NOTICE Notice is hereby given

80424 | 01/24/2020 | Ad id: 8-0000539904-01
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NOTICE

Notice is hereby given that on January 14, 2020 the Breckenridge Town Council approved a Development Agreement with Vail Summit Resorts, Inc., a Colorado Corporation ("VSRI"), for the property and purposes described below, and created a vested property right pursuant to Colorado law. Such approval is subject to all rights of referendum and judicial review as provided by law.

Legal Description of Property Subject to the Approved Development Agreement:

Lots 1-A, 3-A, 3-B and 4, Sawmill Station Square, Filing No. 3, Amendment No. 2, according to the Plat thereof filed with the Summit County, Colorado Clerk and Recorder on January 21, 1986 at Reception No. 311104, Summit County, Colorado; and Lots 1-B and 1-C, A Replat of Lots 1-B & 1-C, Sawmill Station Square, Filing No. 3, Amendment No. 2 & Lot 1, Sawmill Station Square, Filing No. 1, Amendment No. 2 according to the Plat thereof filed with the Summit County, Colorado Clerk and Recorder on December 14, 1990 at Reception No. 397221, Summit County, Colorado (the "South Gondola Lot").

Project Name and General Description: There is no specific project to which the Development Agreement applies.

Background of Development Agreement: The Town of Breckenridge ("Town") and VSRI entered into that Ground Lease dated July 8, 2019 ("Ground Lease"). A Memorandum of the Ground Lease dated as of July 8, 2019 was recorded July 9, 2019 at Reception No. 1202097 of the real property records of the Clerk and Recorder of Summit County, Colorado. The initial term of the Ground Lease is fifty (50) years. Subject to certain terms and conditions as described in the Ground Lease, the Town may extend the term of the Ground Lease for up to an additional twenty (20) years.

Under the Town's land use regulations a certain amount of density has been attributed to the South Gondola Lot. Such density is not required by the Town in connection with its use of the South Gondola Lot pursuant to the Ground Lease.

In recognition of the fact that VSRI will not be able to use the density on the South Gondola Lot during the term of the Ground Lease, Section 5.3E of the Ground Lease provides that VSRI is to be allowed to transfer all or a portion of the density attributable to the South Gondola Lot to other real property owned by VSRI located within the corporate limits of the Town.

Purpose of Development Agreement: The approved Development Agreement authorizes VSRI is to transfer the density located on the South Gondola Lot to other real property owned by VSRI located within the corporate limits of the Town. The transferred density cannot be used, however, until a development permit has been approved by the Town pursuant the Town's Development Code.

The summary description of the purpose of the approved Development Agreement set forth in this Notice is not intended to be complete or comprehensive; there are other provisions of the Development Agreement. Interested parties should obtain and review the full text of the approved Development Agreement to ascertain the complete substance of the approved agreement. Copies of the adopted ordinance and the approved 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 Development Agreement may be directed to Mark Truckey, Director, Town of Breckenridge Department of Community Development, at (970)453-3184-3112.

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: January 15, 2020

TOWN OF BRECKENRIDGE, a Colorado municipal corporationBy: Helen Cospolich, CMC, Town Clerk

Published in The Summit County Journal on: January 24, 2020 0000539904