HomeMy Public PortalAboutResolution 2020-11-04 Notice of Default Under Annexation Agreement for Rendezvous West Mountain TOWN OF FRASER
RESOLUTION NO. 2020-11-04
A RESOLUTION AUTHORIZING THE ISSUANCE OF NOTICE OF DEFAULT UNDER THE
ANNEXATION AGREEMENT FOR RENDEZVOUS WEST MOUNTAIN.
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FRASER, THAT:
(1) The Board finds and determines that:
(a) Cornerstone Winter Park Holdings LLC ("Cornerstone") and the Town of Fraser
are parties to that certain Amended and Restated Annexation Agreement dated
as of June 4, 2003, and recorded in the Grand County, Colorado, real property
records on December 30, 2003, at Reception No. 2003-016733; as amended by
the First Amendment to Annexation Agreement dated as of November 2, 2005,
and recorded November 8, 2005, at Reception No. 2005-012708; (collectively,
the "Annexation Agreement"). Capitalized terms used in this Resolution have the
meanings ascribed to them in the Annexation Agreement
(b) Pursuant to Section 4.7 of the Annexation Agreement, Cornerstone submitted an
Attainable Housing Plan to implement the attainable housing requirements of the
Annexation Agreement, which Attainable Housing Plan was approved by Fraser
on or about April 20, 2005.
(c) Under the terms of the Attainable Housing Plan, Cornerstone agreed to provide
an annual audit of developed attainable housing units on or before October 31st
of each year.
(d) Cornerstone has failed to provide the annual audit due by October 31, 2020,
which failure constitutes a default under the terms of the Annexation Agreement.
(2) Therefore, the Board of Trustees hereby authorizes the Town Attorney or his designee
to issue a notice of default addressed to Cornerstone in accordance with the terms of the
Annexation Agreement due to the failure to provide such annual audit of attainable housing
units within the time allowed.
(3) If such default is not cured within thirty (30) days after the issuance of such notice of
default, the Board of Trustees may take further action to enforce the Annexation Agreement and
exercise some or all of the remedies provided therein.
DULY MOVED, SECONDED, AND ADOPTED THIS 18th DAY OF NOVEMBER, 2020.
Votes in favor: 7 BOARD OF TRUSTEES OF THE
Votes opposed: Q T RASE COLOR 0
Abstained:
BY:
Mayor, Philip Vandernail
ATTEST:
OF NI, -.
SEAL Town Clerk, Antoinette McVeigh
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