;_j the Board. The Letter of Credit was tendered to the County
_y=� Attorney on April 21, 1988. At the meeting, the Board
provisionally accepted the Letter of Credit subject to the
��=1 resolution of issues regarding the terms of the Letter of Credit e
•:,':� that had been discussed between the County Attorney and counsel "
for Matrix.
_ - 5. The Letter of Credit has not been amended ta adequately �
�'"' address the concerns of the County Attorney. ��
:.� �
� 6. Information presented by the County Attorney ae well as ti
. _.� the information and opinions of epecial counsel, Davis, Graham & � �
Stubbs, support a finding that the Letter of Credit does not meet �" k._:
3 the County's requirements for an acceptable Letter of Credit.
; The Letter is fraught with unacceptable defects and omissions. �+ '
.:� The amendments requested by the County have not been obtained. ' ,��:.
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Finally, the creditworthiness of the institutions involved has
not been demonstrated.
7. The County has provided the applicant ample opportunity
to address each of the issues identified in the previous
findings. '
8. The applicant has failed to adequately addrsss the � '
defects in the Letter of Credit and has submitted no information
; in support of its contentions that the Letter of Credit can be �
relied upon by the County. The only evidence in the record
-�'1 bearing upon this issue supports a finding that the Letter of
'�� Credit should not be relied upon by the County and should be
� rejected.
"-,•", CONCLUSIONS OF LAW
*�!°� 1. Section 6-4(d) (1) specifies that approval of an
_j Improvements Agreement is a prerequisite to the right to apply
�'z¢ for and receive a Building Permit for a condominium project such
`,;;T� as the proposed Highlands Inn. The Resolutions of approval for
the project reflect this requirement.
- .,'�� 2. It is within the discretion of the Soard in granting
Amended Detailed Submission Approval and Detailed Submission
Deadline Extension to require submittal of the Improvements
.''� Agreement by a date certain in advance of receipt of a buildinq
"�'� ermit. This is es eciall true here since the
I�:� p p y , project has been
` in the approval process for approximately e3ght years, resulting
`,�; in a need for reasonable assurances that the project would be
- completed as a condition of further approval and extension.
`��j 3. Submittal to the Board for approval on April 26, 1988,
-.,?;; of the Improvements Agreement and the Letter of Credit, �
�� constituted a representation by the Matrix Ski Corporation, that
the Letter of Credit met the County's requirements for adequate
security and that the information contained in the submittal was
=�:��� accurate. The County Attorney's memorandum of May 26, 1988, and
-` the documents referred to therein demonstrate that false and
��6� inaccurate information has been submitted to the County. „
��:-a �
',:; 4. Matrix Ski Corporation had an obligation to address the
,:� County'� legitimate concerns regarding the Letter of Credit as
- ,.,:j referred to in Finding No. 6, above, and as requested by the
'; County Attorney. Matrix had an obligation to support its
:� representations regarding the validity of the Letter of Credit by
providing the County with satisfactory amendments to the document �: :+
;� and credible evidence in support of its contentions and � ;'�
� representations regarding its reliability. �
,�:...
-� 5. it is not incumbent upon the County to prove the � `
invalidity of the Letter of Credit. However, the evidence fully F {��,f
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. , �' • • BOOH 5U� pAGE9Jc3
supports the Board's objections to the document.
6. The failure of the applicant to address these
significant issues constitutes sufficient grounds for termination �
of the approvals. It would not be fn the gublic interest to
allow the project to proceed under such a cloud of error and I�,...
omission.
�3'. .
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7. The evidence of record supports the conclusion that the t '
Letter of Credit is not collecti.ble for the reasons stated in the ,
County Attorney's memorandum dated May 26, 1988, and because the
_ amendments requested have not been obtained. The evidence
"�'�; further supports the conclusion that the institutions involved in
i the transaation are not creditworthy.
s DECISION Y
',_, �`.
^ Based upon the Poregoing the Board of County Commissioners �.
.;::: hereby terminates the approvals previously granted to the Matrix
=~:� Ski Corporation for the Highlands Inn project, for failure to
r � comply with the requirements of Resolutions Nos. 86-75, 87-68,
�:� and 88-10; for failure to comply with the requirements of the �
'��•;< Improvements Aqreement; and for submitting false and inaccurate
- '-_:;}{ information in violation of Section 4-5 of the Land Use Code.
APPROVED AND ADOPTED UPON FIRST READING ON THE 28TH DAY OF
_:;a ,7UNE� 1958.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE .
=- 7TH DAY OF NLY, 1988.
i�:
BOARD OF COUNTY COMMISSIONERS
?.'`�'{ ATTEST: OF PITItIN COUNTY, COIARADO
+`��? eanette Jones �� By�Fre Crowley, Chairman
'i:-.�< �!peputy Clerk & order � '
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;::; APPROVED AS TO FORM:
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� Thomas Fenton Smith ,'�
� County Attorney '•}'"'-'•''
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> : ° The Aspen Times
Box E
Aspan, Colorado
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PROOF OF PUB!lCATlON . �
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� - AESOLViSONOPI7BBOAHDOFCOUNIY �h�'vwm�latcd i
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seNan as K�M lana�Ceda 1�
f;;l and published in the County of Pitkin, State o[Colarado, and has � s,re,ab.,•.nr.rmmd a.n,,,���.q„iti..
_"ti; a general clrwlation therein; that said newspaper has been pub '��""����'�"'I�^��� , ;
b M D�6er�,1fe1.
� Iished contlnuously and untnterruptedly in said County of Pitkin, �����Nav�arr�mu.eem,.maen.
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for a period of more Nan fitty-two consecutive w�eeks next prior ��u����„����
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:'�`"� � ment;that said newspaper has been addmitted to the United SWtes '����,���f
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a r is a week! aews a er dul p g g ��•��t.�
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_ - notices and advertisements with the meaning o[ lhe laws of the ��Ler�a.ymr;mp�,.�,o,,,y id�„u-
State of Colorado. , m�,�au.,n��p���a��d��
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newspaper dated p,D., 19�and that � Q�.�.uw.� wueee�a IheCepn��A[br.
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Box E
Aspen, Cobrado
PROOF OF PUBLICATION - ,� �
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RESOLl7170N OPTliB BOABD OF COUM'Y ��en��taed in tir Cwnq Awrnayh rnkn lx tM t71jFlanda!nn wake4 forh0un•;
COEIMISSIONERS OP PP1'KiN COUNTY, ������wY�.19eB.Wboewr �wmpYNqitMreqWnmen4efHnelotlea� �
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Apaement ta tfi�w 1e4 md taf vfaL�fon d • .. � .
per prinled, in whole or in part, S�dbn 4-6 ef�ha land Ur Coda � '� � J'��.��. .
itkin, Slate o[ Colorado, and fias � Z�'6"'°°f°"°°d a'°"°'"°reqw`° -
.nwe..�q.w:E.na ot.�tma.we��� , .F'
t said newspaper has been pub- A�����+^d�°^4 M'D°°�'°b'�1 laea. , . ,� . .w.
6(Nkdiae.ta6lesm W.�«nu.ndmndleion.
tedly in said County of Pitliin, et ww wwtowa.�m.a.ino�..��u _ �
wo consecutive a•eeks next prior �j"�p1m� "°�r°"�'�"��"�-
Iinaitawerar.arnndlWnKmehyiprv+llhe • '�, '•
nnezed le&al notice or advertisc- ���'N""�p1�°�'r"°�s'�:"}' � - � -
den lmpnwmee�ARnemeol,f>.em�d�[
n addmitted to the Uniled States � cem�.wwaeal�.r.qWmmaoelae��-
II�d�LGANA�efSOlIDIOC�t vN1AC11CC¢- : �
er the provisions ot the Act of �,,,,����„��� . �
nts thereof, and that said news• � 9.'@eima�n��e��ncrpdra.W. � . .
pmdumeu�wLeuu.l N�n• t.bte Icuer . .
ly qualified for publishing legal acram«nN.uemw�efass�A`�oo.v��v�e , -
!he meaning o[ lhe laws of the y°��d�•°'�"+'"pfV°m°n°��a6°�- , � ,
�.On MA 18.I!�,Uu Bwcd candueted a � . . o
� � see�L�wo»riew tsr tM WtP^M efdetcrmin- ; . ,� .. , .
. .1n=if tM ��Imprewwanu A�reeowet
wd Letttr M C+adlt ahwW En ieeen�d!�H�e
e ar advertisement was published DwN.YlwletlarKC[editmlenderedbNe � , 1��
of every number of safd Weekly �^be�wnarMM��u,i9as.n�weme�r- r •
tns.�eeea.m�r.�.�.wy.en�aua�u.r �S
u Cm�lt•upl��W�wtutien ot Imw • � .
resardinflh��mm afUu LeWt ef Crsdit IAst '
consecutfve insertkons; and ����a��^��0°^�YM�• •
�a�.v rw x.e�.�
nolice x•as in the �ss e of said �s.7trteuerotcc.ait�,u ocDeen.nwnaea . µ � �;..�
N�da9�1dY Wdm�Neanmro�a(tTeCOUnty
�61e�tannYLnPMented6rlheCountyAttorv . � � ..
A.b., 19 and that �Mr..,,�..q,,y��,,.�.,,a oy�o�on.ot . � ' • .
e a'as in the issue of said news- . av��mq�+u,c�.n��sc�en.,.op � ,�
yert.6nhn[ un�.ucrerCrmicace.noc . • ..
/� mmt We CwMy�m�ure mmu ter�n�eap�
X � �6N I�un d Cradil7'lie Leucr i�f�u�htwith
A.D.� 19 SJ_" . ,,.va�a.��e�d��c�wo�iy n���d� � _ .
abuinad.Pindlr.1hs c.divieMlnan o[th� .
in�UwUon� Inveivoi La� noe bean �
.> / / d 7�.T�s�Gned luu orovid�d tlro aPdimnt � ~ ' .
,�j �mpNep qb�ddleYaarLNtholrue�
idem{G�D��4ndin�a 1
6 1La�pg t Au fulad m�d�u tely %I
�ddrw the dekeu ie�he Ieuar a[Ctedit and � • ,
Ms�ubmittW m inforo�etion ia�u of I�a �
ore me,a notary public i and for � �*�e����+��uer ot cr�c.e ba '
nikd apen by�he Cow�y.Tha only evide�in
the remrd beatin6 upen Ih6 b}w rvppona e - t
Av � Gndin`1Aal 1Ae le�4r d Credit�fieuid nat he �
]or�a,d{o, this_ 11 V�•day of ,Y��P.,y.�ce��y..,�a.nowa ne - �
�ki+! . 1.Scaisn B3(dUS10��0�tha[eOProvai ef . .�
� anlmprovemceu P i s
� wea[htm dyr.r°�t{wanw��ar i- �• f _
�txamn�amm+ welae.ud�,.weyreo- �
4�ed IIIehLnd�IM.1Ua Rn Autiem ol�ppmval
r Ur p�jat xlleet W�rpuiramene
z ies,�;u,�w ac.n.u.e r.N.ewra�� �
. pr�nlin Ameedqi Dnt�iled Submi��len -. . �l .
4�J ' APP�sed Delailed SubM�ian�eedU�w i :
/ �� //L� Filentfal b SGq'R Wh�Ual M I!n lmpmvs ,� t ,� _.
¢a ITPS YA�faementbyad�t�tnutnfeadvu�mM .
P . rcxipc ef a huilAinR pamde TAi�N eapede➢7r � {��.i
trus Lare.dnm Wa V���in Ne . . �... �....
Nr minale �ht �
•sPRI'�3n�ixed fx�xu�en renm �•`:
�A c�hep�rrouN W mmdebd n a mndi- . � .
1iOn N(ulthf PPM'd nW alaMfOn. � . . , �..
D.Su6mlttelmtheBovdfor�pproralonApril ,
26,1l88.of pa Impnvemen�s A�ement end . ).-�{;
�hn liuer s(Credit.awsllwtd a reP«M�v- �. . � 11 ��' P
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�- ' � wwu.a�q'WtLittLefefornfillnncen- . :.r;�.• �.r
_ _ ..'_ . a.�, dtyiodln�M�ubmiwlMU�«nrneT6aCoon-
tA�d�OPxo�iW ie[anad b the'ddp d�emsn�rirelo . � � � ..
- � th�tfWe�odie�m�n�sinfmmUenLe�hcen .Y ' .
i.. .. wbodUad b 16�Counyl. ..
4.Ma4itSldCoNetWanMdmohlf[�onb � .
Matri
�^"� �� addtqs qu Cemyh 4�IWm1e cenmrn� � '
. ����� M�diot W�Lttar KCrsdit o mfe'rad b fn • .
,;_i.�:::••:._j�. � . Findln�No.6��Lov�.aM m m9unted by the . �
�:�":..'y::� Coonty AWmey.1latri:htl�n sL1ie�Uan to
�.�.::J::%��`.:.` NPport�L[eP�ebtlamnptdinQtTeralldi• .
1.t;J.._..::: tYoftLaiettero[CfeditbyP�din�NeCounry . �
MI�L wtidreMry ame�daxnts ts the danment
- and aadWe erode'me in snppert et lu eontun. . • -
-� liom �nd npre�ent�tlen� n`¢rdin`it�
� -. ra11�6ility. ysnt1� aunl) p .
� - � vide�iMln�valldLLy�iLeLUerofCmElRllew. •� �
evaf,Na wWenm fully�upyxN tbe DeerdL
. ebjeNOm 1a lFa d�am�nl '
&7Aa(dlunofJq�ppllaaturddmethaw � .
I�aiBemc Wum m�www ml6Wnt�raund�
fof Y�InatiM�ftlu�ppw�4.ILwWd�wt M .
b. -' InIM¢P�1�eletarenNallewtFaP aibpro
' wed unMr�ueA�deud�f arter an�mi.uory
� 7.Tha�Mdannsframra�uyyert theaw�elw
; , .i�u�un.�mwarawui.�c�a�«unwiM
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