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Home My WebLink Aboutbocc.ord.029.1996 i:r::<��:;.:.. ,?96C::24 �Lj/cl/96 i1;ciA PG 1 OF SS REC DRC UCC � �' SILVIq DpVI5 F=�ITKIN GOUt�1TY CLERf: & kECO�ti)ER �.Q+O � '� r ' },'-: . AN ORDINANCE OF THE ' BOARD OF COUNTY COMMISSIONERS '' OF PITKIN COUNTY,COLORADO,AUTHORIZING r� �'ti, EXECUTION OF THE SILVER KING ASSOCIATES ' ..,:. , .. VACANT LAND/P'ARM AND RANCH " '•. • CONTRACT TO BUY AND SELL REAL ESTATE " ` 1='' ORDINANCE#,f�,SERIES OF 1996 ��• 3.. i ..�:',,�,. .. ItEC[TALS 1. The Voters of Pitkin County and the Pitkin County Commissioners established an Open `- ' �. , Space and Tnils Fund for the purposes of preserving and developing open space and trails �� . • resources in Pitkin County,and established an Open Space and Trails Board of Trustees to t. guide the expenditure of those funds. 1 . 2. The Open Space and Trails Boazd of Trustees,has,on behalf of the County Commissioners, ir entered into a Purchase Contract with Sitver King Associates for the purchase of a 9.6 acre ; ' parcel of land located in the Red Mountain area,the development of which could seriously ' impact the Hunier Creek Trail wl�ich crosses a portion of the property. Attached as Exhibit �',` "1",and incorporated herein by reference,is fhat Purchase Contract. .� 3. Tl�e Purchase Contract calls for ihe acquisition of an estimated 9.6 acres of properiy located ,� , adjacent to and overiooking Hunter Creek and approximately two mites north of Aspen for the sum of$115,000. 4. The Silver King Associates Property contains valuable riparian habitat,a segment of the , Hunter Creek Trail,and is within the City of Aspen viewplane thus its acquisition would protect important open space,and is reasonably priced,thereby qualifying for Open Space and Trails Program acquisition under established acquisition criteria. ; NaW TAEREFORE BE IT ORDAINED by the Boazd of County Commissioners of i � Pitkin County,Colorado,that: �':, • Section l.The Board of County Commissioners of Pitkin County hereby grants approva] . for the acquisition of the Silver King Associates Parcel for open space purpases. j Section 2"The Board authorizes its Chairman and the Pitkin County Clerk and Recorder tq � respectively,execute and attest ti�e Purchase Contract,and associated addenda attached hereto as �. . Exhibit "1", and any and all documents necessary to complete the transaction, subject to prior ' approval of the fonn of such documents by the Caunty Attomey's Office,and upon the terms and ,� conditions set forth in the attached Contract. I�� . , i` � � � ,�:� . • � ' � : a :�' � ��;s:��`r' ��::.�:�:�. ,:%�24 08/�1/96 11:21A F�li 2 OF JJ '�'E;;��-�.'�`}... r �.,':,*� ��.�.;, t;_,.;. • INTRODUCED, FIRST READ AND SET FOR PUBLIC HEARING AT THE REGULAR • MEETING ON THE.14ih DAY OF Tsil.y,1996. :s� <:, �.. N�TICE QF PUBLIC HEARING PUBLISHED IN"�A PEN TIMES ON 7'HE 12t i DAY OF ;�� ul�,1996. APPROVED AND ADOPTED AFTER SECONb READING AND PUBL[C HEARING ON THE 1_4-3t1 DAY OF�u�ts,I996. �s:.`..� PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 16th D�Y OF i�'`? � us,1996. � �, . , �.- p . ATTEST: BOARD OF COUNTY COMMISSIONERS t� OF PITKIN COUNTY,COLORADO 4: : . � , -.�.�\ ,/t. Je tte Jones, es R.True, � Deputy Clerk and R order Chairman ' p�te: �'"�4'Q �r � � � :�- APPROVED AS TO FORM: MANAGER APPROVAL: � , Deborah Quinn Su e Konch�n a Assistant County Attorney County Manager RECOMMENDED FOR ADOPTION: a , . . '' Jane Ellen Hamilton,CEO .� Open Space and Trails �} • pemnc\��•ordkonuxt�mhchcll.onl � 2 �,l � j - __ � ' '. 1 1' � , . � .... 4 , , ,. • ♦ _. / _ ----_�.��— .,,:. : . .... . . _ . :,7bGC4.......K�tl/r'1/7b 11:CIH !-'l7 ..r Ul^ JJ . .. � . � . �—�c�—�� '��'��L� tHISFORMHA5IMPOR(ANlIEGALCOMSEQUENCE$AND7HEPARTIfSSHWIDCOMSULTIEGALANDTA%6ROfHEffGOUN5El8fFORESIGNING. � t' VACANT lAND/FARM AND RANCH � CONTRACT TO BUY AND SELL REAI ESTATE '"• ' ',; '�d i9?� �. l. PARTIES AND PROPERTY. Pilkrn CounlyBoorOO/CounlyCommissione��yer{sy[Buyer), agrees to buy,and ihe undersigned seAer(s)(SeNer],agrees fo setl,on ihe tertns and condNions set torih in this controct ond Ih,e Addendum aljached herelo,the following descr�setl reat esiate in ihe County of Pi�Colorodo,to wif: Y " A Porlion ol Jhe Brawn P/acer t/.S.M.S No.l504T,ond o Tiacl of Land Sih�aJed,"v�!he NW//4.NE 1/4.Sechon 7.Townshic , !0 Soulh,Ronge B4 Wesf o/the 6/h P.M..Pilkln County,Calaado,conlaiMng/0 ocres,more or/ess,ano'being more fWly desc�ibec , in the[egol Desc�plion ativched herelo ancJ incorporoled herein by�e/erence. . � ' known ai NO. N/A ' � - (Street Address,City,State,Zipj together wiih ait interesf of SeNer in vocated sheets and alleys adJocent thereto.all easemenis and oiher appur}enances thereto. oN improvements lhereon ond all atfochetl tixtures thereon.except as herein excludetl(coBectivey fhe PropeAy). ' . , _ ' �•^p^ °',j'^ �"' ^^y' 5�BfBQBShByli 011149yiEN1df6j- . -, (d)Water Riohts. Purchase price to incWtle the following water rights: Any oppuAenanf to Mre properly. (e)Growina Croas. With respeci to the growing crops SeUer ond Buyer agree as foNows: N/A The obove-described included items((nclusions)are to be conveyed to Buyer by Seller by bill of sole. CJUit Claim deed w other applicabie 1e9a1 instiument(s�at the closing,hee and clear of aq faxes,fiens and encumbrances,except as provided in Section 12. ihe foliowing attached("atures ore exciuded hom this sale: N/A 3. PURCHASE PRICE AND TERMS. The pwchase price shaU be y 115.01?O.QO,payable in US,dollars by 8uyer as foNows; (Complete ' the appNcable terms below.� (a�Srnest Mon�. b 11.SLbqO in the form of,Sheck•os eamest money deposit and pcuf poyment of the purchase price,payable to and held by Sfewart Tifle.bfekec Closrng Agent'si its hust occount on behafl of both SeAer pnd Buyer, �ekeo C/osing Agent is author¢ed to deliver ihe eamest money deposit u�-lfae-�IesiagageaF,it arry,at or before closing. See Addendum. The balmice of$93..SLbA7 (puchase price I�ss eamest money)sha8 be poid as fopows: (b)Cash at Closina. . y 1R3.SORGY.t ptus closing costs.to be paid by Buyer at dosing in funds which compy with all appNCOble Coiorado taws,which include cosh.elecironic transfer funds.certiffetl check,savings and loan teflers check,and cashiers check.(Good Funds). Su�t-ta7ke .+�. ,.�,.. �+c.�nFlc eJ ela;ing er�aeiclas faila�is• — fel�s'^"�%� . - - � . � '�;?��.`r.. t � � s i .. ... �� ...-, ....,��_a.�o i.:ciri r�u 'F �J!- �� .� ..- . _ �,':. ' i�j; 7. . leew�ew�euF+l+ �• — i= — a�esis. � �.. , '� 4�)"_.,=��^�as'ea' . ' _.---- Y " � }SeAerar�r7u�ie�hir�Pa� c.......,.�_ . . ; t � 6f3eF�aesia� . �'� -4,-€IAII�N6ti�E'rnw�nrcv� e.�n n�u r-�*-- f � 2 —. ....._.__. ._,_.. / , �"��:;1_ . o�ecC.ti-.. �t+n/�1/yb 11:ciH F'li :� UF 55 � " . . . ... . .. _ . .. . . . .. . � . Y � r� � y�� .: . _ -- , . ;.. .;� . . . �-, — i-: . 5. APPRAISAL PROVISION, �";i (Check one box onfy.�This Section 5�_�shad I�I shob not apply. !. 1t fhis Section 5 applies,as indicated above.BWer shqM hove ihe sofe oplion and election fo fermirwte this contracf if the ��' purchase price exceeds the Property's voivation detertnined by on appraker engaged by N/A .The contract shaA terminafe by �:, � • the Buyer causing the Seder to receive written notice of terminafion and a eopy of such appraisaf or wviften notice from lender which , confrms the Properly's valuaTian is less ihan The purchose price.on or before N/A .�Approi�ol Deadfine�. if SeNer does not f � receive such wriiten noYice of termination on or before the approisal deodkne.Buyer woives any right to terminofe under this secTion. , t . 6. COST OF A PPRAlSAL, Co:t of ony appraisal fo be obtoinetl after the date ot this contract shoq be idmely ppid by 8uver � ► 7. W9I nSSiGNABLE. TFus conTrac!sholl aeL be assignoble by BWer wifhout SeRefs prior wrAten consent. Fx t as so resfictetl.fhis '��, contract shaA inure to fhe benefit of and be bind'mg upon fhe he'ks,personal represeniafives,successors and ' s oi the paAies. \July 3 1� ��r 8. EvIDENCE OF TRLE.SeUer shall fumah fo B�iyer,.at SeYets expense,eithsc a curteni commiiment Por owne iru4ronce policy in � �� . an omount equal fo the purchase price ' ' on or before��+.�e-!.199�' : (Tifle Deadline�. � ' ' ' ' Buyer a�requ'res of Seller that copies of inshuments{er-a�skests-at�� .� i�taamaak?fisted in the schedu�e oi exceptions�Exceptions)in the title insurance commifinent also be fwnished to Buyer at SeMers expense. This requiremenf shaN pertain onry to instruments shown of record in ihe office of ihe cle�k and recorder of the designoted counfy w counties. 7he fltle insurance commitment,together with ony copies ec-ebstraets of instruments hxnished pursuant fo ihis SecSion 8,constitute the tiNe documenfs�Title Documenfs). IRSeYeFfFNi+isFies-e i �. Seder wiN pay the premium at cbsing ond hrne the title insurance poC�cy defivered to Buyer as soon as practicable aFter cbsing. 9. (ITI�F. . (o) Title Review. Buyer shaC have ihe right to inspect ihe rfle DocumeMS ar abskacf. Wriffen notfce by Buyer oF � unmerchontab�ify of tifle qr of any ofher unsatisfacfory tiile condition shown bY the Title Documents or abstroct shaA be signed by or �_' on behatF of 8uyer and given fo Seller on or befae 7 calendar days affer Tifie Deadline,or withm 6ve�5)caienddr days affer receipf by Buyer of any Titie Document(s)w endorsement�sJ adding new Exception(s1 to the tiile commitmeM fogether wifh a copy of Ihe Tiile Documeni adding new ExcepYwn(s)to tiile. If SeMer does nof receive 6uyefs notice by the date�s)specified above,Buyer accepls the condition of title as dBclosed by ihe Title Documents cas satisfactory. �• (b�Matters Not Shown t�v fhe Public Records. Seller shaN deliver to BWer,on a before fbe Title DeadAne set forfh in Section 8,true copies of aN lease�s)and survey(sJ fn Seher's poszession perloining lo ihe Properfy ond sholl dacbse to BWer afl easemeniz,fiens � a other title matters not shown by ihe pubAc recads of which Se9er has actuol knowledge. 8uyer shall hav�fhe right to Inspect ihe PropeAy To determine il any ihirtl porty�s)has ony right in ihe Aroperty not shown by fhe pubiic records(such as an urxecorded � easement,unrecorded leose.or boundory�e discrepancy). WAtten notice of dny urxotisfociory condition�s)d'isc �y�Se r revealed by such inspection sholl be signed by or on behalf of Buyer ond given 10 SeYer on or before�$.199 r d s not receive 8uyers notice by said daie.BWer accepis title subject to such rSghts,if ony,of Thtrd pa ies of whic er has och�W � • knowledge. July 10 (c)Soeciat taxina Districis. SPECIAL TAXING OISTRICTS MAY BE SUBJECT TO GONERAL 08L1GAiION I OEBTEDNESS?N.>7�5 s PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH OISTRICTS. PROPERIY OWNEiiS ir+ SUCH DISTRICTS MAY flE PIACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIYE tAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBi WHERE CIRCUMSTANCES nRISE RESULiING IN THE INABIUTY OF SUCH A DISTRICT TO DtSCHARGE SUCH INDEBTEDNE55 WITHOUT SUCH AN MCREASE IN Mlll LEVIES. BUYER SHOULD INVESTIGAiE THE DEBT FINANCING RE�UIREMEMS OF THE AUTHORIZED I 3 -- -- -.. _ .._. . . ,'; .:; .:'7tCC.�4 �OtS/:1/7b 11:c1H 1-'li b UF :�:i .. � � .... .. .. . . .. . . . . �:'� GENERAL 08LIGATION INDEBTEDNESS OF SUCH�ISTRICTS,EXISTING MiLI LEVIES OF SUCH DLSTRICT SEkVIC(NG SUCH INDEBTEDNESS, i��: ANO THE POiENTIAL FOR AN INCREASE IN SUCH MILL LEV�ES. �'r" In the event the Property is locaied wifhin a special twting d'at�ict and Buyer desees fo ferminafe iha contracf as a result,if written noiice is given to SeCer on or befae 1he dote set FoAh in Subseclion 9�b�,tha contract shall then ferminate. If SeAer does rmt . receive Buyer's nolice by the date specified obove,Buyer accepts the ef(ect af ihe Property's inclusion in such specioi faxing disMct�s� and waives fhe right fo so tertninate. �d) Riqhf to Cure. If SeAer receives nofice of unmerchantab7fy of tiile or ony ofher unsatisfactory fifle condifion(s)as ~� provitled in S�bsection(a�or(b)above.SeAer spe!{mayuse reasonable effort to cortect said unsatisfactory tifle contlHion(s�prior to :.� the date ot closing. If Seller fak to cartect satd urnaYsfactory fitle condilbn(s)on or before the dafe of cbzing,this cOnlmct shal then . terminate: provided, howe�er, Buyer may, by writfen notice rece3ved by Seber on �before cbs'mg, waive objection to said unsatisfoctory tiile condiion�s�. `�,g July 10 �July 3 �� l0.INSPECTION.Seller agrees to provKJ 9uyer on a before ++�i:J9�with a SeUefs Properfy Disciosure form completed by SeAer to the best of Setlers curtent octual kn edge. Buyer or orry designee shall hove the right to hwe inspection�s)of the physical condition of ihe Properfy and Inclusions at WeYS expense �t`wkritte�ny fice ot any unsaTisfactory condifion,sgned by a on behalE of Buyer,a not received by SeUar on or before .I99�6�e�C�f'�Fi`DeadGne�.Ihe physical contliiion o(the Properiy and Enclusions sholl be deemed to be safistactory to Buyer. If such notice is received bx Sqtle�rQ��stet forth above,and iF Buyer ond Seper have not ogreed, in wrifi�g, to o settlement thereof on a befwe� /9��tSfVTwn DeadGne). lhis confroct shdl ferminote three . - calenda days foAowing fhe Resolufion DeadGne unless, ithin the three calendar days.SeNer receives written notice From Buyer waiv'mg objecfion to ony uruotisfactory condition. Buyer is sponsible for and sh�ay for any damoge which occurs to the PropeAy � and Inclusions as a rewlt of such inspection. July 16 August �Y"LJhY 1 t.DATE OF CLOSING. The dote of closing shall be-�rlv/6.199�6 or by mutuol greemenf ot an earlier date. fie how and pbce of cbsing shaN be as designated by aa�eemen/ol/he nailies in Pltkin CarnN. . 12.TRANSFER OF TR�E. Subject to tender or payment at closin9 as requied herein and compNance by Buyer with the ather tertns and provisions hereof,SeBer sha9 executa ond deliver a gootl antl sufficient SDecio/WarranN deed to Buyer,on closing,conveying . !he Properry(ree and C1ear of od taxes except the generol taxes for the year of clasing,aa�exes�i nUA . Title shaU be conveyed tree antl clear of aq riens for speciai 4nprovements instaAed as of the date of Buyers signature hereon,whelher assessed or nof:except(i�diiiributbn utiTiry easements�including cpble Nj,�fi)those matters reflected by the TNe Documents accepfed by Buyer in caccordQnce wifh Subsecfion 9�a), � � � �iv)inclusion of the Propedy wifhin any speciol taxing d'africf,and(v) � ' subjed to butlding ond zorvng regutations. � 13.PAYMEN7 OF ENCUMBRANCES. Any encumbrance requ'ued to be paid shall be paid at or be(ore closing fram the proceeds of this iransaction or from any other source. 2 14.�LOSING COSTS DOCUMENTS AN6 SERVICES. Buyer and Seller shaY pay.in Gond Funds,ihe�respective closing cosis and ad other items requued to be paid at closing,except as othervvise prov�ed herein. Buyer and SeAer sholl sfgn and complete oE cusfomory or required documents at or before closing. Fees for real estate cbsing services shod not exceed ,�30l7.A7 ontl sha�be - � paid ai clozing by Buver ond Seller EauoNV.The local iransfer fax of Q$oF fhe purchase price shaA be paid at closvig by�.Any sales and use iox ihat moy accrue because of tha transactiron shaN be paid when due by SeBer I5.PRORATlONS. Generol taxes for 1he year of closing,bazed on ihe faxes for the calendar year immediofey preceding Gosing, rents.water ontl sewer chorges,homeownefs association dues,antl interest on continuing iaan(s�,if any,and N/q shod be prorated to date of cbsmg. 16.POSSESSION. Possession of the Propery shall be de6vered to Buyer as foNows: ��n deH'verv o/deed � suhjecf to the foNOwing lease�sj a tenancy(s�: . Ngne . If SeNer.ofler closing,fails to de6vet possession on fhe date herein specified,SeAer shatl be subject to evicfion and shod be add'ifionoUy liable to Buyer for payment of;5$QQper day from ihe date of ogreed pozsession untB possession Is deliverad. 17.CONDITION OF AND OAMAGE TO PROPERtt. Excepl as ofherwise providetl in this coMroct,the Properfy and Inclusbns shaA be • � � delivered i�ihe condifion existing as of The date of 1hB conhact,ordmary weor and tear excepted. In the evenf the Property sho6 be domagetl by frce or ofher casualfy prior to fime of closing,in an omount of not more ttwn ten percent of the toial purchase priCe. SeNer shaU be obligoted fo repair the same before ihe dafe of closing, h the event such damage is not repaired wifhin wk1 f'vne a it the tlamoges exceetl such sum,this contract may be ferminated at the opYwn of Buyer. Should Buyer elect to carty ouf th6 conhact despite such damage.BWer shall be entiftetl to cred'rT for all the inswrnce proceeds resulting from such damage to the Property and inch�sions,not exceetling,however,the totol purchase price. Should any Inclusion�s]or service(s)fol or be damaged between the date of this controct and the date of ciosing or the date of possession,whichever shall be earNer,fhen Seller shaU be Gable for the I 4 ___ ..._ ---- ---- _.. ._ �t,1_ � , . , c � 396�24 �ei8/21/9E� 11:21A PG 7 OF 55 � 4;,z;�,;�?:�., repo"u or replacemeM ot such Inclusion(sj or senice�s�with o unif of similar sae,age and quaGN,or an equivalent credit,less any �.:t; : insurance proceeds received by Buyer covering such repoir or replocement, The risk of loss for any damoge to growing crops,by fue or ofher casuafry,shotl be bome by the party entifled to the growing uops,if any,as provided in Section 2 ond such parly shatl be � entiiled to such insurance proceeds or beneFts for ihe growing c�ops,if any. 18,iIME OF ESSENCE/REMEOIES. iime a of the essence hereof. If any note w check received as eamest money hereu�der or arry c other poyment due hereuntler is not paid,honaed or fendered when due,a if any ofher obUgafion hereunder u not perfortned or ti, waived os herein provided,ihere shaN be ihe toBowing remedies. , y. (a)IF BUYER IS IN DEFAULT: � � � � �Check one box onty.) � �X� (2)Liauidated Damaaes. AA poyments and things of value received hereunUer shaM be fafeited by Buyer ortd retained on �r beholf of Seller and boJh paAies shaA thereofter be released from aA ob�igations hereunder. If is ogreed that such payments and ' things of volue are LlQUIDATED DAMAGES and�except as provided in SubsecTion(c))are SECLERS SOLE AND ONLY REMEDY For BuyeYS • ' faihrre to perform fhe obfigations�f ihis coniract. Seller expressty waives ihe remedies ot specific pedormo�ce and odditiorml , tlamages. • (b)IF SEtLER 6 tN DEFAULT: , Buyer may elect to treai this controct as canceled,in which case aA paymenh ond things of vaiue received hereunder shaA be retumetl and Buyer may recover such damoges as moy be proper,or Buyer moy elect to treat this contract as being in futl force and et(eci ond Buyer shoN have fhe right to specific performonce or damdges,or both. (cJ C9STS AND EXPENSES. A�yihing to the confrary herein norivithstanding,in the event of ony orbitration or fitigotion ariing out of �i. ihis confract,ihe arbiirator or couri shaN award to ihe prevaling party a9 reosanabte cozts ond expenses,including attomey fees. � 19.EARNEST MONEY DISPUTE. Notwithstanding any lerminafion of ihis coniract,Buyer ond Seller agree thot,in the eveni of any . coMroversy regordmg ihe eomest money ond fFimgs of value heki by broker�or cbsing agent,uniess mutual written instructions ae � received by the holder of fhe eomest money nnd ihings oF vWue,broker or cbsing ogent shaN not be requ'aed to Take any action but � " may await any proceecling,or at broker's w ciosing agenYs opiion and sole discretion,may inierplead all parties and deposit any moneys or ihings of vakie into a court of competent juristlicfion and sha@ recover court cosfs ond reosonable attomey fees. ' 3 20.ALTERNATNE DISPUTE RESOLUfiON: MEOIA�ION. If a dispule arises reloting fo fhis ConlroCf,ontl a not resolved the parties and � broker�sJ involved in such dspute(Dispufants)shall fpst proceed in gaod foifh to subrrrii 1he matter to mediation. The D'spuTanis w➢I jointy oppoint an occepiabie mediator and v�n'A shore equWry in the cost of such medtation. In fhe event the enfire dispute is not resolved wilhin 1Firty(30)calendar days trom the date of wriften notice requesfing mediation k seM by one Disputani fo fhe other(s), the mediation,unless otherwae agreed,shaU terminate.Tivs sedion shad not aiter any date in this contract,unless othenvise agreed. 21.ADDITIONAL PROVISIONS: E. See Addendum altached hereio and incaporoted herein byreference. 22.REGOMMENDATION OF LEGAL COUNSEL By signing tha document,Buyer and SeAer acknow(edge thot ihe SeCmg Campany w ihe lisiing Company hos ocivised ttwt lhis document hos important legal consequences ond has recomrnended ihe examination of i. title and consultafion wilh legal and tax or ofher counsel befwe signing ihis conhact. _ , 23.TERMtNAT10N. !n the event ttds conTroct is tertninated,all payments and thngs ot vatue received hereunder shaR be refumed and the parNes shutl be relievetl of oll ob6gotions hereunder.subjeci to Secilon 19. 24.S�LLING COMPANY BROKER REUiIONSHIP.The selling broker.Reol fslo7e A/l�'oJes and its salespersons have been engaged as � SE«t�a�uT SeHing Comparry h4s previously disclosed'm writing 10 the Buyer that differenf relotionships are ovoilable which inciude buYer agency,seller agency,subagency,a iransocJion-broker. � • 25.NOtICE i0 BUYER. Any notice to Buyer sholl be etfective when received by Buyer,or,if tha box is checked I_I`�en received by � Se1Gng Compony. 26.NOTICE TO SELLER.Any notice to Seller shaA be effective when received by Seller w Listing Compmry. , • i D.MODIFICATION OF THIS CONTBACT. No subseqvenf modification of ony of ihe terms of ihiz conhact shap be vaGd.binding upon � the parties.or enfwceoble unless made in writing antl signed by the paAies. - . - � I 5 ._._._.__..__.. ._...._.. , � � I . ��}' � � .;� �9E�c4 �8/21/96 Ii:cifa P6 8 OF 55 • • ' ' . _ w .c,•. �'�� '� 28.ENTIRE AGREEMENT.ihis contrac�constitutes ihe entire controct befween the parties relating fo Ihe subJect hereof,and any prior f:j '� agreements perfaining therefo,wheiher oral or written,have been merged and infegrated into thts contuad. � �"�•;!`' kr.,:i...i��r, . ' 29. NOTICE OF ACCEPTANCE: COUNTERPARTS This proposa!shatl expire unless occepfed in writing, by Buy d SeMer,as : ��' evidenced by iheir signatures below,ond the offering party recerves notice ot such acceptance on cx before 19_ (Acceptance Deatlline). If occepied,ihis tlocumeni shdl become a coMract between Seller and Buyer. A copy.�cument - .� may be executed by each pary,separdiey,and when each party has executed o copy fhereof,such copies taken togefher shall be �., deemed to be a futl and complete contrac!befiveen ihe porties. • . y-�..'.�J.� FOR THEBUYER.• - �.��.. //.&•�- — �"a�0'%` ;�' ,-Pitkin CounlyBoordofCounlyCommrssioners;Cha%penon Ikrfe '� ,� �'� Pi/kin CounfyCourlhouse �:;-.r�' 506 EastMain S/reet . . Aspen.CO BI6l1 �'� ^ APPROVED AS TO CONTENI.' �` i �`, �/'�.�.,�� . PiJkin CounJy DAen Spoce and TrarYs Booro'of Tros/ees Dote � Chairperson 1 • �r. ,1 � 1 APPROliE0,4S TO FORM.' ti. 7'�T�u c�+`^(:'/. �— � (�o .1 7/i�� Pilkin Coun�yAttoiney Dote . ;f�,.., �/�,._ SILVER KING ASSOCIATES. A COLORADO �� '�, Seller LIMITED PARTNERSHIP Dote of Sellers S'gnofure f By: THE WOODLANDS CORPQRATION, GENERAL PARTNER By , � ,� '� �1�r� ' SeXer presiden4 Roger L. Galatas Doteof5eller's5gnaiure z • B : THftEE 0 GENERAL PARTNER. il; �, _y\ �1 B�/�-Z�?iLr.- � � � . DIDdS , L II � 6 s i t:� , ' . _..__'__' . ' \�'.".,,".•. . � . ...� t 0 ,_,a' • •..� :�� - ,_, ^ .r: M: ,..- ..,_. + _,. ,. ..:..�.:c�.w,v...�_.__ �h�. t .,96�c4_• 08/�i/96 ii:�lp P6 5 DF JJ •• _.�t..., m �,�1•, ,�l '{}�,.. . ..}�,,, �e ;�;i.tt, C�O�� - Date o Setlers Signature ioa� C,o,ePd•ClYTioN - . fhTTN•',fC7GE,e L� Glt�FfTf},$' 210 I T�r-iF3�.eLOGfF V�.RC� �ti J 7�h/l�aa�,snTdC, Tk 77.��/ Sellers Address � .:', The undersigned&ekecEs}Closrng Ageniacknowledges receipt of the eamest money deposit specfied in Secfion 3. �em�wy Closm enl Name ond Address�9 I1�Ja��y/(�CIC� s7�Z�Jf4�2.T�"1ZT2-� . �BY' �Cl o��• ��l✓i$ �4sp�.,�g'�� !l"� 19,(fo . �� _�� I ai . �.. !�GaI.ClCJ�C.v Date i /7 � tisting Company / /' Name and Addresi �=/,7Y��—/,i� ; ) ' �.l-�/�� '��:) ,_,�X c— BY: �� _-�! . . /7 - �,,.,� ��' v-� � l% �9�� Dat NOTE: Closina Inshuctions should be sianetl ut fhe fime fhis confract ts sianed. � � oa.mc�wa.n�cawxi��,rsn.aar • � � . � . 7 1 j , .�:.-�. t . . ��: . .> �96cc:4 08/�1/96 11:'c'1A F'6 1+� OF JJ Y �` � �Y�,._,..,.�,�•�. 1�.�i:��':.' t' LEG.1L DESCR1P77aN :�, , ..� PARCEL A: ' . �� That portion of the Brawn PZacer U.S.M.S. No. 15047 described as follows: Beginning at corner No. 9 M.S. No.15097, � thence running North 0°28' West 1215 feet to a point; Y_. ` thence North 89°59' Hest ]20 feet to a point; thence South 2I°09' West 1302.6 feet to a point; � thence Sovth B9°59' Eass 600 feet to said corner No. 9, the place of ^ � � heginni.ng. ' EXCEPTZNG FRON che above described porc:on of she BraNn P?acer chat parc �nereoi conveyed 1 _ by Top of Aspen, Znc. �o John W. 3aird•by Deed recorded ;a Book 236 az Page d66 described as follovs: A tzacc of Iand situaced in the NorchNesc cuarcer Northeasc Quarcer of Seccion , 7, Township IO South, Range 84 wesc of che Sixth Principal Meridian, Pltkin � . county, Colorado. Said tratt is parc of the Brown P2acer M.S. 15047 and more � . Pu1Sy described as fo2Z.ows: Beginning at a point on che centerline of Hunzer Creek whence a graniLe scone � for corner No. 9 of H.S. �15047 bears south 34°44'39" East 675.�5 feet; thence Norch 66°53•00" East 90.79 feet aSong the centerline of Hunter Creek; � thence North 35°21'00" Easc 192.00 feet along the centerline of Hunter Creek; °' thence North 29°26'00° East I51.00 feet a1on9 the centerline of H�nter Creek; thence North 09°20'00" East IOS.SO feec along the cencerltne of Hunter Creek; � thence North 00°06'00" East 93.00 feec along the cencerlir.e of Hunter Creek; � theRCe North 16°32'00" West 92.00 feet along the centerline of Kunter Creek; thence North 33°08"00" West 27.91 feec along the centerline or Xuncer Creek to a point on the Easter2y Iine of 91ock 4, Red Mouncain Ranch; thence Sovth 21°09'00" West 67B.05 Peet along che Easterly line of said 81ock 4 to the point of beginning. PRRCEL B: A tract of land situated in the Northwest puarter Northeasc Qvarter of Section 7, Township 30 Soach, Aange B9 West of the Sixth Pri.ncipal Meridian, Pitkin County, Colorado. Said tract is parc oE Tracc I, B2ock 4, Red Mountain Ranch and is more fu11y described as fol2ovs: � 8eginning at a point on tbe cencerline of Hunter creek whence a granite stone for Corner 9 of B.S. 15047 bears Sounh 34°44'39" Easz 675.75 feec; � . � chence South 21°09•00" Wesz 595.23 feec along the 5outheascerly line of said Sracc 1 to zhe Southerly mosc corner oi said Tracc 1; �hence Nozth 26°21'46" i7est 121.00 feec along che souchwescerly line of said cracc to the cencer2ine of Nuncer Creek; , thence Norch 01°52'00" East 62.50 feec along che centerline of Xunter Creek; � concinued on nex[ oage � / ' .�;,, ' t c "i` . ...I ��F:�t ' ..��. ... . . . . ',.., . ...J. ..:'.1 f �.. �/:?�5 I�.�,r.. ..t ..V�Y'.' ..a.. � NL�'�: i; �i��'ti a,. 396�'c4 08/�1/96 il:�lp F�G il OF 55 �X�:;. �,:,�+'<' ,�,;��;; Continuation of Schedule A - Lega1 Description � �?�:,'Lrr; ' �'-der 1JU-�.- ^n022370-C4 .r 1� thence North I3°14'00• East 192.00 feet aZong the cenierline of Hunter Creek; thence North 60°29'00" East 99.00 feat along r.he ceneerline of Xunter Creek; � �.;' thence North 36°37'00" East 2647.SO feet alony che centezline of Nuntec Creek; � � thence North 66°55'00" East 9.21 feet along che center2iae of Nunter Creek to the point of beginn.ing. COUNTY OF PITlCIN, STATE OF COLORADO. . `.r : ir. t� �. . i :� ' ' . � t �, � { t i. � � -_ , , / _ , y;#; . , t � � a ,:�; � .£��;' . . ' . o.i __.� __� r,,-;:, , 3962c4 �h9/c^1/96 11:�:1A F'6 lc OF 5,, i.;'.� G ADDENDUM TO VACANT LANDIFARM AND RANCN CONTRACT TO BUY AND SE�L REAL�STATE Dated , 199 By: Pitki�County 8oard of County Commissioners, Buyer, ''. and Siiver King Associates, a Colorado Iimited partnership, Seller. ADDENDUM to that certain VACANT LAND/FARM AWD RANCH CONTRACT TO BUY AND SE�L REAL ESTATE da2ed , 199 ,between PITKIN COUNTY BOARd OF COUNTY COMMISSIONERS,Buyer,and Silver King Associates,a Colorado (imited partnership, Selier, is entered into simultaneously with that Contract and is supported by the same consideration, terms, conditions and covenants as set forth ' � therein and herein. In the event of any inconsistency between the Contract and this Addendum, the terms of this Addendum'shall govern and control. 1. Continaent U�on BOCC Aoproval. This Coniract is expressly contingent upon o�cial appraval by the Pitkiri County 8oard•of County Commissioners (80CC) at its earliest available regularly scfieduled meeting which occurs after the date upon which this Contract is signed by the Open Space and Trails Board of Trustees, the Pitkin County Attomey and the Seller. The parties understand and agree#hat such approval requires consideration of the Contract at two readings at regular and official meetings . of the BOCC, with a Public Hearing as the second of those meetings, and shall be su6ject to applicable provisions of the Pitkin County Home Rule Charter and Colorado Revised Statutes. Should this ConVact noT be approved by the BOCC for any reason, this Contract shatl become null and void upon the date the BOCC refuses or fails to approve the Contract(unless otherwise mutually agreed by the parties hereto) and all earnest monies shalt be immediately returned to the Buyer. Selfer understands that foUowing second reading and approval of this Contract,the Contracf shall be recorded - in the records of the clerk and recorder of Pitkin County, Colorado. 2. Conditions of Title. The commitment referenced in the Contract shall be delivered to the Buyer together with legible copies of at! documenfs of record (to the extent legible copies are reasonably availabte)noted in the commitment as exceptions, including aU plats. If the Buyer, in the Buyer's sole and absolute discretion, does not approve the condition of title as disclosed by the foregoing documents within fhe time frame set forth in the Contract, then Buyer shall have the right to cance! the Contract and receive a teturn of its earnest money,in which event,the Contract shall be null and void. The Seller shall execute a mechanic's lien affidavit in favor of the Buyer and the title insurance company and its agent issuing the policy at closing in a form reasonably . acceptable to the Buyer. 3. Seller's Reoresentaiions and Warranties. A. Seller warrants and represents that Seller is not now a party to any • litigation,and Seller knows of no litigation or,to the best of SeNer's Litigation Knowledge (the term,SeNer's Litigation Knowledge,as used herein shall mean the actual knowledge . ----_ ---------.. _____�_--- :.,; - � - �'.:.. , , � . f�. :�36::c4 08/21/4[ 11:�'lA F�G 13 OF 55 ' 1::' ; ;,. of Atexander Sutton, Vice President - Engineering of The Woodlands Corporation, General Partner of Seller, Thomas P. Battle, General Counsei, The Woodiands Corporation, General Partner of Selier, Fred Le8(anc, Environmental Manager of The - Woodlands Corporation,Genera(Partner of Seller,and Thomas Gri�n,General Partner '' • of Three 0, a General Partner of Seller, threatened litigation affecting the Property or inclusions, and Seller shal! give to Buyer prompt notice of the institution of any such litigation. B. Seller warcants and represents that,as of the date of closing,there will be no delinquent bills for woric,labor or materials done,performed or fumished that woufd give rise to a mechanic's lien against the property: C. Except as informed in the appraisal dated May 27,1996,prepared by The Aspen Appraisal Group,Ltd.,a copy of which is attached hereto as"Anrtex I",to the bes! of Sellers Knowledge,there has been no landfill or mine tailings deposited on or removed from the Property, no construction debris buried on the Property, and no Hazardous Materials used on the Property or located on the Property. Selle�'s Knowledge as used herein shall mean the actual knowledge of Alexander Sutton,Vice President-Engineering of The Woodlands Corporation, General Partner of Sel�er,Thomas P. Battle, General Counsel, The Woodlands Corporation, General Partner of Selter, Fred LeBlanc, _ Environmental Manager of 7he Waodlands Corporafion, General Partner of Seller,and Thomas Griffin,General Partner of Three 0,a General Partner of Seller(i)without making any particular inquiry, study or investigation and(ii)without the duty to make any such inquiry, investigation or study. Hazardous Materials, as used herein, shall mean any hazardous or toxic chemical, substance or material defined in the Comprehensive Response, Compensation, or Liability Act of 1980, as now w hereinafter amended(42 U.S.C. Sections 96d1, et. seq.}, the Hazardous Materials Transport Act, as now or hereafteramended(49 U.S.C.Sections 1801,et.seq.),the Resource Conservation and Recovery Act,as now or hereafter amended(42 U.S.C. Sections 9601,et. seq.),and in the regulations adopted and publications promutgated pursuant thereto, or any other federal,state,or local govemmental law,ordinance,rule,or regulation. 4. Survival of Reorese�tations.Warranties and Covenants. All representations and warranties made by Seller herein, including agreements and rights of both Seller and Buyer shall survive at ctosing and not merge at closing. 5, deliverv of Eamest Monev Closina Date and Extension of Closin4 Date.The Eamest Money described in the ConVad shall be delivered to the closing agent on behalf of Seller and Buyer immediately following the satisfaction of the contingency set forth in Paragraph 1 of this Addendum.The date of closing shall be August 16,1996. Shoufd the contingencies described above not be met in time to meet the closing date sat forth in the Contract despite Buyer's best efforts,Seller agrees to extend the date of cfosing,for up to a period of two months, i.e.no later than October 16, 1996. Buyer shall notify Seller, ; in writing, of this extension of the date of the closing, by no later than August 15, 1996. t - 2 �.°,:. . , _ _ -��.�� .. ^ � 396224 08/21/9E 11:21R GG 14 OF .�S • F:�, ,,;,.. �.��,;: • i;`.. . 6. Foreian Person Transferor. Seller represents and wa�rants that Seller is not subject to withholding as defined under Internaf Revenue Code Section 897 (Foreign Person Transferor). Selter agrees to execute an affidavit to such effeci at closing. ,. �. 7. Telefaxed Documents. Parties agree that telefaxed,signed copies of both the � offer and accepfance and other contractual agreements pursuant to the Contract are �''. deemed effective and binding upon the party so executing or accepting so long as an actual signature copy is transmitted to the other party as soon as practical thereafter. 8. Inierest on Deposit. All earnest money shall be placed in an interest bearing escrow account with interest accruing to the benefit of the Buyer, unless the deposit is •r� forfeited by virtue of the terms of the Contract. Interest earned on fhe deposit shafl inure to the benefrt of the Buyer if the transaction contemplated by the Contract closes. !f the • � Buyer, for any reason described in the Contract, validly terminates the Contract,which • termination results in the Buyer being entitled to the return of the deposit,then interest accrued thereort shall also be returned to the Buyer. 9. Colorado�thholdinq Reauirements. The Seller has been advised that under Colorado law,a title insurance company or other person responsible ror closing the sale of Colorado real property may be required to withhold Colorado State Income Tax equal to the lesser of two percent(2°!0)of the sales price or the net proceeds earned from the sale of Colorado reai property. 10. Successors and Assians. This Contract shall be binding on and inure to the benefit of the heirs, executors, legai representatives, successors and assigns af the parties. }� 11. Notice. Any notice, demand, or document which either parry is required or may desire to give, deliver or make to the other party shall be in writing and may be � personally delivered to or given by facsimile transmission or given by United States certified mail, retum receipt requested, addressed as folfows To Buyer: Jane Ellen Hamilton, Esq. Chief Executive O�cer Pitkin Caunty Open Space and Trails 530 East Main Street, Suite 301 Aspen, Colo�ado 81611 Facsimile Number: 970/920-5198 To Sell@�: Silver Kin¢ Associates c/o Roger L. Galatas . The Woodlands Corporation 2201 Timberloch Place e l oo an s, 3 i �- ' .__.—_...... _ ._ . _.._ . ..----__�_ ....—---- � --- -:s.�- i ;'' ... ' t e ,..:ti' . ,.i q 396�:'4 0B/21/96 11:'21A R6 1:; OF JJ �,. k�t� r:'. ��., . 12. Miscellaneous. - A Saturdav.Sundav or Holidav. If any time period referred to in this Contract shall - end on a Saturday, Sunday or legal holiday, such time period shall automaficaf(y be ' extended to the first regular business day thereafter. , "`: .• •_� B. Controllinq Law. This Contract shall be construed in accordance witF� and govemed by the laws of the State of Colorado. G Countervarts. This Contract may be executed in several counterparts and,after execution and as execufed, shali consfifute an agreement binding on all of the parties, notwithstanding that all of the parties are not signatory to the original or the same =r counterpart. � . D. Entire Aareement. This Contract contains the entire agreement between the � parties, and supersedes all prior understandings, agreements, negotiations and representations,written and ora{,not contained herein.It may not be amended or modified, � except by an agreement in writing signed by both parties hereto. E. Attorneys' Fees. In the event of any action for breach of, to enforce tFie provisions of,or otherwise involving this Contract,the court in such action shal!award a ; reasonable sum as attomeys'fees to the party who,in{ight of the issues lifigated and the . court's decision on those issues,was the prevailing party in the action. F. Warrantv Disclaimer. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS CONTRACT, WITH RESPECT TO THE PHYSICAL CONDITION OF THE PROPERTY, THE PROPERTY IS BEING SOLD "AS IS"AND "WtTH ALL FAUZTS", WITHOUT ANY REPRESENTATION OR WARRANTY BY SELLER EXCEPT AS SET • FORTH HEREIN. G. Acxess. Buyer acknowledges its understanding that the Property does not have legal access to a publicly dedicated roadway. H. Donafion. Se{ler and Buyer understand and agree that the appraised fair marlcet value of the Property is$225,000.00. Seller is willing to sell the Property to Buyer for . $115,00�.00 and the excess($110,000.00)is intended to be a donation by Seller to Buyer. Buyer agrees to execute all reasonable documentation presented to Buyer to evidence the $1'l0,000.00 donation. � BUYER: - �,:�.-��- �-�a-�G %PITKIN COUNTY BOARD OF COUNTY DATE �� COMMISSIONERS ° James R.Tn�e,Chairperson ; - , i 4 � .,,;. �'a °nF�;. j,•: / '�, . . ,. �� . . e ...i � � �� .; ,. _,::• ,: . �., ,,,.:; ..�. ;::.,.,, ,� ,..... .�.. , ..... '�.,;....��:��. 3962�4 08/21/96 11:2Ifa F'G 16 OF 55 �l'l�:t`!��.:_, i:,'.�;.,.',-;:: . �•: .i..",. APPROVED AS TO CONTENT: %�'' � PI�.��C'.y�., G'�l�. / � �� f �.1., COUNTYOPEN PACEAND • DATE '�e'.�.-;.' TRAILS BOARD William E. L. Fales, Chairperson �J��.: APPROVED AS TO FORM: "•`:r � -�(��.1 .?� �-/'�/�� . =�.•--„-s J�• ,.,-1 - —� DATE Pitkin County Attorney SELLER: SlLVER K1NG ASSOCIATES,A COLORADO ;x LIMITED PARTNERSHIP � . �; BY: THE WOODlANDS CORPORATION, GENERAL PARTNER OF SELLER � F • .� , '��p � G�� o �� . By:� hc y.� I .ctt+ � -.,_. _ �'�. �l� , _Ro�r L. Galatas D E f''M of The Woodlands Corporation 4 - ;. BY: THR E,�O, A Genera2 PAR7NERSHIP, GENERAL PARTNER OF � ' SELLER � �'� , ;� �` �.�,,,t �� t-,�e_ �� /�'/g'.� .Thomas E. Griffin, gen partner ` ATE C:WvPS 7 tworMCOnhaclVnikheN.ad2 . I. 5 1 I -----' — ------ - ------ __ ...__' - / . � • . 3:1�. . ��',' � ' � t ._�� . � % . .M1� Y !.iY ..�a':y�.f:._4�: ..�F?.�^.t?u°.3��.tn�%W�.`?��.::r..:�a�_'_'"�.....tcs.�9C:s.+.�._'?.�5.....ir.�`s��.'Lie�:s+.rlA.v:�_?"i�'s.:.�.aiiiy:..,.:�`.ri'i.:s:.., "�� .:96cc4 E?�5/k_li9L S1:c1F1 F'G 17' OF 55 :yr^.>, r.�`„y'i� �2 . . ✓9..w l ifiL! 0.`t'9 °f +r.� '�-.e"`�s.a� f 1 5 4'�^.tiF �t-�� ^.�.L'i. . w.Y.i �'e ?r.:.� a �sv ,i�S�` }�T y -n'�f�t a'�>`�� > f � Las�"��s�i-;.��uv..'S. .e:,�'�L'sy `%~-�1 ��• -�-yr�1. .4 R.;sI.V.;.� 'r �,��.Yy c.+- a+"`.?'+u`�-�`'�.i��'`�c„"^'r �'^,y��._.� c'z..�+�n;... tM,Fy a�}.�.y�T� S. _ ' . .4� y,' �. 4 l� � ,7�'N'M1s��. , � �h. Ss.-�', �'�7"4"�r�Y"�x {��A2`iY '' �TS'' .. 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L �.�.c.� ��.r:F,.��r t � � . :.a yu�'`t`�-'ia»�.�,'�.a„"L�e'�,,..^ r� . ""''��SS..''t.A.'�.r� rt„�-a`.r*,��iNS'%»f��a-�t;4ra �"�7' c ^F�,� . sv.�:- � .�'"s'��,. ��'�s',a.�R�<.CM�',,a� ,� sl� ts � ?a+��'�S' .,�,Y'�r.,� ic��,,.�'�i�vYn '� !�� ,c,y ��,L �7'- �� y„��77'�x'°,: Vr.}..s?�.��Y�.�.�'r.'4'��".�.� �,�'.�-s`a'.�'J1.'�`� . i '=!. � � �-�:. . r�� 2� ��' . . .�T �sa y µ �{ SILVTR[ilrG?.SSOCI-�TLS PROPGRTY !� =" v � � ' � � �.�i S'�'l��;t��-...., �' i-` . Y::!'� >3'i r � �= .�;u-�'�,=�T-� 9.6.acres in[he Hunter Cre�k:�zea �_�,��£:`x�,h,- .,.'.: ,�c* "= -e -�: ��1-�.��"`.,�"�,��= Pitkin Councy,Coiorado a y_ .�,_ �=r � y . 1 �' _d.��a�a'�"r' �� '� � ' � :+�S�,YY'..,t.�'�� . _ �`'� _ ;7 �� '��;' �tay 37, I996 ��,-"' � "'�". ' �Te�: � u. � ��w�1l..GS,.�(�j("+^yS�• i1'L�. � `. 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's �K�a� f„ f +..csi 1 +�tie.:.e�'a' �'3�,T -,�K+., �,��r �.".a '"'`' �■�[ s!. ?F 'r.� . �,r''ts t. +a-> A t 1 . '�3 �S,:F �k.Sa �C'�) r- t'7h�t v„JGX c+J"fS'r�H4 ti.l*�f'..``�a'xr�y ! ��5'F: L.S�`,��e d.0 �` n �t y '."�,.x� Y�cy�f 1.. � }r ✓ 1r;T:C y '`�a 7 '� r !�.Y . .,yy j ,, �a.{.a r .�rTy � ., � 1 �-'C��,��f'ts2.��7,..�.-��'Y^�"`tC`r=�-l'3v j�.Ta�.��.�� GT�,,,L t: i *t 7�y . �Y a,.. . '�. s.�e. � . _- " � � � + .�' . � ` ' � •'` ;".�_.i :''Gr � ..�... .j S � y �x�._., r'. f� �r k� �.� f'-x ... _ .. .. . .. . _. .. _r:.,. _..%�_. . . . ,.. - ._. . _. .... __ .. ... _ ., . . ,_ . .... .. . .',. ., .. .,.:. ,�. . , p . .. .. . . . . . �.-�1: .. ... ...... _.......�.... . .�,'� .�9bc�_4 12�8/21/96 21:�ip Pri 18 OF .�5 n�, ;:;. �'��i.. �tic�-:.. . . . � �y;;�". L. 1 . SUMIVIARY APYRA1Sr1L of the SIL"VER IQNG ASSQCIATES PROPERTY • 9.6 Acres in the Hunter Creek Area � Pitkin County,Colorado May 27, 1996 FOR: Mr.Tom Griffin � Silver King Associates t P.O.Box 69 . Sullhead City,Arizona 86430 , PREPARED BY: Randy Goid,MAI,SR.A Appraiser-Consultant � Scott M.Bowie,MAI,SRA iAppraiser-Consu[tant ; -- 'Ihe + en . pprusal Group, Ltd. ' • �,.,.,. . , . , , � . . ' :.:�:; . ; , .. . � ;.,. ......:_..,...... ..�. _-..�.... . . 4 , f . _ _ .. Cz�: , 39Ecck 08I'.?1/9E+ 11:21R PG 19 OF ✓5 ?; t;; The `' � �.spen ((onnerly Mollica b Associates,Inc.) �` �'' Appraisal � � ~= Reat Fstate Appraisers f�Consultants � T � Crystal Palate Bnilding•300 E. Hyman•Asp¢n, CD 8I61I•303/925-8987•FAX 303/925-5046 1 -' �:{ .�roup� Lt�. Glenwood Office•2015 Grand Avenue•Glenwood Springs, CO 8I60I•303/945-7889 � '_ x:i . '�. - Scott M.Bowie,MA! 3:,`% Randy Gold,MA1 ' ,Q k-. K . �.�' . ;�. . . :., �� . . i';; May 27, 1996 j;:,, ,.;, ; p: j, Mr.Tom Gri�n ' . � ' Silver King Associates �'•'� 'r P.O.Box 69 Bullhead City,Arizona 86430 . �� RE: Summary Appraisal Report:Silver King Associates Property, •� . 9.6 acres in the Hunter Creek area,Pitkiu County,Colorado Mr.Griffm: � At the request of Mr.Chuck VidaE,we personally inspected the above referenced property with the purpose of estimating its Market Value"as is." Our conclusions aze . offered in a"Complete,Summary Appraisal Report"at your request. Although � abbreviated in some respects,we believe this appraisa(contains all the information necessary for the reader to follow our chain of reasoning to our value conclusion. This � r "Summary Appraisal Report"can stand alone and does not deparc from any of the requirements of the L3niform Stand'ards of Professional Appraisal Practice;it is not � limited in scope. Our analysis of the property has been in-depth and our valuation wouid not change given completion of a"Self-Contained Appraisal,"though sucha document would be more detailed in discussion of comparable sales,the subject property,its � neighborhood,zoning,hi�hest and best use,etc. . �` � '�, . As we will discuss,the subject property according to the Pitkin County Assessor includes approximately 9.6 acres. There is cunentVy no access to the site other than the Hunter .;��. Creek walking trail. Although the site fronts on Hunter Creek and is proximate to �'. Aspen's central core,it will be extremely difficult to develop this property with a ., , _ �i ' L��• :. . ..i , 'j�� , � , , � a' . ,i :;�.. .. 39E2�4 08/�1/96 1I:21A G�G 2�D OF JJ �1d;fi'",�. �'�.a�T(:'.;. . ��,�. 1.• ,..•''` F'' l' conveniiona!single family home for anyone other than an adjacent property owner tivho ; .� may be able to facilitate access and utility extensions. Our appraisal of the p�roperly ?• focuses on this lot primarily as open space,although we recognize that there is atso some •' ;^ speculauve development potentiai. We understand that in theory access could be ' . obtained through an adjacent property throu,,ah private condemnation. Hotivever,that � process would be complex and it is impossible to project how long that woLUld take and how much cost would be involved,both for the espense of litigation and in damage caused to the property being condemnad. For this reason we have focused�ur anatysis on"probtem"properties which will also not appeal to the greater market. ;-�_ Based upon our analysis of the accumulated data,it is our conclusion that the subject has � _� a Market Value(most probabie selling price),"as is,"as of May 27,1996,of: TWO HU�iDRED T'WENTY FNE THOUSAND DOI.,LA.RS � : 5225,000 This appraisal is intended to conform with the Uniform Standazds of Professional Appraisal Practice,the reporting requirements of the Appraisal Institute and the Financiai • Institutions Reform,Recovery,and Enforcement Act of 1489(FIRREA). The definition ' , � of mazket value assumes a"reasonable"exposute time. We have estimated an exposure time for the subject af approximately 12 to 24 months. Attached is our report containing the supporting market data and e:chibits from wkrich,in part,we have based our opinions. If we can be of any further assistance in the 1� interpretation or application in the findings in this report,please do not hesitate to call. T'hank you for this opportunity to be of service. Sincerely, ��/J �� / v Randy Gold,tvlA.i,SRA . Appraiser-Consuitant Cert.Genl.Appr.�CG01313337 ��--- Scott M.Bowie,MAI,SRA � Appraiser-Consultant Cert.Genl.Appr.#CG01313375 The ' � Aspen � APP�� Group, Ltd. .:4�. , j::s_. �1''�;,:.. _ � � . ;::�> .,:; �, _ __ �_ .� _ .�.�� _. _. t�.�f�,��Y,"'�� ;96cc4 08/�1/96 11:::1A PG 21 OF 55 �9�<,�; �_ •.::.. `,. .. . .� CER1'IFIC,�TION � i, The Appraiser certifies and agrea chac: '�. �,,. 1. I have researched the subject mazket azea and have setected a minimam of three receat sales of propettia most siarilaz and proximate to the subject properry for consideracian in the Sales Compazison analysis and have made a dollar adjustment when apQropriace to mflecc the mazket reacaon to[hose items of significant vaziation. If a � significant item in a compazabte property is superior ro,or motc favorable than,the subjec[propecry,I have mado a negadve adjustment to reduce che adjus[ed sales price of che compazable and,if a s evnificant imm in a comparable �' �*' property is inferior to,or less favorable chaa the subject properry,I have made a positive adjuscmenc to increase�he j.� adjusced sales price of the compazable. ' �, , . 2. I have taken inro consideration the faccors thac have an impact on value in my development of the estimate of ; Market Value in the appraisal repott. I have noc knowingty wi[hheld any significant infocmation from the appraisal �' repoa and i believe,to ehe besc of my knowledge,that all stuements and informa[ion in the appraisal repoa aze true � and corrx[. . � 3. I sta[ed in the appraisal reporc only my own personal,unbiased,and professional anaiysis,opinions,and � � conclusions,which aze subjecc only to the con[ingent and limiting condi[ions specified in this form. ��• � 4. I have no presrnt ot prospective interest in the property that is the subject[o[tus report,and I have no prarnt or �� prospective personal inrerut or biu with respece m[he paz[icipan[s in the transaccion. I did not base,either parcially A or complefely,my analysis and/or the atima[e of Market Value in the appraisal repoa on the rece,color,religion, sex,handicap,familial status,or national origin of either the prospecrive owners or occupan[s of[he subject property '� or of the present owners or occupana of che propercia in the vicini[y of[he subjecc properry. 5. I have no present or cantemplated fumre interest in thc subjecc propecty,and neither my current or fucure employment nor my compensa[ion For performing[his appraisal is contingenc on che appraised vatue of the propecty. 5• [was not required ta report a predetermined value or directian in value rhac favors the cause of the client or any related party,the amount of the value estima[e,the attainment of a specific result,or[he occuaence of a subsequent ' event in ord�r to receive my compensa[ion and/or employmenc for performing the appraisal. I did not base che � appraisa!report on a requuted minimum valuation,a specific valua[ion,or che need to approve a specific mortgage _ loan. 0 7. I performed this appraisal in conformity wi[h the Uniform Standazds of Profasional Appraisal Practice thac were adop[ed and promulgated by the Appraisal Standazds Board of The Appraisal Foundation and that were in ptace as of the effec[ive date of this appraisal,wich[he exception of the deparmre provision of[hose Standazds,which does - not appiy. I acknowledge thaz an estimate of a reasonable time for exposure in the open mazke[is a condition in che definition of Mazket Value and the ucimace I developed is consistrnt wich che mazketing ume nored in[he neighborhood sec[ion of chis report,unicss I have othernise scated in che rcconciliation seccion. + � 8. I have personally iaspected the interior and ezterior azeas of che subjecc properry and the exterior of all propenies _�, . • lismd as comparabtes in che appraisal mport. I furthcr certify chac I have uoced any apparen[or lmown adverse conditions in[he subject improvemenes,on the subjec[site,or on any sice within t6e immediate viciniry of the subjece � proper[y of which I am awaze and have made adjustments for thae adverse conditions in my analysis of the propercy value to the eztent that I had mazket evidence to support them. I have also commentcd abauc the effect of the � � advcrse condi[ions on the mazke[abiliry of�he rubject propetty. �. . The •�� ' • Aspen Appraisal ':,..�, Group,Ltd. 1 , . i ' . r ,� �:� ;. � . ;,.,� .,..:,. ..,, . , _ ., . ; , �., - . ; . _ . . �:.�-... . ....:.: . . .{. ,.,... ... .. pai4 yXCi?.. s9bc24 @8/21/9E i1:�lA FG 22 DF JJ ��f"�•��'' ��,�:i�:.��-:i-��:.. . ',�. �,yrj' . �"' �:�;�'i;r, i� _ �. 1, 9. I personally prepazed alt conctusions and opinions about the rtal es[ate thac wcre set forth in the apptaisa!report. , • If I relied on significant profasional assistance from any individuals in the performance of the appraisal or the '•'''. prepazation of the appraisal reporc,I have named such individual(s)and d'uciosed[he specific¢asks performed by ' ` them in the reco¢ciliatioa sec�ion of[his appraisal repon. I cettify thac any individua!so named is qualified m pexform the tasics. i have crot au[horiud aayone ro make a change to any item in the npoR;chercfore,if an unauthorized change is made to the appraisal repott,I will take no responsihiliry for it. '7" ' ADDRE55 OF PROPERTY APPRe1ISED: See Leeal Descrincion on Pa¢e 4 • ' AT'PRAISER: � i Signanm- � i Name: Randv G Id MAI SRA � Dace Signed: �� , Cett.Gen[.Appr./!: CG013t3337 ' State: Colorado � 8xpiratioa Dace of Certification: 12/31/97 �. APPRALSEIt: . Signature: !�'��----, � Name: Scott M.Bowie,ivtAi.SRA Daco Signcd• 3� �� Cect.Genl.Appr.N: CG023I3375 ' State: Colorado Expiration Date of Cenifiw�ion: 12/31/�7 ' -_ The � . A Pei�isal '' GrPoup, Ltd. . _ .F;;,:; . �N':... - _ , � � • , . :�. � ::a:w•> '�Ma:- ' � � . . �..� ; �.;,� . , . ,�. ._ ,. ., � 39E+cc'4 �218/C?1/9E+ SI:.:iR F�6 c.., OF SS - `y,.. v`,.,,"�`> r��;''+; �v::;�,�;:,'i;•• '�r; �;� '�•T� .t' ADDITIONA.L CERTIETCA'TION , ti, . ,r, . . '.', . 'Ihe undenigned does hetcby further cercify tttaz,to the best of my knowledge and be(ief: � �� 1. The repotted aaa(yses,opinions and conclusions were deve[oped,and,this report hu been preQazed in confoimiry with the requirements of the Code of Professional Ethics and the Scandards of Profusional Appraisa( ',i";:,. Practicc of thc Appraisal Ins[imce. . :s.:'.:1,,. ''. 2. The use of this report is subjecc ro the requ'ucments of the Appraisal instiru[e telating to review by iu duly ��:' authorizod representativu. ;�y ° _ h _ . 3. I have personally inspecceQ the subjett property and have contributed materially to che value coneiusion. As of the date of this report,I have completed the rcquirements of the continuing educa[ion program of thc Appraisal [nstitute, rti;�. , '}� � � ••.:aj. dy G id, AI,SRA �� ` Apprais -Coasuttant ' . j • - Cert.Genl.Appr.,�CG01313337 � • � . .i ��.---.� Scott M.Bowie,MAI,SRA ;}. , Appraiser-Coasultan[ . Cett.Genl.Appr.OCG01313375 r :. � . � q . � .� xi �� :'� .. i�!. ' .Aspen ,: i APPraisal ;t� . Group, Ltd. , � � �. , ''' _ - . . .�� .i,.y.> . , ` . �.� 39E2�4 @8/21/9� 11:21A F'G 24 OF SS l:;.:s..: ,.. ., j`3,�'i �i •. sra�v�r oF r.�a-r�rc coivnrriotvs },�: CON'I'I�i TGF.NI'AIVD I,IIyII'Ty4G CONDTITONS:The appraiscr's cettification that appeacz in the apprsisai czport is '�� ., ::;,:: subjecc ta ehe fallawing condiciens: , ti. 1,I1�e appraiser will not be mspoasible for matters of a legal naiure that affect either chc property 6eiag appraised or � ��. the side to it. The appraisez assumes that the tide is good and mazke�able and,cherefore,will not render aay opiaions abouc the tida The propctry is appraised on[he basis of ic bcing under responsiblo ownership. �-�' 2.The appraiser haz provided a sketch ia the appraisat report to show approzimate diuteasions af the iraprovemeats aad - the ske[ch is included only to acsis[the reader of the repott in visuatiang[he pmperty aud unde�tanding rhe appraiscr's decerm;nar,oa of siu. '.r k : 3.'Ihe appraisez has examiaed the avaiIahie flaod maps thaz aze provided by the Federdl Emezgrnry ManagemmT .i: , Agenry{or other data sources)and has noted ia the appcaisal repoct whe[her[he subject sice is tocated ia an idearified �' . Special flood Hazard Area. Because the appraiser is not a stuveyor,he or she makes no guarentees,express ar implied,cegazding ttcis determinacion. 4.The appraiser will not give tescimony or appear ia court be�wse hc or she made an appraisa!of the proQerry in questioa,unless specific azraagements to do so have beea macie beforehaad. riH� I;. .. 5.'Ihe appraiser has estimated the vatue of the land in the Cost Appmach az i[s highut and brsc use and che �,. r improvemenu at tfieir con[ribucory value. These separece vaLvuioa¢of the land and imptovemenu m�uc not be uscd ia conjunction with any otha appraisa[and aze inVaiid if they axe so used. ti, � 6.The appraiser has no[ed in the appraisai repor[auy advecse conditions(such as,needed repairs,depreciacioa,the -� presence of hazardous waztes,tozic substances,ete.)observed duriug the inspection of[he subject pmpacy or thac che or she became awaze of during the norma!reseatch involved in perfocming che appraisal_ Unlus othernise ssazed ia che appraisat rtpoet,[he appraiser has no[mowtedgo of any tudden or unappazcac co¢dicions of the propem+or advetse environmenta!condiuons(intluding thc presence of hazardaus waztes,toxic substaaca,ctc.)that would make the propetry more or less valuable,and haz assumed�ha[chere ace no such condicions and makes no guazanceos ar wazrancies,ezprus or implicd,reguding the condi[ion of the propercy. 'I7�e apprtiser will noc be responsible for any � such conditions rhac do ezisc or for any ongiaeering or[escing[hac caight be required to discover whceher such condiuons exist. flecause rhe appraiser is noc an ezpen in the field of enviroumentat hazards,che appraisal repon must not be considered as an mvironmental assessment of the properry. 7.The appraiser obtained the informarioa,esciraates,and opinioas that were expressed in che appraisal report from -, ' sources thac he or she considen to be re[iab[e and be(ieves them co be crue aad corrac. T7�e appraiser docs noc assume ? responsibiliry for the accuracy of such imms chaz wer�fvmished by other pazcies. 8.The appraiser wi11 na[disclose che contents of[he appreisal rcpoct exccpt u providcd for ia[he Uniform Standards oi Professiona[Appraisai Pru[ice. 9.The appraiser has bazed his or her apptaisal rcpoa and vatuacion conclusion for an appraizal thac is subjecc to sazisfac[ory complezion,repairs,or alterations on[he usumpcion ehac complecion of the improvemena will be �� p�docmed in a warl�aniiloe manncr. ` � 10.The appraiser must provide his or her prior wriam consent befare the lenderlclienc specified in the�apraisal ccport i!� can disuibuce the appraieal repoa{'�ncluding concluaians about che pmperry vaiue,the appraiser's ideadry aad �� pmfessional desi�ations,and refereaca to any professional apprnSsal argan'vations or the fum wich wlrich che aPPttiser is associated)to anyone othec chan che borrowrx,che morcgagcc or iu succusars and assigns;[he mor[Qage �' insurer;cansultanu;pmfessional appraisa[organi�acions;any staze or federslly approved financial ins�icucion;or aay , depactment,agency,or insuumensaliry of the United Staces ar any stace or che Districc of Colutabia;ezcent chaz ch� leader/climt may distribute the propury descripcion seccion of che ccpon oniy co daca coliection or repotting secvice(s) � ' wichouc having co obcain ctte apQraiser's prior writcen consenc. 'Lho appreiser's wricten consene and anproval masc also be ob[ainod before[he apprais�l can 6e co¢veyed by anyone�o�e public chrou;h advertising,public m!a[ions,n��vs, f sales,ot o[her mcdia, . t=:• � —• . e ;i ' 396:_c4 �8/'.:'1/9E+ i 1:c1A PG '�5 OF 55 �;,��,.��> . �i'�_�-�_i'.. RAxYDY GOLD,�VIAI SRA :,:.; i�'» Professional Aftiliations T�-' � 'the Appraisa!Inscimte,MA[d6984,SRA ` Cenified General Appraiser,Stace of Cotorado,ACG013I3337 _ .~� Licensed Real Estate Salesma¢in the State of Colorado(1979) ' �,•f: Member of the Nazioaal Association of Realtors Member of the Aspen Boazd of Realtors Education Universiry of Califomia,Sansa Barbaza,BA,1973,Hanocs ;�,� Appraisat Institum: Seininars and Univeairy of California,LA: Real Estate Principlu Rcat Fscau Appraisa! � Buic Valua[ion Procedures . Aaatyticai Toois of Real Escaze Rueazch ' � Capitaliza[ion Theory&Techniques A&B Income Taz Faccors of Reat Escate • Case Studia in Real Fscate Valuazion Tools&Techniques for Land Analysis Vatuacion Aaalysis and Report Wricing Analysis of Special Properties Ethics&Counseling Training Program • Coucemp.Appraising af Income Propenies � Litigation Valuacion Subdivision Matysis Adv.Sales Compazison&Cas[Approaches Standazds af Professianal Practice `r � Experieace Appraiset-Consultant,The Aspen Appraisal Group,Ltd.(formerly Mollica&Assoc.):Augtuc 1976—preseut Colorado Real Estace Broker:1978—praenc Associate Appraiser,The Epsteia Co.,L:os Angeies,August 1975—October 1976 Designa[ed RM by American Ins[im[e of Real Fscate Appraisers: i982,conveaed to SRA in 1992 Designated MAI by American Insti[u[e of Rca!Fstaze Appraiurs:November, 1954 Major CSients �� Nocwuc Bank Pitkiu Counry Bank Alpine Bank Colorado Nazl.Ban.k Boseon Safe D&T Chaze Manhanan U[e Ciry Morcga;e Is[Wescem Lending Am.Moa.Capi[al We(!s Fugo Mort. Pickin Counry City of Aspen Snowmass Village Resoluciaa Trust Cotp. Central Banks FDIC Appraisal Experience Sin�(e Family Residential Mula-Family Raidencial Condominiums Commerciai/Retail Office Proposed Constcuc[ion Ranches ' Vacaas Buildiag Sices Developmen[i.aad I.odga/Hocels Eas�meau/Condemna[ion Speeial Rtcpose Buildings PurPoses . Iviorcgage Financing Tax Planning ��P1aaning Condemnazion Listing Acquisitian Lnsurab(e Cosc Maniage Dissolu�ion ' Tax Appeal Statement of Certification � The Appraisal Instiw[e conducts a voluntary program of con[inuing education � -_ . for ics designaced memben: MAI's who meec[he miaimum scandard of chis �e �' program are awatded periodic educacion cettifica[ion. ��ncly Aspen ' eenified under chis program tiuough December 31,�996. Appraisal Group,Ltd. � .�;,. . :.,��. � `�: . _ ' , � . ,:; �: . ;,,.. 396c'24 08/21/9E S1:�lA F'G c6 OF JJ cyt'��,'`A �.. t''�j:, scorr rt.sow�,i1�IAI SRA '.,'`,�`. . �.• Professional AF[iliations �;._ .c . i, 'Ihe Appraisal Inscimte,MAI{t6848,SRA ;y.:�; . Certified General Appraiser,State of Colorado,NCG01313375 - +• . Liceased Real Estace Broker ia the State of Colorado Member of the National Associuion of Realrors ��` Member of the Aspen Baard of Raalton Educatian ;. � : Harvard University,BA,I97I.Phi Bew Kappa,Magna Cum Laudc 't:: Appraisal Insticute: U.of Colorado Continuing Education Division: �c.: . • Real Fstate Principles Real Escaze Law '': Basic Valuation Procedures ' Water Law %; ` Capicalization Theory&Techniques A&B Real Escate Finance "+'' Caze Studies ia Reai Estate Valuacion Real Estate Investmenc Analysis Computer Assis[ed Investmenc Analysis ' ' . �`. Litigazion Valuatioa Adv.Sales Compazison&Cosc Approaches � �•'j, Standuds of ProfessionaL Praccice �- 'y Experience N.� • Appraiser-Consultant,The Aspen Apprai'sa!Group,Ltd.(fo:merly Mollica&AssocJ:August 1976—presenc � Cotomdo Rea!Estate Eroker: 2974—present Condominium Propecry Management:Durant Condominiums,AsQen,Cotorado, 1971-76 Designated RM by American Institute of Real Es[ate Appraisers:t978,canvetted to SRA in 1992 Desigaated MAI by American Insum[e of Real Esca[e Appraisers:March,1984 �� Major CIien[s Norwest$ank Pitkin Counry Sank Alpiae Bank ColoraQo NazL$ank Boston Safe D&T Chase Manhattan Ute City Moagage lst Wesmm Leading Am.Mon.Capital Wells Fazgo Mort. Pickin Counry City oE Aspen Snowmass Village Resolution Trust Corp. Ceucca!Banks FDIC ' � ' Appraisal Expecience Sin�le Family Residential Mufti-Family Residentiat Condominiums Commercia!lRetail Office Proposed Coostruc[ion Ranches � Vacant Building Sices Development Land � LodgeslHocels Eazements/Condemnation Special Purpose Hnildings � �, . Purposes • ,�' MoRgage Financing Tax Ylanning Eswce Planning Condemnazion ! Listina Aequisition Insurable Cosc Mazriage Dissolucion ' '� Tax Appeal � . . Statement of Certification �*`�� - 'R�e Appraisal institute conducts a voluntazy program af coatinuing education �e �}� 1 �� _ . for i�s designa�ed members. MAI's who meec�he minimum scandard oF chis � eri ;�, ' . program aze awarded periodic education certification. I am currently P :f cettified under cbis program chrough December 31.t993. Appraisa� ,' i , Group, Ltd. , r , �, r a � = 396c�4 0B/ci/46 11:21A R6 27 OF 55 :; ;;;�... J iA'�;;'".;_ �:' �iti} ; t�':, . 1 `.: • .� A.BOUT THE APPRAISAL • i• Function of the Appraisal: ." �� The function of this appraisal is to assist Silver K,ing Associates in evaluating the subject � property for possible sale and associated tax planning. Scope of the Appraisat: ' r This agpraisa!is a"Complete,Summary Appcaisal Report"in which we abbreviate some aspects of our appraisal document. Neverthetess,it conforms to the Uniform Standazds of Professional Appraisal Practice and is sufficiently detailed to"stand alone." Our analysis has been in-depth and our value estimate•would not change given the more detailed reportiag requirements of a"Self-Contained Appraisal Report." � We personally inspected the subject properry on May 27, 1996. We have been provided with a rough site plan of ihe properly by Mr.Vidal and we have also reviewed an old survey prepazed by Alpine Surveys. Our detetmiaation of lot size is based upon . , information from that survey. The methodology empioyed in arciving at our value conclusion is based upoa only one of the three traditionai appzoaches to value:the Sales Comparison Approach. Neither the Cost not Income Approaches is applicable in the appraisal of a vacant site like the �" su6ject. We have focused on sales of generaliy comparabie land located aeaz Aspen. . Each sale is not a tygical building site but I�as some type of problem,be it lack of conventional aceess,severe site constrainu,di�culty in extending utilities,etc. We emphasize again that the subject property has been analyzed in its"as is"condition. In the course of verifying the¢omparable saies data in our Sales Comparison Approach to value,we have discussed ihe transactions with the seller,buyer,ox seller's agent (attomey,the real estate broker or salespenon}unless noted specifically in the sale discussion. In addition,we have reconciled that data with cLosing information from the records of the Pitkin Counry Clerk and Recorder's O�ce and tEie Aspen Multiple Listing � Service. We have personally inspected Compazables 1,3,4,5,6,7 and 8. � Comparables 2,9, 10 and I 1 we discussed in detail with the buyer,seller,broker and agent involved in the transaction. - The , �Pe� � APP�� Group, Ltd. � 1 �� 111 �F. � �ir �� f`�1'�<.l.q.,r;:';," 396cc4 08/c:l/9E 11:�lA RG c8 OF JJ fi��4 �'r �. ,��- � C"` ,5:�' `; ' � iYJ .`. . i '4• We have not received an environmental study of the property. This area of Hunter Creek ' ��.�.,. has historically been used for open space. We saw no obvious signs of hazazdous materiais stored on the propecty although the map in the Site section locates a"mine ��.� dump"on the property and other Smugaler sites have shown hi�h concentration of heavy metals associated with 19th century silver mine tailin's. Radon is common in our �`' �: area although when present it can usually be mitigated at modest cost We have not been '=+�r ` provided with a radon study for the subject. We should note that we have only k ' performed a cursory visual observation of the property. We have not researched the title, ti�-; - • interviewed current or prior owners,nor have we done any reseazch beyond that normally �" � associated with the appraisal process uniess otherwise stated. The reader should be ��" F� rcminded ihat these comments aze being provided by an appraiser who is not trained or i: ,.; qualified to identify potential environmental problems;therefore,it should only be used to assist the users in their own determination of whether or not an environmentai �"' professional is required for further study. Since the appraisers aze not environmental ' professionals,we cannot be held liable for the Iack of detection or identification of ;`�'� possible environmental probletns.;The appraisal report must not be considered an environmental assessment of the ptoperiy,as would be performed by an environmenta! �!� . professional. �� Property Rights Appraised: . The property rights appraised in this report are"fee simp[e,"subject to easements and - mineral reservations of record. We have not considered any liens,and we are not awaze o£any easements(other than the Hunter Creek trail}or encroachments which adversely � affect mazket value. T'he Huater Creek Trail does run along a portion of the western perimeter of the properry and it has been considered in our valuation.However,we should emphasize tliat we have not been provided with a title policy for the subject. .��. _ � It is common in our market for subsurface minetal rights to transfer sepazateiy from _ surface rights and for both improved and unimproved properties to be sold without mineral rights. This has not been a deterrent to mazketability or vaiue. It.is likely chat mineral right�aze not part of the subject's estate. Hotivever,if they aze nat,it should not adversely affect the subject's mazketability or value. � C ' � � ,--+. . '� � i - ' Aspen '`: r APP�� `'� _ , Group,Ltd. `,;. , . . � . � .x- . .;; 3%cc4 09/21/96 i1:21Fa F'G 24 OF 55 � ��.�:. t��,°;�.;� }-�y:<. . 3 _� , Purpose and Date af the Appraisal: �; ., ti. The purpose oFthis appraisal is to estimate the�farket Value of the"fee ownership"of ;�•�.�• . the property(subject to easements and mineral ri�ht reservations of record),"as is,"as of • '��' Mav 27.1996. The property was personally inspected on that date. Mazket Value is defined as: �:�`?� , . •?`..2.: �' The most probable price which a praperty should bring irt a competitive and open market undet all conditions requisite to a fair sale,the buyer and seller each acting prudently and knowledgeably,and assuming the price is not af,�ected by : undue stimulus. Implicit in this definition is the consummation of a sale ar of a specifred date and the pussing of title from sel[er to buyer under conditions whereby: . ` 1. buyer and se(ler are typically motivated,• `f, 2. both pariies are well informed or well advised,and acting in what they ' consider their owri best interests; , � , 3. a reasonable time is allowed for expasure in the open market � 4. paymenC is made in terms of cash in United States dollars or in terms of � f+nancial nrrangements comparable thereto;and E;� , . S. the price represents the normal corrsideration for[he property sold unaffected by special or crealive financing or sales concessions granted by anyone associated with the sale. {SOURCE: Unifortn 5taedazds ofProfessionai Appraisal Practice,1992 Edition) � ,, We aote that our estimate of Mazket Value includes real estate comttussion. If listed ` for sale or at near our appraised value,we feel the subject could be successfully . mazketed wit[un approximately 12 to 24 months: �ye i • Aspen . Appraisal Gmup,Ltd. , ;�., , � ��:;��. _ � , � d' • .�.�_��r' � . - • � •>i . .,.. _ __ ., �� s96224 s8/�1/96 11:�SA GG 31 OF JJ � � •'3�� ;:; � �:.. . � , .� '1.. 1';: .-,. Status: The Pitkin County Treasurer's Office reports that the 1995 ta,e liability has been paid in full. Current[y,vacant land is assessed at 29%of its"actual value"�vhile improved residential property is assessed at only 1036%. For 1995 taxes,the Assessor is using June 30,1994 ` �� as his valuation date. The Assessor has valued tE�e subject property at approximately $60,000. Based upon his 1994 valuation date,this appears conservative. - ' Neighborhood Data: ' The subject property is located adjacent to and overlooking Hunter Creek,one of Aspen's primary water courses and is accessed from properties at the base of Smuggler Mountain ! appro:cimately two miles notth of Aspen's central core. The Smuggler Mountain neighborhoo@ includes a vaziety of uses domiaated by employee housin�and large ;' condominium projects. However,there aze also a scattering of single family homes in ��•. the azea. Most of these projects are located 1/4 to 1/2 mile south of the subject. � ' ' i The subject properry is located on the east side of Hunter Creek. The west side of Hunter �` Creek is dominated by Red Mountain subdivisions. Tracts 1 and 2 o£Block 4 in the Red ; Mountain Ranch Subdivision aze on the opposite side of Fiunter Creek from the subject. Both of these sites are appro.cimately�five acres in size. Tract 2 is developed with a large, multi-million dollaz single family residence,while Tract 1 is developed with an outdated , residence which is at or near the end of its economic life. Both of these sites(land only) have values we[I in e:ccess of$1,500,000. Red Mountain in general is one of Aspen's most prestigious residentiat azeas and land value throughout the project predominates in ' the$1,000,OOO+price category. � • � To suaunarize,the subject's Smu�gler Mountain nein„hborhood is�enerally desirable for its proximity to the central core and good views although the predominance of - high-density developments have served to moderate its overall appeal relative to the more homogeneous chazacter of Red Mountain. . i AbouttheProperty: �. � • -, According to the survey we reviewed,the subject property includes approximately ,�: •9.601+�_acres. The site is iaegularly shaped,althou?h rou�hly triangulaz. The Hunter :i. Creek water course serves as the IoYs�vestem boundary. �fost of the site is sloping to �:; �,s . The � � : Aspen � APPraisal � ! Group,Ltd. a,; , � , 1` . . : _ , �_ . .,; _.r� `""`�`�.`""�.., " ��. .. � . , � � p ... :': , . . �. � . � . . ' . `.,£�,,�t, g2��y°a� q� � . .. HUNT£R CREEK ROAd ' _ • ;,,7' h �� t' v . , . . ¢ ''�eryo°° � ,?' ", , o, j : '�'JJ b 9�p�K � ' � ' � . .,, .�,�2�: �d�• � 4 . RFD . .. : � -:�,,.�,, 1"D MOUNTq�p : . . oy' .��i Fou,,,, �j RpN�N , bta. 4�,.,',.,�.,;,w p;� �� . 5�°�A�T �I � � � �� . �. _:.,�n .. � ,yg ' Ns6'.s,� , gq,1•Cg • . . �•�•:!�'.�,��y,r .Q•.'[�• ... �i r e$•29 f ?4 6�3 ' 9•2i F . � , �~ ^.�t�'�@Y`y'.�`.v�� ' , . . • �s re ... �.. . � � x ��. . Hi3 � �, •� e.,,., .,M:: '..,.� ' _ ' ,�,y ::5� � _ ..q��.,,.w:'� _.,�;�; +�' X, ' 0� �:i�' f. .i:.'N�x� �" •$ . �� , �!ss. a... . � .Og.vt g9g23 .. �� _,90�9 E. . . . , , , ' .r ''. 5'Ll ' I . • - -. ' . m � �� - � , . ` . � - ru . ! . . � ��~`y � . . � ' T °' . oq �� :,� � r , 10.039 AC.� � o- ' �,c°, � . �U Bp w ' , �a.��sy pAGE 533 y ' : ' . D �.'t. � � J9, a^ � • . ' , p � d�, . � ��s� � . .� � � � - -�� .. . � . . �� , Jy ' t 4 � 989rC,�p . ' .. ' _ � f. / ,� � t� � f ; � - ' � � r � . ' i k. / t r' 1' /. -'� ' �i . ,� � �:•wy t. �:?L�' . ., � p�_ ':.. r h.j . -. ,. - -. „ � ,:.:..::. .. ,_. ; ;., r ,�,.-. - ; ;.; � , ; „ ti .. . . __ . � ' �9Ec24 08/c1J�36 11:21q F'G :::9 OF 85 (''"� ''�'', ,.V�'��. 3 Purpose and Date o£the Appraisat: � The purpose of tlus appraisa[is to estimate the Vlazket Va(ue of the"fee ownership"of ': • the property(subject 2o easements and mineral right reservations of record),"as is,"as of Mav 27. I996. 'fhe property was personaily inspected an that date. , Mazket Value is defined as: The most probahle price which a property should bring in a competitive and apen market under all conditions requisite to a fair sale, the buyer and seller each ` acting pradently and knowledgeably,and assuming rhe price is not affected by undue stimulus. Impficit in this definition is the consummation of a sale as of a specif:ed date and the passing of title from seller to buyer under conditions whereby: � ,: i. buyer and selTer are typfcally motivated; 2. both parties are well inforined or well advised and acting in what they consider their own best interests; . 3, a reasonable time is allowed for exposure in the open market 9. payment'is made in[erms of cash in United States dollars or in terms of financial arrangements comparable thereto;and S. the price represents the normal consideration for the properry sold unaffected by special or crearive,financing or sales concessions granted by anyone associated with the sale. (SOURCE: Unifoan Standards of Professional Appraisa[Prac[ice,i992 Edition) We note that our estimate of Mazicet Value includes real estate commission. If listed for sale or at near our appraised value,we feel the subject cou.[d be successfully . , mazketed within approximately 12 to Z4 months. � _ ' �pen GrPoup Ltd. . _ , ,': „ .. _ � ... � , �; . -,; . .. _: , ..:... ,. ... ,.:. ... .. , . _..,.... :_. .:...,. ._. . _ _ ;; . .;96:'24 �8/cl/9E 11:21A F'G 30 OF 5.� �ti:;, f:f:., . L;` ' ;:;. 4 PROPERTY IDEiYTIFIC�TION " i. . Legal Description: The subject properiy does not have a designated street address. It is legatiy described by metes and bounds. According the to Pitkin County,the subject property can be described as: � A tract of land in the Brown Placer USMS�15047 containing 8.622 acres and fuily described in Deed Book 243,Page 5. The subject also includes a tract of land in the northwest quarter,northeast quarter of Section 7-Township 1� South,-Range 84 West of the 6th P.M. Said tract is part of Tract 1,Block 4, • Red Mountain Ranch,heing fully described by metes and bounds in$ook 310, Page 323. Said tract contains.981 acres more or less. The properry is located in Pitkin County,Colorado. Sales History: � • . According to the Pitkin County Treasurer's Office,title to the subject property is held by Silver King Associates. There have been no arms length sales transactions involving the subject property in the past five yeazs. To our knowledge it is not currently listed for sale. � Real Estate Tax Informatian: State Tax I.D.No.: 2737-071-00-028 � Assessor's Schedule No.: 07-06094 ' Tax District: 1-CF Mill Lew(19951: �26.535 per$1000 of assessed value Assessed Value(1995): Land: $17,400 ' Improvements: $ -0- Total: S 17,400 1995 Taxes(due&payable in 1996): • S 461.72 The � ppraisal Gzoup,Ltd. � .�:r: _1�:. , . , . .,_ . . .; �'',;,:Y:;;r.' s962�4 @8/c:l/96 i1:�SA F'G 31 OF JJ t'•-'`•.' c a: f:(��: l�:- '.. .2'�°.r:, j -.. �. 'i.. Status: The Pitkin County Treasurer's Office reporCS that the 199�tae liability has been '" f� paid in fu1L Currently,vacant land is assessed at 29°/a of iu"actual value"while improved residential �:�`: properry is assessed at only td.36%. For I995 ta�ces,the Assessor is using 7une 30, 1994 as his valuation date. The Assessor has valued the subject property at approximately � `r_. $60,000, Based upon his 1994 valuation date,this appears conservative:. . Neighborhood DaEa: ' The subject properiy is located adjacent to and overlookiag Hunter Creek,one of Aspen's primary water courses and is accessed from properties at the base of Smuggler Mountain � approximately two miles north of Aspen's central core. The Smug�ler Mountain . neighborhood includes a variety of usas dominated by employee housing and lazge u� condominium grojecu. However,there aze aiso a scattering of singie family homes in the azea. Most of these projects are located t/4 to 1/2 mile south of the subject. The subject property is located on the east side of Hunter Creek. The west side of Hunter , Creek is dominated by Ited Mountain subdivisions. Tracts i aad 2 of Block 4 in ihe Red Moiuitain Ranch Subdivision aze on the opposite side of Hunter Creek from the subject. Both of these sites are approximatelgfive acres in size. Tract 2 is developed wich a lazge, multi-million dollaz single family residence,while Tract i is developed witfi an outdated � •v . residence which is at or near the end of its economic life. Both of these sites(land only) ! have values well in excess of$1,500,000. Red Mountain in general is one of Aspen's �" most prestigious residential azeas and land value throu�hout the project predominates in � the�1,000,OOO+price cate�ory. ' To siunmazize,the subjecYs Smuggler Mountain neighborhood is generally desirable for its proximity to the central core and good vietivs although the predominance of high-density developments have served to moderate its overall appeal relative to the more homogeneous character of Red viountain. About the Property: According to the survey we reviewed,tfie subject property includes approximately •9.601+�-acres. The site is iaegulazly shaped,although roughly triangulaz. The Hunter � Creek water course serves as the[ot's western boundary. Vlost of the site is sioping to . . + -_ T'he � ; A pen�� I GPoup, Ltd. ; , , �:*;` _ ; . .,.; .._._...�� _��`"""��, '�� . . � ;'! . . .. � , . _''#� ._ � . � � � , � � .. , p . . . . ^ ' ' . . � ' . � ~ • . � .'. . . . � Z,��S�Z NUNTER CREEK a0A0 - _ .. ' ,;:u.'`,�+'; 2�• ^3 � �� . . . ;oo .r , F �. . . . �,-'� � eo. , , � N�` �,ti tio. BCpek a . , . ; , ' . . ,n A,� `�• '' �� ' gFD . .. ' .' ��,/�.�^- A/��M..�V NT/yA/N Rq .. e°°. r�'c$� <�. s.OpT �� NC}1 . .6Z ♦ •:�v��yi,tiy.�`u�' P,<., ^ � . , a�:,� ' . .• .� ��+�`eayJp�Q�7� �� " N60. A96 SS•' _ . �Sq,.49 ,,�••�/,��'''�',v:.°Q:� � �?Y eg 29 f ryJ6�3 2 f Y� ..'!''�°S`V•.j�v� . , . Ni .,p^�i^'"•-' `s`•�w• r... 2q?S �E -.. " �=" •�,. � . � ��s.: r. � - � � Y� �` . T t. l yf l j!rj '�� -�' . , � $ Il% 9�2� . , �>s F 'Y�+.�.,,,Kr'`_"'�.,i�...�� . � .Ogw � / � 'g ' ' » • - , , . . 5 2� , � . . � , . . '$+ / . � , . .. . . m � -- \ . � . ,. . . ' . Mi 'p :`,y�y' � / T `° 1 +'J+ a �w � . A h-�; � lD.039 A�` � p . � �� • , r� 0/{ . s�a�9� PqGE 533 . �y � � • r . � ��, so � . � / m o� ! ' r.� ,r . . , fV a �� , y� fc �cv{°qOr � � � � . � r � � r � � � , � . � � , . �� ,,�. . * � ..i y . ,, , , � ' ;i9C+c24 Q�8/�1/96 11:�1A PG 3.. OF 5:� �..-�;.�,.;<;; l"��ti �, ' f, 6 ' ' ;�.;:_ .< steeply sloping in topography rwuung generally uphill from west to east and souih to ' .'`: north. The site is heavily covered with mature foliage, primarily towering conifers and �-�'[' �; aspen. There are numerous large boulders on the site. The south�vest corner of the lot �. has some relatively level topography which could be buildable. i=' Currendy,the subject property is effectively Iandlocked. As we have discussed,Hunter " Creek runs along the ptoperty's westem boundazy,sepazatin�it from adjacent property to the west and$unter Creek Road. TEie Michael Property and the Randall Pazit , r Subdivision property located south of the subject would appeaz to offer the most �k'�,.�, , . convenient access. However,otfier than the Tiunter Creek hiking trail which crosses " . through portions of these properties(and the lower portion of the subject}there is no �� I�, other access currentty in piace. Although we recognize that it may be possible to develop access through a private condemnation action,this process will be costly,time �;�� consutning,and risky. Further,it is likely that there would be considerable damages to �' ' the properties which were condemned and t[us would atso have to be a part of any � consideration necessary to affect access. �'�' : �. The subject property enjoys�xcellent views,primarily ovedooking the Hunter Creek . �:� ' • , watercourse. Aspen Mountain is also within the viewplane although views are not as ; open and expansive as from lots on Red Mountain or other ateas of Smuggler Mountain. � Nevertheless,the dominance of the creek is exceptional(see photographs). , r Overall,the subject property by its lazge size alone and proximity to Hunter Cceek would suggest that it is an excellent building site. However,the lack of conventiona!access to - the property,the popularity of the Hunter Creek trail itself and its effect on privacy,the . lack of conventional utilities to the site,and the steeply sloping topography of the property all serve to gready diminish the value of this seemly desirable building site. .�i Zoning: . ± The subject property is zoned residentia[,AFR-10. This Pitkin County Zoning category permits one single family residence per 10 acres of iand azea. The most significant allowed use o£the zone is for�single family dwelling with five bedrooms or fewer and or � less than 15,000 square£eet. We have been informed by agents of Silver King � Associates(and we have no reason to doubt it)ihat the subject constitutes a separately �,. ( developable single family building site with an inherent buiiding right. The subject ; • � property wouid be viewed as a legal lot of record but substandazd in size. ,�. , ;• � �� : . � Aspen �' � Appraisal ' I Group,Ltd. � . _ , .;r. , �.�,` _ , q ,..a' - .,� 39E'�24 0B/21/9E 11:21q PG 34 OF JJ • ••, •••• •. ��t7-:��",4� (:w,n.�y.:..:,7,.. f:-'"?i'.. �.... , �; , '. . :j1, .t' �� Before approvai of the subject property could take place,the 1041 Environmental Hazard �'r' �.�N Review process of Pitkin County would need to be satisfied. The 1041 process evaluates � the subject properiy on a range of criteria inciuding floodplain hazards,geologic hazards �� including avalanche,landslide and rock fall impacts,whether or not the site is located in a historic or azcheological resource area,and impacts of the development on wildtife and �J'�'� , or its location within a wzld fire hazard. The most obvious criLeria effective the subject's -_':�. � development would be hazards associated with the floodplain affecting and geologic hazards resulting from steep slopes. ��. . l. The subject property also has a practical probiem in that it is landlocked. As we fiave ;; . discussed,there is currently no convenfional access to the property other thaa the Hunter �.., Creek hiking trail. This access issue is critical and fundamentai to the development of the property and would need to rec�ed prior to any application for development• � Without conventiona[acoess it will a(so be impossible to driit a weil. It may aiso likely be very diffcult to devise an appropriately engineered sepric system given topography 1 soils and proximity of the buildable land area to Hunter Creek. � ��%,. . In stunmary,the subject property is substandard in si2e for the AFR-10 Zone but, `� , according to Mr.Vidal it is a legally created lot of record. As such it would be entitled in theory to a development of a single family residence. However,before that residence $ could be built,access would need to be shown and the County's iO4I Hazard Review �` process would need to be evaluated. - rt . i � l `. � . iL � �) , ' i - The � AsPeranisal � Gr�oup,Ltd. . � 1� � ... , � ; � � � :,�� . ...: �„��.:.;,;:;;... �.�:;,�,,,..:., 39Ec24 d8/cl/96 11:21A F'G 35 OF 55 ��;:�"''�"f i'�:;�'�;. , e�:,; Fy�;;t• 8 -. f;:;,� .� i, :r',., HIGHEST t1ND BEST USE '' � �;'�.. Real estate is valued in terms of its highest and best use. Highest and best use in this valuation is defined as follows: - The reasona6ly probable and legal use of vacant land or an improved � =� properry, which is physically possible,appropriately supportec� financiallyfeasible,and fhat results in the highest value. The four criteria � + � the highest and best use must meet are legal permissibility,physica! �; � possi6ility,financial feasibility, and maximum profirability. !� i ..: The ternn highest and best use of Iand or a site as�though vacant in[tus valuation is ' � defined as foilows: , Among all reasonable, alternative uses,the use rhar yiefds the highest present •�%t land value, after payments are made for labor,capital,and coordinatiorr. The use �!' of a property based on the assump[ion that the parcel of land is vacant or can be � . made vacant by demalishing any improvements. �� (SOURCE:The Dictionarv ofReal Estate Anardisal.Appmisal Institutq Third Edition, Copyright 1993) Hig[�est and Best Use As Vacant: The subject property is currently vacant. As we have discussed,zoning alone does not i appeaz to preclude development of the property,although any development wi11 by - necessity have to satisfy the County's 1041 Hazazd Revie�v process. In addition to the S steep stopes effectin�this site,the biggest problem to its development,as we have emphasized is iu lack of conventional access. This is clearly not a"typical"buildin�site. Any development of this site wiIl be sensitive due to its lacation adjacent to Hunter Creek and because the public has had access accoss this property for yeazs via the Hunter Creek hiking trial. ' � In consideration of ihese factors we feel that there are several potential buyers for the �, . subject,each one reflective of its highest and best use. •' . �.. . 1. The property can be putcfiased for open space,to be used and enjoyed for �' ��' The t��' �` -- • Aspen ; G oup L d. � � . .t�; _ . , .�- . ..., ti:F. 1 F•. .. .. ...... .. ... .... - . . . ... +9E+2.c4 08/�1/96 11:�1A F�G 36 OF 55 � .« F,��, � .. ! , i,, 9 �. . -,:. the public benefit. Interested groups may inciude the Wildemess Land ' .% Trust,Pitkin Counry Open 5pace$oazd,Pazk Trust,or a variety of other � non-profit organizations dedicated to land preservation for the public benefct. 2. It is also possible that the properry would be purchased by adjacent r~` property owners on the west side of Hunter Creek,most likely either - Tracts 1 or 2 in Block�of the Red Ivlountain Ranch Subdivision. These , - - _ buyers would also likely be purchasin�the property for open space and • privacy protection. It may be gossible to utilize the development potential of this property by a physical connection such as a pedestrian bridge and i: to develop a portion of this properry with a small guest house or some _ type of other accessory use to their inain progerties. However,this buyer may not be concerned with any development on this property,motivated only by their desire to controi this part of their view corridor. �� . 3. The property could�be purchased by an adjacent properiy owner to the south of the subject located on the east sede of Hunter Creek. The Michael property directly south of the subject would appear to be a likely purchaser. This buyer has the ability to extend more conventional access to the properiy as well as utility extensions. ` ;. �v _ 4• The last type of buyer is someone desiring to purchase this property for construction of a smatl ca6in. This type of buyer wouid not be interested in pursuing access and private condemnatian but would be content with hiking or walking access to the property via the existing Hunter Creek ` Trail. Staging of construction will obviously be very di�cult and costly � and utilities will be very problematic. However,this type of buyer would likely be content with a small approximately 500 to 1000 squaze foot cabin,within walking distance to Aspen's central core and adjacent to Hunter Creek and without conventional utilities. Highest and best use considerations for this property are not straightforwazd. The sensitivity of this property by virtue of its location adjacent to Hunter Creek and the , Hunter Creek Trail,the lack of conventional access or utilities,and the site constraints all ' serve to greatly complicate any development of this property. Nevertheless,we feel we have identified four potentiat types of buyers for this property. i, The ' A.spen, Appraisal Group,Ltd. , i.�:, , , ; , ._�- . ; 4 .:9Ecc'4 +Z�FI/.'_'1/9L IS:clfl F'G :.7 OF 55 �: � � �, i '. ox p� fp p p� o F" ' .. -m O � C fD � r � (i N � U1 OI Ct t� IV .. .�.V � C m 1�0 � � � m O ` � �O � � ~ . .�..m d U r �o r � � � � � n � � '_. K � � , N J m m . d b N V 7 � H a . ��d.r � N W W �"' � F� ? _ � . S ::.:�C7 � � � . ' , � c aa a m 9 -� � � �� N . .7 7 � p Ol � N ~ � , .. -�.q N W U Ur' � � G C C U �� j L ti N L � N .� N � J �gg � . :� .: � � 'a m = ai a`� $ c al C �&�' . .� m m m m w � ar N _ °u C . �� u � � � � � p � u � � 9 � r � - N � r N - ;......_..:..'' aa o � 3 a 3 � c7 7 � o� 3 ¢ ,:=' � a _�_ ::E L y N L t .� L E �Uj L t l� N � : . W 10 � q N 10 t0 t 9 N� N N N � !'Y, U U 3 U U U U � O D U o U O V � 1� �O Y � m S � Q � � � O � . �� v �p P < O1� M(� M 1� � � � 1� � :::.tmi.�Q � �p � � � CV fV � N M N M N :.:a:a M �n .°n w w w w w � � � � � � � � � � � � � � � , � �, < ^ o � �� e . � ..�V O � R � N M M M K W M M N � . a E � .. ...... ....:U � � �..,.d m v $ ° v $ ^� S � �i�, f° � g ,� o � m � � � R � � � � ,.,N � m� m S � " S v �� ' v � Y ? m c�i Q � � a » J t � V � J TI � a E aa c a a a < m � � o o a � `. i d? 1 .� m � U U c � yA c� U .- tn � a`� m` _ = L . � a .� '� a a � > > '�' J A m J J M � tn N � y � (t .C 0�{ � C d 0 W U � 9 C ` e ° c � o c � c �o u m m a a � . ::..a l+ m .5 a v+e Y c p � y �'.:�:� li K � lL W 1i W 7 � � U' (7 fo . Q ' ' - � � � N a�.A � � � � �' � � �2' � �' �� ' - d ya o o � a a a �i o j . R � � � I � � � .,:: � ,. � ' �.. � �,�:A. � t0 . � iv ri �v�� n .o�� r ,a'-�� a m o .T . � y � i . ,'I; r a .z , • .:_� �. , . - -. ,. .. .. _ , , _ , .. . „ � . . .. . . , . .,.., . ,__. ,�,.. r.; � . ...iv... . ....._�.._ .... . .�j��:;.��,ti ��F�k::'.� 3962L4 �18/t?1/96 11:21A ❑G .:9 DF 5:, F-+,��;'�;;�� ' f. -.'..., (, k'�''•:• `,: .. 10 ' t 'l. t , VALUATION SU�INIARY i�. As we have discussed,the subject property presents numerous difficulties in terms of ;:�,.�• singie family development. Most notable among these is the fact that there is no legal or practical current access to the property without crossing neiahboring lands. The site has , . ' the potential to be a very valuable single family site with its proximity to Hunter Creek, , views south towazd Aspen Mountain,and priyacy,but as a practical matter oniy perhaps two neighboring properties could approach that development potential. In addition,we foresee difficutties with the County in improving the site through which the Hunter Creek Trail meanders because of the attitude in the community against such development,the steepness of the topography,and the ecologicaliy sensitive character of ' the immediafe area. We believe the County will oppose in any way possible !�• development of the property with a large luxury sin�le family home. There aze abundant � methods within the Land Use Code to provide such a prohibition by concerns for slopes, �' . � . access,availability of utilities,eta I . j It might have been possible to analyze the subject by trying to estimate the value of the � building site upon receipt of 1041 Hazard Review and approvals for development of a � _ single family home. From that would have to be deducted costs,risks,and delays in condemning access and fighting the County for approvaL The proFit motive wouid have _ ' to be huge given the extreme risks that the Counry will deny attogether development or will so limit the size or scope of a sinole family home as to undermine the underlying land value,even if other issues like utilities and access can be solved. This analysis,in our opinion,would require such a degree of judgment in assessing quantity and scope of i' the risk as to undermine the validity of the conclusion. ' We feel it is much moce useful to look at sales of propercies which may be somewhat � dissimilaz in location and de�ree of"problem;'but which show a jeneral range in what buyers aze paying for open space or sites with very limited development potential surrounding Aspen. On the facing page is a chart of 11 such sales azrayed by the sale price per acre. We recognize that the buyers razely purchase homesites on a per acre basis. However,when considering"open space"pazcels or sites with very limited • development potential,the price per acre becomes more meaningful. There is obviously some direct correlation between price and size az shown in our chart. As a general � �'. i . The APeraisal Group, Ltd. - � ' ,1` . , � ; e .:,'ti:.• . , . .�i ;�:. '.:: ;,::. ... . , �f'.;"Y;,::... e;� ; �9E��4 08/:'1/96 11:�iR F'G 39 OF JJ i�,<;; ! t. ,.. li , ti. statement,smailer sites sell fot a much higher price per acre,while the targec sites ��,.., . establish the lower ran�e in sale price per acre. A brief description of our sales is warranted. Sates 1,4 and 5 are located neaz one another in the Castle Creek Valley approxima[ely 3 miles south of Aspen and are associated with a 2-lot subdivision known as Feinsinger �.�' Lot Split. A new adjacent subdivision known as Castle Creek Valley Ranch was developed beriveen 199d and 1993. The first reservation�vas for the best lot in the . • subdivision,Castle Creek Valley Ranch Lot 7. The purchaser felt that his privacy was • dependent upon ownership of an adjacent 13-acre pazcel associated with Feinsinger Lot . Spiit Lot l(it was an open space parcel known as Lot B). He ne�otiated with the owners of the Feinsigner piece to se11 that 13-acre open space parcel to the Castte Creek Valley Ranch Partnership for eventual transfer to the buyer of Lot 7. The site consists of some hillside and level land azea near the original building envelope for Lot 7. A barn was aliowed on the property for Feinsinger Lot Split Lot I and that was the tauyer's principal � objection. Ownership of the property also allowed a smail espansion of the building envelope for Lot 7 as well as insuring privacy. The purchase of Feinsinger Lot Split Lot � B is shown�s Comparable Sale 6 at a price per acre of SZ5,000. During its escrow period[his buyer further decided that another 1.1 acres of land owned by Woods and Mazza as part of�'einsinger Lot 1 was important to his awnership and privacy. Purchase of that property is shown as Comparable Sa1e 4 at$50,004 and �� translating to slightly over 545,000 per acre. Like Lot 6,Lot 4 had no independent deveiopment potentia!and added no additional building right to Castte Creek Valley . Ranch Lot 7. It constituted open space only. Sale 1 is another open space pazcel transferring between a Feinsinoer Ti..ot Split owner � and a disinterested party in Castle Cceek Valley Ranch Subdivision. In 1995,Feinsinger Subdivision Lot 2 sold for�2,000,404 in a cash transaction. The buyer was approached by the owner of Castte Creek Valley Ranch Lot 4 across the access drive. Lot 4 wished to purchase a portion of the Peinsinger piece adjacent to the building envelope of Lot 4 and inside a curve in the road. The loss of the Iand represented no detriment to Feinsinger Lot 2 in terms of privacy or view as the Lot 2 building enveiope is on the hill above this pazcel and the land sold lies across the road with minimal utility for Lot?. The negotiated price was$200,000 for 1.81 acres. This enhanced the privacy of Castle ' Creek Valley Ranch Lat 4 but did nothing for the FAR fox the Castle Creek Valley • Ranch purchaser,and contributed no more deve]opment potential. The buyer had jusY purchased Castle Creek Valley Ranch Lot 4 in]anuary, 199�for$1,200,000. The 'Ihe ' " �P�n Appraisal Group, Ltd. , � t: �` � ; : � . ;�-,� _.; ,...: ,, . , ,. ,, .. .. . j . . ..,.. . . . .. .. . . -�c-.._... .. ..... . . . 39E224 �8/,'_'1/96 11:'�1R F'G 40 OF 5S I"�`:', y.. �2 1. [ransaction was cash. This sale translates to 5110,000 per acre. It appears to us to have ��• . been a very aggressive price primarily because of the buyer's interest in insuring his privacy. Sale 2 is a purchase of a neighborin�property by a Red Mountain]andowner. In fact, the[and purchased was"[eft over"after the seller's principai ownership on Red Mountain � was transferred in the early 1980's. The tand acquued did not constitute a separate building site,thougtt the buyer believed it will increase his F.4R. The buyer reported to - ' us that he did not believe the purchase was entirely arms-len�th and that he was given a - "deai"by the seller because of long-standing obligatioas. Nevertheless,the purchase is in line with other sales we have in our chart for sites of this size considering that the land has no practical utility for the seller. We have been asked to keep co�dential all details pertaining to this sale,particular[y its e;cact location and parties involved. Its principal utility to the purchaser is to insure that a neighbor does not own the land,to enhance privacy,and possiblv increase FtLR(potential buiidout on his site). It remains to be seen whether the County will allow such an FAR increase by viriue of this purchase of what constitutes open space. This sate transtates to slightly over 56�,000 per acre. The small • size of this parcel would establish it as the extreme upper ran�e on a$/acre basis for the much lazger subject property. Sale 3 is the Newfoundland Claim,a steep site located south of Ute Avenue,east of �. Aspen's central core. At the time of saie it had 1041 Hazard Review approva!for a • 5000+square foot sin;le family home. It is within walkin�distance of downtown Aspen - at the base of the Aspen Mountain hitlside. The steeply sloping topography limits sun exposure. The site is wooded with heavy conifer cover. Some of the site falls in an avalanche zone and very littie of the land is usable given its very radically sloping topography. Access is via a narrow and steep road but vehiculaz access year-round tivas • available as well as utilities. We believe the avalanche hazard of this site,particulariy affecting the road rather than the buiIding envelope,deterred many buyers. Nevertheless, the more ready development potential of this site would establish[he sale pzice per acre at�45,OOU as the extreme uQper range of value for the subject property. Saies 5,7 and 8 aze pazcels loaated on the backside of Aspen Ntountain within 30 and 45 , minute driving time from the downtown core(when the roads can be negotiated). Sale 5 had been rezoned RuraURemote which limits development to a 1000 square foot � backcountry cabin. R/R zoning does not allow traditionat utilities or plowing a road for •winter access except by Special Revie�v. However,an immediate neighbor does not fall wiihin the RuraURemote zonin�and already has access and utilities available to ihat � The ' Aspen Appraisal Group, Ltd. " , �� .., r , , .� . � ' � _. . � �4��i +�8/21/96 11:2lW FG 41 DF JJ �� ;M ; ip�� ' �r - 13 , � , ��• home. This site is very similaz in size Yo fhe subject. Tt has avezage to good views of . surrounding mountains but na water frontage. It is very secluded and,as we have noted, ' `�' .�; � is limited to development with no more than 1000 square feet(althou,gh an existing 300 _ SF cabin will be allowed to remain as an employee ho�sing unit). The fact that there is no legal access issue for this properiy and practical access is also in place suegests to us ' � that though the development potentiai of this site is affected by its Rural/Remote xoaing, r,'_ " it shouid establish the upper range of value for the subject property at�29,OOO/acre. � � 5ale 7,the Eva$elle and Little Dick Claims,represent an 18-acre building site on the . backside of Aspen Mountain purchased prior to the adoption of RurallRemote zoning. It . � has been developed with a 3460 squaze foot high-quality backcountry cabin. Though legal access is available to this site,pnctical access is limited by heavy winter mow cover. The site is available by 4wheel drive vehicle during the months of May-October, � but after the snow fties only snowmobile or snowcat access is available. The road is not plowed. Traditional utiiities are not available to the site. The lacger size of t[us site, � twice as large as the subject,would tend to skew down its sale price per acre. Views �!' from the site aze excellent and at the tune this property sold,development was not limited _ I by zoning,though practical impediments e:cisted. We consider the 1ega1 accessibility to this site as superior,though the affect on the price per acre of its much lazger size is , � offsetting. The sale price per acre at�23,000 is a useful guide to value. ! � T'he Urs�hel properiy,Saie 8,is located on the top of Richmond HiII,south of the Aspen , Mountain gondola site servicing the ski area. The site sold for$517,000 but IncIuded a i ' , 1000 squaze foot A-frame cabin which added approximately$50,000 to value. The � � purchase was negotiated between family members in a complicated transaction,but we believe the price agreed on was intended to be mazket value and was heavily negotiated between the buyer and other members of the family. The site has 360-degree views and � no legal access issue. Practicatly speaking,access via the same rougti 4-wheel drive road that services Saie 7 is available to this site during months when snow is not on the ground. During the winter,however,access is only via skis,snowmobile or snowcat. No � traditional utilities service this site. A[the time of sale,an agreement had been reached with the County limiting development of this site to no more than 1500 square feet,a � severe impediment on development potential. The much[azger size of this site would tend to skew down its sale price per acre. At�13,500/acre,we feel this should falt below the lower range appropriate for the subject. rSales 9 and 10 show uansactions of backcountry mining clauns to the United States govemment via the intermediazy vehicle of the Wildemess Land Trust. Sale 9a is � � The AsPen �� APp�� Gmup, Ltc :*c. , �.'x�':.. � , . ,.,;, , . :... .. ., � �;:°.,�;,;::_ 396�c:4 08/'21/96 11:$lA F'G 4C? OF 55 Y';="';'` �r�'`, . +'.i''ii1';.:;,'_'',�_ � L4 � �.. situated in the East Maroon Creek Valley while Sale 10a is in the Conundnun Creek -'��e��° Va11ey. Neither has practical access for much of the year. The Mark and Silver Core � � Lodes aze approximately 2-i/2 miles from the Mazaon Cree[t paved road which is closed �� during the winter. The Grand Prize and Handy Andy C(aims aze 4-1/2 miles from the dead end of the Conundrum Creek Road. Needless to say,no traditional utilities aze s;''� available to either of these sites. £ach site represents potential for development with a �•��:r. backcountry cabin,khough neither affords the possibility of development with a ;:; . traditional singie family home. Soth properties represented open space purchases. The t, . sale of 9a to Keffeler was for cash,but Keffeler turned around and traded the property . with the United States govemment,the sole reason for his gurchase. The Dean sale, ! Compazable 10,closed at S 192,500,but the difference beriveen that and the.appraised vatue of$220,000 was a gift from Dean[o the Wilderness Land Trust. We have added 30°/a of that gift as represenun�a taC savings to Dean bringin�the effective price of that � purchase to$Z40,750. These larger open space sales at 56000 to 59�00lacre should fall weil below the range appropriate for the subject. �:'f� � Sale 11 is the last transacuon,a large 153-acre pazcel on Smuggler Mountain known as �� the Warren Lakes property. 3'he site is located at the Yop of the same mountain on wttich � , the subject is situated at the base. The site consists of pasture,high meadow,aspen and � conifer forest,and a targe peat bog which has been commercially esploited in the past. The property was purchased j¢st before the institution of RuraURemote zoning. T'he i reason for ttre purchase was for trade with the Forest Service for other land in the Vail - azea. Thus,the reason for the purchase was eventually for use as open space. The property is located at the end of a long,steep,and winding 4-whee!drive access road. Aithough there is no lega!access issue(to our knowledge),vehiculaz access is very difficutt during all of the year and impossible in winter. No traditional utilities aze ,' available to the site. The much lazger size of this parcei would estabiish its sale price per l acre at$5700 as the extreme lower range. i' �. Summary: , ) Our sales reflect a range of value from appro;cimately$�700 to over$1 I0,000 per acce. The much smaller parcels gurchased as open space like Compazables 1,2,and 4 ranging between$45,000 and�110,000 per acre musC set the e:ctreme upper range for the subject. Despite the fact that none of these sites had independent development potential at the • time it was purchased by a neighbor,their much smaller sizes tend to skew ug their saie � prices per acre. � The ' A Pernaisal ( Grou�, Ltd. . , _ . ; . � , ,:. _ � � : a � .a� . , i 396c24 +88/cl/96 11::_SA PG 43 OF 55 �� '�,'%1.�,' _ �f�� {r• �` ' . �1 � ' '�•�� I� 'i• Sa1e 3,the Ne�vfoundland Claim,is similar in its prosimity to Aspen,probiematic :� �' _y practical developmeni,though it has legal access and utilities available. We feel that sale "- at 545,000 per acre should also faii well above that price per acre appropriate Eor the i'' subject. The much lazger sites,like Compazables 3-11,should set the lower range on a price per � acre basis beriveen$570d and$I3,300 per acre. The subject property has a better and � k ;'. more accessible location than Comparables 9 and 10,'and with even fewer deve(opment �, _ . "headaches"than any of these three sales. The site is more similar to Comparable 3 in . terms of what can be done with the land,though that property is much farther from central Aspen and its large size would ske�v down its sale price per acre. ,:;,,� df our sales,we give greatest emphasis to those most similaz to the subject in size, `';y Comparables 5,6 and 7. These sates reIIect a range of value from approximately �s. � �23,000 to 524,QOO per acre. The upper end of the range is set by the Erie Lode,mast • ��' similaz to the subject ia size,but a site with both legal and practical access yeaz-round. That should set the upper range for the subject. The Feinsigner Lot Sp[it parcet, y� . Comparable 6,is s[ightly lazger and was purchased purely as open space. The neighbors . need for this ro e to rotect rivac ma have skewed u the saie nce er acre. The � P P rtY P P Y Y P P P Eva Belle and Little Dick,Compazable 7,has more ready legal ac�ess but similar practical access. The lazger size of the pazce[wouid skew down its sale price per acra but this is offset by the fact that ihe site has legal access to the building envelope and had `�' - 1041 Hazazd Review for devetopment at the time of saie. Based upon all our transactions,we feel a range of value for the subject from 520,000 to 525,000 per acre is most appropriate. We feei the property would be readily mazketable to a neighbor at this price as open space and privacy protecYion(the owners of Red Mountain Ranch Block 4 Tract 1 and 2). Govemmental entities or quasi-oovernmental � entities like the Wiidemess Land Trust,Open Space Board,che County,or the United States government might also be interested in the properiy becaase of its proximity to Hunter Creek and because the Hunter Creek Trail bisects it. Another potentia[purchaser at this price is a landov✓ner at the base of Smuggler Mountain on the east side of Hunter Creek who could provide direct physical and legal access to the property. We recognize , that development with a conventional single family home will su11 be complicated by �, apglication through the 1041 Hazard Review process in the County and the County `�� • disinclination to allow devetopment on this site,but we can see such buyers purch�sing a ."flyer"at a price that could provide a substantial upside if development is eventually �� received, Finally,we feel this price range is also obtainable from someone seeking a �� : f. , - �+ , i The �� . Aspen. `�� Appr�usal �.;a Group, Ltd. _ , `'' . � , � �:. �+;k... ..55 _..-r... � -. . .. � . . ... �� ' . �•.. � • � .. .�........Lr..�a..-� ..�.._o - ..�«..,. c � 'r � :� . .... �t� t.'S. . 396'�'�4 �8/:�1/96 11:21A F�G 44 OF 55 ^i,' ,..`,;:, v;, � '':'. l6 _ .�, � ' Jr "cabin"site near Aspen with enjoyment of the Huatet Creek area who will not seek legal � vehiculaz access or utility access to the property but will accept it"as is." Applying our estimated value ran�e for the subject suggests the followin�value estimate: � t.•r $20,000/acre x 9.601 acres = $192,02Q $25,OQOJacre x 9.503 acres = 5240,025 . - r � In our opinion,the middle of this range,is best justified,and we sefect a£nal value for �. the subject,as of May 27, 1996,of: � TWO HUiVDRED'T�VE�(TY-FIVE THOUSt+.ND DOLLARS 5225,000 '° � �r � i i � � . � . i�'`�. � . �. 1 . �. 4 I � • ( � � � . �. � i •. � '. �- � i 1 Y. � ' The � . Aspen APPraisal � Group, Ltd. . . . , 1 . � � � , �� . �:, ;- � . .:, . , n ":.;-, �: , � ,. . . , ., . ,. . ..� , .. � � .. .._ s: �. . . �' w. ..'..... . - r.r.� .. .. �.'...:.1... . . l::.i .,-.Ai.� .. . .� . .......:� . �`';Fh�' . :�96c.='4 08/.'_'1/96 12:c'1A PG 45 OF 55 �;:,:!�'� �,..i(` FV��' > �: _ t' Z .�� , .J > • :r '. . I . �' i . I � � � . i � • � ' 1 � • � . .•;-x�; : � . , ,.-. � , . . � . ..�` , � . .5�.�� .t- .� ��0 S .'ly . � ,�i ,ZI��'�Q Yy,: '� �''� �� .. .`�.a� .'. 1 r .��?�it.'�� 1w �yR �,i. 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