NOTICE Notice is hereby given that

80424 | 06/21/2019 | Ad id: 8-0000440013-01
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NOTICE Notice is hereby given that on June 11, 2019 the Breckenridge Town Council approved a site specific development plan in the form of an Amended and Restated Development Agreement with LH Mountain Ventures, LLC, a Colorado limited liability company (Developer) for the property and purposes described below, and created a vested property right pursuant to Colorado law. The Amended and Restated Development Agreement amends and restates that Development Agreement between the Town and Lionheart BGV Ventures, LLC, a Colorado limited liability company, dated as of August 15, 2018 and recorded September 28, 2018 at Reception No. 1181305 of the records of the Clerk and Recorder of Summit County, Colorado (Original Development Agreement). Legal Description: Lot 4, Peak 8 Subdivision Filing No. 1, According To The Plat Of The Fourth Resubdivision, The Remainder Of Tract C, Peak 8 Subdivision Filing No. 1 Recorded On December 20, 2018 At Reception No. 1187721, Summit County, Colorado (the "Property"). The Property address is 1599 Ski Hill Road, Breckenridge, Colorado 80424. Project Name and General Description: The project that is the subject of the approved Amended and Restated Development Agreement has yet to be named. The project will involve the development of a four star, flagged, luxury hotel containing approximately 150 rooms; approximately 110,000 square feet of residential condominiums; approximately 11,00 square feet of commercial; and approximately 10,300 square feet of Guest Services and Support Facilities (as defined in the applicable Master Plan) with the amenities and commercial services required for such a project. Purpose of Agreement: The approved Amended and Restated Development Agreement makes the following changes to the Original Development Agreement that are deemed by the Town to be substantive in nature: 1. The name of the Developer has been revised to reflect that on April 12, 2019 the Developer changed its name from Lionheart BGV Ventures, LLC, a Colorado limited liability company, to LH Mountain Ventures LLC, a Colorado limited liability company. 2. All references to Peak 8 Properties, LLC, a Colorado limited liability company, have been deleted. 3. In lieu of providing a Master Lease of the entire Moose Landing Apartments (described in the Original Development Agreement as the Denison Placer Apartments, formerly known as the Barton Landing Apartments) as required by the Original Development Agreement the Developer will instead provide newly constructed rental housing units that contain not less than twenty four (24) bedrooms, all of which are located in the Upper Blue River Basin. A unit is not "newly constructed" for purposes of the Amended and Restated Development Agreement if, prior to July 19, 2019, the Town has either: (a) issued a certificate of occupancy allowing occupancy of such bedroom; or (b) issued a development permit for the construction of such bedroom. "Upper Blue River Basin" means the geographic area bounded by Farmers Korner to the north; Hoosier Pass to the south; the Continental Divide to the East; and the top of the Ten Mile Range to the west. The average size of each newly constructed bedroom shall be a minimum of one hundred fifty (150) square feet. The units shall be a mixture of one (1), two (2), and (3) bedroom units as determined by Developer. 4. The Developer will execute, acknowledge, and deliver to the Town, in a form acceptable to the Town Attorney: (i) a restrictive housing covenant encumbering the required twenty four (24) bedrooms described above in favor of the Town. The term of the covenant shall be perpetual, and the covenant shall provide that the encumbered bedrooms shall only be rented to qualified tenants at a monthly rental rate not greater than an average of eighty percent (80%) of the Area Median Income (AMI) for Breckenridge, Colorado (or if not available, for the Area Median Income for Summit County, Colorado) most recently available immediately prior to such bedroom being rented. A "qualified tenant" is a person not less than eighteen (18) years of age who is actually employed in Summit County, Colorado at least thirty (30) hours per week on an annual basis during the entirety of the period of his or her occupancy of the apartment; (ii) a second restrictive covenant prohibiting any of the required twenty four (24) bedrooms from being rented, leased, or otherwise occupied for a term of less than three (3) consecutive months (i.e., there shall be no "short term rental" of any of the required bedrooms). The term of this covenant shall also be perpetual. At the time of their signing both of the required restrictive covenants shall not be subordinate to any prior lien or encumbrance of any kind, except the lien of the general property taxes for the year in which the covenants are executed. 5. The deadline for the Planning Commission to review and approve a site specific development permit for the project has been fixed as February 15, 2020. If such approval is not obtained by February 15, 2020 the Amended and Restated Development Agreement becomes null and void. 6. The requirement that the Amendment to Amended Peaks 7 & 8 Master Plan approved by Development Permit PL-2015-0444 on January 12, 2016, the Notice of Approval of Master Plan for which Amendment was recorded August 30, 2016 at Reception No. 1120265 of the Summit County, Colorado records be amended to allow for the transfer of density to the Property in connection with the development of the project was deleted because such amendment has been made pursuant to Development Permit No. PL-2018-0546, dated January 18, 2019. 7. All references to the Gondola Lot Master Plan that was described in that Notice of Approval of Master Plan dated July 12, 2010 and recorded at Reception No. 942513 of the records of the Clerk of Recorder of Summit County, Colorado have been revised to indicate that such master plan has expired. 8. Vail Summit Resorts, Inc., a Colorado corporation, is required to approve the Amended and Restated Development Agreement because certain of its provisions directly affect such entity. All other substantive provisions of the Original Development Agreement remain unchanged by the Amended and Restated Development Agreement. The summary description of the purpose of the changes to the Original Development Agreement brought about by the approval of the Amended and Restated Development Agreement set forth in this Notice is not intended to be complete or comprehensive; there are other changes to the Original Development Agreement. Interested parties should obtain and review the full text of the approved Amended and Restated Development Agreement to ascertain the complete substance of the approved agreement. Copies of the adopted ordinance and the approved Amended and Restated Development Agreement are available for inspection and copying at the Town Clerk's office, 150 Ski Hill Road, Breckenridge, Colorado during normal business hours, Monday through Friday. Inquiries concerning the adopted ordinance and the approved Amended and Restated Development Agreement may be directed to Julia Puester, Planning Manager, Town of Breckenridge Department of Community Development, at (970) 547-3174. THIS NOTICE IS PUBLISHED PURSUANT TO SECTION 9-9-13 OF THE BRECKENRIDGE TOWN CODE AND IN COMPLIANCE WITH THE REQUIREMENTS OF SECTION 24-68-103(1), C.R.S. Dated: June 12, 2019 TOWN OF BRECKENRIDGE, a Colorado municipal corporation By: Helen Cospolich, CMC, Town Clerk Published in The Summit County Journal on: June 21, 2019. 0000440013